{"id":3798,"date":"2008-11-05T22:49:55","date_gmt":"2008-11-06T02:49:55","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=3798"},"modified":"2008-11-05T22:49:55","modified_gmt":"2008-11-06T02:49:55","slug":"tdprc-settles-like-a-5-year","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=3798","title":{"rendered":"TD.PR.C Settles Like a 5-Year"},"content":{"rendered":"<p>Monday&#8217;s <a href=\"http:\/\/www.prefblog.com\/?p=3768\">settlement of RY.PR.L<\/a> provided one data point and here&#8217;s another &#8230; it looks like we may state fairly conclusively that the market is currently pricing the Fixed Reset issues as if the market price will be $25 at the time of the first call &#8211; whether that is due to a call or a reset of the dividend to a market comparable number.<\/p>\n<div align=\"center\">\n<table border=\"1\">\n<tr>\n<td colspan=6>TD.PR.C and some comparators<\/td>\n<\/tr>\n<tr>\n<td>Ticker<\/td>\n<td>Fixed<\/td>\n<td>Reset<\/td>\n<td>Quote<\/td>\n<td>Yield<br \/>to<br \/>5-year call<\/td>\n<td>Yield<br \/>to<br \/>limitMaturity<\/td>\n<\/tr>\n<tr>\n<td>TD.PR.C<\/td>\n<td>5.60%<\/td>\n<td>+274bp<\/td>\n<td>25.00-01<\/td>\n<td>5.64%<\/td>\n<td>5.59%<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.L<\/td>\n<td>5.60%<\/td>\n<td>+267bp<\/td>\n<td>24.92-95<\/td>\n<td>5.71%<\/td>\n<td>5.57%<\/td>\n<\/tr>\n<tr>\n<td>TD.PR.Y<\/td>\n<td>5.10%<\/td>\n<td>+168bp<\/td>\n<td>23.92-09<\/td>\n<td>6.13%<\/td>\n<td>4.89%<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.I<\/td>\n<td>5.00%<\/td>\n<td>+193bp<\/td>\n<td>23.61-99<\/td>\n<td>6.42%<\/td>\n<td>5.17%<\/td>\n<\/tr>\n<tr>\n<td>TD.PR.A<\/td>\n<td>5.00%<\/td>\n<td>+196bp<\/td>\n<td>23.80-00<\/td>\n<td>6.27%<\/td>\n<td>5.15%<\/td>\n<\/tr>\n<tr>\n<td>TD.PR.S<\/td>\n<td>5.00%<\/td>\n<td>+160bp<\/td>\n<td>24.05-28<\/td>\n<td>5.94%<\/td>\n<td>4.76%<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>The issue seems to have been well-received: I updated the <a href=\"http:\/\/www.prefblog.com\/?p=3644\">issue announcement post<\/a> with news that the greenshoe had been partially exercised.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Monday&#8217;s settlement of RY.PR.L provided one data point and here&#8217;s another &#8230; it looks like we may state fairly conclusively that the market is currently pricing the Fixed Reset issues as if the market price &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-3798","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/3798","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=3798"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/3798\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3798"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3798"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3798"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}