{"id":260,"date":"2006-11-08T22:41:38","date_gmt":"2006-11-09T02:41:38","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=260"},"modified":"2006-11-08T22:41:38","modified_gmt":"2006-11-09T02:41:38","slug":"november-8-2006","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=260","title":{"rendered":"November 8, 2006"},"content":{"rendered":"\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<\/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>\n4.15%<\/td>\n4.09%<\/td>\n35,862<\/td>\n10.58<\/td>\n2<\/td>\n-0.1001%<\/td>\n1,016.2<\/td>\n<\/tr>\n
Fixed-Floater<\/td>\n4.85%<\/td>\n4.03%<\/td>\n134,147<\/td>\n16.96<\/td>\n7<\/td>\n-0.6917%<\/td>\n1,021.0<\/td>\n<\/tr>\n
Floater<\/td>\n4.51%<\/td>\n-19.81%<\/td>\n66,942<\/td>\n6.52<\/td>\n5<\/td>\n-0.1258%<\/td>\n1,028.0<\/td>\n<\/tr>\n
Op. Retract<\/td>\n4.66%<\/td>\n0.81%<\/td>\n81,840<\/td>\n2.28<\/td>\n18<\/td>\n0.0150%<\/td>\n1,026.6<\/td>\n<\/tr>\n
Split-Share<\/td>\n5.01%<\/td>\n3.54%<\/td>\n174,440<\/td>\n3.54<\/td>\n9<\/td>\n0.0878%<\/td>\n1,026.6<\/td>\n<\/tr>\n
Interest Bearing<\/td>\n6.92%<\/td>\n5.03%<\/td>\n61,985<\/td>\n1.92<\/td>\n7<\/td>\n+0.2520%<\/td>\n1,019.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.07%<\/td>\n3.92%<\/td>\n243,551<\/td>\n3.92<\/td>\n49<\/td>\n+0.0430%<\/td>\n1,042.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.59%<\/td>\n4.63%<\/td>\n584,513<\/td>\n16.14<\/td>\n7<\/td>\n+0.0871%<\/td>\n1,034.8<\/td>\n<\/tr>\n<\/table>\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
BCE.PR.Z<\/td>\nFixedFloater<\/td>\n-3.7780%<\/td>\nClosed at $24.45-13, 13×7. A few shares actually traded as low as $23.72; total volume was 5,681 shares, a little above average for this issue but not remarkably so. I guess a few investors have decided that the offer at $25.75<\/a> just ain’t gonna happen!<\/td>\n<\/tr>\n
BCE.PR.R<\/td>\nFixedFloater<\/td>\n-1.1346%<\/td>\nClosed at $25.27-55, 7×3 on highish-but-not-extremely-so volume of 6,300 shares. Just as above: maybe retail now figures that offer at $26.05<\/a> just ain’t gonna happen!<\/td>\n<\/tr>\n<\/table>\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
PWF.PR.F<\/td>\nPerpetualPremium<\/td>\n206,220<\/td>\nNesbitt crossed 200,000 at $25.90. At the closing bid of $25.87, this issue has a pre-tax YTW of 4.38% based on a call at $25.00 2010-12-30.<\/td>\n<\/tr>\n
RY.PR.C<\/td>\nPerpetualDiscount<\/td>\n132,200<\/td>\nRecent new issue<\/a><\/td>\n<\/tr>\n
CU.PR.T<\/td>\nScraps<\/td>\n110,000<\/td>\nNesbitt crossed 110,000 at $25.60 and it closed at 25.28-77. This is a silly issue. It is currently redeemable at $25.00, pays $1.475, and has a pre-tax YTW of -11.82% based on an immediate call. There are 2,277,675 shares outstanding, for a quoted market value of just over $58-million. So it pays a lot, attracts listing fees and is generally a prime candidate for being called. But it isn’t called! According to the company’s third-quarter statement<\/a> “on October 11, 2006, the AEUB issued a decision which resulted in no significant impact on earnings. Among other things, the decision upheld ATCO\u2019s treatment of pension costs and approved the continued use of preferred shares. In addition, the decision approved minimal changes to head office rent expense and executive compensation.” When we look at the actual decision<\/a>, we find “CG submitted that the Board should address what proportion of the capital structure, if any,equity preferred shares should constitute. CG further submitted that the Board should direct AU to redeem the series Q, R and S preferred shares which are open for redemption and that this would result in the preferred share level falling to a more appropriate level of about 3%.” In other words, these things only exist due to regulatory boneheadism and game-playing thereof. Too risky. Ick.<\/td>\n<\/tr>\n
CU.PR.V<\/td>\nScraps<\/td>\n100,000<\/td>\nNesbitt crossed 100,000 at $25.40 – it closed at 25.26-42. Currently callable at $25.00, pays $1.325, CU is a Pfd-2(high) issuer by DBRS<\/a>. See above discussion of CU.PR.T. Ah, the joys of regulated cost-plus financing!<\/td>\n<\/tr>\n
W.PR.H<\/td>\nPerpetualPremium<\/td>\n69,300<\/td>\nScotia crossed 68,500 at $26.50. At the closing bid of $26.49, this has a YTW of 4.49% based on a call 2013-2-14. It pays $1.375 and has no declining-call-premium period to complicate things, so one could regard this as a reasonably defensive perpetual issue (in that rates will have to go up substantially before it trades below par). But I think its expensive.<\/td>\n<\/tr>\n<\/table>\n

There were eleven other index-included issues trading over 10,000 shares today.\n<\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Note that these indices are experimental; the absolute and relative daily values are expected to change in the final version Index Mean Current Yield (at bid) Mean YTW Mean Average Trading Value Mean Mod Dur …<\/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-260","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/260","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=260"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/260\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=260"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=260"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=260"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}