Market Action

June 16, 2025

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.5735 % 2,262.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.5735 % 4,405.1
Floater 7.06 % 7.08 % 75,117 12.50 2 0.5735 % 2,538.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.0595 % 3,648.9
SplitShare 4.79 % 4.43 % 71,798 2.53 8 0.0595 % 4,357.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0595 % 3,400.0
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.0247 % 2,957.9
Perpetual-Discount 5.81 % 5.97 % 44,766 13.90 33 -0.0247 % 3,225.4
FixedReset Disc 5.62 % 6.17 % 120,998 12.91 46 0.4697 % 2,890.8
Insurance Straight 5.79 % 5.87 % 51,357 14.16 20 -0.3656 % 3,127.6
FloatingReset 5.65 % 5.71 % 43,349 14.36 3 0.0152 % 3,654.5
FixedReset Prem 6.08 % 5.09 % 120,228 3.30 12 0.0743 % 2,608.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.4697 % 2,955.0
FixedReset Ins Non 5.18 % 5.86 % 63,428 14.00 14 0.2775 % 2,973.8
Performance Highlights
Issue Index Change Notes
BN.PR.M Perpetual-Discount -5.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 18.55
Evaluated at bid price : 18.55
Bid-YTW : 6.43 %
PWF.PR.P FixedReset Disc -3.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 16.75
Evaluated at bid price : 16.75
Bid-YTW : 6.73 %
GWO.PR.M Insurance Straight -2.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 23.68
Evaluated at bid price : 23.95
Bid-YTW : 6.07 %
IFC.PR.E Insurance Straight -1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 22.67
Evaluated at bid price : 22.92
Bid-YTW : 5.68 %
PWF.PR.L Perpetual-Discount -1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 6.10 %
BN.PR.T FixedReset Disc -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 18.32
Evaluated at bid price : 18.32
Bid-YTW : 6.99 %
POW.PR.C Perpetual-Discount 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 24.45
Evaluated at bid price : 24.69
Bid-YTW : 5.98 %
BN.PR.K Floater 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 12.25
Evaluated at bid price : 12.25
Bid-YTW : 7.11 %
GWO.PR.T Insurance Straight 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 21.49
Evaluated at bid price : 21.80
Bid-YTW : 5.91 %
PWF.PR.K Perpetual-Discount 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 21.04
Evaluated at bid price : 21.04
Bid-YTW : 5.98 %
ENB.PR.D FixedReset Disc 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 6.94 %
RY.PR.S FixedReset Prem 1.38 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-02-24
Maturity Price : 25.00
Evaluated at bid price : 25.79
Bid-YTW : 5.07 %
CU.PR.D Perpetual-Discount 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 5.89 %
IFC.PR.A FixedReset Ins Non 1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 5.50 %
PWF.PR.T FixedReset Disc 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 22.37
Evaluated at bid price : 23.00
Bid-YTW : 5.93 %
MFC.PR.Q FixedReset Ins Non 1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 23.22
Evaluated at bid price : 24.58
Bid-YTW : 5.66 %
GWO.PR.H Insurance Straight 1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 5.97 %
IFC.PR.C FixedReset Ins Non 1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 22.76
Evaluated at bid price : 23.23
Bid-YTW : 5.86 %
ENB.PR.J FixedReset Disc 1.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 6.91 %
SLF.PR.H FixedReset Ins Non 1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.93 %
ENB.PR.B FixedReset Disc 3.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 7.12 %
CU.PR.C FixedReset Disc 10.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 21.56
Evaluated at bid price : 21.95
Bid-YTW : 6.13 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CM.PR.Q FixedReset Disc 50,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-31
Maturity Price : 25.00
Evaluated at bid price : 25.04
Bid-YTW : 5.12 %
RY.PR.O Perpetual-Discount 30,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 24.25
Evaluated at bid price : 24.55
Bid-YTW : 5.02 %
ENB.PF.K FixedReset Disc 25,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 23.08
Evaluated at bid price : 24.14
Bid-YTW : 6.39 %
ENB.PR.T FixedReset Disc 24,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 6.73 %
FTS.PR.H FixedReset Disc 21,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 17.15
Evaluated at bid price : 17.15
Bid-YTW : 6.40 %
TD.PF.A FixedReset Disc 19,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 22.88
Evaluated at bid price : 24.14
Bid-YTW : 5.34 %
There were 5 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
BN.PF.G FixedReset Disc Quote: 21.22 – 23.00
Spot Rate : 1.7800
Average : 1.3026

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 21.22
Evaluated at bid price : 21.22
Bid-YTW : 6.88 %
BN.PR.M Perpetual-Discount Quote: 18.55 – 20.15
Spot Rate : 1.6000
Average : 1.2163

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 18.55
Evaluated at bid price : 18.55
Bid-YTW : 6.43 %
IFC.PR.I Insurance Straight Quote: 23.00 – 25.99
Spot Rate : 2.9900
Average : 2.6663

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 22.60
Evaluated at bid price : 23.00
Bid-YTW : 5.87 %
BN.PR.R FixedReset Disc Quote: 17.84 – 19.50
Spot Rate : 1.6600
Average : 1.4004

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 17.84
Evaluated at bid price : 17.84
Bid-YTW : 7.20 %
BN.PF.I FixedReset Disc Quote: 25.00 – 26.00
Spot Rate : 1.0000
Average : 0.7655

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.00
Bid-YTW : 5.30 %
BN.PR.T FixedReset Disc Quote: 18.32 – 18.98
Spot Rate : 0.6600
Average : 0.4571

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 18.32
Evaluated at bid price : 18.32
Bid-YTW : 6.99 %
Market Action

