Royal Bank of Canada finally announced:
its intention to redeem all of its issued and outstanding Non-Cumulative 5-Year Rate Reset First Preferred Shares Series AX (the “Series AX shares”) on November 24, 2014, for cash at a redemption price of $25.00 per share.
There are 13,000,000 Series AX shares outstanding, representing $325 million of capital. The redemption of the Series AX shares will be financed out of the general corporate funds of Royal Bank of Canada.
Separately from the redemption price, the final quarterly dividend of $0.38125 per share for the Series AX shares will be paid in the usual manner on November 24, 2014 to shareholders of record on October 27, 2014.
No surprises here, since the issue commenced trading April 29, 2009 and came with a massive Issue Reset Spread of 413bp. It is tracked by HIMIPref™ and has been assigned to the FixedReset index since inception.
This entry was posted on Wednesday, October 22nd, 2014 at 9:20 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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RY.PR.Y Called For Redemption
Royal Bank of Canada finally announced:
No surprises here, since the issue commenced trading April 29, 2009 and came with a massive Issue Reset Spread of 413bp. It is tracked by HIMIPref™ and has been assigned to the FixedReset index since inception.
This entry was posted on Wednesday, October 22nd, 2014 at 9:20 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.