Enbridge Inc. has announced:
that none of Enbridge’s outstanding Cumulative Redeemable Preference Shares, Series P (Series P Shares) will be converted into Cumulative Redeemable Preference Shares, Series Q of Enbridge (Series Q Shares) on March 1, 2019.
After taking into account all conversion notices received from holders of its outstanding Series P Shares by the February 14, 2019 deadline for the conversion of the Series P Shares into Series Q Shares, less than the 1,000,000 Series P Shares required to give effect to conversions into Series Q Shares were tendered for conversion.
ENB.PR.P is a FixedReset, 4.00%+250, that commenced trading 2012-9-14 after being announced 2012-9-4. Notice of the reset to 4.379% was published 2019-1-30. I recommended against conversion. It is tracked by HIMIPref™ but is relegated to the Scraps FixedReset Discount index on credit concerns.
[…] of the reset to 4.379% was published 2019-1-30. I recommended against conversion and there was no conversion. It is tracked by HIMIPref™ but is relegated to the Scraps FixedReset Discount index on credit […]