{"id":14060,"date":"2011-02-10T20:44:50","date_gmt":"2011-02-11T00:44:50","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=14060"},"modified":"2011-02-10T20:44:50","modified_gmt":"2011-02-11T00:44:50","slug":"february-10-2011","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=14060","title":{"rendered":"February 10, 2011"},"content":{"rendered":"

There’s always a new wrinkle<\/a>:<\/p>\n

ETFs have emerged as a possible mechanism for maximizing gains in one stock while potentially masking trading patterns, people familiar with the matter say.<\/p>\n

In one scenario, a trader could learn information about a company, buy an ETF that includes the company\u2019s stock, and short sell the other stocks in the ETF.<\/p>\n

The practice, known as ETF-stripping, would allow the trader to benefit from movements in the company\u2019s share price without directly buying or selling that stock.<\/p><\/blockquote>\n

It was a good day in the Canadian preferred share market as PerpetualDiscounts gained 4bp, FixedResets were up 2bp and DeemedRetractibles leapt ahead by 21bp. Not much volatility, with ony four entries on the Performance Highlights table. Volume remained well above average.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2150 %<\/td>\n2,392.8<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.79 %<\/td>\n3.50 %<\/td>\n20,458<\/td>\n19.08<\/td>\n1<\/td>\n0.0440 %<\/td>\n3,556.3<\/td>\n<\/tr>\n
Floater<\/td>\n2.50 %<\/td>\n2.27 %<\/td>\n46,301<\/td>\n21.59<\/td>\n4<\/td>\n0.2150 %<\/td>\n2,583.6<\/td>\n<\/tr>\n
OpRet<\/td>\n4.82 %<\/td>\n3.74 %<\/td>\n63,616<\/td>\n2.24<\/td>\n8<\/td>\n0.0097 %<\/td>\n2,387.7<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.30 %<\/td>\n1.23 %<\/td>\n303,532<\/td>\n0.83<\/td>\n4<\/td>\n0.2856 %<\/td>\n2,467.5<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0097 %<\/td>\n2,183.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.73 %<\/td>\n5.44 %<\/td>\n119,319<\/td>\n0.50<\/td>\n9<\/td>\n0.0837 %<\/td>\n2,035.2<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.55 %<\/td>\n5.59 %<\/td>\n130,254<\/td>\n14.40<\/td>\n15<\/td>\n0.0396 %<\/td>\n2,109.4<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.24 %<\/td>\n3.68 %<\/td>\n173,747<\/td>\n3.05<\/td>\n54<\/td>\n0.0189 %<\/td>\n2,264.3<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.21 %<\/td>\n5.25 %<\/td>\n414,850<\/td>\n8.28<\/td>\n53<\/td>\n0.2082 %<\/td>\n2,078.9<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
FTS.PR.G<\/td>\nFixedReset<\/td>\n-1.88 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-10-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.51
\nBid-YTW : 4.30 %<\/td>\n<\/tr>\n
BMO.PR.O<\/td>\nFixedReset<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.57
\nBid-YTW : 3.27 %<\/td>\n<\/tr>\n
BNA.PR.E<\/td>\nSplitShare<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2017-12-10
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.90
\nBid-YTW : 5.08 %<\/td>\n<\/tr>\n
BNS.PR.Z<\/td>\nFixedReset<\/td>\n1.83 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.44
\nBid-YTW : 4.19 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
CM.PR.H<\/td>\nDeemed-Retractible<\/td>\n109,808<\/td>\nDesjardins crossed 25,000 at 24.25; TD crossed blocks of 39,000 and 15,000 at the same price.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.25
\nBid-YTW : 5.21 %<\/td>\n<\/tr>\n
RY.PR.E<\/td>\nDeemed-Retractible<\/td>\n87,730<\/td>\nNesbitt crossed 50,000 at 23.70.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.73
\nBid-YTW : 5.12 %<\/td>\n<\/tr>\n
BNS.PR.M<\/td>\nDeemed-Retractible<\/td>\n78,297<\/td>\nNesbitt crossed 50,000 at 23.78.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.80
\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n
TRI.PR.B<\/td>\nFloater<\/td>\n73,526<\/td>\nNesbitt crossed 70,000 at 23.05.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-02-10
\nMaturity Price : 22.71
\nEvaluated at bid price : 23.00
\nBid-YTW : 2.27 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset<\/td>\n67,821<\/td>\nNesbitt crossed 50,000 at 25.07.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-07-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.07
\nBid-YTW : 4.07 %<\/td>\n<\/tr>\n
BMO.PR.K<\/td>\nDeemed-Retractible<\/td>\n61,419<\/td>\nRBC crossed 46,700 at 25.00.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-12-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.98
\nBid-YTW : 5.26 %<\/td>\n<\/tr>\n
There were 49 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
IAG.PR.C<\/td>\nFixedReset<\/td>\nQuote: 26.81 – 27.25
\nSpot Rate : 0.4400
\nAverage : 0.2851<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-01-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.81
\nBid-YTW : 3.87 %<\/td>\n<\/tr>\n

PWF.PR.P<\/td>\nFixedReset<\/td>\nQuote: 25.46 – 25.94
\nSpot Rate : 0.4800
\nAverage : 0.3290<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-03-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.46
\nBid-YTW : 4.04 %<\/td>\n<\/tr>\n

BNS.PR.Z<\/td>\nFixedReset<\/td>\nQuote: 24.44 – 25.00
\nSpot Rate : 0.5600
\nAverage : 0.4288<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.44
\nBid-YTW : 4.19 %<\/td>\n<\/tr>\n

BAM.PR.H<\/td>\nOpRet<\/td>\nQuote: 25.40 – 25.87
\nSpot Rate : 0.4700
\nAverage : 0.3635<\/p>\n

YTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2012-03-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.40
\nBid-YTW : 4.90 %<\/td>\n<\/tr>\n

TRP.PR.C<\/td>\nFixedReset<\/td>\nQuote: 25.45 – 25.72
\nSpot Rate : 0.2700
\nAverage : 0.1840<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-02-29
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.45
\nBid-YTW : 4.05 %<\/td>\n<\/tr>\n

BAM.PR.R<\/td>\nFixedReset<\/td>\nQuote: 25.50 – 25.84
\nSpot Rate : 0.3400
\nAverage : 0.2550<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-02-10
\nMaturity Price : 23.29
\nEvaluated at bid price : 25.50
\nBid-YTW : 5.01 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

There’s always a new wrinkle: ETFs have emerged as a possible mechanism for maximizing gains in one stock while potentially masking trading patterns, people familiar with the matter say. In one scenario, a trader could …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-14060","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/14060","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14060"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/14060\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14060"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14060"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14060"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}