Hat tip to commenter LongRoad on StockHouse for bringing this to my attention.
Details are available at SEDI.
YLO MTN Buybacks Disclosed 8/18 & 8/19 | |||||
Issue | Trade Date (?) |
Face | Value | Price | Yield ? |
5.25% Feb 15/16 | 8/9 | 5,273,000 | 4,522,138 | 83.23 | 9.95% |
8/10 | 3,736,000 | 3,108,352 | 83.20 | 9.97% | |
8/11 | 5,703,000 | 4,795,716 | 84.08 | 9.70% | |
8/12 | 7,069,000 | 5,883,441 | 83.20 | 9.98% | |
8/15 | 46,000 | 38,200 | 83.00 | 10.04% | |
Total for Issue | 21,827,000 | 18,347,874 | |||
6.25% Feb 15, 2036 | 8/10 | 254,000 | 159,461 | 62.78 | 10.51% |
8/10 | 5,354,000 | 3,349,844 | 62.57 | 10.54% | |
Total for Issue | 5,608,000 | 3,509,305 | |||
5.71% April 21, 2014 | 8/9 | 18,739,000 | 17,772,583 | 93.08 | 8.64% |
8/10 | 2,638,000 | 2,503,190 | 93.08 | 8.65% | |
8/11 | 879,000 | 834,218 | 93.08 | 8.66% | |
8/12 | 35,000 | 33,222 | 93.08 | 8.66% | |
Total for Issue | 22,291,000 | 21,143,213 | |||
7.3% Feb 2, 2015 | 8/9 | 12,567,000 | 11,863,248 | 94.20 | 9.29% |
8/10 | 9,960,000 | 9,408,216 | 94.20 | 9.29% | |
8/11 | 44,021,000 | 41,591,041 | 94.20 | 9.30% | |
8/12 | 9,066,000 | 8,567,370 | 94.20 | 9.30% | |
Total for Issue | 75,614,000 | 71,429,875 | |||
Grand Total | 125,340,000 | 114,430,239 | |||
Yields have been calculated (using MS-Excel) assuming that the “Transaction Date” reported on SEDI is the Trade Date and that all trades were executed for normal settlement |
Readers of the August edition of PrefLetter will understand that I am bitterly disappointed with the company’s decision to pursue buybacks by private contract; I feel that a Dutch Auction Tender, for all issues in one big pot (with conversion factors on the prices of different issues to reflect differing desirability to the company of purchasing the issues) would be a far better way to go.
YLO has the following preferred issues outstanding: YLO.PR.A, YLO.PR.B, YLO.PR.C and YLO.PR.D; the Normal Course Issuer Bid for these issues is still being pursued vigorously.
Is the yield percentage the annual yield to maturity? Does the quoted yield take into account the interest payment date (accrued so far)?
YLO filed a few additional purchases today of another $42.6 million in MTM.
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radamesb, welcome to the blog!
Is the yield percentage the annual yield to maturity?
Yes, subject to the necessary assumptions stated.
Does the quoted yield take into account the interest payment date (accrued so far)?
Yes, with the assumption that all trades have been executed for normal (three day) settlement. This assumption is consistent with their filings so far – they appear to be filing on the day following settlement.
YLO filed a few additional purchases today of another $42.6 million in MTM.
Thank you! I have reported the details and updated the running totals.