June 13, 2025

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -2.6715 % 2,250.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 -2.6715 % 4,380.0
Floater 7.10 % 7.08 % 75,413 12.52 2 -2.6715 % 2,524.2
OpRet 0.00 % 0.00 % 0 0.00 0 0.3133 % 3,646.7
SplitShare 4.80 % 4.41 % 70,710 2.54 8 0.3133 % 4,355.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.3133 % 3,397.9
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.1085 % 2,958.6
Perpetual-Discount 5.81 % 5.97 % 45,100 13.89 33 0.1085 % 3,226.2
FixedReset Disc 5.65 % 6.26 % 124,972 12.92 46 -0.4685 % 2,877.3
Insurance Straight 5.77 % 5.87 % 53,001 14.16 20 0.8518 % 3,139.0
FloatingReset 5.65 % 5.68 % 44,742 14.41 3 -0.8126 % 3,654.0
FixedReset Prem 6.09 % 5.32 % 121,631 3.06 12 -0.1483 % 2,606.5
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.4685 % 2,941.2
FixedReset Ins Non 5.20 % 5.88 % 64,049 14.01 14 0.8854 % 2,965.6
Performance Highlights
Issue Index Change Notes
CU.PR.C FixedReset Disc -6.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-13
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 6.80 %
GWO.PR.H Insurance Straight -4.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-13
Maturity Price : 20.04
Evaluated at bid price : 20.04
Bid-YTW : 6.08 %
BN.PR.R FixedReset Disc -3.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-13
Maturity Price : 17.84
Evaluated at bid price : 17.84
Bid-YTW : 7.20 %
CU.PR.J Perpetual-Discount -2.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-13
Maturity Price : 20.03
Evaluated at bid price : 20.03
Bid-YTW : 5.99 %
PWF.PR.T FixedReset Disc -1.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-13
Maturity Price : 22.16
Evaluated at bid price : 22.65
Bid-YTW : 6.03 %
BN.PR.K Floater -1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-13
Maturity Price : 12.11
Evaluated at bid price : 12.11
Bid-YTW : 7.19 %
PWF.PR.K Perpetual-Discount -1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-13
Maturity Price : 20.77
Evaluated at bid price : 20.77
Bid-YTW : 6.06 %
SLF.PR.G FixedReset Ins Non -1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-13
Maturity Price : 17.46
Evaluated at bid price : 17.46
Bid-YTW : 6.30 %
MFC.PR.L FixedReset Ins Non 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-13
Maturity Price : 22.23
Evaluated at bid price : 22.82
Bid-YTW : 5.80 %
BN.PR.X FixedReset Disc 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-13
Maturity Price : 17.57
Evaluated at bid price : 17.57
Bid-YTW : 6.79 %
GWO.PR.Y Insurance Straight 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-13
Maturity Price : 19.24
Evaluated at bid price : 19.24
Bid-YTW : 5.87 %
BN.PF.I FixedReset Disc 1.35 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.00
Bid-YTW : 5.28 %
IFC.PR.E Insurance Straight 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-13
Maturity Price : 22.95
Evaluated at bid price : 23.25
Bid-YTW : 5.60 %
POW.PR.A Perpetual-Discount 1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-13
Maturity Price : 23.68
Evaluated at bid price : 23.95
Bid-YTW : 5.94 %
IFC.PR.F Insurance Straight 1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-13
Maturity Price : 22.96
Evaluated at bid price : 23.40
Bid-YTW : 5.76 %
PVS.PR.K SplitShare 2.20 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.04
Bid-YTW : 4.45 %
PWF.PR.P FixedReset Disc 3.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-13
Maturity Price : 17.35
Evaluated at bid price : 17.35
Bid-YTW : 6.49 %
BN.PR.N Perpetual-Discount 3.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-13
Maturity Price : 19.46
Evaluated at bid price : 19.46
Bid-YTW : 6.13 %
GWO.PR.N FixedReset Ins Non 6.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-13
Maturity Price : 16.44
Evaluated at bid price : 16.44
Bid-YTW : 6.38 %
MFC.PR.I FixedReset Ins Non 6.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-13
Maturity Price : 23.40
Evaluated at bid price : 24.67
Bid-YTW : 5.90 %
BN.PR.M Perpetual-Discount 7.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-13
Maturity Price : 19.65
Evaluated at bid price : 19.65
Bid-YTW : 6.07 %
GWO.PR.T Insurance Straight 23.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-13
Maturity Price : 21.55
Evaluated at bid price : 21.55
Bid-YTW : 6.00 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BN.PF.F FixedReset Disc 16,531 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-13
Maturity Price : 21.40
Evaluated at bid price : 21.72
Bid-YTW : 6.73 %
ENB.PF.G FixedReset Disc 14,750 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-13
Maturity Price : 20.01
Evaluated at bid price : 20.01
Bid-YTW : 7.07 %
ENB.PR.T FixedReset Disc 14,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-13
Maturity Price : 21.36
Evaluated at bid price : 21.36
Bid-YTW : 6.74 %
BIP.PR.F FixedReset Disc 13,833 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-13
Maturity Price : 23.21
Evaluated at bid price : 24.75
Bid-YTW : 6.03 %
GWO.PR.G Insurance Straight 11,350 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-13
Maturity Price : 21.71
Evaluated at bid price : 21.96
Bid-YTW : 5.93 %
BN.PF.E FixedReset Disc 11,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-13
Maturity Price : 19.65
Evaluated at bid price : 19.65
Bid-YTW : 6.92 %
There were 1 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
BN.PR.R FixedReset Disc Quote: 17.84 – 19.50
Spot Rate : 1.6600
Average : 1.1158

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-13
Maturity Price : 17.84
Evaluated at bid price : 17.84
Bid-YTW : 7.20 %
ENB.PF.E FixedReset Disc Quote: 19.96 – 21.25
Spot Rate : 1.2900
Average : 0.7556

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-13
Maturity Price : 19.96
Evaluated at bid price : 19.96
Bid-YTW : 7.03 %
PWF.PR.R Perpetual-Discount Quote: 23.20 – 24.45
Spot Rate : 1.2500
Average : 0.7489

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-13
Maturity Price : 22.93
Evaluated at bid price : 23.20
Bid-YTW : 6.01 %
CU.PR.C FixedReset Disc Quote: 19.85 – 22.05
Spot Rate : 2.2000
Average : 1.7419

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-13
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 6.80 %
GWO.PR.H Insurance Straight Quote: 20.04 – 21.05
Spot Rate : 1.0100
Average : 0.6125

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-13
Maturity Price : 20.04
Evaluated at bid price : 20.04
Bid-YTW : 6.08 %
PWF.PR.T FixedReset Disc Quote: 22.65 – 23.69
Spot Rate : 1.0400
Average : 0.7155

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-13
Maturity Price : 22.16
Evaluated at bid price : 22.65
Bid-YTW : 6.03 %
Market Action

June 12, 2025

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.8850 % 2,311.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.8850 % 4,500.2
Floater 6.91 % 7.07 % 62,146 12.35 2 0.8850 % 2,593.5
OpRet 0.00 % 0.00 % 0 0.00 0 -0.3716 % 3,635.4
SplitShare 4.81 % 3.89 % 55,085 0.70 8 -0.3716 % 4,341.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.3716 % 3,387.3
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.1043 % 2,955.4
Perpetual-Discount 5.82 % 5.97 % 45,029 13.88 33 -0.1043 % 3,222.7
FixedReset Disc 5.62 % 6.34 % 129,838 12.80 46 -0.0718 % 2,890.8
Insurance Straight 5.82 % 5.86 % 53,566 14.17 20 -0.0443 % 3,112.5
FloatingReset 5.60 % 5.76 % 46,416 14.14 3 -0.2252 % 3,683.9
FixedReset Prem 6.08 % 5.22 % 126,188 3.07 12 -0.0934 % 2,610.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0718 % 2,955.0
FixedReset Ins Non 5.24 % 5.88 % 63,357 13.99 14 -1.4658 % 2,939.6
Performance Highlights
Issue Index Change Notes
MFC.PR.I FixedReset Ins Non -6.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-12
Maturity Price : 22.83
Evaluated at bid price : 23.13
Bid-YTW : 6.35 %
GWO.PR.N FixedReset Ins Non -6.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-12
Maturity Price : 15.46
Evaluated at bid price : 15.46
Bid-YTW : 6.78 %
BN.PR.N Perpetual-Discount -4.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-12
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.39 %
PWF.PR.P FixedReset Disc -3.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-12
Maturity Price : 16.75
Evaluated at bid price : 16.75
Bid-YTW : 6.72 %
ENB.PR.B FixedReset Disc -3.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-12
Maturity Price : 18.30
Evaluated at bid price : 18.30
Bid-YTW : 7.39 %
PVS.PR.K SplitShare -2.97 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 24.50
Bid-YTW : 5.06 %
MFC.PR.Q FixedReset Ins Non -2.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-12
Maturity Price : 23.06
Evaluated at bid price : 24.20
Bid-YTW : 5.76 %
SLF.PR.H FixedReset Ins Non -2.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-12
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 6.02 %
PVS.PR.J SplitShare -1.70 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 24.82
Bid-YTW : 4.74 %
ENB.PR.J FixedReset Disc -1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-12
Maturity Price : 20.32
Evaluated at bid price : 20.32
Bid-YTW : 7.04 %
SLF.PR.J FloatingReset -1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-12
Maturity Price : 17.45
Evaluated at bid price : 17.45
Bid-YTW : 5.90 %
MFC.PR.L FixedReset Ins Non -1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-12
Maturity Price : 22.09
Evaluated at bid price : 22.59
Bid-YTW : 5.86 %
BN.PF.B FixedReset Disc -1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-12
Maturity Price : 21.80
Evaluated at bid price : 22.15
Bid-YTW : 6.62 %
IFC.PR.A FixedReset Ins Non -1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-12
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 5.60 %
MFC.PR.J FixedReset Ins Non -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-12
Maturity Price : 23.23
Evaluated at bid price : 24.50
Bid-YTW : 5.77 %
IFC.PR.C FixedReset Ins Non -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-12
Maturity Price : 22.57
Evaluated at bid price : 23.02
Bid-YTW : 5.98 %
ENB.PR.H FixedReset Disc -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-12
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 6.48 %
BN.PF.C Perpetual-Discount -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-12
Maturity Price : 20.06
Evaluated at bid price : 20.06
Bid-YTW : 6.18 %
IFC.PR.I Insurance Straight -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-12
Maturity Price : 23.21
Evaluated at bid price : 23.47
Bid-YTW : 5.86 %
IFC.PR.F Insurance Straight -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-12
Maturity Price : 22.67
Evaluated at bid price : 23.00
Bid-YTW : 5.87 %
CU.PR.E Perpetual-Discount 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-12
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 5.82 %
CU.PR.J Perpetual-Discount 2.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-12
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 5.83 %
GWO.PR.P Insurance Straight 2.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-12
Maturity Price : 23.14
Evaluated at bid price : 23.40
Bid-YTW : 5.78 %
SLF.PR.G FixedReset Ins Non 3.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-12
Maturity Price : 17.70
Evaluated at bid price : 17.70
Bid-YTW : 6.21 %
FTS.PR.H FixedReset Disc 6.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-12
Maturity Price : 17.06
Evaluated at bid price : 17.06
Bid-YTW : 6.43 %
Volume Highlights
Issue Index Shares
Traded		 Notes
ENB.PF.K FixedReset Disc 28,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-12
Maturity Price : 23.06
Evaluated at bid price : 24.10
Bid-YTW : 6.40 %
BMO.PR.Y FixedReset Disc 21,900 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-08-25
Maturity Price : 25.00
Evaluated at bid price : 24.93
Bid-YTW : 5.21 %
ENB.PF.G FixedReset Disc 18,286 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-12
Maturity Price : 20.08
Evaluated at bid price : 20.08
Bid-YTW : 7.05 %
TD.PF.A FixedReset Disc 18,270 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-12
Maturity Price : 22.90
Evaluated at bid price : 24.18
Bid-YTW : 5.32 %
BN.PF.G FixedReset Disc 18,146 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-12
Maturity Price : 21.51
Evaluated at bid price : 21.51
Bid-YTW : 6.86 %
FFH.PR.G FixedReset Disc 18,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-12
Maturity Price : 23.61
Evaluated at bid price : 24.48
Bid-YTW : 5.63 %
There were 3 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
BN.PF.G FixedReset Disc Quote: 21.51 – 23.95
Spot Rate : 2.4400
Average : 1.4909

