A perpetual preferred share from Intact Financial is added to the site and rated Buy at $21.99 to yield 5.9%. The other preferred shares on our list are rate reset preferred shares. Those (unlike perpetuals) were supposed to at least hold their value when interest rates rose as was expected. Instead, interest rates have stayed low and now gone even lower once again. As a result rate reset preferred shares have tanked in value. A perpetual preferred share does run the risk that it would fall with higher interest rates or if the company runs into financial difficulty (see the Bombardier perpetual preferred share) or just due to market fears or unpopularity (see everything in most of March). A perpetual preferred share is a fixed income investment while rate reset preferred shares have proven mostly to be a reducing income investment (so far, at least).
Intact has six other preferred shares out. Three are rate reset, one floats quarterly and there are two additional perpetuals. At this time I thought one of the perpetuals would be of most interest given that we have some rate resets (from other companies) on the site. This one looked most to be the most attractive of the three at this time.