{"id":2405,"date":"2008-07-18T20:53:52","date_gmt":"2008-07-19T00:53:52","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=2405"},"modified":"2008-07-18T20:53:52","modified_gmt":"2008-07-19T00:53:52","slug":"strangeness-is-perpetual","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=2405","title":{"rendered":"Strangeness is Perpetual"},"content":{"rendered":"

There are some surprising strangenesses in prices as of the close today. For instance, remember the RY.PR.W \/ RY.PR.F inversion<\/a>? At today’s closing bid of 20.27, RY.PR.W yields 6.16% while RY.PR.F yields 6.21% at $18.26. The price difference of almost exactly $2 can be compared with the difference of about $3.50 (= 22.23 – 18.74) on June 27 when I wrote that post.<\/p>\n

And remember the CM issues from June 26<\/a>?<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n
CM Perpetuals<\/td>\n<\/tr>\n
Issue<\/td>\nDividend<\/td>\nQuote
6\/26<\/td>\n		Pre-Tax
Bid-YTW
6\/26<\/td>\n		Bid
7\/18<\/td>\n		Pre-Tax
Bid-YTW
7\/18<\/td>\n<\/tr>\n
CM.PR.J<\/td>\n1.125<\/td>\n17.63-83<\/td>\n6.39%<\/td>\n16.23<\/td>\n6.98%<\/td>\n<\/tr>\n
CM.PR.I<\/td>\n1.175<\/td>\n18.70-79<\/td>\n6.29%<\/td>\n16.67<\/td>\n7.09%<\/td>\n<\/tr>\n
CM.PR.H<\/td>\n1.200<\/td>\n19.07-19<\/td>\n6.30%<\/td>\n16.85<\/td>\n7.17%<\/td>\n<\/tr>\n
CM.PR.G<\/td>\n1.350<\/td>\n21.51-73<\/td>\n6.28%<\/td>\n19.03<\/td>\n7.14%<\/td>\n<\/tr>\n
CM.PR.P<\/td>\n1.375<\/td>\n22.22-43<\/td>\n6.17%<\/td>\n19.35<\/td>\n7.15%<\/td>\n<\/tr>\n
CM.PR.E<\/td>\n1.400<\/td>\n23.01-48<\/td>\n6.08%<\/td>\n19.70<\/td>\n7.15%<\/td>\n<\/tr>\n
CM.PR.D<\/td>\n1.4375<\/td>\n23.40-62<\/td>\n6.14%<\/td>\n20.25<\/td>\n7.15%<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

The CM curve is extraordinarily flat … one would expect relative flatness, given that all the issues have a long way to go before calls become a concern, but one expects a lot of things in this world that don’t happen.<\/p>\n

How about the PWF Perpetuals from July 8<\/a>?:<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n
PWF Perpetuals<\/td>\n<\/tr>\n
Issue<\/td>\nDividend<\/td>\nQuote
7\/8<\/td>\n		Pre-Tax
Bid-YTW
7\/8<\/td>\n		Bid
7\/18<\/td>\n		Yield
7\/18<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\n1.2375<\/td>\n19.51-99<\/td>\n6.36%<\/td>\n18.52<\/td>\n6.72%<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\n1.275<\/td>\n20.00-28<\/td>\n6.39%<\/td>\n19.00<\/td>\n6.75%<\/td>\n<\/tr>\n
PWF.PR.F<\/td>\n1.3125<\/td>\n20.25-49<\/td>\n6.50%<\/td>\n19.53<\/td>\n6.76%<\/td>\n<\/tr>\n
PWF.PR.E<\/td>\n1.375<\/td>\n21.64-75<\/td>\n6.37%<\/td>\n20.30<\/td>\n6.81%<\/td>\n<\/tr>\n
PWF.PR.H<\/td>\n1.4375<\/td>\n23.05-49<\/td>\n6.53%<\/td>\n22.20<\/td>\n6.49%<\/td>\n<\/tr>\n
PWF.PR.G<\/td>\n1.475<\/td>\n24.15-18<\/td>\n6.11%<\/td>\n23.26<\/td>\n6.36%<\/td>\n<\/tr>\n
PWF.PR.I<\/td>\n1.50<\/td>\n24.62-88<\/td>\n6.10%<\/td>\n24.25<\/td>\n6.20%<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

… which isn’t quite exactly 100% as well behaved as the CM curve.<\/p>\n

Do with it what you will! My brain hurts.<\/p>\n","protected":false},"excerpt":{"rendered":"

There are some surprising strangenesses in prices as of the close today. For instance, remember the RY.PR.W \/ RY.PR.F inversion? At today’s closing bid of 20.27, RY.PR.W yields 6.16% while RY.PR.F yields 6.21% at $18.26. …<\/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-2405","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/2405","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=2405"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/2405\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2405"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2405"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2405"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}