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-12
Maturity Price : 21.51
Evaluated at bid price : 21.51
Bid-YTW : 6.86 %
MFC.PR.I FixedReset Ins Non Quote: 23.13 – 25.00
Spot Rate : 1.8700
Average : 1.1103

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-12
Maturity Price : 22.83
Evaluated at bid price : 23.13
Bid-YTW : 6.35 %
IFC.PR.I Insurance Straight Quote: 23.47 – 25.99
Spot Rate : 2.5200
Average : 2.0060

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-12
Maturity Price : 23.21
Evaluated at bid price : 23.47
Bid-YTW : 5.86 %
GWO.PR.N FixedReset Ins Non Quote: 15.46 – 16.90
Spot Rate : 1.4400
Average : 0.9291

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-12
Maturity Price : 15.46
Evaluated at bid price : 15.46
Bid-YTW : 6.78 %
PVS.PR.K SplitShare Quote: 24.50 – 25.50
Spot Rate : 1.0000
Average : 0.6364

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 24.50
Bid-YTW : 5.06 %
BN.PF.E FixedReset Disc Quote: 19.94 – 20.90
Spot Rate : 0.9600
Average : 0.6305

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-12
Maturity Price : 19.94
Evaluated at bid price : 19.94
Bid-YTW : 6.95 %
Market Action

June 11, 2025

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.5663 % 2,291.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.5663 % 4,460.8
Floater 6.97 % 7.13 % 62,997 12.28 2 0.5663 % 2,570.8
OpRet 0.00 % 0.00 % 0 0.00 0 -0.2964 % 3,648.9
SplitShare 4.79 % 4.21 % 70,135 2.55 8 -0.2964 % 4,357.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.2964 % 3,400.0
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.0508 % 2,958.5
Perpetual-Discount 5.81 % 5.96 % 44,922 13.92 33 0.0508 % 3,226.1
FixedReset Disc 5.62 % 6.34 % 128,091 12.85 46 0.0807 % 2,892.9
Insurance Straight 5.81 % 5.82 % 54,283 14.17 20 0.3042 % 3,113.9
FloatingReset 5.59 % 5.76 % 47,067 14.28 3 0.1203 % 3,692.2
FixedReset Prem 6.07 % 5.10 % 127,677 3.31 12 -0.0097 % 2,612.8
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0807 % 2,957.1
FixedReset Ins Non 5.17 % 5.86 % 63,217 14.02 14 0.3508 % 2,983.3
Performance Highlights
Issue Index Change Notes
FTS.PR.H FixedReset Disc -5.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-11
Maturity Price : 16.07
Evaluated at bid price : 16.07
Bid-YTW : 6.83 %
GWO.PR.P Insurance Straight -2.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-11
Maturity Price : 22.49
Evaluated at bid price : 22.75
Bid-YTW : 5.94 %
GWO.PR.Y Insurance Straight -2.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-11
Maturity Price : 19.01
Evaluated at bid price : 19.01
Bid-YTW : 5.94 %
GWO.PR.I Insurance Straight -1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-11
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 5.86 %
IFC.PR.C FixedReset Ins Non -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-11
Maturity Price : 22.83
Evaluated at bid price : 23.30
Bid-YTW : 5.91 %
CCS.PR.C Insurance Straight -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-11
Maturity Price : 21.56
Evaluated at bid price : 21.82
Bid-YTW : 5.73 %
IFC.PR.I Insurance Straight 1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-11
Maturity Price : 23.47
Evaluated at bid price : 23.75
Bid-YTW : 5.79 %
GWO.PR.N FixedReset Ins Non 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-11
Maturity Price : 16.46
Evaluated at bid price : 16.46
Bid-YTW : 6.37 %
MFC.PR.L FixedReset Ins Non 1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-11
Maturity Price : 22.31
Evaluated at bid price : 22.95
Bid-YTW : 5.76 %
MFC.PR.K FixedReset Ins Non 1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-11
Maturity Price : 23.19
Evaluated at bid price : 24.60
Bid-YTW : 5.46 %
MFC.PR.Q FixedReset Ins Non 2.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-11
Maturity Price : 23.31
Evaluated at bid price : 24.80
Bid-YTW : 5.60 %
ENB.PR.B FixedReset Disc 3.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-11
Maturity Price : 18.87
Evaluated at bid price : 18.87
Bid-YTW : 7.16 %
ENB.PR.F FixedReset Disc 3.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-11
Maturity Price : 19.70
Evaluated at bid price : 19.70
Bid-YTW : 7.05 %
PWF.PR.P FixedReset Disc 3.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-11
Maturity Price : 17.40
Evaluated at bid price : 17.40
Bid-YTW : 6.47 %
GWO.PR.S Insurance Straight 4.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-11
Maturity Price : 22.30
Evaluated at bid price : 22.57
Bid-YTW : 5.82 %
IFC.PR.F Insurance Straight 9.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-11
Maturity Price : 22.84
Evaluated at bid price : 23.25
Bid-YTW : 5.80 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CM.PR.Q FixedReset Disc 268,330 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-11
Maturity Price : 24.03
Evaluated at bid price : 24.96
Bid-YTW : 5.77 %
BN.PR.T FixedReset Disc 108,182 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-11
Maturity Price : 18.76
Evaluated at bid price : 18.76
Bid-YTW : 6.92 %
NA.PR.C FixedReset Prem 67,897 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-11-15
Maturity Price : 25.00
Evaluated at bid price : 26.31
Bid-YTW : 4.97 %
BIP.PR.A FixedReset Disc 62,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-30
Maturity Price : 25.00
Evaluated at bid price : 24.96
Bid-YTW : 5.25 %
ENB.PR.Y FixedReset Disc 56,521 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-11
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 7.05 %
CU.PR.I FixedReset Disc 33,500 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-01
Maturity Price : 25.00
Evaluated at bid price : 25.02
Bid-YTW : 4.61 %
There were 11 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
BN.PF.F FixedReset Disc Quote: 21.88 – 25.00
Spot Rate : 3.1200
Average : 1.7426

