Intact Financial Corp. Non-Cumulative Floating Rate Class A Shares Series 4 (TSX: IFC.PR.D)

In almost anything other than an ultra-low interest rate environment, this would be a good pick. But, alas, the pandemic has caused overnight rates to fall to near zero yet again. With the current 5-year GoC at about 40 bps, plus this preferred’s 255 bps spread, the total dividend rate would reset below 3% (albeit in three years’ time), which is well short of even the lowest minimum. As a result, its share price has suffered. - Paul Bamford