{"id":27325,"date":"2015-01-01T00:13:42","date_gmt":"2015-01-01T05:13:42","guid":{"rendered":"http:\/\/prefblog.com\/?p=27325"},"modified":"2015-01-01T00:13:42","modified_gmt":"2015-01-01T05:13:42","slug":"azp-pr-c","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=27325","title":{"rendered":"AZP.PR.C Weakly Bid On Zero Volume"},"content":{"rendered":"<p>There are now about 1.66-million shares of AZP.PR.C outstanding following a <a href=\"http:\/\/prefblog.com\/?p=27321\">42% conversion from AZP.PR.B<\/a> &#8211; which are going to be a nightmare for novices to trace, since this was <a href=\"http:\/\/www.prefblog.com\/?p=8268\">issued as EPP.PR.B<\/a>, then <a href=\"http:\/\/prefblog.com\/?p=8610\">changed to CZP.PR.B<\/a>, then <a href=\"http:\/\/prefblog.com\/?p=17772\">changed to AZP.PR.B<\/a> and finally <a href=\"http:\/\/prefblog.com\/?p=27321\">converted to AZP.PR.C<\/a>.<\/p>\n<p>AZP.PR.C is a FloatingReset, paying the three-month bill rate +418bp, reset quarterly. It is convertible back to AZP.PR.B on 2019-12-31 at the option of the holder.<\/p>\n<p>This issue will be tracked by HIMIPref&trade; but relegated to the Scraps subindex on credit concerns.<\/p>\n<p>The Toronto Stock Exchange reports no volume on its debut.<\/p>\n<p>Vital statistics are:<\/p>\n<div align=\"center\">\n<table border=\"1\">\n<tr>\n<td>AZP.PR.C<\/td>\n<td>FloatingReset<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-12-31<br \/>\nMaturity Price  : 12.50<br \/>\nEvaluated at bid price : 12.50<br \/>\nBid-YTW : 10.22 %<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>The <a href=\"http:\/\/prefblog.com\/?p=1378\">Pair Equivalency<\/a> of AZP.PR.C to its FixedReset sibling AZP.PR.B shows it to be very cheaply bid at 12.50, compared to the 13.30 bid on the latter issue; but given that there was no volume at all and that the quote was 12.50-14.00, no real conclusions can be drawn. At the bid prices, three-month bills need only average 0.42% over the next five years to achieve equivalent total returns.<\/p>\n<div align=\"center\"><a href=\"http:\/\/prefblog.com\/wp-content\/uploads\/2015\/01\/pairs_FR_141231.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/prefblog.com\/wp-content\/uploads\/2015\/01\/pairs_FR_141231-300x222.jpg\" alt=\"pairs_FR_141231\" width=\"400\" height=\"296\" class=\"alignnone size-medium wp-image-27342\" \/><\/a><br \/><i>Click for Big<\/i><\/div>\n","protected":false},"excerpt":{"rendered":"<p>There are now about 1.66-million shares of AZP.PR.C outstanding following a 42% conversion from AZP.PR.B &#8211; which are going to be a nightmare for novices to trace, since this was issued as EPP.PR.B, then changed &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-27325","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/27325","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=27325"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/27325\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27325"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27325"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27325"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}