{"id":173,"date":"2006-10-17T20:58:08","date_gmt":"2006-10-18T00:58:08","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=173"},"modified":"2006-10-17T20:58:08","modified_gmt":"2006-10-18T00:58:08","slug":"elfprg-holds-its-own","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=173","title":{"rendered":"ELF.PR.G Holds its Own!"},"content":{"rendered":"<p>Somewhat to <a href=\"http:\/\/www.prefblog.com\/?p=123\">my surprise<\/a>, the E-L Financial new issue was able to show some strength on its opening day, closing at 25.15-22 on volume of 135,325 shares.<\/p>\n<table border=\"1\">\n<tr>\n<td colspan=\"3\"><strong>Curve Price Analysis of ELF.PR.G<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Component<\/td>\n<td>Taxable Curve<\/td>\n<td>Non-taxable Curve<\/td>\n<\/tr>\n<tr>\n<td>Base-Rate<\/td>\n<td>23.87<\/td>\n<td>23.71<\/td>\n<\/tr>\n<tr>\n<td>Short-Term<\/td>\n<td>0.10<\/td>\n<td>0.92<\/td>\n<\/tr>\n<tr>\n<td>Long-Term<\/td>\n<td>0.54<\/td>\n<td>0.02<\/td>\n<\/tr>\n<tr>\n<td>Credit Spread (2)<\/td>\n<td>-0.52<\/td>\n<td>-0.68<\/td>\n<\/tr>\n<tr>\n<td>Credit Spread (Low)<\/td>\n<td>-0.52<\/td>\n<td>-0.68<\/td>\n<\/tr>\n<tr>\n<td>Error<\/td>\n<td>0.06<\/td>\n<td>0.08<\/td>\n<\/tr>\n<tr>\n<td><strong>Intrinsic Price<\/strong><\/td>\n<td><strong>23.53<\/strong><\/td>\n<td><strong>23.37<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Liquidity<\/td>\n<td>1.51<\/td>\n<td>1.50<\/td>\n<\/tr>\n<tr>\n<td><strong>Total Curve Price<\/strong><\/td>\n<td><strong>25.04<\/strong><\/td>\n<td><strong>24.87<\/strong><\/td>\n<\/tr>\n<\/table>\n<p>This one looks fully priced &#8211; and that&#8217;s fully priced at best, because there&#8217;s a big chunk of liquidity value in the analysis. I suspect that as liquidity goes away, the market value of the shares will decrease, as the market comes to realize that a Pfd-2(low) [<a href=\"http:\/\/www.dbrs.com\">DBRS<\/a>] issue should not be trading a mere 7bp yield higher than, for example, POW.PR.D.<\/p>\n<p>This issue has been added to the HIMIPref\u2122 database with a security code of A43087, replacing the Pre-Issue code of P25002. It has also been added to the PerpetualPremium Index.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Somewhat to my surprise, the E-L Financial new issue was able to show some strength on its opening day, closing at 25.15-22 on volume of 135,325 shares. Curve Price Analysis of ELF.PR.G Component Taxable Curve &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33,10,13],"tags":[],"class_list":["post-173","post","type-post","status-publish","format-standard","hentry","category-data-fixes","category-index-construction-and-reporting","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/173","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=173"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/173\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=173"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=173"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=173"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}