{"id":1312,"date":"2007-10-15T15:27:37","date_gmt":"2007-10-15T19:27:37","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=1312"},"modified":"2007-10-15T15:27:37","modified_gmt":"2007-10-15T19:27:37","slug":"reset-percentage-for-iqwprd-announced","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=1312","title":{"rendered":"Reset Percentage for IQW.PR.D Announced"},"content":{"rendered":"<p>Quebecor <a href=\"http:\/\/www.marketwire.com\/mw\/release.do?id=780954\">has announced<\/a>:<\/p>\n<blockquote>\n<p>the fixed dividend rate for its Series 3 Cumulative Redeemable First Preferred Shares (TSX:IQW.PR.D) (the &#8220;Series 3 Preferred Shares&#8221;) will be equal to 150% of the yield on five-year non-callable Government of Canada bonds to be determined on November 9, 2007.<\/p>\n<\/blockquote>\n<p>150%! Given that 5-year Canadas are now yielding about 4.40%, that implies that &#8211; in the absence of market movement in the next three weeks &#8211; the reset rate will be 6.6%, or $1.65, an increase from the current level of $1.538.<\/p>\n<p>It appears that Quebecor would really prefer its IQW.PR.D holders to continue to elect fixed-rate, and not to exercise their right to convert to the ratchet-rate issue &#8230; which may be expected to pay 100% of prime for the next five years, given <a href=\"http:\/\/www.prefblog.com\/?p=1276\">their recent downgrade to &#8216;deep junk&#8217;<\/a>.<\/p>\n<p>The rate will be set November 9. I&#8217;ll post more then; but for now it looks as if fixed-rate is the way to go on this pair.\n<\/p>\n<p><!--9fe4f05cce7379f8902804dc9e38a2ec--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Quebecor has announced: the fixed dividend rate for its Series 3 Cumulative Redeemable First Preferred Shares (TSX:IQW.PR.D) (the &#8220;Series 3 Preferred Shares&#8221;) will be equal to 150% of the yield on five-year non-callable Government of &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-1312","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1312","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1312"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1312\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1312"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1312"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1312"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}