{"id":27002,"date":"2014-12-03T22:53:10","date_gmt":"2014-12-04T03:53:10","guid":{"rendered":"http:\/\/prefblog.com\/?p=27002"},"modified":"2014-12-03T22:53:10","modified_gmt":"2014-12-04T03:53:10","slug":"mfc-pr-n-firm-on-decent-volume","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=27002","title":{"rendered":"MFC.PR.N Firm On Decent Volume"},"content":{"rendered":"

Manulife Financial Corporation has announced<\/a>:<\/p>\n

that it has completed its offering of 10 million Non-cumulative Rate Reset Class 1 Shares Series 19 (the “Series 19 Preferred Shares”) at a price of $25 per share to raise gross proceeds of $250 million.<\/p>\n

The offering was underwritten by a syndicate of investment dealers co-led by Scotia Capital Inc., CIBC World Markets and RBC Capital Markets. The Series 19 Preferred Shares commence trading on the Toronto Stock Exchange today under the ticker symbol MFC.PR.N.<\/p>\n

The Series 19 Preferred Shares were issued under a prospectus supplement dated November 26, 2014 to Manulife\u2019s short form base shelf prospectus dated June 23, 2014.<\/p><\/blockquote>\n

MFC.PR.N is a FixedReset, 3.80%+230, announced November 26<\/a>. It will be tracked by HIMIPref™ and has been assigned to the FixedResets index.<\/p>\n

Note that since this is issued by an Insurance Holding Company and is not convertible (or otherwise potentially NVCC-compliant), I have added a DeemedMaturity to the option schedule for analytical purposes, at $25.00 for 2025-1-31.<\/p>\n

MFC.PR.N traded 1,163,652 shares today (consolidated exchanges) in a range of 24.95-12 before closing at 25.07-10. Vital statistics are:<\/p>\n

\n\n\n
MFC.PR.N<\/td>\nFixedReset<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.07
\nBid-YTW : 3.72 %<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

Implied volatility theory suggests that this issue is fairly priced relative to other MFC issues … but remember that the Implied Volatility calculation ignores DeemedMaturities and the calculated volatility is very high!<\/p>\n

\"impVol_MFC_141203\"<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Manulife Financial Corporation has announced: that it has completed its offering of 10 million Non-cumulative Rate Reset Class 1 Shares Series 19 (the “Series 19 Preferred Shares”) at a price of $25 per share to …<\/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-27002","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/27002","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=27002"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/27002\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27002"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27002"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27002"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}