BNS.PR.A Is First FloatingReset

The Bank of Nova Scotia has announced:

that 6,302,337 of its 13,800,000 Non-cumulative 5-Year Rate Reset Preferred Shares Series 18 of Scotiabank (the “Preferred Shares Series 18”) have been elected for conversion on April 26, 2013, on a one-for-one basis, into Non-cumulative Floating Rate Preferred Shares Series 19 of Scotiabank (the “Preferred Shares Series 19”). Consequently, on April 26, 2013, Scotiabank will have 7,497,663 Preferred Shares Series 18 and 6,302,337 Preferred Shares Series 19 issued and outstanding. The Preferred Shares Series 18 and Preferred Shares Series 19 will be listed on the Toronto Stock Exchange under the symbols BNS.PR.P and BNS.PR.A, respectively.

So BNS.PR.P continues as a FixedReset, paying 3.35% until the next Exchange Date 2018-4-26, while BNS.PR.A will be the first FloatingReset, paying 205bp over 3-Month Canada Treasury Bills.

2 Responses to “BNS.PR.A Is First FloatingReset”

  1. […] is the new FloatingReset that resulted from a partial exchange of BNS.PR.P on the latter issue’s first Exchange […]

  2. […] a practical standpoint, however, it will be recalled that BNS.PR.P (FixedReset, +205bp) was partially converted into the Floating Reset BNS.PR.A on its Exchange Date in April. Given the GOC-5 rate at the time, BNS.PR.P reset to 3.35% while […]

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