skip to content
  1. Home
  2. >
  3. Questions
  4. >
  5. FN.PR.A: I would like your opinion in light of the recent change of ownership, and as well the reset situation in March 2026, and what you would expect to likely happen if 5 year rates are unchanged. [First National Financial Corporation Class A Preference Shares Series 1]
You can view 1 more answer this month. Sign up for a free trial for unlimited access.

Investment Q&A

Not investment advice or solicitation to buy/sell securities. Do your own due diligence and/or consult an advisor.

Q: I would like your opinion in light of the recent change of ownership, and as well the reset situation in March 2026, and what you would expect to likely happen if 5 year rates are unchanged. I am thinking that based on current 5 year rates, and the spread that this could be an attractive hold considering the Brookfield ownership now with meaningful capital upside if redeemed as well. Thank you
Asked by Steven on August 01, 2025
5i Research Answer:

We think it looks good; while it will continue to trade post-deal, if rates are unchanged or lower then we think the possibility of redemption has improved now. Not 'likely' really, especially if rates drop, but more likely than they would have been under FN alone. Brookfield is of course massively larger, and from a credit worthiness standpoint certainly there has been a risk reduction here as well (once the deal closes).