Category: Market Action

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.

Market Action

June 29, 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 5.60 % 5.85 % 21,464 14.65 1 0.2857 % 2,618.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.8996 % 4,876.5
Floater 5.58 % 5.68 % 38,790 14.43 3 -0.8996 % 2,810.3
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0635 % 3,626.1
SplitShare 4.80 % 4.91 % 60,866 2.72 5 -0.0635 % 4,330.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0635 % 3,378.7
Perpetual-Premium 5.69 % 5.60 % 62,587 13.99 7 0.2045 % 3,067.3
Perpetual-Discount 5.58 % 5.66 % 40,587 14.36 29 0.0938 % 3,379.3
FixedReset Disc 5.65 % 5.84 % 111,294 13.90 19 0.1577 % 3,291.5
Insurance Straight 5.49 % 5.53 % 47,188 14.61 22 -0.0139 % 3,283.4
FloatingReset 4.75 % 4.77 % 17,954 15.96 1 0.0000 % 3,976.3
FixedReset Prem 5.92 % 4.81 % 77,788 2.31 29 -0.0094 % 2,652.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1577 % 3,364.6
FixedReset Ins Non 5.32 % 5.25 % 50,376 14.63 14 0.1856 % 3,211.7
Performance Highlights
Issue Index Change Notes
BN.PR.K Floater -2.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-29
Maturity Price : 13.56
Evaluated at bid price : 13.56
Bid-YTW : 5.78 %
PWF.PR.E Perpetual-Discount -1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-29
Maturity Price : 23.95
Evaluated at bid price : 24.20
Bid-YTW : 5.77 %
FTS.PR.H FixedReset Disc -1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-29
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 5.50 %
CCS.PR.C Insurance Straight -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-29
Maturity Price : 22.01
Evaluated at bid price : 22.25
Bid-YTW : 5.64 %
FTS.PR.J Perpetual-Discount 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-29
Maturity Price : 22.58
Evaluated at bid price : 22.83
Bid-YTW : 5.25 %
ENB.PF.E FixedReset Disc 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-29
Maturity Price : 22.65
Evaluated at bid price : 23.55
Bid-YTW : 5.97 %
MFC.PR.C Insurance Straight 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-29
Maturity Price : 21.55
Evaluated at bid price : 21.81
Bid-YTW : 5.18 %
MIC.PR.A Perpetual-Discount 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-29
Maturity Price : 22.60
Evaluated at bid price : 23.00
Bid-YTW : 5.89 %
POW.PR.C Perpetual-Premium 1.39 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-07-29
Maturity Price : 25.00
Evaluated at bid price : 25.60
Bid-YTW : -24.53 %
PWF.PR.S Perpetual-Discount 1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-29
Maturity Price : 21.33
Evaluated at bid price : 21.60
Bid-YTW : 5.64 %
IFC.PR.A FixedReset Ins Non 3.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-29
Maturity Price : 22.32
Evaluated at bid price : 22.70
Bid-YTW : 5.23 %
Volume Highlights
Issue Index Shares
Traded		 Notes
GWO.PF.A Perpetual-Discount 78,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-29
Maturity Price : 24.62
Evaluated at bid price : 25.02
Bid-YTW : 5.72 %
PWF.PR.P FixedReset Disc 36,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-29
Maturity Price : 20.47
Evaluated at bid price : 20.47
Bid-YTW : 5.73 %
TD.PF.I FixedReset Prem 17,600 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 26.01
Bid-YTW : 3.99 %
ENB.PR.P FixedReset Disc 14,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-29
Maturity Price : 23.03
Evaluated at bid price : 24.00
Bid-YTW : 5.84 %
POW.PR.I Perpetual-Premium 12,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-29
Maturity Price : 24.50
Evaluated at bid price : 24.90
Bid-YTW : 5.67 %
ENB.PR.N FixedReset Prem 12,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-29
Maturity Price : 23.50
Evaluated at bid price : 25.05
Bid-YTW : 5.81 %
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
IFC.PR.K Insurance Straight Quote: 23.85 – 24.90
Spot Rate : 1.0500
Average : 0.6178

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-29
Maturity Price : 23.40
Evaluated at bid price : 23.85
Bid-YTW : 5.51 %
NA.PR.G FixedReset Prem Quote: 26.80 – 27.80
Spot Rate : 1.0000
Average : 0.5742

