{"id":562,"date":"2007-02-06T22:34:51","date_gmt":"2007-02-07T02:34:51","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=562"},"modified":"2007-02-06T22:34:51","modified_gmt":"2007-02-07T02:34:51","slug":"cfspra-eases-into-market","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=562","title":{"rendered":"CFS.PR.A Eases into Market"},"content":{"rendered":"

It was a very quiet opening for this issue, with only 11,200 shares changing hands. The leveraging \/ deleveraging<\/a> feature appears to have found favour only with DBRS<\/a>!<\/p>\n

However, to my chagrin (and, undoubtedly, CC&L Capital Markets’<\/a>), this is a teeny-tiny issue: the TSX reports that only 1.5-million shares are outstanding, for a value of $15-million in prefs and total company capitalization of $30-million.<\/p>\n

Still, even if you take the view that this thing will trade by appointment only, you can’t deny that a lot of investors will consider it worth holding. It’s Pfd-1 and I calculate the curvePrice<\/a> to be $10.42, compared to the closing quote of $10.06-25:<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\nCFS.PR.A<\/td>\nCGI.PR.C<\/td>\n<\/tr>\n
Price due to base-rate<\/td>\n9.87<\/td>\n\u00a023.66<\/td>\n<\/tr>\n
Price due to short-term<\/td>\n-0.20<\/td>\n\u00a0-0.62<\/td>\n<\/tr>\n
Price due to long-term<\/td>\n0.52<\/td>\n\u00a01.55<\/td>\n<\/tr>\n
Price due to SplitShareCorp<\/td>\n-0.21<\/td>\n\u00a0-0.90<\/td>\n<\/tr>\n
Price due to Retractibility<\/td>\n0.30<\/td>\n\u00a01.24<\/td>\n<\/tr>\n
Price due to Liquidity<\/td>\n0.15<\/td>\n\u00a0-0.27<\/td>\n<\/tr>\n
Price due to error<\/td>\n0.01<\/td>\n\u00a00.09<\/td>\n<\/tr>\n
Curve Price (some rounding error)<\/td>\n10.42<\/td>\n\u00a024.75<\/td>\n<\/tr>\n
Quote<\/td>\n10.06-25<\/td>\n\u00a025.86-09<\/td>\n<\/tr>\n
After-Tax bid-YTW<\/td>\n3.29%<\/td>\n\u00a02.82%<\/td>\n<\/tr>\n
Pre-Tax bid-YTW<\/td>\n4.14%<\/td>\n\u00a03.55%<\/td>\n<\/tr>\n
Presumed Maturity<\/td>\n2012-1-31<\/td>\n\u00a02016-06-14<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

Even if one takes the view that the +$0.15 allowance for liquidity turns into -$0.10 for illiquidity (probably a safe bet!) there’s room for some capital gains for those who buy and sell liquidity in small amounts!<\/p>\n

This issue has been entered into the HIMIPref\u2122 database with the securityCode<\/a> A41410, which replaces the preIssue<\/a> code of P25006. A reorgDataEntry<\/a> has been processed.<\/p>\n

The issue has been added to the SplitShares index<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

It was a very quiet opening for this issue, with only 11,200 shares changing hands. The leveraging \/ deleveraging feature appears to have found favour only with DBRS! However, to my chagrin (and, undoubtedly, CC&L …<\/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-562","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\/562","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=562"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/562\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=562"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=562"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=562"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}