TD.PF.M Outperforms Market on Modest Volume

Jun 05 03:06 2019 Print This Article

The Toronto Dominion Bank’s new issue closed today without an announcement on their website.

TD.PF.M is a FixedReset 5.10%+356, NVCC, announced 2019-5-24. It will be tracked by HIMIPref™ and has been assigned to the FixedReset (Discount) subindex.

The issue traded 680,093 shares today in a range of 24.60-78 before closing at 24.70-71. Vital statistics are:

TD.PF.M

FixedReset Disc

YTW SCENARIO

Maturity Type : Limit Maturity

Maturity Date : 2049-06-04

Maturity Price : 23.05

Evaluated at bid price : 24.70

Bid-YTW : 4.96 %

Given that the PerpetualDiscount index is down 5.64% from its pre-announcement close on May 23, this was actually a pretty good day for the issue!

The new issue remains expensive according to Implied Volatility Analysis:

Click for Big

According to this analysis, the fair price of the new issue is 23.58, down 0.69 from the announcement day fair value of 24.27.

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About Article Author

PrefBlog

PrefBlog is presented as a public service by Hymas Investment Management Inc., Manager / Trustee of Malachite Aggressive Preferred Fundand publisher of PrefLetter, a monthly newsletter directed towards long term buy-and-hold retail investors. James Hymas, president of Hymas Investment Management Inc, with years of experience designing quantitative investment technology and applying this technology to conservative portfolios, seeks to provide institutions and retail investors with the information and advice necessary to produce top quartile returns in the preferred share market without the assumption of excess risk.

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