Interesting post. The trouble now is that after dividend suspension the risk of the UK Gov sending everybody home has increased considerably is certainly not zero. In that event preferreds are worthless. Lets be optimistic and say there is a substantial probability of suspension for 3, 4, 5 years what are they worth in those scenarios and how probable ? Has market given a value? Too early to tell . The value of 6 right now is a good initial guess.