{"id":806,"date":"2007-04-28T00:03:18","date_gmt":"2007-04-28T04:03:18","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=806"},"modified":"2007-04-28T00:03:18","modified_gmt":"2007-04-28T04:03:18","slug":"april-27-2007","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=806","title":{"rendered":"April 27, 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>\n4.50%<\/td>\n4.51%<\/td>\n43,165<\/td>\n16.46<\/td>\n2<\/td>\n-1.3722%<\/td>\n978.1<\/td>\n<\/tr>\n
Fixed-Floater<\/td>\n5.49%<\/td>\n4.50%<\/td>\n121,041<\/td>\n16.50<\/td>\n6<\/td>\n+1.1272%<\/td>\n941.7<\/td>\n<\/tr>\n
Floater<\/td>\n4.56%<\/td>\n-19.25%<\/td>\n57,731<\/td>\n4.19<\/td>\n4<\/td>\n-0.0194%<\/td>\n1,062.2<\/td>\n<\/tr>\n
Op. Retract<\/td>\n4.73%<\/td>\n3.22%<\/td>\n84,115<\/td>\n2.38<\/td>\n17<\/td>\n-0.0108%<\/td>\n1,033.0<\/td>\n<\/tr>\n
Split-Share<\/td>\n5.03%<\/td>\n4.29%<\/td>\n179,611<\/td>\n4.02<\/td>\n12<\/td>\n+0.1756%<\/td>\n1,046.1<\/td>\n<\/tr>\n
Interest Bearing<\/td>\n6.49%<\/td>\n4.42%<\/td>\n61,507<\/td>\n2.26<\/td>\n5<\/td>\n-0.1175%<\/td>\n1,050.1<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.07%<\/td>\n4.50%<\/td>\n222,579<\/td>\n6.25<\/td>\n54<\/td>\n-0.1567%<\/td>\n1,051.4<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.57%<\/td>\n4.59%<\/td>\n924,984<\/td>\n16.22<\/td>\n12<\/td>\n-0.0112%<\/td>\n1,056.4<\/td>\n<\/tr>\n<\/table>\n<\/div>\n\n\n\n\n\n\n\n\n\n\n\n\n
Major Price Changes<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
BCE.PR.S<\/td>\nRatchet<\/td>\n-2.9757%<\/td>\nExchange\/Reset date is 2011-05-1 (exchanges with BCE.PR.T, which pay 4.502% of par until then). A sale of 1,000 shares by Scotia took the price from 23.86 to 23.36; later, Nesbitt bought 10,000 from National Bank at 23.25. Closed at 23.15-25, 1×8, compared to their exchangers at 23.00-50, 15×1. The relative prices don’t make a lot of sense, unless you assume that the “S” will not<\/em> pay 100% of Prime (a decline of prime to 4.5% works too) so this looks like a good pairs<\/a> opportunity provided that, like Nesbitt, you can buy 1,000+ shares without moving the price fifty cents.<\/td>\n<\/tr>\n
W.PR.H<\/td>\nPerpetualPremium<\/td>\n-1.3642%<\/td>\nNow with a pre-tax bid-YTW of 4.74% based on a bid of 26.03 and a call 2013-2-14 at 25.00.<\/td>\n<\/tr>\n
BNS.PR.K<\/td>\nPerpetualPremium<\/td>\n-1.0465%<\/td>\nWhen you start seeing solid issues like W.PR.H & BNS.PR.K on this list without a good explanation, you know the market’s getting a little sloppy. Now with a pre-tax bid-YTW of 4.48% based on a bid of 25.53 and a call 2014-5-28 at 25.00<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nPerpetualDiscount<\/td>\n-1.0221%<\/td>\nBlame it on Scotia’s wild-man clients, as their sale of 16,500 shares in four tranches (briefly interupted by a sale of 1,000 by Anonymous) took the price from 24.40 (Buyer = Scotia) to the final tranche of 14,300 at four minutes to the bell (Buyer = Scotia). Now with a pre-tax bid-YTW of 4.63% based on a bid of 24.21 and a limitMaturity<\/a>.<\/td>\n<\/tr>\n
