Category: Market Action

Market Action

January 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 0.0253 % 2,433.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0253 % 4,614.9
Floater 5.92 % 6.14 % 53,539 13.72 3 0.0253 % 2,659.6
OpRet 0.00 % 0.00 % 0 0.00 0 -0.3517 % 3,679.4
SplitShare 4.74 % 3.99 % 68,076 1.11 5 -0.3517 % 4,394.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.3517 % 3,428.4
Perpetual-Premium 5.61 % -0.72 % 96,380 0.09 9 0.0700 % 3,118.3
Perpetual-Discount 5.55 % 5.61 % 47,435 14.40 25 -0.6027 % 3,408.0
FixedReset Disc 5.86 % 6.00 % 101,446 13.69 29 0.1825 % 3,169.2
Insurance Straight 5.45 % 5.49 % 54,996 14.63 22 0.6458 % 3,340.9
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.1825 % 3,770.1
FixedReset Prem 5.94 % 4.34 % 88,266 2.21 19 -0.2930 % 2,663.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1825 % 3,239.6
FixedReset Ins Non 5.27 % 5.36 % 75,578 14.43 14 0.3286 % 3,137.3
Performance Highlights
Issue Index Change Notes
PWF.PR.S Perpetual-Discount -23.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-06
Maturity Price : 16.60
Evaluated at bid price : 16.60
Bid-YTW : 7.40 %
PWF.PR.P FixedReset Disc -3.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-06
Maturity Price : 19.52
Evaluated at bid price : 19.52
Bid-YTW : 5.89 %
CU.PR.J Perpetual-Discount -3.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-06
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.74 %
ENB.PR.B FixedReset Disc -2.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-06
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 6.42 %
ENB.PR.H FixedReset Disc -1.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-06
Maturity Price : 22.15
Evaluated at bid price : 22.50
Bid-YTW : 5.91 %
PVS.PR.L SplitShare -1.80 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-02-05
Maturity Price : 26.00
Evaluated at bid price : 26.20
Bid-YTW : 1.21 %
BN.PF.J FixedReset Prem -1.54 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.50
Bid-YTW : 5.25 %
ENB.PR.J FixedReset Disc -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-06
Maturity Price : 22.02
Evaluated at bid price : 22.39
Bid-YTW : 6.36 %
GWO.PR.S Insurance Straight 1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-06
Maturity Price : 23.89
Evaluated at bid price : 24.14
Bid-YTW : 5.47 %
CCS.PR.C Insurance Straight 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-06
Maturity Price : 22.50
Evaluated at bid price : 22.76
Bid-YTW : 5.52 %
SLF.PR.D Insurance Straight 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-06
Maturity Price : 21.49
Evaluated at bid price : 21.75
Bid-YTW : 5.14 %
FTS.PR.J Perpetual-Discount 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-06
Maturity Price : 22.71
Evaluated at bid price : 23.00
Bid-YTW : 5.21 %
PWF.PR.E Perpetual-Discount 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-06
Maturity Price : 24.60
Evaluated at bid price : 24.86
Bid-YTW : 5.63 %
CU.PR.G Perpetual-Discount 1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-06
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 5.40 %
MFC.PR.Q FixedReset Ins Non 1.35 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-06-19
Maturity Price : 25.00
Evaluated at bid price : 25.49
Bid-YTW : 5.25 %
GWO.PR.Q Insurance Straight 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-06
Maturity Price : 23.09
Evaluated at bid price : 23.35
Bid-YTW : 5.54 %
SLF.PR.C Insurance Straight 1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-06
Maturity Price : 21.65
Evaluated at bid price : 21.90
Bid-YTW : 5.10 %
GWO.PR.M Insurance Straight 1.58 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-02-05
Maturity Price : 25.00
Evaluated at bid price : 25.65
Bid-YTW : -22.89 %
FTS.PR.H FixedReset Disc 1.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-06
Maturity Price : 19.19
Evaluated at bid price : 19.19
Bid-YTW : 5.74 %
CU.PR.H Perpetual-Discount 1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-06
Maturity Price : 24.03
Evaluated at bid price : 24.28
Bid-YTW : 5.47 %
ENB.PR.F FixedReset Disc 3.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-06
Maturity Price : 21.64
Evaluated at bid price : 22.07
Bid-YTW : 6.27 %
MFC.PR.F FixedReset Ins Non 3.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-06
Maturity Price : 18.88
Evaluated at bid price : 18.88
Bid-YTW : 5.74 %
ENB.PF.E FixedReset Disc 4.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-06
Maturity Price : 22.10
Evaluated at bid price : 22.65
Bid-YTW : 6.19 %
GWO.PR.Y Insurance Straight 5.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-06
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 5.45 %
ENB.PF.C FixedReset Disc 6.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-06
Maturity Price : 22.11
Evaluated at bid price : 22.63
Bid-YTW : 6.21 %
Volume Highlights
Issue Index Shares
Traded		 Notes
FFH.PR.K FixedReset Prem 271,966 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.50
Bid-YTW : 3.48 %
BN.PF.B FixedReset Disc 101,144 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-06
Maturity Price : 23.07
Evaluated at bid price : 24.29
Bid-YTW : 5.85 %
ENB.PF.K FixedReset Prem 72,907 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-03-01
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : 5.97 %
ENB.PF.A FixedReset Disc 67,166 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-06
Maturity Price : 22.35
Evaluated at bid price : 23.00
Bid-YTW : 6.17 %
CU.PR.K Perpetual-Premium 64,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-06
Maturity Price : 24.75
Evaluated at bid price : 25.15
Bid-YTW : 5.63 %
IFC.PR.A FixedReset Ins Non 54,318 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-06
Maturity Price : 21.49
Evaluated at bid price : 21.49
Bid-YTW : 5.50 %
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
PWF.PR.S Perpetual-Discount Quote: 16.60 – 22.40
Spot Rate : 5.8000
Average : 3.3208

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-06
Maturity Price : 16.60
Evaluated at bid price : 16.60
Bid-YTW : 7.40 %
SLF.PR.H FixedReset Ins Non Quote: 22.25 – 24.50
Spot Rate : 2.2500
Average : 1.7945

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-06
Maturity Price : 21.79
Evaluated at bid price : 22.25
Bid-YTW : 5.65 %
NA.PR.K FixedReset Prem Quote: 28.05 – 29.05
Spot Rate : 1.0000
Average : 0.6027

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-05-01
Maturity Price : 25.00
Evaluated at bid price : 28.05
Bid-YTW : 4.17 %
GWO.PR.Z Insurance Straight Quote: 25.36 – 26.36
Spot Rate : 1.0000
Average : 0.7523

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2034-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.36
Bid-YTW : 5.54 %
PVS.PR.L SplitShare Quote: 26.20 – 26.90
Spot Rate : 0.7000
Average : 0.4588

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-02-05
Maturity Price : 26.00
Evaluated at bid price : 26.20
Bid-YTW : 1.21 %
ENB.PR.H FixedReset Disc Quote: 22.50 – 23.10
Spot Rate : 0.6000
Average : 0.4501

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-06
Maturity Price : 22.15
Evaluated at bid price : 22.50
Bid-YTW : 5.91 %
Market Action

January 5, 2026

I heard maps of South America are going to be revised. They have to show “The Trump-Venezuela Country” now.

