{"id":49901,"date":"2019-01-29T19:36:00","date_gmt":"2019-01-30T00:36:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=49901"},"modified":"2025-08-28T19:37:21","modified_gmt":"2025-08-28T23:37:21","slug":"cwb-pr-d-reprices-extant-issues-on-decent-volume","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49901","title":{"rendered":"CWB.PR.D Reprices Extant Issues on Decent Volume"},"content":{"rendered":"

Canadian Western Bank 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 9 (Non-Viability Contingent Capital (NVCC)) (the \u201cSeries 9 Preferred Shares\u201d). CWB issued 5,000,000 Series 9 Preferred Shares at a price of $25 per share to raise gross proceeds of $125 million. The offering was underwritten on a bought deal basis by a syndicate led by National Bank Financial Inc. and BMO Capital Markets. Net proceeds from the offering will be added to CWB\u2019s general funds and utilized for general banking purposes. <\/p>\n

The Series 9 Preferred Shares will commence trading on the Toronto Stock Exchange today under the ticker symbol CWB.PR.D. The Series 9 Preferred Shares were issued under a prospectus supplement dated January 22, 2019 to CWB\u2019s short form base shelf prospectus dated January 4, 2019.<\/p>\n<\/blockquote>\n

CWB.PR.D is a FixedReset, 6.00%+404, NVCC-Compliant, announced 2019-01-21<\/a>. It will be tracked by HIMIPref™ but is relegated to the Scraps FixedReset-Discount subindex on credit concerns.<\/p>\n

CWB.PR.D traded 301,959 shares today in a range of 24.61-89 before settling at 24.83-85. Vital statistics are:<\/p>\n

\n\n\n
CWB.PR.D<\/td>\nFixedReset Disc<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-01-29
\nMaturity Price : 23.09
\nEvaluated at bid price : 24.83
\nBid-YTW : 5.95 %<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

There are only three CWB issues, including the new issue, so we can’t do a meaningful Implied Volatility analysis, but we can look at the comparators:<\/p>\n

\n\n\n\n\n\n
Ticker<\/td>\nQuote<\/td>\nIssue
Reset
Spread<\/td>\n		Yield-to-Worst (YTW)<\/td>\nYTW Scenario<\/td>\n<\/tr>\n
CWB.PR.B<\/td>\n19.83-54<\/td>\n276<\/td>\n5.90%<\/td>\nLimit Maturity at 19.83<\/td>\n<\/tr>\n
CWB.PR.D<\/td>\n24.83-85<\/td>\n404<\/td>\n5.95%<\/td>\nLimit Maturity at 23.09<\/td>\n<\/tr>\n
CWB.PR.C<\/td>\n25.31-44<\/td>\n547<\/td>\n5.75%<\/td>\nCall 2021-7-31 at 25.00<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

The new issue has caused a dramatic re-pricing of the two pre-existing issues, with CWB.PR.C down 1.29% since January 18, the last close prior to the announcement, and CWB.PR.B down a horrific 9.52%.<\/p>\n","protected":false},"excerpt":{"rendered":"

Canadian Western Bank has announced: that it has closed its domestic public offering of non-cumulative 5-year rate reset First Preferred Shares Series 9 (Non-Viability Contingent Capital (NVCC)) (the \u201cSeries 9 Preferred Shares\u201d). CWB issued 5,000,000 …<\/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-49901","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49901","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=49901"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49901\/revisions"}],"predecessor-version":[{"id":49902,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49901\/revisions\/49902"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49901"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49901"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49901"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}