CANADIAN ORIGINATED PREFERRED SECURITIES - COPRS
In Canada, there is a subordinated debt instrument which is issued in long-term, this is called COPrS or Canadian Originated Preferred Securities. In the mid-1990s Merrill Lynch made COPrS (pronounced "coppers") which is a kind of derivative equity security. TransCanada PipeLines was the very first company that offer COPrS. This securities are not the similar as chosen shares, but are eye catching because they have characteristics which looks the same with both long-term corporate bonds and preferred shares.
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