{"id":8532,"date":"2009-11-03T22:36:24","date_gmt":"2009-11-04T02:36:24","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=8532"},"modified":"2009-11-03T22:36:24","modified_gmt":"2009-11-04T02:36:24","slug":"november-3-2009","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=8532","title":{"rendered":"November 3, 2009"},"content":{"rendered":"

The first CIT bankruptcy hearing<\/a> was today:<\/p>\n

CIT won permission today to carve out an exception for Icahn from an order to that bars trading in its debt for the purpose of preserving as much as $7 billion in tax benefits. Icahn, CIT\u2019s largest holder, could complicate the recognition of so-called net operating losses for taxes as he holds more than 5 percent of CIT\u2019s debt. He is in the middle of a tender offer that could give him about 11 percent of the company\u2019s stock upon its exit from bankruptcy, according to court documents.<\/p><\/blockquote>\n

The preferred share market had another strong day today, with PerpetualDiscounts up 38bp and FixedResets gaining 28bp. I wish I could be a more interesting commentator and claim that this was a clear reaction to the Lloyds Contingent Capital issue<\/a> and the realization that the terms on new preferred share issues are probably going to become less investor-friendly over time … but I don’t believe the market is that sophisticated and I’m not an interesting commentator, so there!<\/p>\n

Volume was muted again today.<\/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>\n0.7431 %<\/td>\n1,476.4<\/td>\n<\/tr>\n
FixedFloater<\/td>\n6.59 %<\/td>\n4.64 %<\/td>\n46,335<\/td>\n17.99<\/td>\n1<\/td>\n1.4136 %<\/td>\n2,363.9<\/td>\n<\/tr>\n
Floater<\/td>\n2.64 %<\/td>\n3.11 %<\/td>\n95,776<\/td>\n19.44<\/td>\n3<\/td>\n0.7431 %<\/td>\n1,844.4<\/td>\n<\/tr>\n
OpRet<\/td>\n4.83 %<\/td>\n-11.11 %<\/td>\n119,873<\/td>\n0.09<\/td>\n14<\/td>\n-0.0493 %<\/td>\n2,295.4<\/td>\n<\/tr>\n
SplitShare<\/td>\n6.38 %<\/td>\n6.41 %<\/td>\n434,009<\/td>\n3.92<\/td>\n2<\/td>\n0.3973 %<\/td>\n2,074.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0493 %<\/td>\n2,098.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.87 %<\/td>\n5.64 %<\/td>\n76,506<\/td>\n1.18<\/td>\n4<\/td>\n-0.1184 %<\/td>\n1,861.0<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.94 %<\/td>\n5.97 %<\/td>\n198,851<\/td>\n13.93<\/td>\n70<\/td>\n0.3828 %<\/td>\n1,743.1<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.51 %<\/td>\n4.16 %<\/td>\n420,504<\/td>\n3.99<\/td>\n41<\/td>\n0.2840 %<\/td>\n2,114.7<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\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
BAM.PR.O<\/td>\nOpRet<\/td>\n-1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Option Certainty
\nMaturity Date\t: 2013-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.45
\nBid-YTW : 4.63 %<\/td>\n<\/tr>\n
NA.PR.N<\/td>\nFixedReset<\/td>\n-1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-09-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.95
\nBid-YTW : 4.23 %<\/td>\n<\/tr>\n
RY.PR.C<\/td>\nPerpetual-Discount<\/td>\n-1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-11-03
\nMaturity Price : 19.64
\nEvaluated at bid price : 19.64
\nBid-YTW : 5.87 %<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetual-Discount<\/td>\n1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-11-03
\nMaturity Price : 20.13
\nEvaluated at bid price : 20.13
\nBid-YTW : 6.20 %<\/td>\n<\/tr>\n
RY.PR.D<\/td>\nPerpetual-Discount<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-11-03
\nMaturity Price : 19.62
\nEvaluated at bid price : 19.62
\nBid-YTW : 5.75 %<\/td>\n<\/tr>\n
RY.PR.A<\/td>\nPerpetual-Discount<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-11-03
\nMaturity Price : 19.49
\nEvaluated at bid price : 19.49
\nBid-YTW : 5.73 %<\/td>\n<\/tr>\n
NA.PR.K<\/td>\nPerpetual-Discount<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-11-03
\nMaturity Price : 24.47
\nEvaluated at bid price : 24.79
\nBid-YTW : 5.91 %<\/td>\n<\/tr>\n
HSB.PR.D<\/td>\nPerpetual-Discount<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-11-03
\nMaturity Price : 21.49
\nEvaluated at bid price : 21.49
\nBid-YTW : 5.90 %<\/td>\n<\/tr>\n
ELF.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-11-03
\nMaturity Price : 19.27
