TRP.PR.D Hits Hefty Premium on Huge Volume

TransCanada Corporation has announced:

that it has completed its public offering of cumulative redeemable first preferred shares, series 7 (the “Series 7 Preferred Shares”). TransCanada issued 24 million Series 7 Preferred Shares for aggregate gross proceeds of $600 million through a syndicate of underwriters co-led by Scotiabank, BMO Capital Markets and RBC Capital Markets.

The net proceeds of the offering will be used for general corporate purposes and to reduce short term indebtedness of TransCanada and its affiliates, which short term indebtedness was used to fund TransCanada’s capital program and for general corporate purposes.

The Series 7 Preferred Shares will begin trading today on the TSX under the symbol TRP.PR.D.

TRP.PR.D is a FixedReset, 4.00%+238, announced February 25 at $300-million and quickly monster-sized to $600-million. Only BCE.PR.K is a bigger issue in Canada and that was done in two tranches. TRP.PR.D will be tracked by HIMIPref™ and has been assigned to the FixedReset index.

The issue traded 1,497,865 shares today in a range of 25.25-48 before closing at 25.40-42, 130×20. Vital statistics are:

TRP.PR.D FixedReset YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2043-03-04
Maturity Price : 23.23
Evaluated at bid price : 25.40
Bid-YTW : 3.50 %

9 Responses to “TRP.PR.D Hits Hefty Premium on Huge Volume”

  1. […] PrefBlog Canadian Preferred Shares – Data and Discussion « TRP.PR.D Hits Hefty Premium on Huge Volume […]

  2. […] winning 27bp and DeemedRetractibles gaining 1bp. This may be due to the market absorbing the TRP.PR.D monster issue, or it may not. Volatility was high and dominated by – you guessed it – winning […]

  3. […] Recent new issue. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-03-11 Maturity Price : 23.25 Evaluated at bid price : 25.46 Bid-YTW : 3.58 % […]

  4. […] Recent new issue. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-03-12 Maturity Price : 23.25 Evaluated at bid price : 25.47 Bid-YTW : 3.57 % […]

  5. […] Recent new issue. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-03-13 Maturity Price : 23.27 Evaluated at bid price : 25.55 Bid-YTW : 3.56 % […]

  6. […] Recent new issue. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-03-14 Maturity Price : 23.29 Evaluated at bid price : 25.61 Bid-YTW : 3.55 % […]

  7. […] Recent new issue. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-03-20 Maturity Price : 23.32 Evaluated at bid price : 25.73 Bid-YTW : 3.48 % […]

  8. […] Recent new issue. YTW SCENARIO Maturity Type : Call Maturity Date : 2019-04-30 Maturity Price : 25.00 Evaluated at bid price : 25.96 Bid-YTW : 3.36 % […]

  9. […] Recent new issue. YTW SCENARIO Maturity Type : Call Maturity Date : 2019-04-30 Maturity Price : 25.00 Evaluated at bid price : 25.99 Bid-YTW : 3.35 % […]

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