Category: Market Action

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 %
Market Action

December 18, 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 0.1528 % 2,424.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.1528 % 4,597.4
Floater 5.94 % 6.14 % 63,109 13.76 3 0.1528 % 2,649.5
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1336 % 3,667.6
SplitShare 4.76 % 4.33 % 74,474 3.18 5 -0.1336 % 4,379.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1336 % 3,417.4
Perpetual-Premium 5.64 % -2.06 % 86,322 0.09 7 0.3550 % 3,114.5
Perpetual-Discount 5.59 % 5.65 % 52,957 14.37 26 -0.1663 % 3,385.4
FixedReset Disc 5.83 % 6.01 % 107,486 13.64 31 0.1320 % 3,130.2
Insurance Straight 5.53 % 5.50 % 57,892 14.66 21 -1.2070 % 3,284.2
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.1320 % 3,723.8
FixedReset Prem 5.91 % 4.48 % 98,462 2.62 20 -0.0058 % 2,656.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1320 % 3,199.7
FixedReset Ins Non 5.28 % 5.56 % 83,365 14.33 13 -0.0266 % 3,106.6
Performance Highlights
Issue Index Change Notes
GWO.PR.T Insurance Straight -9.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 6.22 %
IFC.PR.I Insurance Straight -9.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 22.02
Evaluated at bid price : 22.40
Bid-YTW : 6.04 %
POW.PR.A Perpetual-Discount -4.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 23.63
Evaluated at bid price : 23.90
Bid-YTW : 5.96 %
SLF.PR.C Insurance Straight -4.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 20.77
Evaluated at bid price : 20.77
Bid-YTW : 5.38 %
MFC.PR.L FixedReset Ins Non -3.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 22.81
Evaluated at bid price : 23.79
Bid-YTW : 5.55 %
SLF.PR.E Insurance Straight -2.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 21.11
Evaluated at bid price : 21.11
Bid-YTW : 5.35 %
BIP.PR.E FixedReset Prem -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 23.62
Evaluated at bid price : 25.30
Bid-YTW : 5.98 %
MFC.PR.B Insurance Straight 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 22.07
Evaluated at bid price : 22.30
Bid-YTW : 5.23 %
SLF.PR.G FixedReset Ins Non 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 5.71 %
IFC.PR.C FixedReset Ins Non 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 23.97
Evaluated at bid price : 24.51
Bid-YTW : 5.67 %
CIU.PR.A Perpetual-Discount 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 21.07
Evaluated at bid price : 21.07
Bid-YTW : 5.51 %
BIP.PR.F FixedReset Disc 1.20 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-01-01
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : 5.82 %
POW.PR.H Perpetual-Premium 1.66 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2034-10-15
Maturity Price : 25.00
Evaluated at bid price : 25.65
Bid-YTW : 5.61 %
CU.PR.C FixedReset Disc 2.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 24.03
Evaluated at bid price : 24.40
Bid-YTW : 5.56 %
Volume Highlights
Issue Index Shares
Traded		 Notes
ENB.PF.C FixedReset Disc 59,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 21.86
Evaluated at bid price : 22.26
Bid-YTW : 6.34 %
ENB.PF.A FixedReset Disc 40,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 22.13
Evaluated at bid price : 22.64
Bid-YTW : 6.31 %
SLF.PR.D Insurance Straight 31,297 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 21.27
Evaluated at bid price : 21.54
Bid-YTW : 5.17 %
ENB.PR.T FixedReset Disc 25,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 22.45
Evaluated at bid price : 23.11
Bid-YTW : 6.20 %
CU.PR.G Perpetual-Discount 25,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 16.50
Evaluated at bid price : 16.50
Bid-YTW : 6.90 %
POW.PR.I Perpetual-Premium 19,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 24.66
Evaluated at bid price : 25.06
Bid-YTW : 5.69 %
There were 9 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
GWO.PR.T Insurance Straight Quote: 20.80 – 25.00
Spot Rate : 4.2000
Average : 2.7642

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 6.22 %
CU.PR.G Perpetual-Discount Quote: 16.50 – 20.95
Spot Rate : 4.4500
Average : 3.5873

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 16.50
Evaluated at bid price : 16.50
Bid-YTW : 6.90 %
IFC.PR.I Insurance Straight Quote: 22.40 – 25.99
Spot Rate : 3.5900
Average : 2.8945

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 22.02
Evaluated at bid price : 22.40
Bid-YTW : 6.04 %
POW.PR.A Perpetual-Discount Quote: 23.90 – 25.75
Spot Rate : 1.8500
Average : 1.2614