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 0.3050 % 2,433.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.3050 % 4,613.7
Floater 5.92 % 6.14 % 55,350 13.73 3 0.3050 % 2,658.9
OpRet 0.00 % 0.00 % 0 0.00 0 0.2114 % 3,692.4
SplitShare 4.73 % 3.98 % 68,386 1.11 5 0.2114 % 4,409.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2114 % 3,440.5
Perpetual-Premium 5.61 % 0.53 % 89,197 0.09 9 0.0963 % 3,116.1
Perpetual-Discount 5.51 % 5.59 % 47,012 14.40 25 0.3253 % 3,428.7
FixedReset Disc 5.87 % 5.90 % 98,749 13.84 29 0.0332 % 3,163.5
Insurance Straight 5.48 % 5.52 % 55,454 14.60 22 -0.2549 % 3,319.4
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.0332 % 3,763.3
FixedReset Prem 5.92 % 4.40 % 88,952 2.18 19 0.2111 % 2,671.1
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0332 % 3,233.7
FixedReset Ins Non 5.29 % 5.37 % 75,922 14.42 14 0.3482 % 3,127.0
Performance Highlights
Issue Index Change Notes
ENB.PF.C FixedReset Disc -6.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-05
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 6.63 %
GWO.PR.Y Insurance Straight -4.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-05
Maturity Price : 19.78
Evaluated at bid price : 19.78
Bid-YTW : 5.73 %
ENB.PF.E FixedReset Disc -4.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-05
Maturity Price : 21.39
Evaluated at bid price : 21.70
Bid-YTW : 6.47 %
PWF.PR.S Perpetual-Discount -2.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-05
Maturity Price : 21.33
Evaluated at bid price : 21.60
Bid-YTW : 5.65 %
IFC.PR.F Insurance Straight -2.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-05
Maturity Price : 23.28
Evaluated at bid price : 23.55
Bid-YTW : 5.66 %
MFC.PR.Q FixedReset Ins Non -1.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-05
Maturity Price : 23.53
Evaluated at bid price : 25.15
Bid-YTW : 5.51 %
CU.PR.H Perpetual-Discount -1.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-05
Maturity Price : 23.59
Evaluated at bid price : 23.86
Bid-YTW : 5.56 %
SLF.PR.H FixedReset Ins Non -1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-05
Maturity Price : 21.79
Evaluated at bid price : 22.25
Bid-YTW : 5.65 %
ENB.PR.T FixedReset Disc -1.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-05
Maturity Price : 22.42
Evaluated at bid price : 23.05
Bid-YTW : 6.18 %
BN.PF.I FixedReset Prem -1.50 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.00
Bid-YTW : 5.50 %
GWO.PR.Q Insurance Straight -1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-05
Maturity Price : 22.71
Evaluated at bid price : 23.00
Bid-YTW : 5.63 %
CCS.PR.C Insurance Straight -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-05
Maturity Price : 22.24
Evaluated at bid price : 22.51
Bid-YTW : 5.58 %
SLF.PR.G FixedReset Ins Non 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-05
Maturity Price : 19.74
Evaluated at bid price : 19.74
Bid-YTW : 5.52 %
TD.PF.I FixedReset Prem 1.05 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 26.96
Bid-YTW : 2.53 %
IFC.PR.E Insurance Straight 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-05
Maturity Price : 23.45
Evaluated at bid price : 23.74
Bid-YTW : 5.50 %
PVS.PR.M SplitShare 1.15 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2031-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.45
Bid-YTW : 4.88 %
BN.PF.F FixedReset Disc 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-05
Maturity Price : 23.28
Evaluated at bid price : 25.00
Bid-YTW : 5.78 %
MFC.PR.J FixedReset Ins Non 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-05
Maturity Price : 23.64
Evaluated at bid price : 25.30
Bid-YTW : 5.55 %
NA.PR.C FixedReset Prem 1.50 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-11-15
Maturity Price : 25.00
Evaluated at bid price : 27.09
Bid-YTW : 2.95 %
BN.PF.D Perpetual-Discount 1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-05
Maturity Price : 21.33
Evaluated at bid price : 21.60
Bid-YTW : 5.70 %
SLF.PR.E Insurance Straight 1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-05
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 5.14 %
PWF.PR.R Perpetual-Discount 1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-05
Maturity Price : 24.34
Evaluated at bid price : 24.65
Bid-YTW : 5.67 %
FTS.PR.M FixedReset Disc 1.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-05
Maturity Price : 23.22
Evaluated at bid price : 24.90
Bid-YTW : 5.45 %
CU.PR.F Perpetual-Discount 2.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-05
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 5.36 %
ENB.PR.B FixedReset Disc 2.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-05
Maturity Price : 21.35
Evaluated at bid price : 21.65
Bid-YTW : 6.24 %
CU.PR.C FixedReset Disc 2.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-05
Maturity Price : 24.31
Evaluated at bid price : 24.65
Bid-YTW : 5.47 %
MFC.PR.M FixedReset Ins Non 3.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-05
Maturity Price : 23.19
Evaluated at bid price : 24.81
Bid-YTW : 5.37 %
CU.PR.J Perpetual-Discount 3.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-05
Maturity Price : 21.45
Evaluated at bid price : 21.75
Bid-YTW : 5.52 %
MFC.PR.F FixedReset Ins Non 4.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-05
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 5.96 %
BN.PR.T FixedReset Disc 4.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-05
Maturity Price : 21.13
Evaluated at bid price : 21.13
Bid-YTW : 6.13 %
Volume Highlights
Issue Index Shares
Traded		 Notes
FFH.PR.K FixedReset Prem 210,409 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : 4.14 %
BN.PF.M FixedReset Prem 174,782 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2031-01-01
Maturity Price : 25.00
Evaluated at bid price : 26.10
Bid-YTW : 4.82 %
GWO.PR.N FixedReset Ins Non 123,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-05
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 5.72 %
MFC.PR.J FixedReset Ins Non 77,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-05
Maturity Price : 23.64
Evaluated at bid price : 25.30
Bid-YTW : 5.55 %
BN.PR.Z FixedReset Disc 49,135 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.16
Bid-YTW : 5.84 %
IFC.PR.M Perpetual-Premium 48,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-05
Maturity Price : 24.75
Evaluated at bid price : 25.15
Bid-YTW : 5.54 %
There were 22 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
SLF.PR.H FixedReset Ins Non Quote: 22.25 – 24.50
Spot Rate : 2.2500
Average : 1.2950

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-05
Maturity Price : 21.79
Evaluated at bid price : 22.25
Bid-YTW : 5.65 %
ENB.PF.E FixedReset Disc Quote: 21.70 – 22.99
Spot Rate : 1.2900
Average : 0.7505

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-05
Maturity Price : 21.39
Evaluated at bid price : 21.70
Bid-YTW : 6.47 %
ENB.PF.C FixedReset Disc Quote: 21.30 – 22.69
Spot Rate : 1.3900
Average : 0.9414

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-05
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 6.63 %
NA.PR.G FixedReset Prem Quote: 26.80 – 27.80
Spot Rate : 1.0000
Average : 0.5805

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-11-16
Maturity Price : 25.00
Evaluated at bid price : 26.80
Bid-YTW : 4.74 %
PWF.PR.S Perpetual-Discount Quote: 21.60 – 22.49
Spot Rate : 0.8900
Average : 0.6025

