FFN.PR.A To Reset To 7.50% For One Year

Quadravest has announced:

North American Financial 15 Split Corp. (the “Company”) announces that in keeping with current market rates for preferred shares with similar terms, the Preferred Share (“FFN.PR.A”) dividend rate for the fiscal year commencing December 1, 2025 will be set at 7.50% (previously 8.75%). Monthly payments to FFN.PR.A will be $0.06250 per share for an annual yield of 7.50% on their $10.00 redemption value.

The Company invests in an actively managed, high-quality portfolio consisting of financial services companies made up of Canadian and U.S. issuers as follows: Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Toronto-Dominion Bank, National Bank of Canada, Manulife Financial Corporation, Sun Life Financial, Great-West Lifeco, Bank of America, Citigroup Inc., Goldman Sachs Group, JP Morgan Chase & Co. and Wells Fargo & Co.

The minimum rate until maturity 2029-12-1 remains at 7.00%, as announced last year.

Thanks to Assiduous Readers SK and niagara for bringing this to my attention!

Update, 2025-09-25: It is of interest to note that the yield to maturity 2029-12-1 was 5.11% as of the close given the following specifications:
i) bid price of 10.83
ii) end price of 10.00
iii) three more dividends at the annual rate of 8.75%
iv) one year’s dividends at the annual rate of 7.50%
v) remaining dividends at the minimum annual rate of 7.00%