{"id":8976,"date":"2009-12-08T20:14:29","date_gmt":"2009-12-09T00:14:29","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=8976"},"modified":"2009-12-08T20:14:29","modified_gmt":"2009-12-09T00:14:29","slug":"december-8-2009","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=8976","title":{"rendered":"December 8, 2009"},"content":{"rendered":"

CIT Group will shortly be exiting bankruptcy<\/a>:<\/p>\n

CIT Group Inc., the 101-year-old commercial lender, won court approval of a plan to cancel old shares, shed debt and exit bankruptcy court protection with new stock worth as much $11 billion.<\/p>\n

U.S. Bankruptcy Judge Allan Gropper in New York today confirmed CIT\u2019s so-called prepackaged Chapter 11 reorganization plan, which already had creditor support when CIT filed for bankruptcy last month. The U.S. won\u2019t recover much, if any of the $2.3 billion in taxpayer money used in a bailout of CIT, and shareholders will be wiped out.<\/p>\n

\u201cI recognize, literally, billions of debt have agreed to this plan,\u201d Gropper said, adding that the plan could take effect on Dec. 10. \u201cIt\u2019s an enormous achievement to have gotten the vote that you\u2019ve gotten.\u201d <\/p><\/blockquote>\n

I missed this when it came out, but here’s the latest in the David Berry saga<\/a>:<\/p>\n

On March 7, 2008, Berry commenced this application (the \u201cApplication\u201d) pursuant to section 21.7 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the \u201cAct\u201d) for a hearing and review of the RS Stay Decision by the Ontario Securities Commission (the \u201cCommission\u201d). He submits that the RS Panel erred in refusing to stay the RS Proceeding and asks the Commission to set aside the RS Stay Decision and permanently stay the RS Proceeding.<\/p>\n

[5] For the reasons set out below, we dismiss this Application. We conclude that UMIR are rules of RS and are applicable to and enforceable against Participants and other persons within the jurisdiction of the TSX.<\/p><\/blockquote>\n

A downdraft hit the preferred market today, with PerpetualDiscounts giving up 10bp (a portion of which is due to the lousy opening of IGM.PR.B<\/a>) and FixedResets a hair on the wrong side of flat, losing under 1bp. Volume was normal.<\/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>\n0.9871 %<\/td>\n1,519.3<\/td>\n<\/tr>\n
FixedFloater<\/td>\n6.04 %<\/td>\n4.16 %<\/td>\n36,838<\/td>\n18.59<\/td>\n1<\/td>\n0.0000 %<\/td>\n2,578.8<\/td>\n<\/tr>\n
Floater<\/td>\n2.57 %<\/td>\n3.04 %<\/td>\n98,334<\/td>\n19.55<\/td>\n3<\/td>\n0.9871 %<\/td>\n1,898.0<\/td>\n<\/tr>\n
OpRet<\/td>\n4.86 %<\/td>\n-4.19 %<\/td>\n147,267<\/td>\n0.08<\/td>\n15<\/td>\n0.1149 %<\/td>\n2,309.5<\/td>\n<\/tr>\n
SplitShare<\/td>\n6.42 %<\/td>\n-3.51 %<\/td>\n262,437<\/td>\n0.08<\/td>\n2<\/td>\n-0.7031 %<\/td>\n2,093.5<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1149 %<\/td>\n2,111.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.88 %<\/td>\n5.81 %<\/td>\n61,359<\/td>\n6.00<\/td>\n7<\/td>\n0.0285 %<\/td>\n1,875.1<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.82 %<\/td>\n5.87 %<\/td>\n184,633<\/td>\n14.05<\/td>\n68<\/td>\n-0.1020 %<\/td>\n1,786.3<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.42 %<\/td>\n3.75 %<\/td>\n366,072<\/td>\n3.90<\/td>\n41<\/td>\n-0.0080 %<\/td>\n2,155.5<\/td>\n<\/tr>\n<\/table>\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
GWO.PR.I<\/td>\nPerpetual-Discount<\/td>\n-1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-12-08
\nMaturity Price : 18.73
\nEvaluated at bid price : 18.73
\nBid-YTW : 6.03 %<\/td>\n<\/tr>\n
BNA.PR.C<\/td>\nSplitShare<\/td>\n-1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2019-01-10
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.96
\nBid-YTW : 8.22 %<\/td>\n<\/tr>\n
GWO.PR.F<\/td>\nPerpetual-Premium<\/td>\n-1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-12-08
\nMaturity Price : 23.99
\nEvaluated at bid price : 24.30
\nBid-YTW : 6.07 %<\/td>\n<\/tr>\n
PWF.PR.G<\/td>\nPerpetual-Premium<\/td>\n1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-12-08
\nMaturity Price : 24.76
\nEvaluated at bid price : 25.15
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n
BAM.PR.J<\/td>\nOpRet<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2018-03-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.70
\nBid-YTW : 4.58 %<\/td>\n<\/tr>\n
CM.PR.R<\/td>\nOpRet<\/td>\n1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2010-01-07
\nMaturity Price : 25.60
\nEvaluated at bid price : 26.25
\nBid-YTW : -18.68 %<\/td>\n<\/tr>\n
TRI.PR.B<\/td>\nFloater<\/td>\n1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-12-08
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 1.98 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-12-08
\nMaturity Price : 12.96
\nEvaluated at bid price : 12.96
\nBid-YTW : 3.07 %<\/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
GWO.PR.J<\/td>\nFixedReset<\/td>\n249,515<\/td>\nTD crossed 28,700 at 27.10; National crossed 50,000 at 27.10; Nesbitt crossed 100,000 at 27.10; and finally National crossed 24,700 at 27.04.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-01-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.04
\nBid-YTW : 3.75 %<\/td>\n<\/tr>\n
MFC.PR.D<\/td>\nFixedReset<\/td>\n122,060<\/td>\nNational bought 48,200 from anonymous at 27.90; then crossed 50,000 at 27.94.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.85
\nBid-YTW : 3.88 %<\/td>\n<\/tr>\n
IGM.PR.B<\/td>\nPerpetual-Discount<\/td>\n48,726<\/td>\nNew issue settled today<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-12-08
\nMaturity Price : 24.30
\nEvaluated at bid price : 24.50
\nBid-YTW : 6.06 %<\/td>\n<\/tr>\n
RY.PR.I<\/td>\nFixedReset<\/td>\n47,775<\/td>\nRBC crossed 40,000 at 26.30.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-03-26
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.31
\nBid-YTW : 3.70 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset<\/td>\n46,390<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-01-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.90
\nBid-YTW : 3.77 %<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\n34,002<\/td>\nRBC crossed 15,400 at 17.72.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-12-08
\nMaturity Price : 17.71
\nEvaluated at bid price : 17.71
\nBid-YTW : 6.86 %<\/td>\n<\/tr>\n
There were 36 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

CIT Group will shortly be exiting bankruptcy: CIT Group Inc., the 101-year-old commercial lender, won court approval of a plan to cancel old shares, shed debt and exit bankruptcy court protection with new stock worth …<\/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-8976","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/8976","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=8976"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/8976\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8976"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8976"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8976"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}