This morning I sold another chunk of my iShares bond ETF, CLF, and purchased 100 shares of Power Financial Corporation First Preferred Shares, Series S, at $25 per share. The current yield is 4.80%, just slightly higher than the common shares of PWF. The shares are rated Pfd-1 by DBRS, and P-1 by S&P, which are considered highest quality ratings.
Preferred shares (PF Shares) from Canada’s biggest companies are rarely offered with TD Waterhouse, and these new issues are usually gone within 20 to 30 minutes. I have been planning for several months to start adding PF shares to my portfolio, so when I received the email for PWF PF Series S this morning, I moved quickly.