{"id":7092,"date":"2009-06-30T21:54:01","date_gmt":"2009-07-01T01:54:01","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=7092"},"modified":"2009-06-30T21:54:01","modified_gmt":"2009-07-01T01:54:01","slug":"june-30-2009","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=7092","title":{"rendered":"June 30, 2009"},"content":{"rendered":"

Sorry, folks! The June 30 closing price data is not yet available from the TSX, so I can’t close off the day.<\/p>\n

When I have the data, you’ll get the data!<\/p>\n

Update<\/b>: Continued heavy trading and positive performance closed the month. Preliminary index figures indicate a gain for PerpetualDiscounts of 1.66% on the month, while FixedResets returned +2.70%.<\/p>\n

PerpetualDiscounts closed the month yielding 6.36%, equivalent to 8.90% at the standard 1.4x equivalency factor. This compares to Long Corporates<\/a> at about 6.4%, so the pre-tax interest-equivalent spread is near-as-dammit to 250bp, as declines in PerpetualDiscount yields did not keep pace with the extraordinary strength of the long corporate bonds … they returned +6.14% for the month and are now +17.55% YTD, which ain’t bad!<\/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>\n-0.1628 %<\/td>\n1,186.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n7.08 %<\/td>\n5.49 %<\/td>\n35,110<\/td>\n16.33<\/td>\n1<\/td>\n0.1305 %<\/td>\n2,129.4<\/td>\n<\/tr>\n
Floater<\/td>\n3.21 %<\/td>\n3.63 %<\/td>\n83,213<\/td>\n18.22<\/td>\n3<\/td>\n-0.1628 %<\/td>\n1,482.6<\/td>\n<\/tr>\n
OpRet<\/td>\n4.95 %<\/td>\n3.53 %<\/td>\n120,027<\/td>\n0.89<\/td>\n14<\/td>\n-0.0758 %<\/td>\n2,208.6<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.74 %<\/td>\n6.24 %<\/td>\n69,944<\/td>\n4.20<\/td>\n3<\/td>\n0.0151 %<\/td>\n1,900.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n5.98 %<\/td>\n-0.66 %<\/td>\n23,573<\/td>\n0.08<\/td>\n1<\/td>\n0.0998 %<\/td>\n2,023.1<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2313 %<\/td>\n1,748.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n6.31 %<\/td>\n6.36 %<\/td>\n161,926<\/td>\n13.44<\/td>\n71<\/td>\n0.2313 %<\/td>\n1,610.8<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.62 %<\/td>\n4.61 %<\/td>\n484,161<\/td>\n4.35<\/td>\n40<\/td>\n0.1825 %<\/td>\n2,032.8<\/td>\n<\/tr>\n<\/table>\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
TD.PR.Q<\/td>\nPerpetual-Discount<\/td>\n-1.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-06-30
\nMaturity Price : 22.96
\nEvaluated at bid price : 23.11
\nBid-YTW : 6.17 %<\/td>\n<\/tr>\n
W.PR.J<\/td>\nPerpetual-Discount<\/td>\n-1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-06-30
\nMaturity Price : 21.52
\nEvaluated at bid price : 21.78
\nBid-YTW : 6.45 %<\/td>\n<\/tr>\n
CU.PR.A<\/td>\nPerpetual-Discount<\/td>\n1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-06-30
\nMaturity Price : 23.69
\nEvaluated at bid price : 24.00
\nBid-YTW : 6.11 %<\/td>\n<\/tr>\n
IAG.PR.C<\/td>\nFixedReset<\/td>\n1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-01-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.51
\nBid-YTW : 4.75 %<\/td>\n<\/tr>\n
BMO.PR.H<\/td>\nPerpetual-Discount<\/td>\n1.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-06-30
\nMaturity Price : 21.74
\nEvaluated at bid price : 22.05
\nBid-YTW : 6.08 %<\/td>\n<\/tr>\n
HSB.PR.D<\/td>\nPerpetual-Discount<\/td>\n1.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-06-30
\nMaturity Price : 19.80
\nEvaluated at bid price : 19.80
\nBid-YTW : 6.36 %<\/td>\n<\/tr>\n
TD.PR.P<\/td>\nPerpetual-Discount<\/td>\n1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-06-30
\nMaturity Price : 22.02
\nEvaluated at bid price : 22.12
\nBid-YTW : 6.04 %<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\n1.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-06-30
\nMaturity Price : 15.86
\nEvaluated at bid price : 15.86
\nBid-YTW : 7.56 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nPerpetual-Discount<\/td>\n1.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-06-30
\nMaturity Price : 23.91
\nEvaluated at bid price : 24.11
\nBid-YTW : 5.94 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nPerpetual-Discount<\/td>\n2.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-06-30
\nMaturity Price : 17.99
\nEvaluated at bid price : 17.99
\nBid-YTW : 6.30 %<\/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
TD.PR.O<\/td>\nPerpetual-Discount<\/td>\n191,794<\/td>\nTD bought 25,000 from anonymous at 20.09; then National Bank crossed 122,700 at 20.10.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-06-30
\nMaturity Price : 20.15
\nEvaluated at bid price : 20.15
\nBid-YTW : 6.14 %<\/td>\n<\/tr>\n
GWO.PR.X<\/td>\nOpRet<\/td>\n118,532<\/td>\nNesbitt crossed 10,000 at 26.00; RBC crossed 100,000 at the same price.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2010-10-30
\nMaturity Price : 25.67
\nEvaluated at bid price : 26.00
\nBid-YTW : 3.70 %<\/td>\n<\/tr>\n
TD.PR.M<\/td>\nOpRet<\/td>\n102,170<\/td>\nRBC crossed 100,000 at 26.20.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2010-05-30
\nMaturity Price : 25.75
\nEvaluated at bid price : 26.17
\nBid-YTW : 3.60 %<\/td>\n<\/tr>\n
MFC.PR.E<\/td>\nFixedReset<\/td>\n85,935<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-10-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.50
\nBid-YTW : 5.29 %<\/td>\n<\/tr>\n
TD.PR.S<\/td>\nFixedReset<\/td>\n65,322<\/td>\nRBC bought 10,000 from anonymous at 25.00; then another 14,000 at the same price; then bought 10,200 from National at the same price again.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-06-30
\nMaturity Price : 24.90
\nEvaluated at bid price : 24.95
\nBid-YTW : 4.35 %<\/td>\n<\/tr>\n
BMO.PR.P<\/td>\nFixedReset<\/td>\n65,257<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-06-30
\nMaturity Price : 23.22
\nEvaluated at bid price : 25.30
\nBid-YTW : 4.90 %<\/td>\n<\/tr>\n
There were 58 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Sorry, folks! The June 30 closing price data is not yet available from the TSX, so I can’t close off the day. When I have the data, you’ll get the data! Update: Continued heavy trading …<\/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-7092","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/7092","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=7092"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/7092\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7092"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7092"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7092"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}