A Solid Start for RY.PR.D

The Royal Bank new issue got off to a solid start today, trading 249,115 shares and closing above the issue price at 25.10-11, 84×10.

Comparables after the first day, with changes from the announcement date in brackets, are:

Royal Bank Perpetuals    

Analysis Using AFTER-TAX Curve (except as noted)
Curve price Component RY.PR.A RY.PR.B RY.PR.C RY.PR.W RY.PR.D
Price due to base-rate 23.07
(-0.05)		 23.87
(-0.04)		 23.65
(-0.04)		 24.41
(-0.03)		 23.24
(-0.05)
Price due to short-term 0.04
Unch		 0.04
(-0.01)		 0.04
(-0.01)		 0.04
(Unch)		 0.04
(-0.01)
Price due to long-term 0.61
(+0.05)		 0.63
(+0.04)		 0.62
(+0.05)		 0.66
(+0.05)		 0.62
(+0.08)
Price to to Cumulative Dividends 0.00 0.00 0.00 0.00 0.00
Price due to Liquidity 1.47
(+0.01)		 1.52
(+0.02)		 1.50
(+0.01)		 0.80
(+0.14)		 1.48
(-0.01?)
Price due to error -0.03
(Unch)		 -0.04
(-0.01)		 -0.03
(Unch)		 -0.02
(Unch)		 -0.03
(-0.03)
CurvePrice 25.16
(Unch)		 26.03
(+0.02)		 25.78
(+0.01)		 25.89
(+0.15)		 25.34
(-0.02)
Annual Dividend 1.1125 1.1750 1.1500 1.2250 1.1250
2006-12-13 Quote 25.14-20
(+0.14b)		 25.76-80
(-0.14b)		 25.51-63
(+0.11b)		 26.47-57
(+0.02b)		 25.10-11
(+0.10b)
After-tax Bid YTW 3.52%
(-0.03)		 3.45%
(+0.08)		 3.51%
(-0.03)		 3.19%
(Unch)		 3.55%
(-0.03)
Pre-Tax Bid YTW 4.43%
(-0.04)		 4.34%
(+0.10)		 4.42%
(-0.04)		 4.02%
(+0.01)		 4.47%
(-0.03)

Tax has been included in the calculation of the elements of the above table in accordance with the Ontario Highest Marginal Rate.

This issue has been added to the HIMIPref™ database with the securityCode A45013, replacing the preIssue code of P75000

This entry was posted on Wednesday, December 13th, 2006 at 9:41 pm and is filed under Data Changes, 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.

4 Responses to “A Solid Start for RY.PR.D”

  1. PrefBlog » Blog Archive » December 15, 2006 says:
    December 18, 2006 at 10:25 pm

    […] Recent new issue. […]

  2. PrefBlog » Blog Archive » New Issue : Royal Bank 4.45% Perpetuals says:
    March 5, 2007 at 10:52 pm

    […] From my Tier 1 Capital notes: It is also interesting that Royal has used up about half its available room. Given that their Tier 1 Ratio at year-end significantly lagged the competition, I suspect that there will be more opportunistic issuances in addition to RY.PR.D and RY.PR.E. […]

  3. PrefBlog » Blog Archive » December 13, 2006 says:
    February 14, 2008 at 11:17 pm

    […] PrefBlog Canadian Preferred Shares – Data and Discussion « A Solid Start for RY.PR.D Change to HIMIPref™ record of BAM.PR.M Dividend » […]

  4. PrefBlog » Blog Archive » HIMIPref™ Preferred Indices : December 2006 says:
    March 24, 2008 at 7:45 pm

    […] New Issue […]

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