{"id":5006,"date":"2009-01-17T02:17:30","date_gmt":"2009-01-17T06:17:30","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=5006"},"modified":"2009-01-17T02:17:30","modified_gmt":"2009-01-17T06:17:30","slug":"january-16-2009","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=5006","title":{"rendered":"January 16, 2009"},"content":{"rendered":"

The day was enlivened somewhat by reports of excited groupies at the Financial Forum<\/a> and by the closing quote of BNS.PR.S at 26.00-99.99. Whatever happened to the good old days of bid-without? There is still no indication of what SunLife wants to do with its holding<\/a>; but surely at some point Sections 711 & 712 of the TSX Company Manual<\/a> will become applicable:<\/p>\n

Sec. 711.<\/p>\n

TSX will normally consider the delisting of securities of a listed issuer if, in the opinion of TSX, it appears that the public distribution, price, or trading activity of the securities has been so reduced as to make further dealings in the securities on TSX unwarranted.<\/p>\n

Sec. 712.<\/p>\n

Specifically, participating securities may be delisted if:<\/p>\n

(a) the market value of the listed issuer’s issued securities that are listed on TSX is less than $3,000,000 over any period of 30 consecutive trading days; or
\n(b) the market value of the listed issuer’s freely-tradable, publicly held securities is less than $2,000,000 over any period of 30 consecutive trading days; or
\n(c) the number of freely-tradable, publicly held securities is less than 500,000; or
\n(d) the number of public security holders, each holding a board lot or more, is less than 150.
\nNon-participating securities will be subject to (b) above as well as Section 711<\/p><\/blockquote>\n

Still and all, you know, I’m sorely tempted to buy 100 shares at 99.99, just so I can insist on delivery!<\/p>\n

