PrefBlog

Market Action

July PrefLetter Released!

The July, 2026, edition of PrefLetter has been released and is now available for purchase as the “Previous edition”. Those who subscribe for a full year receive the “Previous edition” as a bonus.

The July edition contains, as has become usual, the recently developed “Appendix SSC” which provides basic information regarding SplitShare issues as well as the other appendices with data on FixedResets, Straight Perpetuals and market commentary, in addition to the monthly recommendations.

The July edition also contains a short special appendix comparing the annualized returns of Malachite Aggressive Preferred Fund with the S&P/TSX Composite Index … that is, the equities total return index … over the 25 years of the fund’s life to the end of 26Q1.

I’m having more problems with shaw.ca eMail addresses. I have attempted to send PrefLetter as an attachment to the affected clients with no apparent problems … but with Shaw, who knows? Please contact me if you have not received your copy.

PrefLetter may now be purchased by all Canadian residents.

Until further notice, the “previous” edition will refer to the July, 2026, issue, while the “next” edition will be the August, 2026, issue scheduled to be prepared as of the close August 14, and emailed to subscribers prior to the market-opening on August 17. Prefletter is intended for long term investors seeking issues to buy-and-hold. At least one recommendation from each of the major preferred share sectors is included and discussed.

Note: The prefLetter.com website has seen three recent enhancements:

All the seminar videos are now free for viewing on the site – please visit https://prefletter.com/videoIntroduction.php
eMails of download links to clients with a year’s subscription will now include a note regarding how many issues remain to be delivered in that subscription.
The second download alternative in the eMails with download links has been altered to prevent interference from particularly obnoxious eMail protection systems.

Note: My verbosity has grown by such leaps and bounds that it is no longer possible to deliver PrefLetter as an eMail attachment – it’s just too big for my software! Instead, I have sent passwords – click on the link in your eMail and your copy will download.

Note: There have been problems lately with corporate eMail protection systems that substitute “safe” links for the links sent in the eMails; the problem being that the “safe” links do not work and an error is generated by my software. To avoid possible problems and delays, please subscribe through an eMail account that is not “protected” by such software.

Note: The PrefLetter website has a Subscriber Download Feature. If you have not received your copy, try it!

Note: PrefLetter eMails sometimes runs afoul of spam filters. If you have not received your copy within fifteen minutes of a release notice such as this one, please double check your (company’s) spam filtering policy and your spam repository – there are some hints in the post Sympatico Spam Filters out of Control. If it’s not there, contact me and I’ll get you your copy … somehow!

Note: There have been scattered complaints regarding inability to open PrefLetter in Acrobat Reader, despite my practice of including myself on the subscription list and immediately checking the copy received. I have had the occasional difficulty reading US Government documents, which I was able to resolve by downloading and installing the latest version of Adobe Reader. Also, note that so far, all complaints have been from users of Yahoo Mail. Try saving it to disk first, before attempting to open it.

Note: There have been other scattered complaints that double-clicking on the links in the “PrefLetter Download” email results in a message that the password has already been used. I have been able to reproduce this problem in my own eMail software … the problem is double-clicking. What happens is the first click opens the link and the second click finds that the password has already been used and refuses to work properly. So the moral of the story is: Don’t be a dick! Single Click!

Note: Assiduous Reader DG informs me:

In case you have any other Apple users: you need to install a free App from the apple store called “FileApp”. It comes with it’s own tutorial and allows you to download and save a PDF file.

Better Communication, Please!

BCE.PR.I To Reset To 5.10%

BCE has announced (but not on their website, because that would be too much work. Not by answering my eMail, because that would be too much work. Not by ensuring that “Business Classified” ads are easy to find on on the Globe & Mail and Montreal Gazette websites, because that would be too much work. No sir, they announced it with a print ad in the G&M, because that’s the way Gran’pa did it and he was a really smart man. I have photographed the ad and uploaded it, so you saw it here first! Welcome to Canada / Bienvenue au Canada):

This follows their Notice to holders of Series AI, June 18, 2026 (which they have gotten around to uploading):

Holders of fixed-rate BCE Inc. Series AI Preferred Shares have the right to convert all or part of their shares, effective on August 4, 2026, on a one-for-one basis into floating-rate Cumulative Redeemable First Preferred Shares, Series AJ of BCE Inc. (the “Series AJ Preferred Shares”). In order to convert their shares, holders must exercise their right of conversion during the conversion period which runs from June 17, 2026 until 5:00 p.m. (Eastern time) on July 22, 2026.
…
As of August 4, 2026, the Series AI Preferred Shares, should they remain outstanding, will pay, on a quarterly basis, as and when declared by the Board of Directors of BCE Inc., a fixed cash dividend for the following five years that will be determined by BCE Inc. on July 7, 2026 but which shall not be less than 80% of the five-year Government of Canada Yield (as defined in BCE Inc.’s articles) compounded semi-annually and computed on July 7, 2026 by two registered Canadian investment dealers appointed by BCE Inc. The annual dividend rate applicable to the Series AI Preferred Shares will be published on July 9, 2026 in the national edition of The Globe and Mail, the Montreal Gazette and Le Devoir and will be posted on BCE Inc.’s website at www.bce.ca.

In my taxonomy of preferred shares, BCE.PR.I is a FixedFloater and BCE.PR.J, its counterpart, is a RatchetRate preferred.

Market Action

July 10, 2026

The TXPR Price Index set a new 52-week high today of 712.48, edging the previous mark of 712.22 set yesterday.

In addition, ZPR set a new 52-week high today of 12.94, edging the previous mark of 12.935 set yesterday, and CPD at 14.21 beat yesterday’s 52-week high of 14.18.

In today’s employment news:

Employers added 18,000 jobs in June, Statistics Canada said Friday, mostly in part-time and private sector work.
…
Statscan said workers aged 15 to 24 added 33,000 jobs last month, coming off what’s been a tough labour market for youth. Workers aged 25 to 54 saw similar gains while older members of the labour market faced losses.

