New Issue : Brookfield Asset Management 4.75% Perp

Brookfield has announced a new Cumulative Perpetual Preferred issue, Series 18.

Size : $200-million ( = 8-million shares @ $25.00) prior to over-allotment)

Closing : May 9, 2007

Dividends : 4.75%, first dividend payable July 31 (short first coupon)

Redemption Schedule :

BAM 4.75 Perp Redemption Schedule
From To Price
2012-07-31 2013-07-30 $26.00
2013-07-31 2014-07-30 25.75
2014-07-31 2015-07-30 25.50
2015-07-31 2016-07-30 25.25
2016-07-31 INFINITE DATE 25.00

Brookfield Asset Management is rated Pfd-2(low) by DBRS and P-2 (stable) by S&P.

More Later

6 Responses to “New Issue : Brookfield Asset Management 4.75% Perp”

  1. mclachlan8 says:

    Hi James: is this a worthwhile investment, or does your analysis show the need for caution ? The yield appears enticing.

  2. jiHymas says:

    There is ALWAYS a need for caution!

    When you are buying a $100 GIC from the biggest bank in town there is a need for caution!

    I cannot give specific portfolio advice here. I will say, however, that the terms of this issue are very similar to the extant BAM.PR.M issue … draw your own conclusions.

  3. […] BAM currently has the following preferred share issues outstanding : BAM.PR.B BAM.PR.C BAM.PR.E BAM.PR.G BAM.PR.H BAM.PR.I BAM.PR.J BAM.PR.K BAM.PR.L BAM.PR.M BAM.PR.T and there is a new perpetual coming out soon. […]

  4. […] The previously announced new issue of BAM 4.75% Perpetuals started trading today under the symbol BAM.PR.N … and I can’t believe my eyes! […]

  5. […] Now with a pre-tax bid-YTW of 4.82% based on a bid of 24.80 and a limitMaturity. These fell 0.44% today … almost certainly due to the very similar new issue announced today. […]

  6. […] It is not my habit to include such an incomparable comparable as the BAM new issue, but I just couldn’t resist! BAM has a boatload of preferreds outstanding, and if we can blame overall market tone and angst for today’s RY.PR.G debacle, then the May 9 BAM settlement could prove interesting in the extreme. […]

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