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 23.63
Evaluated at bid price : 23.90
Bid-YTW : 5.96 %
SLF.PR.C Insurance Straight Quote: 20.77 – 21.89
Spot Rate : 1.1200
Average : 0.6775

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 20.77
Evaluated at bid price : 20.77
Bid-YTW : 5.38 %
BN.PF.J FixedReset Prem Quote: 25.90 – 26.90
Spot Rate : 1.0000
Average : 0.7184

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.90
Bid-YTW : 4.29 %
Market Action

December 17, 2025

The Boston Fed has published a Current Policy Perspective by Anat Bracha and Jenny Tang titled Shaping the Future of Work: Workers’ Optimism and Pessimism about AI:

Key Takeaways:

  • Only about 10% of survey respondents expected their financial well-being to worsen within the next year (2025) due to AI; 21% expected it to worsen in one to five years (through 2029).
  • Roughly 11% of the workers in the survey anticipated some negative impact of AI on their job prospects; 5% were worried about job loss specifically.
  • According to the survey, 49% of workers were confident they could adapt to AI with proper training; only 29% expected they could do so on their own.
  • The expected effects of AI varied considerably across industries and educational levels, with workers in industries planning to expand AI use more worried about job loss.

I liked this chart:

Collectively, the results from the two surveys indicate that while overall worry about job loss due to AI did not seem to be acute at the end of last year, the intensity varied across industries and related mildly to the extent to which an industry planned to use AI.

While many workers in our survey were worried about how AI could affect their job, others indicated that they expect it will bring increased productivity and new opportunities; 22 percent of workers anticipated boosts to productivity, and 10 percent expected to have new AI-driven job or business opportunities.

As with pessimism about AI, optimism varied substantially across industries. The shares of workers expecting AI-related productivity boosts were the largest in information (53 percent), private educational services (42 percent), and finance and insurance (32 percent). Expectations of greater productivity are related positively to the share of an industry’s firms that expected to use more AI in the next six months, as recorded in the BTOS at the end of 2024. This relationship is seen in the right panel of Figure 3. The correlation is strong at 77 percent, and it is highly statistically significant.

PerpetualDiscounts now yield 5.64%, equivalent to 7.33% interest at the standard conversion factor of 1.3x. Long corporates yielded 4.94% on 2025-12-18, while the price ZLC changed from 15.15 on 2025-12-17 to 15.21 on 2025-12-18, a gain of 40bp in price. Given a “Duration” of 12.29 for the ZLC portfolio (BMO does not specify which duration they report; I am assuming Modified), this implies that portfolio yield fell 3bp from 12/17 to 12/18, implying a yield of 4.97% on 2025-12-17. Therefore the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed slightly (and perhaps spuriously) to 235bp from the 240bp reported December 10.

