{"id":4399,"date":"2008-12-09T23:44:09","date_gmt":"2008-12-10T03:44:09","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=4399"},"modified":"2008-12-09T23:44:09","modified_gmt":"2008-12-10T03:44:09","slug":"december-9-2008","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=4399","title":{"rendered":"December 9, 2008"},"content":{"rendered":"

With all this rate-cutting<\/a>, here’s a little bit of history for you: Four-Week US T-Bills were auctioned off at 0% today<\/a>. A big fat zero<\/b>, to three decimal places.<\/p>\n

Preferred share volume remained heavy today (well … heavy for the preferred market, I mean!) while prices eased off after yesterday’s gains.<\/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>\n7.19%<\/td>\n7.52%<\/td>\n90,573<\/td>\n13.08<\/td>\n6<\/td>\n-1.2930%<\/td>\n735.2<\/td>\n<\/tr>\n
Floater<\/td>\n9.85%<\/td>\n10.16%<\/td>\n69,970<\/td>\n9.28<\/td>\n2<\/td>\n-2.9216%<\/td>\n359.9<\/td>\n<\/tr>\n
Op. Retract<\/td>\n5.50%<\/td>\n6.88%<\/td>\n145,387<\/td>\n4.04<\/td>\n15<\/td>\n+0.5511%<\/td>\n983.5<\/td>\n<\/tr>\n
Split-Share<\/td>\n6.93%<\/td>\n13.28%<\/td>\n72,752<\/td>\n3.95<\/td>\n14<\/td>\n+0.3167%<\/td>\n888.7<\/td>\n<\/tr>\n
Interest Bearing<\/td>\n9.67%<\/td>\n21.42%<\/td>\n56,961<\/td>\n2.82<\/td>\n3<\/td>\n-5.0826%<\/td>\n758.1<\/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>\n7.80%<\/td>\n7.92%<\/td>\n209,091<\/td>\n11.50<\/td>\n71<\/td>\n-0.4855%<\/td>\n709.4<\/td>\n<\/tr>\n
Fixed-Reset<\/td>\n6.05%<\/td>\n5.41%<\/td>\n1,106,660<\/td>\n14.44<\/td>\n16<\/td>\n+0.3609%<\/td>\n990.8<\/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\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
FIG.PR.A<\/td>\nInterestBearing<\/td>\n-8.5308%<\/td>\nAsset coverage of 1.0+:1 as of December 4, based on Capital Unit NAV of 0.39 according to Faircourt<\/a> and 0.71 Capital Units per preferred. Now with a pre-tax bid-YTW of 18.60% based on a bid of 5.79 and a hardMaturity<\/a> 2014-12-31 at 10.00. Closing quote of 5.79-09, 2×2. Day’s range of 5.02-6.21.<\/td>\n<\/tr>\n
STW.PR.A<\/td>\nInterestBearing<\/td>\n-5.1592%<\/td>\nAsset coverage of 1.3-:1 as of December 4 according to Middlefield<\/a>. Assiduous Reader erikd<\/i> advises that there has been a rather large stealth-redemption; as of 4:30 pm, Middlefield’s Investor Relations department was unable to confirm or deny the report. A note on the November 30 NAV states “(Redemption Price Payable December 12, 2008)<\/font>” Now with a pre-tax bid-YTW of 22.27% based on a bid of 8.64 and a hardMaturity 2009-12-31. Closing quote of 8.64-87, 60×1. Day’s range of 8.79-83.<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n-4.0761%<\/td>\n <\/td>\n<\/tr>\n
DFN.PR.A<\/td>\nSplitShare<\/td>\n-4.0586%<\/td>\nAsset coverage of 1.7+:1 as of November 28 according to the company<\/a>. Now with a pre-tax bid-YTW of 8.58% based on a bid of 8.51 and a hardMaturity 2014-12-1 at 10.00. Closing quote of 8.51-06, 3×1. Day’s range of 8.72-85.<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nPerpetualDiscount<\/td>\n-4.0219%<\/td>\nNow with a pre-tax bid-YTW of 8.30% based on a bid of 15.75 and a limitMaturity<\/a>. Closing quote 15.75-17, 7×5. Day’s range of 15.67-48.<\/td>\n<\/tr>\n
