Scotiabank has announced:
that it intends to exercise its right to redeem all outstanding Non-cumulative Preferred Shares Series 13 of Scotiabank (the “Preferred Shares Series 13”) on July 29, 2014 at a price equal to $25.00 per share, together with all declared and unpaid dividends. Formal notice will be issued to shareholders in accordance with the share conditions.
The redemption has been approved by the Office of the Superintendent of Financial Institutions and will be financed out of the general funds of Scotiabank.
On May 26, 2014, the Board of Directors of Scotiabank approved a quarterly dividend of $0.30 per Series 13 Share. This will be the final dividend on the Series 13 Shares and will be paid in the usual manner on July 29, 2014 to shareholders of record at the close of business on July 2, 2014, as previously announced. After July 29, 2014, the Series 13 Shares will cease to be entitled to dividends.
Is this the beginning of a wave of redemptions of bank DeemedRetractibles? Probably not, unless the banks want to pay a premium. I confess to some surprise that Scotia didn’t come up with a shareholder vote to change the terms of this issue; or alternatively, set up an exchange offer. Be that as it may, bank DeemedRetractibles with higher coupons are:
Bank DeemedRetractibles
Coupon > $1.20 p.a. |
| Ticker |
Annual Dividend |
First Par Call |
| NA.PR.M |
1.5000 |
2017-5-15 |
| BMO.PR.L |
1.4500 |
2017-5-25 |
| TD.PR.R |
1.4000 |
2017-4-30 |
| TD.PR.Q |
1.4000 |
2017-1-31 |
| BNS.PR.O |
1.4000 |
2017-4-26 |
| BNS.PR.N |
1.3125 |
2017-1-27 |
| BMO.PR.K |
1.3125 |
2016-11-25 |
| TD.PR.P |
1.3125 |
2016-11-1 |
| HSB.PR.C |
1.2750 |
2014-6-30 |
| HSB.PR.D |
1.2500 |
2014-12-31 |
| NA.PR.L |
1.2125 |
Current |
| TD.PR.O |
1.2125 |
2014-10-31 |
This entry was posted on Tuesday, June 24th, 2014 at 7:49 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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BNS.PR.K Called For Redemption
Scotiabank has announced:
Is this the beginning of a wave of redemptions of bank DeemedRetractibles? Probably not, unless the banks want to pay a premium. I confess to some surprise that Scotia didn’t come up with a shareholder vote to change the terms of this issue; or alternatively, set up an exchange offer. Be that as it may, bank DeemedRetractibles with higher coupons are:
Coupon > $1.20 p.a.
This entry was posted on Tuesday, June 24th, 2014 at 7:49 pm 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.