The Financial Post reports in its Friday, July 31, edition that next Friday, if the preferred share financing works out, Canadian Utilities will have placed a maximum of seven million shares at $25 each -- for which it will be required to pay 5.25 per cent a year. The Post's Barry Critchley writes that the deal calls for five million shares to be sold, with the other two million representing the underwriters' option. The securities are not redeemable until September, 2020. What is noteworthy about the offering is that it is further evidence of how the five-year rate reset preferred share market has all but disappeared. That market was popular with financial and non-financial, issuers and investors for many years. That issuance started in early 2009. New rules, however, limited the issuance. Over the last 18 months at least four banks have issued such securities and have been able to scoop up large amounts of permanent capital. Industrial issuers have avoided the market of late because the spread has been viewed as too high. As well, investors have shown their disinterest, having become more aware of the risks, specifically of lower yields that may occur in the future when the reset feature kicks in.