{"id":2333,"date":"2008-07-02T14:26:27","date_gmt":"2008-07-02T18:26:27","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=2333"},"modified":"2008-07-02T14:26:27","modified_gmt":"2008-07-02T18:26:27","slug":"best-and-worst-performers-june-2008","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=2333","title":{"rendered":"Best and Worst Performers: June, 2008"},"content":{"rendered":"

I have been posting a lot lately about how horrible June has been for preferred shareholders – see, for example, Party Like it’s 1999!<\/a>, New Trough for Preferreds?<\/a> and Market Timing?<\/a>. And I will be posting more! Without wishing to rub salt into the wounds of other preferred share investors, this month has been very interesting from an academic perspective … but for now, the table of best and worst performers in June is a sufficient tale of woe.<\/p>\n

These are total returns, with dividends presumed to have been reinvested at the bid price on the ex-date. The list has been restricted to issues in the HIMIPref\u2122 indices.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Issue<\/td>\nIndex<\/td>\nDBRS Rating<\/td>\nMonthly Performance<\/td>\nNotes (“Now” means “June 30”)<\/td>\n<\/tr>\n
BNA.PR.C<\/td>\nSplitShare<\/td>\nPfd-2(low)<\/td>\n-13.35%<\/td>\nAsset coverage of just under 3.6:1 as of May 30, according to the company<\/a>. Now with a pre-tax bid-YTW of 8.48% based on a bid of 18.05 and a hardMaturity<\/a> 2019-1-10 at 25.00. Compare with BNA.PR.A (6.00% to 2010-9-30) and BNA.PR.B (8.63% to 2016-3-25).<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nPerpetualDiscount<\/td>\nPfd-1(low)<\/td>\n-12.18%<\/td>\nNow with a pre-tax bid-YTW of 6.18% based on a bid of 19.76 and a limitMaturity<\/a>.<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nPerpetualDiscount<\/td>\nPfd-1(low)<\/td>\n-10.51%<\/td>\nNow with a pre-tax bid-YTW of 6.02% based on a bid of 18.82 and a limitMaturity. This was a top performer in May<\/a>, so at least part of this drop is simply reversion.<\/td>\n<\/tr>\n
CM.PR.J<\/td>\nPerpetualDiscount<\/td>\nPfd-1<\/td>\n-9.95%<\/td>\nNow with a pre-tax bid-YTW of 6.43% based on a bid of 17.52 and a limitMaturity.<\/td>\n<\/tr>\n
BNA.PR.B<\/td>\nSplitShare<\/td>\nPfd-2(low)<\/td>\n-9.24%<\/td>\nSee BNA.PR.C, above. This was a top performer in May<\/a>, so at least part of this drop is simply reversion.<\/td>\n<\/tr>\n
…<\/td>\n…<\/td>\n…<\/td>\n…<\/td>\n…<\/td>\n<\/tr>\n
BCE.PR.G<\/td>\nFixFloat<\/td>\nPfd-2(low) [Review – Negative]<\/td>\n+0.96%<\/td>\n <\/td>\n<\/tr>\n
FIG.PR.A<\/td>\nInterestBearing<\/td>\nPfd-2<\/td>\n+1.66%<\/td>\nAsset coverage of just under 2.5:1 as of June 27, according to Faircourt<\/a>. Now with a pre-tax bid-YTW of -1.05% based on a bid of 10.06 and a call 2008-7-30 at 10.00.<\/td>\n<\/tr>\n
DFN.PR.A<\/td>\nSplitShare<\/td>\nPfd-2<\/td>\n+1.80%<\/td>\nAsset coverage of 2.4+:1 as of June 13 according to the company<\/a>. Now with a pre-tax bid-YTW of 4.65% based on a bid of 10.34 and a hardMaturity 2014-12-1 at 10.00.<\/td>\n<\/tr>\n
FAL.PR.H<\/td>\nPerpetualPremium<\/td>\nPfd-2(low)<\/td>\n+1.81%<\/td>\nCalled for Redemption<\/a> in May.<\/td>\n<\/tr>\n
BCE.PR.I<\/td>\nFixFloat<\/td>\nPfd-2(low)
[Review – Negative]<\/td>\n		+2.53%<\/td>\n This was a bottom performer in May<\/a>, so at least part of this drop is simply reversion.<\/td>\n<\/tr>\n<\/table>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

I have been posting a lot lately about how horrible June has been for preferred shareholders – see, for example, Party Like it’s 1999!, New Trough for Preferreds? and Market Timing?. And I will be …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-2333","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/2333","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=2333"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/2333\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2333"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2333"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2333"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}