Category: Issue Comments

I wouldn’t normally post about a credit rating confirmation, but for BPO I’ll make an exception!
DBRS has announced that it:

confirmed its Issuer Rating and Senior Unsecured Debt credit rating on Brookfield Property Partners L.P. (BPP) at BBB (low). Morningstar DBRS also confirmed its credit ratings on Brookfield Property Finance ULC’s Senior Unsecured Notes and Brookfield Office Properties Inc.’s Senior Unsecured Notes at BBB (low), as well as Brookfield Office Properties Inc.’s Subordinated Notes at BB and Cumulative Redeemable Preferred Shares, Class AAA at Pfd-3 (low). All trends are Stable. The credit ratings are based on the credit risk profile of the consolidated entity, including BPP and its subsidiaries (collectively, BPY).

KEY CREDIT RATING CONSIDERATIONS
These credit rating actions consider the progress BPY continues to make in executing its strategy of reducing its balance sheet exposure to real estate, along with an anticipated commensurate reduction in financial leverage, while maintaining exposure to very high-quality core office and retail assets. BPY’s exposure to its LP Investments segment is declining as the opportunistic funds mature and execute realizations, thereby providing a source of funds. BPY’s operating environment has supported robust transaction activity, including office leasing, and new office leases are creating a near-term drag on net operating income (NOI) growth until cash rents commence.

The Stable trends consider Morningstar DBRS’ expectations for (1) improved same-property NOI growth rates in the near to medium term as new office leases yield cash rents; (2) continued support from BPY’s parent, Brookfield Corporation (BN; rated “A,” Stable by Morningstar DBRS), in the near term, by way of equity funding for upcoming debt maturities; and (3) BPY to continue executing its strategy of recycling capital into trophy office and retail assets while reducing leverage over time, resulting in an improved financial risk assessment (FRA) profile, as described below.

Morningstar DBRS applied a positive three-notch adjustment to BPY’s FRA in consideration of its enhanced financial flexibility resulting from (1) a global portfolio consisting of a high proportion of core trophy office and retail assets, (2) a relatively strong liquidity position (including consideration for explicit parental support) relative to a modest amount of Senior Unsecured Debt outstanding, and (3) a predominately nonrecourse secured debt stack with significant equity cushion providing coverage of its Senior Unsecured Debt. This FRA adjustment is newly applied following the publication of Morningstar DBRS’ updated “Global Methodology for Rating Entities in the Real Estate Industry,” whereby some adjustments are now considered as part of the Comprehensive FRA (CFRA). This adjustment also serves to balance the constraint on the Intrinsic Assessment Range when the Comprehensive Business Risk Assessment is much stronger than the CFRA, as in the case for BPY.

CREDIT RATING DRIVERS
Morningstar DBRS would consider a negative credit rating action if Morningstar DBRS were to change its views on the level and strength of implicit support provided by BN, should BPY’s total debt-to-EBITDA deteriorate to more than 16.0 times (x), or if BPY’s EBITDA interest coverage were to deteriorate from current levels (0.92x for the last 12 months (LTM) ended December 31, 2025), on a sustained basis, all else equal. On the other hand, Morningstar DBRS would consider a positive credit rating action should Morningstar DBRS’ outlook for BPY’s total debt-to-EBITDA improve to 13.0x or better, all else equal.

FINANCIAL OUTLOOK
Morningstar DBRS maintains its FRA of BPY. In the near to medium term, Morningstar DBRS expects that BPY will continue to demonstrate an improving trend in its total debt-to-EBITDA metric toward the 15x range (from 15.8x at the LTM ended December 31, 2025), and that BPY’s EBITDA interest coverage metric will continue an improving trend above the 1.00x range. These improving metrics will be largely driven by continued capital recycling activity, associated debt reduction, support from BN in the interim, positive same-property NOI growth, and the benefit of lower interest rates.

