{"id":32201,"date":"2006-07-24T21:28:27","date_gmt":"2006-07-25T01:28:27","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=34"},"modified":"2006-07-24T21:28:27","modified_gmt":"2006-07-25T01:28:27","slug":"july-24-2006","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=32201","title":{"rendered":"July 24, 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>\n4.14%<\/td>\n4.16%<\/td>\n103,936<\/td>\n17.13<\/td>\n2<\/td>\n+0.0802%<\/td>\n997.0<\/td>\n<\/tr>\n
Fixed-Floater<\/td>\n5.20%<\/td>\n4.17%<\/td>\n95,964<\/td>\n13.49<\/td>\n5<\/td>\n0.0869%<\/td>\n997.8<\/td>\n<\/tr>\n
Floater<\/td>\n4.54%<\/td>\n-15.38%<\/td>\n61,155<\/td>\n6.43<\/td>\n5<\/td>\n0.2491%<\/td>\n1,004.0<\/td>\n<\/tr>\n
Op. Retract<\/td>\n4.75%<\/td>\n3.48%<\/td>\n80,782<\/td>\n2.99<\/td>\n18<\/td>\n-0.0679%<\/td>\n993.4<\/td>\n<\/tr>\n
Split-Share<\/td>\n5.17%<\/td>\n4.23%<\/td>\n49,600<\/td>\n3.10<\/td>\n14<\/td>\n-0.0009%<\/td>\n999.9<\/td>\n<\/tr>\n
Interest Bearing<\/td>\n6.87%<\/td>\n5.30%<\/td>\n66,930<\/td>\n2.21<\/td>\n7<\/td>\n-0.0233%<\/td>\n1,008.2<\/td>\n<\/tr>\n
Perpetual<\/td>\n5.20%<\/td>\n4.61%<\/td>\n195,623<\/td>\n7.02<\/td>\n54<\/td>\n0.0520%<\/td>\n1,002.4<\/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
TDS.PR.B<\/td>\nSplitShare<\/td>\n-1.05%<\/td>\n2,990 shares traded, which was enough to blow through the bid. Some traded at 28.01, a penny above the 52-week low, but it closed at 28.25-49. Not much size on the bid, though!<\/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
WN.PR.E<\/td>\nPerpetual<\/td>\n304,550<\/td>\nHuge volume for a pref! But 300,000 of this was an internal cross [both sides of the trade were controlled by the same asset manager] by BMO @24.00.<\/td>\n<\/tr>\n
RY.PR.W<\/td>\nPerpetual<\/td>\n258,700<\/td>\nSecond day of good volume. 175,000 was an internal cross by BMO @25.40; 38,100 was a CSH Cross by Global (cash trade, not three-day-settlement) @25.88; and 38,100 (presumably the same<\/em> 38,100) was a cross by Global @25.57. Closed at 25.31-56. Man, did the purchaser of that CSH transaction get screwed! Perhaps it was a buy-in notice?<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nPerpetual<\/td>\n179,650<\/td>\n175,000 internal cross by BMO @24.02<\/td>\n<\/tr>\n
TD.PR.M<\/td>\nOpRet<\/td>\n175,500<\/td>\n175,000 internal cross by BMO @27.30<\/td>\n<\/tr>\n
TD.PR.O<\/td>\nPerpetual<\/td>\n112,700<\/td>\n100,000 internal cross by BMO @25.25<\/td>\n<\/tr>\n<\/table>\n

A busy day for BMO, if no-one else! If they were able to charge a nickel a share on the crosses, then they went home with a warm, fuzzy feeling. Somebody’s rejigging his pref portfolio!<\/p>\n

RY.PR.A closed at 24.18-25, while RY.PR.B ended at 24.45-50, so perhaps things are beginning to normalize a little … at least so far as that particular pair is concerned!<\/p>\n

\u00a0There were 20 issues with volume in excess of 10,000 shares.<\/p>\n

\u00a0Update, 2006-07-27:<\/strong> Just realized! The ex-date for the RY.PR.W was July 24, so the purchaser of the CSH – settled RY.PR.W got the dividend of $0.30625.<\/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 4.14% 4.16% 103,936 17.13 2 +0.0802% 997.0 Fixed-Floater 5.20% 4.17% 95,964 13.49 5 0.0869% 997.8 Floater 4.54% …<\/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-32201","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32201","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=32201"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32201\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32201"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32201"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32201"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}