PrefBlog

Brompton Funds has announced:

Power & Infrastructure Split Corp. (the “Fund”) announces that the preferred share (the “Preferred Shares”) distribution rate for the next term from May 30, 2026 to May 29, 2031 will be $0.64 per Preferred Share per annum (6.4% on the par value of $10.00) payable quarterly. This represents a pre-tax interest equivalent yield of 8.4% per annum.(1) The Preferred Share distribution rate is based on current market rates for preferred shares with similar terms.

The term extension offers preferred shareholders the opportunity to continue enjoying preferential cash dividends until May 29, 2031. Since inception on May 21, 2021 to February 28, 2026, the Preferred Share has delivered a 5.1% per annum return(2).

Annual Compound Returns(2)	1-Year	3-Year	Since Inception
Preferred Shares (TSX: PWI.PR.A)	5.1%	5.1%	5.1%

In addition, the Fund intends to maintain the targeted monthly class A share (the “Class A Share”) distribution rate of $0.10 per Class A Share. (3) Since inception on May 21, 2021 the Class A Shares have delivered a 19.1% per annum return.(2)

Annual Compound Returns(2)	1-Year	3-Year	Since Inception
Class A Shares (TSX: PWI)	51.8%	42.7%	19.1%

Since inception on May 21, 2021 to February 28, 2026, Class A shareholders have received cash distributions of $4.08 per Class A Share. Class A shareholders have the option to benefit by reinvesting their cash distributions in a distribution reinvestment plan (“DRIP”) which is commission free to participants. Class A shareholders can enroll in the DRIP program by contacting their investment advisor.

The Fund invests in a globally diversified and actively managed portfolio (the “Portfolio”) consisting primarily of dividend-paying securities of power and infrastructure companies. The Portfolio may include investments in companies operating in the areas of infrastructure (data centres, public works), renewable power (wind, solar, hydroelectric), green transportation (electric vehicles, energy transportation and storage, railroads, carbon capture), energy efficiency (smart grids, smart meters, building efficiency), and communications (communication networks, 5G wireless technology), among others.

In connection with the extension, shareholders who do not wish to continue their investment in the Fund may retract their Preferred Shares or Class A Shares on May 29, 2026 pursuant to a special retraction right and receive a retraction price that is calculated in the same way that such price would be calculated if the Fund were to terminate on May 29, 2026. Pursuant to this option, the retraction price may be less than the market price if the security is trading at a premium to net asset value. To exercise this retraction right, shareholders must provide notice to their investment dealer by April 30, 2026 at 5:00 p.m. (Toronto time). Alternatively, shareholders may sell their Preferred Shares and/or Class A Shares through their securities dealer for the market price at any time, potentially at a higher price than would be achieved through retraction, or shareholders may take no action and continue to hold their shares.

(1) Based on combined Federal and Provincial (Ontario) highest marginal tax rates/tax credits (Source KPMG, ‘Personal Tax Rates’, 2026). 2026 tax characteristics applied to the annualized distribution yield assuming the Preferred Shares are purchased at $10.00 and all distributions from the Preferred Shares are eligible dividends.

(2) Returns are for the periods ended February 28, 2026 and are unaudited. Inception date May 21, 2021. The table shows the past performance of the Fund. The performance information shown is based on net asset value per Class A share and the redemption price per Preferred share and assumes that cash distributions made by the Fund on the Class A shares and Preferred shares during the periods shown were reinvested at net asset value per Class A share or the redemption price per Preferred share in additional Class A shares and Preferred shares of the Fund. Past
performance does not necessarily indicate how the Fund will perform in the future.

(3) No distributions will be paid on the Class A Shares if (i) the distributions payable on the Preferred Shares are in arrears, or (ii) in respect of a cash distribution, after the payment of a cash distribution by the Fund the NAV per Unit would be less than $15.00.

PWI / PWI.PR.A recently changed its name while keeping the ticker symbol constant.

BCE has announced:

1. Holders of floating-rate BCE Inc. Series AH Preferred Shares have the right to convert all or part of their shares, effective on May 1, 2026, on a one-for-one basis into fixed-rate Cumulative Redeemable First Preferred Shares, Series AG of BCE Inc. (the “Series AG Preferred Shares”). In order to convert their shares, holders must exercise their right of conversion during the conversion period which runs from March 17, 2026 until 5:00 p.m. (Eastern time) on April 21, 2026.
…
5. As of May 1, 2026, the Series AG Preferred Shares, should they remain outstanding, will pay, on a quarterly basis, as and when declared by the Board of Directors of BCE Inc., a fixed cash dividend for the following five years that will be determined by BCE Inc. on April 6, 2026 but which shall not be less than 80% of the five-year Government of Canada Yield (as defined in BCE Inc.’s articles) compounded semi-annually and computed on April 6, 2026 by two investment dealers appointed by BCE Inc. The annual dividend rate applicable to the Series AG Preferred Shares will be published on April 9, 2026 in the national edition of The Globe and Mail, the Montreal Gazette and Le Devoir and will be posted on BCE Inc.’s website at www.bce.ca.

