{"id":31622,"date":"2015-12-16T23:20:31","date_gmt":"2015-12-17T04:20:31","guid":{"rendered":"http:\/\/prefblog.com\/?p=31622"},"modified":"2015-12-16T23:20:31","modified_gmt":"2015-12-17T04:20:31","slug":"ry-pr-q-firm-on-high-volume","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=31622","title":{"rendered":"RY.PR.Q Firm On High Volume"},"content":{"rendered":"

Royal Bank of Canada has announced<\/a>:<\/p>\n

it has closed its domestic public offering of Non-Cumulative, 5-Year Rate Reset Preferred Shares Series BK. Royal Bank of Canada issued 27 million Preferred Shares Series BK at a price of $25 per share to raise gross proceeds of $675 million.<\/p>\n

The offering was underwritten by a syndicate led by RBC Capital Markets. The Preferred Shares Series BK will commence trading on the Toronto Stock Exchange today under the ticker symbol RY.PR.Q.<\/p>\n

The bank has granted the underwriters\u2019 an option, exercisable in whole or in part, to purchase up to an additional 2 million Preferred Shares Series BK at the same offering price. The underwriters have 30 days from the closing of the preferred share offering to exercise the option.<\/p>\n

The Preferred Shares Series BK were issued under a prospectus supplement dated December 10, 2015 to the bank\u2019s short form base shelf prospectus dated December 20, 2013.<\/p><\/blockquote>\n

RY.PR.Q is a FixedReset 5.50%+453, announced December 8<\/a>. It will be tracked by HIMIPref™ and has been assigned to the FixedReset subindex.<\/p>\n

The issue traded 1,558,368 shares today (consolidated exchanges) in a range of 24.95-30 before closing at 25.10-20, 4×15. Vital statistics are:<\/p>\n

\n\n\n
RY.PR.Q<\/td>\nFixedReset<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-16
\nMaturity Price : 23.17
\nEvaluated at bid price : 25.10
\nBid-YTW : 5.25 %<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

Implied Volatility analysis must be interpreted with caution, as the fact that RY.PR.Q has such a greatly different Issue Reset Spread from the other NVCC issues (RY.PR.Z, RY.PR.H, RY.PR.J and RY.PR.M) gives it a disproportionate influence over the calculated overall slope of the relationship curve. Be that as it may, the calculation results in Implied Volatility consistent with that of other series of issues:<\/p>\n

\"impVol_RY_151216\"<\/a>
Click for Big<\/i><\/div>\n","protected":false},"excerpt":{"rendered":"

Royal Bank of Canada has announced: it has closed its domestic public offering of Non-Cumulative, 5-Year Rate Reset Preferred Shares Series BK. Royal Bank of Canada issued 27 million Preferred Shares Series BK at a …<\/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-31622","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/31622","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=31622"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/31622\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=31622"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=31622"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=31622"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}