{"id":871,"date":"2007-05-25T01:18:09","date_gmt":"2007-05-25T05:18:09","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=871"},"modified":"2007-05-25T01:18:09","modified_gmt":"2007-05-25T05:18:09","slug":"may-24-2007","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=871","title":{"rendered":"May 24, 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>\n5.15%<\/td>\n5.25%<\/td>\n41,844<\/td>\n15.27<\/td>\n2<\/td>\n-0.7393%<\/td>\n959.2<\/td>\n<\/tr>\n
Fixed-Floater<\/td>\n5.68%<\/td>\n5.24%<\/td>\n146,301<\/td>\n15.30<\/td>\n6<\/td>\n-0.8747%<\/td>\n911.8<\/td>\n<\/tr>\n
Floater<\/td>\n4.83%<\/td>\n3.66%<\/td>\n79,890<\/td>\n11.22<\/td>\n3<\/td>\n-0.5500%<\/td>\n1,040.5<\/td>\n<\/tr>\n
Op. Retract<\/td>\n4.76%<\/td>\n3.51%<\/td>\n83,968<\/td>\n2.26<\/td>\n17<\/td>\n-0.0049%<\/td>\n1,030.1<\/td>\n<\/tr>\n
Split-Share<\/td>\n4.98%<\/td>\n4.30%<\/td>\n227,632<\/td>\n3.96<\/td>\n12<\/td>\n-0.2164%<\/td>\n1,048.5<\/td>\n<\/tr>\n
Interest Bearing<\/td>\n6.54%<\/td>\n6.45%<\/td>\n70,211<\/td>\n5.34<\/td>\n5<\/td>\n-0.1775%<\/td>\n1,042.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.20%<\/td>\n4.70%<\/td>\n179,334<\/td>\n7.25<\/td>\n48<\/td>\n-0.2866%<\/td>\n1,038.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.75%<\/td>\n4.78%<\/td>\n677,068<\/td>\n15.89<\/td>\n19<\/td>\n-0.9836%<\/td>\n1,026.8<\/td>\n<\/tr>\n<\/table>\n<\/div>\n\n\n\n\n\n\n\n\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.I<\/td>\nFixFloat<\/td>\n-2.3278%<\/td>\nExchange\/Reset date is 2011-8-1 (Exchanges with series ‘AJ’, not issued); until then, pays 4.65% of par. Traded at 20.30 today, a new low; closed at 20.56-99, 5×4.<\/td>\n<\/tr>\n
RY.PR.A<\/td>\nPerpetualDiscount<\/td>\n-2.1109%<\/td>\nOn heavy volume of 37,368 shares; traded at 23.60 today, a new 52-week low. Closed at 23.65-74, 11×5. Now with a pre-tax bid-YTW of 4.72% based on a bid of 23.65 and a limitMaturity<\/a>.<\/td>\n<\/tr>\n
CFS.PR.A<\/td>\nSplitShare<\/td>\n-2.0751%<\/td>\nTraded at 9.90 today, a new 52-week low, on light volume of 1,500 shares. Closed at 9.91-40, 10×7. Now with a pre-tax bid-YTW of 4.59% based on a bid of 9.91 and a hardMaturity<\/a> 2012-1-31 at 10.00.<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nPerpetualDiscount<\/td>\n-2.0340%<\/td>\nTraded at 23.50 today, a new 52-week low, on relatively low volume of 10,229 shares. Now with a pre-tax bid-YTW of 4.75% based on a bid of 23.60 and a limitMaturity.<\/td>\n<\/tr>\n
AL.PR.E<\/td>\nFloater<\/td>\n-1.9685%<\/td>\nTraded at 24.50 today, a new 52-week low.<\/td>\n<\/tr>\n
RY.PR.F<\/td>\nPerpetualDiscount<\/td>\n-1.7887%<\/td>\nTraded at 23.00 today, a new 52-week low. Now with a pre-tax bid-YTW of 4.79% based on a bid of 23.61 and a limitMaturity.<\/td>\n<\/tr>\n
BCE.PR.R<\/td>\nFixFloat<\/td>\n-1.6092%<\/td>\nExchange\/Reset date is 2010-12-1 (exchanges with series ‘Q’, not issued); until then, pays 4.54% of par. Traded at 20.10 today, a new 52-week low. Closed at 21.40-89, 3×3. Yes, the handles are correct .. the low is more than a dollar less than the closing bid. Efficient market, huh?<\/td>\n<\/tr>\n
BMO.PR.J<\/td>\nPerpetualDiscount<\/td>\n-1.5709%<\/td>\nTraded at 24.00 today, a new 52-week low. Now with a pre-tax bid-YTW of 4.74%, based on a bid of 23.81 and a limitMaturity.<\/td>\n<\/tr>\n
MFC.PR.A<\/td>\nOpRet<\/td>\n-1.4543%<\/td>\nNow with a pre-tax bid-YTW of 3.67% based on a bid of 25.75 and a softMaturity<\/a> 2015-12-18 at 25.00<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetualDiscount<\/td>\n-1.3480%<\/td>\nTraded at 24.15 today, a new 52-week low. Now with a pre-tax bid-YTW of 4.98% based on a bid of 24.15 and a limitMaturity.<\/td>\n<\/tr>\n
