RY.PR.K Posted for Trading; Zero Volume

As reported here previously, RY.PR.K is a FloatingReset, 3-Month Bills + 193, that forms a Strong Pair with RY.PR.I.

Neither is NVCC compliant, so both have a Deemed Maturity in their call schedules dated 2022-1-31, at par.

RY.PR.K was posted for trading today, but there were no trades. This issue will be tracked by HIMIPref™ but due to low initial and anticipated volume, will be relegated to the Scraps index on volume concerns.
Vital statistics are:

Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.00
Bid-YTW : 2.75 %

The following FixedReset/FloatingReset Strong Pairs now exist and the schedule of implied 3-Month bill rates according to the Pairs Equivalency Calculator is:

FixedReset/FloatingReset Pairs, 2014-2-24
FixedReset FloatingReset Next Exchange Date Implied 3-Month Bills
BNS.PR.P BNS.PR.A 2018-4-26 1.36%
TD.PR.S TD.PR.T 2018-7-31 1.59%
BMO.PR.M BMO.PR.R 2018-8-25 1.63%
BNS.PR.Q BNS.PR.B 2018-10-31 1.51%
TD.PR.Y TD.PR.Z 2018-10-31 1.64%
BNS.PR.R BNS.PR.C 2019-1-25 1.24%
RY.PR.I RY.PR.K 2019-2-24 1.74%

Update, 2016-2-25: I should have included the following paragraph:

Note that since the issue is issued by a bank, is not compliant with OSFI’s Non-Viability Contingent Capital (NVCC) rules and is not convertible into common at the option of the issuer, I consider it to have a “Deemed Maturity” 2022-1-31 (this date may change in the future). This is an approximation (they will probably be called on an Exchange Date at par, not on precisely 2022-1-31) and is the result of analysis, not due to any legally binding commitment by the issuer – although I will note that this analysis with respect to bank issues has wide acceptance in the market. There is a brief explanation of this on the PrefLetter website (under the heading “DeemedRetractibles”) and with more detailed argument and progress reports on international negotiations in every edition of PrefLetter.

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