Those fun-loving directors at the National Bank! Always joking around!
I looked up their Dividend Calendar today in order to update the HIMIPref™ database and there is little, if any, consideration shown for consistency in dividend declaration.
I’ll reproduce their table here:
|
SHARES
|
BOARD APPROVAL
|
RECORD DATE
|
EX-DIVIDEND DATE
|
DIVIDEND PAYMENT DATE
|
|
Common
|
2005-12-08
|
2005-12-29
|
2005-12-23
|
2006-02-01
|
|
Series 15
|
2005-12-08
|
2006-01-13
|
2006-01-11
|
2006-02-15
|
|
Series 16
|
2005-12-08
|
2006-01-13
|
2006-01-11
|
2006-02-15
|
|
Common
|
2006-03-02
|
2006-03-30
|
2006-03-28
|
2006-05-01
|
|
Series 15
|
2006-03-02
|
2006-04-17
|
2006-04-12
|
2006-05-15
|
|
Séries 16
|
2006-03-02
|
2006-04-17
|
2006-04-12
|
2006-05-15
|
|
Common
|
2006-05-25
|
2006-06-22
|
2006-06-20
|
2006-08-01
|
|
Series 15
|
2006-05-25
|
2006-07-07
|
2006-07-05
|
2006-08-15
|
|
Series 16
|
2006-05-25
|
2006-07-07
|
2006-07-05
|
2006-08-15
|
|
Common
|
2006-08-31
|
2006-09-28
|
2006-09-26
|
2006-11-01
|
|
Series 15
|
2006-08-31
|
2006-10-13
|
2006-10-11
|
2006-11-15
|
|
Series 16
|
2006-08-31
|
2006-10-13
|
2006-10-11
|
2006-11-15
|
Just because the ex-Date was on July 5 doesn’t mean that the October ex-Date will be anywhere near the 5th! Be careful! When I look at the past 14 dividends for NA.PR.K (not including the next one) I get the following frequency of ex-date-day-of-the-month:
| Ex-Date Day of Month |
Frequency |
| 4 |
1 |
| 5 |
3 |
| 6 |
3 |
| 7 |
3 |
| 8 |
1 |
| 9 |
1 |
| 11 |
1 |
| 12 |
1 |
The 11th and 12th are novel ex-dates, having been introduced only this year.
Yes, I know, it’s a small point. But I see strange trades going through all the time, with some poor retail guy putting through a trade where it’s obvious he hasn’t paid any attention to the ex-date. And by me, when somebody is kind enough to trade your debt on the secondary market, you try to keep things simple for them.
This entry was posted on Friday, September 29th, 2006 at 9:23 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
You can leave a response, or trackback from your own site.
NA.PR.K / NA.PR.L Dividend Timing
Those fun-loving directors at the National Bank! Always joking around!
I looked up their Dividend Calendar today in order to update the HIMIPref™ database and there is little, if any, consideration shown for consistency in dividend declaration.
I’ll reproduce their table here:
SHARES
BOARD APPROVAL
RECORD DATE
EX-DIVIDEND DATE
DIVIDEND PAYMENT DATE
Common
2005-12-08
2005-12-29
2005-12-23
2006-02-01
Series 15
2005-12-08
2006-01-13
2006-01-11
2006-02-15
Series 16
2005-12-08
2006-01-13
2006-01-11
2006-02-15
Common
2006-03-02
2006-03-30
2006-03-28
2006-05-01
Series 15
2006-03-02
2006-04-17
2006-04-12
2006-05-15
Séries 16
2006-03-02
2006-04-17
2006-04-12
2006-05-15
Common
2006-05-25
2006-06-22
2006-06-20
2006-08-01
Series 15
2006-05-25
2006-07-07
2006-07-05
2006-08-15
Series 16
2006-05-25
2006-07-07
2006-07-05
2006-08-15
Common
2006-08-31
2006-09-28
2006-09-26
2006-11-01
Series 15
2006-08-31
2006-10-13
2006-10-11
2006-11-15
Series 16
2006-08-31
2006-10-13
2006-10-11
2006-11-15
Just because the ex-Date was on July 5 doesn’t mean that the October ex-Date will be anywhere near the 5th! Be careful! When I look at the past 14 dividends for NA.PR.K (not including the next one) I get the following frequency of ex-date-day-of-the-month:
The 11th and 12th are novel ex-dates, having been introduced only this year.
Yes, I know, it’s a small point. But I see strange trades going through all the time, with some poor retail guy putting through a trade where it’s obvious he hasn’t paid any attention to the ex-date. And by me, when somebody is kind enough to trade your debt on the secondary market, you try to keep things simple for them.
This entry was posted on Friday, September 29th, 2006 at 9:23 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.