{"id":6101,"date":"2009-04-01T20:10:05","date_gmt":"2009-04-02T00:10:05","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=6101"},"modified":"2009-04-01T20:10:05","modified_gmt":"2009-04-02T00:10:05","slug":"april-1-2009","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=6101","title":{"rendered":"April 1, 2009"},"content":{"rendered":"<p>Thornburg Mortgage has been a fascinating continuing saga and I have referred to it frequently in conversation over the past six months &#8211; it was last mentioned on PrefBlog on <a href=\"http:\/\/www.prefblog.com\/?p=2639\">August 22<\/a>. It is the only example I know of in which preferred shareholders were the target of a partial cram-down: reorganizations and bankruptcies are usually an all-or-nothing affair for preferred shareholders, but in this instance they got partial value.<\/p>\n<p>All for naught! <a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601087&#038;sid=acP.oPOVP3VI&#038;refer=home\">Thornburg Mortgage is going bust<\/a>.<\/p>\n<p>In a startling development some US investors in AIG have been able to figure out who the villains might be (assuming there are villains) when considering excessive bonuses (assuming bonuses are excessive) and are <a href=\"http:\/\/www.reuters.com\/article\/newsOne\/idUSTRE53016O20090401\">going after the chairman of the board&#8217;s compensation committee<\/a>. A Nobel prize in economics can&#8217;t be far behind.<\/p>\n<p>Another banner day for preferreds, with PerpetualDiscounts leading the way and FixedResets not far behind. PerpetualDiscounts now yield 7.26%, equivalent to 10.16% interest at the standard 1.4x equivalency factor; <a href=\"http:\/\/www.canadianbondindices.com\/ltbi.asp\">long corporates<\/a> are now at 7.4% (maybe a tad higher) for a pre-tax interest-equivalent spread of 276bp.<\/p>\n<table border='1'>\n<tr>\n<td colspan='8'><strong>HIMIPref&trade; Preferred Indices<br \/>These values reflect the December 2008 revision of the HIMIPref&trade; Indices<\/strong><br \/>Values are provisional and are finalized monthly<\/td>\n<\/tr>\n<tr>\n<td>Index<\/td>\n<td>Mean<br \/>Current<br \/>Yield<br \/>(at bid)<\/td>\n<td>Median<br \/>YTW<\/td>\n<td>Median<br \/>Average<br \/>Trading<br \/>Value<\/td>\n<td>Median<br \/>Mod Dur<br \/>(YTW)<\/td>\n<td>Issues<\/td>\n<td>Day&#8217;s Perf.<\/td>\n<td>Index Value<\/td>\n<\/tr>\n<tr>\n<td>Ratchet<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>-1.0890 %<\/td>\n<td>860.8<\/td>\n<\/tr>\n<tr>\n<td>FixedFloater<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>-1.0890 %<\/td>\n<td>1,392.1<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>5.67 %<\/td>\n<td>5.56 %<\/td>\n<td>75,671<\/td>\n<td>14.57<\/td>\n<td>2<\/td>\n<td>-1.0890 %<\/td>\n<td>1,075.4<\/td>\n<\/tr>\n<tr>\n<td>OpRet<\/td>\n<td>5.21 %<\/td>\n<td>4.78 %<\/td>\n<td>136,820<\/td>\n<td>3.87<\/td>\n<td>15<\/td>\n<td>0.3322 %<\/td>\n<td>2,080.2<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>7.01 %<\/td>\n<td>11.10 %<\/td>\n<td>46,959<\/td>\n<td>5.67<\/td>\n<td>3<\/td>\n<td>0.3075 %<\/td>\n<td>1,649.1<\/td>\n<\/tr>\n<tr>\n<td>Interest-Bearing<\/td>\n<td>6.18 %<\/td>\n<td>9.85 %<\/td>\n<td>31,631<\/td>\n<td>0.72<\/td>\n<td>1<\/td>\n<td>0.1031 %<\/td>\n<td>1,929.6<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.9255 %<\/td>\n<td>1,530.4<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>7.09 %<\/td>\n<td>7.26 %<\/td>\n<td>154,345<\/td>\n<td>12.29<\/td>\n<td>71<\/td>\n<td>0.9255 %<\/td>\n<td>1,409.4<\/td>\n<\/tr>\n<tr>\n<td>FixedReset<\/td>\n<td>6.09 %<\/td>\n<td>5.83 %<\/td>\n<td>769,743<\/td>\n<td>13.72<\/td>\n<td>34<\/td>\n<td>0.5379 %<\/td>\n<td>1,834.7<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='4'><strong>Performance Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Change<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.E<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.33 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 18.60<br \/>\nEvaluated at bid price : 18.60<br \/>\nBid-YTW : 7.57 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.B<\/td>\n<td>Floater<\/td>\n<td>-1.25 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 7.90<br \/>\nEvaluated at bid price : 7.90<br \/>\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n<tr>\n<td>W.PR.H<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.09 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 19.04<br \/>\nEvaluated at bid price : 19.04<br \/>\nBid-YTW : 7.26 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PR.Q<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.00 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 21.21<br \/>\nEvaluated at bid price : 21.21<br \/>\nBid-YTW : 6.74 %<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.O<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.01 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 20.98<br \/>\nEvaluated at bid price : 20.98<br \/>\nBid-YTW : 6.82 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.F<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.02 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 19.90<br \/>\nEvaluated at bid price : 19.90<br \/>\nBid-YTW : 7.48 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.D<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.03 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 14.76<br \/>\nEvaluated at bid price : 14.76<br \/>\nBid-YTW : 7.61 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.L<\/td>\n<td>FixedReset<\/td>\n<td>1.08 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 24.28<br \/>\nEvaluated at bid price : 24.33<br \/>\nBid-YTW : 4.89 %<\/td>\n<\/tr>\n<tr>\n<td>POW.PR.B<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.10 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 