The discount is really a pain in the arse in that the market can't just drop to that price to see the value and then move on as all that is really going to do is give a much lower issue price it's really just a catch22, until it's issued and complete it remains stagnant. Even best case scenario with multiple deals it's still a significant discount to market price and the subsequent dilution only weighs further on it - not too enticing for any investors. At least the quarterly should give some clarity on how much CIB is actually there and how far a move for capital is - the notes sitting as they are would make that pretty difficult in my opinion, probably why they've restructured to save cash and try and get it to post conversion ?
Also I think as much as we all want to see deals I wonder whether they are almost wasted in a sense due to those weights with the CN's ?
PYC Price at posting:
2.0¢ Sentiment: None Disclosure: Held
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