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 -0.2287 % 2,420.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2287 % 4,590.3
Floater 5.95 % 6.16 % 63,362 13.73 3 -0.2287 % 2,645.4
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1334 % 3,672.5
SplitShare 4.75 % 4.14 % 75,177 1.16 5 -0.1334 % 4,385.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1334 % 3,421.9
Perpetual-Premium 5.66 % 0.15 % 86,767 0.09 7 -0.1856 % 3,103.5
Perpetual-Discount 5.58 % 5.64 % 54,612 14.38 26 -0.5419 % 3,391.0
FixedReset Disc 5.84 % 6.03 % 108,713 13.64 31 -0.0652 % 3,126.1
Insurance Straight 5.46 % 5.48 % 57,863 14.71 21 0.9717 % 3,324.3
FloatingReset 0.00 % 0.00 % 0 0.00 0 -0.0652 % 3,718.8
FixedReset Prem 5.91 % 4.51 % 99,430 2.54 20 -0.0941 % 2,656.2
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0652 % 3,195.5
FixedReset Ins Non 5.28 % 5.56 % 80,848 14.39 13 -0.1460 % 3,107.4
Performance Highlights
Issue Index Change Notes
CU.PR.G Perpetual-Discount -19.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 16.50
Evaluated at bid price : 16.50
Bid-YTW : 6.90 %
CU.PR.C FixedReset Disc -2.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 23.47
Evaluated at bid price : 23.90
Bid-YTW : 5.67 %
MFC.PR.C Insurance Straight -1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 21.59
Evaluated at bid price : 21.85
Bid-YTW : 5.16 %
FTS.PR.H FixedReset Disc -1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 5.89 %
SLF.PR.G FixedReset Ins Non -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.77 %
POW.PR.H Perpetual-Premium -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 24.82
Evaluated at bid price : 25.23
Bid-YTW : 5.81 %
BN.PF.E FixedReset Disc -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 22.25
Evaluated at bid price : 22.88
Bid-YTW : 5.96 %
ENB.PF.K FixedReset Prem -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 23.57
Evaluated at bid price : 25.10
Bid-YTW : 6.16 %
BN.PF.J FixedReset Prem -1.15 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.90
Bid-YTW : 4.28 %
ENB.PR.D FixedReset Disc -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 21.08
Evaluated at bid price : 21.08
Bid-YTW : 6.46 %
BN.PR.N Perpetual-Discount 1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 20.71
Evaluated at bid price : 20.71
Bid-YTW : 5.76 %
BN.PF.F FixedReset Disc 2.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 23.05
Evaluated at bid price : 24.40
Bid-YTW : 5.97 %
MFC.PR.L FixedReset Ins Non 2.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 23.14
Evaluated at bid price : 24.56
Bid-YTW : 5.35 %
GWO.PR.M Insurance Straight 2.80 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-16
Maturity Price : 25.00
Evaluated at bid price : 25.70
Bid-YTW : -28.32 %
IFC.PR.I Insurance Straight 11.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 24.37
Evaluated at bid price : 24.66
Bid-YTW : 5.48 %
GWO.PR.Y Insurance Straight 13.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 5.43 %
Volume Highlights
Issue Index Shares
Traded		 Notes
POW.PR.I Perpetual-Premium 115,450 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 24.62
Evaluated at bid price : 25.02
Bid-YTW : 5.69 %
BN.PF.E FixedReset Disc 78,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 22.25
Evaluated at bid price : 22.88
Bid-YTW : 5.96 %
BN.PF.M FixedReset Prem 50,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2031-01-01
Maturity Price : 25.00
Evaluated at bid price : 25.86
Bid-YTW : 4.97 %
FFH.PR.I FixedReset Disc 48,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-30
Maturity Price : 25.00
Evaluated at bid price : 24.97
Bid-YTW : 5.05 %
ENB.PF.C FixedReset Disc 21,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 21.92
Evaluated at bid price : 22.35
Bid-YTW : 6.32 %
ENB.PF.E FixedReset Disc 20,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 21.87
Evaluated at bid price : 22.30
Bid-YTW : 6.32 %
There were 10 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
CU.PR.G Perpetual-Discount Quote: 16.50 – 21.12
Spot Rate : 4.6200
Average : 2.6414

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 16.50
Evaluated at bid price : 16.50
Bid-YTW : 6.90 %
ENB.PF.C FixedReset Disc Quote: 22.35 – 24.50
Spot Rate : 2.1500
Average : 1.2973

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 21.92
Evaluated at bid price : 22.35
Bid-YTW : 6.32 %
CU.PR.C FixedReset Disc Quote: 23.90 – 24.85
Spot Rate : 0.9500
Average : 0.6239

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 23.47
Evaluated at bid price : 23.90
Bid-YTW : 5.67 %
BN.PR.R FixedReset Disc Quote: 20.74 – 21.75
Spot Rate : 1.0100
Average : 0.8232

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 20.74
Evaluated at bid price : 20.74
Bid-YTW : 6.34 %
IFC.PR.G FixedReset Ins Non Quote: 25.06 – 25.68
Spot Rate : 0.6200
Average : 0.4346

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 23.49
Evaluated at bid price : 25.06
Bid-YTW : 5.56 %
FTS.PR.J Perpetual-Discount Quote: 22.56 – 23.10
Spot Rate : 0.5400
Average : 0.3623

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 22.29
Evaluated at bid price : 22.56
Bid-YTW : 5.30 %
Market Action

