{"id":32185,"date":"2006-07-18T21:28:26","date_gmt":"2006-07-19T01:28:26","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=18"},"modified":"2006-07-18T21:28:26","modified_gmt":"2006-07-19T01:28:26","slug":"july-18-2006","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=32185","title":{"rendered":"July 18, 2006"},"content":{"rendered":"\n\n\n\n\n\n\n\n\n
Index<\/td>\nCurrent Yield (at bid)<\/td>\nYTW<\/td>\nAverage Trading Value<\/td>\nMod Dur (YTW)<\/td>\nIssues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n4.08%<\/td>\n4.09%<\/td>\n112,760<\/td>\n17.28<\/td>\n2<\/td>\n-0.3985%<\/td>\n994.0<\/td>\n<\/tr>\n
Fixed-Floater<\/td>\n5.20%<\/td>\n4.00%<\/td>\n93,950<\/td>\n10.42<\/td>\n5<\/td>\n+0.0247%<\/td>\n999.4<\/td>\n<\/tr>\n
Floater<\/td>\n4.55%<\/td>\n-14.18%<\/td>\n60,923<\/td>\n6.44<\/td>\n5<\/td>\n-0.13%<\/td>\n1000.0<\/td>\n<\/tr>\n
Op. Retract<\/td>\n4.75%<\/td>\n3.56%<\/td>\n83,607<\/td>\n3.09<\/td>\n18<\/td>\n-0.01%<\/td>\n992.7<\/td>\n<\/tr>\n
Split-Share<\/td>\n5.17%<\/td>\n2.75%<\/td>\n53,169<\/td>\n2.79<\/td>\n14<\/td>\n+0.1000%<\/td>\n999.7<\/td>\n<\/tr>\n
Interest Bearing<\/td>\n6.89%<\/td>\n5.70%<\/td>\n66,932<\/td>\n2.23<\/td>\n7<\/td>\n+0.2026%<\/td>\n1,004.9<\/td>\n<\/tr>\n
Perpetual<\/td>\n5.21%<\/td>\n3.46%<\/td>\n160,581<\/td>\n6.79<\/td>\n53<\/td>\n-0.1094%<\/td>\n1,001.7<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n
Major Price Changes<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerp<\/td>\n-1.31%<\/td>\nGapped down to 24.75-89 on heavy volume. Very similar to PWF new issue, but pays only 1.2375<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n
Volume Leaders<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nVolume<\/td>\nNotes<\/td>\n<\/tr>\n
BC.PR.C<\/td>\nFixed-Floater<\/td>\n485,035<\/td>\nNo price effect. Desjardins sold 250,000 at close, mostly as a cross.<\/td>\n<\/tr>\n
RY.PR.W<\/td>\nPerpetual<\/td>\n56,400<\/td>\nDown -0.47% on day (bid\/bid), closing at 25.50-63. Very similar to PWF new issue, but pays 1.225<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetual<\/td>\n30,112<\/td>\nSee notes in the ‘Performance’ Table<\/td>\n<\/tr>\n
GWO.PR.X<\/td>\nOperating Retractible<\/td>\n28,193<\/td>\nNo price effect. 20,000 were crossed by Scotia at 26.70<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetual<\/td>\n22,162<\/td>\nDown 0.86% on day (bid\/bid) to 25.13-25. Very similar to PWF new issue, but pays 1.25. TD crossed 13,600 @25.15<\/td>\n<\/tr>\n<\/table>\n

\u00a0<\/p>\n

It was a very active day, with 17 issues trading more than 10,000 shares. The news of the day was the PWF New Issue<\/a> which was very attractively priced – a perpetual with a 5.1% coupon (pays $1.275 annually, $25 par value). There are only four issues in the HIMI Perpetual Preferred Index with pre-tax yields-to-worst in excess of 5.1%, and the greatest modified duration of the YTW scenario of these issues is 5.51 (W.PR.H).<\/p>\n

\u00a0This new issue has had a great effect on the market, but it’s not clear how long it will last … I suspect that the tension will be resolved by the new issue leaping to a premium rather than dragging down its peers. There just isn’t enough of it – only $200MM – and from what I hear it jumped right off the shelves and was sold out within an hour … certainly this story makes sense, given the pricing!\n<\/p>\n

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

Index Current Yield (at bid) YTW Average Trading Value Mod Dur (YTW) Issues Day’s Perf. Index Value Ratchet 4.08% 4.09% 112,760 17.28 2 -0.3985% 994.0 Fixed-Floater 5.20% 4.00% 93,950 10.42 5 +0.0247% 999.4 Floater 4.55% …<\/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-32185","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32185","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=32185"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32185\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32185"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32185"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32185"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}