{"id":33249,"date":"2016-06-23T03:01:53","date_gmt":"2016-06-23T08:01:53","guid":{"rendered":"http:\/\/prefblog.com\/?p=33249"},"modified":"2016-06-23T03:01:53","modified_gmt":"2016-06-23T08:01:53","slug":"mfc-pr-p-little-trading-after-conversion-from-mfc-pr-f","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=33249","title":{"rendered":"MFC.PR.P: Little Trading After Conversion From MFC.PR.F"},"content":{"rendered":"<p>MFC.PR.P, the new FloatingReset that has come into existence via partial exchange from MFC.PR.F, is now trading.<\/p>\n<p>The <a href=\"http:\/\/prefblog.com\/?p=33206\">21% conversion rate<\/a> has been reported previously; Assiduous Readers will remember that I <a href=\"http:\/\/prefblog.com\/?p=33149\">recommended against conversion<\/a>. MFC.PR.F <a href=\"http:\/\/prefblog.com\/?p=33091\">now pays 2.178%<\/a> (on par) until 2021-6-19, while MFC.PR.P will pay 3-month bills +141bp, reset quarterly.<\/p>\n<p>MFC.PR.P closed June 20 with a quote of 12.90-20<\/p>\n<p>Vital statistics are:<\/p>\n<div align=\"center\">\n<table border=\"1\">\n<tr>\n<td>MFC.PR.P<\/td>\n<td>FloatingReset<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 11.50<br \/>\nBid-YTW : 12.25 %<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>The $2.05 price difference between the two elements of the Strong Pair (I told you not to convert!) implies a break-even three-month bill rate of -1.20% &#8211; at the low end of the range defined by other investment-grade Strong Pairs.<\/p>\n<div align=\"center\"><a href=\"http:\/\/prefblog.com\/wp-content\/uploads\/2016\/06\/pairs_FR_160622.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/prefblog.com\/wp-content\/uploads\/2016\/06\/pairs_FR_160622-300x222.jpg\" alt=\"pairs_FR_160622\" width=\"400\" height=\"296\" class=\"alignnone size-medium wp-image-33251\" \/><\/a><br \/><i>Click for Big<\/i><\/div>\n","protected":false},"excerpt":{"rendered":"<p>MFC.PR.P, the new FloatingReset that has come into existence via partial exchange from MFC.PR.F, is now trading. The 21% conversion rate has been reported previously; Assiduous Readers will remember that I recommended against conversion. MFC.PR.F &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-33249","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/33249","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=33249"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/33249\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=33249"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=33249"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=33249"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}