December 16, 2025

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.0763 % 2,426.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0763 % 4,600.9
Floater 5.94 % 6.14 % 65,693 13.76 3 0.0763 % 2,651.5
OpRet 0.00 % 0.00 % 0 0.00 0 0.0943 % 3,677.4
SplitShare 4.75 % 3.49 % 70,780 1.17 5 0.0943 % 4,391.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0943 % 3,426.5
Perpetual-Premium 5.65 % -0.04 % 86,964 0.09 7 -0.0899 % 3,109.2
Perpetual-Discount 5.55 % 5.64 % 54,729 14.39 26 -0.2946 % 3,409.5
FixedReset Disc 5.83 % 6.07 % 102,590 13.64 31 0.2374 % 3,128.2
Insurance Straight 5.52 % 5.53 % 58,675 14.52 21 -0.2694 % 3,292.3
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.2374 % 3,721.3
FixedReset Prem 5.90 % 4.50 % 100,960 2.23 20 -0.0249 % 2,658.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2374 % 3,197.6
FixedReset Ins Non 5.27 % 5.55 % 82,374 14.33 13 -0.2218 % 3,112.0
Performance Highlights
Issue Index Change Notes
GWO.PR.M Insurance Straight -3.29 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-15
Maturity Price : 25.00
Evaluated at bid price : 25.00
Bid-YTW : 2.92 %
MFC.PR.L FixedReset Ins Non -2.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-16
Maturity Price : 22.88
Evaluated at bid price : 23.95
Bid-YTW : 5.51 %
BN.PR.N Perpetual-Discount -2.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-16
Maturity Price : 20.34
Evaluated at bid price : 20.34
Bid-YTW : 5.87 %
CU.PR.J Perpetual-Discount -2.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-16
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 5.68 %
GWO.PR.G Insurance Straight -1.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-16
Maturity Price : 22.73
Evaluated at bid price : 23.02
Bid-YTW : 5.66 %
GWO.PR.I Insurance Straight -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-16
Maturity Price : 20.83
Evaluated at bid price : 20.83
Bid-YTW : 5.42 %
ENB.PF.G FixedReset Disc 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-16
Maturity Price : 21.98
Evaluated at bid price : 22.48
Bid-YTW : 6.35 %
BN.PF.J FixedReset Prem 1.16 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-12-31
Maturity Price : 25.00
Evaluated at bid price : 26.20
Bid-YTW : 3.67 %
ENB.PR.D FixedReset Disc 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-16
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 6.39 %
ENB.PF.C FixedReset Disc 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-16
Maturity Price : 21.82
Evaluated at bid price : 22.20
Bid-YTW : 6.36 %
MFC.PR.C Insurance Straight 2.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-16
Maturity Price : 22.01
Evaluated at bid price : 22.24
Bid-YTW : 5.07 %
BN.PF.E FixedReset Disc 3.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-16
Maturity Price : 22.41
Evaluated at bid price : 23.16
Bid-YTW : 5.88 %
Volume Highlights
Issue Index Shares
Traded		 Notes
ENB.PF.E FixedReset Disc 76,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-16
Maturity Price : 21.90
Evaluated at bid price : 22.35
Bid-YTW : 6.30 %
POW.PR.C Perpetual-Premium 57,450 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-15
Maturity Price : 25.00
Evaluated at bid price : 25.80
Bid-YTW : -19.66 %
FFH.PR.I FixedReset Disc 46,700 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-30
Maturity Price : 25.00
Evaluated at bid price : 24.97
Bid-YTW : 4.93 %
ENB.PF.G FixedReset Disc 37,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-16
Maturity Price : 21.98
Evaluated at bid price : 22.48
Bid-YTW : 6.35 %
IFC.PR.F Insurance Straight 37,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-16
Maturity Price : 24.22
Evaluated at bid price : 24.47
Bid-YTW : 5.52 %
MFC.PR.B Insurance Straight 35,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-16
Maturity Price : 21.88
Evaluated at bid price : 22.12
Bid-YTW : 5.27 %
There were 11 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
IFC.PR.I Insurance Straight Quote: 22.40 – 25.99
Spot Rate : 3.5900
Average : 3.0333

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-16
Maturity Price : 22.02
Evaluated at bid price : 22.40
Bid-YTW : 6.14 %
GWO.PR.M Insurance Straight Quote: 25.00 – 25.90
Spot Rate : 0.9000
Average : 0.5260

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-15
Maturity Price : 25.00
Evaluated at bid price : 25.00
Bid-YTW : 2.92 %
ENB.PR.B FixedReset Disc Quote: 21.00 – 21.95
Spot Rate : 0.9500
Average : 0.6070

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-16
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.49 %
MFC.PR.L FixedReset Ins Non Quote: 23.95 – 24.95
Spot Rate : 1.0000
Average : 0.6860

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-16
Maturity Price : 22.88
Evaluated at bid price : 23.95
Bid-YTW : 5.51 %
GWO.PR.Z Insurance Straight Quote: 25.30 – 26.30
Spot Rate : 1.0000
Average : 0.7485

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2034-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : 5.53 %
BN.PR.Z FixedReset Disc Quote: 25.00 – 25.75
Spot Rate : 0.7500
Average : 0.5139

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-16
Maturity Price : 23.58
Evaluated at bid price : 25.00
Bid-YTW : 5.94 %
Market Action

December 15, 2025

Canadian inflation was steady in November:

Economists and academics expect the trend of rising prices at the grocery store will follow consumers into 2026 even as Statistics Canada reported the overall inflation rate held steady in November.

