BNS.PR.D: No Surprises On Debut

As has been previously reported on PrefBlog, there was a 42% conversion of BNS.PR.Y into BNS.PR.D on its first Exchange Date.

BNS.PR.D is a FloatingReset 3MoBills+100bp. The issue traded 500 shares today (consolidated exchanges) in a range of 22.00-23.90 (!) before closing at 21.90-30.

Vital statistics are:

Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.90
Bid-YTW : 3.66 %

As may be seen on the Strong Pairs analysis …:

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investment grade FixedReset/FloatingReset pairs have an average break-even three-month bill rate of about 0.20%; outliers are TRP.PR.A / TRP.PR.F (not shown) at -0.77%, and the BNS.PR.Y / BNS.PR.D pair at +0.63%.

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