This preferred is the result of rate reset holders converting to the floating rate preferreds. It still currently trades well below par.
Income Investor
Sorry, you do not have access to this content.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
Current Advice
Hold
Consult your broker/advisor
Capital Gain/Loss
-38.6%
Interactive Performance Chart
IFC.PR.D was first recommended here on April 16, 2018