{"id":3782,"date":"2008-11-04T23:09:12","date_gmt":"2008-11-05T03:09:12","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=3782"},"modified":"2008-11-04T23:09:12","modified_gmt":"2008-11-05T03:09:12","slug":"november-4-2008","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=3782","title":{"rendered":"November 4, 2008"},"content":{"rendered":"

Another good day for prefs, with the PerpetualDiscounts again up over a point for the third day in a row. Before anybody gets too excited though … we’ve not yet recovered to October 22 levels and the 6.77% yield is almost 50bp over the September 30 level of 6.29%.<\/p>\n

The 6.77% yield is equivalent to 9.48% interest at the standard 1.4x factor, while long corporates are still chugging along in the 7.5% area … so we’re back to a spread of about 200bp. Long corporates<\/a> are actually down fractionally on the month-to-day and recovery in this market should, logically, now become a major factor in preferred share performance.<\/p>\n

On the other hand, the market hasn’t really behaved logically for over a year and a half, so who knows?<\/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>\n5.32%<\/td>\n5.38%<\/td>\n70,523<\/td>\n15.12<\/td>\n6<\/td>\n+2.4301%<\/td>\n982.4<\/td>\n<\/tr>\n
Floater<\/td>\n6.90%<\/td>\n7.01%<\/td>\n48,965<\/td>\n12.48<\/td>\n2<\/td>\n+1.8248%<\/td>\n505.2<\/td>\n<\/tr>\n
Op. Retract<\/td>\n5.29%<\/td>\n6.10%<\/td>\n131,568<\/td>\n3.99<\/td>\n15<\/td>\n-0.1494%<\/td>\n998.4<\/td>\n<\/tr>\n
Split-Share<\/td>\n6.24%<\/td>\n10.45%<\/td>\n58,457<\/td>\n3.97<\/td>\n12<\/td>\n+1.1492%<\/td>\n944.7<\/td>\n<\/tr>\n
Interest Bearing<\/td>\n7.93%<\/td>\n13.29%<\/td>\n60,778<\/td>\n3.25<\/td>\n3<\/td>\n+2.4349%<\/td>\n893.0<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\nN\/A<\/td>\nN\/A<\/td>\nN\/A<\/td>\nN\/A<\/td>\nN\/A<\/td>\nN\/A<\/td>\nN\/A<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n6.70%<\/td>\n6.77%<\/td>\n180,124<\/td>\n12.88<\/td>\n71<\/td>\n+1.0227%<\/td>\n813.3<\/td>\n<\/tr>\n
Fixed-Reset<\/td>\n5.35%<\/td>\n5.10%<\/td>\n892,441<\/td>\n15.18<\/td>\n11<\/td>\n+0.5777%<\/td>\n1,083.8<\/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
BAM.PR.B<\/td>\nFloater<\/td>\n-6.3551%<\/td>\n <\/td>\n<\/tr>\n
POW.PR.B<\/td>\nPerpetualDiscount<\/td>\n-5.1307%<\/td>\nNow with a pre-tax bid-YTW of 6.91% based on a bid of 19.60 and a limitMaturity<\/a>. Closing quote 19.60-79, 2X3. Day’s range 19.23-20.40.<\/td>\n<\/tr>\n
LFE.PR.A<\/td>\nSplitShare<\/td>\n-3.8043%<\/td>\nAsset coverage of 1.6+:1 as of October 31, according to the company<\/a>. Now with a pre-tax bid-YTW of 8.74% based on a bid of 8.85 and a hardMaturity<\/a> 2012-12-1 at 10.00. Closing quote of 8.85-14, 5×5. Day’s range of 9.10-40.<\/td>\n<\/tr>\n
W.PR.H<\/td>\nPerpetualDiscount<\/td>\n+3.0641%<\/td>\nNow with a pre-tax bid-YTW of 7.54% based on a bid of 18.50 and a limitMaturity. Closing Quote 18.50-14, 5×5. Day’s range of 18.25-19.40.<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nPerpetualDiscount<\/td>\n+3.1501%<\/td>\nNow with a pre-tax bid-YTW of 6.57% based on a bid of 18.01 and a limitMaturity. Closing Quote 18.01-09, 11×1. Day’s range of 17.66-45.<\/td>\n<\/tr>\n
BCE.PR.R<\/td>\nFixFloat<\/td>\n+3.2771%<\/td>\n <\/td>\n<\/tr>\n
