{"id":959,"date":"2007-07-07T12:02:58","date_gmt":"2007-07-07T16:02:58","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=959"},"modified":"2007-07-07T12:02:58","modified_gmt":"2007-07-07T16:02:58","slug":"july-6-2007","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=959","title":{"rendered":"July 6, 2007"},"content":{"rendered":"

Bondholders will be glad this horrible week is over, as bonds slipped again<\/a> after the US Employment Numbers<\/a> (and wage numbers!) came out.<\/p>\n

The Teachers\/BCE agreement has been released on SEDAR<\/a>. I didn’t find much of interest, but there was one tidbit: a “Superior Bid” only has to target 50.1% of the common<\/em> shareholders, but has to be deemed (by BCE’s board) to be financially superior for the Affected<\/em> Shareholders – and the latter group includes preferreds! Now there’s something that could possibly cause some ill-feeling in the future!<\/p>\n

\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>\n5.37%<\/td>\n5.38%<\/td>\n28,542<\/td>\n14.87<\/td>\n2<\/td>\n+0.6542%<\/td>\n1,018.5<\/td>\n<\/tr>\n
Fixed-Floater<\/td>\n5.06%<\/td>\n5.35%<\/td>\n139,658<\/td>\n15.02<\/td>\n8<\/td>\n-0.4563%<\/td>\n997.8<\/td>\n<\/tr>\n
Floater<\/td>\n4.67%<\/td>\n0.11%<\/td>\n76,973<\/td>\n4.25<\/td>\n4<\/td>\n-0.2370%<\/td>\n1,048.0<\/td>\n<\/tr>\n
Op. Retract<\/td>\n4.84%<\/td>\n4.11%<\/td>\n87,589<\/td>\n3.29<\/td>\n16<\/td>\n-0.1310%<\/td>\n1,019.1<\/td>\n<\/tr>\n
Split-Share<\/td>\n5.06%<\/td>\n4.69%<\/td>\n125,697<\/td>\n4.09<\/td>\n17<\/td>\n-0.0755%<\/td>\n1,042.9<\/td>\n<\/tr>\n
Interest Bearing<\/td>\n6.20%<\/td>\n6.30%<\/td>\n69,095<\/td>\n4.46<\/td>\n3<\/td>\n+0.2047%<\/td>\n1,039.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.54%<\/td>\n4.79%<\/td>\n121,526<\/td>\n5.81<\/td>\n26<\/td>\n-0.1722%<\/td>\n1,021.3<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.09%<\/td>\n5.12%<\/td>\n390,600<\/td>\n14.91<\/td>\n38<\/td>\n-0.0978%<\/td>\n968.0<\/td>\n<\/tr>\n<\/table>\n<\/div>\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.C<\/td>\nFixFloat<\/td>\n-2.8571%<\/td>\n\u00a0<\/td>\n<\/tr>\n
ELF.PR.F<\/td>\nPerpetualDiscount<\/td>\n-2.0656%<\/td>\nNow with a pre-tax bid-YTW of 5.49% based on a bid of 24.18 and a limitMaturity<\/a>.<\/td>\n<\/tr>\n
MIC.PR.A<\/td>\nPerpetualPremium<\/td>\n-1.1324%<\/td>\nNow with a pre-tax bid-YTW of 5.85% based on a bid of 25.32 and a call 2012-1-30 at 25.00.<\/td>\n<\/tr>\n
TOC.PR.B<\/td>\nFloater<\/td>\n-1.1072%<\/td>\nStill on Credit Watch Negative<\/a>.<\/td>\n<\/tr>\n
BNA.PR.C<\/td>\nSplitShare<\/td>\n-1.0504%<\/td>\nNow with a pre-tax bid-YTW of 5.09% based on a bid of 23.55 and a hardMaturity<\/a> 2019-1-10 at 25.00.<\/td>\n<\/tr>\n
BCE.PR.Z<\/td>\nFixFloat<\/td>\n-1.0417%<\/td>\n\u00a0<\/td>\n<\/tr>\n
BCE.PR.H<\/td>\nRatchet<\/td>\n+1.2685%<\/td>\n\u00a0<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nPerpetualDiscount<\/td>\n+1.3187%<\/td>\nNow with a pre-tax bid-YTW of 4.91% based on a bid of 23.05 and a limitMaturity.<\/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
BNS.PR.K<\/td>\nPerpetualDiscount<\/td>\n43,560<\/td>\nNow with a pre-tax bid-YTW of 4.97% based on a bid of 24.13 and a limitMaturity.<\/td>\n<\/tr>\n
BNS.PR.M<\/td>\nPerpetualDiscount<\/td>\n26,070<\/td>\nNow with a pre-tax bid-YTW of 5.02% based on a bid of 22.42 and a limitMaturity.<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n25,353<\/td>\n\u00a0<\/td>\n<\/tr>\n
TD.PR.O<\/td>\nPerpetualDiscount<\/td>\n24,500<\/td>\nNow with a pre-tax bid-YTW of 4.99% based on a bid of 24.30 and a limitMaturity.<\/td>\n<\/tr>\n
NA.PR.L<\/td>\nPerpetualDiscount<\/td>\n21,900<\/td>\nNow with a pre-tax bid-YTW of 4.97% based on a bid of 24.70 and a limitMaturity.<\/td>\n<\/tr>\n<\/table>\n

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

<\/p>\n","protected":false},"excerpt":{"rendered":"

Bondholders will be glad this horrible week is over, as bonds slipped again after the US Employment Numbers (and wage numbers!) came out. The Teachers\/BCE agreement has been released on SEDAR. I didn’t find 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-959","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/959","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=959"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/959\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=959"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=959"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=959"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}