{"id":3324,"date":"2008-10-09T01:00:52","date_gmt":"2008-10-09T05:00:52","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=3324"},"modified":"2008-10-09T01:00:52","modified_gmt":"2008-10-09T05:00:52","slug":"october-8-2008","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=3324","title":{"rendered":"October 8, 2008"},"content":{"rendered":"<p>As many will have noted, a lot of things haven&#8217;t been posted yet that should be posted. For various reasons &#8211; includng, but not limited to, what the market is doing, this is Misery Week.<\/p>\n<p>Things like commentary on MAPF and best\/worst lists for September have gone by the board but will appear &#8230; eventually.<\/p>\n<p>PerpetualDiscounts now yield 6.70% on average, equivalent to 9.38% at the standard 1.4x equivalency factor. <a href=\"http:\/\/www.canadianbondindices.com\/ltbi.asp\">Long corporates have popped up to about 6.9%<\/a>, so the spread is not as unreasonable as one might suppose, at 248bp.<\/p>\n<div align=\"center\">\n<table border=\"1\">\n<tr>\n<td colspan=\"8\"><strong>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.<br \/>The <i>Fixed-Reset<\/i> index was added effective 2008-9-5 at that day&#8217;s closing value of 1,119.4 for the <i>Fixed-Floater<\/i> index.<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Index<\/td>\n<td>Mean Current Yield (at bid)<\/td>\n<td>Mean YTW<\/td>\n<td>Mean Average Trading Value<\/td>\n<td>Mean Mod Dur (YTW)<\/td>\n<td>Issues<\/td>\n<td>Day&#8217;s Perf.<\/td>\n<td>Index Value<\/td>\n<\/tr>\n<tr>\n<td>Ratchet<\/td>\n<td>N\/A<\/td>\n<td>N\/A<\/td>\n<td>N\/A<\/td>\n<td>N\/A<\/td>\n<td>0<\/td>\n<td>N\/A<\/td>\n<td>N\/A<\/td>\n<\/tr>\n<tr>\n<td>Fixed-Floater<\/td>\n<td>5.43%<\/td>\n<td>5.69%<\/td>\n<td>77,301<\/td>\n<td>14.68<\/td>\n<td>6<\/td>\n<td>-6.6340%<\/td>\n<td>948.7<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>6.27%<\/td>\n<td>6.33%<\/td>\n<td>49,473<\/td>\n<td>13.46<\/td>\n<td>2<\/td>\n<td>-0.4836%<\/td>\n<td>643.4<\/td>\n<\/tr>\n<tr>\n<td>Op. Retract<\/td>\n<td>5.39%<\/td>\n<td>6.44%<\/td>\n<td>125,626<\/td>\n<td>3.86<\/td>\n<td>14<\/td>\n<td>-1.7805%<\/td>\n<td>977.5<\/td>\n<\/tr>\n<tr>\n<td>Split-Share<\/td>\n<td>6.27%<\/td>\n<td>10.31%<\/td>\n<td>58,118<\/td>\n<td>4.03<\/td>\n<td>12<\/td>\n<td>-1.7959%<\/td>\n<td>903.2<\/td>\n<\/tr>\n<tr>\n<td>Interest Bearing<\/td>\n<td>7.07%<\/td>\n<td>9.53%<\/td>\n<td>45,543<\/td>\n<td>3.55<\/td>\n<td>3<\/td>\n<td>-3.4398%<\/td>\n<td>978,8<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/td>\n<td>6.51%<\/td>\n<td>6.56%<\/td>\n<td>55,527<\/td>\n<td>13.10<\/td>\n<td>1<\/td>\n<td>-2.1996%<\/td>\n<td>953.7<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>6.64%<\/td>\n<td>6.70%<\/td>\n<td>176,645<\/td>\n<td>12.99<\/td>\n<td>70<\/td>\n<td>-1.0022%<\/td>\n<td>811.0<\/td>\n<\/tr>\n<tr>\n<td>Fixed-Reset<\/td>\n<td>5.17%<\/td>\n<td>5.02%<\/td>\n<td>1,064,284<\/td>\n<td>15.36<\/td>\n<td>10<\/td>\n<td>+0.8785%<\/td>\n<td>1,106.4<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<div align=\"center\">\n<table border=\"1\">\n<tr>\n<td colspan=\"4\"><strong>Major Price Changes<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Change<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>LFE.PR.A<\/td>\n<td>SplitShare<\/td>\n<td>-16.4130%<\/td>\n<td>Asset coverage of just under 2.2:1 as of September 30, according to <a href=\"http:\/\/www.lifesplit.com\/valuations.html\">the company<\/a>. Now with a pre-tax bid-YTW of 12.71% based on a bid of 7.69 and a <a href=\"http:\/\/www.prefshares.com\/glossary.html#hardMaturity\">hardMaturity<\/a> 2012-12-1 at 10.00. Not as bad as it looks &#8211; the low for the day was $9.00 and the closing quote was a Toronto Special: 7.69-9.28, 17&#215;1.