{"id":3245,"date":"2008-10-01T21:19:26","date_gmt":"2008-10-02T01:19:26","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=3245"},"modified":"2008-10-01T21:19:26","modified_gmt":"2008-10-02T01:19:26","slug":"october-1-2008","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=3245","title":{"rendered":"October 1, 2008"},"content":{"rendered":"

Just imagine that there are penetrating and astute observations being made here today, OK?<\/p>\n

European bank bail-out friction<\/a><\/p>\n

Possible higher risk-weight for ABS in Europe<\/a><\/p>\n

Squabbles and alleged skullduggery at Reserve Primary Fund<\/a><\/p>\n

\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.
The Fixed-Reset<\/i> index was added effective 2008-9-5 at that day’s closing value of 1,119.4 for the Fixed-Floater<\/i> index.<\/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>\n4.77%<\/td>\n4.85%<\/td>\n82,740<\/td>\n15.70<\/td>\n6<\/td>\n-0.3554%<\/td>\n1,077.7<\/td>\n<\/tr>\n
Floater<\/td>\n5.36%<\/td>\n5.40%<\/td>\n48,769<\/td>\n14.87<\/td>\n2<\/td>\n-3.3543%<\/td>\n750.8<\/td>\n<\/tr>\n
Op. Retract<\/td>\n5.08%<\/td>\n5.18%<\/td>\n126,326<\/td>\n3.72<\/td>\n14<\/td>\n-0.2095%<\/td>\n1,031.0<\/td>\n<\/tr>\n
Split-Share<\/td>\n5.80%<\/td>\n8.01%<\/td>\n56,785<\/td>\n4.10<\/td>\n12<\/td>\n-0.1437%<\/td>\n968.8<\/td>\n<\/tr>\n
Interest Bearing<\/td>\n6.43%<\/td>\n7.25%<\/td>\n42,707<\/td>\n3.77<\/td>\n3<\/td>\n-0.5934%<\/td>\n1,073.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n6.25%<\/td>\n6.29%<\/td>\n54,941<\/td>\n13.49<\/td>\n1<\/td>\n0.0000%<\/td>\n993.0<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n6.22%<\/td>\n6.29%<\/td>\n179,982<\/td>\n13.49<\/td>\n70<\/td>\n-0.0069%<\/td>\n860.6<\/td>\n<\/tr>\n
Fixed-Reset<\/td>\n5.10%<\/td>\n4.99%<\/td>\n1,186,721<\/td>\n15.32<\/td>\n10<\/td>\n-0.1918%<\/td>\n1,110.8<\/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\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
BAM.PR.K<\/td>\nFloater<\/td>\n-6.0000%<\/td>\nClosed at 15.51-16.74, with the tmxmoney.com reporting the size as 0x3. Volume 525 shares in the morning, nothing in the afternoon. Ho-hum, just another day of market-making at the Toronto Exchange.<\/td>\n<\/tr>\n
BAM.PR.J<\/td>\nOpRet<\/td>\n-4.7064%<\/td>\nNow with a pre-tax bid-YTW of 8.18% based on a bid of 20.57 and a softMaturity<\/a> 2018-3-30 at 25.00. Compare with BAM.PR.H (7.11% to 2012-3-30), BAM.PR.I (6.84% to 2013-12-30) and BAM.PR.O (8.84% to 2013-6-30); and with the perpetuals at about 7.6%.<\/td>\n<\/tr>\n
DFN.PR.A<\/td>\nSplitShare<\/td>\n-2.2581%<\/td>\nAsset coverage of just under 2.3:1 as of September 15 according to the company<\/a>. Now with a pre-tax bid-YTW of 7.15% based on a bid of 9.09 and a hardMaturity 2014-12-1 at 10.00.<\/td>\n<\/tr>\n
POW.PR.B<\/td>\nPerpetualDiscount<\/td>\n-2.1359%<\/td>\nNow with a pre-tax bid-YTW of 6.67% based on a bid of 20.16 and a limitMaturity<\/a>.<\/td>\n<\/tr>\n
WFS.PR.A<\/td>\nSplitShare<\/td>\n-2.0000%<\/td>\nAsset coverage of just under 1.6:1 as of September 18, according to Mulvihill<\/a>. Now with a pre-tax bid-YTW of 10.39% based on a bid of 8.82 and a hardMaturity 2011-6-30. Below $9, some might find even the regular monthly retraction<\/a> to be attractive.<\/td>\n<\/tr>\n
BCE.PR.C<\/td>\nFixFloat<\/td>\n-1.5612%<\/td>\n <\/td>\n<\/tr>\n
BCE.PR.Z<\/td>\nFixFloat<\/td>\n-1.4614%<\/td>\n <\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nPerpetualDiscount<\/td>\n-1.3714%<\/td>\nNow with a pre-tax bid-YTW of 6.57% based on a bid of 17.26 and a limitMaturity.<\/td>\n<\/tr>\n
TD.PR.P<\/td>\nPerpetualDiscount<\/td>\n-1.2981%<\/td>\nNow with a pre-tax bid-YTW of 5.86% based on a bid of 22.81 and a limitMaturity.<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetualDiscount<\/td>\n-1.2458%<\/td>\nNow with a pre-tax bid-YTW of 6.31% based on a bid of 20.61 and a limitMaturity.<\/td>\n<\/tr>\n
FIG.PR.A<\/td>\nInterestBearing<\/td>\n-1.2245%<\/td>\nAsset coverage of 1.7+:1 as of September 29 according to Faircourt<\/a>. Now with a pre-tax bid-YTW of 6.95% (mostly as interest) based on a bid of 9.68 and a hardMaturity 2014-12-31 at 10.00<\/td>\n<\/tr>\n
BCE.PR.Y<\/td>\nFixFloat<\/td>\n-1.2220%<\/td>\n <\/td>\n<\/tr>\n
