BCE.PR.N was listed today without fanfare and without trading. Assiduous Readers will remember that this issue results from a 17% conversion from BCE.PR.M, which I recommended against. BCE.PR.M has reset at 2.764% while BCE.PR.N will pay 3-Month Bills +209bp, reset quarterly.
As no quote was given for this issue, I have arbitrarily assigned it a quotation of 13.65-95, equal to that of BCE.PR.M.
Vital statistics are:
| BCE.PR.M | FixedReset | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-03-31 Maturity Price : 13.65 Evaluated at bid price : 13.65 Bid-YTW : 5.13 % |
| BCE.PR.N | FloatingReset | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-03-31 Maturity Price : 13.65 Evaluated at bid price : 13.65 Bid-YTW : 4.66 % |