SJR.PR.B, the new FloatingReset that has come into existence via partial exchange from SJR.PR.A, is now trading.
The 17% conversion rate has been reported previously; Assiduous Readers will remember that I recommended against conversion. SJR.PR.A now pays 2.791% (on par) until 2021-6-30, while SJR.PR.B will pay 3-month bills +200bp, reset quarterly.
SJR.PR.B closed July 4 with a quote of 12.01-50, 7×3. Surprisingly, 1,687 shares traded in a range of 12.30-00.
Vital statistics are:
| SJR.PR.A |
FloatingReset |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-07-04
Maturity Price : 13.26
Evaluated at bid price : 13.26
Bid-YTW : 4.98 % |
| SJR.PR.B |
FloatingReset |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-07-04
Maturity Price : 12.01
Evaluated at bid price : 12.01
Bid-YTW : 5.23 % |
The $1.25 price difference between the two elements of the Strong Pair (I told you not to convert!) implies a break-even three-month bill rate of -1.03% – at the low end of the range defined by the other junk Strong Pairs.
Click for Big
This entry was posted on Monday, July 4th, 2016 at 9:08 pm and is filed under 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.
SJR.PR.B Listed With Some Trading
SJR.PR.B, the new FloatingReset that has come into existence via partial exchange from SJR.PR.A, is now trading.
The 17% conversion rate has been reported previously; Assiduous Readers will remember that I recommended against conversion. SJR.PR.A now pays 2.791% (on par) until 2021-6-30, while SJR.PR.B will pay 3-month bills +200bp, reset quarterly.
SJR.PR.B closed July 4 with a quote of 12.01-50, 7×3. Surprisingly, 1,687 shares traded in a range of 12.30-00.
Vital statistics are:
Maturity Type : Limit Maturity
Maturity Date : 2046-07-04
Maturity Price : 13.26
Evaluated at bid price : 13.26
Bid-YTW : 4.98 %
Maturity Type : Limit Maturity
Maturity Date : 2046-07-04
Maturity Price : 12.01
Evaluated at bid price : 12.01
Bid-YTW : 5.23 %
The $1.25 price difference between the two elements of the Strong Pair (I told you not to convert!) implies a break-even three-month bill rate of -1.03% – at the low end of the range defined by the other junk Strong Pairs.
Click for Big
This entry was posted on Monday, July 4th, 2016 at 9:08 pm and is filed under 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.