{"id":3354,"date":"2008-10-10T21:11:27","date_gmt":"2008-10-11T01:11:27","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=3354"},"modified":"2008-10-10T21:11:27","modified_gmt":"2008-10-11T01:11:27","slug":"october-10-2008","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=3354","title":{"rendered":"October 10, 2008"},"content":{"rendered":"

Unbelievable.<\/p>\n

I’ll have more to say over the weekend, but for now I think “Unbelievable” about covers it. Any decent bid was picked off and not replaced. Bid\/Ask spreads routinely more than $1. Perfectly good prefs getting hammered in a blind rush to the exits.<\/p>\n

A few investors will have made incredible bargains today, as some of the intra day lows were … really low.<\/p>\n

The price-performers table is today limited to changes in excess of 10%. That’s how … unbelievable … it was.<\/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>\n5.48%<\/td>\n5.81%<\/td>\n78,364<\/td>\n14.65<\/td>\n6<\/td>\n-0.8686%<\/td>\n941.7<\/td>\n<\/tr>\n
Floater<\/td>\n6.67%<\/td>\n6.74%<\/td>\n49,217<\/td>\n12.88<\/td>\n2<\/td>\n-4.0897%<\/td>\n606.1<\/td>\n<\/tr>\n
Op. Retract<\/td>\n5.49%<\/td>\n6.86%<\/td>\n126,741<\/td>\n3.81<\/td>\n14<\/td>\n-1.5517%<\/td>\n960.4<\/td>\n<\/tr>\n
Split-Share<\/td>\n6.93%<\/td>\n13.36%<\/td>\n58,745<\/td>\n4.00<\/td>\n12<\/td>\n-7.4979%<\/td>\n829.14<\/td>\n<\/tr>\n
Interest Bearing<\/td>\n7.95%<\/td>\n13.48%<\/td>\n47,471<\/td>\n3.35<\/td>\n3<\/td>\n-10.4792%<\/td>\n873.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n6.78%<\/td>\n6.85%<\/td>\n54,799<\/td>\n12.73<\/td>\n1<\/td>\n-4.0816%<\/td>\n914.7<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n7.04%<\/td>\n7.10%<\/td>\n176,304<\/td>\n12.48<\/td>\n70<\/td>\n-5.0500%<\/td>\n766.8<\/td>\n<\/tr>\n
Fixed-Reset<\/td>\n5.34%<\/td>\n5.19%<\/td>\n1,025,324<\/td>\n15.07<\/td>\n10<\/td>\n-2.8281%<\/td>\n1,072.8<\/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
Major Price Changes<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
SBC.PR.A<\/td>\nSplitShare<\/td>\n-33.2973%<\/td>\nAsset coverage of just under 1.7:1 as of October 9 according to Brompton Group<\/a>. Now with a pre-tax bid-YTW of 19.16% based on a bid of 6.17 and a hardMaturity<\/a> 2012-11-30. However, all trades for the day were at 9.25, so it’s not nearly as bad as it looks. Closing quote 6.17-9.24, 30×14.<\/td>\n<\/tr>\n
WFS.PR.A<\/td>\nSplitShare<\/td>\n-16.7488%<\/td>\nAsset coverage of 1.5+:1 as of September 30 according to the company<\/a>. Now with a pre-tax bid-YTW of 21.91% based on a bid of 6.76 and a hardMaturity 2011-6-30 at 10.00. Closing quote, 6.76-7.97, 8×10. Day’s range, 6.66-8.05.<\/td>\n<\/tr>\n
LBS.PR.A<\/td>\nSplitShare<\/td>\n-16.4706%<\/td>\nAsset coverage of just under 2.0:1 as of October 2, according to Brompton Group<\/a>. Now with a pre-tax bid-YTW of 13.28% based on a bid of 7.10 and a hardMaturity 2013-11-29 at 10.00. Closing quote 7.10-8.31, 5×1. Day’s range, 7.00-10.<\/td>\n<\/tr>\n