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-11-16
Maturity Price : 25.00
Evaluated at bid price : 26.80
Bid-YTW : 4.25 %
POW.PR.D Perpetual-Discount Quote: 22.60 – 23.40
Spot Rate : 0.8000
Average : 0.4815

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-29
Maturity Price : 22.33
Evaluated at bid price : 22.60
Bid-YTW : 5.54 %
POW.PR.H Perpetual-Premium Quote: 25.25 – 26.25
Spot Rate : 1.0000
Average : 0.8035

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2034-10-15
Maturity Price : 25.00
Evaluated at bid price : 25.25
Bid-YTW : 5.60 %
SLF.PR.G FixedReset Ins Non Quote: 20.55 – 21.80
Spot Rate : 1.2500
Average : 1.0632

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-29
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 5.36 %
GWO.PR.N FixedReset Ins Non Quote: 19.35 – 20.50
Spot Rate : 1.1500
Average : 0.9813

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-29
Maturity Price : 19.35
Evaluated at bid price : 19.35
Bid-YTW : 5.53 %
Market Action

June 26, 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 5.61 % 6.01 % 21,541 14.80 1 -0.2849 % 2,611.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.4518 % 4,920.7
Floater 5.53 % 5.64 % 40,387 14.50 3 0.4518 % 2,835.9
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0714 % 3,628.4
SplitShare 4.80 % 4.85 % 58,331 2.73 5 -0.0714 % 4,333.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0714 % 3,380.9
Perpetual-Premium 5.70 % 5.62 % 64,863 14.04 7 0.0398 % 3,061.0
Perpetual-Discount 5.59 % 5.68 % 40,616 14.37 29 0.1393 % 3,376.1
FixedReset Disc 5.66 % 5.94 % 110,880 13.79 19 0.0640 % 3,286.3
Insurance Straight 5.49 % 5.53 % 46,827 14.62 22 -0.1387 % 3,283.9
FloatingReset 4.76 % 4.78 % 18,089 15.94 1 -1.1729 % 3,976.3
FixedReset Prem 5.92 % 4.83 % 78,176 2.22 29 0.0736 % 2,652.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0640 % 3,359.3
FixedReset Ins Non 5.33 % 5.31 % 50,675 14.57 14 -0.3015 % 3,205.8
Performance Highlights
Issue Index Change Notes
IFC.PR.A FixedReset Ins Non -3.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-26
Maturity Price : 21.60
Evaluated at bid price : 22.00
Bid-YTW : 5.47 %
GWO.PR.T Insurance Straight -3.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-26
Maturity Price : 22.22
Evaluated at bid price : 22.50
Bid-YTW : 5.74 %
GWO.PR.M Insurance Straight -1.21 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-07-26
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : -13.81 %
SLF.PR.J FloatingReset -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-26
Maturity Price : 19.38
Evaluated at bid price : 19.38
Bid-YTW : 4.78 %
SLF.PR.G FixedReset Ins Non -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-26
Maturity Price : 20.59
Evaluated at bid price : 20.59
Bid-YTW : 5.41 %
GWO.PR.N FixedReset Ins Non 1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-26
Maturity Price : 19.19
Evaluated at bid price : 19.19
Bid-YTW : 5.64 %
PWF.PR.F Perpetual-Discount 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-26
Maturity Price : 23.15
Evaluated at bid price : 23.41
Bid-YTW : 5.69 %
BN.PF.F FixedReset Prem 1.11 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-10-01
Maturity Price : 25.00
Evaluated at bid price : 25.58
Bid-YTW : 5.06 %
BN.PR.B Floater 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-26
Maturity Price : 13.90
Evaluated at bid price : 13.90
Bid-YTW : 5.64 %
POW.PR.B Perpetual-Discount 1.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-26
Maturity Price : 23.36
Evaluated at bid price : 23.65
Bid-YTW : 5.66 %
Volume Highlights
Issue Index Shares
Traded		 Notes
GWO.PF.A Perpetual-Discount 65,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-26
Maturity Price : 24.61
Evaluated at bid price : 25.01
Bid-YTW : 5.72 %
ENB.PR.J FixedReset Disc 58,350 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-26
Maturity Price : 23.00
Evaluated at bid price : 23.94
Bid-YTW : 5.99 %
PVS.PR.J SplitShare 20,380 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 24.99
Bid-YTW : 4.59 %
PVS.PR.M SplitShare 17,100 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2031-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.32
Bid-YTW : 4.94 %
ENB.PR.Y FixedReset Disc 14,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-26
Maturity Price : 22.14
Evaluated at bid price : 22.56
Bid-YTW : 6.06 %
TD.PF.I FixedReset Prem 14,100 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 26.00
Bid-YTW : 3.99 %
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
POW.PR.H Perpetual-Premium Quote: 25.20 – 26.20
Spot Rate : 1.0000
Average : 0.5880

