{"id":429,"date":"2006-12-27T23:38:38","date_gmt":"2006-12-28T03:38:38","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=429"},"modified":"2006-12-27T23:38:38","modified_gmt":"2006-12-28T03:38:38","slug":"december-27-2006","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=429","title":{"rendered":"December 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>\n4.11%<\/td>\n4.11%<\/td>\n33,993<\/td>\n17.25<\/td>\n1<\/td>\n+0.3449%<\/td>\n1,036.2<\/td>\n<\/tr>\n
Fixed-Floater<\/td>\n4.79%<\/td>\n3.78%<\/td>\n96,608<\/td>\n6.56<\/td>\n7<\/td>\n+0.1201%<\/td>\n1,037.2<\/td>\n<\/tr>\n
Floater<\/td>\n4.49%<\/td>\n-19.67%<\/td>\n62,459<\/td>\n6.63<\/td>\n5<\/td>\n-0.1167%<\/td>\n1,038.5<\/td>\n<\/tr>\n
Op. Retract<\/td>\n4.65%<\/td>\n1.41%<\/td>\n85,715<\/td>\n2.17<\/td>\n17<\/td>\n-0.1333%<\/td>\n1,031.3<\/td>\n<\/tr>\n
Split-Share<\/td>\n5.07%<\/td>\n2.06%<\/td>\n242,391<\/td>\n2.51<\/td>\n9<\/td>\n0.0689%<\/td>\n1,043.8<\/td>\n<\/tr>\n
Interest Bearing<\/td>\n6.99%<\/td>\n6.22%<\/td>\n81,563<\/td>\n1.83<\/td>\n7<\/td>\n-0.2637%<\/td>\n1,024.1<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.02%<\/td>\n3.71%<\/td>\n273,892<\/td>\n4.23<\/td>\n52<\/td>\n-0.0809%<\/td>\n1,054.1<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.53%<\/td>\n4.51%<\/td>\n828,112<\/td>\n11.73<\/td>\n6<\/td>\n+0.0202%<\/td>\n1,060.7<\/td>\n<\/tr>\n<\/table>\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
CM.PR.R<\/td>\nOpRet<\/td>\n-1.6760%<\/td>\nNow with a pre-tax bid-YTW of 2.70% based on a bid of 26.40 and a call at 25.75 on 2008-5-30. Yields 3.97% if it lasts until the softMaturity<\/a> at par 2013-4-29, but given that it pays $1.238 (probably more than CIBC would have to pay on a new perpetual) I doubt it – especially since the call premium declines by only $0.15 annually.<\/td>\n<\/tr>\n
WN.PR.C<\/td>\nPerpetualPremium<\/td>\n-1.4460%<\/td>\nNow with a pre-tax bid-YTW of 4.65% based on a bid of 25.90 and a call at 25.00 on 2014-7-31.<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nPerpetualPremium<\/td>\n-1.3653%<\/td>\nNow with a pre-tax bid-YTW of 4.11% based on a bid of 26.73 and a call 2012-11-28 at 25.00.<\/td>\n<\/tr>\n
STW.PR.A<\/td>\nInterestBearing<\/td>\n-1.1730%<\/td>\nNow with a pre-tax bid-YTW of 6.08% (mainly as interest!) based on a bid 10.11 and a hardMaturity<\/a> 2009-12-31 at $10.00. This interest-bearing split-share is an attractive issue for RRSP-buyers: a call premium (currently callable at 10.60; declines by $0.20 at the beginning of every calendar year) ensures that if you do get called due to capital unit retractions, at least you get paid for your trouble.<\/td>\n<\/tr>\n
TCA.PR.X<\/td>\nPerpetualPremium<\/td>\n-1.0939%<\/td>\nFeeling the effects of the credit review<\/a>? Now has a pre-tax bid-YTW of 4.34% based on a bid of 53.55 and a call 2013-11-14 at 50.00. Now trading with an enormous spread: the quote is 53.55-54.61.<\/td>\n<\/tr>\n
W.PR.J<\/td>\nPerpetualPremium<\/td>\n+1.0148%<\/td>\nNow with a pre-tax bid-YTW of 0.58% based on a bid of 25.53 and a call 2007-1-26 at 25.50. Obviously, there are some who believe it will last longer, despite its rich $1.40 p.a. dividend.<\/td>\n<\/tr>\n
BC.PR.C<\/td>\nFixedFloater<\/td>\n+1.3617%<\/td>\nex-Dividend<\/a> today, but it doesn’t look as if anybody noticed!<\/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
FBS.PR.B<\/td>\nSplitShare<\/td>\n77,368<\/td>\nRecent new issue<\/a>, now with a pre-tax bid-YTW of 1.63% based on a bid of 10.34 and a call 2008-1-14 at $10.00. I’m avoiding it!<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetualPremium<\/td>\n31,190<\/td>\nScotia crossed 30,000 at 26.55. Now with a pre-tax bid-YTW of 4.19% based on a bid of 26.50 and a call 2014-11-30 at 25.00<\/td>\n<\/tr>\n
CM.PR.H<\/td>\nPerpetualPremium<\/td>\n16,695<\/td>\nNow with a pre-tax bid-YTW of 4.34% based on a bid of $25.65 and a call 2014-4-29 at 25.00<\/td>\n<\/tr>\n
PWF.PR.F<\/td>\nPerpetualPremium<\/td>\n14,300<\/td>\nNow with a pre-tax bid-YTW of 4.40% based on a bid of 26.00 and a call 2010-12-30 at 25.00. I call it somewhat expensive, for all that it will earn a dividend early in the new year.<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nPerpetualDiscount<\/td>\n13,430<\/td>\nNow with a pre-tax bid-YTW of 4.52% based on a bid of $24.95 and a limitMaturity<\/a><\/td>\n<\/tr>\n<\/table>\n

There were two other index-included issues with over 10,000 shares traded 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-429","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/429","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=429"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/429\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=429"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=429"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=429"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}