{"id":337,"date":"2006-11-27T23:19:16","date_gmt":"2006-11-28T03:19:16","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=337"},"modified":"2006-11-27T23:19:16","modified_gmt":"2006-11-28T03:19:16","slug":"november-27-2006","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=337","title":{"rendered":"November 27, 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>\n34,341<\/td>\n16.90<\/td>\n2<\/td>\n+0.1415%<\/td>\n1,020.8<\/td>\n<\/tr>\n
Fixed-Floater<\/td>\n4.81%<\/td>\n3.89%<\/td>\n107,367<\/td>\n6.69<\/td>\n7<\/td>\n+0.1592%<\/td>\n1,029.8<\/td>\n<\/tr>\n
Floater<\/td>\n4.47%<\/td>\n-22.97%<\/td>\n64,012<\/td>\n6.58<\/td>\n5<\/td>\n+0.2759%<\/td>\n1,037.2<\/td>\n<\/tr>\n
Op. Retract<\/td>\n4.65%<\/td>\n0.26%<\/td>\n81,492<\/td>\n2.24<\/td>\n18<\/td>\n+0.0992%<\/td>\n1,029.6<\/td>\n<\/tr>\n
Split-Share<\/td>\n4.97%<\/td>\n3.22%<\/td>\n146,951<\/td>\n3.31<\/td>\n9<\/td>\n+0.0790%<\/td>\n1,035.5<\/td>\n<\/tr>\n
Interest Bearing<\/td>\n6.90%<\/td>\n5.87%<\/td>\n67,940<\/td>\n3.87<\/td>\n7<\/td>\n+0.2321%<\/td>\n1,020.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.05%<\/td>\n3.74%<\/td>\n211,983<\/td>\n4.32<\/td>\n48<\/td>\n+0.1154%<\/td>\n1,046.2<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.60%<\/td>\n4.63%<\/td>\n1,072,456<\/td>\n16.17<\/td>\n9<\/td>\n+0.2252%<\/td>\n1,043.1<\/td>\n<\/tr>\n<\/table>\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
ACO.PR.A<\/td>\nOpRet<\/td>\n-1.8169%<\/td>\nLosing some of Friday’s<\/a> move, but still with a pre-tax YTW of only 1.57% based on a bid of $28.10 and a call 2008-12-31 at $26.00.<\/td>\n<\/tr>\n
BSD.PR.A<\/td>\nInterestBearing<\/td>\n+1.0101%<\/td>\nWhereas this one is building on Friday’s<\/a> gains! Pre-tax YTW of 6.24%, based on a bid of $10.00 and a maturity 2015-3-31 at par. It goes ex-dividend tomorrow, Nov. 28<\/a>, for those who are wondering how an issue with a 6.00% coupon priced at par can have a YTW of 6.24%.<\/td>\n<\/tr>\n
RY.PR.B<\/td>\nPerpetualPremium<\/td>\n+1.0526%<\/td>\nHuh! The day after I called it a shade expensive<\/a>, it skyrockets. But I mean, holy smokes, look at the pre-tax YTWs:\u00a0\u00a0<\/p>\n
    \n
  • RY.PR.A 4.47%<\/li>\n
  • RY.PR.B 4.23%<\/li>\n
  • RY.PR.C 4.55%<\/li>\n
  • RY.PR.W 4.21%<\/li>\n<\/ul>\n

    Someday, I’m sure, I’ll understand this market. But not just yet.<\/td>\n<\/tr>\n

BC.PR.C<\/td>\nFixedFloater<\/td>\n+1.0950%<\/td>\nThis one now recovering somewhat from yesterday’s drop<\/a>.<\/td>\n<\/tr>\n
CM.PR.H<\/td>\nPerpetualPremium<\/td>\n+1.3774%<\/td>\nNow has a pre-tax YTW of 4.41% based on a call 2014-4-29 at $25.00 and a bid of $25.76. Still, I call it a little expensive … not much, just a little, mainly because of optionDoubt<\/a>.<\/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
BAM.PR.M<\/td>\nPerpetualDiscount<\/td>\n283,500<\/td>\nRecent new issue<\/a><\/td>\n<\/tr>\n
CM.PR.I<\/td>\nPerpetualDiscount<\/td>\n212,142<\/td>\nAnother recent new issue<\/a>.<\/td>\n<\/tr>\n
GWO.PR.X<\/td>\nOpRet<\/td>\n52,393<\/td>\nScotia crossed 50,000 at $27.53. Closed at $27.50-55 for a pre-tax bid-YTW of 2.83%, based on a call 2009-10-30 at $26.00. If it survives until its softMaturity<\/a> 2013-9-29, it will have yielded 3.30% pre-tax … it’s basically bond-equivalent at the soft-maturity … with extra risk if they call it … why buy?<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nPerpetualDiscount<\/td>\n36,578<\/td>\nContinues the high-volume tradition that started with the clearance sale<\/a><\/td>\n<\/tr>\n
CM.PR.B<\/td>\nPerpetualPremium<\/td>\n34,245<\/td>\nThis has been trading quite a bit since called for redemption<\/a>.<\/td>\n<\/tr>\n<\/table>\n

There were fourteen other index-included issues trading over 10,000 shares today.<\/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-337","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/337","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=337"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/337\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=337"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=337"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=337"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}