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2034-10-15
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : 5.62 %
BN.PF.F FixedReset Prem Quote: 25.58 – 26.58
Spot Rate : 1.0000
Average : 0.6548

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-10-01
Maturity Price : 25.00
Evaluated at bid price : 25.58
Bid-YTW : 5.06 %
ENB.PR.J FixedReset Disc Quote: 23.94 – 24.45
Spot Rate : 0.5100
Average : 0.3380

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-26
Maturity Price : 23.00
Evaluated at bid price : 23.94
Bid-YTW : 5.99 %
PWF.PR.K Perpetual-Discount Quote: 22.10 – 22.61
Spot Rate : 0.5100
Average : 0.3458

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-26
Maturity Price : 21.86
Evaluated at bid price : 22.10
Bid-YTW : 5.69 %
IFC.PR.A FixedReset Ins Non Quote: 22.00 – 22.96
Spot Rate : 0.9600
Average : 0.8105

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-26
Maturity Price : 21.60
Evaluated at bid price : 22.00
Bid-YTW : 5.47 %
GWO.PR.M Insurance Straight Quote: 25.40 – 25.85
Spot Rate : 0.4500
Average : 0.3159

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-07-26
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : -13.81 %
Market Action

June 25, 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 5.60 % 5.85 % 20,638 14.66 1 0.0000 % 2,618.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2372 % 4,898.6
Floater 5.56 % 5.66 % 40,858 14.46 3 -0.2372 % 2,823.1
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0872 % 3,631.0
SplitShare 4.80 % 4.77 % 57,328 2.73 5 -0.0872 % 4,336.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0872 % 3,383.3
Perpetual-Premium 5.71 % 5.53 % 67,533 6.60 7 0.1879 % 3,059.8
Perpetual-Discount 5.60 % 5.68 % 40,502 14.33 29 -0.1059 % 3,371.4
FixedReset Disc 5.66 % 5.94 % 111,670 13.79 19 -0.0663 % 3,284.2
Insurance Straight 5.48 % 5.52 % 47,314 14.62 22 0.5379 % 3,288.4
FloatingReset 4.70 % 4.73 % 17,904 16.05 1 0.0000 % 4,023.4
FixedReset Prem 5.93 % 4.68 % 80,331 2.33 29 0.0428 % 2,650.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0663 % 3,357.1
FixedReset Ins Non 5.31 % 5.29 % 51,551 14.57 14 1.4381 % 3,215.5
Performance Highlights
Issue Index Change Notes
GWO.PR.I Insurance Straight -1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 5.48 %
BN.PR.R FixedReset Disc -1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 22.32
Evaluated at bid price : 23.08
Bid-YTW : 5.82 %
PWF.PR.S Perpetual-Discount -1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 5.75 %
POW.PR.B Perpetual-Discount -1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 22.93
Evaluated at bid price : 23.21
Bid-YTW : 5.77 %
PWF.PR.F Perpetual-Discount -1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 22.90
Evaluated at bid price : 23.17
Bid-YTW : 5.75 %
FTS.PR.J Perpetual-Discount 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 22.55
Evaluated at bid price : 22.80
Bid-YTW : 5.25 %
GWO.PR.T Insurance Straight 3.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 22.96
Evaluated at bid price : 23.23
Bid-YTW : 5.56 %
IFC.PR.A FixedReset Ins Non 3.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 22.41
Evaluated at bid price : 22.80
Bid-YTW : 5.27 %
IFC.PR.E Insurance Straight 9.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 23.32
Evaluated at bid price : 23.60
Bid-YTW : 5.52 %
MFC.PR.K FixedReset Ins Non 18.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 23.70
Evaluated at bid price : 25.50
Bid-YTW : 5.28 %
Volume Highlights
Issue Index Shares
Traded		 Notes
GWO.PF.A Perpetual-Discount 153,392 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 24.60
Evaluated at bid price : 25.00
Bid-YTW : 5.72 %
FTS.PR.M FixedReset Prem 54,675 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 23.33
Evaluated at bid price : 25.03
Bid-YTW : 5.51 %
ENB.PR.N FixedReset Prem 21,865 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 23.47
Evaluated at bid price : 24.95
Bid-YTW : 5.90 %
POW.PR.I Perpetual-Premium 11,177 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 24.45
Evaluated at bid price : 24.85
Bid-YTW : 5.68 %
PVS.PR.K SplitShare 10,640 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.06
Bid-YTW : 4.47 %
BN.PR.T FixedReset Disc 10,406 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 22.09
Evaluated at bid price : 22.73
Bid-YTW : 5.84 %
There were 1 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
BN.PR.R FixedReset Disc Quote: 23.08 – 23.90
Spot Rate : 0.8200
Average : 0.4658