CREDIT RATING RATIONALE
The credit ratings continue to be supported by (1) Morningstar DBRS’ view of implicit support from BN, as detailed above; (2) BPY’s market position as a pre-eminent global real estate company; (3) BPY’s high-quality assets, particularly its Office and Retail segments, with long-term leases to large, recognizable investment-grade-rated tenants; and (4) superior diversification, in particular by property, tenant, and geography. The credit ratings continue to be constrained by BPY’s weak FRA as reflected by both its highly leveraged balance sheet; a riskier retail leasing profile in terms of lease maturities and counterparty risk relative to BPY’s Office segment; and a higher-risk opportunistic LP Investments segment composed primarily of office, mixed-use, logistics, and multifamily assets, as well as alternatives.

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS
There were no Environmental/Social/Governance factors that had a significant or relevant effect on the credit analysis.

Affected issues are BPO.PR.A, BPO.PR.C, BPO.PR.E,.BPO.PR.G, BPO.PR.I, BPO.PR.N, BPO.PR.P, BPO.PR.R, BPO.PR.T, BPO.PR.T, BPO.PR.W, BPO.PR.X and BPO.PR.Y.

Emera Incorporated has announced:

that it does not intend to exercise its right to redeem all or any part of the currently outstanding Cumulative Minimum Rate Reset First Preferred Shares, Series J of the Company (the “Series J Shares”) on May 15, 2026. There are currently 8,000,000 Series J Shares outstanding.

Subject to certain conditions set out in the prospectus supplement of the Company dated March 26, 2021, to the short form base shelf prospectus dated March 12, 2021, relating to the issuance of the Series J Shares (collectively, the “Prospectus”), the holders of the Series J Shares have the right, at their option, to convert all or any of their Series J Shares, on a one-for-one basis, into Cumulative Floating Rate First Preferred Shares, Series K of the Company (the “Series K Shares”) on May 15, 2026 (the “Conversion Date”). On such date, holders who do not exercise their right to convert their Series J Shares into Series K Shares will continue to hold their Series J Shares.

The foregoing conversion right is subject to the following:

if the Company determines that there would be less than 1,000,000 Series K Shares outstanding on the Conversion Date, then holders of Series J Shares will not be entitled to convert their shares into Series K Shares, and

alternatively, if the Company determines that there would remain outstanding less than 1,000,000 Series J Shares on the Conversion Date, then all remaining Series J Shares will automatically be converted into Series K Shares on a one-for-one basis on the Conversion Date.
In either case, Emera will give written notice to that effect to holders of Series J Shares at least seven days prior to the Conversion Date, subject to the terms set out in the Prospectus.

The dividend rate applicable for the Series J Shares for the five-year period commencing on May 15, 2026 and ending on (and inclusive of) May 14, 2031, and the dividend rate applicable to the Series K Shares for the three-month period commencing on May 15, 2026, and ending on (and inclusive of) August 14, 2026, will be determined on April 15, 2026 and notice of such dividend rates shall be provided to the holders of the Series J Shares on that day.

Holders of Series J Shares who wish to exercise their conversion right should communicate with their broker or other nominee to obtain instructions for exercising such right during the conversion period, which runs from April 15, 2026 until 5:00 p.m. (EDT) on April 30, 2026. Any notices received after this deadline will not be valid. As such, it is recommended that this be done well in advance of the deadline in order to provide their broker or other nominee with adequate time to complete the necessary steps.

Holders of Series J Shares who do not provide notice or communicate with their broker or other nominee by the deadline will retain their Series J Shares and receive the new annual fixed dividend rate applicable to the Series J Shares, subject to the conditions stated above. Holders of Series J Shares will have the opportunity to convert their shares again on May 15, 2031 and every five years thereafter as long as the shares remain outstanding. For more information on the terms of, and risks associated with, an investment in Series J Shares and Series K Shares, please see the Company’s Prospectus, which is available on SEDAR+ at www.sedarplus.ca.

EMA.PR.J is a FixedReset, 4.25%+328M425, announced 2021-3-24. They recently issued some USD junior subordinated notes, but the proceeds of this issue have not been used for redemption of these preferreds. EMA.PR.J is tracked by HIMIPref™ but relegated to the Scraps – FixedReset (Premium) index on credit concerns.