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-05
Maturity Price : 21.33
Evaluated at bid price : 21.60
Bid-YTW : 5.65 %
GWO.PR.Y Insurance Straight Quote: 19.78 – 20.78
Spot Rate : 1.0000
Average : 0.7267

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-05
Maturity Price : 19.78
Evaluated at bid price : 19.78
Bid-YTW : 5.73 %
Market Action

January 2, 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 -0.3041 % 2,425.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.3041 % 4,599.7
Floater 5.94 % 6.14 % 56,203 13.73 3 -0.3041 % 2,650.8
OpRet 0.00 % 0.00 % 0 0.00 0 0.3616 % 3,684.6
SplitShare 4.74 % 3.99 % 64,667 1.12 5 0.3616 % 4,400.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.3616 % 3,433.2
Perpetual-Premium 5.64 % 0.45 % 92,143 0.09 7 -0.0169 % 3,113.1
Perpetual-Discount 5.53 % 5.62 % 52,229 14.39 26 0.4976 % 3,417.6
FixedReset Disc 5.87 % 5.96 % 99,186 13.69 29 -0.0617 % 3,162.4
Insurance Straight 5.46 % 5.51 % 58,581 14.63 21 1.0065 % 3,327.9
FloatingReset 0.00 % 0.00 % 0 0.00 0 -0.0617 % 3,762.0
FixedReset Prem 5.93 % 4.42 % 89,491 2.19 19 0.1880 % 2,665.5
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0617 % 3,232.6
FixedReset Ins Non 5.46 % 5.28 % 75,713 14.32 13 0.2391 % 3,116.2
Performance Highlights
Issue Index Change Notes
BN.PR.T FixedReset Disc -4.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 6.39 %
CU.PR.J Perpetual-Discount -3.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.73 %
ENB.PR.B FixedReset Disc -2.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 6.39 %
CU.PR.F Perpetual-Discount -2.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 20.77
Evaluated at bid price : 20.77
Bid-YTW : 5.49 %
PWF.PR.R Perpetual-Discount -1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 24.00
Evaluated at bid price : 24.25
Bid-YTW : 5.77 %
IFC.PR.E Insurance Straight -1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 23.17
Evaluated at bid price : 23.47
Bid-YTW : 5.56 %
FTS.PR.M FixedReset Disc -1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 23.04
Evaluated at bid price : 24.42
Bid-YTW : 5.56 %
MFC.PR.J FixedReset Ins Non -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 23.53
Evaluated at bid price : 24.99
Bid-YTW : 5.61 %
FTS.PR.J Perpetual-Discount -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 22.28
Evaluated at bid price : 22.55
Bid-YTW : 5.32 %
PVS.PR.H SplitShare 1.08 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-02-28
Maturity Price : 25.00
Evaluated at bid price : 25.27
Bid-YTW : -0.08 %
GWO.PR.M Insurance Straight 1.17 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-02-01
Maturity Price : 25.00
Evaluated at bid price : 25.02
Bid-YTW : 5.27 %
BN.PF.D Perpetual-Discount 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 21.28
Evaluated at bid price : 21.28
Bid-YTW : 5.80 %
GWO.PR.P Insurance Straight 1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 24.21
Evaluated at bid price : 24.50
Bid-YTW : 5.54 %
TD.PF.I FixedReset Prem 2.10 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 26.68
Bid-YTW : 3.13 %
ENB.PR.F FixedReset Disc 2.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 6.50 %
PWF.PR.P FixedReset Disc 3.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 20.19
Evaluated at bid price : 20.19
Bid-YTW : 5.66 %
MFC.PR.L FixedReset Ins Non 3.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 23.24
Evaluated at bid price : 24.80
Bid-YTW : 5.24 %
IFC.PR.I Insurance Straight 8.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 24.01
Evaluated at bid price : 24.30
Bid-YTW : 5.58 %
IFC.PR.F Insurance Straight 10.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 23.82
Evaluated at bid price : 24.10
Bid-YTW : 5.52 %
CU.PR.G Perpetual-Discount 25.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 5.51 %
Volume Highlights
Issue Index Shares
Traded		 Notes
POW.PR.A Perpetual-Discount 19,100 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-02-01
Maturity Price : 25.00
Evaluated at bid price : 25.31
Bid-YTW : -11.49 %
GWO.PR.P Insurance Straight 15,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 24.21
Evaluated at bid price : 24.50
Bid-YTW : 5.54 %
PWF.PF.A Perpetual-Discount 14,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 20.57
Evaluated at bid price : 20.57
Bid-YTW : 5.57 %
POW.PR.G Perpetual-Discount 13,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-02-01
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 4.19 %
GWO.PR.Z Insurance Straight 11,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2034-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.31
Bid-YTW : 5.56 %
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.J Perpetual-Discount Quote: 21.00 – 23.00
Spot Rate : 2.0000
Average : 1.6564

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.73 %
POW.PR.H Perpetual-Premium Quote: 25.27 – 26.27
Spot Rate : 1.0000
Average : 0.6782

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2034-10-15
Maturity Price : 25.00
Evaluated at bid price : 25.27
Bid-YTW : 5.61 %
MFC.PR.J FixedReset Ins Non Quote: 24.99 – 25.75
Spot Rate : 0.7600
Average : 0.4754

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 23.53
Evaluated at bid price : 24.99
Bid-YTW : 5.61 %
IFC.PR.E Insurance Straight Quote: 23.47 – 24.40
Spot Rate : 0.9300
Average : 0.6598

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 23.17
Evaluated at bid price : 23.47
Bid-YTW : 5.56 %
BN.PF.J FixedReset Prem Quote: 26.01 – 27.01
Spot Rate : 1.0000
Average : 0.7368

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-12-31
Maturity Price : 25.00
Evaluated at bid price : 26.01
Bid-YTW : 4.15 %
PWF.PR.R Perpetual-Discount Quote: 24.25 – 24.95
Spot Rate : 0.7000
Average : 0.4956

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 24.00
Evaluated at bid price : 24.25
Bid-YTW : 5.77 %
Market Action

December 31, 2025

The TXPR price index set a new 52-week high today of 696.71, a small jump beyond the old mark of 695.87 set 2025-12-30.

PerpetualDiscounts now yield 5.61%, equivalent to 7.29% interest at the standard conversion factor of 1.3x. Long corporates yielded 4.91% on 2026-1-2, while the of price ZLC changed from 15.17 on 2025-12-31 to 15.09 on 2026-1-2, a decline of 53bp in price. Given a “duration” of 12.31 for the ZLC portfolio (BMO does not specify which duration they report; I am assuming Modified), this implies that portfolio yield rose 4bp from 12/31 to 1/2, implying a yield of 4.87% on 2025-12-31. Therefore the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed slightly (and perhaps spuriously) to 240bp from the 245bp reported December 24.

