BROWSE

Canadian Originated Preferred Securities (COPrS)

What is 'Canadian Originated Preferred Securities - COPrS'

A long-term subordinated debt instrument issued in Canada. COPrS (pronounced "coppers") are a type of derivative equity security invented by Merrill Lynch in the mid-1990s. The first company to offer them was TransCanada PipeLines. COPrS are not the same as preferred shares, but are attractive because they have features which resemble both preferred shares and long-term corporate bonds.

Explaining 'Canadian Originated Preferred Securities - COPrS'

COPrS are a form of long-term, unsecured debt that are rated like bonds. They are traded on the Toronto Stock Exchange and pay interest quarterly, though the issuer usually has the option to defer paying interest for as many as 20 consecutive quarters. COPrS can be called after five years, so they are subject to reinvestment risk. Their subordinate status adds another level of risk, but also they offer a higher yield, and they are taxable investments.


Further Reading


An index of financial stress for Canada
www.bankofcanada.ca [PDF]
… Thirteen events originated outside of North America … Scotia Capital and Merrill Lynch both provide corporate indexes for Canada by rating category but not by … Given that the major Canadian banks and insurance companies, which represent the bulk of financial institution assets …

Separation of ownership from control and acquiring firm performance: The case of family ownership in CanadaSeparation of ownership from control and acquiring firm performance: The case of family ownership in Canada
onlinelibrary.wiley.com [PDF]
… Thirteen events originated outside of North America … Scotia Capital and Merrill Lynch both provide corporate indexes for Canada by rating category but not by … Given that the major Canadian banks and insurance companies, which represent the bulk of financial institution assets …

Legal origins, politics, and modern stock marketsLegal origins, politics, and modern stock markets
heinonline.org [PDF]
… Thirteen events originated outside of North America … Scotia Capital and Merrill Lynch both provide corporate indexes for Canada by rating category but not by … Given that the major Canadian banks and insurance companies, which represent the bulk of financial institution assets …

The Canadian underground economy: An examination of Giles and TeddsThe Canadian underground economy: An examination of Giles and Tedds
heinonline.org [PDF]
… Thirteen events originated outside of North America … Scotia Capital and Merrill Lynch both provide corporate indexes for Canada by rating category but not by … Given that the major Canadian banks and insurance companies, which represent the bulk of financial institution assets …

Federal finance and fiscal federalism: The two worlds of Canadian public financeFederal finance and fiscal federalism: The two worlds of Canadian public finance
onlinelibrary.wiley.com [PDF]
… Thirteen events originated outside of North America … Scotia Capital and Merrill Lynch both provide corporate indexes for Canada by rating category but not by … Given that the major Canadian banks and insurance companies, which represent the bulk of financial institution assets …

Prevalence and sociodemographic risk factors related to household food security in Aboriginal peoples in CanadaPrevalence and sociodemographic risk factors related to household food security in Aboriginal peoples in Canada
www.cambridge.org [PDF]
… Thirteen events originated outside of North America … Scotia Capital and Merrill Lynch both provide corporate indexes for Canada by rating category but not by … Given that the major Canadian banks and insurance companies, which represent the bulk of financial institution assets …

Legal Origins: Reconciling Law & (and) Finance and Comparative LawLegal Origins: Reconciling Law & (and) Finance and Comparative Law
heinonline.org [PDF]
… Thirteen events originated outside of North America … Scotia Capital and Merrill Lynch both provide corporate indexes for Canada by rating category but not by … Given that the major Canadian banks and insurance companies, which represent the bulk of financial institution assets …