Hard on the heels of the BNS new issue comes TD Bank’s offering:
Issue: Non-cumulative Class A First Preferred Shares, Series Q
Size: 6-million shares = $150-million. Greenshoe option of up to 2-million shares.
Ratings: DBRS, Pfd-1; S&P P-1(low); Moody’s Aa2
Dividends: $1.40 per annum (5.6%), paid quarterly. First dividend payable April 30, 2008, for $0.345205, assuming closing of January 31.
Redemption: Redeemable at $26.00 commencing January 31, 2013; redemption price declines by $0.25 annually until January 31, 2017; redeemable at $25.00 thereafter.
More later.
Update: Looks good, with a curvePrice of $25.45 based on the yield curve as calculated for Ontario high marginal rates as of the close Jan. 21.
| Comparables | ||||
| Issue | Fair Value Estimated by HIMIPref™ |
Quote 1/21 | Dividend | Pre-Tax Bid Yield to Worst |
| TD.PR.O | 23.02 | 23.15-20 | 1.2125 | 5.25% |
| TD.PR.P | 24.37 | 24.06-49 | 1.2125 | 5.47% |
| CM.PR.E | 24.13 | 23.75-98 | 1.4000 | 5.92% |
| TD Series Q New Issue |
25.45 | Not Trading |
1.4000 | 5.60% (at issue price) |
More later
Update, 2008-1-26: Curve price as of the close 1/25 is $25.14.
Update, 2008-1-30: Symbol is TD.PR.Q
Originally posted by Assiduous Reader Kaspu on another thread … JH
new td issue 5.6%… rumors of a CM 5.7% coming soon
[…] TD.PR.Q, which was announced shortly after BNS.PR.O was announced, commenced trading today and fears of a debacle were not realized. It traded 433,512 shares to close at 25.11-14, 6×19. […]