{"id":2264,"date":"2008-06-16T10:22:25","date_gmt":"2008-06-16T14:22:25","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=2264"},"modified":"2008-06-16T10:22:25","modified_gmt":"2008-06-16T14:22:25","slug":"new-issue-bam-500-5-year-retractible","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=2264","title":{"rendered":"New Issue: BAM 5.00% 5-Year Retractible"},"content":{"rendered":"

It’s been a long time since an investment grade Operating Retractible issue came out!<\/p>\n

Issue: Brookfield Asset Management 5.00% Cumulative Class A Preference Shares, Series 21<\/p>\n

Size: 6-million shares @ $25.00 (= $150-million); Greenshoe for 1-million shares (= $25-million) exercisable prior to closing.<\/p>\n

Dividends: $1.25 p.a.; Long first dividend of $0.3299 planned for September 30<\/p>\n

Redemption: Redeemable at $25.00 on and after 2013-6-30; Company may substitute common shares at greater 95% of market or $2<\/p>\n

Retraction: Retractible into common at greater of 95% of market and $2. Company may elect to substitute cash.<\/p>\n

Ratings: S&P: P-2; DBRS: Pfd-2(low)<\/p>\n

Closing: 2008-6-25<\/p>\n

Other BAM retractibles are BAM.PR.H, BAM.PR.I and BAM.PR.J<\/p>\n

More later.<\/p>\n

Later, More<\/b>: Comparables – at intra-day prices – are:<\/p>\n

\n\n\n\n\n\n\n\n
BAM Retractibles<\/td>\n<\/tr>\n
Issue<\/td>\nQuote
6\/16
Intraday<\/td>\n		Bid
Yield
to
Worst<\/td>\n		End-Date<\/td>\n<\/tr>\n
BAM.PR.H<\/td>\n25.82-29<\/td>\n4.26%<\/td>\nCall
2008-10-30<\/td>\n<\/tr>\n
BAM.PR.I<\/td>\n25.60-75<\/td>\n4.99%<\/td>\nSoftMaturity
2013-12-30<\/td>\n<\/tr>\n
BAM.PR.J<\/td>\n25.00-29<\/td>\n5.41%<\/td>\nSoftMaturity
2018-3-30<\/td>\n<\/tr>\n
BAM.PR.?<\/td>\n25.00
Issue
Price<\/td>\n		5.01%<\/td>\nSoftMaturity
2013-6-30<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

The BAM.PR.H are interesting … callable at 25.75 commencing 2008-9-30, redemption price declines by $0.25 annually until 2011-9-30, callable at $25.00 thereafter; retractible into shares commencing 2012-3-31; yield until the softMaturity 2012-3-30 is 4.76%.<\/p>\n

The new issue is nice – it’s very nice to see a new issue eligible for the OpRet index! – but appears to be no more than fairly priced relative to the extant BAM retractibles.<\/p>\n","protected":false},"excerpt":{"rendered":"

It’s been a long time since an investment grade Operating Retractible issue came out! Issue: Brookfield Asset Management 5.00% Cumulative Class A Preference Shares, Series 21 Size: 6-million shares @ $25.00 (= $150-million); Greenshoe for …<\/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-2264","post","type-post","status-publish","format-standard","hentry","category-new-issues"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/2264","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=2264"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/2264\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2264"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2264"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2264"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}