Great-West Lifeco Inc. has announced:
the closing of its previously announced offering of 8,000,000 4.50% Non-Cumulative First Preferred Shares, Series Y (the “Series Y Preferred Shares”) for gross proceeds of $200 million. The offering was completed through a syndicate of underwriters led by BMO Capital Markets, RBC Capital Markets, Scotiabank, CIBC Capital Markets and TD Securities. The Series Y Preferred Shares will be listed for trading on the Toronto Stock Exchange under the symbol “GWO.PR.Y”.
Vital statistics are:
| GWO.PR.Y | Insurance-Straight | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-10-08 Maturity Price : 24.59 Evaluated at bid price : 24.98 Bid-YTW : 4.50 % |
The issue traded 884,860 shares today in a range of 24.95-45 before closing at 24.98-99.
GWO.PR.Y is a Straight Perpetual, 4.50%, announced 2021-10-1. It is tracked by HIMIPref™ and has been assigned to the Insurance-Straight subindex.
The fact that this issue is trading at par indicates the market thinks the 4.50% return is about what a fairly priced perpetual return should be at right now.