MST.PR.A<\/td>\nInterestBearing<\/td>\n-15.7895%<\/td>\nAsset coverage of 1.5+:1 as of October 9, according to Sentry Select<\/a>. Now with a pre-tax bid-YTW of 32.24% (mostly as interest)<\/s> (mostly as capital gains) based on a bid of 8.00 and a hardMaturity 2009-9-30 at 10.00. Closing quote 8.00-9.39, 1×2. Day’s range, 7.26-9.00.<\/td>\n<\/tr>\n
FIG.PR.A<\/td>\nInterestBearing<\/td>\n-14.4242%<\/td>\nAsset coverage of 1.4+:1 as of October 9, according to Faircourt<\/a>. Now with a pre-tax bid-YTW of 13.54% (interest + capital gains) based on a bid of 7.06 and a hardMaturity 2014-12-31 at 10.00. Closing quote 7.06-7.44, 2×2. Day’s range, 6.99-8.20.<\/td>\n<\/tr>\n
BSD.PR.A<\/td>\nInterestBearing<\/td>\n-14.4144%<\/td>\nAsset coverage of just under 1.3:1 as of October 3, according to Brookfield Funds<\/a>. Now with a pre-tax bid-YTW of 14.32% (interest + cap gain) based on a bid of 6.65 and a hardMaturity 2015-3-31 at 10.00. Closing quote 6.65-7.14, 12×1. Day’s range 6.57-7.00<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nPerpetualDiscount<\/td>\n-14.2286%<\/td>\nNow with a pre-tax bid-YTW of 8.18% based on a bid of 15.01 and a limitMaturity<\/a>. Closing quote 15.01-16.99, 6×10; day’s range 15.04-17.01.<\/td>\n<\/tr>\n
CU.PR.B<\/td>\nPerpetualDiscount<\/td>\n-12.7816%<\/td>\nNow with a pre-tax bid-YTW of 7.17% based on a bid of 21.29 and a limitMaturity. Closing Quote 21.29-99, 3×1. Day’s range … 20.35-24.05. sic.<\/td>\n<\/tr>\n
FFN.PR.A<\/td>\nSplitShare<\/td>\n-11.0825%<\/td>\nAsset coverage of 1.8+:1 as of September 30, according to the company<\/a>. Now with a pre-tax bid-YTW of 12.84% based on a bid of 6.90 and a hardMaturity<\/a> 2014-12-1 at 10.00. Closing quote of 6.90-7.40, 25×10. Day’s range of 7.40-8.99.<\/td>\n<\/tr>\n
W.PR.H<\/td>\nPerpetualDiscount<\/td>\n-10.9890%<\/td>\nNow with a pre-tax bid-YTW of 8.15% based on a bid of 17.01 and a limitMaturity. Closing Quote 17.01-25, 1×12. Day’s range of 17.71-19.97.<\/td>\n<\/tr>\n
ELF.PR.F<\/td>\nPerpetualDiscount<\/td>\n-10.5012%<\/td>\nNow with a pre-tax bid-YTW of 8.91% based on a bid of 15.00 and a limitMaturity. Closing Quote 15.00-16.98. One trade today at 16.76.<\/td>\n<\/tr>\n
BAM.PR.J<\/td>\nOpRet<\/td>\n-10.4792%<\/td>\nNow with a pre-tax bid-YTW of 14.06% based on a bid of 14.01 and a softMaturity<\/a> 2018-3-30 at 25.00. Compare with BAM.PR.H (11.63% to 2013-6-30), BAM.PR.I (11.01% to 2013-12-30) and BAM.PR.O (12.25% to 2013-12-30); and with the perpetuals at about 9.83% and 10.34%. Closing quote of 14.01-50, 1×1. Day’s range of 14.26-15.50.<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetualDiscount<\/td>\n-10.4375%<\/td>\nNow with a pre-tax bid-YTW of 10.34% based on a bid of 11.67 and a limitMaturity. Closing Quote 11.67-12.63, 9×14. Day’s range of 11.50-12.97.<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nPerpetualDiscount<\/td>\n-10.0237%<\/td>\nNow with a pre-tax bid-YTW of 7.42% based on a bid of 15.17 and a limitMaturity. Closing Quote 15.17-16.24, 2×1. Day’s range of 15.13-17.00.<\/td>\n<\/tr>\n
