{"id":489,"date":"2007-01-17T22:57:56","date_gmt":"2007-01-18T02:57:56","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=489"},"modified":"2007-01-17T22:57:56","modified_gmt":"2007-01-18T02:57:56","slug":"january-17-2007","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=489","title":{"rendered":"January 17, 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>\n4.07%<\/td>\n4.09%<\/td>\n24,015<\/td>\n17.27<\/td>\n1<\/td>\n-0.1609%<\/td>\n1,028.4<\/td>\n<\/tr>\n
Fixed-Floater<\/td>\n4.75%<\/td>\n3.11%<\/td>\n76,886<\/td>\n10.73<\/td>\n7<\/td>\n+0.3083%<\/td>\n1,046.9<\/td>\n<\/tr>\n
Floater<\/td>\n4.57%<\/td>\n-25.47%<\/td>\n63,673<\/td>\n8.20<\/td>\n4<\/td>\n+0.1674%<\/td>\n1,044.8<\/td>\n<\/tr>\n
Op. Retract<\/td>\n4.68%<\/td>\n2.10%<\/td>\n78,584<\/td>\n2.02<\/td>\n17<\/td>\n+0.0116%<\/td>\n1,031.5<\/td>\n<\/tr>\n
Split-Share<\/td>\n5.05%<\/td>\n0.81%<\/td>\n410,266<\/td>\n2.85<\/td>\n11<\/td>\n-0.1176%<\/td>\n1,044.8<\/td>\n<\/tr>\n
Interest Bearing<\/td>\n6.70%<\/td>\n5.64%<\/td>\n75,192<\/td>\n2.81<\/td>\n6<\/td>\n+0.1281%<\/td>\n1,036.6<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.02%<\/td>\n3.68%<\/td>\n237,619<\/td>\n5.43<\/td>\n55<\/td>\n-0.0062%<\/td>\n1,052.2<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.51%<\/td>\n4.53%<\/td>\n1,221,325<\/td>\n16.34<\/td>\n4<\/td>\n-0.0805%<\/td>\n1,054.5<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n
Major Price Changes<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
BCE.PR.Z<\/td>\nFixedFloater<\/td>\n+1.0417%<\/td>\nWhat’s up with FixedFloaters and specifically this issue? The index has gained a total of 0.75% in the last three days. This particular issue is callable at $25.00 on 2007-12-1 and becomes exchangeable into a ratchet-rate preferred at that point … and if BCE feels like it, BCE can put such a crummy rate on the reset option that conversion is almost forced. So, who would\u00a0put a closing bid of\u00a0$26.19 on this stuff? Even more mysteriously, who would pay $28.00 for it? TD Securities bought 122 shares at $28.00<\/strong> and CIBC bought 388 shares at the same price today. ???? That makes two poor retail suckers who have just overpaid big time.<\/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
BMO.PR.J<\/td>\nPerpetualDiscount<\/td>\n371,320<\/td>\nToday’s new issue settlement<\/a> brings lots of lovely commissions to the Street! Now with a pre-tax bid-YTW of 4.52% based on a limitMaturity<\/a>.<\/td>\n<\/tr>\n
FBS.PR.B<\/td>\nSplitShare<\/td>\n265,850<\/td>\nRecent new issue<\/a> continues to trade frantically. But why? Why why why? Now with a pre-tax bid-YTW of 1.93% based on a bid of $10.32 and a call 2008-1-14 at $10.00. Many are obviously betting that it will last until the hardMaturity<\/a> 2011-12-15 … that will be a first, if it happens to a large extent.<\/td>\n<\/tr>\n
BNS.PR.K<\/td>\nPerpetualPremium<\/td>\n72,431<\/td>\nScotia crossed 70,100 at $26.00. Now with a pre-tax bid-YTW of 4.18%, based on a bid of 25.97 and a call 2014-5-28 at $25.00.<\/td>\n<\/tr>\n
CM.PR.I<\/td>\nPerpetualPremium<\/td>\n54,742<\/td>\nNow with a pre-tax bid-YTW of 4.48% based on a bid of $25.42 and a call 2016-3-1 at $25.00. Getting to be a tad expensive, I’d say.<\/td>\n<\/tr>\n
BNA.PR.C<\/td>\nSplitShare<\/td>\n53,075<\/td>\nRecent New Issue<\/a>. Now with a pre-tax bid-YTW of 4.46% based on a bid of $24.81 and a hardMaturity<\/a> 2019-1-10 at $25.00<\/td>\n<\/tr>\n<\/table>\n

There were ten 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-489","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/489","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=489"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/489\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=489"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=489"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=489"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}