{"id":2492,"date":"2008-07-23T22:25:54","date_gmt":"2008-07-24T02:25:54","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=2492"},"modified":"2008-07-23T22:25:54","modified_gmt":"2008-07-24T02:25:54","slug":"july-23-2008","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=2492","title":{"rendered":"July 23, 2008"},"content":{"rendered":"

PerpetualDiscounts had a wonderful day today, up nearly a point and closing just short of their value on July 10. They are now down a mere 4.66% on the month, with a weighted-mean-average pre-tax bid-Yield-to-Worst of 6.40% (up 37bp on the month), interest-equivalent to 8.96%, which is a spread of +276bp to long corporates<\/a>.<\/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>\nN\/A<\/td>\nN\/A<\/td>\nN\/A<\/td>\nN\/A<\/td>\n0<\/td>\nN\/A<\/td>\nN\/A<\/td>\n<\/tr>\n
Fixed-Floater<\/td>\n4.68%<\/td>\n4.40%<\/td>\n68,855<\/td>\n16.31<\/td>\n6<\/td>\n-0.0675%<\/td>\n1,084.2<\/td>\n<\/tr>\n
Floater<\/td>\n4.17%<\/td>\n4.20%<\/td>\n56,240<\/td>\n17.01<\/td>\n3<\/td>\n-1.1328%<\/td>\n883.8<\/td>\n<\/tr>\n
Op. Retract<\/td>\n4.99%<\/td>\n4.44%<\/td>\n140,946<\/td>\n3.42<\/td>\n17<\/td>\n+0.1973%<\/td>\n1,041.0<\/td>\n<\/tr>\n
Split-Share<\/td>\n5.37%<\/td>\n6.11%<\/td>\n62,575<\/td>\n4.50<\/td>\n14<\/td>\n+0.1881%<\/td>\n1,028.6<\/td>\n<\/tr>\n
Interest Bearing<\/td>\n6.13%<\/td>\n5.93%<\/td>\n40,969<\/td>\n3.69<\/td>\n3<\/td>\n+0.3373%<\/td>\n1,122.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n6.17%<\/td>\n6.18%<\/td>\n72,676<\/td>\n10.62<\/td>\n4<\/td>\n+0.4087%<\/td>\n977.0<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n6.35%<\/td>\n6.40%<\/td>\n232,414<\/td>\n13.36<\/td>\n67<\/td>\n+0.9457%<\/td>\n836.4<\/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\n\n\n
Major Price Changes<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n-2.2553%<\/td>\n <\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nPerpetualDiscount<\/td>\n-1.6571%<\/td>\nNow with a pre-tax bid-YTW of 6.55% based on a bid of 17.21 and a limitMaturity<\/a>.<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n-1.3326%<\/td>\n <\/td>\n<\/tr>\n
BNA.PR.B<\/td>\nSplitShare<\/td>\n-1.3107%<\/td>\nAsset coverage of 3.2+:1 as of June 30, according to the company<\/a>. Now with a pre-tax bid-YTW of 8.48% based on a bid of 20.33 and a hardMaturity<\/a> 2016-3-25 at 25.00. Compare with BNA.PR.A (6.15% to 2010-9-30) and BNA.PR.C (8.94% to 2019-1-10).<\/td>\n<\/tr>\n
BAM.PR.O<\/td>\nOpRet<\/td>\n+1.0208%<\/td>\nNow with a pre-tax bid-YTW of 6.33% based on a bid of 23.75 and optionCertainty<\/a> 2013-6-30 at 25.00. Compare with BAM.PR.H (6.46% to 2012-3-30), BAM.PR.I (6.05% to 2013-12-30) and BAM.PR.J (7.02% to 2018-3-30).<\/td>\n<\/tr>\n
BAM.PR.I<\/td>\nOpRet<\/td>\n+1.0309%<\/td>\nSee BAM.PR.O, above.<\/td>\n<\/tr>\n
RY.PR.G<\/td>\nPerpetualDiscount<\/td>\n+1.0603%<\/td>\nNow with a pre-tax bid-YTW of 6.22% based on a bid of 18.11 and a limitMaturity.<\/td>\n<\/tr>\n
PWF.PR.H<\/td>\nPerpetualDiscount<\/td>\n+1.1161%<\/td>\nNow with a pre-tax bid-YTW of 6.38% based on a bid of 22.65 and a limitMaturity.<\/td>\n<\/tr>\n