<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.H<\/td>\n<td>OpRet<\/td>\n<td>-9.0909%<\/td>\n<td>Now with a pre-tax bid-YTW of 12.42% based on a bid of 20.50 and a <a href=\"http:\/\/www.prefshares.com\/glossary.html#softMaturity\">softMaturity<\/a> 2012-3-30 at 25.00. Compare with BAM.PR.I (8.48% to 2013-12-30), BAM.PR.J (11.94% to 2018-3-30) and BAM.PR.O (11.23% to 2013-6-30); and with the perpetuals at 9.25%.<\/td>\n<\/tr>\n<tr>\n<td>BCE.PR.R<\/td>\n<td>FixFloat<\/td>\n<td>-8.6957%<\/td>\n<td>&nbsp;<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.J<\/td>\n<td>OpRet<\/td>\n<td>-7.8826%<\/td>\n<td>See BAM.PR.H, above.<\/td>\n<\/tr>\n<tr>\n<td>BCE.PR.G<\/td>\n<td>FixFloat<\/td>\n<td>-7.2848%<\/td>\n<td>&nbsp;<\/td>\n<\/tr>\n<tr>\n<td>BCE.PR.I<\/td>\n<td>FixFloat<\/td>\n<td>-7.2845%<\/td>\n<td>&nbsp;<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.M<\/td>\n<td>PerpetualDiscount<\/td>\n<td>-7.1378%<\/td>\n<td>Now with a pre-tax bid-YTW of 9.25% based on a bid of 13.01 and a <a href=\"http:\/\/www.prefshares.com\/glossary.html#limitMaturity\">limitMaturity<\/a>.<\/td>\n<\/tr>\n<tr>\n<td>BNA.PR.C<\/td>\n<td>SplitShare<\/td>\n<td>-6.3571%<\/td>\n<td>Asset coverage of 3.2+:1 as of August 31 according to <a href=\"http:\/\/www.bamsplit.com\/investor\/nav.htm\">the company<\/a>. Coverage now of 2.2+:1 based on BAM.A at 23.37 and <a href=\"http:\/\/www.prefblog.com\/?p=2684\">2.4 BAM.A held per preferred<\/a>. Now with a pre-tax bid-YTW of 13.02% based on a bid of 13.11 and a hardMaturity 2019-1-10 at 25.00. Compare with BNA.PR.A (11.62% to 2016-3-25) and BNA.PR.B (18.66% [!] to 2016-3-25). Wild.<\/td>\n<\/tr>\n<tr>\n<td>FIG.PR.A<\/td>\n<td>InterestBearing<\/td>\n<td>-5.7143%<\/td>\n<td>Asset coverage of 1.6+:1 as of October 3, according to <a href=\"http:\/\/www.faircourtassetmgt.com\/dailyNAV\/Oct08\/FIG_NAV_Oct_2008.pdf\">Faircourt<\/a>. Now with a pre-tax bid-YTW of 10.23% based on a bid of 8.25 and a hardMaturity 2014-12-31 at 10.00.<\/td>\n<\/tr>\n<tr>\n<td>BCE.PR.Z<\/td>\n<td>FixFloat<\/td>\n<td>-5.7011%<\/td>\n<td>&nbsp;<\/td>\n<\/tr>\n<tr>\n<td>BCE.PR.C<\/td>\n<td>FixFloat<\/td>\n<td>-5.5281%<\/td>\n<td>&nbsp;<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.K<\/td>\n<td>PerpetualDiscount<\/td>\n<td>-5.3922%<\/td>\n<td>Now with a pre-tax bid-YTW of 6.92% based on a bid of 19.30 and a limitMaturity.<\/td>\n<\/tr>\n<tr>\n<td>BSD.PR.A<\/td>\n<td>InterestBearing<\/td>\n<td>-5.3659%<\/td>\n<td>Asset coverage of just under 1.3:1 as of October 3, according to <a href=\"http:\/\/www.brookfieldfunds.com\/funds\/rising\/nav.htm\">Brookfield Funds<\/a>. The asset coverage implies <a href=\"http:\/\/www.brookfieldfunds.com\/funds\/rising\/prospectus\/February25.pdf\">no more distributions to capital units<\/a>. Now with a pre-tax bid-YTW of 11.11% based on a bid of 7.76 and a hardMaturity 2015-3-31 at 10.00.<\/td>\n<\/tr>\n<tr>\n<td>POW.PR.C<\/td>\n<td>PerpetualDiscount<\/td>\n<td>-5.2133%<\/td>\n<td>Now with a pre-tax bid-YTW of 7.30% based on a bid of 20.00 and a limitMaturity.