{"id":1900,"date":"2008-03-07T23:08:14","date_gmt":"2008-03-08T03:08:14","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=1900"},"modified":"2008-03-07T23:08:14","modified_gmt":"2008-03-08T03:08:14","slug":"march-7-2008","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=1900","title":{"rendered":"March 7, 2008"},"content":{"rendered":"

Again, virtually zero commentary!<\/p>\n

The market went down sharply today, on very light volume.<\/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>\n5.57%<\/td>\n33,414<\/td>\n14.58<\/td>\n2<\/td>\n-0.7367%<\/td>\n1,079.8<\/td>\n<\/tr>\n
Fixed-Floater<\/td>\n4.81%<\/td>\n5.64%<\/td>\n64,025<\/td>\n14.70<\/td>\n8<\/td>\n-0.7229%<\/td>\n1,031.8<\/td>\n<\/tr>\n
Floater<\/td>\n4.75%<\/td>\n4.82%<\/td>\n87,407<\/td>\n15.73<\/td>\n2<\/td>\n-0.0258%<\/td>\n862.2<\/td>\n<\/tr>\n
Op. Retract<\/td>\n4.83%<\/td>\n3.45%<\/td>\n74,596<\/td>\n2.75<\/td>\n15<\/td>\n-0.0523%<\/td>\n1,046.3<\/td>\n<\/tr>\n
Split-Share<\/td>\n5.32%<\/td>\n5.64%<\/td>\n98,841<\/td>\n4.04<\/td>\n14<\/td>\n-0.8286%<\/td>\n1,032.6<\/td>\n<\/tr>\n
Interest Bearing<\/td>\n6.19%<\/td>\n6.53%<\/td>\n67,042<\/td>\n3.95<\/td>\n3<\/td>\n-0.8260%<\/td>\n1,083.0<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.76%<\/td>\n5.52%<\/td>\n291,183<\/td>\n7.95<\/td>\n17<\/td>\n-0.2239%<\/td>\n1,022.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.44%<\/td>\n5.49%<\/td>\n267,931<\/td>\n14.67<\/td>\n51<\/td>\n-0.4300%<\/td>\n947.0<\/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
Major Price Changes<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
FTU.PR.A<\/td>\nSplitShare<\/td>\n-3.8784%<\/td>\nAsset coverage of just under 1.5:1 as of February 29, according to\u00a0the company<\/a>.\u00a0Probably a little less now! Ripe for a downgrade<\/a>, perhaps?\u00a0Now with a pre-tax bid-YTW of 8.17% based on a bid of\u00a08.90 and a hardMaturity<\/a> 2012-12-1 at 10.00.<\/td>\n<\/tr>\n
LFE.PR.A<\/td>\nSplitShare<\/td>\n-2.7619%<\/td>\nAsset coverage of just under 2.4:1 as of February 29, according to the company<\/a>. Now with a pre-tax bid-YTW of 4.79% based on a bid of 10.21 and a hardMaturity 2012-12-1 at 10.00.<\/td>\n<\/tr>\n
BSD.PR.A<\/td>\nInterestBearing<\/td>\n-2.5907%<\/td>\nAsset coverage of\u00a01.6+:1 as of February 29, according to the company<\/a>. Now with a pre-tax bid-YTW of 7.13% (mostly as interest)\u00a0based on a bid of\u00a09.40 and\u00a0a hardMaturity 2015-3-31 at 10.00.<\/td>\n<\/tr>\n
IAG.PR.A<\/td>\nPerpetualDiscount<\/td>\n-2.4256%<\/td>\nNow with a pre-tax bid-YTW of 5.41% based on a bid of 21.32 and\u00a0limitMaturity<\/a>.\u00a0<\/td>\n<\/tr>\n
BCE.PR.G<\/td>\nFixFloat<\/td>\n-2.4036%<\/td>\n\u00a0<\/td>\n<\/tr>\n
BMO.PR.J<\/td>\nPerpetualDiscount<\/td>\n-2.1429%<\/td>\nNow with a pre-tax bid-YTW of 5.52% based on a bid of 20.55 and a limitMaturity.<\/td>\n<\/tr>\n
LBS.PR.A<\/td>\nSplitShare<\/td>\n-1.8609%<\/td>\nAsset coverage of 2.0+:1 as of March 6, according to Brompton Group<\/a>. Now with a pre-tax bid-YTW of 5.40% based on a bid of\u00a010.02 and a limitMaturity.<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nPerpetualDiscount<\/td>\n-1.8241%<\/td>\nNow with a pre-tax bid-YTW of 5.37% based on a bid of 20.99 and a limitMaturity.<\/td>\n<\/tr>\n
CM.PR.I<\/td>\nPerpetualDiscount<\/td>\n-1.5677%<\/td>\nNow with a pre-tax bid-YTW of 5.75% based on a bid of 20.72 and a limitMaturity.<\/td>\n<\/tr>\n
