{"id":28471,"date":"2015-04-01T02:18:27","date_gmt":"2015-04-01T07:18:27","guid":{"rendered":"http:\/\/prefblog.com\/?p=28471"},"modified":"2015-04-01T02:18:27","modified_gmt":"2015-04-01T07:18:27","slug":"ffh-pr-e-ffh-pr-f-31-conversion-to-floatingreset","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=28471","title":{"rendered":"FFH.PR.E \/ FFH.PR.F: 31% Conversion to FloatingReset"},"content":{"rendered":"<p>FFH.PR.E recently <a href=\"http:\/\/prefblog.com\/?p=28059\">extended with a dividend cut of 39%<\/a> and I recommended that <a href=\"http:\/\/prefblog.com\/?p=28219\">holders retain their shares<\/a> in preference to conversion to the FloatingReset issues.<\/p>\n<p>Fairfax did not issue a press release with respect to either the conversion percentage or the first day of listing of the FloatingReset FFH.PR.F on the Toronto Stock Exchange, but <a href=\"http:\/\/www.tmxmoney.com\">TMXMoney<\/a> reports that there are now 7,915,539 shares of FFH.PR.E outstanding relative to 3,572,044 shares of the FloatingReset FFH.PR.F, so we may calculate a conversion rate of 31%.<\/p>\n<p>Volume of 8,118 shares of FFH.PR.F was reported in a range of 15.65-75.<\/p>\n<p>This was a fairly good result for FFH.PR.F; the FFH.PR.E \/ FFH.PR.F Strong Pair ended its first day on the market with an implied average three-month bill rate over the next five years of +0.72%, which may seem low, but is the highest rate implied by all other pairs.<\/p>\n<div align=\"center\"><a href=\"http:\/\/prefblog.com\/wp-content\/uploads\/2015\/04\/pairs_FR_150331.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/prefblog.com\/wp-content\/uploads\/2015\/04\/pairs_FR_150331-300x222.jpg\" alt=\"pairs_FR_150331\" width=\"400\" height=\"296\" class=\"alignnone size-medium wp-image-28469\" \/><\/a><br \/><i>Click for Big<\/i><\/div>\n<p>Vital statistics are:<\/p>\n<div align=\"center\">\n<table border=\"1\">\n<tr>\n<td>FFH.PR.E<\/td>\n<td>FixedReset<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2045-03-31<br \/>\nMaturity Price  : 15.68<br \/>\nEvaluated at bid price : 15.68<br \/>\nBid-YTW : 4.70 %<\/td>\n<\/tr>\n<tr>\n<td>FFH.PR.F<\/td>\n<td>FloatingReset<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2045-03-31<br \/>\nMaturity Price  : 15.65<br \/>\nEvaluated at bid price : 15.65<br \/>\nBid-YTW : 4.30 %<\/td>\n<\/tr>\n<\/table>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>FFH.PR.E recently extended with a dividend cut of 39% and I recommended that holders retain their shares in preference to conversion to the FloatingReset issues. Fairfax did not issue a press release with respect 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-28471","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/28471","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=28471"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/28471\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=28471"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=28471"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=28471"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}