PrefBlog

BCE has announced:

1. Holders of floating-rate BCE Inc. Series AH Preferred Shares have the right to convert all or part of their shares, effective on May 1, 2026, on a one-for-one basis into fixed-rate Cumulative Redeemable First Preferred Shares, Series AG of BCE Inc. (the “Series AG Preferred Shares”). In order to convert their shares, holders must exercise their right of conversion during the conversion period which runs from March 17, 2026 until 5:00 p.m. (Eastern time) on April 21, 2026.
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5. As of May 1, 2026, the Series AG Preferred Shares, should they remain outstanding, will pay, on a quarterly basis, as and when declared by the Board of Directors of BCE Inc., a fixed cash dividend for the following five years that will be determined by BCE Inc. on April 6, 2026 but which shall not be less than 80% of the five-year Government of Canada Yield (as defined in BCE Inc.’s articles) compounded semi-annually and computed on April 6, 2026 by two investment dealers appointed by BCE Inc. The annual dividend rate applicable to the Series AG Preferred Shares will be published on April 9, 2026 in the national edition of The Globe and Mail, the Montreal Gazette and Le Devoir and will be posted on BCE Inc.’s website at www.bce.ca.

BCE.PR.G reset to 3.37% in 2021.

BCE.PR.H is a “RatchetRate” preferred, paying a varying percentage of prime depending upon the trading price:

As of May 1, 2026, the Series AH Preferred Shares, should they remain outstanding, will continue to pay a monthly floating dividend based on a dividend rate that will fluctuate over time between 50% and 100% of the Prime rate (“Prime”) for each month computed in accordance with the articles of BCE Inc. Accordingly, from May 1, 2026, the holders of Series AH Preferred Shares will continue to be entitled to receive floating adjustable cash dividends, as and when declared by the Board of Directors of BCE Inc., to be paid on the twelfth day of the subsequent month. The dividend rate will be adjusted upwards or downwards on a monthly basis by an Adjustment Factor (as described below) whenever the Calculated Trading Price, being the market price of the Series AH Preferred Shares computed in accordance with the articles of BCE Inc., is $24.875 or less or $25.125 or more, respectively. The Adjustment Factor for a month will be based on the Calculated Trading Price of the Series AH Preferred Shares for the preceding month determined in accordance with the following table:

If the Calculated Trading Price for the preceding month is:	The Adjustment Factor as a percentage of Prime shall be:
$25.50 or more	– 4.00%
$25.375 and less than $25.50	– 3.00%
$25.25 and less than $25.375	– 2.00%
$25.125 and less than $25.25	– 1.00%
Greater than $24.875 and less than $25.125	nil
Greater than $24.75 to $24.875	+ 1.00%
Greater than $24.625 to $24.75	+ 2.00%
Greater than $24.50 to $24.625	+ 3.00%
$24.50 or less	+ 4.00%

The maximum Adjustment Factor for any month will be ±4.00% of the average Prime rate for the month.

Based on the foregoing, the annual floating dividend rate for any month shall be the rate of interest expressed as a percentage per annum equal to: (a) Prime for such month, multiplied by (b) the Designated Percentage for such month, with the Designated Percentage being the Adjustment Factor for such month plus the Designated Percentage for the preceding month. The annual floating dividend rate applicable for a month will in no event be less than 50% of Prime nor will it be greater than Prime.

The following formula illustrates the manner of computing the annual floating dividend rate applicable to the month of May 2026:

Annual floating dividend		Prime for		Designated Percentage
rate for May 2026	=	May 2026	X	for May 2026*
* The Designated Percentage for the month of May 2026 is the sum of: (a) the Adjustment Factor for the month of May 2026 based on the Calculated Trading Price for the month of April 2026; and (b) the Designated Percentage for the month of April 2026