The agency said Monday that annual inflation rose 2.2 per cent in November, unchanged from the previous month and a tick below economists’ expectations.

Grocery prices were up 4.7 per cent year-over-year in November – a jump from 3.4 per cent in October and the highest level recorded since December 2023.

Rising prices for fresh berries were driving the acceleration in November, Statscan said, and costs were also rising in a broad category that includes prepared foods like soup and potato chips.

Prices for fresh or frozen beef were up 17.7 per cent in November amid lower cattle inventories across North America. Meanwhile, tariffs from the United States, combined with tough weather conditions, are putting strain on coffee-producing regions, driving the cost of refined coffee up 27.8 per cent annually.

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 -0.2030 % 2,424.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2030 % 4,597.4
Floater 5.94 % 6.14 % 66,135 13.77 3 -0.2030 % 2,649.5
OpRet 0.00 % 0.00 % 0 0.00 0 0.1731 % 3,673.9
SplitShare 4.75 % 3.82 % 70,673 1.17 5 0.1731 % 4,387.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1731 % 3,423.3
Perpetual-Premium 5.64 % -0.71 % 80,497 0.09 7 0.0337 % 3,112.0
Perpetual-Discount 5.53 % 5.63 % 50,668 14.40 26 -0.0673 % 3,419.6
FixedReset Disc 5.85 % 6.08 % 106,126 13.64 31 -0.2849 % 3,120.7
Insurance Straight 5.50 % 5.53 % 61,112 14.57 21 0.3731 % 3,301.2
FloatingReset 0.00 % 0.00 % 0 0.00 0 -0.2849 % 3,712.5
FixedReset Prem 5.90 % 4.48 % 98,456 2.24 20 0.0595 % 2,659.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.2849 % 3,190.0
FixedReset Ins Non 5.26 % 5.57 % 83,393 14.31 13 0.9692 % 3,118.9
Performance Highlights
Issue Index Change Notes
IFC.PR.I Insurance Straight -8.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-15
Maturity Price : 22.02
Evaluated at bid price : 22.40
Bid-YTW : 6.14 %
ENB.PF.C FixedReset Disc -1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-15
Maturity Price : 21.60
Evaluated at bid price : 21.90
Bid-YTW : 6.45 %
GWO.PR.Y Insurance Straight -1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-15
Maturity Price : 18.34
Evaluated at bid price : 18.34
Bid-YTW : 6.16 %
MFC.PR.C Insurance Straight -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-15
Maturity Price : 21.48
Evaluated at bid price : 21.74
Bid-YTW : 5.19 %
ENB.PF.G FixedReset Disc -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-15
Maturity Price : 21.82
Evaluated at bid price : 22.25
Bid-YTW : 6.42 %
BN.PR.B Floater 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-15
Maturity Price : 12.72
Evaluated at bid price : 12.72
Bid-YTW : 6.15 %
BN.PF.J FixedReset Prem 1.11 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.90
Bid-YTW : 4.27 %
BN.PF.G FixedReset Disc 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-15
Maturity Price : 22.92
Evaluated at bid price : 24.27
Bid-YTW : 5.93 %
PWF.PR.Z Perpetual-Discount 1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-15
Maturity Price : 22.93
Evaluated at bid price : 23.20
Bid-YTW : 5.62 %
BN.PF.A FixedReset Prem 1.55 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.90
Bid-YTW : 5.27 %
BN.PR.K Floater 1.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-15
Maturity Price : 12.75
Evaluated at bid price : 12.75
Bid-YTW : 6.14 %
TD.PF.I FixedReset Prem 1.71 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 26.70
Bid-YTW : 3.00 %
GWO.PR.I Insurance Straight 2.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-15
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 5.35 %
SLF.PR.C Insurance Straight 4.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-15
Maturity Price : 21.72
Evaluated at bid price : 21.97
Bid-YTW : 5.07 %
IFC.PR.F Insurance Straight 11.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-15
Maturity Price : 24.26
Evaluated at bid price : 24.50
Bid-YTW : 5.51 %
GWO.PR.N FixedReset Ins Non 18.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-15
Maturity Price : 18.30
Evaluated at bid price : 18.30
Bid-YTW : 5.91 %
Volume Highlights
Issue Index Shares
Traded		 Notes
GWO.PR.R Insurance Straight 54,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-15
Maturity Price : 21.28
Evaluated at bid price : 21.55
Bid-YTW : 5.57 %
IFC.PR.A FixedReset Ins Non 54,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-15
Maturity Price : 21.25
Evaluated at bid price : 21.52
Bid-YTW : 5.61 %
FFH.PR.I FixedReset Disc 50,500 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-30
Maturity Price : 25.00
Evaluated at bid price : 24.97
Bid-YTW : 4.82 %
CU.PR.K Perpetual-Discount 49,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-15
Maturity Price : 24.56
Evaluated at bid price : 24.95
Bid-YTW : 5.65 %
PWF.PR.Z Perpetual-Discount 41,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-15
Maturity Price : 22.93
Evaluated at bid price : 23.20
Bid-YTW : 5.62 %
POW.PR.I Perpetual-Premium 38,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-15
Maturity Price : 24.66
Evaluated at bid price : 25.06
Bid-YTW : 5.68 %
There were 14 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
IFC.PR.I Insurance Straight Quote: 22.40 – 25.99
Spot Rate : 3.5900
Average : 2.4228

