{"id":917,"date":"2007-06-15T17:21:53","date_gmt":"2007-06-15T21:21:53","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=917"},"modified":"2007-06-15T17:21:53","modified_gmt":"2007-06-15T21:21:53","slug":"bombardier-announces-yield-factor-for-bbdprb-bbdprd-exchangereset","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=917","title":{"rendered":"Bombardier Announces Yield Factor for BBD.PR.B \/ BBD.PR.D Exchange\/Reset"},"content":{"rendered":"<p><a href=\"http:\/\/www.bombardier.com\">Bombardier<\/a> has announced:<\/p>\n<blockquote>\n<p>In the case of the Series 3 Preferred Shares, starting as of August 1, 2007, holders will receive a quarterly fixed cash dividend for the following five years, as and when declared by the Board of Directors of Bombardier Inc, based on a fixed rate equal to 115% of the yield on five-year non-callable Government of Canada bonds determined as at July 11, 2007, in accordance with the terms of such shares. The annual dividend rate applicable to the Series 3 Preferred Shares will be published on July 12, 2007 in several newspapers.<\/p>\n<\/blockquote>\n<p>\u00a0<\/p>\n<p>At 115% of Five-Year Canadas, the fixed rate may be estimated to be just a hair over 5.25% to be paid on BBD.PR.D following August 1, while the BBD.PR.B will probably continue to pay 100% of Canada Prime. The latter prediction assumes that a Pfd-4 (trend negative) [<a href=\"http:\/\/www.dbrs.com\">DBRS<\/a>] or P-4 (stable) [<a href=\"http:\/\/www.standardandpoors.com\">S&#038;P<\/a>] issue will not trade above par in the near future, which would start ratcheting down the percentage.<\/p>\n<p>These issues have been <a href=\"http:\/\/www.prefblog.com\/?p=576\">discussed in the context of arbitrage<\/a>. The Bs (ratchet) closed today at 20.63-75, the Ds (fixed)\u00a0closed at 19.83-11.<\/p>\n<p>\n<p><!--434e92e308c5356b11abc163513cfb8e-->\n<\/p>\n<p><!--361230eda8b882c117ca1735d15428ec--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bombardier has announced: In the case of the Series 3 Preferred Shares, starting as of August 1, 2007, holders will receive a quarterly fixed cash dividend for the following five years, as and when declared &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-917","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/917","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=917"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/917\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}