{"id":25312,"date":"2014-05-22T20:44:45","date_gmt":"2014-05-23T01:44:45","guid":{"rendered":"http:\/\/prefblog.com\/?p=25312"},"modified":"2014-05-22T20:44:45","modified_gmt":"2014-05-23T01:44:45","slug":"gwo-pr-s-firm-on-good-volume","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=25312","title":{"rendered":"GWO.PR.S Firm on Good Volume"},"content":{"rendered":"<p>Great-West Lifeco Inc. <a href=\"http:\/\/www.greatwestlifeco.com\/web5\/groups\/common\/@public\/documents\/web_content\/s7_032945.pdf\">has announced<\/a>:<\/p>\n<blockquote><p> the completion of its offering of 8,000,000 5.25% Non-Cumulative First Preferred Shares, Series S through a syndicate of underwriters co-led by BMO Capital Markets and Scotiabank for gross proceeds of $200 million. The Series S Shares will be listed for trading on the Toronto Stock Exchange under the symbol &#8220;GWO.PR.S&#8221;.<\/p><\/blockquote>\n<p>GWO.PR.S is a Straight Perpetual, 5.25%, <a href=\"http:\/\/prefblog.com\/?p=25230\">announced May 13<\/a>. Note that since it is issued by an insurance holding company, I have assumed that it will be not be NVCC-compliant when (I expect, but cannot guarantee!) the NVCC rules are applied to insurers and insurance holding companies. I have therefore added a &#8220;Deemed Maturity&#8221; to the call schedule, meaning that analysis assumes it will be called for redemption 2025-1-31 at the latest. This issue will be tracked by HIMIPref&trade; and assigned to the DeemedRetractible subindex.<\/p>\n<p>The issue traded 879,041 shares today in a range of 25.005-13 before closing at 25.10-13, 132&#215;3. Vital statistics are:<\/p>\n<div align=\"center\">\n<table border=\"1\">\n<tr>\n<td>GWO.PR.S<\/td>\n<td>Deemed-Retractible<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.10<br \/>\nBid-YTW : 5.23 %<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>According to Implied Volatility Theory (inasmuch as it applies to DeemedRetractibles!) GWO.PR.S is priced right in line with expectations:<\/p>\n<div align=\"center\"><a href=\"http:\/\/prefblog.com\/wp-content\/uploads\/2014\/05\/ImpVol_GWO_140522.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/prefblog.com\/wp-content\/uploads\/2014\/05\/ImpVol_GWO_140522-300x246.jpg\" alt=\"ImpVol_GWO_140522\" width=\"400\" height=\"328\" class=\"alignnone size-medium wp-image-25316\" \/><\/a><br \/><i>Click for Big<\/i><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Great-West Lifeco Inc. has announced: the completion of its offering of 8,000,000 5.25% Non-Cumulative First Preferred Shares, Series S through a syndicate of underwriters co-led by BMO Capital Markets and Scotiabank for gross proceeds of &hellip;<\/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-25312","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/25312","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=25312"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/25312\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25312"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25312"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25312"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}