No news! And no purchases through the GWO.PR.E / GWO.PR.X Issuer Bid so far this year either. These two issues are currently trading at what I consider to be elevated levels, with pre-tax bid-YTWs in the 3.8% range. This is an interest equivalent (at a factor of 1.4x) of about 5.3%, which in turn is about where Great-West bond paper is trading. Given all the current uncertainty in the credit markets, there is not much incentive for them to purchase on the open market from a strictly financial point of view – there may be regulatory considerations of which I am not aware), so I think we can write off the next few months in terms of hoping for purchases and cancellations of these issues.
As far as CL.PR.B is concerned … who knows? It pays $1.5625, is currently callable at $26.00 and the redemption price declines by $0.25 p.a. every December 1 until 2010-12-31, after which it is callable at $25.00. Thus, net cost to the company of leaving it out is only $1.3125 p.a., which is 5.25% of par, which is probably what it would take to issue a new perpetual in size in this market. I suspect the window of opportunity for redemption of this issue has closed – at least for now.