{"id":304,"date":"2006-11-18T00:35:32","date_gmt":"2006-11-18T04:35:32","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=304"},"modified":"2006-11-18T00:35:32","modified_gmt":"2006-11-18T04:35:32","slug":"november-17-2006","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=304","title":{"rendered":"November 17, 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>\n4.21%<\/td>\n4.17%<\/td>\n33,598<\/td>\n16.94<\/td>\n2<\/td>\n-0.1603%<\/td>\n1,016.0<\/td>\n<\/tr>\n
Fixed-Floater<\/td>\n4.82%<\/td>\n3.94%<\/td>\n120,062<\/td>\n12.93<\/td>\n7<\/td>\n-0.0500%<\/td>\n1,025.8<\/td>\n<\/tr>\n
Floater<\/td>\n4.49%<\/td>\n-23.33%<\/td>\n65,900<\/td>\n6.52<\/td>\n5<\/td>\n+0.3540%<\/td>\n1,033.0<\/td>\n<\/tr>\n
Op. Retract<\/td>\n4.66%<\/td>\n0.72%<\/td>\n80,926<\/td>\n2.26<\/td>\n18<\/td>\n+0.1157%<\/td>\n1,028.5<\/td>\n<\/tr>\n
Split-Share<\/td>\n5.00%<\/td>\n3.37%<\/td>\n155,337<\/td>\n3.32<\/td>\n9<\/td>\n-0.0510%<\/td>\n1,028.3<\/td>\n<\/tr>\n
Interest Bearing<\/td>\n6.92%<\/td>\n5.72%<\/td>\n66,261<\/td>\n2.04<\/td>\n7<\/td>\n+0.2431%<\/td>\n1,019.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.07%<\/td>\n3.96%<\/td>\n221,242<\/td>\n4.18<\/td>\n49<\/td>\n-0.0143%<\/td>\n1,043.3<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.59%<\/td>\n4.63%<\/td>\n833,444<\/td>\n16.15<\/td>\n8<\/td>\n+0.0763%<\/td>\n1,038.9<\/td>\n<\/tr>\n<\/table>\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
DFN.PR.A<\/td>\nSplitShares<\/td>\n-1.0476<\/td>\nThese split-shares are non-callable, which is nice … they mature on Dec. 1, 2009, according to their prospectus<\/a>. And at today’s closing bid of $10.39, they have a yield-to-maturity of 3.95% – equivalent to 5.53% interest for many investors. For a three-year fixed income instrument, that’s not bad!<\/td>\n<\/tr>\n
BSD.PR.A<\/td>\nInterestBearing<\/td>\n+1.6393%<\/td>\nThese things have been bouncing around a lot lately<\/a>, due to a combination of fear of the income-trusts that ultimately back the paper, and the upcoming retraction event<\/a>.<\/td>\n<\/tr>\n
TOC.PR.B<\/td>\nFloatingRate<\/td>\n+1.9208%<\/td>\nA client of TD Securities appears to have completely lost his mind, as TDS was on the buy side of the last ten trades of this issue, starting with 100 at $26.00 at 10:32am and continuing until 2:26pm with a final buy of 1,000 shares at $26.49. These ten trades accounted for 4,350 of the 7,750 shares traded today; the issue closed at $26.00-40, 1×1, a substantial change from the $25.50 closing bid yesterday. These puppies pay 70% of prime on $25.00 face value, so $1.05 annually. I don’t get it. A floater isn’t even a money market instrument<\/a>!<\/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
CM.PR.I<\/td>\nPerpetualDiscount<\/td>\n98,143<\/td>\nThe new issue<\/a> continues to lead the volume list.<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nPerpetualDiscount<\/td>\n26,544<\/td>\nStill seem to be huge chunks of hot shares<\/a> looking for a home!<\/td>\n<\/tr>\n
BAM.PR.S<\/td>\nInterestBearing<\/td>\n24,370<\/td>\nCalled for redemption today, effective January 2, 2007.<\/td>\n<\/tr>\n
TD.PR.M<\/td>\nOpRet<\/td>\n18,200<\/td>\nScotia crossed 12,500 at $27.49. At the closing bid of $27.45, these have a pre-tax YTW of 2.34%, based on a call 2009-5-30 … since this is only the equivalent of 3.26% on a bond, we will be charitable and assume the purchasers have good reason to think that it will last until its soft maturity 2013-10-30, when it will have yielded 3.17% pre-tax, interest equivalent of 4.44%, which is roughly maybe sorta equivalent to where TD bonds are trading institutionally. And who knows – maybe the purchasers will be right! Seems like a risky play to me, however, with no upside to compensate for the chance of an early call.<\/td>\n<\/tr>\n
SLF.PR.A<\/td>\nPerpetualPremium<\/td>\n14,775<\/td>\nNot the worst issue in town, with a pre-tax YTW of 4.42% based on a bid of $25.72 and a call at $25.00 2014-4-30. This is now ex-dividend, as today was the last day of trading cum-dividend. But I still say it’s expensive. And not just because they not only don’t post dividend information on their website<\/a>, but use a service that doesn’t allow direct linking! Go to PRNewswire<\/a> and search for “Sun Life” to verify dividend info, if you don’t trust me.<\/td>\n<\/tr>\n<\/table>\n

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

Update, 2006-11-18<\/strong>: I stand corrected on my snarky comment about Sunlife and the alleged lack of preferred share information on their website – see the comments section. I will, however, say that this information is not as easy to find as it should be! “Shareholder FAQs”? What on earth is the information doing in “Shareholder FAQs”? I mean, especially since all the questions refer to preferred shares, why isn’t the information linked on the menu as “Preferred Shares”? And why aren’t there links to the prospectuses?<\/p>\n

Yes, I made a mistake and maybe I’m being a little defensive. But they sure made it easy for the mistake to be made!\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-304","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/304","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=304"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/304\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=304"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=304"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=304"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}