BNS.PR.L commenced trading today, after having been announced January 8. Scotia announced today that the underwriters’ over-allotment privilege had been exercised to the tune of 1.8 million shares, bringing the total size of the issue to 13.8 million shares valued at $345-million.
The issue traded a healthy 387,831 shares in a range of 24.98-08. The closing quotation was 25.07-09, 67×50.
There may be a little more value left in this issue, as HIMIPref™ calculates a curvePrice of $25.26:
| Curve Price Comparison After-tax Curve |
||
| Component | BNS.PR.L | BNS.PR.K |
| Price due to base-rate | 23.19 | 24.07 |
| Price due to short-term | 0.04 | 0.04 |
| Price due to long-term | 0.57 | 0.58 |
| Price due to Liquidity | 1.50 | 0.67 |
| Price due to error | -0.03 | -0.01 |
| Curve Price | 25.26 | 25.34 |
| Closing Quote | 25.07-09 | 25.91-97 |
| Annual Dividend | 1.125 | 1.200 |
| Yield-to-Worst (Pre-Tax) | 4.48% | 4.24% |
| Yield-to-Worst (Post-Tax) | 3.56% | 3.37% |
| YTW Call-Date | 2016-05-27 | 2014-05-28 |
The securityCode for this issue is A41009, replacing the preIssue code of P75004. A reorgDataEntry has been created to reflect this change.
The issue has been added to the “PerpetualPremium” Index as of 1/24.
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