{"id":6788,"date":"2009-06-04T19:12:32","date_gmt":"2009-06-04T23:12:32","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=6788"},"modified":"2009-06-04T19:12:32","modified_gmt":"2009-06-04T23:12:32","slug":"bamprp-ascends-to-solid-premium-on-heavy-volume","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=6788","title":{"rendered":"BAM.PR.P Ascends to Solid Premium on Heavy Volume"},"content":{"rendered":"<p>BAM.PR.P, the Brookfield Asset Management FixedReset 7.00%+445 <a href=\"http:\/\/www.prefblog.com\/?p=6676\">announced on May 27<\/a>, has commenced trading.<\/p>\n<p>The issue traded 947,772 shares in a range of 25.05-30 before closing at 25.25-28, 9&#215;19.<\/p>\n<p>Vital statistics are:<\/p>\n<div align=\"center\">\n<table border=\"1\">\n<tr>\n<td>BAM.PR.P<\/td>\n<td>FixedReset<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-06-04<br \/>\nMaturity Price  : 25.20<br \/>\nEvaluated at bid price : 25.25<br \/>\nBid-YTW : 6.78 %<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>BAM.PR.P has been added to the HIMIPref&trade; FixedReset subindex.<\/p>\n<p>It is of interest that Brookfield <a href=\"http:\/\/www.brookfield.com\/content\/2009_press_releases\/brookfield_arranges_us835_million_in_financings-1119.html\">issued CAD 500-million in five-year notes<\/a> almost simultaneously with this issue. The debentures carry a coupon of 8.95%, with the following highlighted in the prospectus:<\/p>\n<blockquote><p>We may redeem some or all of the notes at any time at 100% of the principal amount plus a make-whole premium. We will be required to make an offer to purchase the notes at a price equal to 101% of their principal amount, plus accrued and unpaid interest to the date of repurchase upon the occurrence of a Change of Control Triggering Event (as defined herein).<\/p><\/blockquote>\n<p>The &#8220;make-whole&#8221; provision is simply a Canada call at +162bp. The Change of Control Triggering Event means not just a change in control, but also a downgrade of the debs to below investment grade by three out of the four main rating agencies.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BAM.PR.P, the Brookfield Asset Management FixedReset 7.00%+445 announced on May 27, has commenced trading. The issue traded 947,772 shares in a range of 25.05-30 before closing at 25.25-28, 9&#215;19. Vital statistics are: BAM.PR.P FixedReset YTW &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-6788","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/6788","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=6788"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/6788\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6788"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6788"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6788"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}