Category: Market Action

Market Action

July 13, 2026

The TXPR price index set a new 52-week high today of 713.15, eclipsing the old mark of 712.48 set last Friday, the 10th.

ZPR also set a new 52-week high, 12.96, beating the mark of 12.94, also set Friday 10th.

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 0.0235 % 2,638.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0235 % 4,968.5
Floater 5.48 % 5.57 % 38,382 14.57 3 0.0235 % 2,863.4
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0714 % 3,625.0
SplitShare 4.81 % 4.95 % 64,896 2.68 5 -0.0714 % 4,329.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0714 % 3,377.6
Perpetual-Premium 5.70 % -2.05 % 55,692 0.09 7 0.1699 % 3,074.6
Perpetual-Discount 5.57 % 5.62 % 42,488 14.47 27 -0.1211 % 3,392.0
FixedReset Disc 5.65 % 5.84 % 97,547 13.99 19 0.4013 % 3,364.6
Insurance Straight 5.44 % 5.51 % 52,662 14.58 20 0.1464 % 3,308.2
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.4013 % 4,108.2
FixedReset Prem 5.91 % 4.57 % 80,296 2.27 29 0.1415 % 2,660.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.4013 % 3,439.3
FixedReset Ins Non 5.25 % 5.29 % 52,011 3.10 14 0.1301 % 3,251.3
Performance Highlights
Issue Index Change Notes
PWF.PR.K Perpetual-Discount -4.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-13
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 5.83 %
GWO.PR.Y Insurance Straight -3.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-13
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.68 %
ENB.PF.C FixedReset Disc -1.67 % 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 %
MIC.PR.A Perpetual-Discount -1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-13
Maturity Price : 22.68
Evaluated at bid price : 23.10
Bid-YTW : 5.88 %
GWO.PR.G Insurance Straight 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-13
Maturity Price : 23.69
Evaluated at bid price : 24.00
Bid-YTW : 5.45 %
PWF.PR.G Perpetual-Premium 1.07 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-08-12
Maturity Price : 25.00
Evaluated at bid price : 25.45
Bid-YTW : -18.45 %
BN.PF.G FixedReset Prem 1.08 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2030-07-01
Maturity Price : 25.00
Evaluated at bid price : 25.27
Bid-YTW : 5.44 %
FTS.PR.J Perpetual-Discount 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-13
Maturity Price : 22.60
Evaluated at bid price : 22.85
Bid-YTW : 5.25 %
BN.PF.E FixedReset Disc 1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-13
Maturity Price : 22.96
Evaluated at bid price : 24.17
Bid-YTW : 5.75 %
ENB.PR.B FixedReset Disc 1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-13
Maturity Price : 22.63
Evaluated at bid price : 23.20
Bid-YTW : 6.00 %
PWF.PR.F Perpetual-Discount 2.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-13
Maturity Price : 23.03
Evaluated at bid price : 23.30
Bid-YTW : 5.64 %
GWO.PR.I Insurance Straight 2.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-13
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 5.37 %
ENB.PR.D FixedReset Disc 2.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-13
Maturity Price : 23.28
Evaluated at bid price : 23.68
Bid-YTW : 5.86 %
MFC.PR.J FixedReset Ins Non 3.95 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-03-19
Maturity Price : 25.00
Evaluated at bid price : 25.80
Bid-YTW : 4.45 %
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.
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.K Perpetual-Discount Quote: 21.30 – 22.62
Spot Rate : 1.3200
Average : 0.7432

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-13
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 5.83 %
GWO.PR.Y Insurance Straight Quote: 20.00 – 21.75
Spot Rate : 1.7500
Average : 1.2060

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-13
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.68 %
ENB.PF.E FixedReset Disc Quote: 24.15 – 24.95
Spot Rate : 0.8000
Average : 0.4831

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-13
Maturity Price : 22.93
Evaluated at bid price : 24.15
Bid-YTW : 5.92 %
GWO.PR.Q Insurance Straight Quote: 22.55 – 24.00
Spot Rate : 1.4500
Average : 1.1541

