How to look up bond symbols for a CDN bond

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Hogwild
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How to look up bond symbols for a CDN bond

Post by Hogwild »

Hi everyone:

My Mom has some bonds we're trying to identify. On her monthly statements the only thing that shows is, (I think)
Reuters symbols.

e.g. BNS INT CYCCALL AW7 20DEC15

All I know so far is that this is a Bank of Nova Scotia security with a maturity date of DEC20, 2015.
I don't know what "CYCCALL" "INT" or "AW7" mean. Can anyone decode this for me?

Also, for future, is there some kind of lookup table or Website or something which I could use to decode these
names?


Thanks
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big easy
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Re: How to look up bond symbols for a CDN bond

Post by big easy »

Why don't you ask your broker?
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Re: How to look up bond symbols for a CDN bond

Post by Hogwild »

Hi:

That would be the logical choice, yes. But it's not my broker. It's my Mom's. And he is very uncooperative.
We are in the process of changing to another broker. But I'd like to be able to figure this out for myself.
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Re: How to look up bond symbols for a CDN bond

Post by AltaRed »

Ask your own broker then to decipher it. It will be standard 'bond lingo' that any broker should be explain.
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Re: How to look up bond symbols for a CDN bond

Post by Hogwild »

You're not listening. Our current broker is an *ss. He doesn't listen, argues, and gives us no info. If I could
fire him tomorrow, I would.

But I have more things on my plate than you could possibly imagine. So...how about my original question?
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Re: How to look up bond symbols for a CDN bond

Post by Shakespeare »

Sic transit gloria mundi. Tuesday is usually worse. - Robert A. Heinlein, Starman Jones
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Re: How to look up bond symbols for a CDN bond

Post by Hogwild »

You mean there is NO way of looking up these codes without being/having access to a dealer?

Ah, jeez.
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Re: How to look up bond symbols for a CDN bond

Post by Shakespeare »

No, it means I - and anybody else who posted here - don't know what they mean.

Norbert or James might.
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Re: How to look up bond symbols for a CDN bond

Post by Norbert Schlenker »

Hogwild wrote:Hi everyone:

My Mom has some bonds we're trying to identify. On her monthly statements the only thing that shows is, (I think)
Reuters symbols.

e.g. BNS INT CYCCALL AW7 20DEC15

All I know so far is that this is a Bank of Nova Scotia security with a maturity date of DEC20, 2015.
It's 9 weeks past that date. If these securities are still in the account, what you assume is the maturity date can't possibly be.
I don't know what "CYCCALL"
Likely something to do with the bank having an option to redeem option at a Canada Yield price.
"INT"
Might mean it's a coupon stripped out of a bond. Might mean it's something issued by an international subsidiary. Who knows?
or "AW7" mean. Can anyone decode this for me?
Not me.

First thing I'd look for, or ask the broker for, is the confirm for the purchase. If you have a file of statements, you should be able to identify approximately when the thing appeared in the account. A confirm would have a better description than this gobbledygook.

Also, look at the past year's statements, or a tax summary, for income paid into the account by this security. The size and timing of those payments would provide more clues.
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Re: How to look up bond symbols for a CDN bond

Post by Hogwild »

Norbert:

Thank you very much for that. That is helpful. I apologize for being snarky earlier. I am ill at the moment.
Second, I should have been more clear, yes, that bond was called back in 2015.

I have not been able to find the transaction statement for that bond. Allow me to explain (though I'm sure you've
heard this one before):

I am at the tail end of cleaning up 17 years worth of paperwork for my elderly Mom, and I myself am struggling with
my health. My Mom didn't bother to worry about little things like making sure we had all the statements, summaries,
and so on. She had a phobia of such things, because she was not good at them.

I will look at the year-end summary to learn more. If anyone can think of any other resource, however, it would
be appreciated. Until we switch investment "advisors", we are stuck with our current person, who does almost
zero for us. He makes it painful every step of the way. As time allows...