17.51<br \/>\nEvaluated at bid price : 17.51<br \/>\nBid-YTW : 7.69 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.I<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.14 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 15.07<br \/>\nEvaluated at bid price : 15.07<br \/>\nBid-YTW : 7.54 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.A<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.15 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 15.80<br \/>\nEvaluated at bid price : 15.80<br \/>\nBid-YTW : 7.59 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.R<\/td>\n<td>FixedReset<\/td>\n<td>1.18 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2014-03-26<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.75<br \/>\nBid-YTW : 5.83 %<\/td>\n<\/tr>\n<tr>\n<td>HSB.PR.C<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.20 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 17.71<br \/>\nEvaluated at bid price : 17.71<br \/>\nBid-YTW : 7.26 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.H<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.21 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 21.39<br \/>\nEvaluated at bid price : 21.71<br \/>\nBid-YTW : 6.60 %<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.L<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.23 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 20.55<br \/>\nEvaluated at bid price : 20.55<br \/>\nBid-YTW : 7.18 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PR.R<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.24 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 21.23<br \/>\nEvaluated at bid price : 21.23<br \/>\nBid-YTW : 6.74 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.H<\/td>\n<td>OpRet<\/td>\n<td>1.25 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Soft Maturity<br \/>\nMaturity Date\t: 2012-03-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 23.50<br \/>\nBid-YTW : 8.10 %<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.J<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.26 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 16.91<br \/>\nEvaluated at bid price : 16.91<br \/>\nBid-YTW : 6.76 %<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.E<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.27 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 19.09<br \/>\nEvaluated at bid price : 19.09<br \/>\nBid-YTW : 7.35 %<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.L<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.32 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 16.93<br \/>\nEvaluated at bid price : 16.93<br \/>\nBid-YTW : 6.79 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.B<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.35 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 15.82<br \/>\nEvaluated at bid price : 15.82<br \/>\nBid-YTW : 7.44 %<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.I<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.39 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 16.10<br \/>\nEvaluated at bid price : 16.10<br \/>\nBid-YTW : 7.32 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.F<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.39 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 16.78<br \/>\nEvaluated at bid price : 16.78<br \/>\nBid-YTW : 6.74 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.I<\/td>\n<td>OpRet<\/td>\n<td>1.40 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Soft Maturity<br \/>\nMaturity Date\t: 2013-12-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 21.80<br \/>\nBid-YTW : 8.93 %<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.G<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.48 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 18.53<br \/>\nEvaluated at bid price : 18.53<br \/>\nBid-YTW : 7.30 %<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.K<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.58 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 17.98<br \/>\nEvaluated at bid price : 17.98<br \/>\nBid-YTW : 6.82 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PR.S<\/td>\n<td>FixedReset<\/td>\n<td>1.67 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 21.80<br \/>\nEvaluated at bid price : 21.86<br \/>\nBid-YTW : 4.31 %<\/td>\n<\/tr>\n<tr>\n<td>HSB.PR.D<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.72 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 16.60<br \/>\nEvaluated at bid price : 16.60<br \/>\nBid-YTW : 7.60 %<\/td>\n<\/tr>\n<tr>\n<td>W.PR.J<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.72 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 20.14<br \/>\nEvaluated at bid price : 20.14<br \/>\nBid-YTW : 6.99 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PR.C<\/td>\n<td>FixedReset<\/td>\n<td>1.73 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 24.63<br \/>\nEvaluated at bid price : 24.68<br \/>\nBid-YTW : 4.91 %<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.K<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.84 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 21.00<br \/>\nEvaluated at bid price : 21.00<br \/>\nBid-YTW : 7.10 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PR.Y<\/td>\n<td>FixedReset<\/td>\n<td>1.84 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 22.05<br \/>\nEvaluated at bid price : 22.10<br \/>\nBid-YTW : 4.39 %<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.J<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.96 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 19.76<br \/>\nEvaluated at bid price : 19.76<br \/>\nBid-YTW : 6.79 %<\/td>\n<\/tr>\n<tr>\n<td>ELF.PR.G<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.96 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 13.51<br \/>\nEvaluated at bid price : 13.51<br \/>\nBid-YTW : 8.85 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.K<\/td>\n<td>Perpetual-Discount<\/td>\n<td>2.11 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 16.95<br \/>\nEvaluated at bid price : 16.95<br \/>\nBid-YTW : 7.47 %<\/td>\n<\/tr>\n<tr>\n<td>POW.PR.C<\/td>\n<td>Perpetual-Discount<\/td>\n<td>2.21 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 18.94<br \/>\nEvaluated at bid price : 18.94<br \/>\nBid-YTW : 7.70 %<\/td>\n<\/tr>\n<tr>\n<td>BNA.PR.C<\/td>\n<td>SplitShare<\/td>\n<td>2.25 %<\/td>\n<td>Asset coverage of 1.7-:1 as of February 28 according to <a href=\"http:\/\/www.bamsplit.com\/investor\/nav.htm\">the company<\/a>.