{"id":8419,"date":"2009-10-29T21:57:53","date_gmt":"2009-10-30T01:57:53","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=8419"},"modified":"2009-10-29T21:57:53","modified_gmt":"2009-10-30T01:57:53","slug":"october-29-2009","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=8419","title":{"rendered":"October 29, 2009"},"content":{"rendered":"

The CIT restructuring continues to encourage speculation<\/a>:<\/p>\n

Since CIT Chief Executive Officer Jeffrey Peek started a $30 billion debt swap Oct. 1, the company\u2019s notes due Nov. 3 have dropped 13 cents to 67 cents on the dollar, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. Holders of the $500 million in notes are being offered 90 cents on the dollar in new debt and equity in an out-of-court exchange. They would get 70 cents on the dollar in bonds and new stock in a pre-packaged bankruptcy.
…<\/b>
The CIT notes due Nov. 3 fell 2.5 cents to 67 cents on the dollar yesterday, Trace data show.<\/p>\n

The cost to protect CIT debt against default for five years has risen 4.7 percentage points to 38.7 percent upfront since Sept. 30, according to CMA DataVision.<\/p><\/blockquote>\n

It was a mild day for the Canadian preferred share market, with PerpetualDiscounts gaining 1bp, while FixedResets gained 2bp. Volume was steady.<\/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>\n0.0000 %<\/td>\n1,477.4<\/td>\n<\/tr>\n
FixedFloater<\/td>\n6.69 %<\/td>\n4.74 %<\/td>\n47,663<\/td>\n17.89<\/td>\n1<\/td>\n-1.4554 %<\/td>\n2,328.1<\/td>\n<\/tr>\n
Floater<\/td>\n2.64 %<\/td>\n3.09 %<\/td>\n103,575<\/td>\n19.48<\/td>\n3<\/td>\n0.0000 %<\/td>\n1,845.7<\/td>\n<\/tr>\n
OpRet<\/td>\n4.87 %<\/td>\n-6.52 %<\/td>\n115,996<\/td>\n0.09<\/td>\n15<\/td>\n0.0281 %<\/td>\n2,294.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n6.41 %<\/td>\n6.37 %<\/td>\n461,873<\/td>\n3.93<\/td>\n2<\/td>\n0.3548 %<\/td>\n2,063.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0281 %<\/td>\n2,097.7<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.90 %<\/td>\n5.90 %<\/td>\n139,747<\/td>\n13.78<\/td>\n11<\/td>\n-0.1283 %<\/td>\n1,854.4<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n6.00 %<\/td>\n6.05 %<\/td>\n207,650<\/td>\n13.82<\/td>\n63<\/td>\n0.0102 %<\/td>\n1,729.4<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.53 %<\/td>\n4.28 %<\/td>\n443,397<\/td>\n4.00<\/td>\n41<\/td>\n0.0219 %<\/td>\n2,104.4<\/td>\n<\/tr>\n<\/table>\n\n\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
HSB.PR.D<\/td>\nPerpetual-Discount<\/td>\n-2.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-10-29
\nMaturity Price : 21.11
\nEvaluated at bid price : 21.11
\nBid-YTW : 6.00 %<\/td>\n<\/tr>\n
POW.PR.B<\/td>\nPerpetual-Discount<\/td>\n-1.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-10-29
\nMaturity Price : 21.22
\nEvaluated at bid price : 21.22
\nBid-YTW : 6.37 %<\/td>\n<\/tr>\n
BAM.PR.G<\/td>\nFixedFloater<\/td>\n-1.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-10-29
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.25
\nBid-YTW : 4.74 %<\/td>\n<\/tr>\n
PWF.PR.M<\/td>\nFixedReset<\/td>\n-1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-03-02
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.50
\nBid-YTW : 4.48 %<\/td>\n<\/tr>\n
RY.PR.G<\/td>\nPerpetual-Discount<\/td>\n-1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-10-29
\nMaturity Price : 19.16
\nEvaluated at bid price : 19.16
\nBid-YTW : 5.88 %<\/td>\n<\/tr>\n
BNS.PR.Q<\/td>\nFixedReset<\/td>\n-1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-11-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.60
\nBid-YTW : 4.34 %<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\n-1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-10-29
\nMaturity Price : 20.81
\nEvaluated at bid price : 20.81
\nBid-YTW : 6.17 %<\/td>\n<\/tr>\n
TD.PR.O<\/td>\nPerpetual-Discount<\/td>\n-1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-10-29
\nMaturity Price : 20.93
\nEvaluated at bid price : 20.93
\nBid-YTW : 5.83 %<\/td>\n<\/tr>\n
CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\n1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-10-29
\nMaturity Price : 19.26
\nEvaluated at bid price : 19.26
\nBid-YTW : 6.09 %<\/td>\n<\/tr>\n
GWO.PR.L<\/td>\nPerpetual-Discount<\/td>\n1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-10-29
\nMaturity Price : 23.30
\nEvaluated at bid price : 23.45
\nBid-YTW : 6.09 %<\/td>\n<\/tr>\n
MFC.PR.A<\/td>\nOpRet<\/td>\n1.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2015-12-18
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.31
\nBid-YTW : 3.25 %<\/td>\n<\/tr>\n
BNS.PR.P<\/td>\nFixedReset<\/td>\n2.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-05-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.80
\nBid-YTW : 4.04 %<\/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
BNS.PR.X<\/td>\nFixedReset<\/td>\n48,022<\/td>\nTD bought 10,000 from National at 27.21.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-05-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.22
\nBid-YTW : 4.17 %<\/td>\n<\/tr>\n
SLF.PR.F<\/td>\nFixedReset<\/td>\n36,250<\/td>\nRBC crossed 33,100 at 27.05.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.98
\nBid-YTW : 4.31 %<\/td>\n<\/tr>\n
SLF.PR.B<\/td>\nPerpetual-Discount<\/td>\n35,419<\/td>\nRBC crossed 22,900 at 19.88.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-10-29
\nMaturity Price : 19.87
\nEvaluated at bid price : 19.87
\nBid-YTW : 6.12 %<\/td>\n<\/tr>\n
CM.PR.H<\/td>\nPerpetual-Discount<\/td>\n28,537<\/td>\nRBC crossed 17,700 at 20.04.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-10-29
\nMaturity Price : 19.95
\nEvaluated at bid price : 19.95
\nBid-YTW : 6.06 %<\/td>\n<\/tr>\n
RY.PR.B<\/td>\nPerpetual-Discount<\/td>\n27,963<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-10-29
\nMaturity Price : 20.14
\nEvaluated at bid price : 20.14
\nBid-YTW : 5.85 %<\/td>\n<\/tr>\n
RY.PR.E<\/td>\nPerpetual-Discount<\/td>\n27,875<\/td>\nRBC crossed 15,000 at 19.40.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-10-29
\nMaturity Price : 19.34
\nEvaluated at bid price : 19.34
\nBid-YTW : 5.83 %<\/td>\n<\/tr>\n
There were 37 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The CIT restructuring continues to encourage speculation: Since CIT Chief Executive Officer Jeffrey Peek started a $30 billion debt swap Oct. 1, the company\u2019s notes due Nov. 3 have dropped 13 cents to 67 cents …<\/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-8419","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/8419","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=8419"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/8419\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8419"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8419"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8419"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}