{"id":32845,"date":"2016-04-01T03:58:03","date_gmt":"2016-04-01T08:58:03","guid":{"rendered":"http:\/\/prefblog.com\/?p=32845"},"modified":"2016-04-01T03:58:03","modified_gmt":"2016-04-01T08:58:03","slug":"cwb-pr-c-below-expectations-on-decent-volume","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=32845","title":{"rendered":"CWB.PR.C Below Expectations On Decent Volume"},"content":{"rendered":"<p>Canadian Western Bank <a href=\"http:\/\/www.cwb.com\/news-and-events\/2016\/cwb-announces-closing-of-preferred-share-offering\">has announced<\/a>:<\/p>\n<blockquote><p>that it has closed its domestic public offering of non-cumulative 5-year rate reset First Preferred Shares Series 7 (Non-Viability Contingent Capital (NVCC)) (the &#8220;Series 7 Preferred Shares&#8221;). CWB issued 5,600,000 Series 7 Preferred Shares at a price of $25 per share to raise gross proceeds of $140 million. The offering was underwritten on a bought deal basis by a syndicate led by National Bank Financial Inc. Net proceeds from the offering will be added to CWB&#8217;s capital base and used for general corporate purposes and are expected to qualify as Tier 1 capital for CWB.<\/p>\n<p>The Series 7 Preferred Shares will commence trading on the Toronto Stock Exchange today under the ticker symbol CWB.PR.C. The offering of Series 7 Preferred Shares was completed by way of short form prospectus dated March 22, 2016, and filed in all provinces and territories of Canada.<\/p><\/blockquote>\n<p>CWB.PR.C is a FixedReset, 6.25%+547, NVCC, <a href=\"http:\/\/prefblog.com\/?p=32687\">announced 2016-3-10<\/a>. It will be tracked by HIMIPref&trade; but has been relegated to the Scraps index on credit concerns.<\/p>\n<p>The issue traded 692,786 shares today (consolidated exchanges) in a range of 25.20-38 before closing at 25.30-33, 4&#215;3. Vital statistics are:<\/p>\n<div align=\"center\">\n<table border=\"1\">\n<tr>\n<td>CWB.PR.C<\/td>\n<td>FixedReset<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2021-07-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.30<br \/>\nBid-YTW : 6.03 %<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>The performance of this issue may be considered somewhat disappointing, given that TXPL is up 5.32% between the March 10 announcement date and the March 31 closing date &#8211; although a certain amount of underperformance is expected in a rising market due to negative convexity.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canadian Western Bank has announced: that it has closed its domestic public offering of non-cumulative 5-year rate reset First Preferred Shares Series 7 (Non-Viability Contingent Capital (NVCC)) (the &#8220;Series 7 Preferred Shares&#8221;). CWB issued 5,600,000 &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-32845","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32845","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=32845"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32845\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32845"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32845"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32845"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}