{"id":1698,"date":"2008-01-17T11:39:52","date_gmt":"2008-01-17T15:39:52","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=1698"},"modified":"2008-01-17T11:39:52","modified_gmt":"2008-01-17T15:39:52","slug":"bns-new-issue-560-perpetual","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=1698","title":{"rendered":"BNS New Issue: 5.60% Perpetual"},"content":{"rendered":"<p>Scotiabank has announced a new issue, Non-Cumulative Preferred Shares, Series 17<\/p>\n<p>Size: 8-million shares @ $25 = $200-million<\/p>\n<p>Dividend: 5.60% ($1.40 p.a., paid quarterly); first dividend $0.33753 payable April 28, based on Jan. 31 closing.<\/p>\n<p>Redemption: Redeemable at $26.00 commencing third-last business day of April 2013; redemption price declines by $0.25 annually; redeemable at $25.00 on and after April 26, 2017.<\/p>\n<p>Closing: January 31, 2008<\/p>\n<p>More later.<\/p>\n<p><strong>Update<\/strong>: Looks very good, with a <a href=\"http:\/\/www.prefshares.com\/glossary.html#curvePrice\">curvePrice<\/a> of $26.08 based on the yield curve as calculated for Ontario high marginal rates as of the close Jan. 16.However, the <a href=\"http:\/\/www.tsx.com\/HttpController?GetPage=MDFIndicesView&#038;Language=en&#038;Exchange=T&#038;SelectedTab=QuoteResults&#038;IndexID=TXPR&#038;OpenIndex=\">S&#038;P\/TSX Preferred Share Index<\/a> is currently getting hammered, probably due to fears that it&#8217;s going to be deja vu all over again, with the <a href=\"http:\/\/www.prefblog.com\/?p=1256\">curve shifting to reflect the new issue<\/a>, rather than vice versa.<\/p>\n<div align=\"center\">\n<table border=\"1\">\n<tr>\n<td colspan=\"5\">Comparables<\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Fair Value<br \/>\nEstimated<br \/>\nby HIMIPref\u2122<\/td>\n<td>Quote 1\/16<\/td>\n<td>Dividend<\/td>\n<td>Pre-Tax<br \/>\nBid<br \/>\nYield<br \/>\nto<br \/>\nWorst<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.J<\/td>\n<td>24.79<\/td>\n<td>24.87-95<\/td>\n<td>1.3125\u00a0<\/td>\n<td>\u00a05.20%<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.K<\/td>\n<td>23.44<\/td>\n<td>23.02-05<\/td>\n<td>1.2000\u00a0<\/td>\n<td>\u00a05.22%<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.L<\/td>\n<td>22.27<\/td>\n<td>21.56-59<\/td>\n<td>1.1250\u00a0<\/td>\n<td>\u00a05.22%<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.M<\/td>\n<td>22.27<\/td>\n<td>21.55-70<\/td>\n<td>1.1250\u00a0<\/td>\n<td>\u00a05.22%<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.N<\/td>\n<td>24.87<\/td>\n<td>24.76-80<\/td>\n<td>1.3125\u00a0<\/td>\n<td>\u00a05.31%<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.E<\/td>\n<td>24.77<\/td>\n<td>24.15-23<\/td>\n<td>1.4000<\/td>\n<td>\u00a05.81%<\/td>\n<\/tr>\n<tr>\n<td>Series 17<\/td>\n<td>26.08<\/td>\n<td>Not Trading<\/td>\n<td>1.4000<\/td>\n<td>\u00a05.60%<br \/>\n(at<br \/>\nissue<br \/>\nprice)<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>More later<\/p>\n<p><strong>Later, More<\/strong>: What a difference a day makes! The curve price is now $25.67.<\/p>\n<div align=\"center\">\n<table border=\"1\">\n<tr>\n<td colspan=\"5\">Comparables<\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Fair Value<br \/>\nEstimated<br \/>\nby HIMIPref\u2122<\/td>\n<td>Quote 1\/17<\/td>\n<td>Dividend<\/td>\n<td>Pre-Tax<br \/>\nBid<br \/>\nYield<br \/>\nto<br \/>\nWorst<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.J<\/td>\n<td>24.55<\/td>\n<td>24.10-46<\/td>\n<td>1.3125<\/td>\n<td>5.40%<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.K<\/td>\n<td>23.07<\/td>\n<td>22.22-30<\/td>\n<td>1.2000<\/td>\n<td>5.42%<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.L<\/td>\n<td>21.85<\/td>\n<td>20.73-04<\/td>\n<td>1.1250<\/td>\n<td>5.45%<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.M<\/td>\n<td>21.87<\/td>\n<td>20.83-98<\/td>\n<td>1.1250<\/td>\n<td>5.43%<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.N<\/td>\n<td>24.59<\/td>\n<td>24.01-20<\/td>\n<td>1.3125<\/td>\n<td>5.48%<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.E<\/td>\n<td>24.41<\/td>\n<td>23.67-85<\/td>\n<td>1.4000<\/td>\n<td>5.93%<\/td>\n<\/tr>\n<tr>\n<td>Series 17<\/td>\n<td>25.67<\/td>\n<td>Not Trading<\/td>\n<td>1.4000<\/td>\n<td>5.60%<br \/>\n(at<br \/>\nissue<br \/>\nprice)<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>\u00a0<\/p>\n<p><strong>Update, 2008-01-21<\/strong>: Curve Price now $25.47<\/p>\n<p><strong>Update, 2008-1-26<\/strong>: Curve price as of 1\/25 is $25.15<\/p>\n<p><b>Update, 2008-1-30<\/b>: Symbol is BNS.PR.O\n<\/p>\n<p><!--46af375788ea154e795cb151ba264c86--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Scotiabank has announced a new issue, Non-Cumulative Preferred Shares, Series 17 Size: 8-million shares @ $25 = $200-million Dividend: 5.60% ($1.40 p.a., paid quarterly); first dividend $0.33753 payable April 28, based on Jan. 31 closing. &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"class_list":["post-1698","post","type-post","status-publish","format-standard","hentry","category-new-issues"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1698","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=1698"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1698\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1698"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1698"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1698"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}