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-13
Maturity Price : 22.28
Evaluated at bid price : 22.55
Bid-YTW : 5.75 %
IFC.PR.G FixedReset Ins Non Quote: 25.40 – 26.15
Spot Rate : 0.7500
Average : 0.4627

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : 5.29 %
ENB.PF.C FixedReset Disc Quote: 23.60 – 24.58
Spot Rate : 0.9800
Average : 0.7183

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 %
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 %
Market Action

July 3, 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 5.59 % 5.79 % 20,924 14.74 1 0.0000 % 2,622.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.1417 % 4,939.4
Floater 5.51 % 5.64 % 36,214 14.48 3 0.1417 % 2,846.6
OpRet 0.00 % 0.00 % 0 0.00 0 0.1113 % 3,625.5
SplitShare 4.81 % 4.96 % 62,343 2.71 5 0.1113 % 4,329.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1113 % 3,378.2
Perpetual-Premium 5.69 % 5.64 % 59,505 6.75 7 -0.1698 % 3,067.0
Perpetual-Discount 5.57 % 5.66 % 39,564 14.38 29 0.1071 % 3,387.4
FixedReset Disc 5.74 % 5.78 % 100,605 13.99 19 -0.0272 % 3,315.3
Insurance Straight 5.47 % 5.53 % 46,880 14.59 22 0.0574 % 3,293.7
FloatingReset 4.66 % 4.69 % 15,987 16.10 1 2.4935 % 4,048.1
FixedReset Prem 5.92 % 4.64 % 75,964 2.30 29 -0.0868 % 2,652.6
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0272 % 3,388.9
FixedReset Ins Non 5.30 % 5.25 % 52,620 14.63 14 -0.0804 % 3,218.8
Performance Highlights
Issue Index Change Notes
MFC.PR.J FixedReset Ins Non -2.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-03
Maturity Price : 23.60
Evaluated at bid price : 24.82
Bid-YTW : 5.71 %
ENB.PR.D FixedReset Disc -1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-03
Maturity Price : 22.18
Evaluated at bid price : 22.52
Bid-YTW : 6.04 %
GWO.PR.M Insurance Straight -1.50 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-08-02
Maturity Price : 25.00
Evaluated at bid price : 25.55
Bid-YTW : -19.15 %
ENB.PF.G FixedReset Disc -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-03
Maturity Price : 22.75
Evaluated at bid price : 23.80
Bid-YTW : 5.99 %
CU.PR.D Perpetual-Discount -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-03
Maturity Price : 21.98
Evaluated at bid price : 22.22
Bid-YTW : 5.57 %
MFC.PR.K FixedReset Ins Non -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-03
Maturity Price : 23.67
Evaluated at bid price : 25.40
Bid-YTW : 5.25 %
POW.PR.B Perpetual-Discount 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-03
Maturity Price : 23.62
Evaluated at bid price : 23.89
Bid-YTW : 5.61 %
MFC.PR.B Insurance Straight 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-03
Maturity Price : 22.10
Evaluated at bid price : 22.38
Bid-YTW : 5.22 %
PWF.PR.E Perpetual-Discount 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-03
Maturity Price : 24.20
Evaluated at bid price : 24.46
Bid-YTW : 5.72 %
SLF.PR.G FixedReset Ins Non 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-03
Maturity Price : 20.98
Evaluated at bid price : 20.98
Bid-YTW : 5.25 %
GWO.PR.N FixedReset Ins Non 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-03
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 5.49 %
ENB.PF.C FixedReset Disc 1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-03
Maturity Price : 22.84
Evaluated at bid price : 23.90
Bid-YTW : 5.89 %
ENB.PR.F FixedReset Disc 1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-03
Maturity Price : 23.40
Evaluated at bid price : 23.75
Bid-YTW : 5.87 %
SLF.PR.J FloatingReset 2.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-03
Maturity Price : 19.73
Evaluated at bid price : 19.73
Bid-YTW : 4.69 %
Volume Highlights
Issue Index Shares
Traded		 Notes
PVS.PR.H SplitShare 82,202 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 25.00
Bid-YTW : 5.25 %
PVS.PR.K SplitShare 75,600 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.00
Bid-YTW : 4.59 %
PVS.PR.J SplitShare 34,000 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 25.00
Bid-YTW : 4.62 %
ENB.PR.Y FixedReset Disc 30,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-03
Maturity Price : 22.40
Evaluated at bid price : 22.96
Bid-YTW : 5.89 %
GWO.PR.Z Insurance Straight 10,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-03
Maturity Price : 24.64
Evaluated at bid price : 25.05
Bid-YTW : 5.71 %
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
MFC.PR.J FixedReset Ins Non Quote: 24.82 – 26.09
Spot Rate : 1.2700
Average : 0.8665