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 22.32
Evaluated at bid price : 23.08
Bid-YTW : 5.82 %
GWO.PR.N FixedReset Ins Non Quote: 19.00 – 20.50
Spot Rate : 1.5000
Average : 1.3294

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.69 %
CIU.PR.A Perpetual-Discount Quote: 20.81 – 21.45
Spot Rate : 0.6400
Average : 0.4965

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 20.81
Evaluated at bid price : 20.81
Bid-YTW : 5.59 %
IFC.PR.M Perpetual-Premium Quote: 24.90 – 25.45
Spot Rate : 0.5500
Average : 0.4122

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 24.50
Evaluated at bid price : 24.90
Bid-YTW : 5.53 %
POW.PR.B Perpetual-Discount Quote: 23.21 – 23.84
Spot Rate : 0.6300
Average : 0.4923

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 22.93
Evaluated at bid price : 23.21
Bid-YTW : 5.77 %
GWO.PR.S Insurance Straight Quote: 23.41 – 23.80
Spot Rate : 0.3900
Average : 0.2766

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 23.15
Evaluated at bid price : 23.41
Bid-YTW : 5.63 %
Market Action

June 24, 2026

PerpetualDiscounts now yield 5.67%, equivalent to 7.37% interest at the standard conversion factor of 1.3x. Long corporates yielded 4.94% on 2026-06-17. Therefore the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has remained at the 245bp reported June 17.

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 5.60 % 5.85 % 21,478 14.66 1 0.0000 % 2,618.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.6928 % 4,910.3
Floater 5.54 % 5.64 % 41,484 14.50 3 0.6928 % 2,829.8
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0792 % 3,634.2
SplitShare 4.79 % 4.45 % 53,223 2.73 5 -0.0792 % 4,340.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0792 % 3,386.2
Perpetual-Premium 5.72 % 5.69 % 66,783 14.03 7 -0.0342 % 3,054.1
Perpetual-Discount 5.59 % 5.67 % 39,823 14.39 29 0.0954 % 3,375.0
FixedReset Disc 5.66 % 5.92 % 111,435 13.81 19 -0.2372 % 3,286.4
Insurance Straight 5.51 % 5.55 % 47,448 14.58 22 -0.2008 % 3,270.8
FloatingReset 4.70 % 4.73 % 18,025 16.05 1 0.0000 % 4,023.4
FixedReset Prem 5.93 % 4.68 % 83,542 2.33 29 -0.0589 % 2,649.2
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.2372 % 3,359.4
FixedReset Ins Non 5.39 % 5.35 % 51,703 14.58 14 -1.0308 % 3,169.9
Performance Highlights
Issue Index Change Notes
MFC.PR.K FixedReset Ins Non -15.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-24
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 6.41 %
GWO.PR.T Insurance Straight -3.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-24
Maturity Price : 22.22
Evaluated at bid price : 22.50
Bid-YTW : 5.74 %
POW.PR.D Perpetual-Discount -1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-24
Maturity Price : 22.17
Evaluated at bid price : 22.45
Bid-YTW : 5.57 %
PWF.PR.A Floater 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-24
Maturity Price : 14.48
Evaluated at bid price : 14.48
Bid-YTW : 5.45 %
POW.PR.B Perpetual-Discount 1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-24
Maturity Price : 23.31
Evaluated at bid price : 23.59
Bid-YTW : 5.67 %
PWF.PR.S Perpetual-Discount 1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-24
Maturity Price : 21.33
Evaluated at bid price : 21.60
Bid-YTW : 5.64 %
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 : 5.37 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BN.PF.E FixedReset Disc 65,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-24
Maturity Price : 22.91
Evaluated at bid price : 24.06
Bid-YTW : 5.71 %
GWO.PF.A Perpetual-Discount 64,762 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-24
Maturity Price : 24.56
Evaluated at bid price : 24.95
Bid-YTW : 5.73 %
BN.PR.T FixedReset Disc 48,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-24
Maturity Price : 22.08
Evaluated at bid price : 22.71
Bid-YTW : 5.85 %
PWF.PR.R Perpetual-Discount 39,340 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-24
Maturity Price : 24.19
Evaluated at bid price : 24.45
Bid-YTW : 5.71 %
GWO.PR.R Insurance Straight 31,295 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-24
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 5.64 %
FTS.PR.M FixedReset Prem 26,850 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-12-01
Maturity Price : 25.00
Evaluated at bid price : 25.13
Bid-YTW : 5.47 %
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
MFC.PR.K FixedReset Ins Non Quote: 21.50 – 25.60
Spot Rate : 4.1000
Average : 2.2366

