New Rate Reset Preferred Shares With Floor Feature Are They Worth A Look?

For the past year, new preferred share issuances were somewhat rare, until November when three major underwritings took place. Brookfield Asset Management, TransCanada and Enbridge all raised money in the same week and while similar to the old rate reset preferred shares, (with an initial rate for five years and a new rate reset in five years equal to Canada five-year bonds + (indicated rate specific to each issue) this time they added an additional important feature, a new FLOOR rate,...