{"id":30741,"date":"2015-10-01T02:48:56","date_gmt":"2015-10-01T07:48:56","guid":{"rendered":"http:\/\/prefblog.com\/?p=30741"},"modified":"2015-10-01T02:48:56","modified_gmt":"2015-10-01T07:48:56","slug":"ffh-pr-h-listed-26-conversion","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=30741","title":{"rendered":"FFH.PR.H Listed: 26% Conversion"},"content":{"rendered":"

Fairfax Financial Holdings Limited has announced:<\/p>\n

 <\/p><\/blockquote>\n

That’s right, nothing regarding the conversion and listing of FFH.PR.H, which is the same stunt they pulled when FFH.PR.F was listed<\/a>.<\/p>\n

So, I am left to report that FFH.PR.G is a FixedReset, currently<\/a> 3.318%+256. Its Strong Pair is FFH.PR.H, a FloatingReset paying three month bills +256bp, reset quarterly. Both issues will be tracked by HIMIPref™, both relegated to the Scraps index on credit concerns.<\/p>\n

The Toronto Stock Exchange reports<\/a> that there are 2,567,048 shares of FFH.PR.H outstanding and 7,432,952 of FFH.PR.G; since there were 10-million shares of FFH.PR.G originally issued<\/a>, we can say that the conversion rate was 26% after my recommendation not to convert<\/a>.<\/p>\n

Vital statistics are:<\/p>\n

\n\n\n\n
FFH.PR.G<\/td>\nFixedReset<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-09-30
\nMaturity Price : 13.74
\nEvaluated at bid price : 13.74
\nBid-YTW : 6.11 %<\/td>\n<\/tr>\n
FFH.PR.H<\/td>\nFloatingReset<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-09-30
\nMaturity Price : 13.70
\nEvaluated at bid price : 13.70
\nBid-YTW : 5.42 %<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

No shares of FFH.PR.H traded today (consolidated exchanges) and the closing quote was 13.70-23.00, so nothing about the pricing can be taken too seriously! However:<\/p>\n

\"pairs_FR_150930\"<\/a>
Click for Big<\/i><\/div>\n

The FFH.PR.G \/ FFH.PR.H pair implies an average three month bill rate over the next five years of +1.03%, so far above the average it is off the charts. <\/p>\n","protected":false},"excerpt":{"rendered":"

Fairfax Financial Holdings Limited has announced:   That’s right, nothing regarding the conversion and listing of FFH.PR.H, which is the same stunt they pulled when FFH.PR.F was listed. So, I am left to report that …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,13],"tags":[],"class_list":["post-30741","post","type-post","status-publish","format-standard","hentry","category-better-communication-please","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/30741","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=30741"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/30741\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=30741"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=30741"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=30741"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}