{"id":28881,"date":"2015-05-02T00:46:03","date_gmt":"2015-05-02T05:46:03","guid":{"rendered":"http:\/\/prefblog.com\/?p=28881"},"modified":"2015-05-02T00:46:03","modified_gmt":"2015-05-02T05:46:03","slug":"brf-pr-b-listed-no-action-despite-45-conversion","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=28881","title":{"rendered":"BRF.PR.B Listed &#8211; No Action Despite 45% Conversion"},"content":{"rendered":"<p>Not much to report here! BRF.PR.B, a FloatingReset +262 that has <a href=\"http:\/\/prefblog.com\/?p=28493\">resulted from a partial conversion of BRF.PR.A<\/a> but there were no trades and a $5.00 spread on the quote.<\/p>\n<p>However, <a href=\"http:\/\/web.tmxmoney.com\/quote.php?qm_symbol=brf.pr.b\">TMXMoney reports<\/a> that there are 4,518,289 shares outstanding compared to 5,481,711 for BRF.PR.A, implying a 45% conversion rate, in line with the recent <a href=\"http:\/\/prefblog.com\/?p=28709\">42% rate for BNS.PR.Y \/ BNS.PR.D<\/a> and <a href=\"http:\/\/prefblog.com\/?p=28468\">43% rate for AIM.PR.A \/ AIM.PR.G<\/a> despite my <a href=\"http:\/\/prefblog.com\/?p=28626\">exhortation to continue to hold the FixedReset half of the pair<\/a>.<\/p>\n<p>For what it&#8217;s worth, the bid on BRF.PR.B looks reasonable relative to the bid on BRF.PR.A, resulting in an implied averge 3-month bill rate of 0.06% which, while certainly subject to criticism, is not utterly ridiculous compared to other FixedReset \/ FloatingReset <a href=\"http:\/\/prefblog.com\/?p=1378\">Strong Pairs<\/a>:<\/p>\n<div align=\"center\"><a href=\"http:\/\/prefblog.com\/wp-content\/uploads\/2015\/05\/pairs_FR_150501.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/prefblog.com\/wp-content\/uploads\/2015\/05\/pairs_FR_150501-300x222.jpg\" alt=\"pairs_FR_150501\" width=\"400\" height=\"296\" class=\"alignnone size-medium wp-image-28890\" \/><\/a><br \/><i>Click for Big<\/i><\/div>\n<p>Vital statistics (again, with the caveat that the quote has a ridiculous spread and is unsupported by any trading activity) are:<\/p>\n<div align=\"center\">\n<table border=\"1\">\n<tr>\n<td>BRF.PR.B<\/td>\n<td>FloatingReset<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2045-05-01<br \/>\nMaturity Price  : 20.00<br \/>\nEvaluated at bid price : 20.00<br \/>\nBid-YTW : 4.08 %<\/td>\n<\/tr>\n<\/table>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Not much to report here! BRF.PR.B, a FloatingReset +262 that has resulted from a partial conversion of BRF.PR.A but there were no trades and a $5.00 spread on the quote. However, TMXMoney reports that there &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-28881","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/28881","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=28881"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/28881\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=28881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=28881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=28881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}