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-11
Maturity Price : 21.58
Evaluated at bid price : 21.88
Bid-YTW : 6.81 %
IFC.PR.I Insurance Straight Quote: 23.75 – 25.99
Spot Rate : 2.2400
Average : 1.4424

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-11
Maturity Price : 23.47
Evaluated at bid price : 23.75
Bid-YTW : 5.79 %
GWO.PR.Y Insurance Straight Quote: 19.01 – 21.00
Spot Rate : 1.9900
Average : 1.5174

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-11
Maturity Price : 19.01
Evaluated at bid price : 19.01
Bid-YTW : 5.94 %
FTS.PR.H FixedReset Disc Quote: 16.07 – 17.30
Spot Rate : 1.2300
Average : 0.7770

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-11
Maturity Price : 16.07
Evaluated at bid price : 16.07
Bid-YTW : 6.83 %
GWO.PR.L Insurance Straight Quote: 23.80 – 25.00
Spot Rate : 1.2000
Average : 0.8576

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-11
Maturity Price : 23.53
Evaluated at bid price : 23.80
Bid-YTW : 5.94 %
BN.PR.R FixedReset Disc Quote: 18.75 – 19.95
Spot Rate : 1.2000
Average : 0.8580

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-11
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 6.94 %
Market Action

June 10, 2025

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -0.6431 % 2,278.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.6431 % 4,435.6
Floater 7.01 % 7.17 % 75,325 12.23 2 -0.6431 % 2,556.3
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0691 % 3,659.8
SplitShare 4.78 % 3.97 % 70,117 2.55 8 -0.0691 % 4,370.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0691 % 3,410.1
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.6302 % 2,957.0
Perpetual-Discount 5.81 % 5.97 % 46,556 13.91 33 0.6302 % 3,224.5
FixedReset Disc 5.62 % 6.36 % 127,974 12.86 46 -0.0856 % 2,890.6
Insurance Straight 5.83 % 5.82 % 56,488 14.24 20 -0.2870 % 3,104.5
FloatingReset 5.60 % 5.76 % 45,288 14.27 3 0.0150 % 3,687.8
FixedReset Prem 6.07 % 5.04 % 127,567 3.32 12 0.1258 % 2,613.1
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0856 % 2,954.8
FixedReset Ins Non 5.19 % 5.85 % 65,480 14.03 14 -0.4103 % 2,972.9
Performance Highlights
Issue Index Change Notes
IFC.PR.F Insurance Straight -7.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-10
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 6.41 %
ENB.PR.F FixedReset Disc -4.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-10
Maturity Price : 19.02
Evaluated at bid price : 19.02
Bid-YTW : 7.30 %
SLF.PR.G FixedReset Ins Non -3.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-10
Maturity Price : 17.05
Evaluated at bid price : 17.05
Bid-YTW : 6.45 %
GWO.PR.N FixedReset Ins Non -2.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-10
Maturity Price : 16.25
Evaluated at bid price : 16.25
Bid-YTW : 6.45 %
MFC.PR.L FixedReset Ins Non -2.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-10
Maturity Price : 22.06
Evaluated at bid price : 22.55
Bid-YTW : 5.87 %
FTS.PR.H FixedReset Disc -2.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-10
Maturity Price : 16.95
Evaluated at bid price : 16.95
Bid-YTW : 6.47 %
ENB.PR.J FixedReset Disc -1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-10
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.97 %
GWO.PR.P Insurance Straight -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-10
Maturity Price : 23.06
Evaluated at bid price : 23.32
Bid-YTW : 5.79 %
BN.PR.R FixedReset Disc -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-10
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 6.92 %
MFC.PR.J FixedReset Ins Non 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-10
Maturity Price : 23.35
Evaluated at bid price : 24.80
Bid-YTW : 5.68 %
NA.PR.C FixedReset Prem 1.08 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-11-15
Maturity Price : 25.00
Evaluated at bid price : 26.30
Bid-YTW : 4.99 %
PWF.PR.Z Perpetual-Discount 1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-10
Maturity Price : 21.52
Evaluated at bid price : 21.85
Bid-YTW : 5.97 %
PWF.PR.E Perpetual-Discount 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-10
Maturity Price : 23.15
Evaluated at bid price : 23.45
Bid-YTW : 5.94 %
BN.PF.B FixedReset Disc 1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-10
Maturity Price : 22.05
Evaluated at bid price : 22.50
Bid-YTW : 6.51 %
GWO.PR.I Insurance Straight 1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-10
Maturity Price : 19.59
Evaluated at bid price : 19.59
Bid-YTW : 5.76 %
PWF.PR.T FixedReset Disc 1.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-10
Maturity Price : 22.43
Evaluated at bid price : 23.10
Bid-YTW : 5.90 %
PWF.PR.F Perpetual-Discount 3.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-10
Maturity Price : 22.06
Evaluated at bid price : 22.29
Bid-YTW : 5.97 %
PWF.PF.A Perpetual-Discount 3.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-10
Maturity Price : 19.32
Evaluated at bid price : 19.32
Bid-YTW : 5.91 %
BN.PR.N Perpetual-Discount 10.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-10
Maturity Price : 19.84
Evaluated at bid price : 19.84
Bid-YTW : 6.12 %
Volume Highlights
Issue Index Shares
Traded		 Notes
ENB.PR.B FixedReset Disc 121,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-10
Maturity Price : 18.30
Evaluated at bid price : 18.30
Bid-YTW : 7.38 %
BN.PR.X FixedReset Disc 107,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-10
Maturity Price : 17.70
Evaluated at bid price : 17.70
Bid-YTW : 6.86 %
ENB.PF.A FixedReset Disc 103,648 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-10
Maturity Price : 20.36
Evaluated at bid price : 20.36
Bid-YTW : 7.00 %
FFH.PR.I FixedReset Disc 94,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-10
Maturity Price : 23.73
Evaluated at bid price : 24.41
Bid-YTW : 5.92 %
NA.PR.C FixedReset Prem 71,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-11-15
Maturity Price : 25.00
Evaluated at bid price : 26.30
Bid-YTW : 4.99 %
RY.PR.M FixedReset Disc 69,908 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-11-24
Maturity Price : 25.00
Evaluated at bid price : 24.76
Bid-YTW : 5.46 %
There were 10 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
CU.PR.C FixedReset Disc Quote: 21.15 – 25.37
Spot Rate : 4.2200
Average : 2.5624

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-10
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 6.38 %
IFC.PR.F Insurance Straight Quote: 21.15 – 23.87
Spot Rate : 2.7200
Average : 1.8284

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-10
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 6.41 %
GWO.PR.Y Insurance Straight Quote: 19.47 – 21.00
Spot Rate : 1.5300
Average : 0.9992

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-10
Maturity Price : 19.47
Evaluated at bid price : 19.47
Bid-YTW : 5.80 %
GWO.PR.T Insurance Straight Quote: 17.50 – 22.31
Spot Rate : 4.8100
Average : 4.3635

