Summer 2026 Reset Season: Your Reset Rate Cheat Sheet

This has been one of the busiest reset seasons in a while. Five well-followed series have either just announced their new fixedReset dividends or are weeks away, and the spread between them tells you a lot about how each issuer — and each sector — is being repriced right now.

The printouts

BCE.PR.I reset to 5.10% effective July 31, 2026. Against a five-year GoC yield hovering near expiry, that implies a spread of roughly 2.55% — one of the wider telecom resets on record, and a signal that the market wants extra compensation for carrying BCE credit into 2031.

BPO.PR.N reset to a fat 6.206% (announced June 2). That's a core-plus real-estate issuer near the top of the fixed-rate pile; the extra yield is best read as a liquidity and sector discount, not a value signal.

BN.PR.R reset to 5.432% — unremarkable on its own, but the rate-reset spread compressed versus the older series, which is worth comparing with Genworth-style peers in the 5-year reset stack.

CSE.PR.A was extended and reset at 5.788% (July 3 announcement), a solid print for a utility-style credit and a reminder that extendible structures can still surprise on the upside.

MFC.PR.F deserves its own note: rather than a plain reset, holders saw a forced conversion of FloatingReset to FixedReset — Manulife converted the structure outright, collapsing the floating-rate option into a fixed coupon. If you held through, your income profile changed, not just your rate.

The math that produced these numbers

Every one of these is five-year GoC yield plus the issue's original set spread, subject to the statutory floor (the greater of the formula result or the yield on the original issue date's five-year Canada). When the five-year is low relative to the floor, the floor binds — that's why some resets of the last two years printed at exactly the same rate as their issue coupon and why others move a lot.

A reset at 5.10% on a $25 share pays $1.275/unit/year ($0.31875 quarterly). At 6.206% it's $1.5515/year. Run your own numbers before the ex-date: the day after reset, all the history is gone and the yield-to-worst is whatever the converter decides it is.

What to actually do

Reset season is when most retail holders get their one big decision per five years: hold, convert to floating, or sell. Selling into reset announcements is usually the most expensive choice — the reset is fully priced by the date it takes effect. Holders who want the fixed rate should verify the printed rate on the company's investor page (or the prospectus supplement — most issuers file it weeks early) while conversion-to-floating decisions should be driven by your view on where five-year yields go, not by the last reset's disappointment.

One more practical note: after a reset, the symbol's page on our site reflects the new rate immediately — the prospectus row shows the original offering terms, which is useful context when you're trying to figure out whether the set spread has been constant through the whole life of the issue.

This article is for general information only and does not constitute financial advice. Preferred shares carry credit, rate, and liquidity risk; do your own research and consult a licensed professional before acting.