{"id":1170,"date":"2007-09-07T16:01:53","date_gmt":"2007-09-07T20:01:53","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=1170"},"modified":"2007-09-07T16:01:53","modified_gmt":"2007-09-07T20:01:53","slug":"best-worst-monthly-performances-august-2007","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=1170","title":{"rendered":"Best & Worst Monthly Performances : August, 2007"},"content":{"rendered":"

These are total returns, with dividends presumed to have been reinvested at the bid price on the ex-date. The list has been restricted to issues in the HIMIPref\u2122 indices.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Issue<\/td>\nIndex<\/td>\nDBRS Rating<\/td>\nMonthly Performance<\/td>\nNotes (“Now” means “August 31”)<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetualDiscount<\/td>\nPfd-2(low)<\/td>\n-4.01%<\/td>\nNow with a pre-tax bid-YTW of 5.95% based on a bid of 20.35 and a limitMaturity<\/a>.<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetualDiscount<\/td>\nPfd-2(low)<\/td>\n-3.75%<\/td>\nNow with a pre-tax bid-YTW of 5.97% based on a bid of 20.27 and a limitMaturity.<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\nPfd-2(low)<\/td>\n-3.64%<\/td>\n\u00a0<\/td>\n<\/tr>\n
BNA.PR.C<\/td>\nSplitShare<\/td>\nPfd-2 (low)<\/td>\n-2.22%<\/td>\nBacked by BAM.A shares. Now with a pre-tax bid-YTW of 5.59% based on a bid of 22.46 and a hardMaturity<\/a> 2019-1-10 at 25.00.<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\nPfd-2(low)<\/td>\n-2.10%<\/td>\n\u00a0<\/td>\n<\/tr>\n
…<\/td>\n…<\/td>\n…<\/td>\n…<\/td>\n…<\/td>\n<\/tr>\n
RY.PR.A<\/td>\nPerpetualDiscount<\/td>\nPfd-1<\/td>\n+2.52%<\/td>\nNow with a pre-tax bid-YTW of 4.90% based on a bid of 22.81 and a limitMaturity.<\/td>\n<\/tr>\n
IGM.PR.A<\/td>\nOpRet<\/td>\nPfd-2(high)<\/td>\n+2.55%<\/td>\nNow with a pre-tax bid-YTW of 3.26% based on a bid of 26.98 and a call 2009-7-30 at 26.00.<\/td>\n<\/tr>\n
CU.PR.B<\/td>\nPerpetualPremium<\/td>\nPfd-2(high)<\/td>\n+2.66%<\/td>\nNow with a pre-tax bid-YTW of 5.17% based on a bid of 25.91 and a call 2012-7-1 at 25.00.<\/td>\n<\/tr>\n
BMO.PR.H<\/td>\nPerpetualPremium<\/td>\nPfd-1<\/td>\n+3.61%<\/td>\nNow with a pre-tax bid-YTW of 4.16% based on a bid of 26.44 and a call 2013-3-27 at 25.00.<\/td>\n<\/tr>\n
MFC.PR.A<\/td>\nOpRet<\/td>\nPfd-1(low)<\/td>\n+4.22%<\/td>\nNow with a pre-tax bid-YTW of 3.74% based on a bid of 25.61 and a softMaturity<\/a> 2015-12-18 at 25.00.<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

Not a stellar month for the BAM issues! These issues were discussed in the comments to the August 15<\/a> Market Action report; the basic story is that to a certain extent the BAM issues will trade as Pfd-3’s, a notch or two below their actual credit ratings of Pfd-2(low) (DBRS<\/a>) and P-2 (S&P<\/a>).<\/p>\n

There are various explanations of why they should trade this way:<\/p>\n