{"id":137,"date":"2006-09-29T21:23:29","date_gmt":"2006-09-30T01:23:29","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=137"},"modified":"2006-09-29T21:23:29","modified_gmt":"2006-09-30T01:23:29","slug":"naprk-naprl-dividend-timing","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=137","title":{"rendered":"NA.PR.K \/ NA.PR.L Dividend Timing"},"content":{"rendered":"

Those fun-loving directors at the National Bank! Always joking around!<\/p>\n

I looked up their Dividend Calendar<\/a> today in order to update the HIMIPref\u2122 database and\u00a0there is little, if any, consideration shown for consistency in dividend declaration.<\/p>\n

I’ll reproduce their table here:<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

SHARES<\/span><\/p>\n<\/td>\n

\n

BOARD APPROVAL<\/span><\/p>\n<\/td>\n

\n

RECORD DATE<\/span><\/p>\n<\/td>\n

\n

EX-DIVIDEND DATE<\/span><\/p>\n<\/td>\n

\n

DIVIDEND PAYMENT\u00a0 DATE<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Common<\/span><\/p>\n<\/td>\n

\n

2005-12-08<\/span><\/p>\n<\/td>\n

\n

2005-12-29<\/span><\/p>\n<\/td>\n

\n

2005-12-23<\/span><\/p>\n<\/td>\n

\n

2006-02-01<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Series 15<\/span><\/p>\n<\/td>\n

\n

2005-12-08<\/span><\/p>\n<\/td>\n

\n

2006-01-13<\/span><\/p>\n<\/td>\n

\n

2006-01-11<\/span><\/p>\n<\/td>\n

\n

2006-02-15<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Series 16<\/span><\/p>\n<\/td>\n

\n

2005-12-08<\/span><\/p>\n<\/td>\n

\n

2006-01-13<\/span><\/p>\n<\/td>\n

\n

2006-01-11<\/span><\/p>\n<\/td>\n

\n

2006-02-15<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Common<\/span><\/p>\n<\/td>\n

\n

2006-03-02<\/span><\/p>\n<\/td>\n

\n

2006-03-30<\/span><\/p>\n<\/td>\n

\n

2006-03-28<\/span><\/p>\n<\/td>\n

\n

2006-05-01<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Series 15<\/p>\n<\/td>\n

\n

2006-03-02<\/p>\n<\/td>\n

\n

2006-04-17<\/p>\n<\/td>\n

\n

2006-04-12<\/p>\n<\/td>\n

\n

2006-05-15<\/p>\n<\/td>\n<\/tr>\n

\n

S\u00e9ries 16<\/p>\n<\/td>\n

\n

2006-03-02<\/p>\n<\/td>\n

\n

2006-04-17<\/p>\n<\/td>\n

\n

2006-04-12<\/p>\n<\/td>\n

\n

2006-05-15<\/p>\n<\/td>\n<\/tr>\n

\n

Common<\/span><\/p>\n<\/td>\n

\n

2006-05-25<\/span><\/p>\n<\/td>\n

\n

2006-06-22<\/span><\/p>\n<\/td>\n

\n

2006-06-20<\/span><\/p>\n<\/td>\n

\n

2006-08-01<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Series 15<\/p>\n<\/td>\n

\n

2006-05-25<\/p>\n<\/td>\n

\n

2006-07-07<\/p>\n<\/td>\n

\n

2006-07-05<\/p>\n<\/td>\n

\n

2006-08-15<\/p>\n<\/td>\n<\/tr>\n

\n

Series 16<\/p>\n<\/td>\n

\n

2006-05-25<\/p>\n<\/td>\n

\n

2006-07-07<\/p>\n<\/td>\n

\n

2006-07-05<\/p>\n<\/td>\n

\n

2006-08-15<\/p>\n<\/td>\n<\/tr>\n

\n

Common<\/span><\/p>\n<\/td>\n

\n

2006-08-31<\/span><\/p>\n<\/td>\n

\n

2006-09-28<\/span><\/p>\n<\/td>\n

\n

2006-09-26<\/span><\/p>\n<\/td>\n

\n

2006-11-01<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Series 15<\/p>\n<\/td>\n

\n

2006-08-31<\/p>\n<\/td>\n

\n

2006-10-13<\/p>\n<\/td>\n

\n

2006-10-11<\/p>\n<\/td>\n

\n

2006-11-15<\/p>\n<\/td>\n<\/tr>\n

\n

Series 16<\/span><\/p>\n<\/td>\n

\n

2006-08-31<\/span><\/p>\n<\/td>\n

\n

2006-10-13<\/span><\/p>\n<\/td>\n

\n

2006-10-11<\/span><\/p>\n<\/td>\n

\n

2006-11-15<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

Just because the ex-Date was on July 5 doesn’t mean that the October ex-Date will be anywhere near the 5th! Be careful! When I look at the past 14 dividends for NA.PR.K (not including the next one) I get the following frequency of ex-date-day-of-the-month:<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n
Ex-Date Day of Month<\/td>\nFrequency<\/td>\n<\/tr>\n
4<\/td>\n1<\/td>\n<\/tr>\n
5<\/td>\n3<\/td>\n<\/tr>\n
6<\/td>\n3<\/td>\n<\/tr>\n
7<\/td>\n3<\/td>\n<\/tr>\n
8<\/td>\n1<\/td>\n<\/tr>\n
9<\/td>\n1<\/td>\n<\/tr>\n
11<\/td>\n1<\/td>\n<\/tr>\n
12<\/td>\n1<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

The 11th and 12th are novel ex-dates, having been introduced only this year.<\/p>\n

Yes, I know, it’s a small point. But I see strange trades going through all the time, with some poor retail guy putting through a trade where it’s obvious he hasn’t paid any attention to the ex-date. And by me, when somebody is kind enough to trade your debt on the secondary market, you try to keep things simple for them.\n<\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Those fun-loving directors at the National Bank! Always joking around! I looked up their Dividend Calendar today in order to update the HIMIPref\u2122 database and\u00a0there is little, if any, consideration shown for consistency in dividend …<\/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-137","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/137","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=137"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/137\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=137"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=137"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=137"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}