Enbridge Inc. has announced:
it has closed its previously announced public offering of Cumulative Redeemable Preference Shares, Series R (the “Series R Preferred Shares”) by a syndicate of underwriters led by Scotiabank, RBC Capital Markets and TD Securities Inc. Enbridge issued 16 million Series R Preferred Shares for gross proceeds of C$400 million. The Series R Preferred Shares will begin trading on the TSX today under the symbol ENB.PR.T. The proceeds will be used for capital expenditures, to repay indebtedness and for other general corporate purposes.
Note that while it is Series R the symbol is ENB.PR.T. Seems to me that a business that cared about its ultimate customers would coordinate better with the company and underwriters, so that series-letters and ticker symbols would be better coordinated.
ENB.PR.T is a FixedReset, 4.00%+250, announced November 26. It will be tracked by HIMIPref™ and assigned to the FixedReset subindex.
ENB.PR.T traded 968,467 shares today in a range of 24.96-05 before closing at 25.00-01, 29×28. Vital statistics are:
| ENB.PR.T | FixedReset | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2042-12-05 Maturity Price : 23.09 Evaluated at bid price : 25.00 Bid-YTW : 3.71 % |
[…] PrefBlog Canadian Preferred Shares – Data and Discussion « ENB.PR.T Firm on Excellent Volume […]
Hi James,
I believe you may have answered this question before for similar circumstances but why do you assume a maturity price of $23.09? Thanks
In the event of a “Limit Maturity” (i.e., when the worst thing the company can do to you – barring default and changes in the overall market – is to leave the issue outstanding forever) the system attempts to incorporate a little scenario analysis.
Let’s say that there’s a 25% of the issue being called, which will lead to a realized yield in excess of the YTW. Then the end price of the preferred should reflect the mean value of the 75% of cases in which the issue is not called.
[…] Recent new issue. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2042-12-07 Maturity Price : 23.10 Evaluated at bid price : 25.01 Bid-YTW : 3.71 % […]
[…] Recent new issue. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2042-12-10 Maturity Price : 23.10 Evaluated at bid price : 25.01 Bid-YTW : 3.70 % […]
[…] Recent new issue. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2042-12-11 Maturity Price : 23.10 Evaluated at bid price : 25.02 Bid-YTW : 3.70 % […]
[…] Recent new issue. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2042-12-13 Maturity Price : 23.10 Evaluated at bid price : 25.02 Bid-YTW : 3.70 % […]
[…] Recent new issue. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2042-12-17 Maturity Price : 23.11 Evaluated at bid price : 25.04 Bid-YTW : 3.76 % […]
[…] Recent new issue. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2042-12-18 Maturity Price : 23.11 Evaluated at bid price : 25.05 Bid-YTW : 3.76 % […]
[…] Recent new issue. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2042-12-20 Maturity Price : 23.13 Evaluated at bid price : 25.12 Bid-YTW : 3.75 % […]
[…] Recent new issue. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2042-12-28 Maturity Price : 23.17 Evaluated at bid price : 25.23 Bid-YTW : 3.74 % […]
[…] Recent new issue. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2042-12-31 Maturity Price : 23.16 Evaluated at bid price : 25.21 Bid-YTW : 3.74 % […]
[…] Recent new issue. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-01-02 Maturity Price : 23.16 Evaluated at bid price : 25.21 Bid-YTW : 3.74 % […]