{"id":668,"date":"2007-03-06T21:48:28","date_gmt":"2007-03-07T01:48:28","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=668"},"modified":"2007-03-06T21:48:28","modified_gmt":"2007-03-07T01:48:28","slug":"ypgpra-dials-a-wrong-number","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=668","title":{"rendered":"YPG.PR.A Dials a Wrong Number"},"content":{"rendered":"

The market appeared to disdain the Yellow Pages Group new issue<\/a>, as it dropped well below the issue to close at 24.63-65, 50×14, on heavy volume of 757,556 shares. The YPG bonds, 5.25% of Feb 2016 are now indicated at Canada 4.5\/15 + 146bp, call it about 5.44% at last night’s close. So the bonds have improved since announcement date – even though they’ve widened. Can’t blame the bond market for this one!<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Curve Price & Comparables for YPG.PR.A<\/td>\n<\/tr>\n
Item<\/td>\nYPG.PR.A<\/td>\nBNA.PR.C<\/td>\nBAM.PR.J<\/td>\nCFS.PR.A<\/td>\n<\/tr>\n
Price due to base-rate<\/td>\n24.11<\/td>\n23.85<\/td>\n26.53<\/td>\n9.89<\/td>\n<\/tr>\n
Price due to short-term<\/td>\n-0.39<\/td>\n-0.47<\/td>\n-0.50<\/td>\n-0.14<\/td>\n<\/tr>\n
Price due to long-term<\/td>\n1.41<\/td>\n1.70<\/td>\n1.79<\/td>\n0.52<\/td>\n<\/tr>\n
Price to to Cumulative Dividends<\/td>\n0.00<\/td>\n0.00<\/td>\n0.00<\/td>\n0.00<\/td>\n<\/tr>\n
Price due to SplitShareCorp<\/td>\n0.00<\/td>\n-1.21<\/td>\n0.00<\/td>\n-0.22<\/td>\n<\/tr>\n
Price due to Retractibility<\/td>\n0.73<\/td>\n1.34<\/td>\n1.33<\/td>\n0.25<\/td>\n<\/tr>\n
Price due to Liquidity<\/td>\n0.49<\/td>\n0.90<\/td>\n-0.13<\/td>\n0.17<\/td>\n<\/tr>\n
Price due to Credit Spread (2)<\/td>\n0.00<\/td>\n-0.32<\/td>\n-0.32<\/td>\n0.00<\/td>\n<\/tr>\n
Price due to Credit Spread (3)<\/td>\n-0.54<\/td>\n0.00<\/td>\n0.00<\/td>\n0.00<\/td>\n<\/tr>\n
Price due to Credit Spread (High)<\/td>\n0.00<\/td>\n0.00<\/td>\n0.00<\/td>\n0.00<\/td>\n<\/tr>\n
Price due to Credit Spread (Low)<\/td>\n0.00<\/td>\n0.00<\/td>\n-0.30<\/td>\n0.00<\/td>\n<\/tr>\n
Price due to error<\/td>\n0.01<\/td>\n0.07<\/td>\n0.04<\/td>\n0.00<\/td>\n<\/tr>\n
Curve Price (Taxable Curve)<\/td>\n$25.80<\/td>\n$25.84<\/td>\n$28.44<\/td>\n$10.47<\/td>\n<\/tr>\n
DBRS Credit Rating<\/td>\nPfd-3(high)<\/td>\nPfd-2<\/td>\nPfd-2(low)<\/td>\nPfd-1<\/td>\n<\/tr>\n
Quote, 3\/6<\/td>\n$24.63-65<\/td>\n24.77-84<\/td>\n27.96-12<\/td>\n$10.15-25<\/td>\n<\/tr>\n
YTW (After Tax – bid)<\/td>\n3.62%<\/td>\n3.56%<\/td>\n3.29%<\/td>\n3.19%<\/td>\n<\/tr>\n
Modified Duration (YTW – after tax)<\/td>\n5.22<\/td>\n9.61<\/td>\n6.13<\/td>\n4.47<\/td>\n<\/tr>\n
Pseudo-Convexity (YTW – after tax)<\/td>\n0.38<\/td>\n0.40<\/td>\n-10.95<\/td>\n0.47<\/td>\n<\/tr>\n
YTW (Pre-tax)<\/td>\n4.56%<\/td>\n4.47%<\/td>\n4.14%<\/td>\n4.01%<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

Naturally, this issue is more attractive at 24.65 than it was at 25.00 … but I’ll remind potential purchasers again: it’s only a Pfd-3(high) credit, so it should be included in portfolios only as spice, not as core!<\/p>\n

The issue has been added to the HIMIPref\u2122 database with the securityCode<\/a> A56000. A reorgDataEntry<\/a> has been input to record the transition from the preIssue<\/a> code of P50011.<\/p>\n

As a Pfd-3(high) issue by DBRS<\/a>, this issue is not eligible for inclusion in the HIMIPref\u2122 indices.<\/p>\n

\n

\n<\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The market appeared to disdain the Yellow Pages Group new issue, as it dropped well below the issue to close at 24.63-65, 50×14, on heavy volume of 757,556 shares. The YPG bonds, 5.25% of Feb …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33,13],"tags":[],"class_list":["post-668","post","type-post","status-publish","format-standard","hentry","category-data-fixes","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/668","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=668"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/668\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=668"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=668"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=668"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}