And that’s it for another year! All the best for 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 -0.1771 % 2,433.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.1771 % 4,613.7
Floater 5.92 % 6.13 % 56,933 13.75 3 -0.1771 % 2,658.9
OpRet 0.00 % 0.00 % 0 0.00 0 -0.2196 % 3,671.4
SplitShare 4.76 % 4.43 % 65,673 2.05 5 -0.2196 % 4,384.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.2196 % 3,420.9
Perpetual-Premium 5.64 % 2.81 % 93,439 0.09 7 -0.0281 % 3,113.6
Perpetual-Discount 5.56 % 5.61 % 49,865 14.43 26 -0.7476 % 3,400.7
FixedReset Disc 5.77 % 5.98 % 98,654 13.78 31 0.0968 % 3,164.4
Insurance Straight 5.51 % 5.51 % 58,603 14.61 21 -0.3087 % 3,294.7
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.0968 % 3,764.3
FixedReset Prem 5.90 % 4.38 % 90,034 2.50 20 -0.2640 % 2,660.5
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0968 % 3,234.6
FixedReset Ins Non 5.28 % 5.35 % 78,293 14.28 13 -0.4858 % 3,108.8
Performance Highlights
Issue Index Change Notes
CU.PR.G Perpetual-Discount -20.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 16.50
Evaluated at bid price : 16.50
Bid-YTW : 6.92 %
GWO.PR.M Insurance Straight -4.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 24.50
Evaluated at bid price : 24.73
Bid-YTW : 5.90 %
MFC.PR.M FixedReset Ins Non -3.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 22.86
Evaluated at bid price : 24.00
Bid-YTW : 5.56 %
BN.PF.D Perpetual-Discount -3.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 21.02
Evaluated at bid price : 21.02
Bid-YTW : 5.87 %
MFC.PR.L FixedReset Ins Non -3.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 22.85
Evaluated at bid price : 23.87
Bid-YTW : 5.48 %
CU.PR.C FixedReset Disc -2.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 23.46
Evaluated at bid price : 23.90
Bid-YTW : 5.61 %
TD.PF.I FixedReset Prem -2.06 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 26.13
Bid-YTW : 4.35 %
FFH.PR.K FixedReset Prem -1.80 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.05
Bid-YTW : 4.93 %
TD.PF.J FixedReset Prem -1.33 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-04-30
Maturity Price : 25.00
Evaluated at bid price : 26.05
Bid-YTW : 4.31 %
ENB.PR.F FixedReset Disc -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 6.66 %
BN.PF.B FixedReset Disc -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 22.96
Evaluated at bid price : 24.05
Bid-YTW : 5.89 %
GWO.PR.T Insurance Straight -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 22.74
Evaluated at bid price : 23.00
Bid-YTW : 5.62 %
GWO.PR.P Insurance Straight -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 23.85
Evaluated at bid price : 24.10
Bid-YTW : 5.63 %
ENB.PF.A FixedReset Disc 1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 22.46
Evaluated at bid price : 23.20
Bid-YTW : 6.09 %
ENB.PR.T FixedReset Disc 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 22.62
Evaluated at bid price : 23.40
Bid-YTW : 6.06 %
POW.PR.D Perpetual-Discount 1.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 22.56
Evaluated at bid price : 22.82
Bid-YTW : 5.49 %
SLF.PR.E Insurance Straight 2.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 21.49
Evaluated at bid price : 21.75
Bid-YTW : 5.19 %
CU.PR.J Perpetual-Discount 3.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 21.44
Evaluated at bid price : 21.74
Bid-YTW : 5.51 %
Volume Highlights
Issue Index Shares
Traded		 Notes
POW.PR.A Perpetual-Discount 39,991 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-30
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : -6.79 %
GWO.PR.P Insurance Straight 36,636 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 23.85
Evaluated at bid price : 24.10
Bid-YTW : 5.63 %
PWF.PF.A Perpetual-Discount 23,705 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 20.53
Evaluated at bid price : 20.53
Bid-YTW : 5.58 %
BN.PF.M FixedReset Prem 21,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2031-01-01
Maturity Price : 25.00
Evaluated at bid price : 25.87
Bid-YTW : 5.01 %
CU.PR.K Perpetual-Discount 20,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 24.72
Evaluated at bid price : 25.12
Bid-YTW : 5.63 %
GWO.PR.N FixedReset Ins Non 13,680 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 18.36
Evaluated at bid price : 18.36
Bid-YTW : 5.80 %
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
CU.PR.G Perpetual-Discount Quote: 16.50 – 21.21
Spot Rate : 4.7100
Average : 2.6345

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 16.50
Evaluated at bid price : 16.50
Bid-YTW : 6.92 %
GWO.PR.M Insurance Straight Quote: 24.73 – 25.92
Spot Rate : 1.1900
Average : 0.6807

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 24.50
Evaluated at bid price : 24.73
Bid-YTW : 5.90 %
MFC.PR.M FixedReset Ins Non Quote: 24.00 – 25.00
Spot Rate : 1.0000
Average : 0.5954

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 22.86
Evaluated at bid price : 24.00
Bid-YTW : 5.56 %
MFC.PR.L FixedReset Ins Non Quote: 23.87 – 24.87
Spot Rate : 1.0000
Average : 0.6284

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 22.85
Evaluated at bid price : 23.87
Bid-YTW : 5.48 %
TD.PF.I FixedReset Prem Quote: 26.13 – 27.05
Spot Rate : 0.9200
Average : 0.5980

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 26.13
Bid-YTW : 4.35 %
ENB.PR.F FixedReset Disc Quote: 20.80 – 22.25
Spot Rate : 1.4500
Average : 1.1287

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 6.66 %
Market Action

December 30, 2025

The TXPR price index set a new 52-week high today of 695.87, ahead of the old mark of 695.07 set 2025-12-29.

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 -0.3026 % 2,437.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.3026 % 4,621.9
Floater 5.91 % 6.11 % 57,144 13.78 3 -0.3026 % 2,663.6
OpRet 0.00 % 0.00 % 0 0.00 0 0.2516 % 3,679.4
SplitShare 4.74 % 4.19 % 68,384 1.13 5 0.2516 % 4,394.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2516 % 3,428.4
Perpetual-Premium 5.64 % 1.65 % 94,281 0.09 7 0.0281 % 3,114.5
Perpetual-Discount 5.52 % 5.61 % 49,168 14.37 26 0.0656 % 3,426.3
FixedReset Disc 5.77 % 5.98 % 100,409 13.88 31 -0.0701 % 3,161.3
Insurance Straight 5.50 % 5.51 % 58,298 14.64 21 -0.1437 % 3,305.0
FloatingReset 0.00 % 0.00 % 0 0.00 0 -0.0701 % 3,760.7
FixedReset Prem 5.88 % 4.28 % 89,811 2.50 20 0.3225 % 2,667.5
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0701 % 3,231.5
FixedReset Ins Non 5.25 % 5.28 % 74,883 14.30 13 -0.0825 % 3,123.9
Performance Highlights
Issue Index Change Notes
ENB.PR.F FixedReset Disc -4.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 6.57 %
SLF.PR.E Insurance Straight -2.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 5.32 %
CU.PR.J Perpetual-Discount -2.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 5.70 %
POW.PR.D Perpetual-Discount -2.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 22.12
Evaluated at bid price : 22.40
Bid-YTW : 5.59 %
ENB.PR.T FixedReset Disc -1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 22.42
Evaluated at bid price : 23.05
Bid-YTW : 6.16 %
GWO.PR.I Insurance Straight -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 5.51 %
MFC.PR.C Insurance Straight -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 21.49
Evaluated at bid price : 21.75
Bid-YTW : 5.20 %
POW.PR.B Perpetual-Discount 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 24.20
Evaluated at bid price : 24.46
Bid-YTW : 5.48 %
ENB.PR.P FixedReset Disc 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 22.12
Evaluated at bid price : 22.54
Bid-YTW : 6.20 %
FTS.PR.F Perpetual-Discount 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 23.82
Evaluated at bid price : 24.07
Bid-YTW : 5.13 %
CU.PR.H Perpetual-Discount 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 23.95
Evaluated at bid price : 24.20
Bid-YTW : 5.48 %
ENB.PR.B FixedReset Disc 2.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 21.29
Evaluated at bid price : 21.57
Bid-YTW : 6.23 %
FFH.PR.K FixedReset Prem 3.78 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.51
Bid-YTW : 3.39 %
Volume Highlights
Issue Index Shares
Traded		 Notes
GWO.PR.P Insurance Straight 27,210 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 24.09
Evaluated at bid price : 24.35
Bid-YTW : 5.57 %
BN.PF.H FixedReset Prem 20,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 23.90
Evaluated at bid price : 24.98
Bid-YTW : 7.13 %
POW.PR.C Perpetual-Premium 14,800 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-29
Maturity Price : 25.00
Evaluated at bid price : 25.90
Bid-YTW : -36.55 %
POW.PR.I Perpetual-Premium 14,613 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 24.76
Evaluated at bid price : 25.16
Bid-YTW : 5.67 %
POW.PR.A Perpetual-Discount 13,325 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-29
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : -6.97 %
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
IFC.PR.F Insurance Straight Quote: 21.90 – 24.89
Spot Rate : 2.9900
Average : 2.3907

