{"id":5755,"date":"2009-03-04T22:10:52","date_gmt":"2009-03-05T02:10:52","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=5755"},"modified":"2009-03-04T22:10:52","modified_gmt":"2009-03-05T02:10:52","slug":"mfcprd-closes-big-and-soft","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=5755","title":{"rendered":"MFC.PR.D Closes: Big and Soft"},"content":{"rendered":"<p>Manulife Financial <a href=\"http:\/\/www.manulife.com\/corporate\/corporate2.nsf\/Public\/corporate030409.html\">has announced<\/a>:<\/p>\n<blockquote><p>that it has completed its offering of 18 million Non-cumulative 5-Year Rate Reset Class A Shares, Series 4 (the \u201cSeries 4 Preferred Shares\u201d) at a price of $25 per share to raise gross proceeds of $450 million.<\/p>\n<p>The offering was underwritten by a syndicate of investment dealers led by RBC Capital Markets and CIBC World Markets. The sale of 18 million Series 4 Preferred Shares included the exercise in full by the underwriters of their option to purchase four million shares. The Series 4 Preferred Shares commence trading on the Toronto Stock Exchange today under the ticker symbol MFC.PR.D.<\/p><\/blockquote>\n<p>The <a href=\"http:\/\/www.prefblog.com\/?p=5616\">original size<\/a> was 8-million shares plus 3-million greenshoe; the thing sold like hotcakes!<\/p>\n<p>The issue traded 541,409 shares in a range of 24.65-78 before closing at 24.70-73, 12&#215;45.<\/p>\n<p>On interesting thing about this issue is that it is non-cumulative. There is no real reason for this; MFC is a holding company. It is, technically, an insurance company &#8211; but has no policy holders and is therefore not required to file MCCSR reports with OFSI. There is therefore no real need, from a regulatory perspective, to have this qualify as Tier 1 capital &#8211; it appears that the non-cumulativity has been chosen solely to help with the credit ratings; as a precautionary measure in case management ever wants to do something with MFC&#8217;s insurance license; and, perhaps, to hoodwink the gullible into believing that there is no difference between the holding company and operating company.<\/p>\n<p>MFC.PR.D has been added to HIMIPref&trade; and is now part of the Fixed-Reset subindex.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Manulife Financial has announced: that it has completed its offering of 18 million Non-cumulative 5-Year Rate Reset Class A Shares, Series 4 (the \u201cSeries 4 Preferred Shares\u201d) at a price of $25 per share to &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-5755","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/5755","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=5755"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/5755\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5755"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5755"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5755"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}