TD.PR.Z: Tiny Premium on Commencement

TD.PR.Z, a FloatingReset +168 just converted from TD.PR.Y, reached only a very small premium over TD.PR.Y on its debut today.

The issue traded 8,500 shares in a range of 25.00-09 before settling at 25.00-08, 15×5.

TD.PR.Z will be tracked by HIMIPref™ and is assigned to the brand-new FloatingReset subindex.

We can examine the comparables with the help of the Pairs Equivalency Calculator:

FixedReset / FloatingReset Strong Pairs
FixedReset FloatingReset Next
Exchange
Date		 Implied
3-Month
Bill Rate
BNS.PR.P BNS.PR.A 2018-4-26 2.54%
TD.PR.S TD.PR.T 2018-7-31 2.29%
BMO.PR.M BMO.PR.R 2018-8-25 2.13%
BNS.PR.Q BNS.PR.B 2018-10-25 2.03%
TD.PR.Y TD.PR.Z 2018-10-31 2.01%

So TD.PR.Y has the smallest premium of the lot, eclipsed even by the previous low of BNS.PR.Q/BNS.PR.B Is the bloom is off the rose as far as FloatingResets are concerned?

Vital Statistics are:

TD.PR.Z FloatingReset YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.00
Bid-YTW : 2.52 %

This entry was posted on Friday, November 1st, 2013 at 1:16 am 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.

2 Responses to “TD.PR.Z: Tiny Premium on Commencement”

  1. adrian2 says:
    December 5, 2014 at 10:07 am

    Sorry, was searching for “TD.P” posts, and I got into this old post.

    Could you please change BNS.PR.B to TD.PR.Z in the first paragraph?

    Thanks,
    Adrian

  2. jiHymas says:
    December 5, 2014 at 1:36 pm

    Oops! Done!

    That’s what I get for copy-pasting templates!

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