<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.B<\/td>\n<td>Floater<\/td>\n<td>-5.0873%<\/td>\n<td>Closing quote 12.50-99, 5&#215;5. Compare with its &#8220;weak pair&#8221;, 14.00-74, 2&#215;10.<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.A<\/td>\n<td>OpRet<\/td>\n<td>-4.8869%<\/td>\n<td>Now with a pre-tax bid-YTW of 5.14% based on a bid of 23.55 and a softMaturity 2015-12-18 at 25.00.<\/td>\n<\/tr>\n<tr>\n<td>TD.PR.M<\/td>\n<td>PerpetualDiscount<\/td>\n<td>-4.2520%<\/td>\n<td>Now with a pre-tax bid-YTW of 5.28% based on a bid of 24.32 and a limitMaturity.<\/td>\n<\/tr>\n<tr>\n<td>TD.PR.Q<\/td>\n<td>PerpetualDiscount<\/td>\n<td>-4.0587%<\/td>\n<td>Now with a pre-tax bid-YTW of 6.31% based on a bid of 22.22 and a limitMaturity.<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.A<\/td>\n<td>PerpetualDiscount<\/td>\n<td>-4.0000%<\/td>\n<td>Now with a pre-tax bid-YTW of 6.66% based on a bid of 18.00 and a limitMaturity.<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.O<\/td>\n<td>OpRet<\/td>\n<td>-3.7037%<\/td>\n<td>See BAM.PR.H, above<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.I<\/td>\n<td>PerpetualDiscount<\/td>\n<td>-3.4649%<\/td>\n<td>Now with a pre-tax bid-YTW of 6.65% based on a bid of 22.61 and a limitMaturity.<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.J<\/td>\n<td>PerpetualDiscount<\/td>\n<td>-3.4091%<\/td>\n<td>Now with a pre-tax bid-YTW of 6.73% based on a bid of 17.00 and a limitMaturity.<\/td>\n<\/tr>\n<tr>\n<td>IAG.PR.A<\/td>\n<td>PerpetualDiscount<\/td>\n<td>-2.8571%<\/td>\n<td>Now with a pre-tax bid-YTW of 6.83% based on a bid of 17.00 and a limitMaturity.<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.J<\/td>\n<td>OpRet<\/td>\n<td>-2.8250%<\/td>\n<td>Now with a pre-tax bid-YTW of 5.62% based on a bid of 24.00 and a softMaturity 2013-7-30 at 25.00.<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.H<\/td>\n<td>PerpetualDiscount<\/td>\n<td>-2.7222%<\/td>\n<td>Now with a pre-tax bid-YTW of 7.00% based on a bid of 17.51 and a limitMaturity.<\/td>\n<\/tr>\n<tr>\n<td>POW.PR.A<\/td>\n<td>PerpetualDiscount<\/td>\n<td>-2.6975%<\/td>\n<td>Now with a pre-tax bid-YTW of 6.98% based on a bid of 20.20 and a limitMaturity.<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.L<\/td>\n<td>PerpetualDiscount<\/td>\n<td>-2.6549%<\/td>\n<td>Now with a pre-tax bid-YTW of 6.70% based on a bid of 22.00 and a limitMaturity.<\/td>\n<\/tr>\n<tr>\n<td>W.PR.H<\/td>\n<td>PerpetualDiscount<\/td>\n<td>-2.5655%<\/td>\n<td>Now with a pre-tax bid-YTW of 7.76% based on a bid of 17.85 and a limitMaturity.<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.C<\/td>\n<td>PerpetualDiscount<\/td>\n<td>-2.4718%<\/td>\n<td>Now with a pre-tax bid-YTW of 6.45% based on a bid of 18.15 and a limitMaturity.<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.P<\/td>\n<td>PerpetualDiscount<\/td>\n<td>-2.4000%<\/td>\n<td>Now with a pre-tax bid-YTW of 7.55% based on a bid of 18.30 and a limitMaturity.<\/td>\n<\/tr>\n<tr>\n<td>POW.PR.B<\/td>\n<td>PerpetualDiscount<\/td>\n<td>-2.3093%<\/td>\n<td>Now with a pre-tax bid-YTW of 7.41% based on a bid of 18.19 and a limitMaturity.<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.J<\/td>\n<td>PerpetualDiscount<\/td>\n<td>-2.2581%<\/td>\n<td>Now with a pre-tax bid-YTW of 7.46% based on a bid of 15.15 and a limitMaturity.