{"id":708,"date":"2007-03-22T23:41:21","date_gmt":"2007-03-23T03:41:21","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=708"},"modified":"2007-03-22T23:41:21","modified_gmt":"2007-03-23T03:41:21","slug":"march-22-2007","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=708","title":{"rendered":"March 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>\n4.14%<\/td>\n4.01%<\/td>\n80,670<\/td>\n3.84<\/td>\n1<\/td>\n-0.1983%<\/td>\n1,049.0<\/td>\n<\/tr>\n
Fixed-Floater<\/td>\n4.98%<\/td>\n3.85%<\/td>\n100,115<\/td>\n7.84<\/td>\n5<\/td>\n-0.3063%<\/td>\n1,039.4<\/td>\n<\/tr>\n
Floater<\/td>\n4.72%<\/td>\n-18.75%<\/td>\n75,630<\/td>\n0.32<\/td>\n3<\/td>\n+0.0000%<\/td>\n1,054.2<\/td>\n<\/tr>\n
Op. Retract<\/td>\n4.70%<\/td>\n2.78%<\/td>\n79,019<\/td>\n2.14<\/td>\n17<\/td>\n+0.0907%<\/td>\n1,035.9<\/td>\n<\/tr>\n
Split-Share<\/td>\n4.99%<\/td>\n2.83%<\/td>\n173,289<\/td>\n3.32<\/td>\n14<\/td>\n+0.1537%<\/td>\n1,053.5<\/td>\n<\/tr>\n
Interest Bearing<\/td>\n6.50%<\/td>\n4.91%<\/td>\n65,174<\/td>\n2.31<\/td>\n5<\/td>\n+0.1303%<\/td>\n1,042.1<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.01%<\/td>\n3.81%<\/td>\n230,216<\/td>\n5.22<\/td>\n53<\/td>\n-0.0304%<\/td>\n1,058.7<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.53%<\/td>\n4.54%<\/td>\n865,516<\/td>\n14.41<\/td>\n10<\/td>\n-0.0954%<\/td>\n1,066.3<\/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
There were no index-included issues with notable performances today.<\/td>\n<\/tr>\n<\/table>\n\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
RY.PR.A<\/td>\nPerpetualDiscount<\/td>\n358,978<\/td>\nTD crossed 100,000 at 25.05, then another 50,000 at the same price. Now with a pre-tax bid-YTW of 4.48% based on a bid of $25.00 and a limitMaturity<\/a>.<\/td>\n<\/tr>\n
FAL.PR.H<\/td>\nScraps ( would be PerpetualPremium, but there are credit concerns)<\/td>\n106,300<\/td>\nScotia crossed 53,800 at $25.91; Desjardins crossed 50,000 at $25.95. Now with a pre-tax bid-YTW of 3.17% based on a bid of $25.86 and a call 2008-4-30. I can only assume that the market is assuming the call is a lead-pipe cinch and is trading the issue as a retractible – a hard conclusion to argue against, since it pays at a rate of 6.5% of par. But still…<\/td>\n<\/tr>\n
MFC.PR.A<\/td>\nOpRet<\/td>\n86,380<\/td>\nDesjardins crossed 50,000 at 26.50. Now with a pre-tax bid-YTW of 3.37% based on a bid of $26.40 and a softMaturity<\/a> 2015-12-18 at $25.00<\/td>\n<\/tr>\n
CM.PR.R<\/td>\nOpRet<\/td>\n83,020<\/td>\nScotia crossed 14,000 at $26.75, then another 65,000 at $26.83. Now with a pre-tax bid-YTW of 2.67% based on a bid of $26.58 and a call 2008-5-30 at $25.75. This YTW is only the bond-equivalent of 3.74% at the Ontario Equivalency Factor of 1.4<\/a>, so the market seems to be hoping it lasts until the softMaturity<\/a> 2013-4-29 at $25.00, which results in a pre-tax bid-Yield of 4.03%. I have my doubts!<\/td>\n<\/tr>\n
GWO.PR.X<\/td>\nOpRet<\/td>\n54,558<\/td>\nNow with a pre-tax bid-YTW of 2.07% based on a bid of $27.65 and a call 2009-10-30 at 26.00. Again, the market is hoping for the softMaturity, this one 2013-9-29 to yield 3.00% … but that’s still only bond-equivalent of 4.2%, which is less than corporate bonds of that tenor, so why? Note that this still has the Issuer Bid<\/a> and Putnam financing<\/a> to be considered.<\/td>\n<\/tr>\n
RY.PR.F<\/td>\nPerpetualDiscount<\/td>\n49,230<\/td>\nRecent new issue<\/a>. Now with a pre-tax bid-YTW of 4.52% based on a bid of $24.72 and a limitMaturity.<\/td>\n<\/tr>\n<\/table>\n

There were\u00a0fourteen\u00a0other “$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-708","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/708","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=708"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/708\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=708"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=708"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=708"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}