FFN.PR.A<\/td>\nSplitShare<\/td>\n+1.2461%<\/td>\nAsset coverage of just under 1.6:1 as of July 15, according to the company<\/a> … “As at the close on July 17, 2008, there have been material upward movements in the net asset values ranging from 10% to 25%.” Now with a pre-tax bid-YTW of 5.82% based on a bid of 9.75 and a hardMaturity 2014-12-1 at 10.00.<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nPerpetualDiscount<\/td>\n+1.2605%<\/td>\nNow with a pre-tax bid-YTW of 5.86% based on a bid of 24.10 and a limitMaturity.<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nPerpetualDiscount<\/td>\n+1.3678%<\/td>\nNow with a pre-tax bid-YTW of 6.92% based on a bid of 20.01 and a limitMaturity.<\/td>\n<\/tr>\n
POW.PR.C<\/td>\nPerpetualDiscount<\/td>\n+1.3806%<\/td>\nNow with a pre-tax bid-YTW of 6.63% based on a bid of 22.03 and a limitMaturity.<\/td>\n<\/tr>\n
RY.PR.D<\/td>\nPerpetualDiscount<\/td>\n+1.3920%<\/td>\nNow with a pre-tax bid-YTW of 6.19% based on a bid of 18.21 and a limitMaturity.<\/td>\n<\/tr>\n
BNS.PR.L<\/td>\nPerpetualDiscount<\/td>\n+1.3959%<\/td>\nNow with a pre-tax bid-YTW of 6.23% based on a bid of 18.16 and a limitMaturity.<\/td>\n<\/tr>\n
RY.PR.W<\/td>\nPerpetualDiscount<\/td>\n+1.4344%<\/td>\nNow with a pre-tax bid-YTW of 6.20% based on a bid of 19.80 and a limitMaturity.<\/td>\n<\/tr>\n
SLF.PR.B<\/td>\nPerpetualDiscount<\/td>\n+1.5500%<\/td>\nNow with a pre-tax bid-YTW of 6.40% based on a bid of 19.00 and a limitMaturity.<\/td>\n<\/tr>\n
ELF.PR.G<\/td>\nPerpetualDiscount<\/td>\n+1.6585%<\/td>\nNow with a pre-tax bid-YTW of 7.25% based on a bid of 16.55 and a limitMaturity.<\/td>\n<\/tr>\n
PWF.PR.F<\/td>\nPerpetualDiscount<\/td>\n+1.6618%<\/td>\nNow with a pre-tax bid-YTW of 6.35% based on a bid of 20.80 and a limitMaturity.<\/td>\n<\/tr>\n
TD.PR.P<\/td>\nPerpetualDiscount<\/td>\n+1.7082%<\/td>\nNow with a pre-tax bid-YTW of 5.99% based on a bid of 22.03 and a limitMaturity.<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nPerpetualDiscount<\/td>\n+1.7624%<\/td>\nNow with a pre-tax bid-YTW of 6.36% based on a bid of 17.90 and a limitMaturity.<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetualDiscount<\/td>\n+1.8267%<\/td>\nNow with a pre-tax bid-YTW of 6.58% based on a bid of 19.51 and a limitMaturity.<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetualDiscount<\/td>\n+1.9200%<\/td>\nNow with a pre-tax bid-YTW of 6.52% based on a bid of 19.11 and a limitMaturity.<\/td>\n<\/tr>\n
FBS.PR.B<\/td>\nSplitShare<\/td>\n+1.9792%<\/td>\nAsset coverage of 1.5+:1 as of July 17, 2008, according to TD Securities<\/a>. Now with a pre-tax bid-YTW of 5.64% based on a bid of 9.79 and a hardMaturity 2011-12-15 at 10.00.<\/td>\n<\/tr>\n
POW.PR.B<\/td>\nPerpetualDiscount<\/td>\n+1.9903%<\/td>\nNow with a pre-tax bid-YTW of 6.43% based on a bid of 21.01 and a limitMaturity.<\/td>\n<\/tr>\n
POW.PR.A<\/td>\nPerpetualDiscount<\/td>\n+2.1127%<\/td>\nNow with a pre-tax bid-YTW of 6.49% based on a bid of 21.75 and a limitMaturity.<\/td>\n<\/tr>\n
CM.PR.D<\/td>\nPerpetualDiscount<\/td>\n+2.1144%<\/td>\nNow with a pre-tax bid-YTW of 6.81% based on a bid of 21.25 and a limitMaturity.<\/td>\n<\/tr>\n
RY.PR.B<\/td>\nPerpetualDiscount<\/td>\n+2.1277%<\/td>\nNow with a pre-tax bid-YTW of 6.13% based on a bid of 19.20 and a limitMaturity.<\/td>\n<\/tr>\n