<\/td>\n<\/tr>\n<tr>\n<td>TD.PR.R<\/td>\n<td>PerpetualDiscount<\/td>\n<td>-2.2164%<\/td>\n<td>Now with a pre-tax bid-YTW of 6.24% based on a bid of 22.50 and a limitMaturity.<\/td>\n<\/tr>\n<tr>\n<td>CL.PR.B<\/td>\n<td>PerpetualPremium (for now!)<\/td>\n<td>-2.1996%<\/td>\n<td>Now with a pre-tax bid-YTW of 6.56% based on a bid of 24.01 and a limitMaturity.<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.N<\/td>\n<td>PerpetualDiscount<\/td>\n<td>-2.1788%<\/td>\n<td>Now with a pre-tax bid-YTW of 9.25% based on a bid of 13.02 and a limitMaturity.<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.H<\/td>\n<td>PerpetualDiscount<\/td>\n<td>-2.1739%<\/td>\n<td>Now with a pre-tax bid-YTW of 6.38% based on a bid of 22.50 and a limitMaturity.<\/td>\n<\/tr>\n<tr>\n<td>FTN.PR.A<\/td>\n<td>SplitShare<\/td>\n<td>-2.0225%<\/td>\n<td>Asset coverage of 2.2+:1 as of September 30 according to <a href=\"http:\/\/www.financial15.com\/valuations.html\">the company<\/a>. Now with a pre-tax bid-YTW of 7.69% based on a bid of 7.69% and a hardMaturity 2015-12-1 at 10.00.<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.K<\/td>\n<td>PerpetualDiscount<\/td>\n<td>-2.0000%<\/td>\n<td>Now with a pre-tax bid-YTW of 6.14% based on a bid of 19.60 and a limitMaturity.<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.R<\/td>\n<td>PerpetualDiscount<\/td>\n<td>-2.0000%<\/td>\n<td>Now with a pre-tax bid-YTW of 5.54% based on a bid of 24.50 and a limitMaturity.<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.K<\/td>\n<td>PerpetualDiscount<\/td>\n<td>-1.9655%<\/td>\n<td>Now with a pre-tax bid-YTW of 6.87% based on a bid of 21.30 and a limitMaturity.<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.F<\/td>\n<td>PerpetualDiscount<\/td>\n<td>-1.9005%<\/td>\n<td>Now with a pre-tax bid-YTW of 6.62% based on a bid of 19.90 and a limitMaturity.<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.M<\/td>\n<td>PerpetualDiscount<\/td>\n<td>-1.8359%<\/td>\n<td>Now with a pre-tax bid-YTW of 6.71% based on a bid of 22.35 and a limitMaturity.<\/td>\n<\/tr>\n<tr>\n<td>IGM.PR.A<\/td>\n<td>PerpetualDiscount<\/td>\n<td>-1.7544%<\/td>\n<td>Now with a pre-tax bid-YTW of 5.63% based on a bid of 25.20 and a softMaturity 2013-6-29 at 25.00.<\/td>\n<\/tr>\n<tr>\n<td>BNA.PR.B<\/td>\n<td>SplitShare<\/td>\n<td>-1.6185%<\/td>\n<td>See BNA.PR.C, above<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.W<\/td>\n<td>PerpetualDiscount<\/td>\n<td>-1.6046%<\/td>\n<td>Now with a pre-tax bid-YTW of 6.56% based on a bid of 19.01 and a limitMaturity.<\/td>\n<\/tr>\n<tr>\n<td>DFN.PR.A<\/td>\n<td>SplitShare<\/td>\n<td>-1.5240%<\/td>\n<td>Asset coverage of just under 2.2:1 as of September 30, according to <a href=\"http:\/\/www.dividend15.com\/valuations.html\">the company<\/a>. Now with a pre-tax bid-YTW of 8.76% based on a bid of 8.40 and a hardMaturity 2014-12-1 at 10.00.<\/td>\n<\/tr>\n<tr>\n<td>TCA.PR.X<\/td>\n<td>PerpetualDiscount<\/td>\n<td>-1.4317%<\/td>\n<td>Now with a pre-tax bid-YTW of 6.25% based on a bid of 44.75 and a limitMaturity.<\/td>\n<\/tr>\n<tr>\n<td>ALB.PR.A<\/td>\n<td>SplitShare<\/td>\n<td>-1.4256%<\/td>\n<td>Asset coverage of 1.6+:1 as of October 2 according to <a href=\"http:\/\/www.scotiamanagedcompanies.com\/\">Scotia Managed Companies<\/a>. Now with a pre-tax bid-YTW of 7.25% based on a bid of 23.51 and a hardMaturity 2011-2-28 at 25.00.