The terms of BC.PR.B changed effective 2006-05-01 with the annual dividend declining from $1.3125 to $1.0875. There’s a haircut for you!
Holders had the option to convert to the Ratchet Rate issue, BC.PR.E, and a little bit more than a quarter of the issue was converted. These issues become convertable into each other again on May 1, 2011 (although you may need to contact the company earlier!).
Changes have been put through on HIMIPref to reflect this conversion. Security codes are:
| Issue | Code |
| BC.PR.B (old) | A38003 |
| BC.PR.B (new) | A38006 |
| BC.PR.E | A38007 |
[…] *sigh*. An error is not a happy thing to admit, but it’s always best to get it over with. As detailed in the post BC.PR.B / BC.PR.E, some of the BC.PR.B fixed/floater issue was exchanged into the BC.PR.E Ratchet Rate issue. […]
[…] Closed at 24.80-90. This is the counterpart to BC.PR.E … but that reset/ratchet/exchange happened last May, so it’s less exciting than the pair above. BC.PR.E closed at 25.05-15. Boring! […]
[…] Closed at $25.05-30. This is the counterpart to BC.PR.E … but that reset/ratchet/exchange happened last May, so it’s less exciting than the pair above. BC.PR.E closed at 25.07-15. Boring! What makes it even more boring is that this note is copied almost word-for-word from yesterday’s note! […]
[…] A ratchet-rate issue, discussed here, currently ignomiously in “Scraps” due to low volume. […]
[…] Scotia crossed 50,000 @ 25.17, then 80,000 at the same price. This is a ratchet-rate preferred, paying $0.10 monthly, or $1.20 p.a., or 4.8% of face, or 80% of prime. It was discussed briefly in this post […]