Power Financial Corporation has announced:
the closing of an offering of 10,000,000 5.15% Non-Cumulative First Preferred Shares, Series V (the “Series V Shares”) priced at $25.00 per share for gross proceeds of $250 million.
The issue was bought by an underwriting syndicate co-led by BMO Capital Markets, RBC Capital Markets, Scotiabank and TD Securities Inc.
The Series V Shares will be listed and posted for trading on the Toronto Stock Exchange under the symbol “PWF.PR.Z”. The net proceeds from the issue will be used to supplement Power Financial’s financial resources and for general corporate purposes.
PWF.PR.Z is a Straight Perpetual, 5.15%, announced 2017-5-16. It will be tracked by HIMIPref™ and has been assigned to the PerpetualPremium subindex.
The issue traded 755,121 shares today in a range of 24.96-05 before closing at 25.03-06. Vital statistics are:
| PWF.PR.Z |
Perpetual-Premium |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-26
Maturity Price : 24.64
Evaluated at bid price : 25.03
Bid-YTW : 5.15 % |
Implied Volatility for Straights analysis shows a very high level of implied volatility – but this is not surprising when so many of the issues are trading significantly above their call price.
Click for Big
This entry was posted on Friday, May 26th, 2017 at 10:04 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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PWF.PR.Z Firm On Good Volume
Power Financial Corporation has announced:
PWF.PR.Z is a Straight Perpetual, 5.15%, announced 2017-5-16. It will be tracked by HIMIPref™ and has been assigned to the PerpetualPremium subindex.
The issue traded 755,121 shares today in a range of 24.96-05 before closing at 25.03-06. Vital statistics are:
Maturity Type : Limit Maturity
Maturity Date : 2047-05-26
Maturity Price : 24.64
Evaluated at bid price : 25.03
Bid-YTW : 5.15 %
Implied Volatility for Straights analysis shows a very high level of implied volatility – but this is not surprising when so many of the issues are trading significantly above their call price.
Click for Big
This entry was posted on Friday, May 26th, 2017 at 10:04 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.