{"id":26090,"date":"2014-08-15T22:43:25","date_gmt":"2014-08-16T03:43:25","guid":{"rendered":"http:\/\/prefblog.com\/?p=26090"},"modified":"2014-08-15T22:43:25","modified_gmt":"2014-08-16T03:43:25","slug":"mfc-pr-m-firm-on-good-volume","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=26090","title":{"rendered":"MFC.PR.M Firm On Good Volume"},"content":{"rendered":"<p>Manulife Financial Corporation <a href=\"http:\/\/manulife.com\/public\/news\/detail\/0,,lang=en&#038;artId=148017&#038;navId=630002,00.html\">has announced<\/a>:<\/p>\n<blockquote><p> that it has completed its offering of 14 million Non-cumulative Rate Reset Class 1 Shares Series 17 (the &#8220;Series 17 Preferred Shares&#8221;) at a price of $25 per share to raise gross proceeds of $350 million.<\/p>\n<p>The offering was underwritten by a syndicate of investment dealers co-led by Scotia Capital Inc., RBC Capital Markets and TD Securities. The Series 17 Preferred Shares commence trading on the Toronto Stock Exchange today under the ticker symbol MFC.PR. M.<\/p>\n<p>The Series 17 Preferred Shares were issued under a prospectus supplement dated August 11, 2014 to Manulife\u2019s short form base shelf prospectus dated June 23, 2014.<\/p><\/blockquote>\n<p>MFC.PR.M is a FixedReset, 3.90%+236, <a href=\"http:\/\/prefblog.com\/?p=26048\">announced August 11<\/a>. It will be tracked by HIMIPref&trade; and has been assigned to the FixedReset subindex.<\/p>\n<p>The issue traded 1,121,407 shares today (consolidated exchanges) in a range of 24.90-99 before closing at 24.97-99, 10&#215;557. Vital statistics are:<\/p>\n<div align=\"center\">\n<table border=\"1\">\n<\/table>\n<\/div>\n<p>Implied Volatility theory suggests that this issue is priced in-line with the other MFC FixedResets, with a fair value of 25.07. The outlier on the chart, with the highest Issue Reset Spread, is MFC.PR.E, which has been <a href=\"http:\/\/prefblog.com\/?p=26046\">called for redemption<\/a>.<\/p>\n<div align=\"center\"><a href=\"http:\/\/prefblog.com\/wp-content\/uploads\/2014\/08\/ImpVol_MFC_140815.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/prefblog.com\/wp-content\/uploads\/2014\/08\/ImpVol_MFC_140815-300x246.jpg\" alt=\"ImpVol_MFC_140815\" width=\"400\" height=\"318\" class=\"alignnone size-medium wp-image-26096\" \/><\/a><br \/><i>Click for Big<\/i><\/div>\n<p><b>Update:<\/b> On review, I find that I forgot to put a DeemedMaturity entry into the embedded option schedule. This has been fixed.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Manulife Financial Corporation has announced: that it has completed its offering of 14 million Non-cumulative Rate Reset Class 1 Shares Series 17 (the &#8220;Series 17 Preferred Shares&#8221;) at a price of $25 per share to &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-26090","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/26090","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=26090"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/26090\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26090"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}