{"id":699,"date":"2007-03-21T12:29:47","date_gmt":"2007-03-21T16:29:47","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=699"},"modified":"2007-03-21T12:29:47","modified_gmt":"2007-03-21T16:29:47","slug":"new-issue-scotiabank-45-perpetuals","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=699","title":{"rendered":"New Issue : Scotiabank 4.5% Perpetuals"},"content":{"rendered":"

Scotiabank has announced (via CCN Matthews<\/a>)<\/p>\n

a domestic public offering of 12 million, 4.50% non-cumulative preferred shares Series 15 (the “Preferred Shares Series 15”) at a price of $25.00 per share, for an aggregate amount of $300 million.<\/p>\n

The Bank has agreed to sell the Preferred Shares Series 15 to a syndicate of underwriters led by Scotia Capital Inc. on a bought deal basis. The Bank has granted to the underwriters an over-allotment option to purchase up to an additional $45 million of the Preferred Shares Series 15. This over-allotment option is exercisable at any time up to 30 days after closing.<\/p>\n

Closing is expected to occur on or after April 5, 2007.<\/p><\/blockquote>\n

I have no details on the call schedule as yet, but will post more, later, when I do.<\/p>\n

I’m pleased to see this! Scotiabank has lots of Tier 1 Capital room<\/a> for new\u00a0issuance!<\/p>\n

Update & Bump 3\/21<\/strong> : The redemption schedule is<\/p>\n

\n\n\n\n\n\n\n\n\n
BNS Ser 15\u00a0Embedded Options<\/td>\n<\/tr>\n
Option<\/td>\nFrom<\/td>\nTo<\/td>\nPrice<\/td>\n<\/tr>\n
Redemption<\/td>\n2012-07-27<\/td>\n2013-07-26<\/td>\n26.000000<\/td>\n<\/tr>\n
Redemption<\/td>\n2013-07-27<\/td>\n2014-07-26<\/td>\n25.750000<\/td>\n<\/tr>\n
Redemption<\/td>\n2014-07-27<\/td>\n2015-07-26<\/td>\n25.500000<\/td>\n<\/tr>\n
Redemption<\/td>\n2015-07-27<\/td>\n2016-07-26<\/td>\n25.250000<\/td>\n<\/tr>\n
Redemption<\/td>\n2016-07-27<\/td>\nINFINITE DATE<\/td>\n25.000000<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

and some comparatives are:<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Scotia Bank 4.45% Perp New Issue & Comparatives<\/td>\n<\/tr>\n
Data<\/td>\nBNS.PR.?<\/td>\nBNS.PR.L<\/td>\nRY.PR.E<\/td>\n<\/tr>\n
Price due to base-rate<\/td>\n\u00a022.80<\/td>\n\u00a022.93<\/td>\n\u00a022.92<\/td>\n<\/tr>\n
Price due to short-term<\/td>\n\u00a0-0.32<\/td>\n\u00a0-0.32<\/td>\n\u00a0-0.32<\/td>\n<\/tr>\n
Price due to long-term<\/td>\n\u00a01.28<\/td>\n\u00a01.28<\/td>\n\u00a01.28<\/td>\n<\/tr>\n
Price to to Cumulative Dividends<\/td>\n\u00a00.00<\/td>\n\u00a00.00<\/td>\n\u00a00.00<\/td>\n<\/tr>\n
Price due to Liquidity<\/td>\n\u00a01.67<\/td>\n\u00a01.67<\/td>\n\u00a01.68<\/td>\n<\/tr>\n
Price due to error<\/td>\n\u00a0-0.05<\/td>\n\u00a0-0.05<\/td>\n\u00a0-0.05<\/td>\n<\/tr>\n
Curve Price (Taxable Curve)<\/td>\n\u00a025.38<\/td>\n\u00a025.51<\/td>\n\u00a025.50<\/td>\n<\/tr>\n
Dividend Rate<\/td>\n$1.125<\/td>\n$1.125<\/td>\n$1.125<\/td>\n<\/tr>\n
Quote 3\/20<\/td>\n25.00 Issue<\/td>\n\u00a025.10-19<\/td>\n\u00a025.20-24<\/td>\n<\/tr>\n
YTW (after tax)<\/td>\n\u00a03.58%<\/td>\n\u00a03.60%<\/td>\n\u00a03.58%<\/td>\n<\/tr>\n
YTW Date<\/td>\n\u00a02016-8-26 \/ Infinite<\/td>\n\u00a0Infinite<\/td>\n\u00a02016-3-25 \/ Infinite<\/td>\n<\/tr>\n
Credit Rating (DBRS)<\/td>\nPfd-1<\/td>\nPfd-1<\/td>\nPfd-1<\/td>\n<\/tr>\n
YTW (Pre-Tax)<\/td>\n\u00a04.50%<\/td>\n4.53%\u00a0<\/td>\n4.51%\u00a0<\/td>\n<\/tr>\n
YTW Modified Duration (Pre-Tax)<\/td>\n\u00a07.67<\/td>\n\u00a016.29<\/td>\n\u00a07.33<\/td>\n<\/tr>\n
YTW Pseudo-Convexity (Pre-Tax)<\/td>\n\u00a0-61.97<\/td>\n\u00a0-52.65<\/td>\n\u00a0-61.67<\/td>\n<\/tr>\n<\/table>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Scotiabank has announced (via CCN Matthews) a domestic public offering of 12 million, 4.50% non-cumulative preferred shares Series 15 (the “Preferred Shares Series 15”) at a price of $25.00 per share, for an aggregate amount …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"class_list":["post-699","post","type-post","status-publish","format-standard","hentry","category-new-issues"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/699","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=699"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/699\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=699"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=699"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=699"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}