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-15
Maturity Price : 22.02
Evaluated at bid price : 22.40
Bid-YTW : 6.14 %
GWO.PR.Y Insurance Straight Quote: 18.34 – 21.43
Spot Rate : 3.0900
Average : 2.4449

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-15
Maturity Price : 18.34
Evaluated at bid price : 18.34
Bid-YTW : 6.16 %
NA.PR.E FixedReset Prem Quote: 25.75 – 26.49
Spot Rate : 0.7400
Average : 0.4395

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-05-15
Maturity Price : 25.00
Evaluated at bid price : 25.75
Bid-YTW : 4.74 %
BN.PF.E FixedReset Disc Quote: 22.47 – 23.60
Spot Rate : 1.1300
Average : 0.9273

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-15
Maturity Price : 21.99
Evaluated at bid price : 22.47
Bid-YTW : 6.08 %
BN.PR.X FixedReset Disc Quote: 19.50 – 19.95
Spot Rate : 0.4500
Average : 0.3111

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-15
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 6.17 %
BN.PF.I FixedReset Prem Quote: 25.32 – 25.70
Spot Rate : 0.3800
Average : 0.2532

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.32
Bid-YTW : 4.21 %
Market Action

December 12, 2025

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -0.1014 % 2,429.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.1014 % 4,606.7
Floater 5.93 % 6.22 % 66,360 13.49 3 -0.1014 % 2,654.9
OpRet 0.00 % 0.00 % 0 0.00 0 0.0787 % 3,667.6
SplitShare 4.76 % 3.79 % 73,162 1.18 5 0.0787 % 4,379.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0787 % 3,417.4
Perpetual-Premium 5.64 % -0.80 % 80,557 0.09 7 0.3441 % 3,111.0
Perpetual-Discount 5.53 % 5.62 % 50,389 14.43 26 0.2783 % 3,421.9
FixedReset Disc 5.83 % 6.08 % 108,227 13.50 31 0.3542 % 3,129.7
Insurance Straight 5.52 % 5.52 % 60,110 14.56 21 -0.4341 % 3,289.0
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.3542 % 3,723.1
FixedReset Prem 5.90 % 4.64 % 99,911 2.24 20 -0.0844 % 2,657.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.3542 % 3,199.2
FixedReset Ins Non 5.31 % 5.54 % 83,988 14.36 13 -1.0778 % 3,088.9
Performance Highlights
Issue Index Change Notes
GWO.PR.N FixedReset Ins Non -15.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 15.50
Evaluated at bid price : 15.50
Bid-YTW : 6.98 %
GWO.PR.Y Insurance Straight -6.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 6.07 %
SLF.PR.C Insurance Straight -3.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 21.06
Evaluated at bid price : 21.06
Bid-YTW : 5.30 %
GWO.PR.I Insurance Straight -1.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.51 %
TD.PF.I FixedReset Prem -1.91 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 26.25
Bid-YTW : 3.96 %
MFC.PR.N FixedReset Ins Non -1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 22.93
Evaluated at bid price : 24.24
Bid-YTW : 5.40 %
GWO.PR.S Insurance Straight -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 23.07
Evaluated at bid price : 23.33
Bid-YTW : 5.63 %
IFC.PR.C FixedReset Ins Non -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 23.72
Evaluated at bid price : 24.30
Bid-YTW : 5.77 %
CU.PR.F Perpetual-Discount 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 5.43 %
PWF.PR.H Perpetual-Premium 1.20 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-11
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : -0.80 %
PWF.PR.R Perpetual-Discount 1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 24.29
Evaluated at bid price : 24.60
Bid-YTW : 5.66 %
ENB.PF.C FixedReset Disc 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 21.84
Evaluated at bid price : 22.24
Bid-YTW : 6.34 %
CU.PR.H Perpetual-Discount 1.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 23.59
Evaluated at bid price : 23.86
Bid-YTW : 5.54 %
SLF.PR.G FixedReset Ins Non 2.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 19.42
Evaluated at bid price : 19.42
Bid-YTW : 5.64 %
GWO.PR.H Insurance Straight 3.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 21.91
Evaluated at bid price : 22.15
Bid-YTW : 5.48 %
BN.PF.G FixedReset Disc 5.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 22.96
Evaluated at bid price : 24.35
Bid-YTW : 6.01 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BN.PF.G FixedReset Disc 51,007 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 22.96
Evaluated at bid price : 24.35
Bid-YTW : 6.01 %
BN.PF.C Perpetual-Discount 39,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 21.33
Evaluated at bid price : 21.33
Bid-YTW : 5.81 %
IFC.PR.A FixedReset Ins Non 38,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 5.63 %
ENB.PF.E FixedReset Disc 26,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 21.84
Evaluated at bid price : 22.25
Bid-YTW : 6.32 %
FTS.PR.M FixedReset Disc 25,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 23.11
Evaluated at bid price : 24.60
Bid-YTW : 5.55 %
BN.PR.K Floater 22,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 12.75
Evaluated at bid price : 12.75
Bid-YTW : 6.24 %
There were 6 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.N FixedReset Ins Non Quote: 15.50 – 18.44
Spot Rate : 2.9400
Average : 1.9551