Overall growth was concentrated in part-time work as well as the food and accommodation and retail sectors of the economy, according to Statscan.
…
Elsewhere in the economy, manufacturing shed 17,000 positions last month. The industry is down some 61,000 jobs since a recent peak in January 2025 as U.S. tariffs continue to weigh on the sector, StatCan said.
…
As of Friday at noon, financial market odds were around 90 per cent in favour of an interest rate hold from the central bank next week, according to LSEG Data & Analytics.

All told, overall employment was up by 99,000 positions year-over-year in June with growth concentrated in the private sector.

Average hourly wages rose 3.3 per cent annually in June, up from three per cent in May.

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	0.3058 %	2,637.8
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.3058 %	4,967.3
Floater	5.48 %	5.58 %	38,985	14.57	3	0.3058 %	2,862.7
OpRet	0.00 %	0.00 %	0	0.00	0	-0.0238 %	3,627.6
SplitShare	4.80 %	4.97 %	62,450	2.69	5	-0.0238 %	4,332.1
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.0238 %	3,380.1
Perpetual-Premium	5.71 %	-2.15 %	57,572	0.09	7	-0.4342 %	3,069.4
Perpetual-Discount	5.56 %	5.58 %	43,079	14.48	27	-0.2993 %	3,396.1
FixedReset Disc	5.67 %	5.86 %	97,383	13.99	19	0.1594 %	3,351.2
Insurance Straight	5.44 %	5.49 %	51,079	14.64	20	0.1883 %	3,303.3
FloatingReset	0.00 %	0.00 %	0	0.00	0	0.1594 %	4,091.8
FixedReset Prem	5.92 %	4.53 %	80,228	2.28	29	-0.0547 %	2,656.3
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.1594 %	3,425.6
FixedReset Ins Non	5.26 %	5.27 %	52,006	13.92	14	0.1658 %	3,247.1

Performance Highlights
Issue	Index	Change	Notes
PWF.PR.F	Perpetual-Discount	-3.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-10 Maturity Price : 22.56 Evaluated at bid price : 22.82 Bid-YTW : 5.75 %
BN.PF.E	FixedReset Disc	-2.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-10 Maturity Price : 22.76 Evaluated at bid price : 23.73 Bid-YTW : 5.86 %
GWO.PR.I	Insurance Straight	-2.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-10 Maturity Price : 20.56 Evaluated at bid price : 20.56 Bid-YTW : 5.52 %
GWO.PR.Y	Insurance Straight	-1.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-10 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 5.47 %
FTS.PR.H	FixedReset Disc	1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-10 Maturity Price : 20.09 Evaluated at bid price : 20.09 Bid-YTW : 5.66 %
BN.PR.T	FixedReset Disc	1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-10 Maturity Price : 22.32 Evaluated at bid price : 23.13 Bid-YTW : 5.80 %
ENB.PR.Y	FixedReset Disc	1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-10 Maturity Price : 22.63 Evaluated at bid price : 23.36 Bid-YTW : 5.89 %
MFC.PR.B	Insurance Straight	1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-10 Maturity Price : 22.55 Evaluated at bid price : 22.80 Bid-YTW : 5.13 %
ENB.PR.H	FixedReset Disc	1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-10 Maturity Price : 23.22 Evaluated at bid price : 24.21 Bid-YTW : 5.57 %
MFC.PR.L	FixedReset Ins Non	1.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-10 Maturity Price : 23.49 Evaluated at bid price : 25.30 Bid-YTW : 5.27 %
BN.PR.N	Perpetual-Discount	1.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-10 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 5.70 %
PWF.PR.P	FixedReset Disc	2.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-10 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 5.58 %
GWO.PR.G	Insurance Straight	5.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-10 Maturity Price : 23.48 Evaluated at bid price : 23.75 Bid-YTW : 5.51 %

Volume Highlights
Issue	Index	Shares Traded	Notes
PWF.PR.R	Perpetual-Discount	90,300	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-10 Maturity Price : 24.34 Evaluated at bid price : 24.65 Bid-YTW : 5.58 %
CU.PR.K	Perpetual-Premium	17,800	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-10 Maturity Price : 24.75 Evaluated at bid price : 25.16 Bid-YTW : 5.62 %
GWO.PF.A	Perpetual-Premium	16,600	YTW SCENARIO Maturity Type : Call Maturity Date : 2035-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.15 Bid-YTW : 5.70 %
FTS.PR.M	FixedReset Prem	12,233	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-12-01 Maturity Price : 25.00 Evaluated at bid price : 25.23 Bid-YTW : 5.42 %
There were 0 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
MIC.PR.A	Perpetual-Discount	Quote: 23.45 – 25.99 Spot Rate : 2.5400 Average : 1.4268 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-10 Maturity Price : 23.19 Evaluated at bid price : 23.45 Bid-YTW : 5.79 %
ENB.PR.D	FixedReset Disc	Quote: 23.00 – 24.90 Spot Rate : 1.9000 Average : 1.1681 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-10 Maturity Price : 22.61 Evaluated at bid price : 23.00 Bid-YTW : 6.04 %
NA.PR.I	FixedReset Prem	Quote: 26.65 – 27.65 Spot Rate : 1.0000 Average : 0.5971 YTW SCENARIO Maturity Type : Call Maturity Date : 2029-05-01 Maturity Price : 25.00 Evaluated at bid price : 26.65 Bid-YTW : 4.73 %
PWF.PR.F	Perpetual-Discount	Quote: 22.82 – 23.74 Spot Rate : 0.9200 Average : 0.5454 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-10 Maturity Price : 22.56 Evaluated at bid price : 22.82 Bid-YTW : 5.75 %
BN.PF.E	FixedReset Disc	Quote: 23.73 – 24.50 Spot Rate : 0.7700 Average : 0.4606 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-10 Maturity Price : 22.76 Evaluated at bid price : 23.73 Bid-YTW : 5.86 %
GWO.PR.Q	Insurance Straight	Quote: 22.55 – 23.59 Spot Rate : 1.0400 Average : 0.8296 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-10 Maturity Price : 22.28 Evaluated at bid price : 22.55 Bid-YTW : 5.74 %

Market Action

July 9, 2026

The TXPR Price Index set a new 52-week high today of 712.22, erasing the previous mark of 710.92 set May 28.

