{"id":497,"date":"2007-01-19T23:14:01","date_gmt":"2007-01-20T03:14:01","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=497"},"modified":"2007-01-19T23:14:01","modified_gmt":"2007-01-20T03:14:01","slug":"no-surprises-on-rypre-first-day-of-trading","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=497","title":{"rendered":"No Surprises on RY.PR.E First Day of Trading"},"content":{"rendered":"<p>This was pretty much a carbon copy of <a href=\"http:\/\/www.prefblog.com\/?p=484\">the BMO.PR.J<\/a> opening last Wednesday. Volume was 313,249 trading in a range of 24.85-95 &#8211; which was below the issue price, which is eventually going to annoy the buyers of these new issues!<\/p>\n<p>It closed at 24.90-92, 17&#215;338, and looks reasonably attractive\u00a0there. When I look at the <a href=\"http:\/\/www.prefshares.com\/glossary.html#curvePrice\">curvePrice<\/a> according to the <a href=\"http:\/\/www.prefshares.com\/glossary.html#yieldCurve\">yieldCurve<\/a> calculated for taxable accounts, I get:<\/p>\n<div align=\"center\">\n<table border=\"1\">\n<tr>\n<td colspan=\"2\"><strong>RY.PR.E Taxable Curve Price<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Component<\/td>\n<td>Value<\/td>\n<\/tr>\n<tr>\n<td>Price due to base-rate<\/td>\n<td>23.30<\/td>\n<\/tr>\n<tr>\n<td>Price due to short-term<\/td>\n<td>0.04<\/td>\n<\/tr>\n<tr>\n<td>Price due to long-term<\/td>\n<td>0.49<\/td>\n<\/tr>\n<tr>\n<td>Price due to Liquidity<\/td>\n<td>1.48<\/td>\n<\/tr>\n<tr>\n<td>Price due to error<\/td>\n<td>-0.03<\/td>\n<\/tr>\n<tr>\n<td><strong>Total<\/strong><\/td>\n<td><strong>25.28<\/strong><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>At the closing bid of $24.90, the issue has a pre-tax bid-<a href=\"http:\/\/www.prefshares.com\/glossary.html#yieldToWorst\">yieldToWorst<\/a> of 4.53%, based on a <a href=\"http:\/\/www.prefshares.com\/glossary.html#limitMaturity\">limitMaturity<\/a>.<\/p>\n<p>The issue has been added to the <a href=\"http:\/\/www.prefblog.com\/wp-content\/uploads\/2007\/01\/J9_070119.pdf\">PerpetualDiscount index<\/a>.<\/p>\n<p>The <a href=\"http:\/\/www.prefshares.com\/glossary.html#securityCode\">securityCode<\/a> for this issue is A45014 and a <a href=\"http:\/\/www.prefshares.com\/glossary.html#reorgDataEntry\">reorgDataEntry<\/a> has been processed to reflect the change from the <a href=\"http:\/\/www.prefshares.com\/glossary.html#preIssue\">preIssue<\/a> code of P87000.<\/p>\n<p><b>Update (for linking!) 2007-01-27<\/b> : This issue was <a href=\"http:\/\/www.prefblog.com\/?p=463\">announced on January 10.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This was pretty much a carbon copy of the BMO.PR.J opening last Wednesday. Volume was 313,249 trading in a range of 24.85-95 &#8211; which was below the issue price, which is eventually going to annoy &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33,10,13],"tags":[],"class_list":["post-497","post","type-post","status-publish","format-standard","hentry","category-data-fixes","category-index-construction-and-reporting","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/497","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=497"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/497\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=497"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=497"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=497"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}