{"id":1645,"date":"2008-01-02T21:47:44","date_gmt":"2008-01-03T01:47:44","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=1645"},"modified":"2008-01-02T21:47:44","modified_gmt":"2008-01-03T01:47:44","slug":"january-2-2008","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=1645","title":{"rendered":"January 2, 2008"},"content":{"rendered":"

Accrued Interest<\/em> leads off with a very informative discussion of American Municipal Bond Insurance<\/a>, something that is in the news lately, what with credit problems and Berkshire Hathaway’s entry to the field<\/a>.<\/p>\n

A very light day on the preferred share market, but performance was good.<\/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>\n5.22%<\/td>\n5.21%<\/td>\n70,565<\/td>\n15.11<\/td>\n2<\/td>\n0.0000%<\/td>\n1,059.2<\/td>\n<\/tr>\n
Fixed-Floater<\/td>\n4.94%<\/td>\n5.28%<\/td>\n79,446<\/td>\n15.17<\/td>\n9<\/td>\n+0.2561%<\/td>\n1,028.9<\/td>\n<\/tr>\n
Floater<\/td>\n5.25%<\/td>\n5.28%<\/td>\n93,545<\/td>\n15.12<\/td>\n3<\/td>\n+0.9531%<\/td>\n837.7<\/td>\n<\/tr>\n
Op. Retract<\/td>\n4.83%<\/td>\n3.06%<\/td>\n83,409<\/td>\n3.28<\/td>\n15<\/td>\n-0.0521%<\/td>\n1,039.1<\/td>\n<\/tr>\n
Split-Share<\/td>\n5.31%<\/td>\n5.55%<\/td>\n105,678<\/td>\n4.31<\/td>\n15<\/td>\n+0.0887%<\/td>\n1,030.5<\/td>\n<\/tr>\n
Interest Bearing<\/td>\n6.34%<\/td>\n6.47%<\/td>\n60,633<\/td>\n3.44<\/td>\n4<\/td>\n+0.3862%<\/td>\n1,062.5<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.76%<\/td>\n4.47%<\/td>\n69,685<\/td>\n5.12<\/td>\n12<\/td>\n+0.1682%<\/td>\n1,020.4<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.50%<\/td>\n5.54%<\/td>\n376,437<\/td>\n14.45<\/td>\n54<\/td>\n+0.1305%<\/td>\n929.4<\/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\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
BAM.PR.J<\/td>\nOpRet<\/td>\n-2.1135%<\/td>\nNow with a pre-tax bid-YTW of 5.43% based on a bid of 25.01 and a softMaturity<\/a> 2018-3-30 at 25.00.<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetualDiscount<\/td>\n-1.5991%<\/td>\nNow with a pre-tax bid-YTW of 6.49% based on a bid of 18.46 and a limitMaturity<\/a>.<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nPerpetualDiscount<\/td>\n-1.5165%<\/td>\nNow with a pre-tax bid-YTW of 5.52% based on a bid of 22.08 and a limitMaturity.<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nPerpetualDiscount<\/td>\n-1.3538%<\/td>\nNow with a pre-tax bid-YTW of 5.19% based on a bid of 21.86 and a limitMaturity.<\/td>\n<\/tr>\n
NA.PR.K<\/td>\nPerpetualDiscount<\/td>\n-1.2068%<\/td>\nNow with a pre-tax bid-YTW of 6.04% based on a bid of 24.56 and a limitMaturity.<\/td>\n<\/tr>\n
POW.PR.A<\/td>\nPerpetualDiscount<\/td>\n-1.1832%<\/td>\nNow with a pre-tax bid-YTW of 5.79% based on a bid of 24.22 and a limitMaturity.<\/td>\n<\/tr>\n
BNA.PR.A<\/td>\nSplitShare<\/td>\n-1.1395%<\/td>\nAsset coverage of 3.7+:1 as of November 30 according to the company<\/a>. Now with a pre-tax bid-YTW of 6.22% based on a bid of 25.16 and a hardMaturity<\/a> 2010-9-30 at 25.00. Compare with BNA.PR.B (7.17% to 2016-3-25) and BNA.PR.C (7.67% to 2019-1-10).<\/td>\n<\/tr>\n
CM.PR.D<\/td>\nPerpetualDiscount<\/td>\n-1.0183%<\/td>\nNow with a pre-tax bid-YTW of 5.80% based on a bid of 24.80 and a limitMaturity.<\/td>\n<\/tr>\n
W.PR.H<\/td>\nPerpetualDiscount<\/td>\n+1.0615%<\/td>\nNow with a pre-tax bid-YTW of 6.01% based on a bid of 22.85 and a limitMaturity.<\/td>\n<\/tr>\n
BAM.PR.H<\/td>\nOpRet<\/td>\n+1.0886%<\/td>\nNow with a pre-tax bid-YTW of 4.43% based on a bid of 26.00 and a call 2008-10-30 at 25.75.<\/td>\n<\/tr>\n
