{"id":290,"date":"2006-11-15T22:27:45","date_gmt":"2006-11-16T02:27:45","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=290"},"modified":"2006-11-15T22:27:45","modified_gmt":"2006-11-16T02:27:45","slug":"a-subdued-opening-for-cmpri","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=290","title":{"rendered":"A Subdued Opening for CM.PR.I"},"content":{"rendered":"<p>CM.PR.I, the new issue <a href=\"http:\/\/www.prefblog.com\/?p=248\">discussed November 6<\/a>, commenced trading today and closed at $24.91-92 on volume of 288,892 shares, having traded in the range 24.89-99 throughout the day.<\/p>\n<p>It is a little difficult to understand why the issue did not rise on the first day, as it appears to be attractive by a wide variety of measures, but such is life in the preferred market! Nothing ever works exactly as expected!<\/p>\n<p>In the earlier post, I compared the issue to the roughly comparable CM.PR.H, so I&#8217;ll update that comparison now and we&#8217;ll see what we see!<\/p>\n<table border=\"1\">\n<tr>\n<td>\u00a0<\/td>\n<td>CM.PR.H<\/td>\n<td>CM.PR.I<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\"><em>Changes from the November 6 calculation in brackets<\/em><\/td>\n<\/tr>\n<tr>\n<td>Base Rate<\/td>\n<td>24.05 (+0.03)<\/td>\n<td>23.78 (-0.05)<\/td>\n<\/tr>\n<tr>\n<td>Price due to short-term<\/td>\n<td>0.08 (-0.01)<\/td>\n<td>0.09 (-0.01)<\/td>\n<\/tr>\n<tr>\n<td>Price due to long-term<\/td>\n<td>0.59 (+0.07)<\/td>\n<td>0.57 (+0.09)<\/td>\n<\/tr>\n<tr>\n<td>Price due to error<\/td>\n<td>0.02 (Unch)<\/td>\n<td>0.02 (+0.01)<\/td>\n<\/tr>\n<tr>\n<td>Price due to Credit Spread (Low)<\/td>\n<td>-0.54 (Unch)<\/td>\n<td>-0.53 (-0.04)<\/td>\n<\/tr>\n<tr>\n<td><strong>Intrinsic (subject to rounding error)<\/strong><\/td>\n<td><strong>24.20 (+0.09)<\/strong><\/td>\n<td><strong>23.93 (Unch)<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Price due to Liquidity<\/td>\n<td>1.60 (+0.02)<\/td>\n<td>1.56 (-0.02)<\/td>\n<\/tr>\n<tr>\n<td><strong>Total (subject to rounding error)<\/strong><\/td>\n<td><strong>$25.79 (+0.10)<\/strong><\/td>\n<td><strong>$25.49 (-0.02)<\/strong><\/td>\n<\/tr>\n<\/table>\n<p>The CM.PR.H closed at 25.38-50, 10&#215;73, today, so the CM.PR.I has some company in looking cheap!<\/p>\n<p>As one can see, the curve moved against the new issue in the week or so since the last analysis and now &#8220;likes&#8221; the slightly greater dividend (and hence chance of call) of the CM.PR.H more than it did.<\/p>\n<p>To look at this more closely, we can examine the output from the <a href=\"http:\/\/www.prefshares.com\/glossary.html#optionCashFlowEffectAnalysisBox\">optionCashFlowEffectAnalysisBox<\/a>, which I&#8217;ll blog about at some future date.<\/p>\n<p>CM.PR.I has been added to the HIMIPref&trade; database with the <a href=\"http:\/\/www.prefshares.com\/glossary.html#securityCode\">securityCode<\/a> A42018, replacing the &#8220;PreIssue&#8221; code of P50007.\n<\/p>\n<p><!--aac99980efdd0fcf0ee3d06929693ec5--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>CM.PR.I, the new issue discussed November 6, commenced trading today and closed at $24.91-92 on volume of 288,892 shares, having traded in the range 24.89-99 throughout the day. It is a little difficult to understand &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33,13],"tags":[],"class_list":["post-290","post","type-post","status-publish","format-standard","hentry","category-data-fixes","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/290","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=290"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/290\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=290"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=290"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=290"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}