National Bank of Canada has announced:
that it has closed its domestic public offering of non-cumulative 5-year rate reset first preferred shares series 32 (the “Series 32 Preferred Shares”). National Bank issued 12 million Series 32 Preferred Shares at a price of $25.00 per share to raise gross proceeds of $300 million.
The offering was underwritten by a syndicate led by National Bank Financial Inc.
The Series 32 Preferred Shares will commence trading on the Toronto Stock Exchange today under the ticker symbol NA.PR.W.
The Series 32 Preferred Shares were issued under a prospectus supplement dated October 2, 2014 to National Bank’s short form base shelf prospectus dated October 5, 2012.
NA.PR.W will be tracked by HIMIPref™. It is still rated Pfd-2(low) by DBRS, as confirmed on July 7, so despite being considered junk by S&P, it will be added to the FixedResets subindex.
The issue traded 740,000 shares today (consolidated exchanges) in a range of 24.76-97 before closing at 24.78-82, 1×12. Vital statistics are:
| NA.PR.W |
FixedReset |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2044-10-09
Maturity Price : 23.06
Evaluated at bid price : 24.78
Bid-YTW : 3.77 % |
Update, 2014-10-11: NA.PR.W is a FixedReset, 3.90%+225, announced September 30.
This entry was posted on Thursday, October 9th, 2014 at 6:07 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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NA.PR.W Soft On Unimpressive Volume
National Bank of Canada has announced:
NA.PR.W will be tracked by HIMIPref™. It is still rated Pfd-2(low) by DBRS, as confirmed on July 7, so despite being considered junk by S&P, it will be added to the FixedResets subindex.
The issue traded 740,000 shares today (consolidated exchanges) in a range of 24.76-97 before closing at 24.78-82, 1×12. Vital statistics are:
Maturity Type : Limit Maturity
Maturity Date : 2044-10-09
Maturity Price : 23.06
Evaluated at bid price : 24.78
Bid-YTW : 3.77 %
Update, 2014-10-11: NA.PR.W is a FixedReset, 3.90%+225, announced September 30.
This entry was posted on Thursday, October 9th, 2014 at 6:07 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.