<\/td>\n<p>.<br \/>\n<\/tr>\n<tr>\n<td>ELF.PR.F<\/td>\n<td>PerpetualDiscount<\/td>\n<td>-1.4118%<\/td>\n<td>Now with a pre-tax bid-YTW of 7.97% based on a bid of 16.76 and a limitMaturity.<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.M<\/td>\n<td>PerpetualDiscount<\/td>\n<td>-1.4046%<\/td>\n<td>Now with a pre-tax bid-YTW of 6.19% based on a bid of 18.25 and a limitMaturity.<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.B<\/td>\n<td>PerpetualDiscount<\/td>\n<td>-1.3333%<\/td>\n<td>Now with a pre-tax bid-YTW of 6.46% based on a bid of 18.50 and a limitMaturity.<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.B<\/td>\n<td>PerpetualDiscount<\/td>\n<td>-1.3333%<\/td>\n<td>Now with a pre-tax bid-YTW of 6.36% based on a bid of 18.50 and a limitMaturity.<\/td>\n<\/tr>\n<tr>\n<td>ENB.PR.A<\/td>\n<td>PerpetualDiscount<\/td>\n<td>-1.1842%<\/td>\n<td>Now with a pre-tax bid-YTW of 6.18% based on a bid of 22.53 and a limitMaturity.<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.B<\/td>\n<td>PerpetualDiscount<\/td>\n<td>-1.1076%<\/td>\n<td>Now with a pre-tax bid-YTW of 6.46% based on a bid of 18.75 and a limitMaturity.<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.A<\/td>\n<td>PerpetualDiscount<\/td>\n<td>-1.0753%<\/td>\n<td>Now with a pre-tax bid-YTW of 6.39% based on a bid of 23.00 and a limitMaturity.<\/td>\n<\/tr>\n<tr>\n<td>BCE.PR.Y<\/td>\n<td>Ratchet<\/td>\n<td>-1.0753%<\/td>\n<td>&nbsp;<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.E<\/td>\n<td>OpRet<\/td>\n<td>-1.0396%<\/td>\n<td>Now with a pre-tax bid-YTW of 4.96% based on a bid of 24.75 and a softMaturity 2014-3-30 at 25.00.<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.A<\/td>\n<td>PerpetualDiscount<\/td>\n<td>+1.0158%<\/td>\n<td>Now with a pre-tax bid-YTW of 6.32% based on a bid of 17.90 and a limitMaturity.<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.R<\/td>\n<td>FixedReset<\/td>\n<td>+1.0267%<\/td>\n<td>&nbsp;<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.E<\/td>\n<td>PerpetualDiscount<\/td>\n<td>+1.0579%<\/td>\n<td>Now with a pre-tax bid-YTW of 6.31% based on a bid of 18.15 and a limitMaturity.<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.H<\/td>\n<td>PerpetualDiscount<\/td>\n<td>-1.1477%<\/td>\n<td>Now with a pre-tax bid-YTW of 6.40% based on a bid of 22.50 and a limitMaturity.<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.I<\/td>\n<td>FixedReset<\/td>\n<td>+1.4257%<\/td>\n<td>&nbsp;<\/td>\n<\/tr>\n<tr>\n<td>FBS.PR.B<\/td>\n<td>SplitShare<\/td>\n<td>+2.1566%<\/td>\n<td>Asset coverage of 1.5+:1 as of October 2, according to <a href=\"http:\/\/www.tdsecurities.com\/tds\/content\/SC_TDSponsoredCompanies?OpenForm\">TD Securities<\/a>. Now with a pre-tax bid-YTW of 8.57% based on a bid of 9.00 and a hardMaturity 2011-12-15 at 10.00. Perhaps in an effort to halt the carnage, <a href=\"http:\/\/www.tdsecurities.com\/tds\/pdfs\/1d7da079-8799-4bbb-b60a-d2a229a4b090_5Banc_Press_2008_Oct%207.pdf\">the fund announced a dividend increase for the capital units<\/a>; let&#8217;s see &#8230; FBS.B closed at 4.90; FBS.PR.B closed at 8.80; NAV $15.07 as of October 2; Special Annual Retraction in December &#8230;. hmmm &#8230;. <\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.Q<\/td>\n<td>FixedReset<\/td>\n<td>+2.2917%<\/td>\n<td>&nbsp;<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.C<\/td>\n<td>PerpetualDiscount<\/td>\n<td>+2.7778%<\/td>\n<td>Now with a pre-tax bid-YTW of 6.15% based on a bid of 18.50 and a limitMaturity.