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List of Minimum Rate Reset Preferred Shares

List of Minimum Rate Reset Preferred Shares. This feature guarantees, the holder of the issue, a minimum yield at the next reset. So far this is only available with the 5 Year Resets. The List of Minimum Rate Reset Preferred Shares presented here is up today.

Written By Canadian Preferreds

On January 11, 2020
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This feature guarantees the holder of the issue, a minimum yield at the next reset.  So far this is only available with the 5 Year Resets.  The List of Minimum Rate Reset Preferred Shares presented here is up today.  This list is updated each day.  Consequently, new issues appear and redeemed issues are removed. That minimum rate for some fixed income investors is important,  because as buyers they can count on a minimum dividend.  They are guaranteed – when the reset period rolls around in five years, they will own a security that will pay them at least what they are currently being offered.

 

Why You Should Hold Minimum Rate Resets

  1. Guaranteed miminum dividend at the next reset, regardless the five-year Canada bond rate. You have no downside.
  2. If rates go up you still participate in the upside. Your new yield will be the five-year Canada bond rate plus the issue spread.
  3. When rates go down the share price remains close to the face value and in some cases it exceeds.

Possible Cons of Minimum Rate Resets

  1. As with all resets, the issuer can redeem them at the end of the 5year period. If rates are low, the issuer can just issue a new set at a substantially lower lower rate.  In this case, it makes financial sense for the issuer to redeem them.
  2. The Minumum is insurance and as such,  it’s a trade off between a higher base coupon and spread versus a lower coupon and spread with the guarantee.

List of Minimum Rate Reset Preferred Shares Today

If you are looking for a way to evaluate all Minimum Rate Reset go to Compare Minimum Rate Reset Preferred Shares. The metrics provided in the tool make it easier to narrow your selection.

Here is the list of all the Minimum Rate Reset Preferred Shares. 

Last Updated: Market Data 2024-Apr-22 20:06, Model Metrics 2024-Apr-22 20:34
SymbolCredit RatingFixed Rate BaseDividend AmountIssue Name
AX-I AX.PR.I CA04315L8657 Pfd3L5YR + 3.93% Min_6%$0.4371Artis_REIT_6.00%,_Series_I
BPO-C BPO.PR.C CA1129006674 Pfd3L5YR + 5.18% Min_6%$0.3823Brookfield_Office_Properties_Inc._6.00%,_Series_CC
BIP-F BIP.PR.F BMG162522269 NR5YR + 2.92% Min_5.10%$0.4029Brookfield_Infrastructure_Partners_L.P._5.10%,_Series_11
BIP-E BIP.PR.E BMG162522004 NR5YR + 3.00% Min_5.00%$0.4151Brookfield_Infrastructure_Partners_L.P._5.00%,_Series_9
BEP-M BEP.PR.M BMG162584053 Pfd3H5YR + 3.00% Min_5.0%$0.3781Brookfield_Renewable_Partners_L.P._5.00%,_Series_13
BIK-A BIK.PR.A CA09075W2094 NR5YR + 3.96% Min_5.85%$0.4672Brookfield_Infrastructure_Partners_L.P._5.85%,_Series_1
ENB.PF.K ENB.PF.K CA29250N5192 Pfd3H5YR + 3.17% Min_4.9%$0.3883Enbridge_Inc._4.90%,_Series_19
EMA-H EMA.PR.H CA2908768617 Pfd3H5YR + 2.54% Min_4.9%$0.3953Cumulative_Emera_Inc._Min_4.90%,_Series_H
PPL.PF.A PPL.PF.A CA7063277643 Pfd3H5YR + 3.26% Min_4.9%$0.3939Class_A_Preferred_Shares,_Series_21
BN.PF.J BN.PF.J CA11271J6280 Pfd2L5YR + 3.10% Min_4.75%$0.3893Brookfield_Asset_Management_Inc._4.75%,_Series_48
PPL.PF.E PPL.PF.E CA7063277239 Pfd3H5YR + 3.51% Min_5.2%$0.4051PPL_Series_25_Shares,_KML_Series_25_min_5.2
BN.PF.I BN.PF.I CA11271J6447 Pfd2L5YR + 3.85% Min_4.8%$0.3366Brookfield_Asset_Management_Inc._4.80%,_Series_46
BIP-B BIP.PR.B BMG162521436 NR5YR + 4.53% Min_5.5%$0.3438Brookfield_Infrastructure_Partners_L.P._5.50%,_Series_3
BEP-G BEP.PR.G BMG162581323 Pfd3H5YR + 4.47% Min_5.5%$0.3438Brookfield_Renewable_Partners_L.P._5.50%,_Series_7
BEP-O BEP.PR.O BMG162582156 Pfd3H5YR + 3.94% Min_5.75%$0.3594Brookfield_Renewable_Partners_L.P._5.75%,_Series_15
CPX-K CPX.PR.K CA14042M8473 Pfd3L5YR + 4.15% Min_5.75%$0.3594Capital Power Corp. 5.75%, Series 11
BN.PF.H BN.PF.H CA11271J6694 Pfd2L5YR + 4.17% Min_5%$0.3125Brookfield_Asset_Management_Inc._5.00%,_Series_44
EMA-J EMA.PR.J CA2908768468 Pfd3H5YR + 3.28% Min_4.25%$0.2656Cumulative_Minimum_Rate_Reset_First_Preferred_Shares,_Series_J
CU-I CU.PR.I CA1367176262 Pfd25YR + 3.69% Min_4.5%$0.2813Canadian_Utilities_Ltd._4.50%,_Series_FF
ECN-C ECN.PR.C CA26829L6026 Pfd3L5YR + 5.19% Min_6.25%$0.4961ECN_Capital_Corp._6.25%,_Series_C
BPO-I BPO.PR.I CA1129005924 Pfd3L5YR + 3.23% Min_4.85%$0.3974Brookfield_Office_Properties_Inc._4.85%,_Series_II
BPO-G BPO.PR.G CA1129006260 Pfd3L5YR + 3.74% Min_4.85%$0.4091Brookfield_Office_Properties_Inc._4.85%,_Series_GG
BPO-E BPO.PR.E CA1129006427 Pfd3L5YR + 3.96% Min_5.1%$0.3435Brookfield_Office_Properties_Inc._5.10%,_Series_EE

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