{"id":7888,"date":"2009-09-15T20:13:23","date_gmt":"2009-09-16T00:13:23","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=7888"},"modified":"2009-09-15T20:13:23","modified_gmt":"2009-09-16T00:13:23","slug":"september-15-2009","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=7888","title":{"rendered":"September 15, 2009"},"content":{"rendered":"

Remember the world’s worst bond fund? I discussed it on February 15, 2008<\/a>. Now the sponsor has received a comeuppance<\/a>:<\/p>\n

Former Chicago Bull Horace Grant won a $1.46 million arbitration award against Morgan Keegan & Co. for losses in some bond mutual funds, the largest victory against the brokerage firm to date for his Chicago-based lawyer.<\/p>\n

The award, announced Friday, represents nearly all of the unrealized losses Grant allegedly suffered as of January 2008, said his attorney, Andrew Stoltmann.
…<\/b>
The brokerage firm, a unit of Regions Financial Corp., a bank based in Birmingham, Ala., faces a flood of arbitration claims from investors related to its high-yield bond funds. Investors in the funds reportedly lost more than $2 billion in 2007.<\/p><\/blockquote>\n

PerpetualDiscounts halted their recent slide today, gaining 3bp, but were outperformed by FixedResets which were up 15bp. Volume was quite good but there wasn’t much price volatility.<\/p>\n

The Financial Post has updated its calendar and is again providing a timely block trade report<\/a>.<\/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-0.5915 %<\/td>\n1,447.3<\/td>\n<\/tr>\n
FixedFloater<\/td>\n5.73 %<\/td>\n3.99 %<\/td>\n56,454<\/td>\n18.61<\/td>\n1<\/td>\n0.4762 %<\/td>\n2,681.7<\/td>\n<\/tr>\n
Floater<\/td>\n2.53 %<\/td>\n2.12 %<\/td>\n31,269<\/td>\n22.15<\/td>\n4<\/td>\n-0.5915 %<\/td>\n1,808.1<\/td>\n<\/tr>\n
OpRet<\/td>\n4.87 %<\/td>\n-13.00 %<\/td>\n136,002<\/td>\n0.09<\/td>\n15<\/td>\n-0.0051 %<\/td>\n2,284.6<\/td>\n<\/tr>\n
SplitShare<\/td>\n6.42 %<\/td>\n6.46 %<\/td>\n965,031<\/td>\n4.05<\/td>\n2<\/td>\n-0.2870 %<\/td>\n2,059.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0051 %<\/td>\n2,089.1<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.77 %<\/td>\n5.66 %<\/td>\n148,538<\/td>\n2.84<\/td>\n12<\/td>\n-0.0198 %<\/td>\n1,878.8<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.72 %<\/td>\n5.77 %<\/td>\n197,303<\/td>\n14.19<\/td>\n59<\/td>\n0.0307 %<\/td>\n1,797.4<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.49 %<\/td>\n4.03 %<\/td>\n464,161<\/td>\n4.08<\/td>\n40<\/td>\n0.1541 %<\/td>\n2,111.8<\/td>\n<\/tr>\n<\/table>\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
GWO.PR.I<\/td>\nPerpetual-Discount<\/td>\n-1.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-09-15
\nMaturity Price : 19.35
\nEvaluated at bid price : 19.35
\nBid-YTW : 5.84 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nPerpetual-Discount<\/td>\n-1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-09-15
\nMaturity Price : 19.10
\nEvaluated at bid price : 19.10
\nBid-YTW : 5.92 %<\/td>\n<\/tr>\n
TRI.PR.B<\/td>\nFloater<\/td>\n-1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-09-15
\nMaturity Price : 18.51
\nEvaluated at bid price : 18.51
\nBid-YTW : 2.12 %<\/td>\n<\/tr>\n
TD.PR.S<\/td>\nFixedReset<\/td>\n1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-08-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.30
\nBid-YTW : 3.71 %<\/td>\n<\/tr>\n
RY.PR.W<\/td>\nPerpetual-Discount<\/td>\n1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-09-15
\nMaturity Price : 22.67
\nEvaluated at bid price : 22.85
\nBid-YTW : 5.41 %<\/td>\n<\/tr>\n
ELF.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-09-15
\nMaturity Price : 21.25
\nEvaluated at bid price : 21.25
\nBid-YTW : 6.36 %<\/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
CIU.PR.B<\/td>\nFixedReset<\/td>\n351,450<\/td>\nDesjardins crossed 50,000 at 28.10; RBC crossed 100,000 at the same price; then they each crossed 50,000 at the same price; finally, Nesbitt crossed 50,000 at 28.00 and another 50,000 at 28.05.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 28.01
\nBid-YTW : 4.03 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n112,995<\/td>\nScotia bought 10,000 from TD at 12.50; Nesbitt bought 17,000 from TD at the same price; then Nesbitt crossed two blocks, 25,000 and 23,500 shares, both at 12.55.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-09-15
\nMaturity Price : 12.47
\nEvaluated at bid price : 12.47
\nBid-YTW : 3.15 %<\/td>\n<\/tr>\n
BNS.PR.T<\/td>\nFixedReset<\/td>\n69,720<\/td>\nNational crossed 13,000 at 27.85, then another 10,000 at the same price. Nesbitt crossed 25,000 at 27.82.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-05-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.81
\nBid-YTW : 3.85 %<\/td>\n<\/tr>\n
BAM.PR.P<\/td>\nFixedReset<\/td>\n63,765<\/td>\nNesbitt crossed 50,000 at 26.50.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-10-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.56
\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n
BNS.PR.Q<\/td>\nFixedReset<\/td>\n43,353<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-09-15
\nMaturity Price : 23.50
\nEvaluated at bid price : 25.90
\nBid-YTW : 4.05 %<\/td>\n<\/tr>\n
CM.PR.L<\/td>\nFixedReset<\/td>\n35,234<\/td>\nRBC crossed 23,200 at 27.85.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-05-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.85
\nBid-YTW : 4.06 %<\/td>\n<\/tr>\n
There were 46 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Remember the world’s worst bond fund? I discussed it on February 15, 2008. Now the sponsor has received a comeuppance: Former Chicago Bull Horace Grant won a $1.46 million arbitration award against Morgan Keegan & …<\/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-7888","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/7888","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=7888"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/7888\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7888"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7888"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7888"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}