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-03
Maturity Price : 23.60
Evaluated at bid price : 24.82
Bid-YTW : 5.71 %
ENB.PR.D FixedReset Disc Quote: 22.52 – 23.49
Spot Rate : 0.9700
Average : 0.7324

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-03
Maturity Price : 22.18
Evaluated at bid price : 22.52
Bid-YTW : 6.04 %
RY.PR.S FixedReset Prem Quote: 26.85 – 27.85
Spot Rate : 1.0000
Average : 0.7663

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-02-24
Maturity Price : 25.00
Evaluated at bid price : 26.85
Bid-YTW : 3.21 %
POW.PR.H Perpetual-Premium Quote: 25.20 – 26.20
Spot Rate : 1.0000
Average : 0.7791

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2034-10-15
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : 5.64 %
PWF.PR.T FixedReset Prem Quote: 25.03 – 26.03
Spot Rate : 1.0000
Average : 0.7794

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-03
Maturity Price : 23.47
Evaluated at bid price : 25.03
Bid-YTW : 5.42 %
GWO.PR.G Insurance Straight Quote: 23.78 – 24.80
Spot Rate : 1.0200
Average : 0.8478

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-03
Maturity Price : 23.51
Evaluated at bid price : 23.78
Bid-YTW : 5.49 %
Market Action