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2019-01-10<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 11.36<br \/>\nBid-YTW : 15.51 %<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.M<\/td>\n<td>Perpetual-Discount<\/td>\n<td>2.26 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 21.28<br \/>\nEvaluated at bid price : 21.28<br \/>\nBid-YTW : 7.19 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.B<\/td>\n<td>Perpetual-Discount<\/td>\n<td>2.29 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 17.90<br \/>\nEvaluated at bid price : 17.90<br \/>\nBid-YTW : 6.67 %<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.K<\/td>\n<td>Perpetual-Discount<\/td>\n<td>2.35 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 18.75<br \/>\nEvaluated at bid price : 18.75<br \/>\nBid-YTW : 7.12 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.G<\/td>\n<td>Perpetual-Discount<\/td>\n<td>2.39 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 20.11<br \/>\nEvaluated at bid price : 20.11<br \/>\nBid-YTW : 7.51 %<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.N<\/td>\n<td>FixedReset<\/td>\n<td>2.40 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 23.79<br \/>\nEvaluated at bid price : 23.86<br \/>\nBid-YTW : 4.38 %<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.P<\/td>\n<td>Perpetual-Discount<\/td>\n<td>2.56 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 18.83<br \/>\nEvaluated at bid price : 18.83<br \/>\nBid-YTW : 7.32 %<\/td>\n<\/tr>\n<tr>\n<td>IAG.PR.A<\/td>\n<td>Perpetual-Discount<\/td>\n<td>3.00 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 14.76<br \/>\nEvaluated at bid price : 14.76<br \/>\nBid-YTW : 7.87 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.H<\/td>\n<td>Perpetual-Discount<\/td>\n<td>3.33 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 19.25<br \/>\nEvaluated at bid price : 19.25<br \/>\nBid-YTW : 7.65 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.L<\/td>\n<td>Perpetual-Discount<\/td>\n<td>4.02 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 17.08<br \/>\nEvaluated at bid price : 17.08<br \/>\nBid-YTW : 7.64 %<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='4'><strong>Volume Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Shares<br \/>Traded<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.X<\/td>\n<td>FixedReset<\/td>\n<td>725,748<\/td>\n<td><a href=\"http:\/\/www.prefblog.com\/?p=6107\">New issue settled today<\/a>.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 23.14<br \/>\nEvaluated at bid price : 25.02<br \/>\nBid-YTW : 6.11 %<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.O<\/td>\n<td>FixedReset<\/td>\n<td>117,942<\/td>\n<td><a href=\"http:\/\/www.prefblog.com\/?p=5972\">Recent new issue<\/a>.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 25.07<br \/>\nEvaluated at bid price : 25.12<br \/>\nBid-YTW : 6.38 %<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.K<\/td>\n<td>Perpetual-Discount<\/td>\n<td>81,775<\/td>\n<td>Nesbitt crossed 16,000 at 18.50 and sold two blocks to Scotia at the same price, 25,000 &#038; 12,500 shares.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 18.75<br \/>\nEvaluated at bid price : 18.75<br \/>\nBid-YTW : 7.12 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PR.R<\/td>\n<td>Perpetual-Discount<\/td>\n<td>54,500<\/td>\n<td>TD crossed two blocks at 21.19: 11,000 &#038; 38,600 shares.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 21.23<br \/>\nEvaluated at bid price : 21.23<br \/>\nBid-YTW : 6.74 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.D<\/td>\n<td>FixedReset<\/td>\n<td>53,614<\/td>\n<td><a href=\"http:\/\/www.prefblog.com\/?p=5755\">Recent new issue<\/a>.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-04-01<br \/>\nMaturity Price  : 24.50<br \/>\nEvaluated at bid price : 24.55<br \/>\nBid-YTW : 6.58 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.X<\/td>\n<td>OpRet<\/td>\n<td>53,161<\/td>\n<td>TD crossed two blocks at 25.05: 25,000 &#038; 14,000 shares.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Soft Maturity<br \/>\nMaturity Date\t: 2013-09-29<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.05<br \/>\nBid-YTW : 4.78 %<\/td>\n<\/tr>\n<tr>\n<td colspan='4'>There were 39 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Thornburg Mortgage has been a fascinating continuing saga and I have referred to it frequently in conversation over the past six months &#8211; it was last mentioned on PrefBlog on August 22. It is the &hellip;<\/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-6101","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/6101","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=6101"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/6101\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6101"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6101"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6101"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}