Fairfax Financial Holdings Limited has announced:
That’s right, nothing regarding the conversion and listing of FFH.PR.H, which is the same stunt they pulled when FFH.PR.F was listed.
So, I am left to report that FFH.PR.G is a FixedReset, currently 3.318%+256. Its Strong Pair is FFH.PR.H, a FloatingReset paying three month bills +256bp, reset quarterly. Both issues will be tracked by HIMIPref™, both relegated to the Scraps index on credit concerns.
The Toronto Stock Exchange reports that there are 2,567,048 shares of FFH.PR.H outstanding and 7,432,952 of FFH.PR.G; since there were 10-million shares of FFH.PR.G originally issued, we can say that the conversion rate was 26% after my recommendation not to convert.
Vital statistics are:
FFH.PR.G | FixedReset | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-09-30 Maturity Price : 13.74 Evaluated at bid price : 13.74 Bid-YTW : 6.11 % |
FFH.PR.H | FloatingReset | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-09-30 Maturity Price : 13.70 Evaluated at bid price : 13.70 Bid-YTW : 5.42 % |
No shares of FFH.PR.H traded today (consolidated exchanges) and the closing quote was 13.70-23.00, so nothing about the pricing can be taken too seriously! However:
The FFH.PR.G / FFH.PR.H pair implies an average three month bill rate over the next five years of +1.03%, so far above the average it is off the charts.