Brompton Funds has announced:

Life & Banc Split Corp. (the “Fund”) is pleased to announce its intention to complete a stock split of its class A shares (the “Share Split”) due to the Fund’s strong performance.
Class A shareholders of record at the close of business on April 17, 2026 will receive 15 additional class A shares for every 100 class A shares held, pursuant to the Share Split. The Share Split is subject to the approval of the Toronto Stock Exchange (the “TSX”).

Class A shareholders will continue to receive regular monthly cash distributions targeted to be $0.10 per class A share following the Share Split. As a result, the total dollar amount of distributions to be paid to class A shareholders is expected to increase by approximately 15%. The Fund provides a distribution reinvestment plan, on a commission-free basis for class A shareholders that wish to reinvest distributions and realize the benefits of compound growth.

Over the last 10 years, the class A shares have delivered a 21.9% per annum total return based on net asset value, outperforming the S&P/TSX Capped Financials Total Return Index by 7.9% per annum and the S&P/TSX Composite Total Return Index by 9.3% per annum.(1) Since inception, class A shareholders have received cash distributions of $21.55 per share.

Following the completion of the Share Split, the preferred shares of the Fund are expected to have downside protection from a decline in the value of the Fund’s portfolio of approximately 53%.(2)

The class A shares are expected to commence trading on an ex-split basis at the opening of trading on April 17, 2026. No fractional class A shares will be issued and the number of class A shares each holder shall receive will be rounded down to the nearest whole number. The Share Split is a non-taxable event.

The Fund invests on an approximately equally weighted basis in a portfolio consisting of common shares of the six largest Canadian banks and the four major publicly traded Canadian life insurance companies:

Bank of Montreal	Great-West Lifeco Inc.
National Bank of Canada	The Bank of Nova Scotia
Canadian Imperial Bank of Commerce	Royal Bank of Canada
iA Financial Corporation Inc.	The Toronto-Dominion Bank
Sun Life Financial Inc.	Manulife Financial Corporation

This follows the previous split last October; and I’ll simply update and repeat what I suggested at that time:

This harms the credit quality of the preferreds by increasing the cash drag (due to increased distributions to the Capital Units due to the split) and by decreasing the Asset Coverage ratio. However, with a Whole Unit NAVPU of 23.73 as of 2026-4-9, there is no immediate cause for alarm.

My guess is that they’re doing this to increase the leverage provided by owning the Capital Units, given my assumption that this is what these shareholders want.

Thanks to Assiduous Reader newbiepref for bringing this to my attention!

BCE Inc. has announced (although not yet on their website):

BCE Inc. will, on May 1, 2026, continue to have Cumulative Redeemable First Preferred Shares, Series AG (“Series AG Preferred Shares”) outstanding if, following the end of the conversion period on April 21, 2026, BCE Inc. determines that at least 2,000,000 Series AG Preferred Shares would remain outstanding. In such a case, as of May 1, 2026, the Series AG Preferred Shares 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 based on an annual fixed dividend rate equal to 5.30%.

Finding this notice took some doing! I don’t see anything on the BCE website, or on the Globe & Mail, but eventually found the Montreal Gazette notice. I couldn’t help but laugh at the addendum on the page:

Posted Online 17 hours ago Viewed 2 times

… so I’m half the readership for this notice!

BCE.PR.G reset to 3.37% in 2021. Notice of extension was provided in March, 2026.

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..

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.

BCE Inc. has announced:

that all of its floating-rate Cumulative Redeemable First Preferred Shares, Series AN (“Series AN Preferred Shares”) will be converted on March 31, 2026, on a one-for-one basis, into fixed-rate Cumulative Redeemable First Preferred Shares, Series AM (“Series AM Preferred Shares”).

On March 2, 2026, notice was provided that holders of Series AM Preferred Shares could elect to convert their shares into Series AN Preferred Shares and that holders of Series AN Preferred Shares could elect to convert their shares into Series AM Preferred Shares, subject to the terms and conditions attached to those shares. A total of 2,276 of its 8,802,551 Series AM Preferred Shares have been tendered for conversion on March 31, 2026, on a one-for-one basis, into Series AN Preferred Shares. In addition, 348,545 of its 948,622 Series AN Preferred Shares have been tendered for conversion on March 31, 2026, on a one-for-one basis, into Series AM Preferred Shares. As this would result in there being less than 1,000,000 Series AN Preferred Shares outstanding, all remaining Series AN Preferred Shares not tendered for conversion will, as per the terms and conditions attached to those shares, be automatically converted into Series AM Preferred Shares on March 31, 2026.