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 21.61
Evaluated at bid price : 21.90
Bid-YTW : 6.08 %
GWO.PR.T Insurance Straight Quote: 23.24 – 25.00
Spot Rate : 1.7600
Average : 1.2701

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 22.99
Evaluated at bid price : 23.24
Bid-YTW : 5.56 %
CU.PR.J Perpetual-Discount Quote: 21.10 – 22.85
Spot Rate : 1.7500
Average : 1.3010

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 5.70 %
PWF.PR.G Perpetual-Premium Quote: 25.65 – 26.65
Spot Rate : 1.0000
Average : 0.5689

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-29
Maturity Price : 25.00
Evaluated at bid price : 25.65
Bid-YTW : -13.22 %
ENB.PR.F FixedReset Disc Quote: 21.05 – 22.25
Spot Rate : 1.2000
Average : 0.7764

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 6.57 %
MFC.PR.F FixedReset Ins Non Quote: 17.52 – 19.22
Spot Rate : 1.7000
Average : 1.3332

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 17.52
Evaluated at bid price : 17.52
Bid-YTW : 6.15 %
Market Action

December 29, 2025

The TXPR price index set a new 52-week high today of 695.07 (which was also the close), eclipsing the previous mark of 694.48 set December 24.

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 0.3289 % 2,444.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.3289 % 4,635.9
Floater 5.89 % 6.11 % 57,382 13.79 3 0.3289 % 2,671.7
OpRet 0.00 % 0.00 % 0 0.00 0 -0.5784 % 3,670.2
SplitShare 4.76 % 4.18 % 70,687 2.05 5 -0.5784 % 4,383.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.5784 % 3,419.8
Perpetual-Premium 5.64 % 2.43 % 88,485 0.09 7 -0.0056 % 3,113.6
Perpetual-Discount 5.52 % 5.59 % 49,937 14.37 26 0.3306 % 3,424.0
FixedReset Disc 5.77 % 6.00 % 101,695 13.87 31 0.2136 % 3,163.5
Insurance Straight 5.49 % 5.48 % 60,636 14.62 21 -0.5243 % 3,309.7
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.2136 % 3,763.3
FixedReset Prem 5.90 % 4.56 % 90,765 2.59 20 -0.0230 % 2,659.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2136 % 3,233.8
FixedReset Ins Non 5.25 % 5.34 % 77,588 14.30 13 -0.2207 % 3,126.5
Performance Highlights
Issue Index Change Notes
IFC.PR.F Insurance Straight -9.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 21.61
Evaluated at bid price : 21.90
Bid-YTW : 6.08 %
MFC.PR.F FixedReset Ins Non -6.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 17.52
Evaluated at bid price : 17.52
Bid-YTW : 6.15 %
FFH.PR.K FixedReset Prem -3.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 24.20
Evaluated at bid price : 24.58
Bid-YTW : 6.46 %
PVS.PR.M SplitShare -2.29 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2031-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.16
Bid-YTW : 5.11 %
BN.PF.M FixedReset Prem 1.08 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2031-01-01
Maturity Price : 25.00
Evaluated at bid price : 26.13
Bid-YTW : 4.77 %
CU.PR.F Perpetual-Discount 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 21.02
Evaluated at bid price : 21.02
Bid-YTW : 5.42 %
GWO.PR.T Insurance Straight 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 22.94
Evaluated at bid price : 23.20
Bid-YTW : 5.57 %
CU.PR.C FixedReset Disc 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 24.26
Evaluated at bid price : 24.60
Bid-YTW : 5.45 %
ENB.PF.G FixedReset Disc 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 22.24
Evaluated at bid price : 22.90
Bid-YTW : 6.18 %
CU.PR.G Perpetual-Discount 1.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 5.42 %
BN.PF.D Perpetual-Discount 3.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 21.34
Evaluated at bid price : 21.61
Bid-YTW : 5.69 %
Volume Highlights
Issue Index Shares
Traded		 Notes
FFH.PR.I FixedReset Disc 48,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 23.91
Evaluated at bid price : 24.98
Bid-YTW : 5.77 %
BN.PF.H FixedReset Prem 13,602 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 23.91
Evaluated at bid price : 24.98
Bid-YTW : 7.12 %
BN.PR.Z FixedReset Disc 13,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 23.63
Evaluated at bid price : 25.12
Bid-YTW : 5.86 %
PWF.PF.A Perpetual-Discount 12,925 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 20.52
Evaluated at bid price : 20.52
Bid-YTW : 5.58 %
CM.PR.S FixedReset Prem 12,099 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.91
Bid-YTW : 3.82 %
CU.PR.K Perpetual-Discount 11,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2035-03-01
Maturity Price : 25.00
Evaluated at bid price : 25.24
Bid-YTW : 5.57 %
There were 2 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
IFC.PR.F Insurance Straight Quote: 21.90 – 24.80
Spot Rate : 2.9000
Average : 1.7337

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 21.61
Evaluated at bid price : 21.90
Bid-YTW : 6.08 %
MFC.PR.F FixedReset Ins Non Quote: 17.52 – 19.14
Spot Rate : 1.6200
Average : 0.9310

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 17.52
Evaluated at bid price : 17.52
Bid-YTW : 6.15 %
FFH.PR.K FixedReset Prem Quote: 24.58 – 25.60
Spot Rate : 1.0200
Average : 0.5734

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 24.20
Evaluated at bid price : 24.58
Bid-YTW : 6.46 %
IFC.PR.I Insurance Straight Quote: 22.40 – 25.99
Spot Rate : 3.5900
Average : 3.1823

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 22.02
Evaluated at bid price : 22.40
Bid-YTW : 6.05 %
PVS.PR.M SplitShare Quote: 25.16 – 25.87
Spot Rate : 0.7100
Average : 0.4735

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2031-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.16
Bid-YTW : 5.11 %
BN.PR.Z FixedReset Disc Quote: 25.12 – 25.75
Spot Rate : 0.6300
Average : 0.3990

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 23.63
Evaluated at bid price : 25.12
Bid-YTW : 5.86 %
Market Action

December 24, 2025

The TXPR price index set a new 52-week high today of 694.48, edging the old mark of 694.34 set yesterday.

