RY.PR.I Eases in on Heavy Volume

The new issue announced September 8 settled today. Oddly, the ticker symbol is RY.PR.I, although the issue is Series AJ. It’s a shame, because they have been doing so well with series AA through AH of keeping the series designation congruent with the ticker … no telling how many trading errors that will cause over the life of the issue! Well, it solidifies PrefInfo‘s status as a useful site, anyway!

Royal announced on September 8:

as a result of strong investor demand for its domestic public offering of Non-Cumulative, 5 year rate reset Preferred Shares Series AJ (the “Preferred Shares Series AJ”), the size of the offering has been increased to 14 million shares. The gross proceeds of the offering will now be $350 million. In addition, the bank has granted the Underwriters an option, exercisable in whole or in part, to purchase up to an additional 2 million Preferred Shares Series AJ at a price of $25 per share.

This was a significant increase, given that the original issue size was announced as 9-million shares (=$225-million) + greenshoe.

I see nothing on Royal’s website or on SEDAR regarding exercise or expiry of the greenshoe.

The issue traded 611,570 shares today in a range of 24.90-00. The closing quote was 24.95-98.

RY.PR.I is tracked by HIMIPref™. It has been added to the FixedReset Index.

One Response to “RY.PR.I Eases in on Heavy Volume”

  1. […] RBC bought a total of 64,400 shares in six blocks from various dealers in a range of 24.95-97. New issue settled yesterday. […]

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