The Series AM Preferred Shares will pay on a quarterly basis, for the five-year period beginning on March 31, 2026, as and when declared by the Board of Directors of BCE, a fixed quarterly cash dividend based on an annual dividend rate of 4.837%. The Series AM Preferred Shares will continue to be listed on the Toronto Stock Exchange under the symbol BCE.PR.M.

BCE.PR.M was issued as BAF.PR.A, a FixedReset 4.85%+209, issued 2011-3-15 after being announced 2011-2-22. After an exchange offer for the BAF preferreds, there was a partial conversion to BCE preferreds, followed by a forced conversion in 2014. The ticker changed to BCE.PR.M in September, 2014. BCE.PR.M reset to 2.764% in 2016. I recommended against conversion but there was a 17% conversion to the FloatingReset, BCE.PR.N, anyway. In 2021, BCE.PR.M reset to 2.939% and there was a 8% conversion to the FloatingReset. In 2026, the issue reset to 4.837%.

BCE.PR.N is a FloatingReset, Bills+209, that arose through partial conversion from the FixedReset, BCE.PR.M, in 2016.

BCE Inc. has announced – not a press release, the letter is linked on the BCE Preferred Share page:

1. Holders of fixed-rate BCE Inc. Series AM Preferred Shares have the right to convert all or part of their shares, effective on March 31, 2026, on a one-for-one basis, into floating-rate Cumulative Redeemable First Preferred Shares, Series AN of BCE Inc. (the “Series AN Preferred Shares”). In order to convert their shares, holders must exercise their right of conversion during the conversion period, which runs from March 2, 2026 until 5:00 p.m. (Montréal/Toronto time) on March 16, 2026.

2. Holders not wishing to convert or who do not comply with the instructions set out in paragraph 3 below by the appropriate deadline will, subject to paragraph 6 below, retain their Series AM Preferred Shares and, accordingly, will continue to receive a fixed quarterly dividend as described in paragraph 4 below. However, but subject to paragraph 6 below, on March 31, 2031, and every five years thereafter, holders of both Series AM Preferred Shares and Series AN Preferred Shares will have the right to convert their shares into shares of the other series.

3. In order to exercise its conversion right in respect of all or part of its Series AM Preferred Shares, the registered holder must provide a written notice thereof, accompanied by its Series AM Preferred Share certificates with the transfer form on the back thereof or other appropriate stock transfer power of attorney duly endorsed, and deliver them, at the latest by 5:00 p.m. (Montréal/Toronto time) on March 16, 2026, to one of the following addresses of TSX Trust Company:… Delivery may be done in person, by courier, by registered mail or by mail. However, if share certificates are delivered by courier, by registered mail or by mail, the registered shareholder must ensure that they are sent sufficiently in advance so that they are received by TSX Trust Company by the above-mentioned deadline.

Beneficial holders who wish to exercise their conversion right should communicate with their broker or other nominee to obtain instructions for exercising such right during the conversion period.

4. As of March 31, 2026, the Series AM Preferred Shares will, should they remain outstanding, 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 based on a fixed rate equal to the sum of: (a) the yield to maturity compounded semi-annually (the “Government of Canada Yield”), computed on March 2, 2026 in accordance with the articles of BCE Inc., of a Canadian dollar denominated non-callable Government of Canada bond with a term to maturity of five years, and (b) 2.09%. The “Government of Canada Yield” computed on March 2, 2026 is 2.747%. Accordingly, the annual fixed dividend rate applicable to the Series AM Preferred Shares for the period of five years beginning on March 31, 2026 will be 4.837%.

