ETC.PR.A: Ticker Change to EQB.PR.A

Equitable Group Inc. has announced:

that, effective the start of trading on Tuesday, September 3, 2013, its ticker symbols on the Toronto Stock Exchange (TSX) will change from “ETC” and “ETC.PR.A” to “EQB” and “EQB.PR.A”, respectively.

In announcing the ticker symbol change, Andrew Moor, Equitable’s President and Chief Executive Officer, said “The change to our ticker symbol follows the conversion of Equitable’s wholly owned subsidiary, The Equitable Trust Company, to a Schedule I Bank called Equitable Bank in English and Banque Équitable in French effective July 1(st), 2013.”

ETC.PR.A is a FixedReset, 7.25%+453, announced August 17, 2009. As explained in the post regarding the announcement, the issue is not tracked by HIMIPref™ because it doesn’t have a credit rating from any agency.

2 Responses to “ETC.PR.A: Ticker Change to EQB.PR.A”

  1. prefQC says:

    Does this conversion to a “Schedule I Bank” mean that this issue will now have a deemed “hard maturity” in 2022?

  2. jiHymas says:

    Yes. If you look at the 13Q2 MD&A (see the company’s Investor Relations page, you will find the following statement:

    Effective January 1, 2013, Equitable Trust’s non-cumulative preferred shares are subject to phase-out at a rate of 10% per year.

    They’ve already starting taking this hit: their $50-million of preferreds outstanding are only worth $45-million of Tier 1 Capital.

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