{"id":51617,"date":"2026-03-03T21:54:43","date_gmt":"2026-03-04T02:54:43","guid":{"rendered":"https:\/\/prefblog.com\/?p=51617"},"modified":"2026-03-03T23:37:23","modified_gmt":"2026-03-04T04:37:23","slug":"march-3-2026","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51617","title":{"rendered":"March 3, 2026"},"content":{"rendered":"

Bell Canada announced some hybrid notes<\/a> on 2026-2-9:<\/p>\n

Bell Canada (Bell) today announced the offering of Cdn $1.5 billion aggregate principal amount of Fixed-to-Fixed Rate Junior Subordinated Notes in two series (the Offering).<\/p>\n

The Cdn $750 million Fixed-to-Fixed Rate Junior Subordinated Notes, Series D due 2056 will be issued at a price of Cdn $99.975 per $100 principal amount, will initially bear interest at a rate per annum of 5.375% and reset every five years starting on May 12, 2031 at a rate per annum equal to the five-year Government of Canada yield plus a spread of 2.388%, provided that the interest rate during any five-year interest period will not reset below 5.375% (the Series D Notes). The Cdn $750 million Fixed-to-Fixed Rate Junior Subordinated Notes, Series E due 2056 will be issued at a price of Cdn $99.970 per $100 principal amount, will initially bearinterest at a rate per annum of 5.875% and reset every five years starting on May 12, 2036 at a rate per annum equal to the five-year Government of Canada yield plus a spread of 2.440%, provided that the interest rate during any five-year interest period will not reset below 5.875% (together with the Series D Notes, the Notes).<\/p>\n

The Notes are being publicly offered in all provinces of Canada through a syndicate of agents. Closing of the Offering is expected to occur on February 12, 2026, subject to customary closing conditions. The Notes will be fully and unconditionally guaranteed by BCE Inc. <\/p>\n

Bell intends to use the net proceeds from the Offering to repurchase, redeem or repay, as applicable, senior or subordinated indebtedness of Bell and for other general corporate purposes.<\/p>\n

The Offering is being made pursuant to Bell\u2019s amended and restated short form base shelf prospectus dated February 6, 2025 (the amended and restated base shelf prospectus). Bell willfile a prospectus supplement to the amended and restated base shelf prospectus relating to this Offering with the securities regulatory authorities in all provinces of Canada.<\/p><\/blockquote>\n

Only a thirty-year term on both series, but the Series D’s 5.375+2.388M5.375 as interest is a lot cheaper to issue than any preferred shares I’ve seen lately! It’s an interesting wrinkle that Series E has a ten-year initial fixed rate period.<\/p>\n