Thanks
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Re: How to look up bond symbols for a CDN bond

Post by AltaRed »

I empathize with you. Had the same experience cleaning up my father's estate back in the '90s. It is hard to believe almost ANY retail investor got things right before the internet in the mid-90s started enlightening the younger set.

There have been many posts in forums over the years on these issues though mostly around equities, both shares and mutual funds. The investor relations departments of companies have been pretty good assisting those of us delegated to clean up. You could always send a query to the Scotia's IR department for some help on your problem. Whether they are as responsive as other public companies I don't know.
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Re: How to look up bond symbols for a CDN bond

Post by Hogwild »

Thanks for the understanding. Well, I know it's a common problem, but you have to know how my Mom dealt with it.
No particular filing system. Anything went anywhere. I'm just about to be finished all of it soon, but it's taken a toll
on my health (literally).

I think I called BNS at one point, and they said they had no idea, but maybe I should try again. Shouldn't it be illegal
for there not be a plain English name of the security on the statement?

This is with Richardson GMP, BTW. I have been almost entirely disgusted by their service and their attitude toward
service. Can't say I'd recommend them to anyone.
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Re: How to look up bond symbols for a CDN bond

Post by AltaRed »

Investor Relations departments are supposed to be investor friendly (though sometimes are not). I've mostly had decent responses.
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Re: How to look up bond symbols for a CDN bond

Post by Hogwild »

Hi everyone:

If anyone is still following this, I kept digging via Web searches. I'm stubborn that way.
I came across a document entitled "CDS Services for Stripped Securities". Turns out the broker had put my Mom into
a few strip bonds and similar. On pages 22-24 of the above document, I found some diagrams/legends that explain the codes.
Below explains some of the codes in that booklet.

There are multiple syntaxes - too much to describe here. That's because the syntax varies based on the type
of bond or package. However, the abbreviations themselves tend to stay constant.

Typically, we start with Issuer Name:
e.g. BNS

Often followed by Type of Strip Bond:
INT = Interest

PRIN = Principal

After that, you will often see a 3-character code (2 letters, one number). That code
is characters 9, 10 and 11 of the ISN number.


If strip bonds are packaged together, Bond-type package abbreviations are as follows:
PKG or PK = Principal component included in package

IP = All payments funded by interest components

RP = All payments funded by principal (residue) components

DR = Dual Rate package

CP = Callable Residue package

MIP = Multiple Rate package

Special Codes
TR = A separate trust agreement governs the strip bond for
certain events, such as defaults and voting rights.

RR = Strip bond payments i from a real return bond;
payment will be adjusted accordingly

$US = Strip bond pays in $US

CYC = Underlying security or strip bond may be called by the issuer
at a price ased on current Gov't of Canada yields

TX = Underlying security may be called by the issuer if withholding
tax laws change

CALL = underyling security may be called by issuer at any time

IN = Strip bond payment will be adjusted for the change in an index

If the bond symbol has a Payment Schedule component:
S=Semi-annual
Q=Quarterly
A=Annual
M=Monthly

Like with most bonds, you will often find the Maturity Date at the end
e.g. 6OCT11


-------------------------------------------------------------------------------------------------
So, my original posting was about the following bond:

BNS INT CYCCALL AW7 20DEC15


BNS = Bank of Nova Scotia
INT = Type of strip bond is Interest
CYC = Underlying strip bond may be called by issuer at a price based on current Gov't of Canada yields
CALL = underlying security may be called at any time

20DEC15 = Bond matures 20th December, 2015

I still can't find a guide for further abbreviations, and so I do not know what "AW7" stands for. I'm not sure it's
the packager of bonds, as when I Google it, all I get is info. on a US company called "Zions Bancorp".

I hope this helps other people.
Last edited by Hogwild on 04 Apr 2016 10:21, edited 2 times in total.
twa2w
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Re: How to look up bond symbols for a CDN bond

Post by twa2w »

Not sure how far along you are in the process of moving to a new broker, but why don't you ask the new broker. If he wants the business she should be able to find out for you.
I could guess but it has been a while since I was a broker and there are a lot of codes.

Cheers
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