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	0.3067 %	2,629.7
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.3067 %	4,952.2
Floater	5.50 %	5.58 %	39,019	14.57	3	0.3067 %	2,854.0
OpRet	0.00 %	0.00 %	0	0.00	0	0.0318 %	3,628.4
SplitShare	4.80 %	4.97 %	64,619	2.69	5	0.0318 %	4,333.1
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0318 %	3,380.9
Perpetual-Premium	5.68 %	5.42 %	59,818	0.09	7	0.1355 %	3,082.8
Perpetual-Discount	5.54 %	5.62 %	43,204	14.42	27	0.2889 %	3,406.3
FixedReset Disc	5.68 %	5.76 %	98,618	14.05	19	0.2995 %	3,345.8
Insurance Straight	5.45 %	5.53 %	53,175	14.60	20	0.0789 %	3,297.1
FloatingReset	0.00 %	0.00 %	0	0.00	0	0.2995 %	4,085.3
FixedReset Prem	5.91 %	4.79 %	80,719	2.28	29	0.1724 %	2,657.7
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.2995 %	3,420.1
FixedReset Ins Non	5.27 %	5.24 %	53,598	14.62	14	0.3267 %	3,241.7

Performance Highlights
Issue	Index	Change	Notes
GWO.PR.G	Insurance Straight	-4.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-09 Maturity Price : 22.24 Evaluated at bid price : 22.51 Bid-YTW : 5.81 %
GWO.PR.Q	Insurance Straight	-2.84 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-09 Maturity Price : 22.28 Evaluated at bid price : 22.55 Bid-YTW : 5.74 %
BN.PR.N	Perpetual-Discount	-2.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-09 Maturity Price : 20.64 Evaluated at bid price : 20.64 Bid-YTW : 5.80 %
ENB.PF.G	FixedReset Disc	-1.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-09 Maturity Price : 22.85 Evaluated at bid price : 24.01 Bid-YTW : 5.95 %
PWF.PR.P	FixedReset Disc	-1.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-09 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 5.66 %
FTS.PR.H	FixedReset Disc	-1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-09 Maturity Price : 19.89 Evaluated at bid price : 19.89 Bid-YTW : 5.62 %
PWF.PR.L	Perpetual-Discount	1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-09 Maturity Price : 22.87 Evaluated at bid price : 23.14 Bid-YTW : 5.60 %
GWO.PR.N	FixedReset Ins Non	1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-09 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 5.51 %
MFC.PR.J	FixedReset Ins Non	1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-09 Maturity Price : 23.60 Evaluated at bid price : 24.82 Bid-YTW : 5.74 %
MFC.PR.N	FixedReset Ins Non	1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-09 Maturity Price : 23.28 Evaluated at bid price : 25.00 Bid-YTW : 5.25 %
ENB.PR.P	FixedReset Disc	1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-09 Maturity Price : 23.29 Evaluated at bid price : 24.60 Bid-YTW : 5.70 %
MFC.PR.C	Insurance Straight	1.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-09 Maturity Price : 21.63 Evaluated at bid price : 21.88 Bid-YTW : 5.18 %
SLF.PR.E	Insurance Straight	1.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-09 Maturity Price : 21.61 Evaluated at bid price : 21.86 Bid-YTW : 5.17 %
GWO.PR.Y	Insurance Straight	1.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-09 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 5.40 %
GWO.PR.I	Insurance Straight	2.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-09 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 5.40 %
BN.PR.T	FixedReset Disc	3.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-09 Maturity Price : 22.18 Evaluated at bid price : 22.89 Bid-YTW : 5.76 %
CU.PR.G	Perpetual-Discount	5.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-09 Maturity Price : 20.69 Evaluated at bid price : 20.69 Bid-YTW : 5.51 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TD.PF.A	FixedReset Prem	58,201	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.57 Bid-YTW : 4.55 %
FFH.PR.K	FixedReset Prem	35,650	YTW SCENARIO Maturity Type : Call Maturity Date : 2027-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.19 Bid-YTW : 4.17 %
GWO.PF.A	Perpetual-Premium	27,610	YTW SCENARIO Maturity Type : Call Maturity Date : 2035-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.10 Bid-YTW : 5.72 %
NA.PR.C	FixedReset Prem	23,677	YTW SCENARIO Maturity Type : Call Maturity Date : 2027-11-15 Maturity Price : 25.00 Evaluated at bid price : 26.33 Bid-YTW : 2.48 %
ENB.PF.K	FixedReset Prem	20,180	YTW SCENARIO Maturity Type : Call Maturity Date : 2028-03-01 Maturity Price : 25.00 Evaluated at bid price : 26.08 Bid-YTW : 3.92 %
ENB.PR.B	FixedReset Disc	13,105	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-09 Maturity Price : 22.10 Evaluated at bid price : 22.75 Bid-YTW : 6.00 %
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
GWO.PR.G	Insurance Straight	Quote: 22.51 – 24.80 Spot Rate : 2.2900 Average : 1.7391 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-09 Maturity Price : 22.24 Evaluated at bid price : 22.51 Bid-YTW : 5.81 %
GWO.PR.Q	Insurance Straight	Quote: 22.55 – 23.59 Spot Rate : 1.0400 Average : 0.5988 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-09 Maturity Price : 22.28 Evaluated at bid price : 22.55 Bid-YTW : 5.74 %
RY.PR.S	FixedReset Prem	Quote: 26.86 – 27.86 Spot Rate : 1.0000 Average : 0.5935 YTW SCENARIO Maturity Type : Call Maturity Date : 2029-02-24 Maturity Price : 25.00 Evaluated at bid price : 26.86 Bid-YTW : 3.22 %
BN.PF.G	FixedReset Prem	Quote: 25.00 – 26.00 Spot Rate : 1.0000 Average : 0.6218 YTW SCENARIO Maturity Type : Call Maturity Date : 2030-07-01 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 5.73 %
POW.PR.H	Perpetual-Premium	Quote: 25.35 – 26.35 Spot Rate : 1.0000 Average : 0.7615 YTW SCENARIO Maturity Type : Call Maturity Date : 2034-10-15 Maturity Price : 25.00 Evaluated at bid price : 25.35 Bid-YTW : 5.56 %
BN.PR.N	Perpetual-Discount	Quote: 20.64 – 21.21 Spot Rate : 0.5700 Average : 0.3809 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-09 Maturity Price : 20.64 Evaluated at bid price : 20.64 Bid-YTW : 5.80 %

Market Action

July 8, 2026

PerpetualDiscounts now yield 5.62%, equivalent to 7.31% interest at the standard conversion factor of 1.3x. Long corporates yielded 5.06% on 2026-07-08. Therefore the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed dramatically to 225bp from the 250bp reported June 30.

