AIM.PR.A / AIM.PR.B: 43% Conversion To FloatingReset

AIM.PR.A recently extended with a dividend cut of 31% and I recommended that holders retain their shares in preference to conversion to the FloatingReset issues. More recently, I opined that AIM.PR.A looks cheap relative to AIM.PR.C.

Aimia did not issue a press release with respect to either the conversion percentage or the first day of listing of the FloatingReset AIM.PR.B on the Toronto Stock Exchange, but TMXMoney reports that there are now 3,953,365 shares of AIM.PR.A outstanding relative to 2,946,635 shares of AIM.PR.B, so we may calculate a conversion rate of 43%.

There was no volume in AIM.PR.B reported.

Despite this lack of volume – or, who knows, maybe because of it – the AIM.PR.A / AIM.PR.B Strong Pair ended its first day on the market with an implied average three-month bill rate over the next five years of +0.24%, well within the boundaries set by other pairs.

pairs_FR_150331
Click for Big

Vital statistics are:

AIM.PR.A FixedReset YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2045-03-31
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 5.84 %
AIM.PR.B FloatingReset YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2045-03-31
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.66 %

This entry was posted on Wednesday, April 1st, 2015 at 2:19 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.

One Response to “AIM.PR.A / AIM.PR.B: 43% Conversion To FloatingReset”

  1. FletcherLynd says:
    November 13, 2015 at 12:44 pm

    James,

    Could AIM.PR.B be added to PrefInfo.com?

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