The new issue of National Bank 6.00% Perpetuals, announced March 31 and reported to have experienced brisk demand settled today, trading 412,080 shares in a range of 24.80-95, closing at 24.86-93, 10×25.
I have not seen an announcement regarding the greenshoe, but this is exercisable for 30 days after closing. The TSX website reflects the advertised 6-million-share ($150-million) size of the offering.
Comparables at the close are:
| NA.PR.M and Comparables, 4/16 | ||||
| Issue | Quote | Dividend | YTW | CurvePrice |
| NA.PR.K | 24.66-78 | 1.4625 | 5.93% | 24.82 |
| NA.PR.L | 20.92-30 | 1.2125 | 5.80% | 21.66 |
| NA.PR.M | 24.86-93 | 1.50 | 6.07% | 25.44 |
| BMO.PR.L | 24.75-77 | 1.45 | 5.91% | 25.33 |
I find that the TXPR Index is a royal pain. For one thing, it has a bid/ask spread that never seems to be less than 5 points, and hence fluctuates from an extreme negative to an extreme positive on a minute by minute basis. As well, it never reflects my basket (basically anything P2 and higher). Short of configuring an artificial basket on the bloomberg, are there any other indices you could recommend? I can’t seem to find anything other than the TXPR
not bid ask…I meant high/low. sorry.
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[…] prefs. Say I have to value an issue that has something approximating a current coupon … maybe the new NA issue, for instance. If I price NA.PR.M based on the yield of the two other prefs from this issuer, then it’s a […]