PrefBlog

Details are available at SEDI.

Alert readers will have noticed that the face value reported for the 5.25% of ’16 is not an integral multiple of 1,000, and those alert readers who have not yet successfully completed their anger management courses will have already written me vitriolic eMails pointing out that the Short Form Base Shelf Prospectus dated 2005-3-11 states:

The specific terms of any Securities offered will be described in one or more shelf prospectus supplements (collectively or individually, as the case may be, a ‘‘Prospectus Supplement’’), including, where applicable: (i) in the case of Units, the number of Units being offered, the offering price and any other specific terms; (ii) in the case of Subscription Receipts, the number of Subscription Receipts being offered, the offering price, the procedures for the exchange of the Subscription Receipts for Units and any other specific terms; (iii) in the case of Fund Debt Securities and Holdings Debt Securities (collectively, the ‘‘Debt Securities’’), the specific designation, the aggregate principal amount being offered, the currency, the issue and delivery date, the maturity date, the issue price (or the manner of determination thereof if offered on a non-fixed price basis), the interest rate (either fixed or floating, and, if floating, the manner of calculation thereof), the interest payment date(s), the redemption, the exchange or conversion provisions (if any), the repayment terms, the form (either global or definitive), the authorized denominations and any other specific terms; and (iv) in the case of the Notes, the specific designation, the aggregate principal amount being offered, the currency, the issue and delivery date, the maturity date, the issue price (or the manner of determination thereof if offered on a non-fixed price basis), the interest rate (either fixed or floating, and, if floating, the manner of calculation thereof), the interest payment date(s), the redemption, the repayment terms, the form (either global or definitive), the authorized denominations and any other specific terms. A Prospectus Supplement may include specific variable terms pertaining to the Securities that are not within the alternatives and parameters described in this Prospectus
…
Notes issued hereunder will have a term to maturity of not less than one year and will be issuable in minimum denominations of $5,000 and in $1,000 increments thereafter (or the equivalent thereof in other currencies or currency units at the time of issue) in fully registered definitive or global form, in which case the Notes will be exchangeable only under certain conditions for definitive Notes (as described under the subheading ‘‘Form of Notes’’ below).

… and that the Prospectus and Pricing Supplement No. 1 to this shelf prospectus, dated 2005-11-18, which offers the 5.25% of ’16 does not specify the denomination.

I know, I know. But that’s what’s reported on SEDI, so take it up with them.

At one point while I was with Greydanus, Boeckh, we accidently traded a non-integral multiple of Canada’s once and the dealer processed it. We fixed it up within days … but I remember that at least six months later, we were still seeing custodial reports referring to the invalid number. It was an amusing headache, but a headache nevertheless.

Readers of the August edition of PrefLetter will understand that I am bitterly disappointed with the company’s decision to pursue buybacks by private contract; I feel that a Dutch Auction Tender, for all issues in one big pot (with conversion factors on the prices of different issues to reflect differing desirability to the company of purchasing the issues) would be a far better way to go.

YLO has the following preferred issues outstanding: YLO.PR.A, YLO.PR.B, YLO.PR.C and YLO.PR.D; the Normal Course Issuer Bid for these issues is still being pursued vigorously.

This entry was posted on Tuesday, August 23rd, 2011 at 7:02 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.