\nEvaluated at bid price : 19.27
\nBid-YTW : 6.96 %<\/td>\n<\/tr>\n
BNS.PR.K<\/td>\nPerpetual-Discount<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-11-03
\nMaturity Price : 20.85
\nEvaluated at bid price : 20.85
\nBid-YTW : 5.80 %<\/td>\n<\/tr>\n
BMO.PR.L<\/td>\nPerpetual-Discount<\/td>\n1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-11-03
\nMaturity Price : 24.87
\nEvaluated at bid price : 25.10
\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nPerpetual-Discount<\/td>\n1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-11-03
\nMaturity Price : 18.80
\nEvaluated at bid price : 18.80
\nBid-YTW : 6.08 %<\/td>\n<\/tr>\n
POW.PR.A<\/td>\nPerpetual-Discount<\/td>\n1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-11-03
\nMaturity Price : 22.34
\nEvaluated at bid price : 22.61
\nBid-YTW : 6.25 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nPerpetual-Discount<\/td>\n1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-11-03
\nMaturity Price : 18.70
\nEvaluated at bid price : 18.70
\nBid-YTW : 6.03 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nPerpetual-Discount<\/td>\n1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-11-03
\nMaturity Price : 18.66
\nEvaluated at bid price : 18.66
\nBid-YTW : 6.12 %<\/td>\n<\/tr>\n
BAM.PR.G<\/td>\nFixedFloater<\/td>\n1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-11-03
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.50
\nBid-YTW : 4.64 %<\/td>\n<\/tr>\n
CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\n1.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-11-03
\nMaturity Price : 19.85
\nEvaluated at bid price : 19.85
\nBid-YTW : 5.91 %<\/td>\n<\/tr>\n
CM.PR.L<\/td>\nFixedReset<\/td>\n1.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-05-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.86
\nBid-YTW : 3.82 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n1.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-11-03
\nMaturity Price : 12.76
\nEvaluated at bid price : 12.76
\nBid-YTW : 3.11 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nPerpetual-Discount<\/td>\n1.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-11-03
\nMaturity Price : 18.91
\nEvaluated at bid price : 18.91
\nBid-YTW : 5.97 %<\/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
RY.PR.B<\/td>\nPerpetual-Discount<\/td>\n53,152<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-11-03
\nMaturity Price : 20.15
\nEvaluated at bid price : 20.15
\nBid-YTW : 5.85 %<\/td>\n<\/tr>\n
CM.PR.L<\/td>\nFixedReset<\/td>\n48,378<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-05-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.86
\nBid-YTW : 3.82 %<\/td>\n<\/tr>\n
MFC.PR.D<\/td>\nFixedReset<\/td>\n38,055<\/td>\nRBC crossed 30,000 at 28.00.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.82
\nBid-YTW : 4.19 %<\/td>\n<\/tr>\n
RY.PR.G<\/td>\nPerpetual-Discount<\/td>\n37,400<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-11-03
\nMaturity Price : 19.45
\nEvaluated at bid price : 19.45
\nBid-YTW : 5.80 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset<\/td>\n34,871<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-01-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.38
\nBid-YTW : 4.38 %<\/td>\n<\/tr>\n
BMO.PR.L<\/td>\nPerpetual-Discount<\/td>\n31,800<\/td>\nRBC crossed 25,000 at 25.00.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-11-03
\nMaturity Price : 24.87
\nEvaluated at bid price : 25.10
\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n
There were 30 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The first CIT bankruptcy hearing was today: CIT won permission today to carve out an exception for Icahn from an order to that bars trading in its debt for the purpose of preserving as much …<\/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-8532","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/8532","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=8532"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/8532\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8532"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8532"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8532"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}