{"id":33724,"date":"2016-10-04T01:11:50","date_gmt":"2016-10-04T06:11:50","guid":{"rendered":"http:\/\/prefblog.com\/?p=33724"},"modified":"2016-10-04T01:11:50","modified_gmt":"2016-10-04T06:11:50","slug":"bpo-pr-s-commences-trading-after-11-conversion-from-bpo-pr-r","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=33724","title":{"rendered":"BPO.PR.S Commences Trading After 11% Conversion From BPO.PR.R"},"content":{"rendered":"<p>There has been no announcement by Brookfield Property, but BPO.PR.S commenced trading today and <a href=\"http:\/\/web.tmxmoney.com\/quote.php?qm_symbol=bpo.pr.s\">data from the TMX website<\/a> indicates a conversion rate of 11%.<\/p>\n<p>It will be recalled the <a href=\"http:\/\/prefblog.com\/?p=33573\">FixedReset BPO.PR.R has reset at 4.155%<\/a> and will reset 2021-9-30 at GOC5+348bp, while BPO.PR.S will pay three-month bills +348bp, reset quarterly. They will be interconvertible again at the next Exchange Date, 2021-9-30.<\/p>\n<p>Both issues are followed by HIMIPref&trade; but both are relegated to the Scraps subindex due to credit concerns.<\/p>\n<p>Vital statistics are:<\/p>\n<div align=\"center\">\n<table border=\"1\">\n<tr>\n<td>BPO.PR.R<\/td>\n<td>FixedReset<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-10-03<br \/>\nMaturity Price  : 18.15<br \/>\nEvaluated at bid price : 18.15<br \/>\nBid-YTW : 5.70 %<\/td>\n<\/tr>\n<tr>\n<td>BPO.PR.S<\/td>\n<td>FloatingReset<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-10-03<br \/>\nMaturity Price  : 17.25<br \/>\nEvaluated at bid price : 17.25<br \/>\nBid-YTW : 5.85 %<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>At the current bid prices, the implied average three-month bill rate until the next Exchange date is -0.50%, slightly below the average implied rate for junk issues of -0.35%.<\/p>\n<div align=\"center\"><a href=\"http:\/\/prefblog.com\/wp-content\/uploads\/2016\/10\/pairs_FR_161003.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/prefblog.com\/wp-content\/uploads\/2016\/10\/pairs_FR_161003-300x222.jpg\" alt=\"pairs_FR_161003\" width=\"400\" height=\"296\" class=\"alignnone size-medium wp-image-33725\" \/><\/a><br \/><i>Click for Big<\/i><\/div>\n","protected":false},"excerpt":{"rendered":"<p>There has been no announcement by Brookfield Property, but BPO.PR.S commenced trading today and data from the TMX website indicates a conversion rate of 11%. It will be recalled the FixedReset BPO.PR.R has reset at &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-33724","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/33724","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=33724"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/33724\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=33724"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=33724"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=33724"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}