{"id":2300,"date":"2008-06-23T23:36:44","date_gmt":"2008-06-24T03:36:44","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=2300"},"modified":"2008-06-23T23:36:44","modified_gmt":"2008-06-24T03:36:44","slug":"june-23-2008","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=2300","title":{"rendered":"June 23, 2008"},"content":{"rendered":"

In one of the year’s easier calls<\/a>, BCE issues skyrocketted today … now, if only I’d known that while Friday’s market was still trading! As suspected, the broader market followed. Volume was OK, but nothing special … my suspicion is that the Swoon in June<\/a> was largely retail window dressing (based on the the strange price behaviour<\/a> and relatively low volume) and that institutional players – such as they are – are looking at all this kerfuffle with an air of bemusement.<\/p>\n

But what do I know?<\/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>\n4.21%<\/td>\n4.23%<\/td>\n52,104<\/td>\n16.97<\/td>\n1<\/td>\n-0.0393%<\/td>\n1,114.1<\/td>\n<\/tr>\n
Fixed-Floater<\/td>\n4.81%<\/td>\n4.54%<\/td>\n64,821<\/td>\n16.17<\/td>\n7<\/td>\n+5.2272%<\/td>\n1,042.3<\/td>\n<\/tr>\n
Floater<\/td>\n4.01%<\/td>\n4.01%<\/td>\n69,500<\/td>\n17.40<\/td>\n2<\/td>\n+0.7841%<\/td>\n955.2<\/td>\n<\/tr>\n
Op. Retract<\/td>\n4.85%<\/td>\n2.86%<\/td>\n85,966<\/td>\n2.55<\/td>\n15<\/td>\n-0.2108%<\/td>\n1,055.1<\/td>\n<\/tr>\n
Split-Share<\/td>\n5.30%<\/td>\n5.66%<\/td>\n67,029<\/td>\n4.14<\/td>\n15<\/td>\n+0.1020%<\/td>\n1,049.7<\/td>\n<\/tr>\n
Interest Bearing<\/td>\n6.10%<\/td>\n3.08%<\/td>\n47,609<\/td>\n2.01<\/td>\n3<\/td>\n+0.1674%<\/td>\n1,123.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.92%<\/td>\n4.65%<\/td>\n351,774<\/td>\n9.52<\/td>\n13<\/td>\n+0.6112%<\/td>\n1,013.1<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.95%<\/td>\n6.02%<\/td>\n222,299<\/td>\n13.84<\/td>\n59<\/td>\n+0.8044%<\/td>\n882.6<\/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\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
GWO.PR.E<\/td>\nOpRet<\/td>\n-1.1262%<\/td>\nNow with a pre-tax bid-YTW of 4.01% based on a bid of 25.46 and a call 2011-4-30 at 25.00.<\/td>\n<\/tr>\n
SLF.PR.B<\/td>\nPerpetualDiscount<\/td>\n+1.0050%<\/td>\nNow with a pre-tax bid-YTW of 6.01% based on a bid of 20.10 and a limitMaturity<\/a>.<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nPerpetualDiscount<\/td>\n+1.0101%<\/td>\nNow with a pre-tax bid-YTW of 5.67% based on a bid of 20.00 and a limitMaturity.<\/td>\n<\/tr>\n
W.PR.J<\/td>\nPerpetualDiscount<\/td>\n+1.1995%<\/td>\nNow with a pre-tax bid-YTW of 6.27% based on a bid of 22.78 and a limitMaturity.<\/td>\n<\/tr>\n
PWF.PR.I<\/td>\nPerpetualPremium<\/td>\n+1.2000%<\/td>\nNow with a pre-tax bid-YTW of 5.95% based on a bid of 25.30 and a call 2012-5-30 at 25.00.<\/td>\n<\/tr>\n
SBN.PR.A<\/td>\nSplitshare<\/td>\n+1.2024%<\/td>\nAsset coverage of 2.2+:1 as of June 12 according to Mulvihill<\/a>. Now with a pre-tax bid-YTW of 5.10% based on a bid of 10.10 and a hardMaturity<\/a> 2014-12-1 at 10.00.<\/td>\n<\/tr>\n
HSB.PR.D<\/td>\nPerpetualDiscount<\/td>\n+1.2048%<\/td>\nNow with a pre-tax bid-YTW of 5.99% based on a bid of 21.00 and a limitMaturity.<\/td>\n<\/tr>\n
BNS.PR.N<\/td>\nPerpetualDiscount<\/td>\n+1.3333%<\/td>\nNow with a pre-tax bid-YTW of 5.85% based on a bid of 22.80 and a limitMaturity.<\/td>\n<\/tr>\n
CM.PR.J<\/td>\nPerpetualDiscount<\/td>\n+1.3774%<\/td>\nNow with a pre-tax bid-YTW of 6.23% based on a bid of 18.40 and a limitMaturity.<\/td>\n<\/tr>\n
RY.PR.G<\/td>\nPerpetualDiscount<\/td>\n+1.4263%<\/td>\nNow with a pre-tax bid-YTW of 5.94% based on a bid of 19.20 and a limitMaturity.<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n+1.5702%<\/td>\n <\/td>\n<\/tr>\n
RY.PR.D<\/td>\nPerpetualDiscount<\/td>\n+1.5873%<\/td>\nNow with a pre-tax bid-YTW of 5.94% based on a bid of 19.20 and a limitMaturity.<\/td>\n<\/tr>\n
CM.PR.D<\/td>\nPerpetualDiscount<\/td>\n+1.6000%<\/td>\nNow with a pre-tax bid-YTW of 6.06% based on a bid of 24.13 and a limitMaturity.<\/td>\n<\/tr>\n
