{"id":362,"date":"2006-12-04T12:42:36","date_gmt":"2006-12-04T16:42:36","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=362"},"modified":"2006-12-04T12:42:36","modified_gmt":"2006-12-04T16:42:36","slug":"royal-bank-new-issue-45-perp","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=362","title":{"rendered":"Royal Bank New Issue: 4.5% Perp"},"content":{"rendered":"

Royal Bank has announced<\/a> a new issue of 4.5% Perpetuals – I am advised that the redemption schedule commences 2012-2-24 at $26.00, but have not yet confirmed this.<\/p>\n

This would not appear, at first blush, to be a particularly attractive issue considering the most obvious comparables. Reasonable, but not particularly attractive:<\/p>\n

\n\n\n\n\n\n\n
Recent RY Perpetuals<\/td>\n<\/tr>\n
Issue<\/td>\nDividend Rate<\/td>\nQuote 11\/30<\/td>\n<\/tr>\n
RY.PR.A<\/td>\n4.45%<\/td>\n24.98-00<\/td>\n<\/tr>\n
RY.PR.B<\/td>\n4.70%<\/td>\n25.90-22<\/td>\n<\/tr>\n
RY.PR.C<\/td>\n4.60%<\/td>\n25.35-37<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

More later.<\/p>\n

Later, more:<\/strong><\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Royal Bank Perpetuals
\nAnalysis Using AFTER-TAX Curve<\/em><\/strong> (except as noted)<\/td>\n<\/tr>\n
Curve price Component<\/td>\nRY.PR.A<\/strong><\/td>\nRY.PR.B<\/strong><\/td>\nRY.PR.C<\/strong><\/td>\nRY.PR.W<\/strong><\/td>\nRY.PR.?<\/strong><\/td>\n<\/tr>\n
Price due to base-rate<\/td>\n23.12<\/td>\n23.91<\/td>\n23.69<\/td>\n24.44<\/td>\n23.29<\/td>\n<\/tr>\n
Price due to short-term<\/td>\n0.04<\/td>\n0.05<\/td>\n0.05<\/td>\n0.04<\/td>\n0.05<\/td>\n<\/tr>\n
Price due to long-term<\/td>\n0.56<\/td>\n0.59<\/td>\n0.57<\/td>\n0.61<\/td>\n0.54<\/td>\n<\/tr>\n
Price to to Cumulative Dividends<\/td>\n0.00<\/td>\n0.00<\/td>\n0.00<\/td>\n0.00<\/td>\n0.00<\/td>\n<\/tr>\n
Price due to Liquidity<\/td>\n1.46<\/td>\n1.50<\/td>\n1.49<\/td>\n0.66<\/td>\n1.49?<\/td>\n<\/tr>\n
Price due to error<\/td>\n-0.03<\/td>\n-0.03<\/td>\n-0.03<\/td>\n-0.02<\/td>\n-0.00<\/td>\n<\/tr>\n
CurvePrice<\/strong><\/td>\n25.16<\/td>\n26.01<\/td>\n25.77<\/td>\n25.74<\/td>\n25.36<\/td>\n<\/tr>\n
Annual Dividend<\/td>\n1.1125<\/td>\n1.1750<\/td>\n1.1500<\/td>\n1.2250<\/td>\n1.1250<\/td>\n<\/tr>\n
2006-12-01 Quote<\/td>\n25.00-08<\/td>\n25.90-09<\/td>\n25.40-50<\/td>\n26.45-52<\/td>\nIssue: $25.00<\/td>\n<\/tr>\n
After<\/strong>-tax Bid YTW<\/td>\n3.55%<\/td>\n3.37%<\/td>\n3.54%<\/td>\n3.19%<\/td>\n3.58%<\/td>\n<\/tr>\n
Pre-Tax Bid YTW<\/td>\n4.47%<\/td>\n4.24%<\/td>\n4.46%<\/td>\n4.01%<\/td>\n4.50%<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\u00a0<\/p>\n

Tax has been included in the calculation of the elements of the above table in accordance with the Ontario Highest Marginal Rate.<\/p>\n

This issue has been added to the HIMIPref™ database on a preIssue<\/a> basis with the securityCode<\/a> P75000.\n<\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Royal Bank has announced a new issue of 4.5% Perpetuals – I am advised that the redemption schedule commences 2012-2-24 at $26.00, but have not yet confirmed this. This would not appear, at first blush, …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33,17],"tags":[],"class_list":["post-362","post","type-post","status-publish","format-standard","hentry","category-data-fixes","category-new-issues"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/362","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=362"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/362\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=362"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=362"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=362"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}