BNA.PR.B<\/td>\nSplitShare<\/td>\n+10.1391%<\/b><\/td>\nYes, up on the day. Asset coverage of 3.2+:1 as of August 31 according to the company<\/a>. Coverage now of just under 2.1:1 based on BAM.A at 21.75 (also up on the day) and 2.4 BAM.A held per preferred<\/a>. Now with a pre-tax bid-YTW of 9.68% based on a bid of 19.01 and a hardMaturity 2016-3-25 at 25.00. Compare with BNA.PR.A (19.45% to 2010-9-30) and BNA.PR.C (13.61% to 2019-1-10). Closing quote 20.00-22.97, 3×1. Day’s range of 19.50-20.01.<\/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
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nVolume<\/td>\nNotes<\/td>\n<\/tr>\n
BBD.PR.B<\/td>\nScraps (would be Ratchet but there are credit concerns)<\/td>\n479,948<\/td>\n <\/td>\n<\/tr>\n
IGM.PR.A<\/td>\nOpRet<\/td>\n462,908<\/td>\n <\/td>\n<\/tr>\n
NTL.PR.F<\/td>\nRatchet<\/td>\n344,390<\/td>\n <\/td>\n<\/tr>\n
BCE.PR.A<\/td>\nFixFloat<\/td>\n264,400<\/td>\n <\/td>\n<\/tr>\n
NTL.PR.G<\/td>\nScraps (would be Ratchet but there are credit concerns)<\/td>\n255,751<\/td>\n <\/td>\n<\/tr>\n
PWF.PR.D<\/td>\nScraps (would be OpRet but there are volume concerns)<\/td>\n248,900<\/td>\n <\/td>\n<\/tr>\n
WN.PR.B<\/td>\nScraps (would be OpRet but there are credit concerns)<\/td>\n204,400<\/td>\n <\/td>\n<\/tr>\n
YPG.PR.A<\/td>\nScraps (would be OpRet but there are credit concerns)<\/td>\n177,119<\/td>\n <\/td>\n<\/tr>\n
MFC.PR.A<\/td>\nOpRet<\/td>\n150,720<\/td>\n <\/td>\n<\/tr>\n
PWF.PR.J<\/td>\nOpRet<\/td>\n143,280<\/td>\n <\/td>\n<\/tr>\n
TD.PR.M<\/td>\nOpRet<\/td>\n143,100<\/td>\n <\/td>\n<\/tr>\n
TRI.PR.B<\/td>\nScraps (would be Floater but there are volume concerns)<\/td>\n138,000<\/td>\n <\/td>\n<\/tr>\n
PWF.PR.I<\/td>\nPerpetualDiscount<\/td>\n132,600<\/td>\n <\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetualDiscount<\/td>\n113,975<\/td>\n <\/td>\n<\/tr>\n
BNS.PR.J<\/td>\nPerpetualDiscount<\/td>\n101,890<\/td>\n <\/td>\n<\/tr>\n
EPP.PR.A<\/td>\nScraps (would be PerpetualDiscount but there are credit concerns)<\/td>\n101,350<\/td>\n <\/td>\n<\/tr>\n<\/table>\n<\/div>\n

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

Unbelievable. I’ll have more to say over the weekend, but for now I think “Unbelievable” about covers it. Any decent bid was picked off and not replaced. Bid\/Ask spreads routinely more than $1. Perfectly good …<\/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-3354","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/3354","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=3354"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/3354\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3354"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3354"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3354"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}