Normal Course Issuer Bids in the preferred share marketplace are usually more noise than signal, but not all the time! BCE has announced (on 2025-11-6):
that the Toronto Stock Exchange (the “TSX”) has accepted a notice filed by BCE of its intention to renew its normal course issuer bid (“NCIB”) to purchase up to 10% of the public float of each series of BCE’s outstanding First Preferred Shares that are listed on the TSX (the “Preferred Shares”). The period of the NCIB will extend from November 11, 2025 to November 10, 2026, or an earlier date should BCE complete its purchases under the NCIB. BCE will pay the prevailing market price at the time of acquisition for any Preferred Shares purchased plus brokerage fees payable by BCE (except with respect to purchases made under an issuer bid exemption order, which will be at a discount to the prevailing market price), and all Preferred Shares acquired by BCE under the NCIB will be cancelled.
The actual number of Preferred Shares repurchased under the NCIB and the timing of such repurchases will be at BCE’s discretion and shall be subject to the limitations set out in the TSX Company Manual.
…
As of October 31, 2025, under its current normal course issuer bid that commenced on November 11, 2024 and will expire on November 10, 2025, and for which the company received approval from the TSX, BCE purchased, through the facilities of the TSX and alternative eligible trading systems, Preferred Shares as follows: [see below — JH]
| Series | Ticker | Maximum Number of Shares Subject to Purchase |
Number of Shares Purchased |
Weighted Average Price Paid per Security |
| R | BCE.PR.R | 762,020 | 504,300 | $18.85 |
| S | BCE.PR.S | 201,386 | 131,790 | $16.75 |
| T | BCE.PR.T | 519,303 | 130,600 | $17.96 |
| Y | BCE.PR.Y | 600,765 | 600,765 | $18.47 |
| Z | BCE.PR.Z | 266,583 | 266,583 | $17.90 |
| AA | BCE.PR.A | 1,120,233 | 887,253 | $18.07 |
| AB | BCE.PR.B | 643,213 | 358,800 | $18.08 |
| AC | BCE.PR.C | 633,067 | 125,000 | $18.03 |
| AD | BCE.PR.D | 1,188,083 | 879,600 | $16.72 |
| AE | BCE.PR.E | 586,351 | 158,500 | $17.32 |
| AF | BCE.PR.F | 900,538 | 900,538 | $17.86 |
| AG | BCE.PR.G | 841,363 | 278,800 | $16.38 |
| AH | BCE.PR.H | 466,957 | 466,957 | $18.64 |
| AI | BCE.PR.I | 905,824 | 304,200 | $16.71 |
| AJ | BCE.PR.J | 389,596 | 113,200 | $16.54 |
| AK | BCE.PR.K | 2,154,571 | 2,154,571 | $17.42 |
| AL | BCE.PR.L | 173,088 | 75,500 | $17.68 |
| AM | BCE.PR.M | 998,627 | 998,627 | $18.67 |
| AN | BCE.PR.N | 101,182 | 57,400 | $18.35 |
| AQ | BCE.PR.Q | 812,151 | 377,605 | $23.29 |
So according to this,they spent just over $175-million. That’s significant!