The new Royal Bank 4.6% perpetuals were off to a good start today, trading 239,875 shares in a range of 25.15-25 to close at $25.16-18, 3×13.
The reorg entry has been processed on HIMIPref™: the pre-issue code was P50006, the new security code is A45012.
I’ll update this post with some comments about valuation when I update HIMIPref™ with today’s closing quotations later tonight.
Update : The issue still looks attractive at the closing quotation. Consider the YTWs of the other Royal Perpetual issues that are outstanding (except for the soon to be redeemed RY.PR.O:
|Issue||Pre-tax YTW||Quote||“Taxable Curve” Price|
So, it’s my guess there’s still a little value left in this issue!