{"id":479,"date":"2007-01-15T23:13:19","date_gmt":"2007-01-16T03:13:19","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=479"},"modified":"2007-01-15T23:13:19","modified_gmt":"2007-01-16T03:13:19","slug":"january-15-2007","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=479","title":{"rendered":"January 15, 2007"},"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. In this version, index values are based at 1,000.0 on 2006-6-30<\/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>\n4.08%<\/td>\n4.10%<\/td>\n24,988<\/td>\n17.26<\/td>\n1<\/td>\n+0.0403%<\/td>\n1,028.8<\/td>\n<\/tr>\n
Fixed-Floater<\/td>\n4.78%<\/td>\n3.40%<\/td>\n79,069<\/td>\n12.51<\/td>\n7<\/td>\n+0.2188%<\/td>\n1,041.2<\/td>\n<\/tr>\n
Floater<\/td>\n4.57%<\/td>\n-22.20%<\/td>\n62,349<\/td>\n8.22<\/td>\n4<\/td>\n+0.0591%<\/td>\n1,040.8<\/td>\n<\/tr>\n
Op. Retract<\/td>\n4.68%<\/td>\n2.07%<\/td>\n79,896<\/td>\n2.02<\/td>\n17<\/td>\n-0.0751%<\/td>\n1,030.8<\/td>\n<\/tr>\n
Split-Share<\/td>\n5.05%<\/td>\n0.55%<\/td>\n402,952<\/td>\n2.85<\/td>\n11<\/td>\n-0.0468%<\/td>\n1,045.5<\/td>\n<\/tr>\n
Interest Bearing<\/td>\n6.71%<\/td>\n5.64%<\/td>\n74,560<\/td>\n2.64<\/td>\n6<\/td>\n-0.1106%<\/td>\n1,034.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.02%<\/td>\n3.64%<\/td>\n242,646<\/td>\n5.26<\/td>\n55<\/td>\n+0.0184%<\/td>\n1,052.4<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.51%<\/td>\n4.54%<\/td>\n773,725<\/td>\n16.33<\/td>\n3<\/td>\n-0.0132%<\/td>\n1,054.8<\/td>\n<\/tr>\n<\/table>\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.J<\/td>\nOpRet<\/td>\n-1.5575%<\/td>\nHuh. I like this issue – and it has a horrible day! Such is life. Now with a pre-tax bid-YTW of 4.14%, based on a bid of $27.81 and a call 2014-4-30 at $25.00. And 4.14% dividends is worth 5.80% interest, at the Ontario Equivalency Factor<\/a> of 1.4. Try getting that from a seven-year (OK, maybe eleven if there’s no early call) bond!<\/td>\n<\/tr>\n
LBS.PR.A<\/td>\nSplitShare<\/td>\n-1.2727%<\/td>\nAnother issue I like has a lousy day. Huh. It gave up yesterday’s gains<\/a>. Now with a pre-tax bid-YTW of 3.84% based on a bid of $10.86 and a hardMaturity<\/a> 2013-11-29 at $10.00.<\/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
BNA.PR.C<\/td>\nSplitShare<\/td>\n203,480<\/td>\nRecent New Issue<\/a>. CIBC crossed 95,000 at $24.70. Now with a pre-tax bid-YTW of 4.49% based on a bid of $24.72 and a hardMaturity 2019-1-10.<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetualPremium<\/td>\n29,270<\/td>\nRBC crossed 25,000 at $25.05. Now with a pre-tax bid-YTW of 4.76% based on a bid of $25.07 and a limitMaturity<\/a><\/td>\n<\/tr>\n
CM.PR.D<\/td>\nPerpetualPremium<\/td>\n27,190<\/td>\nRBC crossed 15,000 at $26.85. Now with a pre-tax bid-YTW of 3.06% based on a bid of $26.81 and a call 2008-05-30 at $26.00. It may make it to its optionCertainty<\/a> 2034-3-6 at $25.00, to yield 5.27%, but that seems highly unlikely given that it pays $1.4375, $0.30 more p.a. than perpetuals are paying now. But a pre-tax bid-YTW of only 3.06%? The interest-equivalent is comparable with bonds, with more risk (call-risk and interest-rate-risk) on the preferred issue.<\/td>\n<\/tr>\n
CM.PR.H<\/td>\nPerpetualPremium<\/td>\n23,690<\/td>\nNow with a pre-tax bid-YTW of 4.42%, based on a bid of $25.58 and a call 2014-4-29 at $25.00.<\/td>\n<\/tr>\n
TD.PR.O<\/td>\nPerpetualPremium<\/td>\n19,740<\/td>\nIs all this activity the result of Carrick’s article<\/a>? Now with a pre-tax bid-YTW of 4.11% based on a bid of $26.22 and a call 2014-11-30 at $25.00<\/td>\n<\/tr>\n<\/table>\n

There were four other “$25 p.v. equivalent” 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. In this version, index values are based at 1,000.0 on 2006-6-30 Index Mean Current Yield …<\/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-479","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/479","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=479"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/479\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=479"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=479"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=479"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}