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	-0.0943 %	2,621.7
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.0943 %	4,937.1
Floater	5.51 %	5.61 %	37,835	14.52	3	-0.0943 %	2,845.2
OpRet	0.00 %	0.00 %	0	0.00	0	-0.0714 %	3,627.3
SplitShare	4.80 %	4.97 %	67,083	2.69	5	-0.0714 %	4,331.7
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.0714 %	3,379.8
Perpetual-Premium	5.69 %	5.56 %	57,363	6.57	7	0.0961 %	3,078.6
Perpetual-Discount	5.56 %	5.62 %	41,756	14.38	27	-0.1788 %	3,396.5
FixedReset Disc	5.70 %	5.82 %	99,972	14.00	19	-0.2471 %	3,335.8
Insurance Straight	5.46 %	5.52 %	52,817	14.62	20	0.0000 %	3,294.5
FloatingReset	0.00 %	0.00 %	0	0.00	0	-0.2471 %	4,073.1
FixedReset Prem	5.92 %	4.80 %	76,916	2.29	29	-0.0241 %	2,653.2
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	-0.2471 %	3,409.9
FixedReset Ins Non	5.28 %	5.26 %	54,071	14.62	14	0.0981 %	3,231.1

Performance Highlights
Issue	Index	Change	Notes
CU.PR.G	Perpetual-Discount	-5.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-08 Maturity Price : 19.60 Evaluated at bid price : 19.60 Bid-YTW : 5.82 %
BN.PR.T	FixedReset Disc	-3.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-08 Maturity Price : 21.76 Evaluated at bid price : 22.21 Bid-YTW : 5.95 %
GWO.PR.T	Insurance Straight	-3.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-08 Maturity Price : 22.22 Evaluated at bid price : 22.50 Bid-YTW : 5.76 %
ENB.PR.B	FixedReset Disc	-2.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-08 Maturity Price : 22.10 Evaluated at bid price : 22.75 Bid-YTW : 6.00 %
GWO.PR.I	Insurance Straight	-2.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-08 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 5.52 %
MFC.PR.J	FixedReset Ins Non	-1.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-08 Maturity Price : 23.49 Evaluated at bid price : 24.55 Bid-YTW : 5.81 %
BN.PF.F	FixedReset Prem	-1.22 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-10-01 Maturity Price : 25.00 Evaluated at bid price : 25.20 Bid-YTW : 5.63 %
POW.PR.C	Perpetual-Premium	1.19 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2026-08-07 Maturity Price : 25.00 Evaluated at bid price : 25.55 Bid-YTW : -20.88 %
BN.PR.N	Perpetual-Discount	1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-08 Maturity Price : 21.07 Evaluated at bid price : 21.07 Bid-YTW : 5.68 %
GWO.PR.N	FixedReset Ins Non	1.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-08 Maturity Price : 19.29 Evaluated at bid price : 19.29 Bid-YTW : 5.57 %
MFC.PR.I	FixedReset Ins Non	1.69 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2027-09-19 Maturity Price : 25.00 Evaluated at bid price : 25.90 Bid-YTW : 3.18 %
ENB.PF.G	FixedReset Disc	2.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-08 Maturity Price : 22.97 Evaluated at bid price : 24.30 Bid-YTW : 5.87 %
GWO.PR.Y	Insurance Straight	3.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-08 Maturity Price : 20.65 Evaluated at bid price : 20.65 Bid-YTW : 5.49 %

Volume Highlights
Issue	Index	Shares Traded	Notes
FFH.PR.K	FixedReset Prem	123,100	YTW SCENARIO Maturity Type : Call Maturity Date : 2027-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.19 Bid-YTW : 4.15 %
GWO.PF.A	Perpetual-Premium	14,600	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-08 Maturity Price : 24.68 Evaluated at bid price : 25.08 Bid-YTW : 5.72 %
GWO.PR.N	FixedReset Ins Non	11,534	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-08 Maturity Price : 19.29 Evaluated at bid price : 19.29 Bid-YTW : 5.57 %
GWO.PR.Y	Insurance Straight	11,410	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-08 Maturity Price : 20.65 Evaluated at bid price : 20.65 Bid-YTW : 5.49 %
ENB.PR.N	FixedReset Prem	10,851	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-08 Maturity Price : 23.60 Evaluated at bid price : 25.30 Bid-YTW : 5.77 %
BN.PF.D	Perpetual-Discount	10,351	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-08 Maturity Price : 21.51 Evaluated at bid price : 21.51 Bid-YTW : 5.74 %
There were 0 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.G	Perpetual-Discount	Quote: 19.60 – 20.85 Spot Rate : 1.2500 Average : 0.7255 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-08 Maturity Price : 19.60 Evaluated at bid price : 19.60 Bid-YTW : 5.82 %
BIP.PR.F	FixedReset Prem	Quote: 25.65 – 27.50 Spot Rate : 1.8500 Average : 1.4877 YTW SCENARIO Maturity Type : Call Maturity Date : 2029-01-01 Maturity Price : 25.00 Evaluated at bid price : 25.65 Bid-YTW : 5.40 %
ENB.PR.B	FixedReset Disc	Quote: 22.75 – 24.00 Spot Rate : 1.2500 Average : 0.8932 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-08 Maturity Price : 22.10 Evaluated at bid price : 22.75 Bid-YTW : 6.00 %
MFC.PR.K	FixedReset Ins Non	Quote: 26.03 – 27.03 Spot Rate : 1.0000 Average : 0.6548 YTW SCENARIO Maturity Type : Call Maturity Date : 2028-09-19 Maturity Price : 25.00 Evaluated at bid price : 26.03 Bid-YTW : 4.55 %
BN.PR.T	FixedReset Disc	Quote: 22.21 – 23.20 Spot Rate : 0.9900 Average : 0.7582 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-08 Maturity Price : 21.76 Evaluated at bid price : 22.21 Bid-YTW : 5.95 %
MFC.PR.J	FixedReset Ins Non	Quote: 24.55 – 26.00 Spot Rate : 1.4500 Average : 1.2552 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-08 Maturity Price : 23.49 Evaluated at bid price : 24.55 Bid-YTW : 5.81 %