5. As of March 31, 2026, the Series AN Preferred Shares will, should they remain outstanding, continue to pay, for each quarterly period, as and when declared by the Board of Directors of BCE Inc., a quarterly floating dividend rate equal to the “Floating Quarterly Dividend Rate” for such quarterly period. The “Floating Quarterly Dividend Rate” for any such quarterly period shall be equal to the rate, expressed as a percentage, equal to the sum of: (a) the “T-Bill Rate”, calculated in accordance with the articles of BCE Inc. on the 30th day prior to the first day of the new quarterly period, and (b) 2.09%, calculated on the basis of the actual number of days in such quarterly period divided by 365. The “T-Bill Rate” means, for any quarterly period, the average yield expressed as a percentage per annum on three-month Government of Canada Treasury Bills, as reported by the Bank of Canada, for the most recent treasury bills auction preceding the applicable calculation date. The “Floating Quarterly Dividend Rate” computed on March 2, 2026 and applicable to the Series AN Preferred Shares for the quarterly period from and including March 31, 2026 to but excluding June 30, 2026 will be 1.06732% (annual rate of 4.281%, based on a T-Bill Rateof 2.191%.

6. After the end of the conversion period on March 16, 2026, if BCE Inc. determines that there would be less than 1,000,000 Series AM Preferred Shares outstanding after the conversion date (March 31, 2026), BCE Inc. will automatically convert all remaining Series AM Preferred Shares into Series AN Preferred Shares. However, if BCE Inc. determines that there would be less than 1,000,000 Series AN Preferred Shares outstanding after the conversion date, then no Series AM Preferred Shares will be converted into Series AN Preferred Shares.

7. For any questions about the steps to be followed, please contact TSX Trust Company at 1-800-561-0934, the transfer agent and registrar for BCE Inc.’s preferred shares.

A similar notice was sent to holders of BCE.PR.N.

BCE.PR.M was issued as BAF.PR.A, a FixedReset 4.85%+209, issued 2011-3-15 after being announced 2011-2-22. After an exchange offer for the BAF preferreds, there was a partial conversion to BCE preferreds, followed by a forced conversion in 2014. The ticker changed to BCE.PR.M in September, 2014. BCE.PR.M reset to 2.764% in 2016. I recommended against conversion but there was a 17% conversion to the FloatingReset, BCE.PR.N, anyway. In 2021, BCE.PR.M reset to 2.939% and there was a 8% conversion to the FloatingReset

BCE.PR.N is a FloatingReset, Bills+209, that arose through partial conversion from the FixedReset, BCE.PR.M, in 2016.

TransAlta Corporation has announced:

that it does not intend to exercise its right to redeem all or any portion of the currently outstanding Cumulative Redeemable Rate Reset First Preferred Shares, Series A (Series A Shares) (TSX: TA.PR.D) and the Cumulative Redeemable Floating Rate First Preferred Shares, Series B (Series B Shares) (TSX: TA.PR.E) on March 31, 2026 (the Conversion Date).

As a result, and subject to certain conditions, the holders of the Series A Shares will have the right to elect to: (a) retain any or all of their Series A Shares and continue to receive a fixed rate quarterly dividend; or (b) convert all or any of their Series A Shares into Series B Shares on the basis of one Series B Share for each Series A Share on the Conversion Date and receive a floating rate quarterly dividend.

Comparably, subject to certain conditions, the holders of the Series B Shares will have the right to elect to: (a) retain any or all of their Series B Shares and continue to receive a floating rate quarterly dividend; or (b) convert all or any of their Series B Shares into Series A Shares on the basis of one Series A Share for each Series B Share on the Conversion Date and receive a fixed rate quarterly dividend.

As provided in the share terms, the foregoing conversion right is subject to the conditions that: (i) if TransAlta determines that there would remain outstanding immediately following the conversion, less than 1,000,000 Series A Shares, holders of Series B Shares shall not be entitled to convert their shares into Series A Shares, and the remaining Series A Shares will automatically convert to Series B Shares, on the Conversion Date; or (ii) if TransAlta determines that there would remain outstanding immediately after the conversion, less than 1,000,000 Series B Shares, holders of Series A Shares shall not be entitled to convert their shares into Series B Shares, and the remaining Series B Shares will automatically convert to Series A Shares, on the Conversion Date. There are currently 9,629,913 Series A Shares outstanding and 2,370,087 Series B Shares.

