{"id":50160,"date":"2019-04-17T21:12:00","date_gmt":"2019-04-18T01:12:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=50160"},"modified":"2025-09-29T21:14:03","modified_gmt":"2025-09-30T01:14:03","slug":"cwb-pr-b-no-conversion-to-floatingreset","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50160","title":{"rendered":"CWB.PR.B : No Conversion to FloatingReset"},"content":{"rendered":"<p> Canadian Western Bank <a href=\"https:\/\/www.cwb.com\/news-and-events\/2019\/cwb-announces-results-of-conversion-privilege-of-first-preferred-shares-series-5\">has announced<\/a>:<\/p>\n<blockquote><p>that after having taken into account all election notices received by the April 15, 2019 deadline for conversion of its currently outstanding 5,000,000 non-cumulative 5-year rate reset First Preferred Shares Series 5 (the \u201cSeries 5 Preferred Shares\u201d) (TSX: CWB.PR.B) into non-cumulative floating rate First Preferred Shares Series 6 of CWB (the \u201cSeries 6 Preferred Shares\u201d), no Series 5 Preferred Shares will be converted into Series 6 Preferred Shares. There were 294,756 Series 5 Preferred Shares elected for conversion, which is less than the minimum 500,000 shares required to give effect to conversion into Series 6 Preferred Shares.<\/p>\n<p>As announced by CWB on April 1, 2019, after April 30, 2019, holders of Series 5 Preferred Shares will be entitled to receive fixed rate non-cumulative preferential cash dividends on a quarterly basis, as and when declared by the Board of Directors of CWB and subject to the provisions of the Bank Act (Canada). The dividend rate for the five-year period commencing on May 1, 2019, and ending on April 30, 2024, will be 4.301% per annum or $0.2688125 per share per quarter, being equal to the sum of the five-year Government of Canada bond yield as at April 1, 2019, plus 2.76%, as determined in accordance with the terms of the Series 5 Preferred Shares. The quarterly cash dividend was previously $0.275 per Series 5 Preferred Share up to and including the dividend to be paid on April 30, 2019 to shareholders of record on April 23, 2019. <\/p>\n<p>Subject to certain conditions described in the prospectus supplement dated February 3, 2014 relating to the issuance of the Series 5 Preferred Shares, CWB may redeem the Series 5 Preferred Shares, in whole or in part, on April 30, 2024 and on April 30 every five years thereafter.<\/p>\n<\/blockquote>\n<p>CWB.PR.B is a FixedReset, 4.40%+276, that <a href=\"http:\/\/prefblog.com\/?p=24420\">commenced trading 2014-2-10<\/a> after being <a href=\"http:\/\/prefblog.com\/?p=24343\">announced 2014-1-31<\/a>. The <a href=\"http:\/\/prefblog.com\/?p=38373\">extension was announced 2019-3-11<\/a>. It will  <a href=\"http:\/\/prefblog.com\/?p=38480\">reset at 4.301% effective May 1, 2019<\/a>. I <a href=\"http:\/\/prefblog.com\/?p=38543\">recommended against conversion<\/a>. The issue is tracked by HIMIPref&trade; but relegated to the Scraps &#8211; FixedReset (Discount) index on credit concerns.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canadian Western Bank has announced: that after having taken into account all election notices received by the April 15, 2019 deadline for conversion of its currently outstanding 5,000,000 non-cumulative 5-year rate reset First Preferred Shares &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-50160","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50160","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=50160"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50160\/revisions"}],"predecessor-version":[{"id":50161,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50160\/revisions\/50161"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50160"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50160"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50160"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}