PerpetualDiscounts now yield 5.63%, equivalent to 7.32% interest at the standard conversion factor of 1.3x. Long corporates yielded 4.88% on 2025-12-24. Therefore the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened to 245bp from the 235bp reported December 17.

Merry Christmas!

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 0.2791 % 2,436.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.2791 % 4,620.7
Floater 5.91 % 6.11 % 56,796 13.78 3 0.2791 % 2,663.0
OpRet 0.00 % 0.00 % 0 0.00 0 0.6055 % 3,691.6
SplitShare 4.73 % 4.08 % 71,167 1.14 5 0.6055 % 4,408.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.6055 % 3,439.7
Perpetual-Premium 5.64 % 0.51 % 87,003 0.09 7 -0.0674 % 3,113.8
Perpetual-Discount 5.54 % 5.63 % 49,577 14.42 26 -0.4466 % 3,412.7
FixedReset Disc 5.78 % 6.07 % 101,821 13.63 31 0.2536 % 3,156.8
Insurance Straight 5.46 % 5.48 % 61,241 14.65 21 2.0081 % 3,327.2
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.2536 % 3,755.3
FixedReset Prem 5.90 % 4.20 % 94,420 2.60 20 -0.1227 % 2,659.6
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2536 % 3,226.9
FixedReset Ins Non 5.23 % 5.40 % 77,803 14.36 13 0.2477 % 3,133.4
Performance Highlights
Issue Index Change Notes
BN.PF.D Perpetual-Discount -3.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 20.89
Evaluated at bid price : 20.89
Bid-YTW : 5.90 %
ENB.PR.B FixedReset Disc -2.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.49 %
CU.PR.F Perpetual-Discount -1.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 20.79
Evaluated at bid price : 20.79
Bid-YTW : 5.47 %
MFC.PR.B Insurance Straight -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 21.65
Evaluated at bid price : 21.90
Bid-YTW : 5.33 %
TD.PF.I FixedReset Prem -1.20 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 26.38
Bid-YTW : 3.74 %
CU.PR.G Perpetual-Discount -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 20.61
Evaluated at bid price : 20.61
Bid-YTW : 5.52 %
SLF.PR.C Insurance Straight -1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 21.54
Evaluated at bid price : 21.80
Bid-YTW : 5.11 %
GWO.PR.T Insurance Straight -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 22.66
Evaluated at bid price : 22.92
Bid-YTW : 5.64 %
POW.PR.C Perpetual-Premium 1.01 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-23
Maturity Price : 25.00
Evaluated at bid price : 25.90
Bid-YTW : -37.49 %
ENB.PF.C FixedReset Disc 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 22.05
Evaluated at bid price : 22.55
Bid-YTW : 6.26 %
GWO.PR.Y Insurance Straight 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 20.95
Evaluated at bid price : 20.95
Bid-YTW : 5.40 %
PWF.PR.H Perpetual-Premium 1.28 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-23
Maturity Price : 25.00
Evaluated at bid price : 25.32
Bid-YTW : 0.51 %
IFC.PR.C FixedReset Ins Non 1.39 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-09-30
Maturity Price : 25.00
Evaluated at bid price : 24.85
Bid-YTW : 4.20 %
IFC.PR.E Insurance Straight 1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 23.53
Evaluated at bid price : 23.83
Bid-YTW : 5.47 %
PVS.PR.L SplitShare 2.09 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-23
Maturity Price : 26.00
Evaluated at bid price : 26.38
Bid-YTW : -9.19 %
BN.PR.R FixedReset Disc 2.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 6.20 %
ENB.PR.F FixedReset Disc 4.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 21.57
Evaluated at bid price : 21.97
Bid-YTW : 6.33 %
GWO.PR.L Insurance Straight 62.00 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-23
Maturity Price : 25.00
Evaluated at bid price : 25.11
Bid-YTW : -1.02 %
Volume Highlights
Issue Index Shares
Traded		 Notes
FFH.PR.I FixedReset Disc 569,100 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-30
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 5.60 %
BIP.PR.B FixedReset Disc 33,178 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-30
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 7.00 %
BN.PF.H FixedReset Prem 27,300 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-30
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 6.70 %
ENB.PR.B FixedReset Disc 16,082 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.49 %
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
BN.PF.D Perpetual-Discount Quote: 20.89 – 21.99
Spot Rate : 1.1000
Average : 0.6846

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 20.89
Evaluated at bid price : 20.89
Bid-YTW : 5.90 %
BN.PF.J FixedReset Prem Quote: 26.00 – 27.00
Spot Rate : 1.0000
Average : 0.7107

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-12-31
Maturity Price : 25.00
Evaluated at bid price : 26.00
Bid-YTW : 4.12 %
ENB.PF.C FixedReset Disc Quote: 22.55 – 23.50
Spot Rate : 0.9500
Average : 0.7226

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 22.05
Evaluated at bid price : 22.55
Bid-YTW : 6.26 %
ENB.PR.Y FixedReset Disc Quote: 21.40 – 21.90
Spot Rate : 0.5000
Average : 0.3254

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 6.34 %
POW.PR.B Perpetual-Discount Quote: 24.15 – 24.65
Spot Rate : 0.5000
Average : 0.3356

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 23.91
Evaluated at bid price : 24.15
Bid-YTW : 5.54 %
TD.PF.I FixedReset Prem Quote: 26.38 – 26.89
Spot Rate : 0.5100
Average : 0.3524

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 26.38
Bid-YTW : 3.74 %
Market Action

December 23, 2025

The TXPR price index set a new 52-week high today of 694.34, edging the old mark of 694.10 set yesterday.

