{"id":26657,"date":"2014-10-22T21:20:49","date_gmt":"2014-10-23T02:20:49","guid":{"rendered":"http:\/\/prefblog.com\/?p=26657"},"modified":"2014-10-22T21:20:49","modified_gmt":"2014-10-23T02:20:49","slug":"ry-pr-y-called-for-redemption","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=26657","title":{"rendered":"RY.PR.Y Called For Redemption"},"content":{"rendered":"<p>Royal Bank of Canada <a href=\"http:\/\/www.rbc.com\/newsroom\/news\/2014\/20141022-series-ax.html\">finally announced<\/a>:<\/p>\n<blockquote><p>its intention to redeem all of its issued and outstanding Non-Cumulative 5-Year Rate Reset First Preferred Shares Series AX (the \u201cSeries AX shares\u201d) on November 24, 2014, for cash at a redemption price of $25.00 per share.<\/p>\n<p>There are 13,000,000 Series AX shares outstanding, representing $325 million of capital. The redemption of the Series AX shares will be financed out of the general corporate funds of Royal Bank of Canada.<\/p>\n<p>Separately from the redemption price, the final quarterly dividend of $0.38125 per share for the Series AX shares will be paid in the usual manner on November 24, 2014 to shareholders of record on October 27, 2014.<\/p><\/blockquote>\n<p>No surprises here, since the issue <a href=\"http:\/\/prefblog.com\/?p=6344\">commenced trading April 29, 2009<\/a> and came with a <a href=\"http:\/\/www.prefblog.com\/?p=6271\">massive Issue Reset Spread of 413bp<\/a>. It is tracked by HIMIPref&trade; and has been assigned to the FixedReset index since inception.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Royal Bank of Canada finally announced: its intention to redeem all of its issued and outstanding Non-Cumulative 5-Year Rate Reset First Preferred Shares Series AX (the \u201cSeries AX shares\u201d) on November 24, 2014, for cash &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-26657","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/26657","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=26657"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/26657\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26657"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26657"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26657"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}