July 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 5.59 % 5.79 % 21,632 14.74 1 0.0000 % 2,622.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 1.0260 % 4,932.4
Floater 5.52 % 5.64 % 37,614 14.48 3 1.0260 % 2,842.6
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1588 % 3,621.5
SplitShare 4.81 % 4.96 % 58,371 2.71 5 -0.1588 % 4,324.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1588 % 3,374.4
Perpetual-Premium 5.68 % 5.63 % 59,272 6.58 7 0.2611 % 3,072.2
Perpetual-Discount 5.58 % 5.67 % 41,107 14.38 29 0.2057 % 3,383.8
FixedReset Disc 5.61 % 5.81 % 109,252 13.96 19 0.3387 % 3,316.2
Insurance Straight 5.48 % 5.53 % 47,527 14.60 22 0.2998 % 3,291.8
FloatingReset 4.78 % 4.81 % 16,558 15.89 1 -0.6708 % 3,949.6
FixedReset Prem 5.92 % 4.68 % 76,896 2.30 29 0.0000 % 2,654.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.3387 % 3,389.9
FixedReset Ins Non 5.30 % 5.26 % 51,204 14.67 14 0.3288 % 3,221.3
Performance Highlights
Issue Index Change Notes
PWF.PR.S Perpetual-Discount -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-02
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 5.76 %
BN.PR.R FixedReset Disc 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-02
Maturity Price : 22.54
Evaluated at bid price : 23.49
Bid-YTW : 5.64 %
CU.PR.E Perpetual-Discount 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-02
Maturity Price : 22.17
Evaluated at bid price : 22.45
Bid-YTW : 5.51 %
ENB.PR.D FixedReset Disc 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-02
Maturity Price : 22.53
Evaluated at bid price : 22.90
Bid-YTW : 5.94 %
MFC.PR.K FixedReset Ins Non 1.18 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-09-19
Maturity Price : 25.00
Evaluated at bid price : 25.70
Bid-YTW : 5.14 %
FTS.PR.J Perpetual-Discount 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-02
Maturity Price : 22.56
Evaluated at bid price : 22.82
Bid-YTW : 5.25 %
CU.PR.D Perpetual-Discount 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-02
Maturity Price : 22.22
Evaluated at bid price : 22.50
Bid-YTW : 5.50 %
ENB.PF.G FixedReset Disc 1.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-02
Maturity Price : 22.91
Evaluated at bid price : 24.15
Bid-YTW : 5.89 %
GWO.PR.M Insurance Straight 1.53 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-08-01
Maturity Price : 25.00
Evaluated at bid price : 25.94
Bid-YTW : -35.24 %
GWO.PR.I Insurance Straight 2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-02
Maturity Price : 20.97
Evaluated at bid price : 20.97
Bid-YTW : 5.40 %
MFC.PR.J FixedReset Ins Non 2.18 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-03-19
Maturity Price : 25.00
Evaluated at bid price : 25.36
Bid-YTW : 5.45 %
BN.PR.K Floater 2.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-02
Maturity Price : 13.86
Evaluated at bid price : 13.86
Bid-YTW : 5.66 %
GWO.PR.P Insurance Straight 3.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-02
Maturity Price : 23.68
Evaluated at bid price : 23.95
Bid-YTW : 5.66 %
Volume Highlights
Issue Index Shares
Traded		 Notes
PVS.PR.H SplitShare 48,575 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 25.04
Bid-YTW : 4.97 %
GWO.PF.A Perpetual-Discount 39,751 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-02
Maturity Price : 24.65
Evaluated at bid price : 25.05
Bid-YTW : 5.72 %
SLF.PR.H FixedReset Ins Non 27,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-02
Maturity Price : 23.42
Evaluated at bid price : 24.38
Bid-YTW : 5.26 %
GWO.PR.Z Insurance Straight 25,394 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-02
Maturity Price : 24.60
Evaluated at bid price : 25.01
Bid-YTW : 5.72 %
BN.PR.T FixedReset Disc 19,601 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-02
Maturity Price : 22.09
Evaluated at bid price : 22.73
Bid-YTW : 5.78 %
CM.PR.S FixedReset Prem 17,107 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.53
Bid-YTW : 4.19 %
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
GWO.PR.G Insurance Straight Quote: 23.75 – 24.80
Spot Rate : 1.0500
Average : 0.6590

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-02
Maturity Price : 23.48
Evaluated at bid price : 23.75
Bid-YTW : 5.50 %
ENB.PR.P FixedReset Disc Quote: 24.10 – 24.80
Spot Rate : 0.7000
Average : 0.4508

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-02
Maturity Price : 23.07
Evaluated at bid price : 24.10
Bid-YTW : 5.81 %
ENB.PF.C FixedReset Disc Quote: 23.55 – 24.80
Spot Rate : 1.2500
Average : 1.0031

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-02
Maturity Price : 22.67
Evaluated at bid price : 23.55
Bid-YTW : 5.99 %
POW.PR.B Perpetual-Discount Quote: 23.65 – 24.33
Spot Rate : 0.6800
Average : 0.4580

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-02
Maturity Price : 23.36
Evaluated at bid price : 23.65
Bid-YTW : 5.66 %
SLF.PR.E Insurance Straight Quote: 21.62 – 22.35
Spot Rate : 0.7300
Average : 0.5082

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-02
Maturity Price : 21.35
Evaluated at bid price : 21.62
Bid-YTW : 5.22 %
MFC.PR.B Insurance Straight Quote: 22.15 – 22.75
Spot Rate : 0.6000
Average : 0.4230

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-02
Maturity Price : 21.91
Evaluated at bid price : 22.15
Bid-YTW : 5.28 %
Market Action

