{"id":49425,"date":"2018-06-11T20:43:00","date_gmt":"2018-06-12T00:43:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=49425"},"modified":"2025-08-15T20:44:39","modified_gmt":"2025-08-16T00:44:39","slug":"na-pr-g-holds-its-own-on-decent-volume","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49425","title":{"rendered":"NA.PR.G Holds Its Own on Decent Volume"},"content":{"rendered":"

National Bank of Canada has announced<\/a>:<\/p>\n

\n

that it has closed its domestic public offering of non-cumulative 5-year rate reset first preferred shares series 42 (non-viability contingent capital (NVCC)) (the \u201cSeries 42 Preferred Shares\u201d). National Bank issued 12 million Series 42 Preferred Shares at a price of $25.00 per share to raise gross proceeds of $300 million.<\/p>\n

The offering was underwritten by a syndicate led by National Bank Financial Inc.<\/p>\n

The Series 42 Preferred Shares will commence trading on the Toronto Stock Exchange today under the ticker symbol NA.PR.G.<\/p>\n

The Series 42 Preferred Shares were issued under a prospectus supplement dated June 4, 2018 to National Bank’s short form base shelf prospectus dated November 21, 2016.<\/p>\n<\/blockquote>\n

NA.PR.G is a FixedReset, 4.95%+277, NVCC compliant, announced 2018-05-31<\/a>. It will be tracked by HIMIPref™ and has been assigned to the FixedResets subindex.<\/p>\n

The issue traded 711,342 shares today in a range of 24.85-96 before closing at 24.94-95. The slight discount to par isn’t bad, given that TXPR is down about 0.25% from the close immediately prior to the announcement date. Vital statistics are:<\/p>\n

\n\n\n
NA.PR.G<\/td>\nFixedReset<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-06-11
\nMaturity Price : 23.12
\nEvaluated at bid price : 24.94
\nBid-YTW : 4.85 %<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

The new issue is ridiculously expensive according to Implied Volatility Analysis<\/a>:<\/p>\n

\"impvol_na_180611\"<\/a>
Click for Big<\/i><\/div>\n

According to this analysis, the fair value of the new issue on June 11 is 23.86.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 42 (non-viability contingent capital (NVCC)) (the \u201cSeries 42 Preferred Shares\u201d). National Bank …<\/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-49425","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49425","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=49425"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49425\/revisions"}],"predecessor-version":[{"id":49426,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49425\/revisions\/49426"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49425"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49425"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49425"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}