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-10
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 7.39 %
MFC.PR.L FixedReset Ins Non Quote: 22.55 – 23.79
Spot Rate : 1.2400
Average : 0.9258

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-10
Maturity Price : 22.06
Evaluated at bid price : 22.55
Bid-YTW : 5.87 %
ENB.PR.F FixedReset Disc Quote: 19.02 – 20.01
Spot Rate : 0.9900
Average : 0.7311

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-10
Maturity Price : 19.02
Evaluated at bid price : 19.02
Bid-YTW : 7.30 %
Market Action

June 9, 2025

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 2.0509 % 2,293.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 2.0509 % 4,464.4
Floater 6.96 % 7.13 % 62,702 12.29 2 2.0509 % 2,572.8
OpRet 0.00 % 0.00 % 0 0.00 0 0.1087 % 3,662.3
SplitShare 4.78 % 3.74 % 71,164 2.56 8 0.1087 % 4,373.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1087 % 3,412.4
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.2358 % 2,938.5
Perpetual-Discount 5.85 % 5.99 % 48,087 13.84 33 -0.2358 % 3,204.3
FixedReset Disc 5.62 % 6.36 % 128,332 12.86 46 -0.0148 % 2,893.1
Insurance Straight 5.82 % 5.85 % 54,358 14.18 20 -0.3511 % 3,113.4
FloatingReset 5.60 % 5.76 % 45,177 14.27 3 -0.0751 % 3,687.3
FixedReset Prem 6.08 % 5.12 % 118,107 3.32 12 -0.1095 % 2,609.8
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0148 % 2,957.3
FixedReset Ins Non 5.16 % 5.83 % 65,424 14.02 14 0.3183 % 2,985.1
Performance Highlights
Issue Index Change Notes
BN.PR.N Perpetual-Discount -9.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-09
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 6.75 %
PWF.PR.P FixedReset Disc -3.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-09
Maturity Price : 16.75
Evaluated at bid price : 16.75
Bid-YTW : 6.72 %
GWO.PR.S Insurance Straight -2.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-09
Maturity Price : 21.33
Evaluated at bid price : 21.60
Bid-YTW : 6.08 %
BN.PR.M Perpetual-Discount -2.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-09
Maturity Price : 18.55
Evaluated at bid price : 18.55
Bid-YTW : 6.55 %
IFC.PR.F Insurance Straight -2.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-09
Maturity Price : 22.58
Evaluated at bid price : 22.84
Bid-YTW : 5.91 %
ENB.PR.B FixedReset Disc -1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-09
Maturity Price : 18.30
Evaluated at bid price : 18.30
Bid-YTW : 7.38 %
PWF.PR.T FixedReset Disc -1.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-09
Maturity Price : 22.16
Evaluated at bid price : 22.65
Bid-YTW : 6.03 %
PWF.PR.Z Perpetual-Discount -1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-09
Maturity Price : 21.55
Evaluated at bid price : 21.55
Bid-YTW : 6.07 %
BN.PF.B FixedReset Disc -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-09
Maturity Price : 21.80
Evaluated at bid price : 22.15
Bid-YTW : 6.62 %
MFC.PR.J FixedReset Ins Non -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-09
Maturity Price : 23.25
Evaluated at bid price : 24.55
Bid-YTW : 5.75 %
FFH.PR.G FixedReset Disc -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-09
Maturity Price : 23.40
Evaluated at bid price : 24.30
Bid-YTW : 5.67 %
IFC.PR.I Insurance Straight -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-09
Maturity Price : 22.99
Evaluated at bid price : 23.45
Bid-YTW : 5.85 %
GWO.PR.P Insurance Straight 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-09
Maturity Price : 23.32
Evaluated at bid price : 23.60
Bid-YTW : 5.72 %
IFC.PR.A FixedReset Ins Non 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-09
Maturity Price : 21.41
Evaluated at bid price : 21.75
Bid-YTW : 5.51 %
FTS.PR.K FixedReset Disc 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-09
Maturity Price : 21.34
Evaluated at bid price : 21.65
Bid-YTW : 5.96 %
ENB.PR.P FixedReset Disc 1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-09
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 6.92 %
BN.PR.K Floater 1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-09
Maturity Price : 12.45
Evaluated at bid price : 12.45
Bid-YTW : 7.13 %
PWF.PR.L Perpetual-Discount 1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-09
Maturity Price : 21.33
Evaluated at bid price : 21.60
Bid-YTW : 5.98 %
BN.PR.B Floater 2.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-09
Maturity Price : 12.43
Evaluated at bid price : 12.43
Bid-YTW : 7.14 %
GWO.PR.N FixedReset Ins Non 2.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-09
Maturity Price : 16.67
Evaluated at bid price : 16.67
Bid-YTW : 6.29 %
SLF.PR.G FixedReset Ins Non 3.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-09
Maturity Price : 17.70
Evaluated at bid price : 17.70
Bid-YTW : 6.21 %
ENB.PR.F FixedReset Disc 5.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-09
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.94 %
Volume Highlights
Issue Index Shares
Traded		 Notes
NA.PR.G FixedReset Prem 301,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-09
Maturity Price : 23.66
Evaluated at bid price : 26.16
Bid-YTW : 5.70 %
BN.PR.T FixedReset Disc 102,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-09
Maturity Price : 18.73
Evaluated at bid price : 18.73
Bid-YTW : 6.93 %
BN.PR.R FixedReset Disc 100,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-09
Maturity Price : 19.02
Evaluated at bid price : 19.02
Bid-YTW : 6.84 %
TD.PF.I FixedReset Prem 51,900 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 26.03
Bid-YTW : 4.80 %
BMO.PR.E FixedReset Prem 37,800 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-11-25
Maturity Price : 25.00
Evaluated at bid price : 26.19
Bid-YTW : 5.42 %
BN.PR.N Perpetual-Discount 22,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-09
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 6.75 %
There were 8 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
GWO.PR.T Insurance Straight Quote: 17.50 – 22.31
Spot Rate : 4.8100
Average : 3.8740

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-09
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 7.39 %
BN.PF.G FixedReset Disc Quote: 21.50 – 23.95
Spot Rate : 2.4500
Average : 1.6275

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-09
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 6.86 %
BN.PR.N Perpetual-Discount Quote: 18.00 – 19.95
Spot Rate : 1.9500
Average : 1.1770

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-09
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 6.75 %
BN.PR.M Perpetual-Discount Quote: 18.55 – 20.00
Spot Rate : 1.4500
Average : 1.1099

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-09
Maturity Price : 18.55
Evaluated at bid price : 18.55
Bid-YTW : 6.55 %
CU.PR.H Perpetual-Discount Quote: 22.95 – 24.09
Spot Rate : 1.1400
Average : 0.8194

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-09
Maturity Price : 22.71
Evaluated at bid price : 22.95
Bid-YTW : 5.75 %
GWO.PR.L Insurance Straight Quote: 23.80 – 25.00
Spot Rate : 1.2000
Average : 0.9013

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-09
Maturity Price : 23.53
Evaluated at bid price : 23.80
Bid-YTW : 5.94 %
Market Action