Market Action

July 7, 2026

The New York Fed has released the June Survey of Consumer Expectations:

June Survey: Inflation Expectations Up at Short- and Medium-Term Horizons; Gas Price Growth Expectations Fall

Median inflation expectations at the one-year ahead horizon increased by 0.2 percentage point (ppt) to 3.7 percent in June, the highest level since September 2023, and by 0.2 ppt to 3.3 percent at the three-year-ahead horizon, the highest level since June 2022. They were unchanged at 3.0 percent at the five-year-ahead horizon.
Gas price growth expectations declined by 3.5 ppts to 1.5 percent, the lowest level observed since August 2022.
The mean perceived probability of losing one’s job in the next twelve months decreased by 1.0 ppt to 14.1 percent, and the mean perceived probability of finding a job if one’s current job was lost increased by 1.2 ppt to 44.9 percent.
Perceptions about households’ current financial situations compared to a year ago improved, with a smaller share of households reporting a worse financial situation and a larger share reporting a better financial situation; however, expectations for future credit availability deteriorated slightly, with a larger share of respondents expecting that it will be harder to obtain credit in the year ahead.

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	0.3074 %	2,624.2
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.3074 %	4,941.7
Floater	5.51 %	5.58 %	37,496	14.57	3	0.3074 %	2,847.9
OpRet	0.00 %	0.00 %	0	0.00	0	-0.0317 %	3,629.9
SplitShare	4.80 %	4.89 %	66,909	2.69	5	-0.0317 %	4,334.8
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.0317 %	3,382.2
Perpetual-Premium	5.69 %	5.56 %	58,253	6.57	7	0.1472 %	3,075.6
Perpetual-Discount	5.55 %	5.62 %	40,564	14.39	27	0.5361 %	3,402.6
FixedReset Disc	5.69 %	5.78 %	98,489	14.02	19	0.6103 %	3,344.1
Insurance Straight	5.46 %	5.55 %	49,102	14.58	20	0.1514 %	3,294.5
FloatingReset	0.00 %	0.00 %	0	0.00	0	0.6103 %	4,083.2
FixedReset Prem	5.92 %	4.65 %	73,797	2.29	29	0.0588 %	2,653.8
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.6103 %	3,418.4
FixedReset Ins Non	5.29 %	5.26 %	54,477	14.56	14	0.0982 %	3,228.0

Performance Highlights
Issue	Index	Change	Notes
GWO.PR.Y	Insurance Straight	-3.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-07 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 5.67 %
MFC.PR.N	FixedReset Ins Non	-1.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-07 Maturity Price : 23.18 Evaluated at bid price : 24.72 Bid-YTW : 5.32 %
GWO.PR.N	FixedReset Ins Non	-1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-07 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 5.66 %
BIP.PR.F	FixedReset Prem	-1.19 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-01-01 Maturity Price : 25.00 Evaluated at bid price : 25.64 Bid-YTW : 5.41 %
SLF.PR.C	Insurance Straight	-1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-07 Maturity Price : 21.51 Evaluated at bid price : 21.51 Bid-YTW : 5.21 %
FTS.PR.J	Perpetual-Discount	-1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-07 Maturity Price : 22.44 Evaluated at bid price : 22.70 Bid-YTW : 5.28 %
MFC.PR.M	FixedReset Ins Non	1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-07 Maturity Price : 23.40 Evaluated at bid price : 25.25 Bid-YTW : 5.32 %
MIC.PR.A	Perpetual-Discount	1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-07 Maturity Price : 22.77 Evaluated at bid price : 23.20 Bid-YTW : 5.84 %
ENB.PR.J	FixedReset Disc	1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-07 Maturity Price : 23.22 Evaluated at bid price : 24.43 Bid-YTW : 5.82 %
POW.PR.A	Perpetual-Discount	1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-07 Maturity Price : 24.68 Evaluated at bid price : 24.95 Bid-YTW : 5.63 %
BN.PF.F	FixedReset Prem	1.23 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-10-01 Maturity Price : 25.00 Evaluated at bid price : 25.51 Bid-YTW : 5.21 %
GWO.PR.P	Insurance Straight	1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-07 Maturity Price : 24.00 Evaluated at bid price : 24.25 Bid-YTW : 5.60 %
PWF.PR.P	FixedReset Disc	1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-07 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 5.58 %
MFC.PR.J	FixedReset Ins Non	1.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-07 Maturity Price : 23.66 Evaluated at bid price : 24.97 Bid-YTW : 5.70 %
CU.PR.E	Perpetual-Discount	1.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-07 Maturity Price : 22.12 Evaluated at bid price : 22.40 Bid-YTW : 5.53 %
GWO.PR.I	Insurance Straight	2.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-07 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 5.40 %
ENB.PR.H	FixedReset Disc	2.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-07 Maturity Price : 23.06 Evaluated at bid price : 23.88 Bid-YTW : 5.57 %
PWF.PR.S	Perpetual-Discount	2.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-07 Maturity Price : 21.51 Evaluated at bid price : 21.77 Bid-YTW : 5.60 %
GWO.PR.T	Insurance Straight	3.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-07 Maturity Price : 22.93 Evaluated at bid price : 23.20 Bid-YTW : 5.58 %
BN.PR.T	FixedReset Disc	5.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-07 Maturity Price : 22.27 Evaluated at bid price : 23.05 Bid-YTW : 5.71 %