June 30, 2026

PerpetualDiscounts now yield 5.67%, equivalent to 7.37% interest at the standard conversion factor of 1.3x. Long corporates yielded 4.89% on 2026-06-30. Therefore the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened slightly (and perhaps spuriously) to 250bp from the 245bp reported June 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 5.59 % 5.79 % 21,393 14.75 1 0.1709 % 2,622.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.1194 % 4,882.3
Floater 5.57 % 5.68 % 37,259 14.42 3 0.1194 % 2,813.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.0318 % 3,627.3
SplitShare 4.80 % 4.95 % 60,370 2.71 5 0.0318 % 4,331.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0318 % 3,379.8
Perpetual-Premium 5.70 % 5.57 % 61,691 14.02 7 -0.1021 % 3,064.2
Perpetual-Discount 5.59 % 5.67 % 39,029 14.38 29 -0.0710 % 3,376.9
FixedReset Disc 5.63 % 5.81 % 110,471 13.93 19 0.4108 % 3,305.0
Insurance Straight 5.49 % 5.52 % 47,460 14.60 22 -0.0456 % 3,281.9
FloatingReset 4.75 % 4.77 % 17,243 15.95 1 0.0000 % 3,976.3
FixedReset Prem 5.92 % 4.65 % 78,458 2.21 29 0.1083 % 2,654.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.4108 % 3,378.4
FixedReset Ins Non 5.32 % 5.25 % 49,877 14.64 14 -0.0299 % 3,210.8
Performance Highlights
Issue Index Change Notes
GWO.PR.P Insurance Straight -3.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-30
Maturity Price : 22.76
Evaluated at bid price : 23.04
Bid-YTW : 5.89 %
MFC.PR.J FixedReset Ins Non -1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-30
Maturity Price : 23.59
Evaluated at bid price : 24.82
Bid-YTW : 5.71 %
FTS.PR.F Perpetual-Discount -1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-30
Maturity Price : 22.88
Evaluated at bid price : 23.15
Bid-YTW : 5.34 %
POW.PR.C Perpetual-Premium -1.37 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-07-30
Maturity Price : 25.00
Evaluated at bid price : 25.25
Bid-YTW : -9.01 %
MFC.PR.B Insurance Straight -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-30
Maturity Price : 22.07
Evaluated at bid price : 22.30
Bid-YTW : 5.24 %
FTS.PR.J Perpetual-Discount -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-30
Maturity Price : 22.28
Evaluated at bid price : 22.55
Bid-YTW : 5.31 %
SLF.PR.G FixedReset Ins Non 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-30
Maturity Price : 20.76
Evaluated at bid price : 20.76
Bid-YTW : 5.30 %
ENB.PR.D FixedReset Disc 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-30
Maturity Price : 22.30
Evaluated at bid price : 22.65
Bid-YTW : 6.00 %
ENB.PR.F FixedReset Disc 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-30
Maturity Price : 23.12
Evaluated at bid price : 23.47
Bid-YTW : 5.94 %
PWF.PR.P FixedReset Disc 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-30
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 5.65 %
CCS.PR.C Insurance Straight 1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-30
Maturity Price : 22.33
Evaluated at bid price : 22.60
Bid-YTW : 5.55 %
GWO.PR.Q Insurance Straight 2.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-30
Maturity Price : 22.88
Evaluated at bid price : 23.15
Bid-YTW : 5.58 %
Volume Highlights
Issue Index Shares
Traded		 Notes
ENB.PR.D FixedReset Disc 46,730 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-30
Maturity Price : 22.30
Evaluated at bid price : 22.65
Bid-YTW : 6.00 %
GWO.PF.A Perpetual-Discount 41,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-30
Maturity Price : 24.62
Evaluated at bid price : 25.02
Bid-YTW : 5.72 %
CM.PR.S FixedReset Prem 30,992 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.71
Bid-YTW : 3.71 %
MFC.PR.B Insurance Straight 21,098 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-30
Maturity Price : 22.07
Evaluated at bid price : 22.30
Bid-YTW : 5.24 %
ENB.PR.F FixedReset Disc 20,710 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-30
Maturity Price : 23.12
Evaluated at bid price : 23.47
Bid-YTW : 5.94 %
RY.PR.S FixedReset Prem 17,883 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-02-24
Maturity Price : 25.00
Evaluated at bid price : 26.67
Bid-YTW : 3.48 %
There were 4 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
ENB.PF.C FixedReset Disc Quote: 23.55 – 24.80
Spot Rate : 1.2500
Average : 0.7325