NA.PR.L<\/td>\nPerpetualDiscount<\/td>\n+3.3682%<\/td>\nNow with a pre-tax bid-YTW of 6.85% based on a bid of 17.80 and a limitMaturity. Closing Quote 17.80-25, 13×5. Day’s range of 17.60-00.<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nPerpetualDiscount<\/td>\n+3.3916%<\/td>\nNow with a pre-tax bid-YTW of 7.12% based on a bid of 19.51 and a limitMaturity. Closing Quote 19.51-57, 3×5. Day’s range of 18.87-47.<\/td>\n<\/tr>\n
PWF.PR.E<\/td>\nPerpetualDiscount<\/td>\n+3.4269%<\/td>\nNow with a pre-tax bid-YTW of 6.37% based on a bid of 21.73 and a limitMaturity. Closing Quote 21.73-74, 11×2. Day’s range of 21.28-73.<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nPerpetualDiscount<\/td>\n+3.7190%<\/td>\nNow with a pre-tax bid-YTW of 6.57% based on a bid of 20.08 and a limitMaturity. Closing Quote 20.08-30, 5×5. Day’s range of 19.60-50.<\/td>\n<\/tr>\n
CM.PR.D<\/td>\nPerpetualDiscount<\/td>\n+3.7207%<\/td>\nNow with a pre-tax bid-YTW of 7.14% based on a bid of 20.35 and a limitMaturity. Closing Quote 20.35-43, 5×3. Day’s range of 19.76-44.<\/td>\n<\/tr>\n
STW.PR.A<\/td>\nInterestBearing<\/td>\n+4.0884%<\/td>\nAsset coverage of 1.4+:1 as of October 30 according to Middlefield<\/a>. Now with a pre-tax bid-YTW of 11.92% based on a bid of 9.42 and a hardMaturity 2009-12-31 at 10.00. Closing quote of 9.42-54, 4×2. Day’s range of 9.26-44.<\/td>\n<\/tr>\n
BNA.PR.A<\/td>\nSplitShare<\/td>\n+4.3738%<\/td>\nAsset coverage of just under 2.8:1 as of September 30 according to the company<\/a>. Coverage now of 2.2-:1 based on BAM.A at 22.51 and 2.4 BAM.A held per preferred<\/a>. Now with a pre-tax bid-YTW of 17.24% based on a bid of 21.00 and a hardMaturity 2010-9-30 at 25.00. Compare with BNA.PR.B (9.91% to 2016-3-25) and BNA.PR.C (13.39% to 2019-1-10). Closing quote 21.00-99, 16×7. Day’s range 20.12-65.<\/td>\n<\/tr>\n
BCE.PR.G<\/td>\nFixFloat<\/td>\n+5.2138%<\/td>\n <\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nPerpetualDiscount<\/td>\n+5.9666%<\/td>\nNow with a pre-tax bid-YTW of 6.45% based on a bid of 17.76 and a limitMaturity. Closing Quote 17.76-93, 1×1. Day’s range of 17.00-96.<\/td>\n<\/tr>\n<\/table>\n<\/div>\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
CM.PR.A<\/td>\nOpRet<\/td>\n89,327<\/td>\nNow with a pre-tax bid-YTW of 4.92% based on a bid of 25.29 and a softMaturity<\/a> 2011-7-30 at 25.00.<\/td>\n<\/tr>\n
RY.PR.L<\/td>\nFixedReset<\/td>\n79,195<\/td>\nNew issue, settled yesterday<\/a>.<\/td>\n<\/tr>\n
BMO.PR.I<\/td>\nPerpetualDiscount<\/td>\n76,400<\/td>\nCalled for redemption<\/a>.<\/td>\n<\/tr>\n
TD.PR.O<\/td>\nPerpetualDiscount<\/td>\n75,850<\/td>\nNow with a pre-tax bid-YTW of 6.62% based on a bid of 18.49 and a limitMaturity.<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

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

Another good day for prefs, with the PerpetualDiscounts again up over a point for the third day in a row. Before anybody gets too excited though … we’ve not yet recovered to October 22 levels …<\/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-3782","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/3782","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=3782"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/3782\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3782"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3782"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3782"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}