Volume Highlights
Issue	Index	Shares Traded	Notes
FTS.PR.M	FixedReset Prem	132,346	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-07 Maturity Price : 23.35 Evaluated at bid price : 25.10 Bid-YTW : 5.46 %
BN.PF.A	FixedReset Prem	113,200	YTW SCENARIO Maturity Type : Call Maturity Date : 2028-09-30 Maturity Price : 25.00 Evaluated at bid price : 25.88 Bid-YTW : 5.15 %
CU.PR.K	Perpetual-Premium	52,970	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-07 Maturity Price : 24.70 Evaluated at bid price : 25.10 Bid-YTW : 5.63 %
BN.PF.F	FixedReset Prem	30,566	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-10-01 Maturity Price : 25.00 Evaluated at bid price : 25.51 Bid-YTW : 5.21 %
BN.PF.G	FixedReset Prem	25,217	YTW SCENARIO Maturity Type : Call Maturity Date : 2030-07-01 Maturity Price : 25.00 Evaluated at bid price : 25.13 Bid-YTW : 5.58 %
ENB.PF.A	FixedReset Disc	23,808	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-07 Maturity Price : 23.01 Evaluated at bid price : 24.19 Bid-YTW : 5.90 %
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
BIP.PR.F	FixedReset Prem	Quote: 25.64 – 27.50 Spot Rate : 1.8600 Average : 1.0905 YTW SCENARIO Maturity Type : Call Maturity Date : 2029-01-01 Maturity Price : 25.00 Evaluated at bid price : 25.64 Bid-YTW : 5.41 %
GWO.PR.Y	Insurance Straight	Quote: 20.00 – 21.05 Spot Rate : 1.0500 Average : 0.6887 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-07 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 5.67 %
IFC.PR.F	Insurance Straight	Quote: 24.00 – 24.72 Spot Rate : 0.7200 Average : 0.4791 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-07 Maturity Price : 23.70 Evaluated at bid price : 24.00 Bid-YTW : 5.55 %
POW.PR.C	Perpetual-Premium	Quote: 25.25 – 26.08 Spot Rate : 0.8300 Average : 0.5929 YTW SCENARIO Maturity Type : Call Maturity Date : 2026-08-06 Maturity Price : 25.00 Evaluated at bid price : 25.25 Bid-YTW : -7.72 %
ENB.PR.B	FixedReset Disc	Quote: 23.28 – 24.00 Spot Rate : 0.7200 Average : 0.5020 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-07 Maturity Price : 22.71 Evaluated at bid price : 23.28 Bid-YTW : 5.87 %
IFC.PR.I	Insurance Straight	Quote: 24.96 – 25.84 Spot Rate : 0.8800 Average : 0.6876 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-07 Maturity Price : 24.45 Evaluated at bid price : 24.96 Bid-YTW : 5.42 %

Market Action

July 6, 2026

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	-0.2594 %	2,616.1
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.2594 %	4,926.6
Floater	5.52 %	5.61 %	37,645	14.52	3	-0.2594 %	2,839.2
OpRet	0.00 %	0.00 %	0	0.00	0	0.1509 %	3,631.0
SplitShare	4.80 %	4.90 %	67,325	2.70	5	0.1509 %	4,336.2
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1509 %	3,383.3
Perpetual-Premium	5.70 %	5.65 %	59,127	14.02	7	0.1360 %	3,071.1
Perpetual-Discount	5.58 %	5.66 %	39,223	14.35	27	-0.0874 %	3,384.5
FixedReset Disc	5.72 %	5.87 %	99,387	14.00	19	0.2561 %	3,323.8
Insurance Straight	5.47 %	5.55 %	48,107	14.58	20	-0.1249 %	3,289.5
FloatingReset	0.00 %	0.00 %	0	0.00	0	0.2561 %	4,058.4
FixedReset Prem	5.92 %	4.79 %	75,814	2.30	29	-0.0134 %	2,652.2
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.2561 %	3,397.6
FixedReset Ins Non	5.29 %	5.21 %	54,700	13.96	14	0.1878 %	3,224.8

Performance Highlights
Issue	Index	Change	Notes
BN.PR.T	FixedReset Disc	-3.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-06 Maturity Price : 21.58 Evaluated at bid price : 21.95 Bid-YTW : 6.02 %
CU.PR.E	Perpetual-Discount	-2.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-06 Maturity Price : 21.75 Evaluated at bid price : 22.00 Bid-YTW : 5.63 %
GWO.PR.I	Insurance Straight	-2.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-06 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 5.52 %
PWF.PR.A	Floater	-1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-06 Maturity Price : 14.46 Evaluated at bid price : 14.46 Bid-YTW : 5.47 %
GWO.PR.N	FixedReset Ins Non	-1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-06 Maturity Price : 19.26 Evaluated at bid price : 19.26 Bid-YTW : 5.58 %
MFC.PR.J	FixedReset Ins Non	-1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-06 Maturity Price : 23.49 Evaluated at bid price : 24.55 Bid-YTW : 5.81 %
POW.PR.B	Perpetual-Discount	-1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-06 Maturity Price : 23.36 Evaluated at bid price : 23.65 Bid-YTW : 5.67 %
BN.PR.B	Floater	1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-06 Maturity Price : 13.99 Evaluated at bid price : 13.99 Bid-YTW : 5.61 %
FTS.PR.J	Perpetual-Discount	1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-06 Maturity Price : 22.69 Evaluated at bid price : 22.93 Bid-YTW : 5.23 %
PWF.PR.R	Perpetual-Discount	1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-06 Maturity Price : 24.47 Evaluated at bid price : 24.71 Bid-YTW : 5.66 %
MFC.PR.Q	FixedReset Ins Non	1.06 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2028-06-19 Maturity Price : 25.00 Evaluated at bid price : 25.65 Bid-YTW : 4.71 %
BIP.PR.F	FixedReset Prem	1.21 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-01-01 Maturity Price : 25.00 Evaluated at bid price : 25.95 Bid-YTW : 4.87 %
ENB.PR.T	FixedReset Disc	1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-06 Maturity Price : 23.35 Evaluated at bid price : 24.88 Bid-YTW : 5.70 %
ENB.PF.E	FixedReset Disc	1.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-06 Maturity Price : 22.86 Evaluated at bid price : 24.00 Bid-YTW : 5.87 %
NA.PR.C	FixedReset Prem	1.66 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2027-11-15 Maturity Price : 25.00 Evaluated at bid price : 26.50 Bid-YTW : 1.97 %
ENB.PR.B	FixedReset Disc	2.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-06 Maturity Price : 22.66 Evaluated at bid price : 23.22 Bid-YTW : 5.88 %
MFC.PR.K	FixedReset Ins Non	2.36 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2028-09-19 Maturity Price : 25.00 Evaluated at bid price : 26.00 Bid-YTW : 4.59 %
ENB.PR.D	FixedReset Disc	2.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-06 Maturity Price : 22.78 Evaluated at bid price : 23.17 Bid-YTW : 5.89 %