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-24
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 6.41 %
GWO.PR.T Insurance Straight Quote: 22.50 – 23.75
Spot Rate : 1.2500
Average : 0.9440

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-24
Maturity Price : 22.22
Evaluated at bid price : 22.50
Bid-YTW : 5.74 %
IFC.PR.E Insurance Straight Quote: 21.57 – 23.88
Spot Rate : 2.3100
Average : 2.0757

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-24
Maturity Price : 21.30
Evaluated at bid price : 21.57
Bid-YTW : 6.05 %
PWF.PR.T FixedReset Prem Quote: 25.12 – 26.12
Spot Rate : 1.0000
Average : 0.8237

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-24
Maturity Price : 23.49
Evaluated at bid price : 25.12
Bid-YTW : 5.45 %
GWO.PR.N FixedReset Ins Non Quote: 19.19 – 20.50
Spot Rate : 1.3100
Average : 1.1425

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-24
Maturity Price : 19.19
Evaluated at bid price : 19.19
Bid-YTW : 5.64 %
BIP.PR.E FixedReset Prem Quote: 25.95 – 26.50
Spot Rate : 0.5500
Average : 0.3970

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.95
Bid-YTW : 4.35 %
Market Action

June 23, 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 5.60 % 5.84 % 22,351 14.67 1 0.6885 % 2,618.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.6645 % 4,876.5
Floater 5.58 % 5.66 % 42,897 14.47 3 -0.6645 % 2,810.3
OpRet 0.00 % 0.00 % 0 0.00 0 0.0792 % 3,637.1
SplitShare 4.79 % 4.36 % 53,339 2.74 5 0.0792 % 4,343.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0792 % 3,388.9
Perpetual-Premium 5.71 % 5.69 % 69,536 14.02 7 -0.2951 % 3,055.1
Perpetual-Discount 5.60 % 5.68 % 39,006 14.32 29 -0.1814 % 3,371.8
FixedReset Disc 5.65 % 5.89 % 112,459 13.83 19 0.3869 % 3,294.2
Insurance Straight 5.50 % 5.54 % 45,768 14.62 22 0.2791 % 3,277.4
FloatingReset 4.70 % 4.73 % 18,762 16.05 1 0.0000 % 4,023.4
FixedReset Prem 5.93 % 4.68 % 82,591 2.33 29 0.0656 % 2,650.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.3869 % 3,367.4
FixedReset Ins Non 5.33 % 5.31 % 52,185 14.58 14 -0.2272 % 3,202.9
Performance Highlights
Issue Index Change Notes
PWF.PR.S Perpetual-Discount -1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 5.75 %
MFC.PR.J FixedReset Ins Non -1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 23.59
Evaluated at bid price : 24.82
Bid-YTW : 5.77 %
POW.PR.B Perpetual-Discount -1.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 22.93
Evaluated at bid price : 23.21
Bid-YTW : 5.76 %
PWF.PR.A Floater -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 14.30
Evaluated at bid price : 14.30
Bid-YTW : 5.52 %
ENB.PR.A Perpetual-Discount 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 24.83
Evaluated at bid price : 25.05
Bid-YTW : 5.54 %
ENB.PF.A FixedReset Disc 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 22.85
Evaluated at bid price : 23.85
Bid-YTW : 6.02 %
FTS.PR.J Perpetual-Discount 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 22.40
Evaluated at bid price : 22.66
Bid-YTW : 5.28 %
BN.PR.R FixedReset Disc 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 22.53
Evaluated at bid price : 23.47
Bid-YTW : 5.71 %
IFC.PR.M Perpetual-Premium 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 24.60
Evaluated at bid price : 25.00
Bid-YTW : 5.51 %
NA.PR.K FixedReset Prem 1.55 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-05-01
Maturity Price : 25.00
Evaluated at bid price : 28.10
Bid-YTW : 3.49 %
BN.PR.T FixedReset Disc 3.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 22.06
Evaluated at bid price : 22.68
Bid-YTW : 5.85 %
GWO.PR.T Insurance Straight 4.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 23.14
Evaluated at bid price : 23.40
Bid-YTW : 5.52 %
Volume Highlights
Issue Index Shares
Traded		 Notes
FTS.PR.M FixedReset Prem 795,098 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-12-01
Maturity Price : 25.00
Evaluated at bid price : 25.13
Bid-YTW : 5.47 %
GWO.PF.A Perpetual-Discount 252,705 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 24.58
Evaluated at bid price : 24.97
Bid-YTW : 5.73 %
BN.PR.K Floater 75,619 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 13.83
Evaluated at bid price : 13.83
Bid-YTW : 5.66 %
POW.PR.I Perpetual-Premium 20,020 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 24.41
Evaluated at bid price : 24.80
Bid-YTW : 5.69 %
BN.PR.T FixedReset Disc 19,644 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 22.06
Evaluated at bid price : 22.68
Bid-YTW : 5.85 %
MFC.PR.M FixedReset Ins Non 15,142 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 23.32
Evaluated at bid price : 25.02
Bid-YTW : 5.40 %
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
IFC.PR.E Insurance Straight Quote: 21.57 – 23.85
Spot Rate : 2.2800
Average : 1.8188

