{"id":27327,"date":"2015-01-01T00:12:46","date_gmt":"2015-01-01T05:12:46","guid":{"rendered":"http:\/\/prefblog.com\/?p=27327"},"modified":"2015-01-01T00:12:46","modified_gmt":"2015-01-01T05:12:46","slug":"ffh-pr-d","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=27327","title":{"rendered":"FFH.PR.D Richly Priced On Debut"},"content":{"rendered":"<p>There are now about 4.0-million shares of FFH.PR.D outstanding following a <a href=\"http:\/\/prefblog.com\/?p=27318\">40% conversion from FFH.PR.C<\/a>.<\/p>\n<p>FFH.PR.D is a FloatingReset, paying the three-month bill rate +315bp, reset quarterly. It is convertible back to FFH.PR.C 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 29,200 shares trading on its debut in a very wide range of 22.60-23.99 (!) before closing at 23.87-25.<\/p>\n<p>Vital statistics are:<\/p>\n<div align=\"center\">\n<table border=\"1\">\n<tr>\n<td>FFH.PR.D<\/td>\n<td>FloatingReset<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-12-31<br \/>\nMaturity Price  : 23.40<br \/>\nEvaluated at bid price : 23.87<br \/>\nBid-YTW : 4.18 %<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>The <a href=\"http:\/\/prefblog.com\/?p=1378\">Pair Equivalency<\/a> of FFH.PR.D to its FixedReset sibling FFH.PR.C shows it to be expensive at 23.87, compared to the 22.75 bid on the latter issue. At the bid prices, three-month bills will have to average 2.55% 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 4.0-million shares of FFH.PR.D outstanding following a 40% conversion from FFH.PR.C. FFH.PR.D is a FloatingReset, paying the three-month bill rate +315bp, reset quarterly. It is convertible back to FFH.PR.C on 2019-12-31 &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-27327","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/27327","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=27327"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/27327\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27327"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27327"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27327"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}