{"id":457,"date":"2007-01-08T11:11:26","date_gmt":"2007-01-08T15:11:26","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=457"},"modified":"2007-01-08T11:11:26","modified_gmt":"2007-01-08T15:11:26","slug":"new-issue-450-scotia-perpetuals","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=457","title":{"rendered":"New Issue : 4.50% Scotia Perpetuals"},"content":{"rendered":"

The first week of the new year has started with a bang!
\nThe Bank of Nova Scotia has announced a bought deal for 12-million shares @ $25: these will be designated “Non-Cumulative Preferred Shares, Series 14”. The anticipated closing date is January 24, 2007.
\nThe redemption schedule is:<\/p>\n

\n\n\n\n\n\n\n\n\n
Redemption Schedule, BNS Ser 14<\/td>\n<\/tr>\n
From<\/td>\nTo<\/td>\nPrice<\/td>\n<\/tr>\n
2012-4-26<\/td>\n2013-4-25<\/td>\n$26.00<\/td>\n<\/tr>\n
2013-4-26<\/td>\n2014-4-25<\/td>\n$25.75<\/td>\n<\/tr>\n
2014-4-26<\/td>\n2015-4-25<\/td>\n$25.50<\/td>\n<\/tr>\n
2015-4-26<\/td>\n2016-4-25<\/td>\n$25.25<\/td>\n<\/tr>\n
2016-4-26<\/td>\nINFINITE DATE<\/td>\n$25.00<\/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\n\n
Comparator Characteristics<\/td>\n<\/tr>\n
Issue<\/td>\nBNS.PR.K<\/td>\nCM.PR.I<\/td>\nRY.PR.D<\/td>\nBMO.PR.?<\/td>\nBNS.PR.?<\/td>\n<\/tr>\n
Dividend<\/td>\n1.20<\/td>\n1.175<\/td>\n1.125<\/td>\n1.125<\/td>\n1.125<\/td>\n<\/tr>\n
Quote<\/td>\n25.85-96<\/td>\n25.16-36<\/td>\n25.11-20<\/td>\n25.00 Issue<\/td>\n25.00 Issue<\/td>\n<\/tr>\n
Redemption Schedule Start<\/td>\n2010-4-28<\/td>\n2012-1-31<\/td>\n2012-02-24<\/td>\n2012-2-25<\/td>\n2012-4-26<\/td>\n<\/tr>\n
Price due to base-rate<\/td>\n24.25<\/td>\n24.07<\/td>\n23.45<\/td>\n23.38<\/td>\n23.37<\/td>\n<\/tr>\n
Price due to short-term<\/td>\n0.03<\/td>\n0.04<\/td>\n0.03<\/td>\n0.03<\/td>\n0.03<\/td>\n<\/tr>\n
Price due to long-term<\/td>\n0.49<\/td>\n0.49<\/td>\n0.48<\/td>\n0.46<\/td>\n0.46<\/td>\n<\/tr>\n
Price due to error<\/td>\n-0.01<\/td>\n0.02<\/td>\n-0.03<\/td>\n0.00<\/td>\n0.00<\/td>\n<\/tr>\n
Price due to Credit Spread (Low)<\/td>\nN\/A<\/td>\n-0.54<\/td>\nN\/A<\/td>\nN\/A<\/td>\nN\/A<\/td>\n<\/tr>\n
Intrinsic Curve Price<\/td>\n24.77<\/td>\n24.08<\/td>\n23.94<\/td>\n23.87<\/td>\n23.86<\/td>\n<\/tr>\n
Price due to Liquidity<\/td>\n0.52<\/td>\n1.50<\/td>\n1.51<\/td>\n1.51?<\/td>\n1.51?<\/td>\n<\/tr>\n
Curve Price<\/td>\n25.29<\/td>\n25.58<\/td>\n25.45<\/td>\n25.38?<\/td>\n25.37?<\/td>\n<\/tr>\n
Yield-to-Worst (after Tax)<\/td>\n3.37%<\/td>\n3.66%<\/td>\n3.58%<\/td>\n3.58%<\/td>\n3.57%<\/td>\n<\/tr>\n
Yield-to-Worst (Pre-Tax)<\/td>\n4.24%<\/td>\n4.61%<\/td>\n4.51%<\/td>\n4.50%<\/td>\n4.49%<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\u00a0<\/p>\n

So … the new issue looks like a good, but not great, purchase at the issue price.\n<\/p>\n

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

The first week of the new year has started with a bang! The Bank of Nova Scotia has announced a bought deal for 12-million shares @ $25: these will be designated “Non-Cumulative Preferred Shares, Series …<\/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-457","post","type-post","status-publish","format-standard","hentry","category-new-issues"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/457","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=457"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/457\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=457"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=457"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=457"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}