{"id":51315,"date":"2026-01-02T21:50:50","date_gmt":"2026-01-03T02:50:50","guid":{"rendered":"https:\/\/prefblog.com\/?p=51315"},"modified":"2026-01-03T08:56:02","modified_gmt":"2026-01-03T13:56:02","slug":"pwf-pr-p-to-reset-to-4-951-interconvertible-with-pwf-pr-q","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51315","title":{"rendered":"PWF.PR.P To Reset To 4.591%; Interconvertible With PWF.PR.Q"},"content":{"rendered":"

Power Financial Corporation has announced<\/a>:<\/p>\n

the applicable dividend rates for its Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series P (the “Series P shares”) and Non-Cumulative Floating Rate First Preferred Shares, Series Q (the “Series Q shares”).<\/p>\n

With respect to any Series P shares that remain outstanding after February 2, 2026, holders thereof will be entitled to receive quarterly fixed non-cumulative preferential cash dividends, if, as and when declared by the Board of Directors of Power Financial. The dividend rate for the 5-year period from and including January 31, 2026 to but excluding January 31, 2031 will be 4.591%, being equal to the 5-year Government of Canada bond yield determined as of today plus 1.60%, in accordance with the terms of the Series P shares.<\/p>\n

With respect to any Series Q shares that remain outstanding after February 2, 2026, holders thereof will be entitled to receive quarterly floating rate non-cumulative preferential cash dividends, if, as and when declared by the Board of Directors of Power Financial. The dividend rate for the 3-month floating rate period from and including January 31, 2026 to but excluding April 30, 2026 will be 3.792%, being equal to the 3-month Government of Canada Treasury Bill yield determined as of today plus 1.60%, calculated on the basis of the actual number of days in such quarterly period divided by 365, in accordance with the terms of the Series Q shares.<\/p>\n

Beneficial owners of Series P shares or Series Q shares who wish to exercise their conversion right should communicate with their broker or other nominee to ensure their instructions are followed so that the registered holder of Series P shares or Series Q shares can meet the deadline to exercise such conversion right, which is 5:00 p.m. (Eastern Time) on January 16, 2026.<\/p><\/blockquote>\n

PWF.PR.P was issued as a a FixedReset, 4.40%+160 that commenced trading 2010-6-29<\/a> after being announced 2010-6-17<\/a>. It reset to 2.306%<\/a> in 2016; I recommended against conversion<\/a> but there was a 20% conversion to PWF.PR.Q<\/a> anyway. After providing notice of extension<\/a> the company announced the 2021 reset of PWF.PR.P to 1.998%<\/a> effective 2021-01-31 and there was a net 6% conversion<\/a> to the FixedReset. The company provided notice of extension<\/a> on 2025-12-2. <\/p>\n","protected":false},"excerpt":{"rendered":"

Power Financial Corporation has announced: the applicable dividend rates for its Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series P (the “Series P shares”) and Non-Cumulative Floating Rate First Preferred Shares, Series Q (the “Series …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-51315","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51315","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=51315"}],"version-history":[{"count":2,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51315\/revisions"}],"predecessor-version":[{"id":51325,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51315\/revisions\/51325"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51315"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51315"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}