{"id":4231,"date":"2008-11-29T14:21:13","date_gmt":"2008-11-29T18:21:13","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=4231"},"modified":"2008-11-29T14:21:13","modified_gmt":"2008-11-29T18:21:13","slug":"best-worst-performers-november-2008","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=4231","title":{"rendered":"Best & Worst Performers: November 2008"},"content":{"rendered":"

These are total returns, with dividends presumed to have been reinvested at the bid price on the ex-date. The list has been restricted to issues in the HIMIPref\u2122 indices.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
November, 2008<\/b><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nDBRS Rating<\/td>\nMonthly Performance<\/td>\nNotes (“Now” means “November 28”)<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\nPfd-2(low)<\/td>\n-35.0649%<\/td>\nWas also the worst performer in September<\/a> and second worst in October<\/a> – it has been hit not just by the general downdraft in BAM issues, but by expectations of continuing drops in prime. Is it any wonder it is starting to attract interest<\/a>? Worthy of note is the fact that the BAM floaters are trading through the BPP floaters; similar terms, issued by a subsidiary with an even higher proportion of commercial property exposure, lower rating, extremely illiquid … and have been trading through them for months<\/a>. <\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\nPfd-2(low)<\/td>\n-30.8081%<\/td>\nAlso a poor performer in September and October.<\/td>\n<\/tr>\n
BAM.PR.J<\/td>\nOpRet<\/td>\nPfd-2(low)<\/td>\n-30.1646%<\/td>\nNow with a pre-tax bid-YTW of 15.43% based on a bid of 13.15 and a softMaturity<\/a> 2018-3-30 at 25.00.<\/td>\n<\/tr>\n
BNA.PR.C<\/td>\nSplitShare<\/td>\nPfd-2(low)<\/td>\n-25.9396%<\/td>\nAsset coverage of 1.8+:1 based on BAM.A at 19.09 and 2.4 BAM.A per unit. Now with a pre-tax bid-YTW of 18.61% based on a bid of 9.10 and a hardMaturity<\/a> 2019-1-10 at 25.00.<\/td>\n<\/tr>\n
FFN.PR.A<\/td>\nSplitShare<\/td>\nPfd-2(low)<\/td>\n-25.4771%<\/td>\nAsset coverage of 1.4+:1 as of November 14 according to the company<\/a>. Now with a pre-tax bid-YTW of 17.40% based on a bid of 5.63 and a hardMaturity<\/a> 2014-12-1 at 10.00. XFN may be used as a proxy (albeit not a terribly good one) for the holdings and is down 7.2% since Nov. 14, so estimate the month-end asset coverage as $13.00. Given that the ask price of the FFN capital units was 4.10 at month-end, this implies a retraction price of $8.43 … although retractions are tricky with this issue in this environment because the company requires ten notice days prior to the month-end retraction valuation date. Still, it’s tempting!<\/td>\n<\/tr>\n
…<\/td>\n…<\/td>\n…<\/td>\n…<\/td>\n…<\/td>\n<\/tr>\n
WFS.PR.A<\/td>\nSplitShare<\/td>\nPfd-2(low)<\/td>\n-0.0971%<\/td>\nAsset coverage of 1.1+:1 as of November 20 according to Mulvihill<\/a>. The company announced an issuer bid<\/a> and is under credit review negative<\/a>. Now with a pre-tax bid-YTW of 16.59% based on a bid of 7.80 and a hardMaturity<\/a> 2011-6-30 at 10.00. Estimated retraction price of 8.54 using NAV of 11.27 and Capital Units of 2.37.<\/td>\n<\/tr>\n
TD.PR.N<\/td>\nOpRet<\/td>\nPfd-1<\/td>\n+1.2500%<\/td>\nNow with a pre-tax bid-YTW of 4.60% based on a bid of 25.11 and a softMaturity<\/a> 2014-1-30 at 25.00.<\/td>\n<\/tr>\n
IGM.PR.A<\/td>\nOpRet<\/td>\nPfd-2(high)<\/td>\n+1.4289%<\/td>\nNow with a pre-tax bid-YTW of 5.56% based on a bid of 25.10 and a softMaturity<\/a> 2013-6-29 at 25.00.<\/td>\n<\/tr>\n
TD.PR.M<\/td>\nOpRet<\/td>\nPfd-1<\/td>\n+3.4666%<\/td>\nNow with a pre-tax bid-YTW of 4.47% based on a bid of 25.37 and a softMaturity<\/a> 2013-10-30 at 25.00.<\/td>\n<\/tr>\n
GWO.PR.E<\/td>\nOpRet<\/td>\nPfd-1(low)<\/td>\n+3.6653%<\/td>\nNow with a pre-tax bid-YTW of 4.85% based on a bid of 24.75 and a softMaturity<\/a> 2014-3-30 at 25.00.<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

Just as in August 2007<\/a>, BAM issues are over-represented in the poor performers’ list … and I am just as unable to find a convincing rationale for this.<\/p>\n","protected":false},"excerpt":{"rendered":"

These are total returns, with dividends presumed to have been reinvested at the bid price on the ex-date. The list has been restricted to issues in the HIMIPref\u2122 indices. November, 2008 Issue Index DBRS Rating …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-4231","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/4231","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=4231"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/4231\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4231"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4231"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4231"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}