Canadian Banc Corp T.BK

Alternate Symbol(s): CNDCF | T.BK.PR.A

The Companys investment objectives are (i) to provide holders of Preferred Shares with cumulative preferential floating rate monthly cash dividends at a rate per annum equal to the Prime Rate plus 0.75%, with a minimum annual rate of 5.0% and a maximum annual rate of 7.0% (ii) to provide holders of Class A Shares with regular floating rate monthly cash distributions targeted to be at a rate per annum equal to the Prime Rate plus 2.0%, with a minimum targeted annual rate of 5.0% and a maximum targeted annual rate of 10.0% and (iii) to return the original issue price to holders of both Preferred Shares and Class A Shares at the time of the redemption of such shares on December 1, 2012.

TSX:BK - Post by User

Canadian Banc Corp > BK unit nav to DEC 29 @ about $20.34

<< Previous

Bullboard Posts

Next >>

Comment by navgodon Dec 30, 2022 6:03am

150 Views

Post# 35196576

RE:BK unit nav to DEC 29 @ about $20.34

mouserman wrote: So the spreadsheet saying BK gained about 8 cents since the mid month update, and that means the common shares have a value of 10.34 before distributions and about $10.10 after distributions are dished out.
Premium then would be $3.13 or about 31%. Only DFN has a higher premium that i have seen.

Because Bk.pr.a trades at a small premium the premium for BK is even more impressive vs DFN where DFN.pr.a trades at an 80 cent discount. This is no surprise given the 8% coupon for BK.pr.a and the 5.5% coupon for DFN.pr.a. Given the disparity between the values of the pref shares I find using unit NAV comparisons more valid than common shares alone. ps I feel like I have been calling for BK new issue forever but Quadravest must have some post Xmas bills to pay so expect an issue early in the new year. GLTA

<< Previous

Bullboard Posts

Next >>

Cannara reports record growth and profitability in Q4 2023