The essential problem with rate reset preferreds, whether floating or fixed for 5 years, is that the issuer has the right to redeem the shares every 5 years.  This is quite a card to hold back.  If the share is a dud, the issuer will not redeem, and essentially you are stuck with an unsaleable perpetual preferred.  If the share performs well compared to the market at reset time, the issuer will redeem it, limiting your gains.  All that aside, they are a good buy right now, and will pay a steady income to the investor who wants to hold them indefinitely regardless of market value, and in the case of the floating preferred's, with some protection against inflation.  The shares that reset at a smaller increment to the base interest rate, say 2-3%, have less chance of being redeemed.  5 year corporate bonds have almost never traded at that increment to the base rate, by comparison.