RY.PR.X, the FixedReset issue announced last week had a very solid opening day, trading 725,748 shares in a range of 24.91-09 before closing at 25.02-05, 27×46.
Its vital statistics are:
Maturity Type : Limit Maturity
Maturity Date : 2039-04-01
Maturity Price : 23.14
Evaluated at bid price : 25.02
Bid-YTW : 6.11 %
This is an issue sure to be at the centre of many trade errors over the course of its existence. A few years back, Royal Bank started a new numbering system for its preferreds, presumably in cooperation with the TSX: Series ‘AA’ has ticker RY.PR.A, Series ‘AB’ has ticker RY.PR.B and so on. It was great, and a lot better than giving Series N the symbol RY.PR.K, for instance.
But now we have Series AV having ticker RY.PR.X. I suspect that the TSX reserves the “V” suffix for USD issues, or perhaps they consider it too soon after the redemption of the old RY.PR.V (USD 250-million, Series K, redeemed in 2003) to recycle the ticker.
One way or another, it would appear a little more communication is in order.