Volume Highlights
Issue	Index	Shares Traded	Notes
GWO.PF.A	Perpetual-Premium	44,100	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-06 Maturity Price : 24.71 Evaluated at bid price : 25.11 Bid-YTW : 5.71 %
PVS.PR.K	SplitShare	36,900	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.03 Bid-YTW : 4.56 %
MFC.PR.K	FixedReset Ins Non	33,500	YTW SCENARIO Maturity Type : Call Maturity Date : 2028-09-19 Maturity Price : 25.00 Evaluated at bid price : 26.00 Bid-YTW : 4.59 %
NA.PR.C	FixedReset Prem	18,400	YTW SCENARIO Maturity Type : Call Maturity Date : 2027-11-15 Maturity Price : 25.00 Evaluated at bid price : 26.50 Bid-YTW : 1.97 %
CU.PR.J	Perpetual-Discount	17,500	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-06 Maturity Price : 21.54 Evaluated at bid price : 21.54 Bid-YTW : 5.59 %
GWO.PR.N	FixedReset Ins Non	15,500	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-06 Maturity Price : 19.26 Evaluated at bid price : 19.26 Bid-YTW : 5.58 %
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.PR.T	FixedReset Disc	Quote: 21.95 – 23.37 Spot Rate : 1.4200 Average : 0.8924 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-06 Maturity Price : 21.58 Evaluated at bid price : 21.95 Bid-YTW : 6.02 %
MFC.PR.J	FixedReset Ins Non	Quote: 24.55 – 26.09 Spot Rate : 1.5400 Average : 1.2188 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-06 Maturity Price : 23.49 Evaluated at bid price : 24.55 Bid-YTW : 5.81 %
IFC.PR.I	Insurance Straight	Quote: 24.95 – 25.70 Spot Rate : 0.7500 Average : 0.4766 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-06 Maturity Price : 24.44 Evaluated at bid price : 24.95 Bid-YTW : 5.43 %
GWO.PR.I	Insurance Straight	Quote: 20.55 – 21.32 Spot Rate : 0.7700 Average : 0.5325 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-06 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 5.52 %
CU.PR.E	Perpetual-Discount	Quote: 22.00 – 22.55 Spot Rate : 0.5500 Average : 0.3367 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-06 Maturity Price : 21.75 Evaluated at bid price : 22.00 Bid-YTW : 5.63 %
CU.PR.D	Perpetual-Discount	Quote: 22.02 – 22.80 Spot Rate : 0.7800 Average : 0.5695 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-06 Maturity Price : 21.78 Evaluated at bid price : 22.02 Bid-YTW : 5.62 %

Issue Comments

LBS.PR.A : Capital Unit Split, Preferred Offering

Brompton Group has announced (on 2026-6-18):

Life & Banc Split Corp. (the “Fund”) is pleased to announce its intention to complete a stock split of its class A shares (the “Share Split”) due to the Fund’s strong performance. Class A shareholders of record at the close of business on June 25, 2026 will receive 12 additional class A shares for every 100 class A shares held, pursuant to the Share Split. The Share Split is subject to the approval of the Toronto Stock Exchange (the “TSX”).

Class A shareholders will continue to receive regular monthly cash distributions targeted to be $0.10 per class A share following the Share Split. As a result, the total dollar amount of distributions to be paid to class A shareholders is expected to increase by approximately 12%. The Fund provides a distribution reinvestment plan, on a commission-free basis for class A shareholders that wish to reinvest distributions and realize the benefits of compound growth.

Over the last 10 years, the class A shares have delivered a 23.6% per annum total return based on net asset value, significantly outperforming both the S&P/TSX Capped Financials Total Return Index by 8.4% per annum and the S&P/TSX Composite Total Return Index by 10.8% per annum.(1) Since inception, class A shareholders have received cash distributions of $21.75 per share.

Following the completion of the Share Split, the preferred shares of the Fund are expected to have downside protection from a decline in the value of the Fund’s portfolio of approximately 57%.(2)

The class A shares are expected to commence trading on an ex-split basis at the opening of trading on June 25, 2026. No fractional class A shares will be issued and the number of class A shares each holder shall receive will be rounded down to the nearest whole number. The Share Split is a non-taxable event.

The Fund invests on an approximately equally weighted basis in a portfolio consisting of common shares of the six largest Canadian banks and the four major publicly traded Canadian life insurance companies:

Bank of Montreal Great-West Lifeco Inc.

National Bank of Canada The Bank of Nova Scotia

Canadian Imperial Bank of Commerce Royal Bank of Canada

iA Financial Corporation Inc. The Toronto-Dominion Bank

Sun Life Financial Inc. Manulife Financial Corporation

They have now announced:

Life & Banc Split Corp. (the “Fund”) is pleased to announce it is undertaking a treasury offering of preferred shares (“Preferred Shares”) (the “Offering”).

The sales period for this offering is expected to end on Tuesday, July 7, 2026. The offering is expected to close on or about July 14, 2026 and is subject to certain closing conditions including approval by the Toronto Stock Exchange (“TSX”).

The Preferred Shares will be offered at a price of $10.55 per Preferred Share to yield 6.9%.
(1) The closing price on the TSX for the Preferred Shares on July 3, 2026 was $10.64. The offering is being led by RBC Capital Markets.

