{"id":628,"date":"2007-02-23T23:12:15","date_gmt":"2007-02-24T03:12:15","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=628"},"modified":"2007-02-23T23:12:15","modified_gmt":"2007-02-24T03:12:15","slug":"february-23-2007","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=628","title":{"rendered":"February 23, 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>\n25,807<\/td>\n17.16<\/td>\n1<\/td>\n+0.0797%<\/td>\n1,044.4<\/td>\n<\/tr>\n
Fixed-Floater<\/td>\n4.82%<\/td>\n3.67%<\/td>\n82,206<\/td>\n8.11<\/td>\n7<\/td>\n-0.1619%<\/td>\n1,038.9<\/td>\n<\/tr>\n
Floater<\/td>\n4.47%<\/td>\n-21.65%<\/td>\n55,328<\/td>\n0.09<\/td>\n5<\/td>\n+0.2472%<\/td>\n1,050.2<\/td>\n<\/tr>\n
Op. Retract<\/td>\n4.71%<\/td>\n2.20%<\/td>\n74,930<\/td>\n2.06<\/td>\n18<\/td>\n+0.1107%<\/td>\n1,031.6<\/td>\n<\/tr>\n
Split-Share<\/td>\n5.09%<\/td>\n0.69%<\/td>\n243,722<\/td>\n2.79<\/td>\n14<\/td>\n-0.0904%<\/td>\n1,044.7<\/td>\n<\/tr>\n
Interest Bearing<\/td>\n6.45%<\/td>\n4.20%<\/td>\n61,918<\/td>\n2.36<\/td>\n5<\/td>\n-0.0854%<\/td>\n1,041.7<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.03%<\/td>\n3.83%<\/td>\n215,324<\/td>\n4.99<\/td>\n51<\/td>\n+0.0169%<\/td>\n1,053.8<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.53%<\/td>\n4.55%<\/td>\n1,093,810<\/td>\n16.31<\/td>\n11<\/td>\n-0.0946%<\/td>\n1,059.9<\/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
AL.PR.E<\/td>\nFloater<\/td>\n+1.3303%<\/td>\n\u00a0<\/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
CM.PR.G<\/td>\nPerpetualPremium<\/td>\n55,655<\/td>\nNow with a pre-tax bid-YTW of 4.31% based on a bid of 26.80 and a call either 2011-5-31 at $25.75, or 2012-5-31 @ $25.50. Take your pick, it’s on the bubble and the yields are identical (well … to two decimal places, anyway).<\/td>\n<\/tr>\n
CM.PR.D<\/td>\nPerpetualPremium<\/td>\n51,800<\/td>\nDesjardins crossed 50,000 at $27.00. Now with a pre-tax bid-YTW of 3.15% based on a bid of $26.87 and a call 2008-5-30 at $26.00. This is the Commerce issue with the second-highest dividend (after CM.PR.C, which I consider a lock to be called<\/a> in the summer)<\/td>\n<\/tr>\n
BAM.PR.H<\/td>\nOpRet<\/td>\n50,552<\/td>\nScotia crossed 50,000 at $27.30. Who would buy at this level? The pre-tax bid-YTW is 2.54% based on a bid of $27.25 and a call 2008-10-30 at $25.75 … maybe, just maybe, it will make it to its soft maturity 2012-3-30 at $25.00, to have yielded 3.99%, but even then, the equivalency factor of 1.4<\/a> translates to a 5.60% interest-equivalent … OK, but is it really worth the risk? I’ve seen some dealer commentary to the effect that, sure, opRets are too expensive for individuals, but they’re fine for corporations that don’t pay tax on the dividends. Well, perhaps.<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nPerpetualDiscount<\/td>\n46,148<\/td>\nRecent new issue<\/a>. Now with a pre-tax bid-YTW of 4.51% based on a bid of $24.85 and a limitMaturity<\/a>.<\/td>\n<\/tr>\n
BMO.PR.J<\/td>\nPerpetualDiscount<\/td>\n43,280<\/td>\nRecent new issue<\/a>. Now with a pre-tax bid-YTW of 4.52% based on a bid of $25.11 and either a call 2016-3-26 at $25.00, or a limitMaturity, take your pick.<\/td>\n<\/tr>\n<\/table>\n

There were eleven other “$25 p.v. equivalent” index-included issues with over 10,000 shares traded today.\n<\/p>\n

<\/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-628","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/628","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=628"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/628\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=628"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=628"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=628"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}