June 6, 2025

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.4946 % 2,247.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.4946 % 4,374.6
Floater 7.11 % 7.24 % 61,282 12.16 2 0.4946 % 2,521.1
OpRet 0.00 % 0.00 % 0 0.00 0 0.0593 % 3,658.3
SplitShare 4.78 % 3.95 % 69,525 2.57 8 0.0593 % 4,368.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0593 % 3,408.7
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.2338 % 2,945.4
Perpetual-Discount 5.84 % 5.99 % 48,777 13.85 33 -0.2338 % 3,211.8
FixedReset Disc 5.62 % 6.22 % 129,335 13.03 46 -0.0649 % 2,893.5
Insurance Straight 5.80 % 5.80 % 54,796 14.21 20 -0.7156 % 3,124.4
FloatingReset 5.56 % 5.72 % 44,078 14.31 3 -0.1200 % 3,690.0
FixedReset Prem 6.07 % 5.10 % 119,422 3.33 12 -0.1287 % 2,612.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0649 % 2,957.7
FixedReset Ins Non 5.18 % 5.69 % 65,749 14.25 14 -0.6898 % 2,975.6
Performance Highlights
Issue Index Change Notes
GWO.PR.T Insurance Straight -18.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-06
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 7.38 %
BN.PR.M Perpetual-Discount -4.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-06
Maturity Price : 19.05
Evaluated at bid price : 19.05
Bid-YTW : 6.37 %
SLF.PR.G FixedReset Ins Non -4.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-06
Maturity Price : 17.05
Evaluated at bid price : 17.05
Bid-YTW : 6.23 %
PWF.PR.F Perpetual-Discount -3.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-06
Maturity Price : 21.33
Evaluated at bid price : 21.60
Bid-YTW : 6.15 %
PWF.PF.A Perpetual-Discount -2.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-06
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 6.14 %
MFC.PR.K FixedReset Ins Non -2.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-06
Maturity Price : 23.00
Evaluated at bid price : 24.15
Bid-YTW : 5.46 %
PWF.PR.P FixedReset Disc -2.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-06
Maturity Price : 17.34
Evaluated at bid price : 17.34
Bid-YTW : 6.29 %
SLF.PR.E Insurance Straight -1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-06
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 5.53 %
PWF.PR.L Perpetual-Discount -1.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-06
Maturity Price : 21.22
Evaluated at bid price : 21.22
Bid-YTW : 6.10 %
GWO.PR.N FixedReset Ins Non -1.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-06
Maturity Price : 16.25
Evaluated at bid price : 16.25
Bid-YTW : 6.24 %
ENB.PR.P FixedReset Disc -1.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-06
Maturity Price : 20.09
Evaluated at bid price : 20.09
Bid-YTW : 6.89 %
FTS.PR.K FixedReset Disc -1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-06
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 5.91 %
BN.PF.J FixedReset Disc -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-06
Maturity Price : 23.35
Evaluated at bid price : 24.70
Bid-YTW : 6.12 %
MFC.PR.C Insurance Straight -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-06
Maturity Price : 20.26
Evaluated at bid price : 20.26
Bid-YTW : 5.58 %
MFC.PR.F FixedReset Ins Non -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-06
Maturity Price : 17.31
Evaluated at bid price : 17.31
Bid-YTW : 5.96 %
SLF.PR.D Insurance Straight -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-06
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 5.47 %
NA.PR.C FixedReset Prem -1.09 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-11-15
Maturity Price : 25.00
Evaluated at bid price : 26.22
Bid-YTW : 5.10 %
BIP.PR.E FixedReset Disc -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-06
Maturity Price : 23.31
Evaluated at bid price : 24.73
Bid-YTW : 5.99 %
IFC.PR.I Insurance Straight 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-06
Maturity Price : 23.42
Evaluated at bid price : 23.70
Bid-YTW : 5.80 %
PWF.PR.K Perpetual-Discount 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-06
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.98 %
IFC.PR.F Insurance Straight 1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-06
Maturity Price : 22.94
Evaluated at bid price : 23.37
Bid-YTW : 5.76 %
PWF.PR.Z Perpetual-Discount 1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-06
Maturity Price : 21.52
Evaluated at bid price : 21.85
Bid-YTW : 5.96 %
BN.PF.D Perpetual-Discount 1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-06
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 6.18 %
PWF.PR.T FixedReset Disc 1.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-06
Maturity Price : 22.43
Evaluated at bid price : 23.10
Bid-YTW : 5.77 %
ENB.PR.B FixedReset Disc 2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-06
Maturity Price : 18.67
Evaluated at bid price : 18.67
Bid-YTW : 7.07 %
BN.PF.B FixedReset Disc 2.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-06
Maturity Price : 22.00
Evaluated at bid price : 22.43
Bid-YTW : 6.40 %
GWO.PR.Y Insurance Straight 2.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-06
Maturity Price : 19.46
Evaluated at bid price : 19.46
Bid-YTW : 5.80 %
GWO.PR.S Insurance Straight 2.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-06
Maturity Price : 21.97
Evaluated at bid price : 22.20
Bid-YTW : 5.91 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BN.PF.I FixedReset Disc 108,127 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 24.95
Bid-YTW : 6.13 %
BN.PF.H FixedReset Prem 80,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.33
Bid-YTW : 4.27 %
CM.PR.Q FixedReset Disc 70,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-06
Maturity Price : 24.06
Evaluated at bid price : 24.96
Bid-YTW : 5.62 %
RY.PR.M FixedReset Disc 52,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-11-24
Maturity Price : 25.00
Evaluated at bid price : 24.79
Bid-YTW : 5.07 %
TD.PF.D FixedReset Disc 50,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-06
Maturity Price : 24.09
Evaluated at bid price : 24.98
Bid-YTW : 5.62 %
MFC.PR.M FixedReset Ins Non 41,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-06
Maturity Price : 22.37
Evaluated at bid price : 23.11
Bid-YTW : 5.70 %
There were 10 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
BN.PR.X FixedReset Disc Quote: 17.81 – 24.00
Spot Rate : 6.1900
Average : 3.3474

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-06
Maturity Price : 17.81
Evaluated at bid price : 17.81
Bid-YTW : 6.64 %
GWO.PR.T Insurance Straight Quote: 17.50 – 22.31
Spot Rate : 4.8100
Average : 2.8478

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-06
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 7.38 %
PWF.PR.O Perpetual-Discount Quote: 24.50 – 26.05
Spot Rate : 1.5500
Average : 0.9990

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-06
Maturity Price : 24.21
Evaluated at bid price : 24.50
Bid-YTW : 5.99 %
PWF.PR.F Perpetual-Discount Quote: 21.60 – 22.60
Spot Rate : 1.0000
Average : 0.5703

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-06
Maturity Price : 21.33
Evaluated at bid price : 21.60
Bid-YTW : 6.15 %
CU.PR.J Perpetual-Discount Quote: 20.02 – 21.60
Spot Rate : 1.5800
Average : 1.1791

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-06
Maturity Price : 20.02
Evaluated at bid price : 20.02
Bid-YTW : 5.98 %
BN.PR.M Perpetual-Discount Quote: 19.05 – 20.15
Spot Rate : 1.1000
Average : 0.7370

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-06
Maturity Price : 19.05
Evaluated at bid price : 19.05
Bid-YTW : 6.37 %
Market Action