PerpetualDiscounts were off a bit today, closing to yield 6.85% dividends, equivalent to 9.59% interest at the standard 1.4x conversion factor. Long corporates are still at about 7.5%, so the pre-tax interest-equivalent spread remains at around the 210bp level achieved on January 9<\/a>.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n6.91 %<\/td>\n7.48 %<\/td>\n41,341<\/td>\n13.59<\/td>\n2<\/td>\n1.9802 %<\/td>\n869.2<\/td>\n<\/tr>\n
FixedFloater<\/td>\n7.31 %<\/td>\n7.03 %<\/td>\n150,522<\/td>\n13.76<\/td>\n8<\/td>\n-1.0442 %<\/td>\n1,402.1<\/td>\n<\/tr>\n
Floater<\/td>\n5.81 %<\/td>\n5.62 %<\/td>\n34,951<\/td>\n14.48<\/td>\n4<\/td>\n-0.5892 %<\/td>\n1,050.4<\/td>\n<\/tr>\n
OpRet<\/td>\n5.34 %<\/td>\n4.77 %<\/td>\n151,495<\/td>\n4.07<\/td>\n15<\/td>\n-0.1902 %<\/td>\n2,011.8<\/td>\n<\/tr>\n
SplitShare<\/td>\n6.09 %<\/td>\n8.45 %<\/td>\n87,367<\/td>\n4.17<\/td>\n15<\/td>\n0.4873 %<\/td>\n1,827.7<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n7.11 %<\/td>\n9.24 %<\/td>\n40,196<\/td>\n0.91<\/td>\n2<\/td>\n0.0580 %<\/td>\n1,990.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1235 %<\/td>\n1,561.1<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n6.85 %<\/td>\n6.85 %<\/td>\n231,907<\/td>\n12.74<\/td>\n71<\/td>\n-0.1235 %<\/td>\n1,437.8<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.89 %<\/td>\n4.84 %<\/td>\n882,316<\/td>\n15.33<\/td>\n21<\/td>\n0.1337 %<\/td>\n1,835.3<\/td>\n<\/tr>\n<\/table>\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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n-5.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-16
\nMaturity Price : 8.83
\nEvaluated at bid price : 8.83
\nBid-YTW : 7.02 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n-3.91 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-16
\nMaturity Price : 8.60
\nEvaluated at bid price : 8.60
\nBid-YTW : 7.21 %<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\n-3.83 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-16
\nMaturity Price : 12.32
\nEvaluated at bid price : 12.32
\nBid-YTW : 9.80 %<\/td>\n<\/tr>\n
FBS.PR.B<\/td>\nSplitShare<\/td>\n-3.69 %<\/td>\nAsset coverage of 1.1-:1 as of January 15 according to TD Securities<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2011-12-15
\nMaturity Price : 10.00
\nEvaluated at bid price : 8.10
\nBid-YTW : 13.06 %<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\n-3.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-16
\nMaturity Price : 12.25
\nEvaluated at bid price : 12.25
\nBid-YTW : 9.86 %<\/td>\n<\/tr>\n
BCE.PR.Z<\/td>\nFixedFloater<\/td>\n-3.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-16
\nMaturity Price : 25.00
\nEvaluated at bid price : 15.50
\nBid-YTW : 7.33 %<\/td>\n<\/tr>\n
BAM.PR.I<\/td>\nOpRet<\/td>\n-3.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2013-12-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.10
\nBid-YTW : 9.67 %<\/td>\n<\/tr>\n
TD.PR.S<\/td>\nFixedReset<\/td>\n-3.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-16
\nMaturity Price : 22.98
\nEvaluated at bid price : 23.04
\nBid-YTW : 4.04 %<\/td>\n<\/tr>\n
W.PR.H<\/td>\nPerpetual-Discount<\/td>\n-2.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-16
\nMaturity Price : 18.09
\nEvaluated at bid price : 18.09
\nBid-YTW : 7.68 %<\/td>\n<\/tr>\n
DF.PR.A<\/td>\nSplitShare<\/td>\n-2.66 %<\/td>\nAsset coverage of 1.4:1 as of December 31 according to the company<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2014-12-01
\nMaturity Price : 10.00
\nEvaluated at bid price : 8.77
\nBid-YTW : 8.02 %<\/td>\n<\/tr>\n
ELF.PR.G<\/td>\nPerpetual-Discount<\/td>\n-2.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-16
\nMaturity Price : 14.90
\nEvaluated at bid price : 14.90
\nBid-YTW : 8.05 %<\/td>\n<\/tr>\n
ACO.PR.A<\/td>\nOpRet<\/td>\n-2.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2011-11-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.60
\nBid-YTW : 5.15 %<\/td>\n<\/tr>\n
SLF.PR.B<\/td>\nPerpetual-Discount<\/td>\n-1.90 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-16
\nMaturity Price : 16.50
\nEvaluated at bid price : 16.50
\nBid-YTW : 7.37 %<\/td>\n<\/tr>\n
BCE.PR.A<\/td>\nFixedFloater<\/td>\n-1.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-16
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.15
\nBid-YTW : 6.71 %<\/td>\n<\/tr>\n
PWF.PR.G<\/td>\nPerpetual-Discount<\/td>\n-1.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-16
\nMaturity Price : 20.86
\nEvaluated at bid price : 20.86
\nBid-YTW : 7.11 %<\/td>\n<\/tr>\n
BCE.PR.C<\/td>\nFixedFloater<\/td>\n-1.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-16
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.05
\nBid-YTW : 7.18 %<\/td>\n<\/tr>\n
ALB.PR.A<\/td>\nSplitShare<\/td>\n-1.57 %<\/td>\nAsset coverage of 1.2-:1 as of January 15 according to Scotia Managed Companies<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2011-02-28
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 16.17 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nPerpetual-Discount<\/td>\n-1.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-16
\nMaturity Price : 17.59
\nEvaluated at bid price : 17.59
\nBid-YTW : 6.98 %<\/td>\n<\/tr>\n
SLF.PR.A<\/td>\nPerpetual-Discount<\/td>\n-1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-16
\nMaturity Price : 16.75
\nEvaluated at bid price : 16.75
\nBid-YTW : 7.18 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nPerpetual-Discount<\/td>\n-1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-16
\nMaturity Price : 17.87
\nEvaluated at bid price : 17.87
\nBid-YTW : 6.60 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nPerpetual-Discount<\/td>\n-1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-16
\nMaturity Price : 16.06
\nEvaluated at bid price : 16.06
\nBid-YTW : 7.09 %<\/td>\n<\/tr>\n
NA.PR.N<\/td>\nFixedReset<\/td>\n-1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-16
