A recent post prompted an interesting discussion in which Assiduous Reader RAV4guy told us:
Since RBC announced in August 2020 the redemption of 6 preferred issues with a par value of $1.5 billion I have kept a log of the ongoing redemptions and new issues by all issuers.
The announced redemption of FFH.PR.C/D is the 100th issue to have its redemption announced. The par value of these 100 redemptions is $28.077 billion.
Since August 2020 there have been 12 new issues and their par value is $2.022 billion. These new issues are:
4 Split Share: PVS.PR.I, PVS.PR.J, PVS.PR.K and PVS.PR.L
1 FRR with a floor: EMA.PR.J
7 Perpetuals: MIC.PR.A, EMA.PR.L, GWO.PR.Y, PWF.PR.A, CU.PR.J, IFC.PR.K and BEP.PR.RThe last two issues were BEP.PR.R in April 2022 and then PVS.PR.L in September 2024. No operating companies have issued preferred shares in over 2.5 years.
We all know that redemptions have greatly exceeded new issues over the past few years, but it’s breathtaking to see the numbers quantified!
RAV4guy has very kindly made his spreadsheet available to us, with technical assistance from Assiduous Reader FletcherLynd Here it is, in two formats:
- .numbers (a spreadsheet file format from Apple. I know nothing about it.)
Thanks, RAV4guy & FletcherLynd!