{"id":581,"date":"2007-02-14T20:40:03","date_gmt":"2007-02-15T00:40:03","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=581"},"modified":"2007-02-14T20:40:03","modified_gmt":"2007-02-15T00:40:03","slug":"cmprj-not-as-bad-as-expected","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=581","title":{"rendered":"CM.PR.J : Not as Bad as Expected"},"content":{"rendered":"

The new issue from CIBC<\/a> commenced trading today and on heavy volume of 807,580 shares closed at $24.87-88, 30×100.<\/p>\n

CIBC announced<\/a> that<\/p>\n

Following the successful sale of the initially announced
\n10 million Series 32 Shares, the underwriters exercised an option to purchase
\nan additional 2 million shares.<\/p><\/blockquote>\n

The securityCode<\/a> for this issue is A42019, replacing the preIssue<\/a> code of P25005. A reorgDataEntry<\/a> has been input to reflect the change.<\/p>\n

curvePrice<\/a> calculations for it and the comparables previously examined are:<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Curve Prices (and other info) on CM.PR.J and comparables<\/td>\n<\/tr>\n
Data<\/td>\nCM.PR.J<\/td>\nCM.PR.I<\/td>\nCM.PR.H<\/td>\nRY.PR.D<\/td>\n<\/tr>\n
Price due to base-rate<\/td>\n23.05<\/td>\n23.72<\/td>\n23.95<\/td>\n23.17<\/td>\n<\/tr>\n
Price due to short-term<\/td>\n-0.47<\/td>\n-0.48<\/td>\n-0.50<\/td>\n-0.48<\/td>\n<\/tr>\n
Price due to long-term<\/td>\n1.23<\/td>\n1.26<\/td>\n1.30<\/td>\n1.25<\/td>\n<\/tr>\n
Price due to Liquidity<\/td>\n1.43<\/td>\n1.48<\/td>\n1.49<\/td>\n1.48<\/td>\n<\/tr>\n
Price due to error<\/td>\n0.04<\/td>\n0.04<\/td>\n0.04<\/td>\n-0.02<\/td>\n<\/tr>\n
Price due to Credit Spread (Low)<\/td>\n-0.54<\/td>\n-0.55<\/td>\n-0.56<\/td>\nNA<\/td>\n<\/tr>\n
Curve Price<\/td>\n$24.75<\/td>\n$25.46<\/td>\n$25.72<\/td>\n$25.40<\/td>\n<\/tr>\n
Quote 2\/14<\/td>\n$24.87-88<\/td>\n25.50-52<\/td>\n25.86-98<\/td>\n25.01-08<\/td>\n<\/tr>\n
Annual Dividend<\/td>\n$1.125<\/td>\n$1.175<\/td>\n$1.20<\/td>\n$1.125<\/td>\n<\/tr>\n
After-Tax YTW<\/td>\n3.61%<\/td>\n3.56%<\/td>\n3.42%<\/td>\n3.62%<\/td>\n<\/tr>\n
Pre-Tax YTW<\/td>\n4.54%<\/td>\n4.48%<\/td>\n4.30%<\/td>\n4.56%<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

Note that due to recalculation of the yield curve, the values for the components of the curve price are not directly comparable to the components previously reported; but, of course, each reported calculation is internally consistent.<\/p>\n

This issue has been added to the PerpetualDiscount index – the current composition of this index has been uploaded<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The new issue from CIBC commenced trading today and on heavy volume of 807,580 shares closed at $24.87-88, 30×100. CIBC announced that Following the successful sale of the initially announced 10 million Series 32 Shares, …<\/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-581","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\/581","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=581"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/581\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=581"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=581"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=581"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}