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I have bowed to overwhelming popular demand and added the captioned issues to the database.

BCE.PR.F is a FixedFloater, paying $1.10 annually (paid quarterly) until 2010-2-1, at which point the rate gets reset and it becomes exchangeable with BCE.PR.E. Exchange Dates recur every five years thereafter. For analytical purposes, it is assumed that the conversion to ratchet rate is automatic – this is a valid worst-case assumption, since BCE has the discretion to set the five-year rate to a very low value. It is callable on exchange dates at 25.00 and (when ratcheting) at 25.50 at other times. For analytical purposes this is simplified to two calls at $25.00, on 2010-2-1 and 2015-2-1. Dividends are cumulative. There is no retraction.

PPL.PR.A is a split share based on Canadian banks, paying dividends at a rate of Prime, capped at 7%, collared at 5%. It matures 2012-12-1 at $10.00. There is a special monthly retraction provision with the formula 96%(NAV – C). Dividends are cumulative and paid monthly. Current NAV is $16.08 according to the company. Income coverage, according to May’s semi-annual report is a hair over 1.0:1. Maturity is 2012-12-1; there are no embedded redemptions. Distributions to Capital Units will be halted if the NAV falls below 15.00 (asset coverage of 1.5:1).

This entry was posted on Tuesday, December 16th, 2008 at 11:07 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.