GWO.PR.E<\/td>\nOpRet<\/td>\n-1.3514%<\/td>\nNow with a pre-tax bid-YTW of 3.87% based on a bid of 25.55 and a call 2011-4-30 at 25.00.<\/td>\n<\/tr>\n
SLF.PR.B<\/td>\nPerpetualDiscount<\/td>\n-1.2946%<\/td>\nNow with a pre-tax bid-YTW of 5.43% based on a bid of 22.11 and a limitMaturity.<\/td>\n<\/tr>\n
BCE.PR.I<\/td>\nFixFloat<\/td>\n-1.2600%<\/td>\n\u00a0<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nPerpetualDiscount<\/td>\n-1.2400%<\/td>\nNow with a pre-tax bid-YTW of 5.44% based on a bid of 22.30 and a limitMaturity.<\/td>\n<\/tr>\n
FBS.PR.B<\/td>\nSplitShare<\/td>\n-1.2158%<\/td>\nAsset coverage of just under 1.5:1 as of March 6, according to TD Securities<\/a>. Now with a pre-tax bid-YTW of 5.50% based on a bid of\u00a09.75 and a hardMaturity 2011-12-15 at 10.00.<\/td>\n<\/tr>\n
POW.PR.C<\/td>\nPerpetualDiscount<\/td>\n-1.1373%<\/td>\nNow with a pre-tax bid-YTW of 5.84% based on a bid of 25.21 and\u00a0either a call at 25.00 on 2012-1-5 or a\u00a0limitMaturity.<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nPerpetualDiscount<\/td>\n-1.1062%<\/td>\nNow with a pre-tax bid-YTW of 5.22% based on a bid of 22.35 and a limitMaturity.<\/td>\n<\/tr>\n
POW.PR.B<\/td>\nPerpetualDiscount<\/td>\n+1.0305%<\/td>\nNow with a pre-tax bid-YTW of 5.53% based on a bid of 24.51 and a limitMaturity.<\/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
IAG.PR.A<\/td>\nPerpetualDiscount<\/td>\n30,300<\/td>\nTD crossed 30,000 at 21.50. Now with a pre-tax bid-YTW of 5.41% based on a bid of\u00a021.32 and a limitMaturity.<\/td>\n<\/tr>\n
TD.PR.Q<\/td>\nPerpetualPremium<\/td>\n27,241<\/td>\nNow with a pre-tax bid-YTW of 5.63% based on a bid of 25.14 and a limitMaturity.<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nPerpetualDiscount<\/td>\n22,475<\/td>\nNesbitt crossed 21,000 at 21.32. Now with a pre-tax bid-YTW of 5.23% based on a bid of 21.30 and a limitMaturity.<\/td>\n<\/tr>\n
CM.PR.I<\/td>\nPerpetualDiscount<\/td>\n19,949<\/td>\nNow with a pre-tax bid-YTW of 5.75% based on a bid of 20.72 and a limitMaturity.<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetualDiscount<\/td>\n15,630<\/td>\nNow with a pre-tax bid-YTW 6.33% based on a bid of\u00a019.15 and a limitMaturity. Closed at 19.15-26, 2×3, compared with the virtually identical BAM.PR.M closing at 19.86-97, 3×5. One might be tempted to speculate that the gap is due to the imminence of the dividend (goes ex 3\/12), and tax-driven disincentive to take a long N short M position … but the difference is more than 100% of the dividend!<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

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

Again, virtually zero commentary! The market went down sharply today, on very light volume. Note that these indices are experimental; the absolute and relative daily values are expected to change in the final version. In …<\/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-1900","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1900","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=1900"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1900\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1900"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1900"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1900"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}