| Major Price Changes |
| Issue |
Index |
Change |
Notes |
| CM.PR.H |
PerpetualDiscount |
-4.1938% |
Now with a pre-tax bid-YTW of 5.16% based on a bid of 23.53 and a limitMaturity. New low of 23.41 today – traded in a range 23.41-24.60. |
| MFC.PR.C |
PerpetualDiscount |
-3.1024% |
Now with a pre-tax bid-YTW of 4.95% based on a bid of 22.80 and a limitMaturity. New low of 22.70 today. |
| RY.PR.B |
PerpetualDiscount |
-2.7027% |
Now with a pre-tax bid-YTW of 5.05% based on a bid of 23.40 and a limitMaturity. New low of 23.45 today. |
| MFC.PR.B |
PerpetualDiscount |
-2.6639% |
Now with a pre-tax bid-YTW of 4.90% based on a bid of 23.75 and a limitMaturity. New low of 23.30 today – traded in a range of 23.30-24.50. |
| SLF.PR.D |
PerpetualDiscount |
-2.3831% |
Now with a pre-tax bid-YTW of 5.12% based on a bid of 21.71 and a limitMaturity. Heavy trading, 186,754 shares, in a range of 21.65-22.49. New low of 21.65 today. |
| RY.PR.D |
PerpetualDiscount |
-2.3684% |
Now with a pre-tax bid-YTW of 5.09% based on a bid of 22.60 and a limitMaturity. New low of 22.40 today. |
| GWO.PR.I |
PerpetualDiscount |
-2.2989% |
Now with a pre-tax bid-YTW of 5.10% based on a bid of 22.10 and a limitMaturity. New low of 22.00 today. |
| LFE.PR.A |
SplitShare |
-1.9324% |
Now with a pre-tax bid-YTW of 4.98% based on a bid of 10.15 and a hardMaturity 2012-12-1 at 10.00. New low of 10.15 today. |
| FFN.PR.A |
SplitShare |
-1.8957% |
Now with a pre-tax bid-YTW of 4.73% based on a bid of 10.35 and a hardMaturity 2014-12-1 at 10.00. |
| BNS.PR.K |
PerpetualPremium (for now!) |
-1.8443% |
Now with a pre-tax bid-YTW of 5.07% based on a bid of 23.95 and a limitMaturity. New low of 23.95 today. |
| BCE.PR.R |
FixFloat |
-1.7370% |
Exchange/Reset date is 2010-12-1 (exchanges with series ‘Q’, not issued); until then, pays 4.54% of par. New low of 20.00 today; closed at 19.80-00, 10×10. |
| CM.PR.I |
PerpetualDiscount |
-1.7155% |
Now with a pre-tax bid-YTW of 5.06% based on a bid of 23.49 and a limitMaturity. New low of 23.02 today. |
| ALB.PR.A |
SplitShare |
-1.6348% |
Now with a pre-tax bid-YTW of 4.68% based on a bid of 24.67 and a hardMaturity 2011-2-28 at 25.00. New low of 24.51 today. |
| NA.PR.L |
PerpetualPremium (for now!) |
-1.6129% |
Now with a pre-tax bid-YTW of 5.01% based on a bid of 24.40 and a limitMaturity. New low of 24.25 today. |
| GWO.PR.H |
PerpetualDiscount |
-1.6122% |
Now with a pre-tax bid-YTW of 5.09% based on a bid of 23.80 and a limitMaturity. |
| CFS.PR.A |
SplitShare |
-1.6097% |
Now with a pre-tax bid-YTW of 4.96% based on a bid of 9.78 and a hardMaturity 2012-1-31 at 10.00. New low of 9.78 today. |
| SLF.PR.E |
PerpetualDiscount |
-1.5660% |
Now with a pre-tax bid-YTW of 5.12% based on a bid of 22.00 and a limitMaturity. New low of 22.00 today. |
| DFN.PR.A |
SplitShare |
-1.5444% |
Now with a pre-tax bid-YTW of 4.97% based on a bid of 10.20 and a hardMaturity 2014-12-1 at 10.00. New low of 10.20 today. |
| BNS.PR.M |
PerpetualDiscount |
-1.5378% |
Now with a pre-tax bid-YTW of 5.10% based on a bid of 22.41 and a limitMaturity. New low of 22.40 today. |
| RY.PR.C |
PerpetualDiscount |
-1.4236% |
Now with a pre-tax bid-YTW of 5.07% based on a bid of 22.85 and a limitMaturity. New low of 22.75 today. |
