{"id":32265,"date":"2006-09-11T22:00:19","date_gmt":"2006-09-12T02:00:19","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=104"},"modified":"2006-09-11T22:00:19","modified_gmt":"2006-09-12T02:00:19","slug":"september-11-2006","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=32265","title":{"rendered":"September 11, 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>\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>\n4.48%<\/td>\n4.48%<\/td>\n37,112<\/td>\n16.47<\/td>\n1<\/td>\n0.0000%<\/td>\n992.2<\/td>\n<\/tr>\n
Fixed-Floater<\/td>\n4.93%<\/td>\n4.06%<\/td>\n321,535<\/td>\n11.51<\/td>\n6<\/td>\n0.0881%<\/td>\n1,006.6<\/td>\n<\/tr>\n
Floater<\/td>\n4.62%<\/td>\n-17.77%<\/td>\n82,722<\/td>\n8.01<\/td>\n4<\/td>\n0.3515%<\/td>\n1,012.6<\/td>\n<\/tr>\n
Op. Retract<\/td>\n4.69%<\/td>\n2.34%<\/td>\n73,541<\/td>\n2.34<\/td>\n18<\/td>\n0.0586%<\/td>\n1,011.3<\/td>\n<\/tr>\n
Split-Share<\/td>\n4.97%<\/td>\n3.68%<\/td>\n53,448<\/td>\n2.74<\/td>\n10<\/td>\n0.0762%<\/td>\n1,011.2<\/td>\n<\/tr>\n
Interest Bearing<\/td>\n6.82%<\/td>\n5.44%<\/td>\n57,055<\/td>\n2.09<\/td>\n7<\/td>\n-0.2739%<\/td>\n1,017.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.15%<\/td>\n4.29%<\/td>\n180,169<\/td>\n4.44<\/td>\n48<\/td>\n0.0009%<\/td>\n1,021.5<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.61%<\/td>\n4.63%<\/td>\n311,176<\/td>\n16.18<\/td>\n6<\/td>\n-0.1201%<\/td>\n1,029.9<\/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
BAM.PR.S<\/td>\nInterestBearing<\/td>\n-1.4319%<\/td>\nThese still have a very high YTW at the closing bid price of 25.47, but not for long! They’re callable at par at the end of the year (see prefInfo<\/a> or go to the horse’s mouth<\/a>). All 3,600 shares of today’s trading took place in the range $25.80-95, so the bid probably doesn’t mean much anyway.<\/td>\n<\/tr>\n
BC.PR.B<\/td>\nFixedFloater<\/td>\n+1.0081%<\/td>\nClosed at $25.05-30. This is the counterpart to BC.PR.E<\/a> … but that reset\/ratchet\/exchange happened last May, so it’s less exciting than the pair above. BC.PR.E closed at 25.07-15. Boring! What makes it even more boring is that this note is copied almost word-for-word from yesterday’s note<\/a>!<\/td>\n<\/tr>\n
AL.PR.E<\/td>\nFloater<\/td>\n+1.2153%<\/td>\nClosed at $26.65-82 on volume of 900 shares. PrefInfo<\/a> shows this as paying a floating rate defined as “Greater of a & b, where b is lesser of c and d; a is 72% of index, c is 100% of index, d is Flat Rate 7.5% (#6)” So it’s 100% of the index … not bad, but will they be called? Why should Alcan pay 100% of prime as a dividend? This is one of life’s mysteries.<\/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
BAM.PR.H<\/td>\nOpRet<\/td>\n115,064<\/td>\nNesbitt crossed 40,000 @ 27.35, then 70,00 as an internal cross at the same price. This issue has a YTW of 3.13% at the closing bid of $27.34<\/td>\n<\/tr>\n
WN.PR.E<\/td>\nPerpetualDiscount<\/td>\n44,253<\/td>\n\u00a0<\/td>\n<\/tr>\n
BCE.PR.Z<\/td>\nFixedFloater<\/td>\n32,798<\/td>\nThese closed at 25.45-59. These are exchangable with the BCE.PR.Y Ratchets in December 2007, which closed today at $24.50-79. Hmmm….<\/td>\n<\/tr>\n
PWF.PR.H<\/td>\nPerpetualPremium<\/td>\n31,000<\/td>\nScotia crossed 30,000 @ 26.45<\/td>\n<\/tr>\n
ELF.PR.F<\/td>\nPerpetualPremium<\/td>\n30,000<\/td>\nScotia crossed 30,000 @ 26.30, a very active day for this issue.<\/td>\n<\/tr>\n<\/table>\n

There were ten other index-included issues trading over 10,000 shares today.\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 Current Yield (at bid) YTW Average Trading Value Mod Dur (YTW) Issues Day’s Perf. …<\/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-32265","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32265","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=32265"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32265\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32265"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}