{"id":5200,"date":"2009-01-27T18:36:39","date_gmt":"2009-01-27T22:36:39","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=5200"},"modified":"2009-01-27T18:36:39","modified_gmt":"2009-01-27T22:36:39","slug":"bmoprj-vs-ciupra-credit-or-cumulativity","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=5200","title":{"rendered":"BMO.PR.J vs. CIU.PR.A: Credit or Cumulativity?"},"content":{"rendered":"<p>I have had occasion recently to look carefully at BMO.PR.J and CIU.PR.A and thought I&#8217;d pass along some of the data.<\/p>\n<p>They&#8217;re very similar issues: both came out during the issuance rush of early 2007 (BMO.PR.J at the beginning, CIU.PR.A at the end &#8230; BMO.PR.J pays $1.125 p.a., while CIU.PR.A pays $1.15.<\/p>\n<p>The major differences between them are:<\/p>\n<ul>\n<li><b>Credit<\/b>: BMO is Pfd-1; CIU is Pfd-2(high)\n<li><b>Cumulativity<\/b>: BMO.PR.J is non-cumulative; CIU.PR.A is cumulative.\n<li><b>Volume<\/b>: BMO.PR.J has an average daily trading volume worth $511M; CIU&#8217;s is only $95M<\/ul>\n<p>CIU.PR.A should be analyzed as <a href=\"http:\/\/www.prefblog.com\/?p=2303\">junior to the series second<\/a> showing on their books.<\/p>\n<p>I have previously <a href=\"http:\/\/www.prefblog.com\/?p=2390\">compared BMO.PR.J with BMO.PR.H<\/a>.<\/p>\n<p>Both issues were <a href=\"http:\/\/www.prefblog.com\/?p=964\">added to TXPR in July 2007<\/a>.<\/p>\n<p>Anyway, with no further comment, here are some graphs:<\/p>\n<ul>\n<li><a href=\"http:\/\/www.prefblog.com\/wp-content\/uploads\/2009\/01\/bmoj_ciua_ytw.pdf\">YTW<\/a>\n<li><a href='http:\/\/www.prefblog.com\/wp-content\/uploads\/2009\/01\/bmoj_ciua_ytwdiff.pdf'>YTW Difference<\/a>\n<li><a href='http:\/\/www.prefblog.com\/wp-content\/uploads\/2009\/01\/bmoj_ciua_flatbid.pdf'>Flat Bid Price<\/a>\n<li><a href='http:\/\/www.prefblog.com\/wp-content\/uploads\/2009\/01\/bmoj_ciua_flatbiddiff.pdf'>Flat Bid Price Difference<\/a><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>I have had occasion recently to look carefully at BMO.PR.J and CIU.PR.A and thought I&#8217;d pass along some of the data. They&#8217;re very similar issues: both came out during the issuance rush of early 2007 &hellip;<\/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-5200","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/5200","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=5200"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/5200\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5200"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5200"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5200"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}