{"id":616,"date":"2007-02-22T22:41:08","date_gmt":"2007-02-23T02:41:08","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=616"},"modified":"2007-02-22T22:41:08","modified_gmt":"2007-02-23T02:41:08","slug":"february-22-2007","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=616","title":{"rendered":"February 22, 2007"},"content":{"rendered":"
\n\n\n\n\n\n\n\n\n\n\n\n
Note that these indices are experimental; the absolute and relative daily values are expected to change in the final version. In this version, index values are based at 1,000.0 on 2006-6-30<\/strong><\/td>\n<\/tr>\n
Index<\/td>\nMean Current Yield (at bid)<\/td>\nMean YTW<\/td>\nMean Average Trading Value<\/td>\nMean Mod Dur (YTW)<\/td>\nIssues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n4.11%<\/td>\n4.13%<\/td>\n25,821<\/td>\n17.17<\/td>\n1<\/td>\n-0.0398%<\/td>\n1,043.6<\/td>\n<\/tr>\n
Fixed-Floater<\/td>\n4.82%<\/td>\n3.75%<\/td>\n83,765<\/td>\n6.25<\/td>\n7<\/td>\n-0.1339%<\/td>\n1,040.6<\/td>\n<\/tr>\n
Floater<\/td>\n4.48%<\/td>\n-19.51%<\/td>\n55,890<\/td>\n3.36<\/td>\n5<\/td>\n-0.0621%<\/td>\n1,047.6<\/td>\n<\/tr>\n
Op. Retract<\/td>\n4.71%<\/td>\n2.21%<\/td>\n75,053<\/td>\n2.06<\/td>\n18<\/td>\n-0.0521%<\/td>\n1,030.5<\/td>\n<\/tr>\n
Split-Share<\/td>\n5.09%<\/td>\n0.56%<\/td>\n247,360<\/td>\n2.68<\/td>\n14<\/td>\n+0.0424%<\/td>\n1,045.6<\/td>\n<\/tr>\n
Interest Bearing<\/td>\n6.45%<\/td>\n3.27%<\/td>\n61,399<\/td>\n2.36<\/td>\n5<\/td>\n+0.2939%<\/td>\n1,042.6<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.03%<\/td>\n3.89%<\/td>\n217,077<\/td>\n5.02<\/td>\n51<\/td>\n-0.0622%<\/td>\n1,053.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.53%<\/td>\n4.55%<\/td>\n1,110,515<\/td>\n16.32<\/td>\n11<\/td>\n-0.0140%<\/td>\n1,060.9<\/td>\n<\/tr>\n<\/table>\n<\/div>\n\n\n\n\n
Major Price Changes<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nPerpetualPremium<\/td>\n-1.1735%<\/td>\nNow with a pre-tax bid-YTW of 4.07% based on a bid of $26.95 and a call 2012-11-28 at $25.00.<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nVolume<\/td>\nNotes<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nPerpetualDiscount<\/td>\n80,725<\/td>\nScotia crossed 50,000 at 24.90. This issue went ex-dividend today. Now with a pre-tax bid-YTW of 4.52% based on a bid of $24.85 and a limitMaturity<\/a>.<\/td>\n<\/tr>\n
GWO.PR.F<\/td>\nPerpetualPremium<\/td>\n53,285<\/td>\nTD crossed 47,800 at $28.10. This is the highest priced issue in the PerpetualPremium index and helps to justify a prejudice against premia by sporting a pre-tax bid-YTW of 1.84% based on a bid of $27.87 and a call 2008-10-30 at $26.00. Obviously, there are people who are prepared to slap their money down and bet on a call 2012-10-30 at $25, which will yield 3.84% (pre-tax) … but I’m not one of them! At an annual dividend of $1.475, there’s just too much chance GWO will refinance … but as I’ve said before, I’d be a lot happier if I knew exactly why CL.PR.B still exists<\/a>!<\/td>\n<\/tr>\n
CM.PR.J<\/td>\nPerpetualDiscount<\/td>\n100,455<\/td>\nRecent new issue<\/a>. Now with a pre-tax bid-YTW of 4.53% based on a bid of $24.91 and a limitMaturity.<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n40,333<\/td>\nScotia crossed 40,000 at $24.95.<\/td>\n<\/tr>\n
GWO.PR.X<\/td>\nRetractible<\/td>\n39,759<\/td>\nDesjardins crossed 13,000 at $27.55, Scotia crossed 25,000 at $27.57. This is one of the issues subject to the issuer bid<\/a>, which may (MAY!) have been de-railed by Great-West’s Putnam Purchase<\/a>. Now with a pre-tax bid-YTW of 2.59% based on a bid of $27.55 and a call 2009-10-30 at $26.00 … buyers are hoping for a softMaturity<\/a> 2013-09-29 at $25.00, yielding 3.21%. The latter figure is the interest-equivalent for Ontario fat cats<\/a> of a whopping 4.49%. I note that Great-West LIFE<\/em> (which is GWL, the insurance company, not GWO,\u00a0the parent, so this is not a precise comparison) has some 5.995% 12\/31\/12 Tier 1 paper<\/a> outstanding, indicated at 49bp over Canadas, or about 4.53%, so I fail to see any great attraction in this (preferred) issue, which is one step further away from the actual cash coming in the door.<\/td>\n<\/tr>\n<\/table>\n

There were thirteen other “$25 p.v. equivalent” index-included issues with over 10,000 shares traded today.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note that these indices are experimental; the absolute and relative daily values are expected to change in the final version. In this version, index values are based at 1,000.0 on 2006-6-30 Index Mean Current Yield …<\/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-616","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/616","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=616"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/616\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=616"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=616"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=616"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}