BNS.PR.Q Closes Comfortably

Scotiabank has announced:

that it has completed the domestic offering of 14 million, non-cumulative 5-year rate reset preferred shares Series 20 (the “Preferred Shares Series 20”) including the full exercise of the underwriters’ option, at a price of $25.00 per share. The gross proceeds of the offering were $350 million.
The offering was made through a syndicate of investment dealers led by Scotia Capital Inc. Following the successful sale of the initially announced 12 million Preferred Shares Series 20, the syndicate fully exercised the underwriters’ option to purchase an additional 2 million shares. The Preferred Shares Series 20 commence trading on the Toronto Stock Exchange today under the symbol BNS.PR.Q.

The issue traded 629,480 shares today in a range of 24.95-07, closing at 24.98-00, 4×156. The related BNS.PR.P (which resets at +205) closed at 25.41-50, 15×66. It would seem the market it placing a lot of faith in actually seeing those extra thirty-five beeps!

BNS.PR.Q was announced and analyzed on May 27.

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