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 15.50
Evaluated at bid price : 15.50
Bid-YTW : 6.98 %
GWO.PR.Y Insurance Straight Quote: 18.60 – 21.04
Spot Rate : 2.4400
Average : 1.7375

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 6.07 %
BN.PF.M FixedReset Prem Quote: 25.75 – 26.75
Spot Rate : 1.0000
Average : 0.5773

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2031-01-01
Maturity Price : 25.00
Evaluated at bid price : 25.75
Bid-YTW : 5.05 %
BN.PF.J FixedReset Prem Quote: 26.00 – 27.00
Spot Rate : 1.0000
Average : 0.6158

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-12-31
Maturity Price : 25.00
Evaluated at bid price : 26.00
Bid-YTW : 4.84 %
SLF.PR.C Insurance Straight Quote: 21.06 – 21.86
Spot Rate : 0.8000
Average : 0.5236

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 21.06
Evaluated at bid price : 21.06
Bid-YTW : 5.30 %
MFC.PR.C Insurance Straight Quote: 22.00 – 23.00
Spot Rate : 1.0000
Average : 0.7519

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 5.12 %
Market Action

December 11, 2025

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -0.0253 % 2,432.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.0253 % 4,611.4
Floater 5.92 % 6.23 % 64,306 13.48 3 -0.0253 % 2,657.6
OpRet 0.00 % 0.00 % 0 0.00 0 0.1735 % 3,664.7
SplitShare 4.76 % 3.72 % 73,621 1.18 5 0.1735 % 4,376.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1735 % 3,414.7
Perpetual-Premium 5.66 % 5.56 % 81,605 6.82 7 0.0903 % 3,100.3
Perpetual-Discount 5.54 % 5.65 % 49,592 14.41 26 0.0861 % 3,412.4
FixedReset Disc 5.85 % 6.12 % 107,328 13.41 31 -0.1548 % 3,118.6
Insurance Straight 5.50 % 5.55 % 55,674 14.55 21 0.2847 % 3,303.3
FloatingReset 0.00 % 0.00 % 0 0.00 0 -0.1548 % 3,709.9
FixedReset Prem 5.90 % 4.60 % 104,001 2.25 20 0.1229 % 2,660.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.1548 % 3,187.9
FixedReset Ins Non 5.25 % 5.56 % 83,025 14.34 13 1.2384 % 3,122.6
Performance Highlights
Issue Index Change Notes
BN.PF.G FixedReset Disc -4.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-11
Maturity Price : 22.30
Evaluated at bid price : 23.00
Bid-YTW : 6.42 %
GWO.PR.H Insurance Straight -2.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-11
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 5.71 %
ENB.PF.C FixedReset Disc -1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-11
Maturity Price : 21.60
Evaluated at bid price : 21.90
Bid-YTW : 6.46 %
TD.PF.J FixedReset Prem -1.14 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-04-30
Maturity Price : 25.00
Evaluated at bid price : 26.00
Bid-YTW : 4.29 %
CU.PR.H Perpetual-Discount -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-11
Maturity Price : 23.14
Evaluated at bid price : 23.40
Bid-YTW : 5.65 %
POW.PR.A Perpetual-Discount -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-11
Maturity Price : 24.52
Evaluated at bid price : 24.77
Bid-YTW : 5.74 %
IFC.PR.C FixedReset Ins Non 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-11
Maturity Price : 24.09
Evaluated at bid price : 24.60
Bid-YTW : 5.72 %
GWO.PR.S Insurance Straight 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-11
Maturity Price : 23.36
Evaluated at bid price : 23.65
Bid-YTW : 5.55 %