June 5, 2025

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 1.3367 % 2,236.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 1.3367 % 4,353.1
Floater 7.14 % 7.24 % 61,370 12.16 2 1.3367 % 2,508.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.0643 % 3,656.1
SplitShare 4.78 % 3.96 % 68,118 2.57 8 0.0643 % 4,366.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0643 % 3,406.7
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.0978 % 2,952.3
Perpetual-Discount 5.82 % 5.98 % 50,042 13.89 33 0.0978 % 3,219.4
FixedReset Disc 5.61 % 6.19 % 130,565 13.06 46 0.1397 % 2,895.4
Insurance Straight 5.75 % 5.85 % 56,624 14.21 20 -0.0277 % 3,146.9
FloatingReset 5.55 % 5.73 % 45,816 14.36 3 0.1352 % 3,694.5
FixedReset Prem 6.06 % 5.02 % 123,941 3.33 12 0.1030 % 2,616.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1397 % 2,959.6
FixedReset Ins Non 5.15 % 5.61 % 62,963 14.28 14 0.5039 % 2,996.3
Performance Highlights
Issue Index Change Notes
ENB.PR.F FixedReset Disc -4.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-05
Maturity Price : 19.02
Evaluated at bid price : 19.02
Bid-YTW : 7.14 %
GWO.PR.S Insurance Straight -4.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-05
Maturity Price : 21.33
Evaluated at bid price : 21.60
Bid-YTW : 6.08 %
CU.PR.J Perpetual-Discount -2.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-05
Maturity Price : 20.02
Evaluated at bid price : 20.02
Bid-YTW : 5.98 %
BN.PF.D Perpetual-Discount -2.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-05
Maturity Price : 19.90
Evaluated at bid price : 19.90
Bid-YTW : 6.29 %
CU.PR.C FixedReset Disc -2.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-05
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 6.23 %
IFC.PR.F Insurance Straight -2.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-05
Maturity Price : 22.66
Evaluated at bid price : 23.00
Bid-YTW : 5.86 %
ENB.PF.K FixedReset Disc -1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-05
Maturity Price : 22.89
Evaluated at bid price : 23.75
Bid-YTW : 6.37 %
PWF.PR.Z Perpetual-Discount -1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-05
Maturity Price : 21.49
Evaluated at bid price : 21.49
Bid-YTW : 6.08 %
PWF.PR.K Perpetual-Discount -1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-05
Maturity Price : 20.71
Evaluated at bid price : 20.71
Bid-YTW : 6.06 %
IFC.PR.A FixedReset Ins Non -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-05
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 5.45 %
TD.PF.I FixedReset Prem 1.01 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 26.12
Bid-YTW : 4.62 %
MFC.PR.K FixedReset Ins Non 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-05
Maturity Price : 23.25
Evaluated at bid price : 24.75
Bid-YTW : 5.30 %
GWO.PR.M Insurance Straight 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-05
Maturity Price : 24.21
Evaluated at bid price : 24.50
Bid-YTW : 5.92 %
ENB.PF.C FixedReset Disc 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-05
Maturity Price : 20.01
Evaluated at bid price : 20.01
Bid-YTW : 6.90 %
SLF.PR.J FloatingReset 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-05
Maturity Price : 17.74
Evaluated at bid price : 17.74
Bid-YTW : 5.75 %
BN.PR.K Floater 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-05
Maturity Price : 12.25
Evaluated at bid price : 12.25
Bid-YTW : 7.24 %
SLF.PR.G FixedReset Ins Non 1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-05
Maturity Price : 17.84
Evaluated at bid price : 17.84
Bid-YTW : 5.96 %
CCS.PR.C Insurance Straight 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-05
Maturity Price : 21.81
Evaluated at bid price : 22.05
Bid-YTW : 5.67 %
BN.PR.B Floater 1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-05
Maturity Price : 12.01
Evaluated at bid price : 12.01
Bid-YTW : 7.39 %
BN.PR.X FixedReset Disc 1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-05
Maturity Price : 17.97
Evaluated at bid price : 17.97
Bid-YTW : 6.58 %
BN.PR.M Perpetual-Discount 1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-05
Maturity Price : 20.01
Evaluated at bid price : 20.01
Bid-YTW : 6.06 %
MFC.PR.J FixedReset Ins Non 1.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-05
Maturity Price : 23.41
Evaluated at bid price : 24.97
Bid-YTW : 5.51 %
MFC.PR.F FixedReset Ins Non 1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-05
Maturity Price : 17.51
Evaluated at bid price : 17.51
Bid-YTW : 5.90 %
GWO.PR.P Insurance Straight 1.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-05
Maturity Price : 23.09
Evaluated at bid price : 23.35
Bid-YTW : 5.78 %
GWO.PR.N FixedReset Ins Non 2.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-05
Maturity Price : 16.55
Evaluated at bid price : 16.55
Bid-YTW : 6.13 %
PWF.PR.P FixedReset Disc 5.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-05
Maturity Price : 17.70
Evaluated at bid price : 17.70
Bid-YTW : 6.17 %
BIP.PR.E FixedReset Disc 6.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-05
Maturity Price : 23.41
Evaluated at bid price : 25.00
Bid-YTW : 5.91 %
BN.PR.N Perpetual-Discount 9.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-05
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 6.11 %
Volume Highlights
Issue Index Shares
Traded		 Notes
ENB.PF.C FixedReset Disc 107,220 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-05
Maturity Price : 20.01
Evaluated at bid price : 20.01
Bid-YTW : 6.90 %
BN.PF.I FixedReset Disc 100,500 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.16
Bid-YTW : 5.62 %
ENB.PF.G FixedReset Disc 81,601 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-05
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.89 %
ENB.PR.P FixedReset Disc 54,146 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-05
Maturity Price : 20.39
Evaluated at bid price : 20.39
Bid-YTW : 6.78 %
SLF.PR.H FixedReset Ins Non 51,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-05
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 5.74 %
CU.PR.C FixedReset Disc 47,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-05
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 6.23 %
There were 15 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
BN.PF.G FixedReset Disc Quote: 21.43 – 23.95
Spot Rate : 2.5200
Average : 1.4773

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-05
Maturity Price : 21.43
Evaluated at bid price : 21.43
Bid-YTW : 6.71 %
PWF.PR.S Perpetual-Discount Quote: 20.33 – 21.75
Spot Rate : 1.4200
Average : 0.8401

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-05
Maturity Price : 20.33
Evaluated at bid price : 20.33
Bid-YTW : 5.99 %
CU.PR.H Perpetual-Discount Quote: 22.95 – 24.11
Spot Rate : 1.1600
Average : 0.7176

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-05
Maturity Price : 22.71
Evaluated at bid price : 22.95
Bid-YTW : 5.75 %
GWO.PR.L Insurance Straight Quote: 23.80 – 25.00
Spot Rate : 1.2000
Average : 0.7864

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-05
Maturity Price : 23.53
Evaluated at bid price : 23.80
Bid-YTW : 5.94 %
ENB.PR.F FixedReset Disc Quote: 19.02 – 20.01
Spot Rate : 0.9900
Average : 0.5969

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-05
Maturity Price : 19.02
Evaluated at bid price : 19.02
Bid-YTW : 7.14 %
GWO.PR.S Insurance Straight Quote: 21.60 – 22.90
Spot Rate : 1.3000
Average : 0.9518

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-05
Maturity Price : 21.33
Evaluated at bid price : 21.60
Bid-YTW : 6.08 %
Market Action

