{"id":9056,"date":"2009-12-16T11:44:32","date_gmt":"2009-12-16T15:44:32","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=9056"},"modified":"2009-12-16T11:44:32","modified_gmt":"2009-12-16T15:44:32","slug":"bcepre-bceprf-conversion-notices-published","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=9056","title":{"rendered":"BCE.PR.E \/ BCE.PR.F Conversion Notices Published"},"content":{"rendered":"<p>BCE <a href=\"http:\/\/www.bce.ca\/en\/investors\/bondpreferreds\/preferredshares\/bce\/#box8\">has released<\/a>:<\/p>\n<ul>\n<li><a href=\"http:\/\/www.bce.ca\/data\/documents\/Conversion_notice_AE_English.pdf\">Notice to Holders of BCE Inc. Series AE Preferred Shares<\/a> (BCE.PR.E) [Ratchet]\n<li><a href=\"http:\/\/www.bce.ca\/data\/documents\/Conversion_notice_AF_English.pdf\">Notice to Holders of BCE Inc. Series AF Preferred Shares<\/a> (BCE.PR.F) [FixedFloater]<\/ul>\n<p>Since BCE isn&#8217;t much good at this technology stuff, the notices are scans, which makes copy-pasting and searching non-functional. But that&#8217;s not a bug, that&#8217;s a feature!<\/p>\n<p>Each issue converts into the other and the conversion notice period is 2009-12-18 to 2010-1-18. Conversion takes effect 2010-2-1, and if there aren&#8217;t enough volunteers for one of the issues, then holding the other will become mandatory.<\/p>\n<p>The Ratchet will continue to pay its ratchet rate, currently 100% of Prime, a proportion that will start to decrease if the price goes above 25.125. Canada Prime is now 2.25%.<\/p>\n<p>The FixFloat will pay 168% of the 5-Year GOC rate determined on Jan 11. This determination will be published on January 12, and be effective from 2010-2-1 until the next Exchange Date 2015-2-1.<\/p>\n<p>Five year Canadas <a href=\"http:\/\/www.canadianbondindices.com\/live_data.asp\">now yield<\/a> 2.44%, so the best current now for the fixed rate is 4.10%. I don&#8217;t know where Canadian 5-Year swaps are trading, but US five-year swaps (to receive 3-month LIBOR) are at <a href=\"http:\/\/www.federalreserve.gov\/releases\/h15\/Current\/\">2.65% with the former rate now at 0.45%<\/a>.<\/p>\n<p>BCE.PR.F was last mentioned on PrefBlog when it was <a href=\"http:\/\/www.prefblog.com\/?p=7218\">added to TXPR<\/a>. BCE.PR.E was last mentioned when <a href=\"http:\/\/www.prefblog.com\/?p=5444\">BCE Preferreds were downgraded by DBRS and S&#038;P<\/a>.<\/p>\n<p>BCE.PR.F is tracked by HIMIPref&trade; but is relegated to the Scraps index on credit concerns. BCE.PR.E is not tracked by HIMIPref&trade; (there are less than 2-million outstanding) but I may add it to the list if there&#8217;s a rush to convert.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BCE has released: Notice to Holders of BCE Inc. Series AE Preferred Shares (BCE.PR.E) [Ratchet] Notice to Holders of BCE Inc. Series AF Preferred Shares (BCE.PR.F) [FixedFloater] Since BCE isn&#8217;t much good at this technology &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-9056","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/9056","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=9056"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/9056\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9056"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9056"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9056"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}