{"id":49905,"date":"2019-01-28T19:38:00","date_gmt":"2019-01-29T00:38:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=49905"},"modified":"2025-08-28T19:40:11","modified_gmt":"2025-08-28T23:40:11","slug":"td-pf-l-holds-its-own-on-muted-volume","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49905","title":{"rendered":"TD.PF.L Holds Its Own on Muted Volume"},"content":{"rendered":"

The Toronto-Dominion Bank new issue closed today without a formal announcement from the company.<\/p>\n

TD.PF.L is a FixedReset, 5.20%+327, announced 2019-01-17<\/a>. It has been assigned to the FixedReset-Discount subindex.<\/p>\n

TD.PF.L traded 688,942 shares today in a range of 24.75-92 before settling at 24.85-88. Vital statistics are:<\/p>\n

\n\n\n
TD.PF.L<\/td>\nFixedReset Disc<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-01-28
\nMaturity Price : 23.09
\nEvaluated at bid price : 24.85
\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

The new issue is ridiculously expensive according to Implied Volatility Analysis<\/a>:<\/p>\n

\"impvol_td_190128\"<\/a>
Click for Big<\/i><\/div>\n

According to this analysis, the fair value of the new issue on January 28 is 22.93, down from 23.32 on January 19. Note that TD.PF.K, a FixedReset, 4.75%+259, NVCC Compliant issue that commenced trading 2018-9-13<\/a> after being announced 2018-9-4<\/a>, was quoted today at 20.80-21, compared to 22.50-65 on January 19. The fair value of TD.PF.K is 20.68 on January 28, according to the analysis, compared to 21.24 on January 19; it is now merely 0.12 rich, compared to 1.26 rich on the TD.PF.L announcement date.<\/p>\n

It’s interesting to note that the theoretical spread (on a notional non-callable perpetual resettable annuity) is just a bit more than the actual issue spread for TD.PF.L – which means that TD is basically not just getting the call options on the issue for free, they’re actually being paid to take them!<\/p>\n","protected":false},"excerpt":{"rendered":"

The Toronto-Dominion Bank new issue closed today without a formal announcement from the company. TD.PF.L is a FixedReset, 5.20%+327, announced 2019-01-17. It has been assigned to the FixedReset-Discount subindex. TD.PF.L traded 688,942 shares today in …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-49905","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49905","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=49905"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49905\/revisions"}],"predecessor-version":[{"id":49906,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49905\/revisions\/49906"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49905"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49905"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49905"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}