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Toronto-Dominion Bank (The) Non-Cumulative Fixed Rate Class A First Preferred Shares Series 11 (TD.PF.F)
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Enbridge Inc. cumulative redeemable preference shares Series 13 (ENB.PF.E)
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Brookfield Corporation Class A Preference Shares Series 40 (BN.PF.F)
Q: I am wondering if you can please let me know if any of these preferred shares are being recalled and if so when. Where is this information found? Is there any hope that the Enbridge and Brookfield ones will ever hit par. Thank you!
5i Research Answer:
BN and ENB have not been called. Neither has TD. Typically, companies will press release this information and brokers will send out redemption notices. As rates fall, preferreds can do significantly better. Redemption activity also increases as rates fall if companies can find cheaper capital. Thus, there is always a chance preferreds will move and always a possibility of redemption. But generally it is not something to 'count on' as it is entirely at the company's discretion.