{"id":6234,"date":"2009-04-17T19:09:34","date_gmt":"2009-04-17T23:09:34","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=6234"},"modified":"2009-04-17T19:09:34","modified_gmt":"2009-04-17T23:09:34","slug":"april-17-2009","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=6234","title":{"rendered":"April 17, 2009"},"content":{"rendered":"

The first round of the Abitibi CDS auction<\/a> showed extremely low recovery:<\/p>\n

Credit-default swaps traders set an initial value of 3.75 cents on the dollar for bonds of an AbitibiBowater Inc. unit to settle derivatives linked to the newsprint maker that\u2019s now in bankruptcy protection.<\/p><\/blockquote>\n

Royal Bank has announced<\/a>:<\/p>\n

that it expects to record a goodwill impairment charge (on both a pre and after tax basis) of approximately US$850 million for the second quarter ending April 30, 2009. While the charge will reduce second quarter reported earnings by approximately US$850 million, it is a non-cash item and an accounting adjustment, and will not affect our ongoing operations, or our Tier 1 and Total capital ratios.<\/p><\/blockquote>\n

It does not affect the capital ratios because goodwill is already deducted from capital<\/a>. The market yawned. What a difference six months makes, eh? If this announcement had been made at the height of the panic, Royal Bank stock … might have felt some effects.<\/p>\n