FBS.PR.B<\/td>\nSplitShare<\/td>\n-3.6765%<\/td>\nAsset coverage of 1.0+:1 as of December 4 according to TD Securities<\/a>. Now with a pre-tax bid-YTW of 13.71% based on a bid of 7.86 and a hardMaturity 2011-12-15 at 10.00. Closing quote of 7.86-00, 32×17. Day’s range of 7.76-00.<\/td>\n<\/tr>\n
SBN.PR.A<\/td>\nSplitShare<\/td>\n-3.0879%<\/td>\nAsset coverage of 1.7-:1 as of December 4 according to Mulvihill<\/a>. Now with a pre-tax bid-YTW of 9.48% based on a bid of 8.16 and a hardMaturity 2014-12-1 at 10.00. Closing quote of 8.16-39, 3×1. Day’s range of 8.28-30.<\/td>\n<\/tr>\n
BCE.PR.G<\/td>\nFixFloat<\/td>\n-2.9375%<\/td>\n <\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nPerpetualDiscount<\/td>\n-2.7465%<\/td>\nNow with a pre-tax bid-YTW of 8.19% based on a bid of 13.81 and a limitMaturity<\/a>. Closing quote 13.81-90, 4×12. Day’s range of 13.61-25.<\/td>\n<\/tr>\n
SLF.PR.A<\/td>\nPerpetualDiscount<\/td>\n-2.6756%<\/td>\nNow with a pre-tax bid-YTW of 8.20% based on a bid of 14.55 and a limitMaturity<\/a>. Closing quote 14.55-65, 1×8. Day’s range of 14.27-19.<\/td>\n<\/tr>\n
ALB.PR.A<\/td>\nSplitShare<\/td>\n-2.6366%<\/td>\nAsset coverage of 1.2-:1 as of December 4 according to Scotia Managed Companies<\/a>. Now with a pre-tax bid-YTW of 14.56% based on a bid of 20.31 and a hardMaturity<\/a> 2011-2-28 at 25.00. Closing quote of 20.31-48, 46×1. Day’s range of 20.31-86.<\/td>\n<\/tr>\n
FTN.PR.A<\/td>\nSplitShare<\/td>\n-2.6277%<\/td>\nAsset coverage of 1.6-:1 as of November 28 according to the company<\/a>. Now with a pre-tax bid-YTW of 12.73% based on a bid of 12.73% based on a bid of 6.67 and a hardMaturity 2015-12-1 at 10.00.<\/td>\n<\/tr>\n
BCE.PR.C<\/td>\nFixFloat<\/td>\n-2.5215%<\/td>\n <\/td>\n<\/tr>\n
PWF.PR.I<\/td>\nPerpetualDiscount<\/td>\n-2.2857%<\/td>\nNow with a pre-tax bid-YTW of 8.13% based on a bid of 18.81 and a limitMaturity<\/a>. Closing quote 18.81-00, 4×7. Day’s range of 18.75-25.<\/td>\n<\/tr>\n
CM.PR.D<\/td>\nPerpetualDiscount<\/td>\n-2.1476%<\/td>\nNow with a pre-tax bid-YTW of 8.25% based on a bid of 17.77 and a limitMaturity<\/a>. Closing quote 17.77-99, 3×3. Day’s range of 17.87-30.<\/td>\n<\/tr>\n
BCE.PR.Z<\/td>\nFixFloat<\/td>\n-2.0888%<\/td>\n <\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nPerpetualDiscount<\/td>\n-2.0863%<\/td>\nNow with a pre-tax bid-YTW of 8.31% based on a bid of 13.61 and a limitMaturity<\/a>. Closing quote 13.61-75, 2×16. Day’s range of 13.52-90.<\/td>\n<\/tr>\n
MFC.PR.A<\/td>\nOpRet<\/td>\n-2.0317%<\/td>\nNow with a pre-tax bid-YTW of 4.71% based on a bid of 24.11 and a softMaturity<\/a> 2015-12-18 at 25.00. Closing quote of 24.11-66, 3×3. Day’s range of 24.05-99.<\/td>\n<\/tr>\n
BNS.PR.N<\/td>\nPerpetualDiscount<\/td>\n-2.0157%<\/td>\nNow with a pre-tax bid-YTW of 7.64% based on a bid of 17.50 and a limitMaturity<\/a>. Closing quote 17.50-67, 10×9. Day’s range of 17.55-25.<\/td>\n<\/tr>\n
RY.PR.F<\/td>\nPerpetualDiscount<\/td>\n+2.0653%<\/td>\nNow with a pre-tax bid-YTW of 7.35% based on a bid of 15.32 and a limitMaturity<\/a>. Closing quote 15.32-48. Day’s range of 15.03-75.<\/td>\n<\/tr>\n