CM.PR.E<\/td>\nPerpetualDiscount<\/td>\n+1.7467%<\/td>\nNow with a pre-tax bid-YTW of 6.11% based on a bid of 23.30 and a limitMaturity.<\/td>\n<\/tr>\n
CM.PR.H<\/td>\nPerpetualDiscount<\/td>\n+1.7653%<\/td>\nNow with a pre-tax bid-YTW of 6.24% based on a bid of 19.60 and a limitMaturity.<\/td>\n<\/tr>\n
ELF.PR.G<\/td>\nPerpetualDiscount<\/td>\n+2.0397%<\/td>\nNow with a pre-tax bid-YTW of 6.74% based on a bid of 18.01 and a limitMaturity.<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nPerpetualDiscount<\/td>\n+2.0942%<\/td>\nNow with a pre-tax bid-YTW of 5.80% based on a bid of 19.50 and a limitMaturity.<\/td>\n<\/tr>\n
RY.PR.B<\/td>\nPerpetualDiscount<\/td>\n+2.2727%<\/td>\nNow with a pre-tax bid-YTW of 5.88% based on a bid of 20.25 and a limitMaturity.<\/td>\n<\/tr>\n
PWF.PR.F<\/td>\nPerpetualDiscount<\/td>\n+2.3459%<\/td>\nNow with a pre-tax bid-YTW of 5.99% based on a bid of 22.25 and a limitMaturity.<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetualDiscount<\/td>\n+2.3810%<\/td>\nNow with a pre-tax bid-YTW of 6.04% based on a bid of 21.50 and a limitMaturity.<\/td>\n<\/tr>\n
POW.PR.A<\/td>\nPerpetualDiscount<\/td>\n+2.4313%<\/td>\nNow with a pre-tax bid-YTW of 6.16% based on a bid of 22.75 and a limitMaturity.<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nPerpetualDiscount<\/td>\n+2.4719%<\/td>\nNow with a pre-tax bid-YTW of 6.11% based on a bid of 22.80 and a limitMaturity.<\/td>\n<\/tr>\n
RY.PR.C<\/td>\nPerpetualDiscount<\/td>\n+2.5907%<\/td>\nNow with a pre-tax bid-YTW of 5.88% based on a bid of 19.80 and a limitMaturity.<\/td>\n<\/tr>\n
IAG.PR.A<\/td>\nPerpetualDiscount<\/td>\n+2.7027%<\/td>\nNow with a pre-tax bid-YTW of 6.09% based on a bid of 19.80 and a limitMaturity.<\/td>\n<\/tr>\n
POW.PR.C<\/td>\nPerpetualDiscount<\/td>\n+2.7027%<\/td>\nNow with a pre-tax bid-YTW of 6.07% based on a bid of 23.90 and a limitMaturity.<\/td>\n<\/tr>\n
BCE.PR.G<\/td>\nFixFloat<\/td>\n+4.7727%<\/td>\n <\/td>\n<\/tr>\n
BCE.PR.Z<\/td>\nFixFloat<\/td>\n+4.8526%<\/td>\n <\/td>\n<\/tr>\n
BCE.PR.C<\/td>\nFixFloat<\/td>\n+5.6000%<\/td>\n <\/td>\n<\/tr>\n
BCE.PR.R<\/td>\nFixFloat<\/td>\n+5.8296%<\/td>\n <\/td>\n<\/tr>\n
BCE.PR.I<\/td>\nFixFloat<\/td>\n+7.5455%<\/td>\n <\/td>\n<\/tr>\n
BCE.PR.A<\/td>\nFixFloat<\/td>\n+8.1818%<\/td>\n <\/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.E<\/td>\nPerpetualDiscount<\/td>\n47,200<\/td>\nNesbitt bought 10,000 from HSBC at 19.20. Now with a pre-tax bid-YTW of 5.94% based on a bid of 19.18 and a limitMaturity.<\/td>\n<\/tr>\n
BCE.PR.Z<\/td>\nFixFloat<\/td>\n41,867<\/td>\nCIBC crossed 40,500 at 23.10.<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nPerpetualDiscount<\/td>\n36,661<\/td>\nNow with a pre-tax bid-YTW of 5.67% based on a bid of 20.00 and a limitMaturity.<\/td>\n<\/tr>\n
SLF.PR.A<\/td>\nPerpetualDiscount<\/td>\n33,450<\/td>\nCIBC crossed 25,000 at 19.80. Now with a pre-tax bid-YTW of 6.05% based on a bid of 19.76 and a limitMaturity.<\/td>\n<\/tr>\n
ELF.PR.G<\/td>\nPerpetualDiscount<\/td>\n32,100<\/td>\nNesbitt bought 28,000 from RBC at 18.00 in five tranches. Now with a pre-tax bid-YTW of 6.74% based on a bid of 18.01 and a limitMaturity.<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

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

In one of the year’s easier calls, BCE issues skyrocketted today … now, if only I’d known that while Friday’s market was still trading! As suspected, the broader market followed. Volume was OK, but nothing …<\/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-2300","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/2300","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=2300"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/2300\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2300"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2300"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2300"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}