{"id":996,"date":"2007-07-23T21:25:30","date_gmt":"2007-07-24T01:25:30","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=996"},"modified":"2007-07-23T21:25:30","modified_gmt":"2007-07-24T01:25:30","slug":"july-23-2007","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=996","title":{"rendered":"July 23, 2007"},"content":{"rendered":"

A dull day for Canadas<\/a> and Treasuries<\/a>, so I suppose the “Flight to Quality” theme is no longer operable. We will find out soon what the next three-day-wonder will be! The brokerage houses are claiming that there is no crisis<\/a>, that everybody should stay calm and, mainly, buy whatever it is they’re selling, much to the astonishment of pundits everywhere.<\/p>\n

Also a fairly quiet day for preferreds but, as the volume table shows, there were a fair number of decent-sized crosses. The perpetual EPP.PR.A, issued on May 25 at $25.00 and rated Pfd-3(high), hit a new low of 22.00 and closed at 21.60-00, 2×21. Ouch!<\/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>\n5.10%<\/td>\n5.12%<\/td>\n24,748<\/td>\n15.27<\/td>\n2<\/td>\n+0.0207%<\/td>\n1,028.2<\/td>\n<\/tr>\n
Fixed-Floater<\/td>\n4.98%<\/td>\n5.23%<\/td>\n138,249<\/td>\n15.19<\/td>\n8<\/td>\n+0.0112%<\/td>\n1,014.9<\/td>\n<\/tr>\n
Floater<\/td>\n4.86%<\/td>\n2.59%<\/td>\n82,248<\/td>\n11.56<\/td>\n4<\/td>\n-0.0098%<\/td>\n1,048.6<\/td>\n<\/tr>\n
Op. Retract<\/td>\n4.83%<\/td>\n4.06%<\/td>\n86,138<\/td>\n2.67<\/td>\n16<\/td>\n+0.0292%<\/td>\n1,021.1<\/td>\n<\/tr>\n
Split-Share<\/td>\n5.04%<\/td>\n4.50%<\/td>\n112,371<\/td>\n3.91<\/td>\n17<\/td>\n+0.1553%<\/td>\n1,050.2<\/td>\n<\/tr>\n
Interest Bearing<\/td>\n6.19%<\/td>\n6.34%<\/td>\n66,630<\/td>\n4.41<\/td>\n3<\/td>\n-0.2700%<\/td>\n1,041.8<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.52%<\/td>\n5.13%<\/td>\n116,765<\/td>\n5.42<\/td>\n26<\/td>\n-0.1116%<\/td>\n1,024.8<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.08%<\/td>\n5.12%<\/td>\n347,892<\/td>\n15.28<\/td>\n38<\/td>\n+0.1567%<\/td>\n971.4<\/td>\n<\/tr>\n<\/table>\n<\/div>\n\n\n\n\n
Major Price Changes<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
LFE.PR.A<\/td>\nSplitShare<\/td>\n+1.1505%<\/td>\nNow with a pre-tax bid-YTW of 4.17% based on a bid of 10.55 and a hardMaturity<\/a> 2012-12-01 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>\n77,039<\/td>\nDesjardins crossed 72,100 at 26.85. Now with a pre-tax bid-YTW of 3.61% based on a bid of 26.65 and a call 2009-10-30 at 26.00. Note that there is some uncertainty<\/a> about GWO’s capital market plans, despite the clarifying effect of today’s announcement of the GWL.PR.L redemption<\/a>.<\/td>\n<\/tr>\n
SLF.PR.B<\/td>\nPerpetualDiscount<\/td>\n73,690<\/td>\nTD crossed 25,000 at 24.33, then Nesbitt crossed two lots of 20,000 each, both at 24.35. Now with a pre-tax bid-YTW of 4.97% based on a bid of 24.33 and a limitMaturity<\/a>.<\/td>\n<\/tr>\n
RY.PR.B<\/td>\nPerpetualDiscount<\/td>\n71,575<\/td>\nNational Bank crossed 50,000 at 23.52 … possibly a dividend capture\/avoidance trade by the players concerned, since today was the last day of cum-dividend trading. Now with a pre-tax bid-YTW of 5.07% based on a bid of 23.52 and a limitMaturity.<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nPerpetualDiscount<\/td>\n60,050<\/td>\nNesbitt crossed 50,000 at 23.95. Now with a pre-tax bid-YTW of 5.11% based on a bid of 23.91 and a limitMaturity.<\/td>\n<\/tr>\n
CM.PR.J<\/td>\nPerpetualDiscount<\/td>\n43,580<\/td>\nNational Bank crossed 30,000 at 22.50. Now with a pre-tax bid-YTW of 5.02% based on a bid of 22.50 and a limitMaturity.<\/td>\n<\/tr>\n<\/table>\n

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

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

A dull day for Canadas and Treasuries, so I suppose the “Flight to Quality” theme is no longer operable. We will find out soon what the next three-day-wonder will be! The brokerage houses are claiming …<\/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-996","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/996","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=996"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/996\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=996"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=996"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=996"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}