<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.E<\/td>\n<td>PerpetualDiscount<\/td>\n<td>+2.8148%<\/td>\n<td>Now with a pre-tax bid-YTW of 6.12% based on a bid of 22.44 and a limitMaturity.<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.N<\/td>\n<td>FixedReset<\/td>\n<td>+2.8963%<\/td>\n<td>&nbsp;<\/td>\n<\/tr>\n<tr>\n<td>WFS.PR.A<\/td>\n<td>SplitShare<\/td>\n<td>+2.9593%<\/td>\n<td>Asset coverage of 1.5+:1 as of September 30 according to <a href=\"http:\/\/www.mulvihill.com\/sp_nav.cfm\">the company<\/a>. Now with a pre-tax bid-YTW of 12.75% based on a bid of 8.35 and a hardMaturity 2011-6-30 at 10.00.<\/td>\n<\/tr>\n<tr>\n<td>TD.PR.O<\/td>\n<td>PerpetualDiscount<\/td>\n<td>+3.4286%<\/td>\n<td>Now with a pre-tax bid-YTW of 6.11% based on a bid of 19.11 and a limitMaturity.<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.K<\/td>\n<td>Floater<\/td>\n<td>+3.6269%<\/td>\n<td>See BAM.PR.B, above &#8230; and go figure.<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.I<\/td>\n<td>OpRet<\/td>\n<td>+9.8901%<\/td>\n<td>See BAM.PR.H, above.<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<div align=\"center\">\n<table border=\"1\">\n<tr>\n<td colspan=\"4\"><strong>Volume Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Volume<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>TD.PR.M<\/td>\n<td>OpRet<\/td>\n<td>272,700<\/td>\n<td>National crossed 22,000 at 25.40, then CIBC crossed 250,000 at 24.90. Now with a pre-tax bid-YTW of 5.28% based on a bid of 24.32 and a softMaturity 2013-10-30 at 25.00.<\/td>\n<\/tr>\n<tr>\n<td>TD.PR.N<\/td>\n<td>OpRet<\/td>\n<td>250,000<\/td>\n<td>CIBC crossed 250,000 at 24.85. Now with a pre-tax bid-YTW of 5.43% based on a bid of 24.02 and a softMaturity 2014-1-30 at 25.00.<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.A<\/td>\n<td>OpRet<\/td>\n<td>204,195<\/td>\n<td>National crossed 200,000 at 25.05. Now with a pre-tax bid-YTW of 5.14% based on a bid of 23.55 and a softMaturity 2015-12-18 at 25.00. MFC is a fine company, but it shouldn&#8217;t be trading through TDs of shorter term.<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.H<\/td>\n<td>OpRet<\/td>\n<td>110,130<\/td>\n<td>CIBC crossed 100,000 at 21.25. See above.<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.K<\/td>\n<td>PerpetualDiscount<\/td>\n<td>104,450<\/td>\n<td>CIBC crossed 100,000 at 21.75. Now with a pre-tax bid-YTW of 6.87% based on a bid of 21.30 and a limitMaturity.<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>There were thirty-one other index-included $25-pv-equivalent issues trading over 10,000 shares today<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As many will have noted, a lot of things haven&#8217;t been posted yet that should be posted. For various reasons &#8211; includng, but not limited to, what the market is doing, this is Misery Week. &hellip;<\/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-3324","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/3324","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=3324"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/3324\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}