{"id":32297,"date":"2008-08-05T20:59:07","date_gmt":"2008-08-06T00:59:07","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=2564"},"modified":"2008-08-05T20:59:07","modified_gmt":"2008-08-06T00:59:07","slug":"august-5-2008","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=32297","title":{"rendered":"August 5, 2008"},"content":{"rendered":"

Another up day on extremely light volume – and even more extremely light commenting!<\/p>\n

\n\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. In this version, index values are based at 1,000.0 on 2006-6-30<\/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>\nN\/A<\/td>\nN\/A<\/td>\nN\/A<\/td>\nN\/A<\/td>\n0<\/td>\nN\/A<\/td>\nN\/A<\/td>\n<\/tr>\n
Fixed-Floater<\/td>\n4.69%<\/td>\n4.40%<\/td>\n57,072<\/td>\n16.41<\/td>\n7<\/td>\n+0.0709%<\/td>\n1,090.5<\/td>\n<\/tr>\n
Floater<\/td>\n4.12%<\/td>\n4.15%<\/td>\n55,130<\/td>\n17.09<\/td>\n3<\/td>\n+0.4004%<\/td>\n897.2<\/td>\n<\/tr>\n
Op. Retract<\/td>\n5.00%<\/td>\n4.44%<\/td>\n125,674<\/td>\n2.98<\/td>\n17<\/td>\n-0.0471%<\/td>\n1,040.9<\/td>\n<\/tr>\n
Split-Share<\/td>\n5.36%<\/td>\n6.04%<\/td>\n58,231<\/td>\n4.46<\/td>\n14<\/td>\n+0.0899%<\/td>\n1,033.3<\/td>\n<\/tr>\n
Interest Bearing<\/td>\n6.31%<\/td>\n6.86%<\/td>\n\n5.27<\/td>\n2<\/td>\n+0.0515%<\/td>\n1,109.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n6.19%<\/td>\n6.13%<\/td>\n72,720<\/td>\n2.27<\/td>\n1<\/td>\n-0.0396%<\/td>\n987.7<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n6.25%<\/td>\n6.30%<\/td>\n206,713<\/td>\n13.49<\/td>\n67<\/td>\n+0.0568%<\/td>\n850.0<\/td>\n<\/tr>\n<\/table>\n<\/div>\n
\n\n\n\n\n\n\n\n\n\n\n\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
IAG.PR.A<\/td>\nPerpetualDiscount<\/td>\n-5.0164%<\/td>\nNow with a pre-tax bid-YTW of 6.71% based on a bid of 17.42 and a limitMaturity<\/a>. The closing quote was 17.42-30, 2×7. This issue has been extremely volatile lately!<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nPerpetualDiscount<\/td>\n-3.4751%<\/td>\nNow with a pre-tax bid-YTW of 6.15% based on a bid of 18.61 and a limitMaturity.<\/td>\n<\/tr>\n
BNA.PR.C<\/td>\nSplitShare<\/td>\n-2.6781%<\/td>\nAsset coverage of 3.2+:1 as of June 30, according to the company<\/a>. Now with a pre-tax bid-YTW of 9.32% based on a bid of 17.08 and a hardMaturity<\/a> 2019-1-10 at 25.00. Compare with BNA.PR.A (6.02% to 2010-9-30) and BNA.PR.B (8.59% to 2016-3-25).<\/td>\n<\/tr>\n
CU.PR.A<\/td>\nPerpetualDiscount<\/td>\n-2.2403%<\/td>\nNow with a pre-tax bid-YTW of 6.04% based on a bid of 24.00 and a limitMaturity.<\/td>\n<\/tr>\n
BAM.PR.O<\/td>\nOpRet<\/td>\n-1.5217%<\/td>\nNow with a pre-tax bid-YTW of 7.51% based on a bid of 22.65 and a softMaturity<\/a> 2013-6-30 at 25.00. Compare with BAM.PR.H (6.41% to 2012-3-30), BAM.PR.I (6.51% to 2013-12-30) and BAM.PR.O (7.03% to 2018-3-30). As all Assiduous Readers know, I’m an old bond guy. And even after all my experience in the preferred market, I’m still flabbergasted by this kind of yield spread between comparable issues … giving new meaning to the term “new issue concession”. It would seem that prior half-measures<\/a> for the underwriters to blow this puppy out of inventory haven’t succeeded!<\/td>\n<\/tr>\n
