{"id":1489,"date":"2007-11-20T23:16:14","date_gmt":"2007-11-21T03:16:14","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=1489"},"modified":"2007-11-20T23:16:14","modified_gmt":"2007-11-21T03:16:14","slug":"november-20-2007","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=1489","title":{"rendered":"November 20, 2007"},"content":{"rendered":"

I do apologize … many things came up today, so you’ll just have to do your own literature review.<\/p>\n

PerpetualDiscounts didn’t go down today!<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n
Note that these indices are experimental; the absolute and relative daily values are expected to change in the final version. In this version, index values are based at 1,000.0 on 2006-6-30<\/strong><\/td>\n<\/tr>\n
Index<\/td>\nMean Current Yield (at bid)<\/td>\nMean YTW<\/td>\nMean Average Trading Value<\/td>\nMean Mod Dur (YTW)<\/td>\nIssues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n4.81%<\/td>\n4.81%<\/td>\n141,286<\/td>\n15.78<\/td>\n2<\/td>\n-0.1224%<\/td>\n1,045.2<\/td>\n<\/tr>\n
Fixed-Floater<\/td>\n4.87%<\/td>\n4.85%<\/td>\n84,046<\/td>\n15.75<\/td>\n8<\/td>\n+0.0158%<\/td>\n1,044.5<\/td>\n<\/tr>\n
Floater<\/td>\n4.61%<\/td>\n4.65%<\/td>\n60,679<\/td>\n16.04<\/td>\n3<\/td>\n+0.5426%<\/td>\n1,019.7<\/td>\n<\/tr>\n
Op. Retract<\/td>\n4.86%<\/td>\n2.66%<\/td>\n77,191<\/td>\n3.46<\/td>\n16<\/td>\n-0.0549%<\/td>\n1,033.3<\/td>\n<\/tr>\n
Split-Share<\/td>\n5.35%<\/td>\n5.84%<\/td>\n89,330<\/td>\n4.12<\/td>\n15<\/td>\n-0.3884%<\/td>\n1,012.9<\/td>\n<\/tr>\n
Interest Bearing<\/td>\n6.29%<\/td>\n6.56%<\/td>\n63,891<\/td>\n3.51<\/td>\n4<\/td>\n-0.3029%<\/td>\n1,051.7<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.86%<\/td>\n5.56%<\/td>\n82,527<\/td>\n7.09<\/td>\n11<\/td>\n-0.1332%<\/td>\n1,006.0<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.60%<\/td>\n5.64%<\/td>\n335,175<\/td>\n14.43<\/td>\n55<\/td>\n+0.1104%<\/td>\n904.1<\/td>\n<\/tr>\n<\/table>\n<\/div>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Major Price Changes<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
PIC.PR.A<\/td>\nSplitShare<\/td>\n-5.4125%<\/td>\nWhoosh! It traded 10,558 shares in a range of 15.00-26, and then the bids disappeared, with Nesbitt taking out the last bids at about 3:30. Asset coverage of 1.6+:1 as of November 15, according to Mulvihill<\/a>. Now with a pre-tax bid-YTW of 7.64% based on a bid of 14.33 and a hardMaturity<\/a> 2010-11-1 at 15.00.<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetualDiscount<\/td>\n-2.9491%<\/td>\nAmazingly, it now has the same quote as the virtually identical BAM.PR.M. I know one assiduous reader<\/a> who will be quite pleased with this symmetry! Now with a pre-tax bid-YTW of 6.69% based on a bid of 18.10 and a limitMaturity<\/a>.<\/td>\n<\/tr>\n
FTU.PR.A<\/td>\nSplitShare<\/td>\n-1.9355%<\/td>\nAsset coverage of just over 1.8:1 according to the company<\/a>. Now with a pre-tax bid-YTW of 7.50% based on a bid of 9.12 and a hardMaturity 2012-12-1 at 10.00.<\/td>\n<\/tr>\n
ELF.PR.G<\/td>\nPerpetualDiscount<\/td>\n-1.3889%<\/td>\nNow with a pre-tax bid-YTW of 6.79% based on a bid of 17.75 and a limitMaturity.<\/td>\n<\/tr>\n
NA.PR.K<\/td>\nPerpetualDiscount<\/td>\n-1.2605%<\/td>\nNow with a pre-tax bid-YTW of 6.27% based on a bid of 23.50 and a limitMaturity.<\/td>\n<\/tr>\n
FFN.PR.A<\/td>\nSplitShare<\/td>\n-1.0967%<\/td>\nAsset coverage of 2.3:1 as of November 15, according to the company<\/a>. Now with a pre-tax bid-YTW of 5.47% based on a bid of 9.92 and a hardMaturity 2014-12-1 at 10.00.<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetualDiscount<\/td>\n+1.0045%<\/td>\nYes! That is indeed a “+” sign in front of a BAM.PR.N return! Now with a pre-tax bid-YTW of 6.69% based on a bid of 18.10 and a limitMaturity. See BAM.PR.M, above.<\/td>\n<\/tr>\n
POW.PR.B<\/td>\nPerpetualDiscount<\/td>\n+1.0292%<\/td>\nNow with a pre-tax bid-YTW of 5.74% based on a bid of 23.56 and a limitMaturity.<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetualDiscount<\/td>\n+1.0550%<\/td>\nNow with a pre-tax bid-YTW of 5.75% based on a bid of 22.03 and a limitMaturity.<\/td>\n<\/tr>\n
