{"id":4649,"date":"2008-12-24T00:18:26","date_gmt":"2008-12-24T04:18:26","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=4649"},"modified":"2008-12-24T00:18:26","modified_gmt":"2008-12-24T04:18:26","slug":"december-23-2008","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=4649","title":{"rendered":"December 23, 2008"},"content":{"rendered":"

CIT Group is getting a $2.33-billion TARP infusion<\/a>. A lot of people who bought protection at 2500+bp are not going to be very happy.<\/p>\n

Holy smokes! On continued heavy volume – that I remain convinced is tax-loss selling, perhaps with a bit of year-end window-dressing thrown in, PerpetualDiscounts were up today! That breaks a seven day losing streak. Not only that, but the behaviour of BNA.PR.C … well, it’s in the tables twice. Be sure to be sitting down when examining!<\/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>\n8.51%<\/td>\n8.65%<\/td>\n143,353<\/td>\n11.99<\/td>\n7<\/td>\n+1.0254%<\/td>\n621.4<\/td>\n<\/tr>\n
Floater<\/td>\n9.53%<\/td>\n9.62%<\/td>\n97,072<\/td>\n9.90<\/td>\n2<\/td>\n-1.2773%<\/td>\n341.0<\/td>\n<\/tr>\n
Op. Retract<\/td>\n5.57%<\/td>\n6.15%<\/td>\n171,350<\/td>\n3.92<\/td>\n14<\/td>\n+0.4712%<\/td>\n979.1<\/td>\n<\/tr>\n
Split-Share<\/td>\n6.65%<\/td>\n12.23%<\/td>\n97,751<\/td>\n3.93<\/td>\n15<\/td>\n+0.2852%<\/td>\n928.4<\/td>\n<\/tr>\n
Interest Bearing<\/td>\n10.11%<\/td>\n20.95%<\/td>\n59,643<\/td>\n2.62<\/td>\n3<\/td>\n-0.0146%<\/td>\n734.7<\/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>\n8.25%<\/td>\n8.38%<\/td>\n251,885<\/td>\n11.06<\/td>\n71<\/td>\n+0.3453%<\/td>\n675.5<\/td>\n<\/tr>\n
Fixed-Reset<\/td>\n6.09%<\/td>\n5.21%<\/td>\n1,122,538<\/td>\n14.61<\/td>\n18<\/td>\n-0.4274%<\/td>\n993.6<\/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
Major Price Changes<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
CM.PR.K<\/td>\nRatchet<\/td>\n-5.9524%<\/td>\n <\/td>\n<\/tr>\n
NA.PR.M<\/td>\nPerpetualDiscount<\/td>\n-4.8808%<\/td>\nNow with a pre-tax bid-YTW of 9.14% based on a bid of 16.76 and a limitMaturity<\/a>. Closing quote 16.76-18, 6×3. Day’s range of 16.56-18.39.<\/td>\n<\/tr>\n
BSD.PR.A<\/td>\nInterestBearing (for now!)<\/td>\n-3.9894%<\/td>\nAsset coverage of 0.7+:1 as of December 19, according to Brookfield Funds<\/a>. Now with a (dubious) pre-tax bid-YTW of 28.90% based on a bid of 3.61 and a (dubious) hardMaturity<\/a> 2015-3-31 at 10.00. Closing quote of 3.61-76, 5×4. Day’s range of 3.62-20.<\/td>\n<\/tr>\n
NA.PR.L<\/td>\nPerpetualDiscount<\/td>\n-3.6958%<\/td>\nNow with a pre-tax bid-YTW of 9.14% based on a bid of 13.55 and a limitMaturity<\/a>. Closing quote 13.55-00, 2×7. Day’s range of 13.55-00.<\/td>\n<\/tr>\n
CU.PR.A<\/td>\nPerpetualDiscount<\/td>\n-3.3503%<\/td>\nNow with a pre-tax bid-YTW of 7.73% based on a bid of 19.04 and a limitMaturity<\/a>. Closing quote 19.04-74, 8×3. Day’s range of 19.01-80.<\/td>\n<\/tr>\n
ALB.PR.A<\/td>\nSplitShare<\/td>\n-3.1314%<\/td>\nAsset coverage of 1.1+:1 as of December 18, according to Scotia Managed Companies<\/a>. Now with a pre-tax bid-YTW of 18.68% based on a bid of 18.87 and a hardMaturity<\/a> 2011-2-28 at 25.00. Closing quote of 18.87-22, 40×1. Day’s range of 18.57-50.<\/td>\n<\/tr>\n
BCE.PR.S<\/td>\nFixFloat<\/td>\n-3.0116%<\/td>\n <\/td>\n<\/tr>\n
BCE.PR.Z<\/td>\nFixFloat<\/td>\n+3.0756%<\/td>\n <\/td>\n<\/tr>\n
LBS.PR.A<\/td>\nSplitShare<\/td>\n+3.2637%<\/td>\nAsset coverage of 1.3-:1 as of December 18 according to Brompton Group<\/a>. Now with a pre-tax bid-YTW of 11.22% based on a bid of 7.91 and a hardMaturity 2013-11-29 at 10.00. Closing quote of 7.91-29, 70×8. Day’s range of 7.81-50.<\/td>\n<\/tr>\n
