{"id":985,"date":"2007-07-18T23:14:55","date_gmt":"2007-07-19T03:14:55","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=985"},"modified":"2007-07-18T23:14:55","modified_gmt":"2007-07-19T03:14:55","slug":"july-18-2007","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=985","title":{"rendered":"July 18, 2007"},"content":{"rendered":"

Both Treasuries<\/a> and Canadas<\/a> edged up today, as Canadian inflation wasn’t as bad as feared<\/a> and US inflation didn’t scare anybody<\/a>. Not Bernanke<\/a> and not macroblog<\/a>, anyway!<\/p>\n

JPMorgan noted that junk is getting harder to sell<\/a> and Freddy Mac agreed<\/a>. Moody’s is claiming their tough-mindedness on sub-prime cost them business<\/a>, which wouldn’t surprise me. How many Portfolio Managers, though, are going to lose their jobs for buying stuff not rated by Moody’s? That’s what counts.<\/p>\n

DBRS<\/a> has released a report titled “Analysis of Subprime Loan Concentration by Major Metropolitan Area and Corresponding Economic and HPA Trends”, available by emailing them<\/a>. You know? If I was a smooth-talking salesman type, I’d be trying to put together a REIT at the moment, buying entire residential neighborhoods at half of last year’s prices. I’ve seen anecdotal reports<\/a> of massive write-downs … and I recall, from somewhere, it is utter confusion over the recovery rate that is holding up ratings revisions of sub-prime CDO’s. Mind you, I also recall seeing … somewhere … some report in which it was claimed that banks et al.<\/em> are hanging on to useless properties (in Cleveland?) for a long time, because they don’t have to book the loss until they sell the property. One way or another, though, there will be some people making good money from this mess.<\/p>\n

BCE prefs had a good day today. It would appear that John Nagel swings a big stick<\/a>! Volume was good, despite a lack of notable crosses. BMT.PR.A finally declared their dividend<\/a>.<\/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>\n5.19%<\/td>\n5.21%<\/td>\n24,931<\/td>\n15.13<\/td>\n2<\/td>\n+0.5010%<\/td>\n1,024.6<\/td>\n<\/tr>\n
Fixed-Floater<\/td>\n5.00%<\/td>\n5.27%<\/td>\n140,123<\/td>\n15.14<\/td>\n8<\/td>\n+0.4736%<\/td>\n1,011.4<\/td>\n<\/tr>\n
Floater<\/td>\n4.86%<\/td>\n0.75%<\/td>\n80,480<\/td>\n4.18<\/td>\n4<\/td>\n+0.2926%<\/td>\n1,048.7<\/td>\n<\/tr>\n
Op. Retract<\/td>\n4.83%<\/td>\n4.09%<\/td>\n85,096<\/td>\n2.78<\/td>\n16<\/td>\n-0.0585%<\/td>\n1,021.0<\/td>\n<\/tr>\n
Split-Share<\/td>\n5.06%<\/td>\n4.61%<\/td>\n114,454<\/td>\n3.91<\/td>\n17<\/td>\n+0.0567%<\/td>\n1,045.8<\/td>\n<\/tr>\n
Interest Bearing<\/td>\n6.16%<\/td>\n6.21%<\/td>\n65,096<\/td>\n4.43<\/td>\n3<\/td>\n+0.7856%<\/td>\n1,046.0<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.53%<\/td>\n5.14%<\/td>\n118,130<\/td>\n5.40<\/td>\n26<\/td>\n+0.0970%<\/td>\n1,023.3<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.10%<\/td>\n5.14%<\/td>\n353,753<\/td>\n14.87<\/td>\n38<\/td>\n+0.1583%<\/td>\n967.2<\/td>\n<\/tr>\n<\/table>\n<\/div>\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
BNA.PR.C<\/td>\nSplitShare<\/td>\n-1.2992%<\/td>\nNow with a pre-tax bid-YTW of 5.11% based on a bid of 23.55 and a hardMaturity<\/a> 2019-1-10 at 25.00.<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetualDiscount<\/td>\n-1.0989%<\/td>\nNow with a pre-tax bid-YTW of 5.54% based on a bid of 21.60 and a limitMaturity<\/a>.<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nPerpetualDiscount<\/td>\n+1.0782%<\/td>\nNow with a pre-tax bid-YTW of 5.04% based on a bid of 22.50 and a limitMaturity.<\/td>\n<\/tr>\n
BSD.PR.A<\/td>\nInterestBearing<\/td>\n+1.5690%<\/td>\nNow with a pre-tax bid-YTW of 6.63% (as interest!) based on a bid of 9.71 and a hardMaturity 2015-3-31 at 10.00.<\/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.X<\/td>\nOpRet<\/td>\n70,774<\/td>\nDesjardins crossed 10,000 at 26.85. Now with a pre-tax bid-YTW of 3.42% based on a bid of 26.75 and a call 2009-10-30 at 26.00.<\/td>\n<\/tr>\n
ELF.PR.G<\/td>\nPerpetualDiscount<\/td>\n65,754<\/td>\nScotia crossed 50,000 at 21.70. Now with a pre-tax bid-YTW of 5.53% based on a bid of 21.57 and a limitMaturity.<\/td>\n<\/tr>\n
RY.PR.G<\/td>\nPerpetualDiscount<\/td>\n45,714<\/td>\nNow with a pre-tax bid-YTW of 5.02% based on a bid of 22.83 and a limitMaturity. The currentYield<\/a> is 4.93% … the huge discrepency is due to the fact that RY.PR.G will soon be going ex-dividend on a big first coupon<\/a>. Note that the difference is even larger for RY.PR.F … 4.88% current, 5.01% YTW.<\/td>\n<\/tr>\n
BNS.PR.M<\/td>\nPerpetualDiscount<\/td>\n24,727<\/td>\nNow with a pre-tax bid-YTW of 5.02% based on a bid of 22.50 and a limitMaturity.<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nPerpetualDiscount<\/td>\n23,360<\/td>\nNow with a pre-tax bid-YTW of 4.97% based on a bid of 22.85 and a limitMaturity.<\/td>\n<\/tr>\n<\/table>\n

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

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

Both Treasuries and Canadas edged up today, as Canadian inflation wasn’t as bad as feared and US inflation didn’t scare anybody. Not Bernanke and not macroblog, anyway! JPMorgan noted that junk is getting harder to …<\/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-985","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/985","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=985"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/985\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=985"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=985"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=985"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}