| TD.PR.O |
PerpetualPremium (for now!) |
-1.4028% |
Now with a pre-tax bid-YTW of 4.98% based on a bid of 24.60 and a limitMaturity. New low of 24.01 today; traded in the range 24.01-96. |
| BNS.PR.J |
PerpetualPremium |
-1.3592% |
Now with a pre-tax bid-YTW of 5.10% based on a bid of 25.40 and a call 2013-11-28 at 25.00. |
| LBS.PR.A |
SplitShare |
-1.3333% |
Now with a pre-tax bid-YTW of 4.76% based on a bid of 10.36 and a hardMaturity 2013-11-29 at 10.00. |
| RY.PR.F |
PerpetualDiscount |
-1.1947% |
Now with a pre-tax bid-YTW of 5.08% based on a bid of 22.33 and a limitMaturity. |
| RY.PR.G |
PerpetualDiscount |
-1.1905% |
Now with a pre-tax bid-YTW of 5.08% based on a bid of 22.41 and a limitMaturity. New low of 22.38 today. |
| AL.PR.E |
Floater |
-1.1806% |
Still rated Under-Review: Developing by DBRS (rating is Pfd-2(low)). |
| NA.PR.K |
PerpetualPremium |
-1.1628% |
Now with a pre-tax bid-YTW of 5.51% (!) based on a bid of 25.50 and a call 2012-6-14 at 25.00. New low of 25.27 today. |
| BNS.PR.L |
PerpetualDiscount |
-1.1424% |
Now with a pre-tax bid-YTW of 5.06% based on a bid of 22.50 and a limitMaturity. New low of 22.35 today. |
| BMO.PR.J |
PerpetualDiscount |
-1.0989% |
Now with a pre-tax bid-YTW of 5.04% based on a bid of 22.50 and a limitMaturity. New low of 22.50 today. |
| POW.PR.D |
PerpetualDiscount |
-1.0989% |
Now with a pre-tax bid-YTW of 5.21% based on a bid of 24.30 and a limitMaturity. New low of 24.30 today. |
| CM.PR.P |
PerpetualPremium |
-1.0277% |
Now with a pre-tax bid-YTW of 5.47% based on a bid of 25.04 and a limitMaturity. New low of 25.02 today. |
There were forty-three other $25-equivalent index-included issues trading over 10,000 shares today.
On a scale of 1-10, with 10 being the most severe, how severe has this drop over the recent past been relative to other drops you have experienced in the preferred share market? Absent a material and persistent outbreak of inflation, many of the yields seem unusually compelling on an after-tax basis.
Oh, this is a definitely a Bo Derek special: 10.
Even during the Russian Default, the decline in Perpetuals was less than 6% from July, 1998 to August, 1998.
I agree that the yields are compelling. You don’t have to look very hard to find yields well over 5% from a bank – interest-equivalent of 7% – and I don’t know where else you can get that.
[…] PrefBlog Canadian Preferred Shares – Data and Discussion « June 7, 2007 […]
PrefBlog dated June 7 under Major Price Changes states “ALB.PR.A SplitShare – Now with a pre-tax bid-YTW of 4.68% based on a bid of 24.67 and a hardMaturity 2011-2-28 at 25.00.” I think the YTW date of 2011-2-28 is incorrect. According to the prospectus, the prefs can be redeemed annually by the company on the Annual Retraction Payment Date.
Yes, ALB.PR.A can be called at par prior to its hardMaturity – which will mean that these things will rarely trade at much of a premium … which is why they are usually not worth buying.
At a price of 24.67, however, earlier calls at 25.00 are a Good Thing. The worst thing that can happen to somebody who buys at that price is that he has to wait until 2011 to get his money back plus a $0.33 capital gain.