Emera Incorporated has announced:

that Emera US Finance, LLC (the “Issuer”) has completed the sale of US$750 million aggregate principal amount of United States dollar denominated junior subordinated notes, consisting of US$375 million aggregate principal amount of 6.650% Series A fixed-to-fixed reset rate junior subordinated notes due 2056 (the “Series A Notes”) and US$375 million aggregate principal amount of 6.850% Series B fixed-to-fixed reset rate junior subordinated notes due 2056 (the “Series B Notes” and, together with the Series A Notes, the “Notes”). The Notes are fully and unconditionally guaranteed by Emera and Emera US Holdings Inc. (“EUSHI, and together with Emera, the “Guarantors”). EUSHI is an indirect, wholly-owned subsidiary of Emera and the Issuer is an indirect, wholly-owned subsidiary of Emera. J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., RBC Capital Markets, LLC, Scotia Capital (USA) Inc. and Wells Fargo Securities, LLC acted as joint book-running managers in connection with the Notes offering.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the Notes and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation or sale would be unlawful.

The Notes have not been qualified by prospectus for public distribution under the securities laws of any province or territory of Canada. The Notes are not being, and may not be offered or sold, directly or indirectly, in Canada or to any resident of Canada except under exemptions from prospectus requirements of those securities laws, and either by an appropriately registered dealer or in circumstances where a dealer registration is not required.

The Notes will not be listed on any securities exchange, and the Issuer and the Guarantors do not intend to arrange for the Notes to be included on any quotation system.

Use of Proceeds

Emera intends to use the net proceeds for general corporate purposes including, without limitation, to repay existing indebtedness.

So the announcement doesn’t definitely mean that EMA.PR.J will be redeemed, but it is consistent with that option. Place yer bets, gents, place yer bets!

EMA.PR.J is a FixedReset, 4.25%+328M425, announced 2021-3-24. It is tracked by HIMIPref™ and relegated to the Scraps – FixedReset (Premium) index on credit concerns.

BCE Inc. has announced:

that all of its floating-rate Cumulative Redeemable First Preferred Shares, Series AN (“Series AN Preferred Shares”) will be converted on March 31, 2026, on a one-for-one basis, into fixed-rate Cumulative Redeemable First Preferred Shares, Series AM (“Series AM Preferred Shares”).

On March 2, 2026, notice was provided that holders of Series AM Preferred Shares could elect to convert their shares into Series AN Preferred Shares and that holders of Series AN Preferred Shares could elect to convert their shares into Series AM Preferred Shares, subject to the terms and conditions attached to those shares. A total of 2,276 of its 8,802,551 Series AM Preferred Shares have been tendered for conversion on March 31, 2026, on a one-for-one basis, into Series AN Preferred Shares. In addition, 348,545 of its 948,622 Series AN Preferred Shares have been tendered for conversion on March 31, 2026, on a one-for-one basis, into Series AM Preferred Shares. As this would result in there being less than 1,000,000 Series AN Preferred Shares outstanding, all remaining Series AN Preferred Shares not tendered for conversion will, as per the terms and conditions attached to those shares, be automatically converted into Series AM Preferred Shares on March 31, 2026.

The Series AM Preferred Shares will pay on a quarterly basis, for the five-year period beginning on March 31, 2026, as and when declared by the Board of Directors of BCE, a fixed quarterly cash dividend based on an annual dividend rate of 4.837%. The Series AM Preferred Shares will continue to be listed on the Toronto Stock Exchange under the symbol BCE.PR.M.

BCE.PR.M was issued as BAF.PR.A, a FixedReset 4.85%+209, issued 2011-3-15 after being announced 2011-2-22. After an exchange offer for the BAF preferreds, there was a partial conversion to BCE preferreds, followed by a forced conversion in 2014. The ticker changed to BCE.PR.M in September, 2014. BCE.PR.M reset to 2.764% in 2016. I recommended against conversion but there was a 17% conversion to the FloatingReset, BCE.PR.N, anyway. In 2021, BCE.PR.M reset to 2.939% and there was a 8% conversion to the FloatingReset. In 2026, the issue reset to 4.837%.

BCE.PR.N is a FloatingReset, Bills+209, that arose through partial conversion from the FixedReset, BCE.PR.M, in 2016.