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:
Click for BigThe 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.
This entry was posted on Thursday, October 1st, 2015 at 2:48 am and is filed under Better Communication, Please!, 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.
FFH.PR.H Listed: 26% Conversion
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:
Maturity Type : Limit Maturity
Maturity Date : 2045-09-30
Maturity Price : 13.74
Evaluated at bid price : 13.74
Bid-YTW : 6.11 %
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:
Click for Big
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.
This entry was posted on Thursday, October 1st, 2015 at 2:48 am and is filed under Better Communication, Please!, 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.