{"id":48530,"date":"2017-06-13T21:10:00","date_gmt":"2017-06-14T01:10:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=48530"},"modified":"2025-07-21T21:12:02","modified_gmt":"2025-07-22T01:12:02","slug":"na-pr-c-soft-ish-on-excellent-volume","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=48530","title":{"rendered":"NA.PR.C Soft-ish On Excellent Volume"},"content":{"rendered":"<p>National Bank of Canada <a href=\"https:\/\/www.nbc.ca\/en\/about-us\/news\/news-room\/press-releases\/2017\/20170613-National-Bank-Announces-Closing-400-Million-Dollars-NVCC-Preferred-Share-Offering.html\">has announced<\/a>:<\/p>\n<blockquote><p> that it has closed its domestic public offering of non-cumulative 5-year rate reset first preferred shares series 38 (non-viability contingent capital (NVCC)) (the \u201cSeries 38 Preferred Shares\u201d). National Bank issued 16 million Series 38 Preferred Shares at a price of $25.00 per share to raise gross proceeds of $400 million.<\/p>\n<p>The offering was underwritten by a syndicate led by National Bank Financial Inc.<\/p>\n<p>The Series 38 Preferred Shares will commence trading on the Toronto Stock Exchange today under the ticker symbol NA.PR.C.<\/p>\n<p>The Series 38 Preferred Shares were issued under a prospectus supplement dated June 5, 2017 to National Bank&#8217;s short form base shelf prospectus dated November 21, 2016.<\/p>\n<\/blockquote>\n<p>NA.PR.C is a FixedReset, 4.45%+343, NVCC-compliant <a href=\"http:\/\/prefblog.com\/?p=34921\">announced 2017-6-1<\/a>. It will be tracked by HIMIPref&trade; and has been assigned to the FixedResets subindex.<\/p>\n<p>The issue traded 1,359,922 shares today in a range of 24.78-92 before closing at 24.90-93. Vital statistics are:<\/p>\n<div align=\"center\">\n<table border=\"1\">\n<tr>\n<td>NA.PR.C<\/td>\n<td>FixedReset<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2047-06-13<br \/>\nMaturity Price  : 23.10<br \/>\nEvaluated at bid price : 24.90<br \/>\nBid-YTW : 4.33 %<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><a href=\"http:\/\/prefblog.com\/?p=32354\">Implied Volatility analysis for FixedResets<\/a> suggests that this issue continues to be expensive:<\/p>\n<div align=\"center\"><a href=\"http:\/\/prefblog.com\/wp-content\/uploads\/2017\/06\/impVol_NA_170613.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/prefblog.com\/wp-content\/uploads\/2017\/06\/impVol_NA_170613-300x247.jpg\" alt=\"impvol_na_170613\" width=\"400\" height=\"329\" class=\"alignnone size-medium wp-image-34992\" ><\/a><br \/><i>Click for Big<\/i><\/div>\n<p>The theoretical price of the new issue according to this model is now 24.58, up from 24.25 on announcement day.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>National Bank of Canada has announced: that it has closed its domestic public offering of non-cumulative 5-year rate reset first preferred shares series 38 (non-viability contingent capital (NVCC)) (the \u201cSeries 38 Preferred Shares\u201d). National Bank &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-48530","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48530","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=48530"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48530\/revisions"}],"predecessor-version":[{"id":48531,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48530\/revisions\/48531"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48530"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48530"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48530"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}