Floating-rate preferred

Preferred stock paying dividends that vary with short-term interest rates.

Floating-Rate Preferred Stock

A preferred stock paying a dividend that varies from time to time. Usually, the dividend rate is the same as the interest rate on a Treasury security. They may also be backed by mortgages or mortgage-backed securities. Floating-rate preferred stocks tend to have stable prices because a drop in the common share's price is offset by a rise in bonds, and vice versa.

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Holders of the series 30 preference stock will have the right to convert all or any part of their shares to non-cumulative floating-rate preferred shares, series 31, on 26 April 2015 and on the same date every five years thereafter.

Scotiabank to sell preferred stock for USD250m

Proceeds of the issue will be utilized for general corporate purposes including the repayment of existing floating-rate preferred shares and debt.

C$150m share offer agreed by Brookfield

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