A list of the currently available Canadian minimum rate reset preferred shares. These are different from regular preferred shares in that they are reset every five years from the date of issue (or redeemed at par) and have a minimum rate that they can be reset to, thus limiting the lower range to which the rate is reset compared to most preferred shares.
They are preferable to regular preferred shares that act more like a bond: if rates rise their stock price declines and this can be substantial. Depending on how far away the rest date is the fall in price is less. For example, Emera series H Cumulative Minimum Rate Reset First Preferred Shares, issued in 2018 had an initial dividend of $1.225 yielding 4.90% (based on the $25 par value). The dividend was reset August 15, 2023 to $1.581 yielding 6.32%.
Comparing the volatility of a regular rate reset preferred to a minimum rate reset. The Emera series C (a regular rate reset preferred) and series H both reset in 2023. But during the stock market collapse in March of 2020, the series C dropped as low as $12.60 whereas the series H only fell to $21.34.
For all of those listed below the reset rate is based on the Government of Canada 5 year bond yield on or near the reset date plus additional interest, provided it is above the minimum. Information found at CanadianPreferredShares.ca. Stocks are listed in order of higher credit rating.
| Symbol | Credit Rating | Fixed Rate Base | Reset Date | Dividend Amount per Quarter | Indicated Yield | Issue Name |
| CU.PR.I CA1367176262 | Pfd2 | 5YR + 3.69% Min_4.5% | 2025/12/01 | $0.2813 | 4.50% | CU_4.50%_Series_FF |
| BN.PF.H CA11271J6694 | Pfd2L | 5YR + 4.17% Min_5% | 2025/12/31 | $0.3125 | 4.96% | BAM_Inc._5.00%_Series_44 |
| BN.PF.I CA11271J6447 | Pfd2L | 5YR + 3.85% Min_4.8% | 2027/03/31 | $0.3366 | 4.80% | BAM_Inc._4.80%_Series_46 |
| BN.PF.J CA11271J6280 | Pfd2L | 5YR + 3.10% Min_4.75% | 2027/12/31 | $0.3893 | 4.75% | BAM_Inc._4.75%_Series_48 |
| BEP.PR.G BMG162581323 | Pfd3H | 5YR + 4.47% Min_5.5% | 2026/01/31 | $0.3438 | 5.50% | BRP_L.P._5.50%_Series_7 |
| BEP.PR.M BMG162584053 | Pfd3H | 5YR + 3.00% Min_5.0% | 2028/04/30 | $0.3781 | 6.05% | BRP_L.P._5.00%_Series_13 |
| EMA.PR.H CA2908768617 | Pfd3H | 5YR + 2.54% Min_4.9% | 2028/08/15 | $0.3953 | 6.32% | Emera_4.90%_Series_H |
| EMA.PR.J CA2908768468 | Pfd3H | 5YR + 3.28% Min_4.25% | 2026/05/15 | $0.2656 | 4.00% | Emera_4.25%_Series_J |
| ENB.PF.K CA29250N5192 | Pfd3H | 5YR + 3.17% Min_4.9% | 2028/03/01 | $0.3883 | 6.21% | Enbridge_4.90%_Series_19 |
| PPL.PF.A CA7063277643 | Pfd3H | 5YR + 3.26% Min_4.9% | 2028/03/01 | $0.3939 | 6.302% | PPL_4.90%_Series_21 |
| PPL.PF.E CA7063277239 | Pfd3H | 5YR + 3.51% Min_5.2% | 2028/02/15 | $0.4051 | 6.48% | PPL_KML_5.20%_Series_25 |
| AX.PR.I CA04315L8657 | Pfd3L | 5YR + 3.93% Min_6% | 2028/04/30 | $0.4371 | 6.00% | Artis_REIT_6.00%_Series_I |
| BPO.PR.C CA1129006674 | Pfd3L | 5YR + 5.18% Min_6% | 2026/06/30 | $0.3823 | 6.12% | BOP_Inc._6.00%_Series_CC |
| BPO.PR.E CA1129006427 | Pfd3L | 5YR + 3.96% Min_5.1% | 2027/03/15 | $0.3435 | 5.10% | BOP_Inc._5.10%_Series_EE |
| BPO.PR.G CA1129006260 | Pfd3L | 5YR + 3.74% Min_4.85% | 2027/06/30 | $0.4091 | 4.85% | BOP_Inc._4.85%_Series_GG |
| BPO.PR.I CA1129005924 | Pfd3L | 5YR + 3.23% Min_4.85% | 2027/12/31 | $0.3974 | 6.36% | BOP_Inc._4.85%_Series_II |
| ECN.PR.C CA26829L6026 | Pfd3L | 5YR + 5.19% Min_6.25% | 2027/06/30 | $0.4961 | 7.94% | ECN_Capital_6.25%_Series_C |
| BIP.PR.B BMG162521436 | NR | 5YR + 4.53% Min_5.5% | 2025/12/31 | $0.3438 | 5.50% | BIP_L.P._5.50%_Series_3 |
| BIP.PR.E BMG162522004 | NR | 5YR + 3.00% Min_5.00% | 2028/03/31 | $0.415125 | 6.642% | BIP_L.P._5.00%_Series_9 |
| BIP.PR.F BMG162522269 | NR | 5YR + 2.92% Min_5.10% | 2028/12/31 | $0.402875 | 6.446% | BIP_L.P._5.10%_Series_11 |
Above are Canadian Minimum Rate Reset Preferred shares. Below are US dollar preferreds that are floating rate (i.e., reset quarterly) but with a minimum value.
These
Bank of America preferreds all use the 3-month CME SOFR for the rate reset, and varying minimum rates.* All are perpetual and re-callable anytime.
Importantly, these are all non-cumulative, but no dividends have been missed since issue even during the price collapse of BoA common and preferred shares in 2009.
| Symbol | Credit Rating | Fixed Rate Base | Reset Date | CUSIP | Prospectus |
| BAC-PE | 3mth CME SOFR + 61.161bps – Min. 4% | perpetual | 060505815 | Series E | |
| BML-PG | 3mth CME SOFR + 101.161bps – Min. 3% | perpetual | 060505633 | Series 1 | |
| BML-PH | 3mth CME SOFR + 91.161bps – Min. 3% | perpetual | 060505625 | Series 2 | |
| BML-PJ | 3mth CME SOFR + 101.161bps – Min. 4% | perpetual | 060505591 | Series 4 | |
| BML-PL | 3mth CME SOFR + 76.161bps – Min. 4% | perpetual | 060505583 | Series 5 |
* – The prospectuses for the above preferred shares state that the dividend rate was to be determined by the three-month LIBOR rate on the London market. This was changed by an Act of Congress in 2022 to replace the LIBOR rate with the CME SOFR rate.
