BCE Inc. has announced:

The new rate of 3.904% is a little above the rate I estimated when making my recommendation, but the difference is not material. Accordingly, I reiterate that:

I recommend holders retain, or switch to, BCE.PR.Y.

For those punctilious souls out there, however, I will update the chart of Break-Even Prime Rates for this type of Strong Pair:

The average break-even Prime rate for the seven BCE pairs is 4.38%.

And the table of projected prices becomes:

Estimate of BCE.PR.Y (received in exchange for BCE.PR.Z) Trading Price In Current Conditions |
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Assumed RatchetRate Price if Implied Prime is equal to |
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FixedFloater | Bid Price | Fixed Rate | +3.75% | 4.25% | 4.75% |

BCE.PR.Z | 19.45 | 3.904%Declared |
19.29 | 19.80 | 20.30 |

Actual bid on 11/14 is 19.55 |

[…] BCE.PR.Z reset to 4.331% in 2007; to 3.152% in 2012; and to 3.904% in 2017. […]