{"id":6164,"date":"2009-04-08T16:50:54","date_gmt":"2009-04-08T20:50:54","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=6164"},"modified":"2009-04-08T16:50:54","modified_gmt":"2009-04-08T20:50:54","slug":"igm-issues-10-year-debs-in-line-with-igmpra","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=6164","title":{"rendered":"IGM Issues 10-Year Debs; in Line with IGM.PR.A"},"content":{"rendered":"<p>IGM Financial Inc. <a href=\"http:\/\/www.igmfinancial.com\/english\/media\/2009\/20090402igmFinPrices.shtml\">has announced<\/a>:<\/p>\n<blockquote><p>that it has priced the issuance of $375 million principal amount of debentures. The debentures will be offered through a group of agents to be led by BMO Capital Markets and RBC Capital Markets.<\/p>\n<p>The Debentures will be dated April 7, 2009 and will mature April 8, 2019. These debentures will bear interest at a rate of 7.35% per cent per annum payable semi-annually in arrears in equal installments on April 8 and October 8 of each year, commencing on October 8, 2009. The Debentures have been priced to provide a yield to maturity of 7.358% percent.<\/p>\n<p>The senior unsecured credit rating for IGM assigned by S&#038;P is A+ and by DBRS is A (High).<\/p><\/blockquote>\n<p>This looks like a reasonable deal compared to the IGM.PR.A retractible (<a href=\"http:\/\/www.prefinfo.com\/\">retraction date 2013-6-30<\/a>). The preferred closed yesterday at 25.85-99, which corresponds to a YTW market of 4.91%-72. When the retractible&#8217;s yield is multiplied by the standard equivalency factor of 1.4x, the YTW market becomes 6.87%-61.<\/p>\n<p>Bearing in mind the junior nature of preferreds, shorter term of IGM.PR.A and convexity of the preferred, these issues seem in line with each other.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>IGM Financial Inc. has announced: that it has priced the issuance of $375 million principal amount of debentures. The debentures will be offered through a group of agents to be led by BMO Capital Markets &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-6164","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/6164","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=6164"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/6164\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6164"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6164"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6164"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}