BN.PF.D Perpetual-Discount 1.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-11
Maturity Price : 21.71
Evaluated at bid price : 21.96
Bid-YTW : 5.68 %
CU.PR.J Perpetual-Discount 1.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-11
Maturity Price : 21.52
Evaluated at bid price : 21.52
Bid-YTW : 5.57 %
BN.PF.E FixedReset Disc 2.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-11
Maturity Price : 22.20
Evaluated at bid price : 22.80
Bid-YTW : 6.09 %
MFC.PR.L FixedReset Ins Non 2.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-11
Maturity Price : 23.17
Evaluated at bid price : 24.62
Bid-YTW : 5.34 %
GWO.PR.T Insurance Straight 10.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-11
Maturity Price : 22.76
Evaluated at bid price : 23.03
Bid-YTW : 5.59 %
GWO.PR.N FixedReset Ins Non 18.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-11
Maturity Price : 18.30
Evaluated at bid price : 18.30
Bid-YTW : 5.94 %
Volume Highlights
Issue Index Shares
Traded		 Notes
GWO.PR.M Insurance Straight 88,500 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-10
Maturity Price : 25.00
Evaluated at bid price : 25.73
Bid-YTW : -30.51 %
FFH.PR.I FixedReset Disc 57,500 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-30
Maturity Price : 25.00
Evaluated at bid price : 25.16
Bid-YTW : 4.97 %
FTS.PR.M FixedReset Disc 37,290 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-11
Maturity Price : 23.09
Evaluated at bid price : 24.56
Bid-YTW : 5.58 %
MFC.PR.L FixedReset Ins Non 31,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-11
Maturity Price : 23.17
Evaluated at bid price : 24.62
Bid-YTW : 5.34 %
NA.PR.S FixedReset Prem 26,600 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-05-15
Maturity Price : 25.00
Evaluated at bid price : 26.00
Bid-YTW : 5.09 %
POW.PR.I Perpetual-Premium 24,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-11
Maturity Price : 24.67
Evaluated at bid price : 25.07
Bid-YTW : 5.68 %
There were 9 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
BN.PF.G FixedReset Disc Quote: 23.00 – 24.55
Spot Rate : 1.5500
Average : 1.0707

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-11
Maturity Price : 22.30
Evaluated at bid price : 23.00
Bid-YTW : 6.42 %
GWO.PR.H Insurance Straight Quote: 21.30 – 22.25
Spot Rate : 0.9500
Average : 0.6853

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-11
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 5.71 %
GWO.PR.Z Insurance Straight Quote: 25.21 – 26.21
Spot Rate : 1.0000
Average : 0.7514

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2034-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.21
Bid-YTW : 5.57 %
TD.PF.J FixedReset Prem Quote: 26.00 – 26.75
Spot Rate : 0.7500
Average : 0.5252

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-04-30
Maturity Price : 25.00
Evaluated at bid price : 26.00
Bid-YTW : 4.29 %
ENB.PF.G FixedReset Disc Quote: 22.29 – 24.00
Spot Rate : 1.7100
Average : 1.5169

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-11
Maturity Price : 21.85
Evaluated at bid price : 22.29
Bid-YTW : 6.42 %
PWF.PR.Z Perpetual-Discount Quote: 22.90 – 23.65
Spot Rate : 0.7500
Average : 0.5972

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-11
Maturity Price : 22.63
Evaluated at bid price : 22.90
Bid-YTW : 5.69 %