{"id":22304,"date":"2013-06-21T19:45:15","date_gmt":"2013-06-21T23:45:15","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=22304"},"modified":"2013-06-21T19:45:15","modified_gmt":"2013-06-21T23:45:15","slug":"mfc-pr-k-soft-on-closing-with-reasonable-volume","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=22304","title":{"rendered":"MFC.PR.K Soft On Closing With Reasonable Volume"},"content":{"rendered":"

Manulife Financial Corp. has announced<\/a>:<\/p>\n

that it has completed its offering of 8 million Non-cumulative Rate Reset Class 1 Shares Series 13 (the “Series 13 Preferred Shares”) at a price of $25 per share to raise gross proceeds of $200 million.<\/p>\n

The offering was underwritten by a syndicate of investment dealers co-led by Scotia Capital Inc. and RBC Capital Markets. The Series 13 Preferred Shares commence trading on the Toronto Stock Exchange today under the ticker symbol MFC.PR.K.<\/p>\n

The Series 13 Preferred Shares were issued under a prospectus supplement dated June 17, 2013 to Manulife’s short form base shelf prospectus dated July 18, 2012.<\/p><\/blockquote>\n

MFC.PR.K is a FixedReset, 3.80%+222, announced June 17<\/a>. All told, the FixedReset subindex has lost 96bp since Monday’s close, so the issue has modestly underperformed, but nothing worth despairing over.<\/p>\n

The issue traded 235,745 shares today in a range of 24.50-70 before closing at 24.55-64, 131×10.<\/p>\n

MFC.PR.K will be tracked by HIMIPref™ and assigned to the FixedReset subindex. Since it is an insurance holding company issue without a NVCC clause, a Deemed Maturity at par as of 2025-1-31 has been added to the redemption schedule as is my normal practice<\/a>. Vital statistics are:<\/p>\n

\n\n\n
MFC.PR.K<\/td>\nFixedReset<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.55
\nBid-YTW : 4.10 %<\/td>\n<\/tr>\n<\/table>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Manulife Financial Corp. has announced: that it has completed its offering of 8 million Non-cumulative Rate Reset Class 1 Shares Series 13 (the “Series 13 Preferred Shares”) at a price of $25 per share to …<\/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-22304","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/22304","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=22304"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/22304\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22304"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22304"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22304"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}