BCE.PR.G reset to 3.37% in 2021.

BCE.PR.H is a “RatchetRate” preferred, paying a varying percentage of prime depending upon the trading price:

As of May 1, 2026, the Series AH Preferred Shares, should they remain outstanding, will continue to pay a monthly floating dividend based on a dividend rate that will fluctuate over time between 50% and 100% of the Prime rate (“Prime”) for each month computed in accordance with the articles of BCE Inc. Accordingly, from May 1, 2026, the holders of Series AH Preferred Shares will continue to be entitled to receive floating adjustable cash dividends, as and when declared by the Board of Directors of BCE Inc., to be paid on the twelfth day of the subsequent month. The dividend rate will be adjusted upwards or downwards on a monthly basis by an Adjustment Factor (as described below) whenever the Calculated Trading Price, being the market price of the Series AH Preferred Shares computed in accordance with the articles of BCE Inc., is $24.875 or less or $25.125 or more, respectively. The Adjustment Factor for a month will be based on the Calculated Trading Price of the Series AH Preferred Shares for the preceding month determined in accordance with the following table:

If the Calculated Trading Price for the preceding month is:	The Adjustment Factor as a percentage of Prime shall be:
$25.50 or more	– 4.00%
$25.375 and less than $25.50	– 3.00%
$25.25 and less than $25.375	– 2.00%
$25.125 and less than $25.25	– 1.00%
Greater than $24.875 and less than $25.125	nil
Greater than $24.75 to $24.875	+ 1.00%
Greater than $24.625 to $24.75	+ 2.00%
Greater than $24.50 to $24.625	+ 3.00%
$24.50 or less	+ 4.00%

The maximum Adjustment Factor for any month will be ±4.00% of the average Prime rate for the month.

Based on the foregoing, the annual floating dividend rate for any month shall be the rate of interest expressed as a percentage per annum equal to: (a) Prime for such month, multiplied by (b) the Designated Percentage for such month, with the Designated Percentage being the Adjustment Factor for such month plus the Designated Percentage for the preceding month. The annual floating dividend rate applicable for a month will in no event be less than 50% of Prime nor will it be greater than Prime.

The following formula illustrates the manner of computing the annual floating dividend rate applicable to the month of May 2026:

Annual floating dividend		Prime for		Designated Percentage
rate for May 2026	=	May 2026	X	for May 2026*
* The Designated Percentage for the month of May 2026 is the sum of: (a) the Adjustment Factor for the month of May 2026 based on the Calculated Trading Price for the month of April 2026; and (b) the Designated Percentage for the month of April 2026

The “Designated Percentage” has been 100% (the maximum) for a long, long time..

Emera Incorporated has announced:

that Emera US Finance, LLC (the “Issuer”) has completed the sale of US$750 million aggregate principal amount of United States dollar denominated junior subordinated notes, consisting of US$375 million aggregate principal amount of 6.650% Series A fixed-to-fixed reset rate junior subordinated notes due 2056 (the “Series A Notes”) and US$375 million aggregate principal amount of 6.850% Series B fixed-to-fixed reset rate junior subordinated notes due 2056 (the “Series B Notes” and, together with the Series A Notes, the “Notes”). The Notes are fully and unconditionally guaranteed by Emera and Emera US Holdings Inc. (“EUSHI, and together with Emera, the “Guarantors”). EUSHI is an indirect, wholly-owned subsidiary of Emera and the Issuer is an indirect, wholly-owned subsidiary of Emera. J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., RBC Capital Markets, LLC, Scotia Capital (USA) Inc. and Wells Fargo Securities, LLC acted as joint book-running managers in connection with the Notes offering.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the Notes and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation or sale would be unlawful.

The Notes have not been qualified by prospectus for public distribution under the securities laws of any province or territory of Canada. The Notes are not being, and may not be offered or sold, directly or indirectly, in Canada or to any resident of Canada except under exemptions from prospectus requirements of those securities laws, and either by an appropriately registered dealer or in circumstances where a dealer registration is not required.

The Notes will not be listed on any securities exchange, and the Issuer and the Guarantors do not intend to arrange for the Notes to be included on any quotation system.

Use of Proceeds

Emera intends to use the net proceeds for general corporate purposes including, without limitation, to repay existing indebtedness.

So the announcement doesn’t definitely mean that EMA.PR.J will be redeemed, but it is consistent with that option. Place yer bets, gents, place yer bets!

EMA.PR.J is a FixedReset, 4.25%+328M425, announced 2021-3-24. It is tracked by HIMIPref™ and relegated to the Scraps – FixedReset (Premium) index on credit concerns.