{"id":24499,"date":"2014-02-25T00:11:45","date_gmt":"2014-02-25T05:11:45","guid":{"rendered":"http:\/\/prefblog.com\/?p=24499"},"modified":"2014-02-25T00:11:45","modified_gmt":"2014-02-25T05:11:45","slug":"ry-pr-k-posted-for-trading-zero-volume","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=24499","title":{"rendered":"RY.PR.K Posted for Trading; Zero Volume"},"content":{"rendered":"

As reported here previously<\/a>, RY.PR.K is a FloatingReset, 3-Month Bills + 193, that forms a Strong Pair<\/a> with RY.PR.I.<\/p>\n

Neither is NVCC compliant, so both have a Deemed Maturity in their call schedules dated 2022-1-31, at par.<\/p>\n

RY.PR.K was posted for trading today, but there were no trades. This issue will be tracked by HIMIPref™ but due to low initial and anticipated volume, will be relegated to the Scraps index on volume concerns.
\nVital statistics are:<\/p>\n

\n\n\n
RY.PR.K<\/td>\nFloatingReset<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.00
\nBid-YTW : 2.75 %<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

The following FixedReset\/FloatingReset Strong Pairs now exist and the schedule of implied 3-Month bill rates according to the Pairs Equivalency Calculator<\/a> is:<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n
FixedReset\/FloatingReset Pairs, 2014-2-24<\/td>\n<\/tr>\n
FixedReset<\/td>\nFloatingReset<\/td>\nNext Exchange Date<\/td>\nImplied 3-Month Bills<\/td>\n<\/tr>\n
BNS.PR.P<\/td>\nBNS.PR.A<\/td>\n2018-4-26<\/td>\n1.36%<\/td>\n<\/tr>\n
TD.PR.S<\/td>\nTD.PR.T<\/td>\n2018-7-31<\/td>\n1.59%<\/td>\n<\/tr>\n
BMO.PR.M<\/td>\nBMO.PR.R<\/td>\n2018-8-25<\/td>\n1.63%<\/td>\n<\/tr>\n
BNS.PR.Q<\/td>\nBNS.PR.B<\/td>\n2018-10-31<\/td>\n1.51%<\/td>\n<\/tr>\n
TD.PR.Y<\/td>\nTD.PR.Z<\/td>\n2018-10-31<\/td>\n1.64%<\/td>\n<\/tr>\n
BNS.PR.R<\/td>\nBNS.PR.C<\/td>\n2019-1-25<\/td>\n1.24%<\/td>\n<\/tr>\n
RY.PR.I<\/td>\nRY.PR.K<\/td>\n2019-2-24<\/td>\n1.74%<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

Update, 2016-2-25<\/b>: I should have included the following paragraph:<\/p>\n

Note that since the issue is issued by a bank, is not compliant with OSFI’s Non-Viability Contingent Capital (NVCC) rules and is not convertible into common at the option of the issuer, I consider it to have a “Deemed Maturity” 2022-1-31 (this date may change in the future). This is an approximation (they will probably be called on an Exchange Date at par, not on precisely 2022-1-31) and is the result of analysis, not due to any legally binding commitment by the issuer – although I will note that this analysis with respect to bank issues has wide acceptance in the market. There is a brief explanation of this on the PrefLetter website<\/a> (under the heading “DeemedRetractibles”) and with more detailed argument and progress reports on international negotiations in every edition of PrefLetter.<\/p>\n","protected":false},"excerpt":{"rendered":"

As reported here previously, RY.PR.K is a FloatingReset, 3-Month Bills + 193, that forms a Strong Pair with RY.PR.I. Neither is NVCC compliant, so both have a Deemed Maturity in their call schedules dated 2022-1-31, …<\/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-24499","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24499","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=24499"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24499\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24499"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24499"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24499"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}