The investment objectives for the Preferred Shares are to provide holders with fixed cumulative preferential quarterly cash distributions, in the amount of $0.18125 per Preferred Share (7.25% per annum on the original $10.00 issue price), and to return the original issue price to holders of Preferred Shares on October 30, 2028.

The Fund has declared aggregate dividends on the Preferred Shares of $10.73 per Preferred Share, representing 79 consecutive quarterly dividends since inception on October 17, 2006 to June 30, 2026. Purchasers of Preferred Shares in this Offering will be eligible to receive the full September 2026 quarterly dividend of $0.18125 per Preferred Share when the dividend is declared.

Based on the most recently calculated net asset value per unit of the Fund on July 2, 2026, the Preferred Shares have downside protection from a decline in the value of the Fund’s portfolio of approximately 58%. The Preferred Shares are rated Pfd-3 by Morningstar DBRS.

The Fund invests on an approximately equally weighted basis, in a portfolio (the “Portfolio”) consisting of common shares of the six largest Canadian banks and the four major publicly traded Canadian life insurance companies:

Bank of Montreal Great-West Lifeco Inc.

National Bank of Canada The Bank of Nova Scotia

Canadian Imperial Bank of Commerce Royal Bank of Canada

iA Financial Corporation Inc. The Toronto-Dominion Bank

Sun Life Financial Inc. Manulife Financial Corporation

This follows the 115-new-for-100-old Capital Unit split in April, which was followed by a similar offering.

MAPF

MAPF’s First Twenty Five Years – How About Equities?

I am pleased to report that Malachite Aggressive Preferred Fund had its twenty-fifth birthday at the end of March, 2026 (given that it commenced operations on March 31, 2001 and assuming my math’s right) and I thought it might be interesting to investigate a question that I’ve pondered for some time.

Namely: I know the fund’s done well against preferreds. But given outperformance on top of the liquidity premium for preferreds, how well has it done against equities?

Now, we know that preferred shares are part of the Fixed Income asset class (although not a member of the “Bond” sub-class!) and therefore there should be some kind of equity premium – additional expected return for owning equities as opposed to owning the ‘safer’, ‘less risky’ Fixed Income class … although not a lot of people really seem to think through just what ‘risk’ means. So, considering only this first supposition, it would appear that long-term investors should be heavily biased towards equities as they are expected to have better returns. The 2026 Projection Assumption Guidelines for Canada, prepared by the Institute of Financial Planning and the FP Canada Standards Council can be downloaded here; it indicates an equity premium of 3.1%, gross of fees, with a 10-year projection window.

On the other hand, though, there are two points of historical data that work against these expectations:

The Liquidity Premium : See, for example, the discussion in Research: Market Timing (PrefLetter Version)
Outperformance : This is a bit of a hair-raising thing to discuss because it cannot, strictly speaking, be considered reproducible. There are lots of managers in all asset classes who will shoot the lights out in one year and then, with varying degrees of speed, give it back in subsequent years because they’re just cowboys with no special insight into anything. So any discussion of outperformance has to be heavily weighted down that it is only a historical thing. On the other hand, there does exist one class of market participant who generally do outperform their benchmark, not every year, but most years … enough that they can form huge corporations and be parts of banks. These participants are market-makers, or to express the idea more generally and with a longer expected holding period, liquidity providers. They make oceans of money buying at a dime and selling at a quarter, on a steady basis. This is often forgotten when pompous idiots state flatly that nobody can outperform the market consistently. People can and people do. There is a gigantic, highly profitable industry built around this simple fact. You can get a record of the fund’s historical performance vs. a relevant index by clicking Malachite Aggressive Preferred Fund – Annualized Performance to First Quarter

So anyway, looking at the long-term results of the fund and considering these results against equities, there are three things to consider: the equity premium, the liquidity premium and the outperformance … which could quite possibly become underperformance in the future, who can tell? And, of course, each of these things is varying all the time. So what does the past twenty-five years have to tell us? I decided to look into it.

I will start off by noting explicitly that an equity index is not a good benchmark for preferred shares. These are two separate asset classes with their own set of risks and nobody can say which of these myriad risks will come into play in the future.

Annualized results are shown on the page Malachite Aggressive Preferred Fund – Annualized Performance to First Quarter Vs. S&P/TSX Composite Index. If we run our fingers down the ’10 year’ column and look at how the fund (pre-fees, post expenses) compares to Canadian equities (index values, so no fees, no expenses) we see we have 10-year data commencing with 2011Q1 and ending with 2026Q1 (inclusive) … sixteen data points.

The results were gratifying. The fund outperformed during the first eight 10-year periods, to 2018Q1 and has underperformed in the subsequent eight periods (2019Q1 to 2026Q1). The full twenty-five year period is also nice, with the fund edging the index with a +9.02% annualized return vs. +8.93%. Hip, hip, hurray!

Volume Highlights
Issue	Index	Shares Traded	Notes
PVS.PR.J	SplitShare	55,800	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2028-02-29 Maturity Price : 25.00 Evaluated at bid price : 24.99 Bid-YTW : 4.73 %
TD.PF.A	FixedReset Prem	53,400	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.26 Bid-YTW : 4.57 %
ENB.PF.C	FixedReset Disc	53,400	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-13 Maturity Price : 22.70 Evaluated at bid price : 23.60 Bid-YTW : 6.09 %
ENB.PR.F	FixedReset Disc	46,100	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-13 Maturity Price : 23.82 Evaluated at bid price : 24.14 Bid-YTW : 5.90 %
PWF.PR.P	FixedReset Disc	38,200	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-13 Maturity Price : 21.20 Evaluated at bid price : 21.20 Bid-YTW : 5.55 %
ENB.PR.P	FixedReset Disc	25,600	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-07-13 Maturity Price : 23.33 Evaluated at bid price : 24.68 Bid-YTW : 5.77 %
There were 8 other index-included issues trading in excess of 10,000 shares.

PrefBlog

PrefBlog

July 13, 2026

July PrefLetter Released!

BCE.PR.I To Reset To 5.10%

July 10, 2026

July 9, 2026

July 8, 2026

July 7, 2026

July 6, 2026

LBS.PR.A : Capital Unit Split, Preferred Offering

MAPF’s First Twenty Five Years – How About Equities?

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