Great-West Lifeco Inc. has announced:
the completion of its offering of 8,000,000 Non-Cumulative First Preferred Shares, Series R through a syndicate of underwriters co-led by BMO Capital Markets, RBC Capital Markets, and Scotiabank for gross proceeds of $200 million. The Series R Shares will be posted for trading on the Toronto Stock Exchange under the symbol “GWO.PR.R”.
GWO.PR.R is a Straight Perpetual, 4.80%, announced October 3. As it is issued by an Insurance Holding Company and does not have a NVCC clause, it is considered to be a DeemedRetractible and a maturity entry – justified only by my analysis, not by anything in the prospectus – has been added to the options table, at par, effective 2022-1-31. The issue will be tracked by HIMIPref™ and assigned to the DeemedRetractible index.
The issue traded 332,564 shares today in a range of 24.97-00, closing at 24.99-00, 1×338. Vital statistics are:
| GWO.PR.R | Deemed-Retractible | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.99 Bid-YTW : 4.83 % |
[…] Recent new issue. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 4.83 % […]