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 0.0762 % 2,430.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0762 % 4,607.9
Floater 5.93 % 6.12 % 58,908 13.78 3 0.0762 % 2,655.5
OpRet 0.00 % 0.00 % 0 0.00 0 0.0551 % 3,669.3
SplitShare 4.76 % 4.52 % 71,950 3.17 5 0.0551 % 4,382.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0551 % 3,419.0
Perpetual-Premium 5.63 % 5.52 % 86,907 6.80 7 -0.1233 % 3,115.9
Perpetual-Discount 5.52 % 5.62 % 51,072 14.41 26 0.1345 % 3,428.1
FixedReset Disc 5.80 % 5.94 % 102,274 13.59 31 0.1835 % 3,148.8
Insurance Straight 5.57 % 5.49 % 61,728 14.63 21 0.0867 % 3,261.7
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.1835 % 3,745.8
FixedReset Prem 5.89 % 4.39 % 98,281 2.22 20 0.2074 % 2,662.8
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1835 % 3,218.7
FixedReset Ins Non 5.25 % 5.42 % 80,895 14.42 13 -0.0231 % 3,125.7
Performance Highlights
Issue Index Change Notes
IFC.PR.E Insurance Straight -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 23.17
Evaluated at bid price : 23.47
Bid-YTW : 5.55 %
PWF.PR.H Perpetual-Premium -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 24.68
Evaluated at bid price : 25.00
Bid-YTW : 5.83 %
BN.PR.R FixedReset Disc -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 20.74
Evaluated at bid price : 20.74
Bid-YTW : 6.34 %
PWF.PR.S Perpetual-Discount -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 21.90
Evaluated at bid price : 22.14
Bid-YTW : 5.50 %
MFC.PR.Q FixedReset Ins Non 1.03 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-06-19
Maturity Price : 25.00
Evaluated at bid price : 25.55
Bid-YTW : 5.06 %
FTS.PR.H FixedReset Disc 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.83 %
IFC.PR.G FixedReset Ins Non 1.07 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.55
Bid-YTW : 5.06 %
GWO.PR.Q Insurance Straight 1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 23.03
Evaluated at bid price : 23.30
Bid-YTW : 5.54 %
SLF.PR.C Insurance Straight 2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 21.81
Evaluated at bid price : 22.05
Bid-YTW : 5.05 %
ENB.PR.B FixedReset Disc 2.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 21.45
Evaluated at bid price : 21.45
Bid-YTW : 6.35 %
CU.PR.J Perpetual-Discount 2.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 21.56
Evaluated at bid price : 21.56
Bid-YTW : 5.57 %
BN.PR.X FixedReset Disc 2.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 6.06 %
ENB.PF.A FixedReset Disc 3.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 22.29
Evaluated at bid price : 22.90
Bid-YTW : 6.23 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BN.PF.H FixedReset Prem 191,500 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-30
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 6.52 %
CU.PR.K Perpetual-Discount 120,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 24.70
Evaluated at bid price : 25.10
Bid-YTW : 5.62 %
FFH.PR.I FixedReset Disc 32,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-30
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 5.45 %
IFC.PR.M Perpetual-Premium 22,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 24.75
Evaluated at bid price : 25.15
Bid-YTW : 5.52 %
POW.PR.I Perpetual-Premium 15,180 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2035-01-15
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : 5.65 %
PWF.PR.H Perpetual-Premium 12,552 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 24.68
Evaluated at bid price : 25.00
Bid-YTW : 5.83 %
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
GWO.PR.L Insurance Straight Quote: 15.50 – 25.36
Spot Rate : 9.8600
Average : 7.6945

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 15.50
Evaluated at bid price : 15.50
Bid-YTW : 9.20 %
IFC.PR.I Insurance Straight Quote: 22.40 – 25.99
Spot Rate : 3.5900
Average : 3.2127

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 22.02
Evaluated at bid price : 22.40
Bid-YTW : 6.04 %
IFC.PR.E Insurance Straight Quote: 23.47 – 24.40
Spot Rate : 0.9300
Average : 0.6569

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 23.17
Evaluated at bid price : 23.47
Bid-YTW : 5.55 %
SLF.PR.G FixedReset Ins Non Quote: 19.26 – 20.00
Spot Rate : 0.7400
Average : 0.4866

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 19.26
Evaluated at bid price : 19.26
Bid-YTW : 5.69 %
ENB.PR.F FixedReset Disc Quote: 21.05 – 21.95
Spot Rate : 0.9000
Average : 0.6947

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 6.64 %
GWO.PR.G Insurance Straight Quote: 23.43 – 23.99
Spot Rate : 0.5600
Average : 0.3597

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 23.17
Evaluated at bid price : 23.43
Bid-YTW : 5.56 %
Market Action

December 22, 2025

The TXPR price index set a new 52-week high of 694.10 today, beating the old mark of 693.91 set on November 11.

TXPR was helped along by amazing performance of PWF.PR.P, up 11.06% on a close-close basis, due to four trades executed at 3:46-3:47pm, all buys by RBC from CIBC. This took the market from a close of 19.26 yesterday, through 20.00 at 3:18, through the first two of the four trades at 20.69, through the third at 20.70 to 100 shares at the close of 21.39. It is of interest to note that RBC was on the buy side all day long; not quite monopolizing the market but making a damn good effort!

By my count, RBC was the buyer in 22 of the 27 TSX trades today, accounting for 6,600 of the 7,100 shares traded at the venue. Consolidated volume (including all the ATSs) was 19,750, so I’ll guess they bought somewhere a little north of $300,000 worth altogether (actual numbers are probably available somewhere). This is too much – and spread over too much time – to be some idiot placing a market or fat-finger order; and it seems unlikely that somebody with that much money to spend suddenly realized that PWF.PR.P will reset soon and, um, might therefore go up. So I’m gonna guess that it’s a buy-in, with RBC getting aggressive (while still reasonably patient – most TSX trades are for 100 shares) at about 3pm. The buy-in could be because of an unmargined short or a failed delivery.

Thanks to the newly arrived Assiduous Reader Le_bib for bringing this to my attention!

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 -0.0254 % 2,428.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.0254 % 4,604.4
Floater 5.93 % 6.14 % 59,277 13.74 3 -0.0254 % 2,653.5
OpRet 0.00 % 0.00 % 0 0.00 0 0.1892 % 3,667.3
SplitShare 4.76 % 4.16 % 72,301 3.17 5 0.1892 % 4,379.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1892 % 3,417.1
Perpetual-Premium 5.63 % 0.61 % 85,129 0.09 7 0.2079 % 3,119.7
Perpetual-Discount 5.52 % 5.64 % 51,943 14.38 26 0.0892 % 3,423.4
FixedReset Disc 5.81 % 5.98 % 105,062 13.58 31 0.2008 % 3,143.0
Insurance Straight 5.57 % 5.49 % 59,788 14.65 21 -2.0779 % 3,258.8
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.2008 % 3,739.0
FixedReset Prem 5.90 % 4.39 % 98,427 2.52 20 -0.0883 % 2,657.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2008 % 3,212.8
FixedReset Ins Non 5.25 % 5.50 % 81,935 14.42 13 -0.0132 % 3,126.4
Performance Highlights
Issue Index Change Notes
GWO.PR.L Insurance Straight -38.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-22
Maturity Price : 15.50
Evaluated at bid price : 15.50
Bid-YTW : 9.20 %
ENB.PR.F FixedReset Disc -2.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-22
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 6.59 %
ENB.PR.B FixedReset Disc -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-22
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.48 %
IFC.PR.E Insurance Straight -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-22
Maturity Price : 23.48
Evaluated at bid price : 23.78
Bid-YTW : 5.48 %
RY.PR.S FixedReset Prem -1.23 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-02-24
Maturity Price : 25.00
Evaluated at bid price : 26.54
Bid-YTW : 3.98 %
SLF.PR.C Insurance Straight -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-22
Maturity Price : 21.34
Evaluated at bid price : 21.61
Bid-YTW : 5.16 %
GWO.PR.Q Insurance Straight -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-22
Maturity Price : 22.71
Evaluated at bid price : 22.95
Bid-YTW : 5.63 %
BN.PF.F FixedReset Disc 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-22
Maturity Price : 23.13
Evaluated at bid price : 24.60
Bid-YTW : 5.91 %
PWF.PR.S Perpetual-Discount 1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-22
Maturity Price : 22.12
Evaluated at bid price : 22.40
Bid-YTW : 5.43 %
ENB.PF.C FixedReset Disc 1.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-22
Maturity Price : 21.91
Evaluated at bid price : 22.34
Bid-YTW : 6.32 %
ENB.PR.D FixedReset Disc 1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-22
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 6.33 %
Volume Highlights
Issue Index Shares
Traded		 Notes
G
WO.PR.M		 Insurance Straight 72,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-21
Maturity Price : 25.00
Evaluated at bid price : 25.80
Bid-YTW : -31.52 %
BIP.PR.B FixedReset Disc 41,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-30
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 6.63 %
FTS.PR.M FixedReset Disc 31,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-22
Maturity Price : 23.11
Evaluated at bid price : 24.60
Bid-YTW : 5.55 %
ENB.PF.K FixedReset Prem 30,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-22
Maturity Price : 23.56
Evaluated at bid price : 25.06
Bid-YTW : 6.16 %
FFH.PR.I FixedReset Disc 21,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-30
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 5.31 %
BN.PF.C Perpetual-Discount 13,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-22
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 5.75 %
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 th
erein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
GWO.PR.L Insurance Straight Quote: 15.50 – 25.36
Spot Rate : 9.8600
Average : 5.3201


YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-22
Maturity Price : 15.50
Evaluated at bid price : 15.50
Bid-YTW : 9.20 %
PWF.PR.P FixedReset Disc Quote: 19.36 – 21.35
Spot Rate : 1.9900
Average : 1.1113


YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-22
Maturity Price : 19.36
Evaluated at bid price : 19.36
Bid-YTW : 5.98 %
ENB.PR.F FixedReset Disc Quote: 21.20 – 21.96
Spot Rate : 0.7600
Average : 0.4697


YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-22
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 6.59 %
PVS.PR.L SplitShare Quote: 25.85 – 27.00
Spot Rate : 1.1500
Average : 0.8760


YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.85
Bid-YTW : 4.75 %
POW.PR.C Perpetual-Premium Quote: 26.00 – 26.60
Spot Rate : 0.6000
Average : 0.3737


YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-21
Maturity Price : 25.00
Evaluated at bid price : 26.00
Bid-YTW : -27.14 %
ENB.PF.A FixedReset Disc Quote: 22.22 – 23.15
Spot Rate : 0.9300
Average : 0.7682


YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-22
Maturity Price : 21.85
Evaluated at bid price : 22.22
Bid-YTW : 6.43 %
Market Action

December 19, 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 0.1780 % 2,428.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.1780 % 4,605.5
Floater 5.93 % 6.13 % 61,044 13.77 3 0.1780 % 2,654.2
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1967 % 3,660.4
SplitShare 4.77 % 4.20 % 71,725 3.18 5 -0.1967 % 4,371.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1967 % 3,410.6
Perpetual-Premium 5.64 % -2.82 % 85,535 0.09 7 -0.0393 % 3,113.3
Perpetual-Discount 5.53 % 5.64 % 50,968 14.38 26 1.0337 % 3,420.4
FixedReset Disc 5.82 % 6.03 % 106,196 13.58 31 0.2069 % 3,136.7
Insurance Straight 5.46 % 5.47 % 55,733 14.66 21 1.3331 % 3,328.0
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.2069 % 3,731.5
FixedReset Prem 5.90 % 4.38 % 101,696 2.53 20 0.1383 % 2,659.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2069 % 3,206.4
FixedReset Ins Non 5.25 % 5.42 % 84,620 14.42 13 0.6513 % 3,126.8
Performance Highlights
Issue Index Change Notes
ENB.PF.A FixedReset Disc -1.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 21.84
Evaluated at bid price : 22.21
Bid-YTW : 6.44 %
ENB.PF.C FixedReset Disc -1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 21.64
Evaluated at bid price : 21.95
Bid-YTW : 6.44 %
BN.PR.Z FixedReset Disc 1.00 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.25
Bid-YTW : 5.50 %
BIP.PR.E FixedReset Prem 1.07 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.57
Bid-YTW : 5.51 %
ENB.PR.H FixedReset Disc 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 22.38
Evaluated at bid price : 22.85
Bid-YTW : 5.84 %
GWO.PR.M Insurance Straight 1.14 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-18
Maturity Price : 25.00
Evaluated at bid price : 25.79
Bid-YTW : -31.61 %
BN.PR.T FixedReset Disc 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 20.74
Evaluated at bid price : 20.74
Bid-YTW : 6.29 %
GWO.PR.Q Insurance Straight 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 22.93
Evaluated at bid price : 23.21
Bid-YTW : 5.56 %
ENB.PR.B FixedReset Disc 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 6.40 %
ENB.PR.J FixedReset Disc 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 22.18
Evaluated at bid price : 22.62
Bid-YTW : 6.32 %
IFC.PR.G FixedReset Ins Non 1.76 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.50
Bid-YTW : 5.12 %
GWO.PR.S Insurance Straight 2.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 23.53
Evaluated at bid price : 23.80
Bid-YTW : 5.53 %
SLF.PR.E Insurance Straight 2.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 21.37
Evaluated at bid price : 21.64
Bid-YTW : 5.20 %
MFC.PR.C Insurance Straight 3.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 22.26
Evaluated at bid price : 22.53
Bid-YTW : 5.01 %
MFC.PR.L FixedReset Ins Non 3.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 23.21
Evaluated at bid price : 24.73
Bid-YTW : 5.31 %
POW.PR.A Perpetual-Discount 4.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 24.82
Evaluated at bid price : 25.04
Bid-YTW : 5.69 %
SLF.PR.C Insurance Straight 5.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 21.62
Evaluated at bid price : 21.87
Bid-YTW : 5.09 %
GWO.PR.T Insurance Straight 11.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 22.92
Evaluated at bid price : 23.17
Bid-YTW : 5.57 %
CU.PR.G Perpetual-Discount 26.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 20.81
Evaluated at bid price : 20.81
Bid-YTW : 5.46 %
Volume Highlights
Issue Index Shares
Traded		 Notes
FFH.PR.I FixedReset Disc 25,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-30
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 4.93 %
BN.PR.R FixedReset Disc 21,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 20.95
Evaluated at bid price : 20.95
Bid-YTW : 6.28 %
MFC.PR.F FixedReset Ins Non 19,365 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 5.84 %
BIP.PR.B FixedReset Disc 16,600 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-30
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 6.16 %
TD.PF.A FixedReset Prem 16,215 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.45
Bid-YTW : 4.67 %
ENB.PF.C FixedReset Disc 16,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 21.64
Evaluated at bid price : 21.95
Bid-YTW : 6.44 %
There were 12 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
IFC.PR.I Insurance Straight Quote: 22.40 – 25.99
Spot Rate : 3.5900
Average : 3.2583

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 22.02
Evaluated at bid price : 22.40
Bid-YTW : 6.04 %
ENB.PF.A FixedReset Disc Quote: 22.21 – 23.06
Spot Rate : 0.8500
Average : 0.5907

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 21.84
Evaluated at bid price : 22.21
Bid-YTW : 6.44 %
BN.PR.M Perpetual-Discount Quote: 20.75 – 21.35
Spot Rate : 0.6000
Average : 0.4451

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 5.75 %
PVS.PR.L SplitShare Quote: 25.81 – 26.50
Spot Rate : 0.6900
Average : 0.5756

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.81
Bid-YTW : 4.78 %
PWF.PR.S Perpetual-Discount Quote: 22.01 – 22.50
Spot Rate : 0.4900
Average : 0.3828

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 21.76
Evaluated at bid price : 22.01
Bid-YTW : 5.52 %
ENB.PR.A Perpetual-Discount Quote: 24.40 – 24.74
Spot Rate : 0.3400
Average : 0.2384

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 24.15
Evaluated at bid price : 24.40
Bid-YTW : 5.68 %