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Canadian Western Bank 6% Rate Reset Preferred Share New Issue This is only a sample of the article, please login to view the entire article Canada Western Bank(CWB) is issuing $100M of 5 year, 6.00% rate reset non-cumulative preferred shares. The first reset date is Apr-30-2024 at the then effective 5 year Gov. of Canada bond yield plus 4.04%. Should they become insolvent the issue is convertible into their common shares. (NVCC/Basel Compliant) On Apr-30-2024 and on Apr-30 every five years thereafter, holders have the right to convert into an equal number of non-cumulative floating rate preferred shares with a dividend yield set quarterly at the then effective 90-day Canadian Treasury Bill Rate plus 4.04%. Rating: DBRS, Pfd-3
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