{"id":267,"date":"2006-11-10T16:16:05","date_gmt":"2006-11-10T20:16:05","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=267"},"modified":"2006-11-10T16:16:05","modified_gmt":"2006-11-10T20:16:05","slug":"enbpra","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=267","title":{"rendered":"ENB.PR.A"},"content":{"rendered":"<p>This member of the premiumPerpetual index slid into negative YTW territory, so let&#8217;s have a look at it.<\/p>\n<p>The listing date was 1998-12-01 and it pays $1.375 annually on a par value of $25: 5.5%. The\u00a0option schedule\u00a0(as shown on the <a href=\"http:\/\/www.prefshares.com\/glossary.html#embeddedOptionsBox\">embeddedOptionsBox<\/a>)\u00a0is:<\/p>\n<ul>\n<li>Redemption\u00a0\u00a0\u00a0\u00a0\u00a0 2003-12-02\u00a0\u00a0\u00a0\u00a0\u00a0 2004-12-01\u00a0 26.000000<\/li>\n<li>Redemption\u00a0\u00a0\u00a0\u00a0\u00a0 2004-12-02\u00a0\u00a0\u00a0\u00a0\u00a0 2005-12-01\u00a0 25.750000<\/li>\n<li>Redemption\u00a0\u00a0\u00a0\u00a0\u00a0 2005-12-02\u00a0\u00a0\u00a0\u00a0\u00a0 2006-12-01\u00a0 25.500000<\/li>\n<li>Redemption\u00a0\u00a0\u00a0\u00a0\u00a0 2006-12-02\u00a0\u00a0\u00a0\u00a0\u00a0 2007-12-01\u00a0 25.250000<\/li>\n<li>Redemption\u00a0\u00a0\u00a0\u00a0\u00a0 2007-12-02\u00a0\u00a0 INFINITE DATE\u00a0 25.000000<\/li>\n<\/ul>\n<p>which at the 2006-11-09 quotation of $25.72-95 leads to the following call scenarios, reported on the <a href=\"http:\/\/www.prefshares.com\/glossary.html#pseudoPortfolioReportBox\">pseudoPortfolioReportBox<\/a>:<\/p>\n<ul>\n<li>Call\u00a0 2006-12-09 YTM: 7.42 % [Restricted: 0.61 %] (Prob: 25.91 %)<\/li>\n<li>Call\u00a0 2007-01-01 YTM: -0.26 % [Restricted: -0.04 %] (Prob: 13.07 %)<\/li>\n<li>Call\u00a0 2007-10-05 YTM: 4.53 % [Restricted: 4.09 %] (Prob: 5.00 %)<\/li>\n<li>Call\u00a0 2008-01-01 YTM: 3.87 % [Restricted: 3.87 %] (Prob: 5.43 %)<\/li>\n<li>Limit Maturity\u00a0 2036-11-09 YTM: 5.44 % [Restricted: 5.44 %] (Prob: 50.59 %)<\/li>\n<\/ul>\n<p>One\u00a0feature\u00a0of the calculations is the fact that the issue <a href=\"http:\/\/www.enbridge.com\/investor\/enbridgeSecurities\/index.php?securityName=enb.pr.a\">goes ex-Dividend TODAY, November 10<\/a>, and at time of writing is quoted at 25.46-57 on volume of 2,100 shares. It doesn&#8217;t look as if anybody got caught on the ex-Dividend, with the\u00a0odd skip-day of November 13 (odd because the TSX is open, but banks are closed): the day&#8217;s range is 25.46-55. So it&#8217;s lost $0.26 (bid\/bid)\u00a0on the day, having gone ex a dividend of $0.34375. Which means it&#8217;s actually up!<\/p>\n<p>I&#8217;ve attached some graphs, prepared by the <a href=\"http:\/\/www.prefshares.com\/glossary.html#graphDocument\">graphDocument<\/a>:<\/p>\n<ul>\n<li>Yield-to-Worst : <a href=\"http:\/\/www.prefshares.com\/glossary.html#yieldToWorst\">Definition<\/a>, <a href=\"http:\/\/www.prefblog.com\/wp-content\/uploads\/2006\/11\/ENBPRA_YTW.pdf\">Graph<\/a><\/li>\n<li>Flat Bid Price : <a href=\"http:\/\/www.prefshares.com\/glossary.html#flatBidPrice\">Definition<\/a>, <a href=\"http:\/\/www.prefblog.com\/wp-content\/uploads\/2006\/11\/ENBPRA_flatBidPrice.pdf\">Graph<\/a><\/li>\n<li>Average Volume : <a href=\"http:\/\/www.prefshares.com\/glossary.html#volume-average\">Definition<\/a>, <a href=\"http:\/\/www.prefblog.com\/wp-content\/uploads\/2006\/11\/ENBPRA_averageVolume.pdf\">Graph<\/a><\/li>\n<\/ul>\n<p>\u00a0\n<\/p>\n<p><!--cf1c1d561a7d0f96fc6617f67d484c1a--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This member of the premiumPerpetual index slid into negative YTW territory, so let&#8217;s have a look at it. The listing date was 1998-12-01 and it pays $1.375 annually on a par value of $25: 5.5%. &hellip;<\/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-267","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/267","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=267"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/267\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=267"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=267"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=267"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}