The prospectus is available on SEDAR+<\/a> which prohibits direct links as it is the policy of the Canadian Securities Administrator to give their pals at the Toronto Stock Exchange as much opportunity as possible to charge for efficient access to public documents. It may be found by searching for Bell Canada \/ Bell Canada (000001645)
\nProspectus (non pricing) supplement (other than ATM) \u2013 English.pdf
\n10 Feb 2026 22:41 ESTFebruary 10 2026 at 22:41:17 Eastern Standard Time
\nQu\u00e9bec
\n911 KB
\nGenerate URL<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0000 %<\/td>\n2,488.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0000 %<\/td>\n4,717.8<\/td>\n<\/tr>\n
Floater<\/td>\n5.79 %<\/td>\n6.10 %<\/td>\n61,079<\/td>\n13.69<\/td>\n3<\/td>\n0.0000 %<\/td>\n2,718.9<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1183 %<\/td>\n3,653.7<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.78 %<\/td>\n4.36 %<\/td>\n75,701<\/td>\n3.01<\/td>\n5<\/td>\n-0.1183 %<\/td>\n4,363.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1183 %<\/td>\n3,404.5<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.69 %<\/td>\n5.76 %<\/td>\n88,289<\/td>\n14.09<\/td>\n7<\/td>\n-0.0736 %<\/td>\n3,078.5<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.61 %<\/td>\n5.71 %<\/td>\n49,273<\/td>\n14.29<\/td>\n28<\/td>\n0.1033 %<\/td>\n3,376.7<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.89 %<\/td>\n5.77 %<\/td>\n120,842<\/td>\n13.93<\/td>\n27<\/td>\n-0.3414 %<\/td>\n3,195.3<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.56 %<\/td>\n5.59 %<\/td>\n66,184<\/td>\n14.51<\/td>\n22<\/td>\n-2.1115 %<\/td>\n3,273.7<\/td>\n<\/tr>\n
FloatingReset<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.3414 %<\/td>\n3,801.2<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.95 %<\/td>\n4.37 %<\/td>\n85,464<\/td>\n2.50<\/td>\n21<\/td>\n0.0146 %<\/td>\n2,666.9<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.3414 %<\/td>\n3,266.3<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.26 %<\/td>\n5.23 %<\/td>\n94,750<\/td>\n14.77<\/td>\n14<\/td>\n0.2791 %<\/td>\n3,139.9<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
GWO.PR.T<\/td>\nInsurance Straight<\/td>\n-18.84 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-03
\nMaturity Price : 18.67
\nEvaluated at bid price : 18.67
\nBid-YTW : 6.91 %<\/td>\n<\/tr>\n
CU.PR.H<\/td>\nPerpetual-Discount<\/td>\n-8.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-03
\nMaturity Price : 22.12
\nEvaluated at bid price : 22.40
\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n
BN.PR.T<\/td>\nFixedReset Disc<\/td>\n-5.99 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-03
\nMaturity Price : 20.40
\nEvaluated at bid price : 20.40
\nBid-YTW : 6.23 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n-3.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-03
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 5.67 %<\/td>\n<\/tr>\n
GWO.PR.L<\/td>\nInsurance Straight<\/td>\n-2.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-03
\nMaturity Price : 23.91
\nEvaluated at bid price : 24.15
\nBid-YTW : 5.85 %<\/td>\n<\/tr>\n
BIP.PR.E<\/td>\nFixedReset Prem<\/td>\n-1.75 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-03
\nMaturity Price : 23.67
\nEvaluated at bid price : 25.30
\nBid-YTW : 5.75 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nInsurance Straight<\/td>\n-1.70 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-03
\nMaturity Price : 21.25
\nEvaluated at bid price : 21.52
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n
IFC.PR.I<\/td>\nInsurance Straight<\/td>\n-1.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-03
\nMaturity Price : 23.61
\nEvaluated at bid price : 23.90
\nBid-YTW : 5.74 %<\/td>\n<\/tr>\n
CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\n-1.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-03
\nMaturity Price : 20.70
\nEvaluated at bid price : 20.70
\nBid-YTW : 5.60 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\n-1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-03
\nMaturity Price : 23.15
\nEvaluated at bid price : 24.66
\nBid-YTW : 5.23 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nInsurance Straight<\/td>\n-1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-03
\nMaturity Price : 20.85
\nEvaluated at bid price : 20.85
\nBid-YTW : 5.40 %<\/td>\n<\/tr>\n
BN.PF.E<\/td>\nFixedReset Disc<\/td>\n-1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-03
\nMaturity Price : 22.53
\nEvaluated at bid price : 23.35
\nBid-YTW : 5.73 %<\/td>\n<\/tr>\n
PWF.PR.E<\/td>\nPerpetual-Discount<\/td>\n-1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-03
\nMaturity Price : 23.87
\nEvaluated at bid price : 24.12
\nBid-YTW : 5.76 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset Disc<\/td>\n1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-03
\nMaturity Price : 22.83
\nEvaluated at bid price : 23.70
\nBid-YTW : 5.20 %<\/td>\n<\/tr>\n
ENB.PR.B<\/td>\nFixedReset Disc<\/td>\n1.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-03
\nMaturity Price : 21.29
\nEvaluated at bid price : 21.57
\nBid-YTW : 6.04 %<\/td>\n<\/tr>\n
NA.PR.I<\/td>\nFixedReset Prem<\/td>\n1.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-05-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.42
\nBid-YTW : 5.01 %<\/td>\n<\/tr>\n
CCS.PR.C<\/td>\nInsurance Straight<\/td>\n1.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-03
\nMaturity Price : 23.41
\nEvaluated at bid price : 23.70
\nBid-YTW : 5.35 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n2.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-03
\nMaturity Price : 21.47
\nEvaluated at bid price : 21.73
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\n2.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2028-03-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.52
\nBid-YTW : 4.97 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n3.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-03
\nMaturity Price : 21.60
\nEvaluated at bid price : 22.00
\nBid-YTW : 5.23 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n25.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-03
\nMaturity Price : 20.32
\nEvaluated at bid price : 20.32
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
NA.PR.C<\/td>\nFixedReset Prem<\/td>\n70,851<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-11-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.46
\nBid-YTW : 3.69 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\n64,100<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-03
\nMaturity Price : 23.15
\nEvaluated at bid price : 24.66
\nBid-YTW : 5.23 %<\/td>\n<\/tr>\n
CU.PR.K<\/td>\nPerpetual-Discount<\/td>\n24,300<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-03
\nMaturity Price : 24.54
\nEvaluated at bid price : 24.93
\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\n15,021<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-03
\nMaturity Price : 23.26
\nEvaluated at bid price : 24.80
\nBid-YTW : 5.07 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n11,700<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-03
\nMaturity Price : 24.53
\nEvaluated at bid price : 24.85
\nBid-YTW : 5.23 %<\/td>\n<\/tr>\n
FTS.PR.G<\/td>\nFixedReset Disc<\/td>\n10,275<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-03
\nMaturity Price : 23.41
\nEvaluated at bid price : 24.82
\nBid-YTW : 5.08 %<\/td>\n<\/tr>\n
There were 0 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
See TMX DataLinx: ‘Last’ != ‘Close’<\/a> and the posts linked therein for an idea of why these quotes are so horrible.<\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
GWO.PR.T<\/td>\nInsurance Straight<\/td>\nQuote: 18.67 – 23.52
\nSpot Rate : 4.8500
\nAverage : 2.8546<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-03
\nMaturity Price : 18.67
\nEvaluated at bid price : 18.67
\nBid-YTW : 6.91 %<\/td>\n<\/tr>\n

