{"id":40551,"date":"2020-03-20T02:00:49","date_gmt":"2020-03-20T07:00:49","guid":{"rendered":"http:\/\/prefblog.com\/?p=40551"},"modified":"2020-03-20T02:00:49","modified_gmt":"2020-03-20T07:00:49","slug":"bns-pr-d-bns-pr-y-to-be-redeemed","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=40551","title":{"rendered":"BNS.PR.D, BNS.PR.Y To Be Redeemed"},"content":{"rendered":"

The Bank of Nova Scotia has announced<\/a>:<\/p>\n

its intention to redeem all outstanding Non-cumulative 5-Year Rate Reset Preferred Shares Series 30 (“Series 30 Shares”) and Non-cumulative Floating Rate Preferred Shares Series 31 (“Series 31 Shares”) of Scotiabank on April 26, 2020 at a price equal to $25.00 per share (the “Redemption Price”), together with all declared and unpaid dividends to the date fixed for redemption. Formal notice will be issued to the shareholders in accordance with the share conditions.<\/p>\n

The redemption has been approved by the Office of the Superintendent of Financial Institutions and will be financed out of the general funds of Scotiabank. This redemption is part of the Bank’s ongoing management of its Tier 1 capital.<\/p>\n

On February 25, 2020, the Board of Directors of Scotiabank declared quarterly dividends of $0.113750 per Series 30 Share and $0.166480 per Series 31 Share. These will be the final dividends on the Series 30 Shares and Series 31 Shares, respectively, and will be paid on the date of redemption, April 26, 2020, to shareholders of record at the close of business on April 7, 2020, as previously announced. After April 26, 2020, the Series 30 Shares and the Series 31 Shares will cease to be entitled to dividends.<\/p><\/blockquote>\n

BNS.PR.Y was issued as a FixedReset, 3.85%+100, NVCC non-compliant, that commenced trading 2010-4-12<\/a> after being announced 2010-3-25<\/a>. Extension was announced in March, 2015<\/a> and the issue issue reset to 1.82%<\/a> effective 2015-4-26. I recommended against conversion<\/a>, but 42% converted to the FloatingReset<\/a>, BNS.PR.D.<\/p>\n

BNS.PR.D is a FloatingReset, 3-Month Bills + 100, NVCC non-compliant, that resulted from a 42% conversion from BNS.PR.Y<\/a>.<\/p>\n

It will be noted that there has been (relatively!) heavy trading in these issues lately, with about 40,000 shares of BNS.PR.Y trading this week<\/a> with a VWAP of under $24.00, together with about 55,000 shares of BNS.PR.D<\/a> trading with a VWAP of under 23.00.<\/p>\n

I’ll bet a nickel that Scotia made this announcement a few days in advance of original intentions, just to put an end to this nonsense.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Bank of Nova Scotia has announced: its intention to redeem all outstanding Non-cumulative 5-Year Rate Reset Preferred Shares Series 30 (“Series 30 Shares”) and Non-cumulative Floating Rate Preferred Shares Series 31 (“Series 31 Shares”) …<\/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-40551","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/40551","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=40551"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/40551\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=40551"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=40551"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=40551"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}