Income Investors Beware! Perpetual Preferred Shares Are Back!

    After three years of issuances of rate-reset preferred shares, perpetual preferreds are making a comeback, but are investors fully aware of the risks? In 2013, two major issuers—Power Financial Corp and Great-West Lifeco—announced a $150-million deal for perpetual preferred shares. Both deals were way oversubscribed, pushing both firms to upsize the original deal.   Are perpetual shares a good buy? That...