Should a holder of Series A Shares choose to retain their shares, such shareholders will receive the quarterly fixed dividend rate applicable to Series A Shares of 1.19550% (4.78200% on an annualized basis) for the five-year period from and including March 31, 2026 to but excluding March 31, 2031. Should a holder of Series A Shares choose to convert their shares to Series B Shares, the Series B Shares that may be issued on the Conversion Date will receive the floating quarterly dividend rate applicable to the Series B Shares of 1.05236% (4.22100% on an annualized basis) for the three-month period from and including March 31, 2026 to but excluding June 30, 2026. The floating dividend rate will be reset every quarter.

Should a holder of Series B Shares choose to retain their shares, such shareholders will receive the floating quarterly dividend rate applicable to Series B Shares of 1.05236% (4.22100% on an annualized basis) for the three-month period from and including March 31, 2026 to but excluding June 30, 2026. The floating dividend rate will be reset every quarter. Should a holder of Series B Shares choose to convert their shares to Series A Shares, holders of Series A Shares will receive the fixed quarterly dividend rate applicable to the Series A Shares of 1.19550% (4.78200% on an annualized basis) for the five-year period from and including March 31, 2026 to but excluding March 31, 2031.

The Series A Shares and Series B Shares are issued in book entry only form and must be purchased or transferred through a participant in the CDS depository service (CDS Participant). All rights of holders of Series A Shares and Series B Shares must be exercised through CDS or the CDS Participant through which the shares are held. The deadline for the registered shareholder to provide notice of exercise of the right to convert Series A Shares into Series B Shares, or Series B Shares into Series A Shares, as applicable, is 3:00 p.m. (MST) / 5:00 p.m. (EST) on March 16, 2026. Any notices received after this deadline will not be valid. As such, holders of Series A Shares or Series B Shares who wish to exercise their right to convert their shares should contact their broker or other intermediary for more information and it is recommended that this be done as soon as possible and well in advance of the deadline in order to provide the broker or other intermediary with time to complete the necessary steps.

If TransAlta does not receive an election notice from a holder of Series A Shares or Series B Shares during the time fixed therefor, then such shares shall be deemed not to have been converted (except in the case of an automatic conversion described above). Holders of the Series A Shares and the Series B Shares will have the opportunity to convert their shares again on March 31, 2031, and every five years thereafter as long as the shares remain outstanding. For more information on the terms of the Series A Shares and the Series B Shares, please see TransAlta’s articles of amalgamation, including the share terms and shares in series schedule attached thereto as Schedule A, which are available on the Company’s website under Governance.

TA.PR.D was issued as a FixedReset, 4.60%+203, that commenced trading 2010-12-10 after being announced 2010-12-2. In 2016, it reset to 2.709%. I recommended against conversion, but there was a 15% conversion to the FloatingReset, TA.PR.E, anyway. The issue reset to 2.877% in 2021 and there was a 5% net conversion to TA.PR.E.

TA.PR.E is a FloatingReset, Bills+203, that arose via a partial conversion from the FixedReset, TA.PR.D.

Update, 2026-3-19: Transalta has announced:

that none of its 9,629,913 currently outstanding Cumulative Redeemable Rate Reset First Preferred Shares, Series A (Series A Shares) will be converted on March 31, 2026, on a one-for-one basis, into Cumulative Redeemable Floating Rate First Preferred Shares, Series B (Series B Shares), and (ii) 1,148,549 of its 2,370,087 currently outstanding Series B Shares will be converted on March 31, 2026, on a one-for-one basis, into Series A Shares. As a result, on March 31, 2026, the Company will have 10,778,462 Series A Shares issued and outstanding and 1,221,538 Series B Shares issued and outstanding.

The Series A Shares and Series B Shares are currently listed on the Toronto Stock Exchange under the symbols TA.PR.D and TA.PR.E, respectively.

So that’s a 10% net conversion from the FloatingReset into the FixedReset part.