SLF.PR.B<\/td>\nPerpetualDiscount<\/td>\n+1.1151%<\/td>\nNow with a pre-tax bid-YTW of 5.32% based on a bid of 22.67 and a limitMaturity.<\/td>\n<\/tr>\n
LFE.PR.A<\/td>\nSplitShare<\/td>\n+1.1583%<\/td>\nAsset coverage of 2.7+:1 as of December 14, according to the company<\/a>. Now with a pre-tax bid-YTW of 4.18% based on a bid of 10.48 and a hardMaturity 2012-12-1 at 10.00.<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nPerpetualDiscount<\/td>\n+1.3186%<\/td>\nNow with a pre-tax bid-YTW of 5.72% based on a bid of 23.82 and a limitMaturity.<\/td>\n<\/tr>\n
CM.PR.H<\/td>\nPerpetualDiscount<\/td>\n+1.3783%<\/td>\nNow with a pre-tax bid-YTW of 5.64% based on a bid of 21.33 and a limitMaturity.<\/td>\n<\/tr>\n
PWF.PR.G<\/td>\nPerpetualDiscount<\/td>\n+1.4665%<\/td>\nNow with a pre-tax bid-YTW of 5.51% based on a bid of 25.60 and a call 2011-8-16 at 25.00.<\/td>\n<\/tr>\n
BNA.PR.B<\/td>\nSplitShare<\/td>\n+1.6355%<\/td>\nSee BNA.PR.A, above. Now with a pre-tax bid-YTW of 7.17% based on a bid of 21.75 and a hardMaturity 2016-3-25 at 25.00.<\/td>\n<\/tr>\n
BAM.PR.G<\/td>\nFixFloat<\/td>\n+1.7677%<\/td>\n\u00a0<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetualDiscount<\/td>\n+1.8468%<\/td>\nNow with a pre-tax bid-YTW of 6.39% based on a bid of 18.75 and a limitMaturity.<\/td>\n<\/tr>\n
BNA.PR.C<\/td>\nSplitShare<\/td>\n+1.8717%<\/td>\nSee BNA.PR.A, above. Now with a pre-tax bid-YTW of 7.67% based on a bid of 19.05 and a hardMaturity 2019-1-10 at 25.00.<\/td>\n<\/tr>\n
CM.PR.J<\/td>\nPerpetualDiscount<\/td>\n+2.5813%<\/td>\nNow with a pre-tax bid-YTW of 5.67% based on a bid of 19.87 and a limitMaturity.<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetualDiscount<\/td>\n+2.6970%<\/td>\nNow with a pre-tax bid-YTW of 5.22% based on a bid of 23.99 and a limitMaturity.<\/td>\n<\/tr>\n
TOC.PR.B<\/td>\nFloater<\/td>\n+2.9601%<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n<\/div>\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
RY.PR.D<\/td>\nPerpetualDiscount<\/td>\n177,540<\/td>\nNow with a pre-tax bid-YTW of 5.38% based on a bid of 21.21 and a limitMaturity.<\/td>\n<\/tr>\n
SLF.PR.A<\/td>\nPerpetualDiscount<\/td>\n64,304<\/td>\nNesbitt crossed 35,700 at 22.35, then another 25,000 at 22.36. Now with a pre-tax bid-YTW of 5.37% based on a bid of 22.25 and a limitMaturity.<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetualDiscount<\/td>\n24,075<\/td>\nNow with a pre-tax bid-YTW of 5.22% based on a bid of 23.99 and a limitMaturity.<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetualDiscount<\/td>\n18,990<\/td>\nNow with a pre-tax bid-YTW of 6.49% based on a bid of 18.46 and a limitMaturity.<\/td>\n<\/tr>\n
BNS.PR.N<\/td>\nPerpetualDiscount<\/td>\n16,900<\/td>\nNow with a pre-tax bid-YTW of 5.31% based on a bid of 24.70 and a limitMaturity.<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

There were five other index-included $25.00-equivalent issues trading over 10,000 shares today.<\/p>\n","protected":false},"excerpt":{"rendered":"

Accrued Interest leads off with a very informative discussion of American Municipal Bond Insurance, something that is in the news lately, what with credit problems and Berkshire Hathaway’s entry to the field. A very light …<\/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-1645","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1645","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=1645"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1645\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1645"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1645"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1645"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}