{"id":364,"date":"2006-12-04T23:44:54","date_gmt":"2006-12-05T03:44:54","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=364"},"modified":"2006-12-04T23:44:54","modified_gmt":"2006-12-05T03:44:54","slug":"december-4-2006","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=364","title":{"rendered":"December 4, 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>\n4.28%<\/td>\n4.29%<\/td>\n38,041<\/td>\n16.89<\/td>\n1<\/td>\n-0.7646%<\/td>\n1,018.2<\/td>\n<\/tr>\n
Fixed-Floater<\/td>\n4.81%<\/td>\n3.82%<\/td>\n98,094<\/td>\n6.65<\/td>\n7<\/td>\n+0.1698%<\/td>\n1,029.8<\/td>\n<\/tr>\n
Floater<\/td>\n4.47%<\/td>\n-20.72%<\/td>\n62,146<\/td>\n6.59<\/td>\n5<\/td>\n-0.0700%<\/td>\n1,038.2<\/td>\n<\/tr>\n
Op. Retract<\/td>\n4.63%<\/td>\n-1.03%<\/td>\n82,481<\/td>\n2.21<\/td>\n17<\/td>\n+0.0306%<\/td>\n1,033.1<\/td>\n<\/tr>\n
Split-Share<\/td>\n5.11%<\/td>\n2.94%<\/td>\n156,248<\/td>\n2.73<\/td>\n8<\/td>\n+0.3847%<\/td>\n1,039.2<\/td>\n<\/tr>\n
Interest Bearing<\/td>\n6.90%<\/td>\n5.71%<\/td>\n72,389<\/td>\n3.87<\/td>\n7<\/td>\n+0.0198%<\/td>\n1,024.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.01%<\/td>\n3.39%<\/td>\n261,734<\/td>\n4.63<\/td>\n51<\/td>\n+0.0271%<\/td>\n1,050.8<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.58%<\/td>\n4.58%<\/td>\n1,015,140<\/td>\n14.71<\/td>\n6<\/td>\n+0.0677%<\/td>\n1,047.9<\/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
LBS.PR.A<\/td>\nSplitShare<\/td>\n+1.7757<\/td>\nRecovering from yesterday<\/a> – and then some! Pre-tax bid-YTW is 3.89% based on a bid of $10.89 and a hardMaturity<\/a> at $10.00 2013-11-29<\/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>\n230,717<\/td>\nRecent<\/a> blue-light special.<\/td>\n<\/tr>\n
CM.PR.R<\/td>\nOpRet<\/td>\n154,380<\/td>\nDesjardins crossed 100,000 at $27.15, then another 51,600 at the same price about three and\u00a0a half\u00a0hours later. I’d like to meet the purchaser, shake his hand, take him out to dinner, talk a little business\u00a0and maybe sell him the rights to the Toronto Airport Bridge. The pre-tax bid-YTW is 1.97% based on a bid of $26.95 and a call 2008-5-30 at $25.75. The purchaser may be hoping it hangs on until its softMaturity<\/a> 2013-4-29 at $25.00, at which point it will have yielded 3.77%, but really! The thing pays $1.238 and CIBC just issued a perpetual<\/a> that paid only 1.175. You can stretch a point, talk about the savings\u00a0that CIBC will realize\u00a0by waiting, adjust the “effective cost”, hope that nobody notices that you’re comparing it with a perpetual and that CIBC would probably pay less than a buck per share per annum on a new retractible\u00a0… but to\u00a0get what? 3.77% at the bid? There’s other fish in the sea.\u00a0Comparable yields computed from the closing ask price of $27.19 are 1.34% and 3.60%.<\/td>\n<\/tr>\n
CM.PR.I<\/td>\nPerpetualPremium<\/td>\n135,607<\/td>\nRecent new issue<\/a>, pre-tax bid-YTW of 4.66% based on a call 2016-3-1 at $25.00.<\/td>\n<\/tr>\n
ELF.PR.G<\/td>\nPerpetualPremium<\/td>\n37,600<\/td>\nRecent new issue<\/a> that continues to amaze me with a closing quotation of $25.60-65, pre-tax bid-YTW of 4.53% based on a call 2015-11-16 at $25.00. DBRS<\/a> rates this as Pfd-2(low), so you sure aren’t getting much yield increment for the credit spread!<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetualDiscount<\/td>\n37,495<\/td>\nRecent new issue<\/a>, pre-tax bid-YTW of 4.79% based on a limitMaturity<\/a>. It pays $1.1875, exactly the same as the ELF.PR.G mentioned above. Same credit rating. I love this market!<\/td>\n<\/tr>\n<\/table>\n

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

<\/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-364","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/364","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=364"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/364\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=364"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=364"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=364"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}