TCPA: A 6.25% Junior Subordinated Notes IPO From TC Energy

2025-11-19 16:27:33 ET

Co-authored by Relative Value.

Overview

This is our next in line article, in which we turn our attention to a recent exchange-listed debt issue: TC Energy Corporation's ( TRP ) 6.25% Junior Subordinated Notes ( TCPA ) due 11/01/2085. As usual in this type of analysis, we'll run the new debt issue through our fixed-income IPO evaluation routine to determine if it can be a valuable addition to our portfolio. The examination will begin with a brief study of the issuing company to assess the extent to which we can feel safe holding its subordinated notes. After that, we'll conduct a relative evaluation of TCPA, comparing its metrics to peers with similar metrics....

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