CM.PR.G<\/td>\nPerpetualDiscount<\/td>\n+2.1388%<\/td>\nNow with a pre-tax bid-YTW of 6.95% based on a bid of 19.58 and a limitMaturity.<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nPerpetualDiscount<\/td>\n+2.1693%<\/td>\nNow with a pre-tax bid-YTW of 6.36% based on a bid of 19.31 and a limitMaturity.<\/td>\n<\/tr>\n
BMO.PR.H<\/td>\nPerpetualDiscount<\/td>\n+2.2395%<\/td>\nNow with a pre-tax bid-YTW of 6.43% based on a bid of 21.00 and a limitMaturity.<\/td>\n<\/tr>\n
CM.PR.E<\/td>\nPerpetualDiscount<\/td>\n+2.2920%<\/td>\nNow with a pre-tax bid-YTW of 6.87% based on a bid of 20.53 and a limitMaturity.<\/td>\n<\/tr>\n
PWF.PR.I<\/td>\nPerpetualDiscount<\/td>\n+2.5195%<\/td>\nNow with a pre-tax bid-YTW of 6.38% based on a bid of 23.60 and a limitMaturity.<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nPerpetualDiscount<\/td>\n+3.7313%<\/td>\nNow with a pre-tax bid-YTW of 6.31% based on a bid of 20.85 and a limitMaturity.<\/td>\n<\/tr>\n
PWF.PR.E<\/td>\nPerpetualDiscount<\/td>\n+4.2213%<\/td>\nNow with a pre-tax bid-YTW of 6.44% based on a bid of 21.48 and a limitMaturity.<\/td>\n<\/tr>\n<\/table>\n<\/div>\n
\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
BNS.PR.L<\/td>\nPerpetualDiscount<\/td>\n543,211<\/td>\nNesbitt crossed 500,000 at 18.00, then another 25,000 at the same price. Now with a pre-tax bid-YTW of 6.23% based on a bid of 18.16 and a limitMaturity.<\/td>\n<\/tr>\n
BNS.PR.M<\/td>\nPerpetualDiscount<\/td>\n524,912<\/td>\nNesbitt crossed 500,000 at 18.00. Now with a pre-tax bid-YTW of 6.24% based on a bid of 18.15 and a limitMaturity.<\/td>\n<\/tr>\n
CM.PR.I<\/td>\nPerpetualDiscount<\/td>\n523,950<\/td>\nNesbitt crossed 500,000 at 17.00. Now with a pre-tax bid-YTW of 6.82% based on a bid of 17.36 and a limitMaturity.<\/td>\n<\/tr>\n
PWF.PR.I<\/td>\nPerpetualDiscount<\/td>\n254,030<\/td>\nNesbitt crossed 250,000 at 23.25. Now with a pre-tax bid-YTW of 6.38% based on a bid of 23.60 and a limitMaturity.<\/td>\n<\/tr>\n
BNS.PR.J<\/td>\nPerpetualDiscount<\/td>\n226,575<\/td>\nTwo trades, four anonymouses. Two blocks of 100,000 at 21.25. Now with a pre-tax bid-YTW of 6.21% based on a bid of 21.28 and a limitMaturity.<\/td>\n<\/tr>\n
BPO.PR.J<\/td>\nScraps (Would be OpRet, but there are credit concerns)<\/td>\n123,950<\/td>\nTD crossed 100,000 at 20.50, then bought 16,200 from Nesbitt at the same price. Now with a pre-tax bid-YTW of 8.98% based on a bid of 20.36 and a softMaturity 2014-12-30 at 25.00.<\/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":"

PerpetualDiscounts had a wonderful day today, up nearly a point and closing just short of their value on July 10. They are now down a mere 4.66% on the month, with a weighted-mean-average pre-tax bid-Yield-to-Worst …<\/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-2492","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/2492","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=2492"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/2492\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2492"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2492"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2492"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}