BNS.PR.L Gets a Solid Reception

BNS.PR.L commenced trading today, after having been announced January 8. Scotia announced today that the underwriters’ over-allotment privilege had been exercised to the tune of 1.8 million shares, bringing the total size of the issue to 13.8 million shares valued at $345-million.

The issue traded a healthy 387,831 shares in a range of 24.98-08. The closing quotation was 25.07-09, 67×50.

There may be a little more value left in this issue, as HIMIPref™ calculates a curvePrice of $25.26:

Curve Price Comparison
After-tax Curve
Component BNS.PR.L BNS.PR.K
Price due to base-rate 23.19  24.07
Price due to short-term 0.04  0.04
Price due to long-term 0.57  0.58
Price due to Liquidity 1.50  0.67
Price due to error -0.03  -0.01
Curve Price 25.26 25.34
Closing Quote 25.07-09  25.91-97
Annual Dividend 1.125 1.200
Yield-to-Worst (Pre-Tax)  4.48%  4.24%
Yield-to-Worst (Post-Tax) 3.56%  3.37%
YTW Call-Date 2016-05-27  2014-05-28

The securityCode for this issue is A41009, replacing the preIssue code of P75004. A reorgDataEntry has been created to reflect this change.

The issue has been added to the “PerpetualPremium” Index as of 1/24.

5 Responses to “BNS.PR.L Gets a Solid Reception”

  1. […] PrefBlog Canadian Preferred Shares – Data and Discussion « BNS.PR.L Gets a Solid Reception […]

  2. […] Recent new issue. Now with a pre-tax bid-YTW of 4.49% based on a bid of $25.05 and a call 2016-5-27 at $25.00. […]

  3. […] Recent new issue. Now with a pre-tax bid-YTW of 4.51% based on a bid of $25.00 and a limitMaturity. […]

  4. […] This is actually rather nice, having so many issues that are so similar (SunLife, Scotia, Royal and BMO) … I forsee many happy hours in the years ahead, swapping between them in a low-risk dividend-capture strategy. […]

  5. […] Recent new issue. Now with a pre-tax bid-YTW of 4.49% based on a bid of 25.15 and a call 2016-5-27 at 4.49%. […]

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