{"id":1723,"date":"2008-01-22T14:22:58","date_gmt":"2008-01-22T18:22:58","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=1723"},"modified":"2008-01-22T14:22:58","modified_gmt":"2008-01-22T18:22:58","slug":"td-new-issue-56-perpetual","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=1723","title":{"rendered":"TD New Issue: 5.6% Perpetual"},"content":{"rendered":"

Hard on the heels of the BNS new issue<\/a> comes TD Bank’s offering:<\/p>\n

Issue: Non-cumulative Class A First Preferred Shares, Series Q<\/p>\n

Size: 6-million shares = $150-million. Greenshoe option of up to 2-million shares.<\/p>\n

Ratings: DBRS, Pfd-1; S&P P-1(low); Moody’s Aa2<\/p>\n

Dividends: $1.40 per annum (5.6%), paid quarterly. First dividend payable April 30, 2008, for $0.345205, assuming closing of January 31.<\/p>\n

Redemption: Redeemable at $26.00 commencing January 31, 2013; redemption price declines by $0.25 annually until January 31, 2017; redeemable at $25.00 thereafter.<\/p>\n

More later.<\/p>\n

Update<\/strong>: Looks good, with a curvePrice<\/a> of $25.45 based on the yield curve as calculated for Ontario high marginal rates as of the close Jan. 21.<\/p>\n

\n\n\n\n\n\n\n\n
Comparables<\/td>\n<\/tr>\n
Issue<\/td>\nFair Value
\nEstimated
\nby HIMIPref\u2122<\/td>\n		Quote 1\/21<\/td>\nDividend<\/td>\nPre-Tax
\nBid
\nYield
\nto
\nWorst<\/td>\n<\/tr>\n
TD.PR.O<\/td>\n23.02<\/td>\n23.15-20<\/td>\n1.2125<\/td>\n5.25%<\/td>\n<\/tr>\n
TD.PR.P<\/td>\n24.37<\/td>\n24.06-49<\/td>\n1.2125<\/td>\n5.47%<\/td>\n<\/tr>\n
CM.PR.E<\/td>\n24.13<\/td>\n23.75-98<\/td>\n1.4000<\/td>\n5.92%<\/td>\n<\/tr>\n
TD Series Q
\nNew Issue<\/td>\n		25.45<\/td>\nNot
\nTrading<\/td>\n		1.4000<\/td>\n5.60%
\n(at
\nissue
\nprice)<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

More later<\/p>\n

Update, 2008-1-26<\/strong>: Curve price as of the close 1\/25 is $25.14.<\/p>\n

Update, 2008-1-30<\/b>: Symbol is TD.PR.Q<\/p>\n

\n

\n<\/p>\n

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

Hard on the heels of the BNS new issue comes TD Bank’s offering: Issue: Non-cumulative Class A First Preferred Shares, Series Q Size: 6-million shares = $150-million. Greenshoe option of up to 2-million shares. Ratings: …<\/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-1723","post","type-post","status-publish","format-standard","hentry","category-new-issues"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1723","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=1723"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1723\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1723"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1723"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1723"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}