{"id":14486,"date":"2011-03-18T23:22:31","date_gmt":"2011-03-19T03:22:31","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=14486"},"modified":"2011-03-18T23:22:31","modified_gmt":"2011-03-19T03:22:31","slug":"new-pr-c-added-to-himipref-database","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=14486","title":{"rendered":"NEW.PR.C Added to HIMIPref™ Database"},"content":{"rendered":"

I have added NEW.PR.C to the HIMIPref™ database, as the soon to expire warrant offering<\/a> is in the money and can be expected to increase the number of shares – and hence the Average Trading Value – dramatically.<\/p>\n

NEW.PR.C commenced trading 2009-6-26 after a prospectus dated 2009-6-16<\/a>.<\/p>\n

Issue price of 13.70, annual dividend of 0.822 paid quarterly, hence coupon of 6%.<\/p>\n

Maturity date 2014-6-26; redeemable every June 26 at par.<\/p>\n

Rated Pfd-2 by DBRS continuously since inception.<\/p>\n

Monthly Retraction with a formula of 95%NAV – C – 1. Oddly, there is no maximum price! There is a Special Annual Concurrent Retraction (including a Capital Share) at NAV.<\/p>\n

The dividend policy is:<\/p>\n

The Class A Capital Shares provide their holders with a leveraged investment, the value of which is linked to changes in the market price of the Portfolio Shares. Holders of Class A Capital Shares will be entitled on redemption to the benefit of any capital appreciation in the market price of the Portfolio Shares. The fixed distributions on the Series 2 Preferred Shares will be funded from the dividends received on the Portfolio Shares. If necessary, any shortfall in the dividends on the Series 2 Preferred Shares will be funded by proceeds from the sale of Portfolio Shares. In the event that the Portfolio Share dividends exceed the amount of the fixed Series 2 Preferred Share dividends and all expenses of the Company, the excess amount may be paid as dividends on the Class A Capital Shares, as determined by the Board of Directors of the Company, subject to the dividend policy of the Board of Directors.<\/p><\/blockquote>\n

NEW.PR.C has been assigned initially to the Scraps index, but may migrate shortly to the SplitShares index.<\/p>\n

There will be those, I know, who will be pleased to point out that this back-dated addition of an issue adds a little selection bias to the HIMIPref™ database, to which I am forced to respond: “Your mother wears army boots!”. I NEED DATA, and with the recent disappearance of SXT.PR.A<\/a> and the imminent disappearance of MUH.PR.A<\/a>, I need it badly. I hope that following the warrant expiry, NEW.PR.C will be liquid enough to trade, at least in small pieces.<\/p>\n","protected":false},"excerpt":{"rendered":"

I have added NEW.PR.C to the HIMIPref™ database, as the soon to expire warrant offering is in the money and can be expected to increase the number of shares – and hence the Average Trading …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33,13],"tags":[],"class_list":["post-14486","post","type-post","status-publish","format-standard","hentry","category-data-fixes","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/14486","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=14486"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/14486\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14486"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14486"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14486"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}