{"id":714,"date":"2007-03-26T21:15:04","date_gmt":"2007-03-27T01:15:04","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=714"},"modified":"2007-03-26T21:15:04","modified_gmt":"2007-03-27T01:15:04","slug":"march-26-2007","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=714","title":{"rendered":"March 26, 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>\n76,329<\/td>\n3.82<\/td>\n1<\/td>\n+0.1590%<\/td>\n1,050.7<\/td>\n<\/tr>\n
Fixed-Floater<\/td>\n4.98%<\/td>\n3.92%<\/td>\n96,841<\/td>\n13.92<\/td>\n5<\/td>\n-0.1026%<\/td>\n1,038.6<\/td>\n<\/tr>\n
Floater<\/td>\n4.72%<\/td>\n-19.27%<\/td>\n76,950<\/td>\n5.58<\/td>\n3<\/td>\n+0.1188%<\/td>\n1,053.6<\/td>\n<\/tr>\n
Op. Retract<\/td>\n4.71%<\/td>\n2.99%<\/td>\n81,686<\/td>\n2.13<\/td>\n17<\/td>\n-0.0575%<\/td>\n1,034.5<\/td>\n<\/tr>\n
Split-Share<\/td>\n4.99%<\/td>\n3.24%<\/td>\n167,810<\/td>\n3.31<\/td>\n14<\/td>\n-0.1482%<\/td>\n1,053.0<\/td>\n<\/tr>\n
Interest Bearing<\/td>\n6.48%<\/td>\n4.86%<\/td>\n64,960<\/td>\n2.31<\/td>\n5<\/td>\n+0.2968%<\/td>\n1,044.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.02%<\/td>\n3.83%<\/td>\n226,236<\/td>\n5.24<\/td>\n53<\/td>\n-0.0203%<\/td>\n1,058.7<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.53%<\/td>\n4.53%<\/td>\n827,401<\/td>\n14.43<\/td>\n10<\/td>\n+0.0924%<\/td>\n1,067.5<\/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
BSD.PR.A<\/td>\nInterestBearing<\/td>\n+1.0945%<\/td>\nA burst of afternoon buying from TD Securities and Scotia took the price up as high as 10.25, to close at 10.16-31. Pre-tax bid-YTW now 5.82% based on a hardMaturity<\/a> 2015-3-31 at $10.00.<\/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.A<\/td>\nOpRet<\/td>\n513.626<\/td>\nGlobal seems to have made a specialty out of dividend capture strategies – they crossed 254,700 for cash<\/a> at 26.33, and the same number for regular at 25.99. The issue went ex-Dividend<\/a> today for $0.33125 and now has a pre-tax bid-YTW of 3.68% based on a bid of $25.89 and a call 2007-11-30 at $25.75.<\/td>\n<\/tr>\n
BNS.PR.L<\/td>\nPerpetualPremium<\/td>\n139,700<\/td>\nVirtually the same terms as the new issue<\/a>, so it’s interesting to see this one closing at 25.14-17 on good volume. Note, however, that this issue has an initial dividend of $0.28125 and goes ex-dividend prior to settlement of the new issue. I wonder if they do this type of thing on purpose, as a snare for the unwary, who might think it marvellous that such a close comparable is trading at a premium? Now with a pre-tax bid-YTW of 4.53% based on a limitMaturity<\/a>.<\/td>\n<\/tr>\n
TD.PR.M<\/td>\nOpRet<\/td>\n78,650<\/td>\nDesjardins crossed 55,000 at $27.25, then 20,000 at the same price. Now with a pre-tax bid-YTW of 2.82% based on a bid of $27.11 and a call 2009-5-30 at $26.00. The chances of it surviving to its softMaturity<\/a> 2013-10-30, to have yielded 3.40% are just what, exactly?<\/td>\n<\/tr>\n
RY.PR.B<\/td>\nPerpetualPremium<\/td>\n77,200<\/td>\nRBC crossed 70,000 at 25.65. Now with a pre-tax bid-YTW of 4.42% based on a bid of 25.65 and a call 2015-9-23 at $25.00.<\/td>\n<\/tr>\n
CM.PR.I<\/td>\nPerpetualPremium<\/td>\n61,320<\/td>\nNational Bank crossed 20,000 at 25.35. Now with a pre-tax bid-YTW of 4.45% based on a bid of $25.40 and a call 2016-3-1 at 4.45%.<\/td>\n<\/tr>\n<\/table>\n

There were twenty-one other “$25 p.v. equivalent” index-included issues with over 10,000 shares traded today.<\/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-714","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/714","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=714"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/714\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=714"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=714"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=714"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}