\nMaturity Price : 21.95
\nEvaluated at bid price : 22.00
\nBid-YTW : 4.75 %<\/td>\n<\/tr>\n
TCA.PR.X<\/td>\nPerpetual-Discount<\/td>\n-1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-16
\nMaturity Price : 43.81
\nEvaluated at bid price : 44.75
\nBid-YTW : 6.26 %<\/td>\n<\/tr>\n
CM.PR.H<\/td>\nPerpetual-Discount<\/td>\n-1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-16
\nMaturity Price : 16.65
\nEvaluated at bid price : 16.65
\nBid-YTW : 7.25 %<\/td>\n<\/tr>\n
BNS.PR.M<\/td>\nPerpetual-Discount<\/td>\n1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-16
\nMaturity Price : 17.38
\nEvaluated at bid price : 17.38
\nBid-YTW : 6.51 %<\/td>\n<\/tr>\n
LFE.PR.A<\/td>\nSplitShare<\/td>\n1.17 %<\/td>\nAsset coverage of 1.5-:1 as of December 31 according to the company<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2012-12-01
\nMaturity Price : 10.00
\nEvaluated at bid price : 9.55
\nBid-YTW : 6.69 %<\/td>\n<\/tr>\n
TD.PR.C<\/td>\nFixedReset<\/td>\n1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-16
\nMaturity Price : 24.75
\nEvaluated at bid price : 24.80
\nBid-YTW : 4.84 %<\/td>\n<\/tr>\n
CM.PR.D<\/td>\nPerpetual-Discount<\/td>\n1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-16
\nMaturity Price : 20.31
\nEvaluated at bid price : 20.31
\nBid-YTW : 7.12 %<\/td>\n<\/tr>\n
BAM.PR.O<\/td>\nOpRet<\/td>\n1.68 %<\/td>\nYTW SCENARIO
\nMaturity Type : Option Certainty
\nMaturity Date\t: 2013-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.20
\nBid-YTW : 13.47 %<\/td>\n<\/tr>\n
LBS.PR.A<\/td>\nSplitShare<\/td>\n1.80 %<\/td>\nAsset coverage of 1.4-:1 as of January 15 according to the company<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2013-11-29
\nMaturity Price : 10.00
\nEvaluated at bid price : 8.50
\nBid-YTW : 9.21 %<\/td>\n<\/tr>\n
RY.PR.G<\/td>\nPerpetual-Discount<\/td>\n1.93 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-16
\nMaturity Price : 17.95
\nEvaluated at bid price : 17.95
\nBid-YTW : 6.39 %<\/td>\n<\/tr>\n
BNS.PR.S<\/td>\nFixedReset<\/td>\n1.96 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-02-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.00
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n
CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\n2.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-16
\nMaturity Price : 16.75
\nEvaluated at bid price : 16.75
\nBid-YTW : 7.00 %<\/td>\n<\/tr>\n
PWF.PR.I<\/td>\nPerpetual-Discount<\/td>\n2.74 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-16
\nMaturity Price : 22.32
\nEvaluated at bid price : 22.50
\nBid-YTW : 6.69 %<\/td>\n<\/tr>\n
BNA.PR.A<\/td>\nSplitShare<\/td>\n3.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2010-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.20
\nBid-YTW : 11.58 %<\/td>\n<\/tr>\n
PPL.PR.A<\/td>\nSplitShare<\/td>\n3.82 %<\/td>\nAsset coverage of 1.4-:1 as of December 31, according to the company<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2012-12-01
\nMaturity Price : 10.00
\nEvaluated at bid price : 9.25
\nBid-YTW : 7.29 %<\/td>\n<\/tr>\n
BCE.PR.Y<\/td>\nRatchet<\/td>\n3.86 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-16
\nMaturity Price : 25.00
\nEvaluated at bid price : 14.81
\nBid-YTW : 7.48 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n4.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-16
\nMaturity Price : 13.75
\nEvaluated at bid price : 13.75
\nBid-YTW : 4.51 %<\/td>\n<\/tr>\n
DFN.PR.A<\/td>\nSplitShare<\/td>\n4.65 %<\/td>\nAsset coverage of 1.7-:1 as of December 31 according to the company<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2014-12-01
\nMaturity Price : 10.00
\nEvaluated at bid price : 9.01
\nBid-YTW : 7.46 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
GWO.PR.E<\/td>\nOpRet<\/td>\n127,879<\/td>\nTD crossed three blocks totalling 100,000 shares at 25.10; RBC crossed 25,000 at the same price.
\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2014-03-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.00
\nBid-YTW : 4.77 %<\/td>\n<\/tr>\n
RY.PR.P<\/td>\nFixedReset<\/td>\n102,265<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-03-26
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.35
\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n
TD.PR.E<\/td>\nFixedReset<\/td>\n101,797<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-05-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.27
\nBid-YTW : 6.06 %<\/td>\n<\/tr>\n
NA.PR.O<\/td>\nFixedReset<\/td>\n72,874<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-16
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.05
\nBid-YTW : 6.48 %<\/td>\n<\/tr>\n
BAM.PR.H<\/td>\nOpRet<\/td>\n70,896<\/td>\nAnonymous bought 59,500 from RBC at 22.20.
\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2012-03-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.10
\nBid-YTW : 10.26 %<\/td>\n<\/tr>\n
PPL.PR.A<\/td>\nSplitShare<\/td>\n60,680<\/td>\nAnonymous crossed 15,000 at 9.35. Asset coverage of 1.4-:1 as of December 31 according to the company<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2012-12-01
\nMaturity Price : 10.00
\nEvaluated at bid price : 9.25
\nBid-YTW : 7.29 %<\/td>\n<\/tr>\n
There were 44 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The day was enlivened somewhat by reports of excited groupies at the Financial Forum and by the closing quote of BNS.PR.S at 26.00-99.99. Whatever happened to the good old days of bid-without? There is still …<\/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-5006","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/5006","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=5006"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/5006\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5006"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5006"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5006"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}