TD.PF.G Closes at Good Premium on Enormous Volume

IIROC announced:

The following issues have been halted by IIROC:

Company: The Toronto-Dominion BankNON-CUMULATIVE 5-YEAR RATE RESET CLASS AFIRST PREFERRED SHARES, SERIES 12

TSX Symbol: TD.PF.G

Reason: Pending Closing

Halt Time (ET): 7:57 AM ET

They later announced:

Trading resumes in:

Company: The Toronto-Dominion Bank NON-CUMULATIVE 5-YEAR RATE RESET CLASS A FIRST PREFERRED SHARES, SERIES 12

TSX Symbol: TD.PF.G

Resumption (ET): 9:30 AM ET

There was no announcement from the company.

TD.PF.G is a FixedReset, 5.50%+466, NVCC-compliant issue, announced January 5. This issue will be tracked by HIMIPref™ and has been assigned to the FixedReset subindex.

The issue traded 2,212,913 shares in a range of 25.27-44 before closing at 25.34-35, 8×8. This enormous volume gains it 19th place in the HIMIPref™ database ranked by one-day volume and the largest since 2006-12-15, when FBS.PR.B was issued. That was only a Split-Share, though, with a $10 par value; if we restrict the list to $25 pv issues, today’s TD.PF.G volume is the greatest since 2005-11-8, when 2,540,400 shares of BCE.PR.A changed hands … PrefBlog didn’t exist then!

So, yeah, that was a lot of trading, as befits an issue size of $700-million!

Vital statistics are:

TD.PF.G FixedReset YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-01-14
Maturity Price : 23.25
Evaluated at bid price : 25.34
Bid-YTW : 5.21 %

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