Emera Inc. Cumulative Minimum Rate Reset First Preferred Shares (EMA.PR.H)

The attractive dividend here will not reset again until August 2028 (or potentially be redeemed at $25). The reset yield will be at a “spread” of 2.54% plus the then prevailing yield on the five-year Government of Canada bond. If the five-year Canada bond yield is below 2.46% then these shares will reset at the minimum level of 5%. The Pfd-3 (high) credit rating is reasonably good but not at the strongest end of the range. - Shawn Allen