BK unit nav estimate to FEB16 = approx: $25.45So commons now trading at a bit of discount after the selling that normally happens after an offering.
How low the commons go will depend on the direction of the markets... and we could see a 5% drop after the offering announcement as the low if we see another down day for the CAD and US banks. Underwriters normally get shares at a discount, and many times will shortsell the stock and cover later with the cheaper shares acquired.