{"id":415,"date":"2006-12-20T20:30:17","date_gmt":"2006-12-21T00:30:17","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=415"},"modified":"2006-12-20T20:30:17","modified_gmt":"2006-12-21T00:30:17","slug":"bam-split-corp-new-issue-435-retractibles","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=415","title":{"rendered":"BAM Split Corp.: New Issue 4.35% Retractibles"},"content":{"rendered":"

I have been advised of a new issue by the recently renamed<\/a> BAM Split Corp. A press release is available via CCN Matthews<\/a>.<\/p>\n

This is a bought issue, with closing scheduled for January 10, 2007. Issue size is $200-million, very nice for a split-share corporation.<\/p>\n

\u00a0Dividends are cumulative and quarterly, 4.35% p.a. on the par value of $25.00.<\/p>\n

The embeddedOptions<\/a> are:<\/p>\n

\n\n\n\n\n\n\n\n
BAM Split 4.35% Ret. Options<\/td>\n<\/tr>\n
Redemption<\/td>\n2007-1-10<\/td>\n2016-1-9<\/td>\n$26.00<\/td>\n<\/tr>\n
Redemption<\/td>\n2016-1-10<\/td>\n2017-1-9<\/td>\n$25.75<\/td>\n<\/tr>\n
Redemption<\/td>\n2017-1-10<\/td>\n2018-1-9<\/td>\n$25.50<\/td>\n<\/tr>\n
Redemption<\/td>\n2018-1-10<\/td>\n2019-1-9<\/td>\n$25.25<\/td>\n<\/tr>\n
Maturity<\/td>\n2019-1-10<\/td>\n2019-1-10<\/td>\n$25.00<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

The first record date is projected to be February 22, 2007, for the first (short) dividend of $0.1460 payable March 7, 2007.<\/p>\n

The material I have isn’t entirely clear, but it appears that the bought deal is conditional upon DBRS assigning a rating of Pfd-2 to the issue and reconfirming the Pfd-2 ratings outstanding on BNA.PR.A and BNA.PR.B<\/p>\n

Update & Bump:<\/strong> The issue has been added to the HIMIPref\u2122 database with a preIssue<\/a> securityCode<\/a> of P50009.<\/p>\n

An analysis of curvePrice<\/a> has been prepared, with some comparatives:<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Curve Price Components using taxable<\/strong> Curve<\/td>\n<\/tr>\n
Component<\/td>\nBNA.PR.?<\/td>\nPIC.PR.A<\/td>\nLBS.PR.A<\/td>\n<\/tr>\n
Price due to base-rate<\/td>\n24.02<\/td>\n15.80<\/td>\n10.53<\/td>\n<\/tr>\n
Price due to short-term<\/td>\n0.04<\/td>\n0.12<\/td>\n0.03<\/td>\n<\/tr>\n
Price due to long-term<\/td>\n0.81<\/td>\n0.38<\/td>\n0.34<\/td>\n<\/tr>\n
Price to to Cumulative Dividends<\/td>\n0.00<\/td>\n0.00<\/td>\n0.00<\/td>\n<\/tr>\n
Price due to SplitShareCorp<\/td>\n-0.96<\/td>\n-0.22<\/td>\n-0.25<\/td>\n<\/tr>\n
Price due to Retractibility<\/td>\n1.72<\/td>\n0.40<\/td>\n0.47<\/td>\n<\/tr>\n
Price due to Credit Spread (2)<\/td>\n-0.28<\/td>\n-0.06<\/td>\n-0.08<\/td>\n<\/tr>\n
Price due to error<\/td>\n0.06<\/td>\n-0.00<\/td>\n-0.00<\/td>\n<\/tr>\n
Price due to Credit Spread (High)<\/td>\n0.00<\/td>\n0.00<\/td>\n0.00<\/td>\n<\/tr>\n
Price due to Credit Spread (Low)<\/td>\n0.00<\/td>\n0.00<\/td>\n0.00<\/td>\n<\/tr>\n
Intrinsic Price<\/strong><\/td>\n25.41<\/td>\n16.43<\/td>\n11.03<\/td>\n<\/tr>\n
Price due to Liquidity<\/td>\n?<\/td>\n0.03<\/td>\n0.23<\/td>\n<\/tr>\n
Curve Price<\/td>\n?<\/td>\n16.46<\/td>\n11.26<\/td>\n<\/tr>\n
Quotation, 12\/20<\/td>\n25.00 Issue<\/td>\n16.06-15<\/td>\n10.82-89<\/td>\n<\/tr>\n
Yield-To-Worst (taxable)<\/td>\n3.45%<\/td>\n3.20%<\/td>\n3.20%<\/td>\n<\/tr>\n
Modified Duration To Worst (taxable)<\/td>\n9.79<\/td>\n3.50<\/td>\n5.97<\/td>\n<\/tr>\n
Yield-To-Worst (non-taxable)<\/td>\n\u00a04.34%<\/td>\n\u00a04.01%<\/td>\n4.03%\u00a0<\/td>\n<\/tr>\n
Modified Duration To Worst (non-taxable)<\/td>\n\u00a09.38<\/td>\n\u00a03.45<\/td>\n\u00a05.81<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

The portfolio evaluation of the experimental<\/em><\/strong> SplitShare Index is here<\/a>.\n<\/p>\n

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

I have been advised of a new issue by the recently renamed BAM Split Corp. A press release is available via CCN Matthews. This is a bought issue, with closing scheduled for January 10, 2007. …<\/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-415","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\/415","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=415"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/415\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=415"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=415"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=415"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}