CU.PR.H<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.40 – 24.55
\nSpot Rate : 2.1500
\nAverage : 1.4133<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-03
\nMaturity Price : 22.12
\nEvaluated at bid price : 22.40
\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n

BN.PR.T<\/td>\nFixedReset Disc<\/td>\nQuote: 20.40 – 21.99
\nSpot Rate : 1.5900
\nAverage : 0.9023<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-03
\nMaturity Price : 20.40
\nEvaluated at bid price : 20.40
\nBid-YTW : 6.23 %<\/td>\n<\/tr>\n

BN.PF.B<\/td>\nFixedReset Disc<\/td>\nQuote: 24.57 – 25.57
\nSpot Rate : 1.0000
\nAverage : 0.5748<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-03
\nMaturity Price : 23.21
\nEvaluated at bid price : 24.57
\nBid-YTW : 5.69 %<\/td>\n<\/tr>\n

CU.PR.F<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.00 – 21.00
\nSpot Rate : 1.0000
\nAverage : 0.6444<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-03
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 5.67 %<\/td>\n<\/tr>\n

CU.PR.C<\/td>\nFixedReset Disc<\/td>\nQuote: 24.85 – 25.85
\nSpot Rate : 1.0000
\nAverage : 0.6952<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-03
\nMaturity Price : 24.53
\nEvaluated at bid price : 24.85
\nBid-YTW : 5.23 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Bell Canada announced some hybrid notes on 2026-2-9: Bell Canada (Bell) today announced the offering of Cdn $1.5 billion aggregate principal amount of Fixed-to-Fixed Rate Junior Subordinated Notes in two series (the Offering). The Cdn …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-51617","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51617","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=51617"}],"version-history":[{"count":4,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51617\/revisions"}],"predecessor-version":[{"id":51629,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51617\/revisions\/51629"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51617"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51617"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51617"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}