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-30
Maturity Price : 22.67
Evaluated at bid price : 23.55
Bid-YTW : 5.99 %
GWO.PR.P Insurance Straight Quote: 23.04 – 24.37
Spot Rate : 1.3300
Average : 0.8658

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-30
Maturity Price : 22.76
Evaluated at bid price : 23.04
Bid-YTW : 5.89 %
RY.PR.S FixedReset Prem Quote: 26.67 – 27.67
Spot Rate : 1.0000
Average : 0.6196

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-02-24
Maturity Price : 25.00
Evaluated at bid price : 26.67
Bid-YTW : 3.48 %
PWF.PR.P FixedReset Disc Quote: 20.75 – 21.89
Spot Rate : 1.1400
Average : 0.8205

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-30
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 5.65 %
MFC.PR.J FixedReset Ins Non Quote: 24.82 – 25.77
Spot Rate : 0.9500
Average : 0.6809

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-30
Maturity Price : 23.59
Evaluated at bid price : 24.82
Bid-YTW : 5.71 %
POW.PR.D Perpetual-Discount Quote: 22.49 – 23.40
Spot Rate : 0.9100
Average : 0.7056

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-30
Maturity Price : 22.21
Evaluated at bid price : 22.49
Bid-YTW : 5.56 %
Market Action

CSE.PR.A To Be Extended

Capstone Infrastructure Corporation has announced (on 2026-6-10):

that it does not intend to exercise its right under the terms of its Cumulative 5-Year Rate Reset Preferred Shares, Series A (the “Series A shares”) to redeem all or part of the currently outstanding 3,000,000 Series A shares on July 31, 2026. As a result, subject to certain conditions, the holders of the Series A shares have the right to convert all or part of their Series A shares, on a one-for-one basis, into Cumulative Floating Rate Preferred Shares, Series B (the “Series B shares”) on July 31, 2026 (the “Conversion Date”) in accordance with the terms of the Series A shares.

Holders of Series A shares who do not exercise their right to convert their Series A shares into Series B shares on the Conversion Date will retain their Series A shares, subject to the conditions set out below.

The dividend rate applicable to the Series A shares for the five-year period from July 31, 2026 to but excluding July 31, 2031, and the dividend rate applicable to the Series B shares for the three-month period from July 31, 2026 to October 31, 2026, will be determined and announced by way of a news release on July 2, 2026.

Beneficial owners of Series A shares who wish to exercise their conversion right should communicate with their broker or other nominee to obtain instructions for exercising such right during the conversion period, which runs from July 2, 2026 until July 15, 2026 at 5:00 p.m. (Toronto time).

The foregoing conversion rights are subject to the conditions, as set out in the terms of the Series A shares, that: (i) if Capstone determines that there would remain outstanding on the Conversion Date less than 1,000,000 Series B shares, after having taken into account all Series A shares tendered for conversion into Series B shares, then holders of Series A shares will not be entitled to convert their shares into Series B shares and all holders will continue to hold Series A shares, and (ii) alternatively, if Capstone determines that there would remain outstanding on the Conversion Date less than 1,000,000 Series A shares, after having taken into account all Series A shares tendered for conversion into Series B shares, then all remaining Series A shares will automatically be converted into Series B shares on a one-for-one basis on the Conversion Date and all holders will hold Series B shares. In either case, Capstone will give written notice to that effect to the registered holder of Series A shares no later than July 24, 2026.

CSE.PR.A was issued as a FixedReset, 5.00%+271, that commenced trading 2011-6-30 after being announced 2011-6-13. Notice of extension was provided and it reset to 3.271% in 2016. I recommended against conversion and there was no conversion to FloatingReset. The issue reset to 3.702% in 2021; there was no conversion. The issue is now unrated.