{"id":4029,"date":"2008-11-18T17:15:09","date_gmt":"2008-11-18T21:15:09","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=4029"},"modified":"2008-11-18T17:15:09","modified_gmt":"2008-11-18T21:15:09","slug":"new-issue-pwf-fixed-reset-600320","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=4029","title":{"rendered":"New Issue: PWF Fixed-Reset, 6.00%+320"},"content":{"rendered":"<p>Fresh from announcing a <a href=\"http:\/\/www.prefblog.com\/?p=3804\">new issue for their GWO subsidiary<\/a> (Fixed Reset, 6.00%+307), Power Financial Corporation has announced a new issue with similar terms:<\/p>\n<p>Issue: Power Financial Corporation Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series M.<\/p>\n<p>Size: 6-million shares (@$25.00, =$150-million) + greenshoe 2-million shares (=$50-million)<\/p>\n<p>Dividend: 6% (=$1.50 p.a.) until 2014-1-31, then reset to 5-year Canadas + 320bp. First Dividend $0.62877 payable 2008-4-30 based on closing 2008-11-28. Dividends reset every Exchange Date.<\/p>\n<p>Convertible: Every Exchange Date, to and from Series N [floaters] pay 3-month bills +320bp, reset quarterly.<\/p>\n<p>Exchange Date: 2014-1-31 and every five years thereafter.<\/p>\n<p>Closing: 2008-11-28. Bought Deal. DBRS = Pfd-1(low); S&#038;P = P-1(low)<\/p>\n<p>Holy smokes, we&#8217;re drowning in these things!<\/p>\n<p><b>Update, 2013-12-2<\/b>: This issue trades as PWF.PR.M<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fresh from announcing a new issue for their GWO subsidiary (Fixed Reset, 6.00%+307), Power Financial Corporation has announced a new issue with similar terms: Issue: Power Financial Corporation Non-Cumulative 5-Year Rate Reset First Preferred Shares, &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"class_list":["post-4029","post","type-post","status-publish","format-standard","hentry","category-new-issues"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/4029","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=4029"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/4029\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4029"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4029"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4029"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}