{"id":323,"date":"2006-11-23T00:39:37","date_gmt":"2006-11-23T04:39:37","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=323"},"modified":"2006-11-23T00:39:37","modified_gmt":"2006-11-23T04:39:37","slug":"november-22-2006","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=323","title":{"rendered":"November 22, 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>\n4.22%<\/td>\n4.18%<\/td>\n32,386<\/td>\n10.46<\/td>\n2<\/td>\n+0.0400%<\/td>\n1,019.1<\/td>\n<\/tr>\n
Fixed-Floater<\/td>\n4.81%<\/td>\n3.91%<\/td>\n112,265<\/td>\n8.93<\/td>\n7<\/td>\n-0.0056%<\/td>\n1,028.1<\/td>\n<\/tr>\n
Floater<\/td>\n4.49%<\/td>\n-20.62%<\/td>\n65,074<\/td>\n6.55<\/td>\n5<\/td>\n+0.0337%<\/td>\n1,031.6<\/td>\n<\/tr>\n
Op. Retract<\/td>\n4.66%<\/td>\n1.13%<\/td>\n80,999<\/td>\n2.25<\/td>\n18<\/td>\n-0.0633%<\/td>\n1,027.1<\/td>\n<\/tr>\n
Split-Share<\/td>\n4.98%<\/td>\n3.24%<\/td>\n150,699<\/td>\n3.32<\/td>\n9<\/td>\n+0.2367%<\/td>\n1,033.4<\/td>\n<\/tr>\n
Interest Bearing<\/td>\n6.93%<\/td>\n5.99%<\/td>\n67,042<\/td>\n3.88<\/td>\n7<\/td>\n+0.0764%<\/td>\n1,016.8<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.07%<\/td>\n3.94%<\/td>\n216,443<\/td>\n4.22<\/td>\n49<\/td>\n+0.0532%<\/td>\n1,043.3<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.63%<\/td>\n4.65%<\/td>\n1,044,020<\/td>\n16.13<\/td>\n9<\/td>\n+0.0950%<\/td>\n1,036.3<\/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
FFN.PR.A<\/td>\nSplitShare<\/td>\n+1.6949%<\/td>\nAssisting in some good performance for the SplitShare index for the month to date! Closed at $10.80-89, 16×15, for a bid-side pre-tax YTW of a completely rotten 2.58% based on a maturity 2009-12-1 at $10.00. I don’t get it, frankly. 2.58% as dividends pre-tax is the equivalent of 3.61% interest pre-tax, at the Ontario-Plutocrat-Equivalency-Factor (OPEF) of 1.4 (you thought I was going to link to the glossary, didn’t you? Ha! OPEF is not a real acronym). Anyway, 3.61% interest-equivalent to 2009? You can do better with Canadas! There’s no monkey-business going on with retractions, either, I wouldn’t think – the only possible retraction is at a 4% discount to NAV (if you retract capital units and the company has to buy prefs in the marketplace – they can’t redeem. I wouldn’t think this is a factor, but who knows?<\/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
SLF.PR.D<\/td>\nPerpetualDiscount<\/td>\n216,237<\/td>\nStill<\/a> trading heavily, despite all my expectations! Closed at 24.10-20, for a bid-YTW of 4.60%.<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nPerpetualDiscount<\/td>\n120,210<\/td>\nAnother<\/a> day of big trading, but this time it closed at $24.09-20, for a bid-YTW of 4.60%. At last its price is congruent with the virtually identical SLF.PR.D! Remember, you read it here first.<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetualDiscount<\/td>\n87,850<\/td>\nRecent new issue<\/a>, closed at 24.54-60 for a pre-tax bid-YTW of 4.86%. Not much price movement after the first whack! An attractive issue at these levels.<\/td>\n<\/tr>\n
CM.PR.I<\/td>\nPerpetualDiscount<\/td>\n73,426<\/td>\nYet another recent new issue<\/a>, closing at $24.90-92 for a pre-tax bid-YTW of 4.74%.<\/td>\n<\/tr>\n
ACO.PR.A<\/td>\nOpRet<\/td>\n67,841<\/td>\nThis issue again<\/a> reminds us that there is more to life than recent-new-issue-perpetual-discounts (RNIPD). This time it was Scotia stepping up to the plate to cross 50,000 @ $28.15 (perhaps the commission will pay to settle with Berry<\/a>!). At the closing bid of $28.20, it has a pre-tax YTW of merely 1.65%, based on a call 2008-12-31 at $26.00. Somebody’s obviously hoping they make it to the softMaturity<\/a> 2011-11-30, when they will have yielded a more reasonable 3.10%, but you won’t often catch me making that bet!<\/td>\n<\/tr>\n<\/table>\n

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

Update<\/b> More on David Berry<\/a>.<\/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-323","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/323","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=323"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/323\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=323"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=323"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=323"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}