{"id":29615,"date":"2015-06-30T23:29:33","date_gmt":"2015-07-01T04:29:33","guid":{"rendered":"http:\/\/prefblog.com\/?p=29615"},"modified":"2015-06-30T23:29:33","modified_gmt":"2015-07-01T04:29:33","slug":"slf-pr-j-listed-one-hundred-shares-trade","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=29615","title":{"rendered":"SLF.PR.J Listed; One Hundred Shares Trade"},"content":{"rendered":"

As earlier reported on PrefBlog, there was a 50% conversion from the FixedReset, SLF.PR.G, to the FloatingReset SLF.PR.J<\/a><\/p>\n

SLF.PR.G will pay 2.275%<\/a> (on its par value of $25), or $0.142188 per share per quarter, until its next exchange date of 2020-6-30. SLF.PR.J will pay the three month Canada treasury bill rate, plus 141bp, reset quarterly, throughout its existence.<\/p>\n

As both of these issues are issued by an insurance holding company and neither has an NVCC clause, I have added a DeemedMaturity entry to the call schedule; I am therefore assuming that these will be called at par on or before 2025-6-30. See the heading “DeemedRetractibles” on the Format of PrefLetter<\/a> page for more information. Please note carefully that this is the result of my analysis and is neither a binding commitment of the issuer nor guaranteed in any way.<\/p>\n

Vital statistics are:<\/p>\n

\n\n\n\n
SLF.PR.G<\/td>\nFixedReset<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.27
\nBid-YTW : 7.48 %<\/td>\n<\/tr>\n
SLF.PR.J<\/td>\nFloatingReset<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.50
\nBid-YTW : 7.31 %<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

At the indicated bid prices, the break-even three-month bill rate (the average bill rate at which the total return of the two elements of the Strong Pair<\/a> will be equal until the next Exchange Date) is 1.08%, so far above the average for all investment grade FixedReset \/ FloatingReset Strong Pairs (irrespective of Exchange Date) of 0.36% that this pair constitutes an outlier. If the average rate exceeds 1.08% then SLF.PR.J will outperform SLF.PR.G over the period (measured from today’s bid prices).<\/p>\n

\"pairs_FR_150630\"<\/a>
Click for Big<\/i><\/div>\n","protected":false},"excerpt":{"rendered":"

As earlier reported on PrefBlog, there was a 50% conversion from the FixedReset, SLF.PR.G, to the FloatingReset SLF.PR.J SLF.PR.G will pay 2.275% (on its par value of $25), or $0.142188 per share per quarter, until …<\/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-29615","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/29615","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=29615"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/29615\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29615"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29615"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29615"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}