BCE.PR.A<\/td>\nFixFloat<\/td>\n+1.0305%<\/td>\nYep, that’s a plus sign by the number – and there’s more to come! Exchange\/Reset date is 2007-09-01 (with series ‘AB’, not issued); until then, pay 5.03% of par. Closed at 23.25-36, 16×3.<\/td>\n<\/tr>\n
BCE.PR.I<\/td>\nFixFloat<\/td>\n+1.1468%<\/td>\nExchange\/Reset date is 2011-8-1 (Exchange with series ‘AJ’, not issued); until then pay 4.65% of par. Closed at 22.05-50, 6×1, on good volume of 10,256 shares.<\/td>\n<\/tr>\n
LBS.PR.A<\/td>\nSplitShare<\/td>\n+1.1505%<\/td>\nAlmost, but not quite, undoing yesterday’s swoon<\/a>, closing at 10.55-57, 60×1 (a good sized bid for this issue). Now with a pre-tax bid-YTW of 4.34% based on a bid of 10.55 and a hardMaturity<\/a> 2013-11-29 at 10.00<\/td>\n<\/tr>\n
BCE.PR.G<\/td>\nFixFloat<\/td>\n+1.4052%<\/td>\nExchange\/Reset date is 2011-5-1 (exchange with BCE.PR.H); until then pay 4.35% of par. Today’s return, by the way, is based on the closing bid<\/em> … the closing price<\/em> was down on the day, which just goes to show … something or other. I pay little attention to closing price … it’s far more volatile than the quotes. Usually. Anyway, the closing quote<\/em> was 21.65-94, 8×4, while the BCE.PR.H were at 23.40-00. The Gs still look cheap relative to the Hs, but the Hs look expensive relative to the Ss, so it’s all very complicated.<\/td>\n<\/tr>\n
BCE.PR.C<\/td>\nFixFloat<\/td>\n+2.3344%<\/td>\nExchange\/Reset date is 2008-03-01 (exchange with series ‘AD’, not issued); Until then pay 5.54% of par. Closed at 23.60-82, 3×3.<\/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.G<\/td>\nPerpetualPremium<\/td>\n411,025<\/td>\nScotia crossed 28,100 at 26.50; RBC crossed 82,900 at 26.52. Now with a pre-tax bid-YTW of 4.52% based on a bid of 26.37 and a call 2014-5-31 at 25.00.<\/td>\n<\/tr>\n
RY.PR.G<\/td>\nPerpetualDiscount<\/td>\n519,113<\/td>\nRecent new issue<\/a>. Now with a pre-tax bid-YTW of 4.62% based on a bid of 24.42 and a limitMaturity<\/a>.<\/td>\n<\/tr>\n
BMO.PR.J<\/td>\nPerpetualPremium<\/td>\n158,550<\/td>\nNow with a pre-tax bid-YTW of 4.58% based on a bid of 25.02 and a limitMaturity.<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n151,300<\/td>\nRBC crossed 150,000 at 24.87. Pays 70% of Prime on par value.<\/td>\n<\/tr>\n
TD.PR.O<\/td>\nPerpetualPremium<\/td>\n137,245<\/td>\nNational Bank crossed 25,000 at 26.25, then another 85,700 at the same price. Now with a pre-tax bid-YTW of 4.12% based on a bid of 26.21 and a call 2014-11-30 at 25.00.<\/td>\n<\/tr>\n<\/table>\n

There were twenty-one other $25-equivalent index-included issues trading over 10,000 shares today.<\/p>\n

Boy, these daily summaries are taking a long time to write nowadays! I’m going to have to start charging you guys extra for this.<\/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-806","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/806","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=806"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/806\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=806"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=806"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=806"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}