{"id":150,"date":"2006-10-10T20:45:12","date_gmt":"2006-10-11T00:45:12","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=150"},"modified":"2006-10-10T20:45:12","modified_gmt":"2006-10-11T00:45:12","slug":"quiet-disaster-for-slfprd","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=150","title":{"rendered":"Quiet Disaster for SLF.PR.D"},"content":{"rendered":"<p>Readers will be familiar with my <a href=\"http:\/\/www.prefblog.com\/?p=132\">earlier comments<\/a> on this issue &#8230; price-wise, things worked out much as expected &#8211; the closing quotation was $24.50-55, 14&#215;61. The volume was a surprise, however, with only 12,300 shares trading on its first day out, which can be interpreted in a number of ways.<\/p>\n<p>\u00a0I suspect that the correct interpretation is simply that the issue got sold in large chunks to long term investors (e.g., Balanced and Dividend funds run by the big fundcos), who don&#8217;t care what price they pay, as long as they can\u00a0put eight-figures &#8220;to\u00a0work&#8221;\u00a0on a single ticket &#8211; and probably all committed before the issue was even thought\u00a0about! But who knows? We&#8217;ll just have to see how this thing looks going forward.<\/p>\n<p>\u00a0I never did issue the press release I had been intending. After some thought, I decided that given the presence of such a close comparable as SLF.PR.C (which closed at $24.64-70, 9&#215;70, on volume of 6,300) made the HIMIPref\u2122 evaluation of the new issue as expensive somewhat less than startling news.<\/p>\n<p>SLF.PR.D has been set up on HIMIPref\u2122 and will be added to &#8220;PerpetualDiscount&#8221; index and <a href=\"http:\/\/www.prefinfo.com\">prefInfo<\/a> in the very near future. The Preissue Security Code was P50005; the permanent code is A48983.<\/p>\n<p>The price is actually quite reasonable at 24.50-55 &#8230; Now that the Street has given Sun Life it&#8217;s $6-million gift (12-million shares, overpriced by about $0.50, according to the first day of trading, if nothing else), the issue is looking like a much more reasonable investment.\n<\/p>\n<p><!--d6fb521c768ac7896a4739dd33300f34--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Readers will be familiar with my earlier comments on this issue &#8230; price-wise, things worked out much as expected &#8211; the closing quotation was $24.50-55, 14&#215;61. The volume was a surprise, however, with only 12,300 &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33,13],"tags":[],"class_list":["post-150","post","type-post","status-publish","format-standard","hentry","category-data-fixes","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/150","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=150"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/150\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=150"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=150"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=150"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}