BAM.PR.H<\/td>\nOpRet<\/td>\n+2.2500%<\/td>\nNow with a pre-tax bid-YTW of 13.24% based on a bid of 20.45 and a softMaturity<\/a> 2012-3-30 at 25.00. Closing quote of 20.45-00, 5×10. Day’s range of 20.20-50.<\/td>\n<\/tr>\n
NA.PR.N<\/td>\nFixedReset<\/td>\n+3.1630%<\/td>\n <\/td>\n<\/tr>\n
LFE.PR.A<\/td>\nSplitShare<\/td>\n+3.9744%<\/td>\nAsset coverage of 1.7-:1 as of November 28 according to the company<\/a>. Now with a pre-tax bid-YTW of 11.41% based on a bid of 8.11 and a hardMaturity 2012-12-1 at 10.00. Closing quote of 8.11-23, 7×1. Day’s range of 7.91-24.<\/td>\n<\/tr>\n
LBS.PR.A<\/td>\nSplitShare<\/td>\n+4.2802%<\/td>\nAsset coverage of 1.4-:1 as of December 4 according to Brompton Group<\/a>. Now with a pre-tax bid-YTW of 10.72% based on a bid of 8.04 and a hardMaturity 2013-11-29 at 10.00. Closing quote of 8.04-24, 24×3. Day’s range of 7.70-25.<\/td>\n<\/tr>\n
BAM.PR.O<\/td>\nOpRet<\/td>\n+10.3333%<\/td>\nNow with a pre-tax bid-YTW of 16.17% based on a bid of 16.55 and optionCertainty<\/a> 2013-6-30 at 25.00. Closing quote of 16.55-17.60, 5×1. Day’s range of 15.65-17.25.<\/td>\n<\/tr>\n
BNA.PR.B<\/td>\nSplitShare<\/td>\n+13.4089%<\/td>\nAsset coverage of 1.6+:1 as of December 4 based on BAM.A at 16.72 and 2.4 BAM.A per unit. Now with a pre-tax bid-YTW of 11.67% based on a bid of 17.00 and a hardMaturity 2016-3-25 at 25.00. Closing quote of 17.00-50, 10×11. Day’s range of 16.19-18.00.<\/td>\n<\/tr>\n<\/table>\n<\/div>\n
\n\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
WN.PR.B<\/td>\nScraps (would be OpRet but there are credit concerns)<\/td>\n386,360<\/td>\nDesjardins crossed a block of 300,000, then 50,000, then 28,400 all at 25.05. Now with a pre-tax bid-YTW of 6.57% based on a bid of 25.06 and OptionCertainty 2009-6-30.<\/td>\n<\/tr>\n
BNS.PR.J<\/td>\nPerpetualDiscount<\/td>\n247,193<\/td>\nNesbitt crossed 110,600 at 18.00. Now with a pre-tax bid-YTW of 7.43% based on a bid of 17.98 and a limitMaturity.<\/td>\n<\/tr>\n
RY.PR.N<\/td>\nFixedReset<\/td>\n109,740<\/td>\nNesbitt bought 12,900 from Canaccord at 25.00. Recent new issue<\/td>\n<\/tr>\n
MFC.PR.A<\/td>\nOpRet<\/td>\n53,035<\/td>\nTD crossed 24,300 at 24.05. See above<\/td>\n<\/tr>\n
RY.PR.I<\/td>\nFixedReset<\/td>\n50,961<\/td>\nRBC crossed 23,700 at 21.40.<\/td>\n<\/tr>\n
RY.PR.B<\/td>\nPerpetualDiscount<\/td>\n49,197<\/td>\nDesjardins bought 26,300 from anonymous at 16.15. Now with a pre-tax bid-YTW of 7.39% based on a bid of 16.10 and a limitMaturity.<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

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

With all this rate-cutting, here’s a little bit of history for you: Four-Week US T-Bills were auctioned off at 0% today. A big fat zero, to three decimal places. Preferred share volume remained heavy today …<\/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-4399","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/4399","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=4399"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/4399\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}