BNS.PR.N<\/td>\nPerpetualDiscount<\/td>\n+3.2914%<\/td>\nNow with a pre-tax bid-YTW of 7.77% based on a bid of 17.26 and a limitMaturity<\/a>. Closing quote OF 17.26-27, 45×6 . Day’s range of 16.61-17.74.<\/td>\n<\/tr>\n
CM.PR.J<\/td>\nPerpetualDiscount<\/td>\n+3.3003%<\/td>\nNow with a pre-tax bid-YTW of 8.33% based on a bid of 13.53 and a limitMaturity<\/a>. Closing quote 13.53-57, 1×1. Day’s range of 12.66-13.75.<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nPerpetualDiscount<\/td>\n+3.4667%<\/td>\nNow with a pre-tax bid-YTW of 8.45% based on a bid of 15.52 and a limitMaturity<\/a>. Closing quote 15.52-68, 1×1. Day’s range of 14.85-53.<\/td>\n<\/tr>\n
POW.PR.A<\/td>\nPerpetualDiscount<\/td>\n+3.9591%<\/td>\nNow with a pre-tax bid-YTW of 8.64% based on a bid of 16.28 and a limitMaturity<\/a>. Closing quote 16.28-79, 5×6. Day’s range of 14.87-16.96 (!).<\/td>\n<\/tr>\n
BCE.PR.C<\/td>\nFixFloat<\/td>\n+4.8606%<\/td>\n <\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nPerpetualDiscount<\/td>\n+5.1491%<\/td>\nNow with a pre-tax bid-YTW of 7.32% based on a bid of 15.52 and a limitMaturity<\/a>. Closing quote 15.52-84, 2×3. Day’s range of 14.54-15.84.<\/td>\n<\/tr>\n
POW.PR.B<\/td>\nPerpetualDiscount<\/td>\n+5.3163%<\/td>\nNow with a pre-tax bid-YTW of 8.59% based on a bid of 15.65 and a limitMaturity<\/a>. Closing quote 15.65-84, 10×1. Day’s range of 14.99-98.<\/td>\n<\/tr>\n
PWF.PR.G<\/td>\nPerpetualDiscount<\/td>\n+5.8824%<\/td>\nNow with a pre-tax bid-YTW of 8.39% based on a bid of 18.00 and a limitMaturity<\/a>. Closing quote 18.00-19.65 (!) 3×1. Day’s range of 17.00-18.25.<\/td>\n<\/tr>\n
PWF.PR.F<\/td>\nPerpetualDiscount<\/td>\n+7.1672%<\/td>\nNow with a pre-tax bid-YTW of 8.56% based on a bid of 15.70 and a limitMaturity<\/a>. Closing quote 15.70-90, 12×5. Day’s range of 14.60-16.00.<\/td>\n<\/tr>\n
BCE.PR.Y<\/td>\nRatchet<\/td>\n+8.0196%<\/td>\n <\/td>\n<\/tr>\n
BNA.PR.C<\/td>\nSplitShare<\/td>\n+11.6247%<\/td>\nAsset coverage of 1.7+:1 based on BAM.A at 18.05 and 2.4 BAM.A per preferred. Now with a pre-tax bid-YTW of 21.09% based on a bid of 7.97 and a hardMaturity 2019-1-10 at 25.00. Closing quote of 7.97-22, 9×9. Day’s range of 7.12-97.<\/td>\n<\/tr>\n<\/table>\n<\/div>\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
BNA.PR.C<\/td>\nSplitShare<\/td>\n176,607<\/td>\nScotia crossed 150,000 at 7.75. See above.<\/td>\n<\/tr>\n
BAM.PR.H<\/td>\nOpRet<\/td>\n126,054<\/td>\nTD crossed 100,000 at 19.50. Now with a pre-tax bid-YTW of 14.04% based on a bid of 19.75 and a softMaturity 2012-3-30 at 25.00.<\/td>\n<\/tr>\n
BMO.PR.J<\/td>\nPerpetualDiscount<\/td>\n121,417<\/td>\nAnonymous bought 11,600 from Odlum Brown at 13.75. Now with a pre-tax bid-YTW of 8.47% based on a bid of 13.51 and a limitMaturity.<\/td>\n<\/tr>\n
BNS.PR.K<\/td>\nPerpetualDiscount<\/td>\n115,930<\/td>\nScotia crossed 64,900 at 16.05. Now with a pre-tax bid-YTW of 7.81% based on a bid of 15.70 and a limitMaturity.<\/td>\n<\/tr>\n
RY.PR.I<\/td>\nFixedReset<\/td>\n115,647<\/td>\nScotia crossed 42,200 at 21.10.<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

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

CIT Group is getting a $2.33-billion TARP infusion. A lot of people who bought protection at 2500+bp are not going to be very happy. Holy smokes! On continued heavy volume – that I remain convinced …<\/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-4649","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/4649","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=4649"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/4649\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4649"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4649"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4649"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}