June 4, 2025

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -1.0744 % 2,206.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 -1.0744 % 4,295.7
Floater 7.24 % 7.33 % 61,662 12.05 2 -1.0744 % 2,475.6
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0148 % 3,653.8
SplitShare 4.79 % 3.94 % 70,547 2.57 8 -0.0148 % 4,363.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0148 % 3,404.5
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.0537 % 2,949.4
Perpetual-Discount 5.83 % 5.98 % 48,545 13.89 33 0.0537 % 3,216.2
FixedReset Disc 5.62 % 6.21 % 129,228 13.08 46 0.1202 % 2,891.3
Insurance Straight 5.75 % 5.85 % 55,993 14.20 20 0.2104 % 3,147.8
FloatingReset 5.56 % 5.72 % 42,340 14.27 3 1.8207 % 3,689.5
FixedReset Prem 6.07 % 5.07 % 125,309 3.33 12 -0.0740 % 2,613.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1202 % 2,955.5
FixedReset Ins Non 5.17 % 5.66 % 60,627 14.18 14 0.9068 % 2,981.3
Performance Highlights
Issue Index Change Notes
BN.PR.N Perpetual-Discount -8.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-04
Maturity Price : 18.05
Evaluated at bid price : 18.05
Bid-YTW : 6.72 %
BN.PR.B Floater -3.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-04
Maturity Price : 11.84
Evaluated at bid price : 11.84
Bid-YTW : 7.49 %
ENB.PR.B FixedReset Disc -3.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-04
Maturity Price : 18.30
Evaluated at bid price : 18.30
Bid-YTW : 7.21 %
PWF.PR.P FixedReset Disc -2.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-04
Maturity Price : 16.75
Evaluated at bid price : 16.75
Bid-YTW : 6.51 %
GWO.PR.T Insurance Straight -1.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-04
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 6.00 %
GWO.PR.I Insurance Straight -1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-04
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 5.86 %
ENB.PR.T FixedReset Disc 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-04
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 6.62 %
BN.PR.Z FixedReset Disc 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-04
Maturity Price : 22.58
Evaluated at bid price : 23.15
Bid-YTW : 6.42 %
MFC.PR.C Insurance Straight 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-04
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 5.54 %
BN.PR.K Floater 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-04
Maturity Price : 12.10
Evaluated at bid price : 12.10
Bid-YTW : 7.33 %
PWF.PF.A Perpetual-Discount 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-04
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 5.93 %
ENB.PR.F FixedReset Disc 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-04
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.79 %
ENB.PR.N FixedReset Disc 1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-04
Maturity Price : 22.40
Evaluated at bid price : 23.03
Bid-YTW : 6.27 %
CU.PR.F Perpetual-Discount 1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-04
Maturity Price : 19.95
Evaluated at bid price : 19.95
Bid-YTW : 5.68 %
MFC.PR.K FixedReset Ins Non 2.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-04
Maturity Price : 23.15
Evaluated at bid price : 24.50
Bid-YTW : 5.36 %
IFC.PR.F Insurance Straight 2.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-04
Maturity Price : 23.24
Evaluated at bid price : 23.50
Bid-YTW : 5.73 %
BN.PR.M Perpetual-Discount 2.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-04
Maturity Price : 19.70
Evaluated at bid price : 19.70
Bid-YTW : 6.15 %
CU.PR.J Perpetual-Discount 2.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-04
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 5.81 %
GWO.PR.S Insurance Straight 4.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-04
Maturity Price : 22.22
Evaluated at bid price : 22.50
Bid-YTW : 5.83 %
SLF.PR.J FloatingReset 6.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-04
Maturity Price : 17.55
Evaluated at bid price : 17.55
Bid-YTW : 5.81 %
MFC.PR.I FixedReset Ins Non 6.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-04
Maturity Price : 23.40
Evaluated at bid price : 24.70
Bid-YTW : 5.76 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BN.PF.G FixedReset Disc 82,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-04
Maturity Price : 21.37
Evaluated at bid price : 21.37
Bid-YTW : 6.72 %
TD.PF.D FixedReset Disc 72,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-04
Maturity Price : 24.06
Evaluated at bid price : 24.95
Bid-YTW : 5.62 %
ENB.PR.Y FixedReset Disc 63,380 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-04
Maturity Price : 19.07
Evaluated at bid price : 19.07
Bid-YTW : 6.92 %
CU.PR.I FixedReset Disc 59,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-01
Maturity Price : 25.00
Evaluated at bid price : 25.08
Bid-YTW : 3.93 %
ENB.PF.E FixedReset Disc 47,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-04
Maturity Price : 19.84
Evaluated at bid price : 19.84
Bid-YTW : 6.94 %
CU.PR.C FixedReset Disc 47,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-04
Maturity Price : 21.37
Evaluated at bid price : 21.68
Bid-YTW : 6.06 %
There were 14 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
FTS.PR.M FixedReset Disc Quote: 22.15 – 24.80
Spot Rate : 2.6500
Average : 1.4510

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-04
Maturity Price : 21.77
Evaluated at bid price : 22.15
Bid-YTW : 6.08 %
BN.PR.N Perpetual-Discount Quote: 18.05 – 19.89
Spot Rate : 1.8400
Average : 1.1425

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-04
Maturity Price : 18.05
Evaluated at bid price : 18.05
Bid-YTW : 6.72 %
CU.PR.F Perpetual-Discount Quote: 19.95 – 23.88
Spot Rate : 3.9300
Average : 3.3934

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-04
Maturity Price : 19.95
Evaluated at bid price : 19.95
Bid-YTW : 5.68 %
TD.PF.D FixedReset Disc Quote: 24.95 – 26.00
Spot Rate : 1.0500
Average : 0.6358

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-04
Maturity Price : 24.06
Evaluated at bid price : 24.95
Bid-YTW : 5.62 %
IFC.PR.E Insurance Straight Quote: 23.34 – 24.99
Spot Rate : 1.6500
Average : 1.2526

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-04
Maturity Price : 22.94
Evaluated at bid price : 23.34
Bid-YTW : 5.65 %
ENB.PF.G FixedReset Disc Quote: 20.00 – 21.42
Spot Rate : 1.4200
Average : 1.1456

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-04
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.89 %
Issue Comments

BN.PF.G To Reset To 5.658%

Brookfield Corporation has announced:

that it has determined the fixed dividend rate on its Cumulative Class A Preference Shares, Series 42 (the “Series 42 Shares”) (TSX: BN.PF.G) for the five years commencing July 1, 2025 and ending June 30, 2030.

If declared, the fixed quarterly dividends on the Series 42 Shares during the five years commencing July 1, 2025 will be paid at an annual rate of 5.658% ($0.353625 per share per quarter).

Holders of Series 42 Shares have the right, at their option, exercisable not later than 5:00 p.m. (Toronto time) on June 16, 2025, to convert all or part of their Series 42 Shares, on a one-for-one basis, into Cumulative Class A Preference Shares, Series 43 (the “Series 43 Shares”), effective June 30, 2025. The quarterly floating rate dividends on the Series 43 Shares will be paid at an annual rate, calculated for each quarter, of 2.84% over the annual yield on three-month Government of Canada treasury bills. The actual quarterly dividend rate in respect of the July 1, 2025 to September 30, 2025 dividend period for the Series 43 Shares will be 1.38227% (5.484% on an annualized basis) and the dividend, if declared, for such dividend period will be $0.3455675 per share, payable on September 30, 2025.

Holders of Series 42 Shares are not required to elect to convert all or any part of their Series 42 Shares into Series 43 Shares.

As provided in the share conditions of the Series 42 Shares, (i) if Brookfield determines that there would be fewer than 1,000,000 Series 42 Shares outstanding after June 30, 2025, all remaining Series 42 Shares will be automatically converted into Series 43 Shares on a one-for-one basis effective June 30, 2025; and (ii) if Brookfield determines that there would be fewer than 1,000,000 Series 43 Shares outstanding after June 30, 2025, no Series 42 Shares will be permitted to be converted into Series 43 Shares. There are currently 11,887,500 Series 42 Shares outstanding.

The Toronto Stock Exchange (“TSX”) has conditionally approved the listing of the Series 43 Shares effective upon conversion. Listing of the Series 43 Shares is subject to Brookfield fulfilling all the listing requirements of the TSX.

BN.PF.G was issued as BAM.PF.G,a FixedReset 4.50%+284, that commenced trading 2014-10-8 after being announced 2014-10-1. The ticker changed to BN.PF.G on 2022-12-12. The issue reset to 3.254% effective 2020-7-1 and there was no conversion. It is tracked by HIMIPref™ and is assigned to the FixedResets (Discount) subindex.

Update, 2025-6-23: Brookfield has announced:

that after having taken into account all election notices received by the deadline for the conversion of its Cumulative Class A Preference Shares, Series 42 (the “Series 42 Shares”) (TSX: BN.PF.G) into Cumulative Class A Preference Shares, Series 43 (the “Series 43 Shares”), there were 10,420 Series 42 Shares tendered for conversion, which is less than the one million shares required to give effect to conversion into Series 43 Shares. Accordingly, there will be no conversion of Series 42 Shares into Series 43 Shares and holders of Series 42 Shares will retain their Series 42 Shares.