SLF.PR.B<\/td>\nPerpetualPremium (until month-end, anyway!)<\/td>\n-1.2346%<\/td>\nNow with a pre-tax bid-YTW of 4.82% based on a bid of 24.80 and a limitMaturity.<\/td>\n<\/tr>\n
CM.PR.J<\/td>\nPerpetualDiscount<\/td>\n-1.1711%<\/td>\nTraded at 23.66 today, a new 52-week low. Now with a pre-tax bid-YTW of 4.80% based on a bid of 23.63 and a limitMaturity<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nPerpetualDiscount<\/td>\n-1.1012%<\/td>\nTraded at 23.33 today, a new 52-week low. Now with a pre-tax bid-YTW of 4.75% based on a bid of 23.35 and a limitMaturity<\/td>\n<\/tr>\n
BCE.PR.Z<\/td>\nFixFloat<\/td>\n-1.0549%<\/td>\nExchange\/Reset date is 2007-12-1 (exchanges with BCE.PR.Y); until then, pays 5.319% of par. Closed at 22.51-64, 5×1; the Ys closed at 22.16-78, 3×4<\/td>\n<\/tr>\n
RY.PR.G<\/td>\nPerpetualDiscount<\/td>\n-1.0395%<\/td>\nTraded at 23.80 today, a new 52-week low. Now with a pre-tax bid-YTW of 4.77% based on a bid of 23.80 and a limitMaturity<\/td>\n<\/tr>\n
RY.PR.D<\/td>\nPerpetualDiscount<\/td>\n-1.0395%<\/td>\nTraded at 23.80 today, a new 52-week low. Now with a pre-tax bid-YTW of 4.74% based on a bid of 23.80 and a limitMaturity.<\/td>\n<\/tr>\n
DFN.PR.A<\/td>\nSplitShare<\/td>\n-1.0368%<\/td>\nSee discussion in “volume” table.<\/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
GWO.PR.G<\/td>\nPerpetualPremium<\/td>\n109,600<\/td>\nNow with a pre-tax bid-YTW of 4.76% based on a bid of 25.86 and a call 2014-1-30 at 25.00.<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nPerpetualPremium<\/td>\n97,255<\/td>\nNow with a pre-tax bid-YTW of 4.74% based on a bid of 25.39 and a call 2014-10-30 at 25.00<\/td>\n<\/tr>\n
WN.PR.C<\/td>\nPerpetualPremium (for now! Will be “scraps” after month-end, due to the downgrade<\/a>.)<\/td>\n90,683<\/td>\nRBC crossed 50,000 at 24.95. Now with a pre-tax bid-YTW of 5.31% based on a bid of 24.84 and a limitMaturity.<\/td>\n<\/tr>\n
CM.PR.H<\/td>\nPerpetualPremium<\/td>\n68,500<\/td>\nScotia crossed 50,000 at 25.40. Now with a pre-tax bid-YTW of 4.65% based on a bid of 25.35 and a call 2014-4-29 at 25.00.<\/td>\n<\/tr>\n
DFN.PR.A<\/td>\nSplitShare<\/td>\n145,700<\/td>\nDesjardins crossed 50,000 at 10.50. Issue will be reopened shortly<\/a>. Now with a pre-tax bid-YTW of 4.54% based on a bid of 10.50 and a hardMaturity 2014-12-1 at 10.00.<\/td>\n<\/tr>\n<\/table>\n

There were forty\u00a0other $25-equivalent index-included issues trading over 10,000 shares today.<\/p>\n

Whoosh! I don’t know what the Bank of Canada is going to do next week, but it would seem that the preferred shareholders are making their bets! The Long Term Government Bond Index<\/a> is down 1.83% on the month, roughly comparable to Long Term Corporates; Universe Bond, -1.11%; Short Term Bond -0.50%;\u00a0\u00a0the HIMI PerpetualDiscount index is down 2.59%; PerpetualPremium down 1.17% (Hockey Sticks<\/a>!); OpRet is down 0.24%. As usual, none of it makes any sense at all.<\/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-871","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/871","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=871"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/871\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=871"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=871"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=871"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}