{"id":1865,"date":"2008-02-29T23:22:04","date_gmt":"2008-03-01T03:22:04","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=1865"},"modified":"2008-02-29T23:22:04","modified_gmt":"2008-03-01T03:22:04","slug":"february-29-2008","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=1865","title":{"rendered":"February 29, 2008"},"content":{"rendered":"

Won’t be much today, folks! Besides month-end stuff, I was working on my “Really<\/i> Insolvent?” href=”http:\/\/www.prefblog.com\/?p=1859″ rel=”bookmark”>Is the US Banking System Really<\/em> Insolvent?<\/a>”\u00a0post. And all I have time for is links …<\/p>\n

Accrued Interest<\/em> : Auction Rate Securities : Hibernation Sickness<\/a> – a review of this week’s Municipal Auction Rate Securities activity. Still sick, but on the rebound … and it appears that hedge funds are throwing in stink bids.<\/p>\n

Sitka \/ Apex<\/a> Update\u00a0– BMO still in restructuring talks.<\/p>\n

Naked Capitalism<\/em> : Leveraged Funds Hurry to Sell $100-billion of Debt<\/a> – there’s a lot of Medium Term Note issuance coming due this year … if they can’t roll it or otherwise refinance it, there’s going to be yet more Asset Backed paper desperately looking for a home.<\/p>\n

Naked Capitalism<\/em> : Did Mark-to-Market Accounting Create the Credit Bubble?<\/a> … Well, it sure helped! And it’s definitely speeding the way down!<\/p>\n

Perpetuals (of both flavours) ended the month on a down-beat, but PerpetualDiscounts were still up 3.03% on the month, which will do for now! Volume was OK.<\/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>\n5.55%<\/td>\n5.56%<\/td>\n36,031<\/td>\n14.6<\/td>\n2<\/td>\n+0.4291%<\/td>\n1,080.7<\/td>\n<\/tr>\n
Fixed-Floater<\/td>\n4.97%<\/td>\n5.65%<\/td>\n71.187<\/td>\n14.69<\/td>\n7<\/td>\n+0.2054%<\/td>\n1,033.1<\/td>\n<\/tr>\n
Floater<\/td>\n4.92%<\/td>\n4.99%<\/td>\n66,590<\/td>\n15.45<\/td>\n3<\/td>\n+0.1964%<\/td>\n858.8<\/td>\n<\/tr>\n
Op. Retract<\/td>\n4.81%<\/td>\n3.06%<\/td>\n76,355<\/td>\n2.44<\/td>\n15<\/td>\n-0.1549%<\/td>\n1,048.3<\/td>\n<\/tr>\n
Split-Share<\/td>\n5.27%<\/td>\n5.34%<\/td>\n95,529<\/td>\n4.07<\/td>\n15<\/td>\n+0.0000%<\/td>\n1,050.3<\/td>\n<\/tr>\n
Interest Bearing<\/td>\n6.21%<\/td>\n6.33%<\/td>\n56,235<\/td>\n3.56<\/td>\n4<\/td>\n+0.0511%<\/td>\n1,090.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.72%<\/td>\n5.02%<\/td>\n328,196<\/td>\n4.69<\/td>\n16<\/td>\n-0.0997%<\/td>\n1,033.4<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.36%<\/td>\n5.40%<\/td>\n273,629<\/td>\n14.81<\/td>\n52<\/td>\n-0.1488%<\/td>\n960.1<\/td>\n<\/tr>\n<\/table>\n<\/div>\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
WFS.PR.A<\/td>\nSplitShare<\/td>\n-1.4563%<\/td>\nAsset coverage of just under 1.8:1 as of February 21, according to Mulvihill<\/a>. Now with a pre-tax bid-YTW of 5.07% based on a bid of 10.15 and a hardMaturity<\/a> 2011-6-30.\u00a0<\/td>\n<\/tr>\n
RY.PR.C<\/td>\nPerpetualDiscount<\/td>\n-1.2567%<\/td>\nNow with a pre-tax bid-YTW of 5.26% based on a bid of 22.00 and a limitMaturity<\/a>.<\/td>\n<\/tr>\n
ELF.PR.G<\/td>\nPerpetualDiscount<\/td>\n-1.1516%<\/td>\nNow with a pre-tax bid-YTW of 5.85% based on a bid of 20.60 and a limitMaturity.<\/td>\n<\/tr>\n
BAM.PR.J<\/td>\nOpRet<\/td>\n-1.0449%<\/td>\nNow with a pre-tax bid-YTW of 5.25% based on a bid of 25.57 and a softMaturity<\/a> 2018-3-30 at 25.57.<\/td>\n<\/tr>\n
SLF.PR.A<\/td>\nPerpetualDiscount<\/td>\n-1.0278%<\/td>\nNow with a pre-tax bid-YTW of 5.13% based on a bid of 23.11 and a limitMaturity.<\/td>\n<\/tr>\n
BNA.PR.C<\/td>\nSplitShare<\/td>\n+1.4706%<\/td>\nAsset coverage of 3.3+:1 as of January 31, according to the company<\/a>. Now with a pre-tax bid-YTW of 6.62% based on a bid of 20.70 and a hardMaturity 2019-1-10 at 25.00. Compare with BNA.PR.A (4.25% to call 2008-3-30 at 25.50; some might prefer 5.38% to hardMaturity 2010-9-30) and BNA.PR.B (7.20% to hardMaturity 2016-3-25).<\/td>\n<\/tr>\n
HSB.PR.C<\/td>\nPerpetualDiscount<\/td>\n+2.3529%<\/td>\nNow with a pre-tax bid-YTW of 5.31%\u00a0based on a bid of 24.36 and a limitMaturity.\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.A<\/td>\nPerpetualDiscount<\/td>\n84,555<\/td>\nNow with a pre-tax bid-YTW of 5.19% based on a bid of 21.52 and a limitMaturity.<\/td>\n<\/tr>\n
BMO.PR.H<\/td>\nPerpetualDiscount<\/td>\n64,015<\/td>\nTD crossed 25,000 at 24.30. Now with a pre-tax bid-YTW of 5.36% based on a bid of 24.51 and a limitMaturity.<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetualDiscount<\/td>\n63,000<\/td>\nScotia crossed 25,000 at 23.25, then another 22,000 at the same price. Now with a pre-tax bid-YTW of 5.37% based on a bid of 23.26 and a limitMaturity.<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetualDiscount<\/td>\n57,400<\/td>\nRBC crossed 40,000 at 19.07. Now with a pre-tax bid-YTW of 6.37% based on a bid of\u00a019.03 and a limitMaturity.<\/td>\n<\/tr>\n
BMO.PR.J<\/td>\nPerpetualDiscount<\/td>\n54,850<\/td>\nNow with a pre-tax bid-YTW 5.30% based on a bid of 21.38 and a limitMaturity.<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

There were\u00a0nineteen other index-included $25-pv-equivalent issues trading over 10,000 shares today.<\/p>\n","protected":false},"excerpt":{"rendered":"

Won’t be much today, folks! Besides month-end stuff, I was working on my “<\/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-1865","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1865","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=1865"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1865\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1865"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1865"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1865"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}