{"id":33301,"date":"2016-07-04T20:58:39","date_gmt":"2016-07-05T01:58:39","guid":{"rendered":"http:\/\/prefblog.com\/?p=33301"},"modified":"2016-07-04T20:58:39","modified_gmt":"2016-07-05T01:58:39","slug":"bam-pr-s-listed-no-trading","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=33301","title":{"rendered":"BAM.PR.S Listed, No Trading"},"content":{"rendered":"<p>BAM.PR.S, the new FloatingReset that has come into existence via partial exchange from BAM.PR.R, is now trading.<\/p>\n<p>The <a href=\"http:\/\/prefblog.com\/?p=33281\">14% conversion rate<\/a> has been reported previously; Assiduous Readers will remember that I <a href=\"http:\/\/prefblog.com\/?p=33197\">recommended against conversion<\/a>. BAM.PR.R <a href=\"http:\/\/prefblog.com\/?p=33159\">now pays 3.014%<\/a> (on par) until 2021-6-30, while BAM.PR.S will pay 3-month bills +230bp, reset quarterly.<\/p>\n<p>BAM.PR.S closed July 4 with a quote of 15.00-50, 1&#215;1.<\/p>\n<p>Vital statistics are:<\/p>\n<div align=\"center\">\n<table border=\"1\">\n<tr>\n<td>BAM.PR.R<\/td>\n<td>FixedReset<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-07-04<br \/>\nMaturity Price  : 15.39<br \/>\nEvaluated at bid price : 15.39<br \/>\nBid-YTW : 4.74 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.S<\/td>\n<td>FloatingReset<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-07-04<br \/>\nMaturity Price  : 15.00<br \/>\nEvaluated at bid price : 15.00<br \/>\nBid-YTW : 4.68 %<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>The $0.39 price difference between the two elements of the Strong Pair implies a break-even three-month bill rate of +0.33% &#8211; the highest of the investment-grade <a href=\"http:\/\/prefblog.com\/?p=1378\">Strong Pairs<\/a>.<\/p>\n<div align=\"center\"><a href=\"http:\/\/prefblog.com\/wp-content\/uploads\/2016\/07\/pairs_FR_160704.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/prefblog.com\/wp-content\/uploads\/2016\/07\/pairs_FR_160704-300x222.jpg\" alt=\"pairs_FR_160704\" width=\"400\" height=\"296\" class=\"alignnone size-medium wp-image-33302\" \/><\/a><br \/><i>Click for Big<\/i><\/div>\n","protected":false},"excerpt":{"rendered":"<p>BAM.PR.S, the new FloatingReset that has come into existence via partial exchange from BAM.PR.R, is now trading. The 14% conversion rate has been reported previously; Assiduous Readers will remember that I recommended against conversion. BAM.PR.R &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-33301","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/33301","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=33301"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/33301\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=33301"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=33301"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=33301"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}