Yet another strong day on elevated volume.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n2.0238 %<\/td>\n955.6<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n2.0238 %<\/td>\n1,545.3<\/td>\n<\/tr>\n
Floater<\/td>\n5.11 %<\/td>\n5.13 %<\/td>\n70,028<\/td>\n15.30<\/td>\n2<\/td>\n2.0238 %<\/td>\n1,193.8<\/td>\n<\/tr>\n
OpRet<\/td>\n5.10 %<\/td>\n4.34 %<\/td>\n143,663<\/td>\n3.87<\/td>\n15<\/td>\n0.2687 %<\/td>\n2,131.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n6.67 %<\/td>\n9.36 %<\/td>\n47,273<\/td>\n5.64<\/td>\n3<\/td>\n0.3616 %<\/td>\n1,732.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n6.15 %<\/td>\n9.71 %<\/td>\n27,727<\/td>\n0.68<\/td>\n1<\/td>\n0.4115 %<\/td>\n1,939.5<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.4645 %<\/td>\n1,631.3<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n6.69 %<\/td>\n6.80 %<\/td>\n146,750<\/td>\n12.85<\/td>\n71<\/td>\n0.4645 %<\/td>\n1,502.4<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.93 %<\/td>\n5.38 %<\/td>\n687,638<\/td>\n4.57<\/td>\n35<\/td>\n0.1668 %<\/td>\n1,898.8<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\n-1.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-17
\nMaturity Price : 14.28
\nEvaluated at bid price : 14.28
\nBid-YTW : 8.44 %<\/td>\n<\/tr>\n
GWO.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-17
\nMaturity Price : 21.41
\nEvaluated at bid price : 21.41
\nBid-YTW : 6.97 %<\/td>\n<\/tr>\n
TD.PR.Y<\/td>\nFixedReset<\/td>\n-1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-17
\nMaturity Price : 22.74
\nEvaluated at bid price : 22.80
\nBid-YTW : 4.20 %<\/td>\n<\/tr>\n
BAM.PR.I<\/td>\nOpRet<\/td>\n-1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2013-12-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.02
\nBid-YTW : 6.59 %<\/td>\n<\/tr>\n
CU.PR.B<\/td>\nPerpetual-Discount<\/td>\n1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-17
\nMaturity Price : 23.48
\nEvaluated at bid price : 23.75
\nBid-YTW : 6.41 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nPerpetual-Discount<\/td>\n1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-17
\nMaturity Price : 17.80
\nEvaluated at bid price : 17.80
\nBid-YTW : 6.62 %<\/td>\n<\/tr>\n
NA.PR.M<\/td>\nPerpetual-Discount<\/td>\n1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-17
\nMaturity Price : 22.20
\nEvaluated at bid price : 22.30
\nBid-YTW : 6.74 %<\/td>\n<\/tr>\n
CU.PR.A<\/td>\nPerpetual-Discount<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-17
\nMaturity Price : 22.77
\nEvaluated at bid price : 23.00
\nBid-YTW : 6.40 %<\/td>\n<\/tr>\n
ENB.PR.A<\/td>\nPerpetual-Discount<\/td>\n1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-17
\nMaturity Price : 24.05
\nEvaluated at bid price : 24.30
\nBid-YTW : 5.74 %<\/td>\n<\/tr>\n
PWF.PR.I<\/td>\nPerpetual-Discount<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-17
\nMaturity Price : 21.50
\nEvaluated at bid price : 21.50
\nBid-YTW : 7.02 %<\/td>\n<\/tr>\n
CM.PR.H<\/td>\nPerpetual-Discount<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-17
\nMaturity Price : 17.90
\nEvaluated at bid price : 17.90
\nBid-YTW : 6.74 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nPerpetual-Discount<\/td>\n1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-17
\nMaturity Price : 17.70
\nEvaluated at bid price : 17.70
\nBid-YTW : 6.93 %<\/td>\n<\/tr>\n
BNS.PR.L<\/td>\nPerpetual-Discount<\/td>\n1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-17
\nMaturity Price : 17.86
\nEvaluated at bid price : 17.86
\nBid-YTW : 6.33 %<\/td>\n<\/tr>\n
CM.PR.I<\/td>\nPerpetual-Discount<\/td>\n1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-17
\nMaturity Price : 17.53
\nEvaluated at bid price : 17.53
\nBid-YTW : 6.74 %<\/td>\n<\/tr>\n
IGM.PR.A<\/td>\nOpRet<\/td>\n1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2009-07-30
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.37
\nBid-YTW : 1.39 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-17
\nMaturity Price : 8.61
\nEvaluated at bid price : 8.61
\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n
IAG.PR.A<\/td>\nPerpetual-Discount<\/td>\n1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-17
\nMaturity Price : 15.92
\nEvaluated at bid price : 15.92
\nBid-YTW : 7.32 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nPerpetual-Discount<\/td>\n1.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-17
\nMaturity Price : 16.52
\nEvaluated at bid price : 16.52
\nBid-YTW : 6.89 %<\/td>\n<\/tr>\n
CM.PR.E<\/td>\nPerpetual-Discount<\/td>\n1.89 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-17
\nMaturity Price : 20.45
\nEvaluated at bid price : 20.45
\nBid-YTW : 6.89 %<\/td>\n<\/tr>\n
PWF.PR.E<\/td>\nPerpetual-Discount<\/td>\n2.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-17
\nMaturity Price : 20.31
\nEvaluated at bid price : 20.31
\nBid-YTW : 6.81 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nPerpetual-Discount<\/td>\n2.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-17
\nMaturity Price : 16.16
\nEvaluated at bid price : 16.16
\nBid-YTW : 7.05 %<\/td>\n<\/tr>\n
CL.PR.B<\/td>\nPerpetual-Discount<\/td>\n2.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-17
\nMaturity Price : 22.32
\nEvaluated at bid price : 22.60
\nBid-YTW : 6.99 %<\/td>\n<\/tr>\n
TD.PR.Q<\/td>\nPerpetual-Discount<\/td>\n2.56 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-17
\nMaturity Price : 21.96
\nEvaluated at bid price : 22.05
\nBid-YTW : 6.38 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n2.77 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-17
\nMaturity Price : 8.53
\nEvaluated at bid price : 8.53
\nBid-YTW : 5.17 %<\/td>\n<\/tr>\n
BAM.PR.J<\/td>\nOpRet<\/td>\n2.86 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2018-03-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.60
\nBid-YTW : 7.61 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
RY.PR.X<\/td>\nFixedReset<\/td>\n87,046<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-09-23
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.86
\nBid-YTW : 5.60 %<\/td>\n<\/tr>\n
RY.PR.N<\/td>\nFixedReset<\/td>\n82,200<\/td>\nTD bought 21,000 from Anonymous at 26.42. The HIMIPref™ calculation of YTW will be controversial, but it is the same situation as has been previously discussed<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-17
\nMaturity Price : 23.56
\nEvaluated at bid price : 26.40
\nBid-YTW : 5.25 %<\/td>\n<\/tr>\n
RY.PR.D<\/td>\nPerpetual-Discount<\/td>\n72,465<\/td>\nTD crossed 15,000 at 18.00.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-17
\nMaturity Price : 18.00
\nEvaluated at bid price : 18.00
\nBid-YTW : 6.37 %<\/td>\n<\/tr>\n
RY.PR.T<\/td>\nFixedReset<\/td>\n59,436<\/td>\nScotia bought two blocks of 10,000 shares each from National, both at 25.90.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-09-23
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.90
\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n
MFC.PR.D<\/td>\nFixedReset<\/td>\n55,069<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.70
\nBid-YTW : 6.19 %<\/td>\n<\/tr>\n
CM.PR.M<\/td>\nFixedReset<\/td>\n51,520<\/td>\nDesjardins bought 16,500 from RBC at 25.80.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-08-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.84
\nBid-YTW : 5.95 %<\/td>\n<\/tr>\n
There were 43 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The first round of the Abitibi CDS auction showed extremely low recovery: Credit-default swaps traders set an initial value of 3.75 cents on the dollar for bonds of an AbitibiBowater Inc. unit to settle derivatives …<\/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-6234","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/6234","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=6234"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/6234\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6234"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6234"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6234"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}