BNA.PR.A<\/td>\nSplitShare<\/td>\n+1.3598%<\/td>\nEx-Dividend today. Asset coverage of just under 4.0:1 as of October 31 according to the company<\/a>. Now with a pre-tax bid-YTW of 6.18% based on a bid of 25.00 and a hardMaturity 2010-9-30 at 25.00. Compare with BNA.PR.B at 6.20% (23.00 bid, 2016-3-25 maturity) and BNA.PR.C 7.89% (18.55 bid, 2019-1-10 maturity).<\/td>\n<\/tr>\n
CM.PR.H<\/td>\nPerpetualDiscount<\/td>\n+1.3636%<\/td>\nNow with a pre-tax bid-YTW of 5.43% based on a bid of 22.30 and a limitMaturity.<\/td>\n<\/tr>\n
ELF.PR.F<\/td>\nPerpetualDiscount<\/td>\n+1.5625%<\/td>\nNow with a pre-tax bid-YTW of 6.90% based on a bid of 19.50 and a limitMaturity.<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n+1.6522%<\/td>\n\u00a0<\/td>\n<\/tr>\n
HSB.PR.D<\/td>\nPerpetualDiscount<\/td>\n+1.7352%<\/td>\nNow with a pre-tax bid-YTW of 5.70% based on a bid of 22.28 and a limitMaturity.<\/td>\n<\/tr>\n<\/table>\n<\/div>\n
\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nVolume<\/td>\nNotes<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nPerpetualDiscount<\/td>\n284,750<\/td>\nScotia bought 34,000 from Nesbitt at 20.20. Now with a pre-tax bid-YTW of 5.69% based on a bid of\u00a020.10 and a limitMaturity.<\/td>\n<\/tr>\n
IQW.PR.C<\/td>\nScraps (would be OpRet but there are rather pressing and urgent credit concerns)<\/td>\n144,000<\/td>\nThe company had to scrap a financing<\/a> today, perhaps because investors kept throwing up. Now with a pre-tax bid-YTW of 138.67% (annualized) based on a bid of 19.00 and a softMaturity<\/a> 2008-2-29. Note that the soft maturity will entail some risk to the exerciser, since the common will be received and have to be exchanged. On the other hand, if you want Quebecor common – or hold some already – and you’re happy with that, it could be quite attractive. Unfortunately, it cannot be easily arbitraged<\/a>, since if you short the common now, it might quintuple (hah!) between now and the time the conversion price gets set. But something must work … hmm … buy the prefs at $19, you’ll get $26 worth of common at the February price … OK! Buy the prefs at $19, short the common,\u00a0buy a call on the common at 36% over current price … I think that works, and I suspect it has a good chance of profit. But check my work first!<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nPerpetualDiscount<\/td>\n87,243<\/td>\nNow with a pre-tax bid-YTW of 5.53% based on a bid of 20.11 and a limitMaturity.<\/td>\n<\/tr>\n
RY.PR.D<\/td>\nPerpetualDiscount<\/td>\n81,745<\/td>\nNow with a pre-tax bid-YTW of 5.51% based on a bid of 20.56 and a limitMaturity.<\/td>\n<\/tr>\n
TD.PR.P<\/td>\nPerpetualDiscount<\/td>\n80,475<\/td>\nNow with a pre-tax bid-YTW of 5.48% based on a bid of 24.15 and a limitMaturity.<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nPerpetualDiscount<\/td>\n78,600<\/td>\nNesbitt crossed 51,000 at 21.00. Now with a pre-tax bid-YTW of 5.36% based on a bid of 21.00 and a limitMaturity.<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

There were thirty-three other index-included $25.00-equivalent issues trading over 10,000 shares today.\n<\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

I do apologize … many things came up today, so you’ll just have to do your own literature review. PerpetualDiscounts didn’t go down today! Note that these indices are experimental; the absolute and relative daily …<\/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-1489","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1489","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=1489"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1489\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1489"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1489"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1489"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}