August 25, 2023 11 am eastern time

Markets are somewhat weaker this morning and interest rates on the bond market have moves a little higher.

Recently I had mentioned an Emera rate reset preferred share (EMA.PR.H) which has very recently reset and will pay $1.581 annually starting with its next dividend on November 15. It has recently been falling in price probably partly related to the higher 5 year government of Canada bond yield and perhaps partly related to company-specific concerns.  The  credit rating is PFD-3H which is lower than the credit rating on the big Canadian bank preferred shares and lower than some other utilities.  This morning it is at $19.76. There are never any guarantees but this looks attractive to me at forward yield of 8.0%. It has declined since my first purchases but I picked up some this morning at $19.80.

I notice that Yahoo Finance and TD Direct both show the dividend and yield at the old lower rate based on the August 15 dividend which is the last one at the older dividend level.

These preferred shares trade at low volumes and can be volatile partly for that reason.

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