CM.PR.E<\/td>\nPerpetualDiscount<\/td>\n-1.1154%<\/td>\nNow with a pre-tax bid-YTW of 6.94% based on a bid of 20.39 and a limitMaturity.<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nPerpetualDiscount<\/td>\n+1.2002%<\/td>\nNow with a pre-tax bid-YTW of 6.15% based on a bid of 18.55 and a limitMaturity.<\/td>\n<\/tr>\n
NA.PR.M<\/td>\nPerpetualDiscount<\/td>\n+1.0833%<\/td>\nNow with a pre-tax bid-YTW of 6.21% based on a bid of 24.26 and a limitMaturity.<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n+1.1111%<\/td>\n <\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nPerpetualDiscount<\/td>\n+1.1738%<\/td>\nNow with a pre-tax bid-YTW of 6.24% based on a bid of 18.10 and a limitMaturity.<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetualDiscount<\/td>\n+1.3839%<\/td>\nNow with a pre-tax bid-YTW of 6.40% based on a bid of 19.78 and a limitMaturity.<\/td>\n<\/tr>\n
WFS.PR.A<\/td>\nSplitShare<\/td>\n+1.5625%<\/td>\nAsset coverage of 1.6+:1 as of July 24, according to Mulvihill<\/a>. Now with a pre-tax bid-YTW of 9.12% based on a bid of 9.10 and a limitMaturity<\/s> hardMaturity 2011-6-30 at 10.00<\/u>.<\/td>\n<\/tr>\n
POW.PR.C<\/td>\nPerpetualDiscount<\/td>\n+1.7544%<\/td>\nNow with a pre-tax bid-YTW of 6.31% based on a bid of 23.20 and a limitMaturity.<\/td>\n<\/tr>\n
ENB.PR.A<\/td>\nPerpetualDiscount<\/td>\n+2.3697%<\/td>\nNow with a pre-tax bid-YTW of 5.89% based on a bid of 23.76 and a limitMaturity.<\/td>\n<\/tr>\n<\/table>\n<\/div>\n
\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
BMO.PR.L<\/td>\nPerpetualDiscount<\/td>\n36,550<\/td>\nRBC crossed 30,000 at 23.40. Now with a pre-tax bid-YTW of 6.24% based on a bid of 23.30 and a limitMaturity.<\/td>\n<\/tr>\n
BMO.PR.K<\/td>\nPerpetualDiscount<\/td>\n32,700<\/td>\nRBC crossed 30,000 at 21.00. Now with a pre-tax bid-YTW of 6.30% based on a bid of 20.90 and a limitMaturity.<\/td>\n<\/tr>\n
ELF.PR.F<\/td>\nPerpetualDiscount<\/td>\n27,325<\/td>\nNesbitt crossed 27,300 at 19.40. Now with a pre-tax bid-YTW of 7.00% based on a bid of 19.17 and a limitMaturity.<\/td>\n<\/tr>\n
ELF.PR.G<\/td>\nPerpetualDiscount<\/td>\n27,302<\/td>\nNesbitt crossed 27,300 at 17.38. Now with a pre-tax bid-YTW of 7.03% based on a bid of 17.10 and a limitMaturity.<\/td>\n<\/tr>\n
BNS.PR.L<\/td>\nPerpetualDiscount<\/td>\n17,366<\/td>\nNow with a pre-tax bid-YTW of 6.17% based on a bid of 18.41 and a limitMaturity.<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

There were three other index-included $25-pv-equivalent issues trading over 10,000 shares today.<\/p>\n","protected":false},"excerpt":{"rendered":"

Another up day on extremely light volume – and even more extremely light commenting! Note that these indices are experimental; the absolute and relative daily values are expected to change in the final version. In …<\/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-32297","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32297","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=32297"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32297\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32297"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32297"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32297"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}