FTN.PR.A<\/td>\nSplitShare<\/td>\n-1.1364%<\/td>\nAsset coverage of just under 2.2:1 as of September 15 according to the company<\/a>. Now with a pre-tax bid-YTW of 7.70% based on a bid of 8.70 and a hardMaturity 2015-12-1 at 10.00<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nPerpetualDiscount<\/td>\n-1.0633%<\/td>\nNow with a pre-tax bid-YTW of 6.57% based on a bid of 18.61 and a limitMaturity.<\/td>\n<\/tr>\n
BNA.PR.C<\/td>\nSplitShare<\/td>\n-1.0338%<\/td>\nAsset coverage of 3.2+:1 as of August 31 according to the company<\/a>. Coverage now of just under 2.8:1 based on BAM.A at 28.97 and 2.4 BAM.A held per preferred<\/a>. Now with a pre-tax bid-YTW of 11.68% (!) based on a bid of 14.36 and a hardMaturity 2019-1-10 at 25.00. Compare with BNA.PR.A (9.60% to 2010-9-30) and BNA.PR.B (9.54% to 2016-3-25).<\/td>\n<\/tr>\n
BCE.PR.A<\/td>\nFixFloat<\/td>\n-1.0309%<\/td>\n <\/td>\n<\/tr>\n
BAM.PR.H<\/td>\nOpRet<\/td>\n-1.0305%<\/td>\nSee BAM.PR.J, above<\/td>\n<\/tr>\n
FBS.PR.B<\/td>\nSplitShare<\/td>\n+1.1957%<\/td>\nAsset coverage of 1.6+:1 as of September 25, according to TD Securities<\/a>. Now with a pre-tax bid-YTW of 7.33% based on a bid of 9.31 and a hardMaturity 2011-12-15 at 10.00<\/td>\n<\/tr>\n
CIU.PR.A<\/td>\nPerpetualDiscount<\/td>\n+1.2625%<\/td>\nNow with a pre-tax bid-YTW of 6.05% based on a bid of 19.25 and a limitMaturity.<\/td>\n<\/tr>\n
HSB.PR.C<\/td>\nPerpetualDiscount<\/td>\n+1.3131%<\/td>\nNow with a pre-tax bid-YTW of 6.41% based on a bid of 20.06 and a limitMaturity.<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nPerpetualDiscount<\/td>\n+1.6183%<\/td>\nNow with a pre-tax bid-YTW of 6.14% based on a bid of 21.35 and a limitMaturity.<\/td>\n<\/tr>\n
BCE.PR.G<\/td>\nFixFloat<\/td>\n+1.9108%<\/td>\n <\/td>\n<\/tr>\n
LFE.PR.A<\/td>\nSplitShare<\/td>\n+1.9629%<\/td>\nAsset coverage of 2.2+:1 as of September 15 according to the company<\/a>. Now with a pre-tax bid-YTW of 7.12% based on a bid of 9.35 and a hardMaturity 2012-12-1 at 10.00<\/td>\n<\/tr>\n
W.PR.H<\/td>\nPerpetualDiscount<\/td>\n+2.0202%<\/td>\nNow with a pre-tax bid-YTW of 6.84% based on a bid of 20.20 and a limitMaturity.<\/td>\n<\/tr>\n
POW.PR.A<\/td>\nPerpetualDiscount<\/td>\n+2.2770%<\/td>\nNow with a pre-tax bid-YTW of 6.38% based on a bid of 22.01 and a limitMaturity.<\/td>\n<\/tr>\n
SBN.PR.A<\/td>\nSplitShare<\/td>\n+2.7397%<\/td>\nAsset coverage of 2.1+:1 as of September 18, according to Mulvihill<\/a>. Now with a pre-tax bid-YTW of 7.38% based on a bid of 9.00 and a hardMaturity 2014-12-1 at 10.00.<\/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
SLF.PR.E<\/td>\nPerpetualDiscount<\/td>\n84,132<\/td>\nDesjardins crossed 75,000 at 18.35. Now with a pre-tax bid-YTW of 6.22% based on a bid of 18.24 and a limitMaturity.<\/td>\n<\/tr>\n
CM.PR.E<\/td>\nPerpetualDiscount<\/td>\n73,500<\/td>\nNesbitt crossed 13,000 at 20.30, TD crossed 60,000 at 20.10. Now with a pre-tax bid-YTW of 7.02% based on a bid of 20.01 and a limitMaturity.<\/td>\n<\/tr>\n
BNS.PR.M<\/td>\nPerpetualDiscount<\/td>\n69,400<\/td>\nNesbitt crossed 50,000 at 19.75. Now with a pre-tax bid-YTW of 5.81% based on a bid of 19.73 and a limitMaturity.<\/td>\n<\/tr>\n
CM.PR.D<\/td>\nPerpetualDiscount<\/td>\n58,784<\/td>\nTD crossed 49,800 at 20.75. Now with a pre-tax bid-YTW of 6.98% based on a bid of 20.66 and a limitMaturity.<\/td>\n<\/tr>\n
BNS.PR.R<\/td>\nFixedReset<\/td>\n57,820<\/td>\nRBC bought 10,000 and 25,000, both lots at 24.85, both from anonymous.<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

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

Just imagine that there are penetrating and astute observations being made here today, OK? European bank bail-out friction Possible higher risk-weight for ABS in Europe Squabbles and alleged skullduggery at Reserve Primary Fund Note that …<\/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-3245","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/3245","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=3245"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/3245\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3245"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3245"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3245"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}