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 21.30
Evaluated at bid price : 21.57
Bid-YTW : 6.05 %
GWO.PR.N FixedReset Ins Non Quote: 19.26 – 20.50
Spot Rate : 1.2400
Average : 0.9587

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 19.26
Evaluated at bid price : 19.26
Bid-YTW : 5.61 %
GWO.PR.H Insurance Straight Quote: 21.65 – 22.49
Spot Rate : 0.8400
Average : 0.5663

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 21.38
Evaluated at bid price : 21.65
Bid-YTW : 5.62 %
PWF.PF.A Perpetual-Discount Quote: 20.41 – 21.20
Spot Rate : 0.7900
Average : 0.5287

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 20.41
Evaluated at bid price : 20.41
Bid-YTW : 5.61 %
POW.PR.B Perpetual-Discount Quote: 23.21 – 23.88
Spot Rate : 0.6700
Average : 0.4413

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 22.93
Evaluated at bid price : 23.21
Bid-YTW : 5.76 %
MFC.PR.J FixedReset Ins Non Quote: 24.82 – 25.99
Spot Rate : 1.1700
Average : 0.9494

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 23.59
Evaluated at bid price : 24.82
Bid-YTW : 5.77 %
Market Action

June 22, 2026

Canadian inflation stepped on the gas!

Canada’s annual inflation rate in May accelerated more than expected to 3.2 per cent, a 29-month high, data showed on Monday, as the impact of higher crude oil prices due to the Iran conflict continued to filter through gasoline costs.

Analysts polled by Reuters had estimated the annual inflation rate to touch 3 per cent in May, up from 2.8 per cent in April.
…
Gasoline prices in May rose by 33.2 per cent on a year-over-year basis. Consumers in May shelled out more for gasoline than from its previous peak four years ago when Russia invaded Ukraine, Statscan said.

This led to an increase in the cost of transportation, which accounts for almost 18.5 per cent of the CPI basket, posting a 9-per-cent annual increase last month.
…
Cost of food, which also contributes around 17 per cent of the CPI basket, rose 3.8 per cent in May from 3.5 per cent in April, Statscan said, adding that this was fuelled by an increase in prices of fresh fruits and vegetables which rose by 5.3 per cent and 9 per cent respectively in May.

The impact of higher transportation and food prices were largely offset by shelter costs, the biggest contributor to the CPI basket at close to 30 per cent. Shelter costs rose by 1.7 per cent in May following a 1.8-per-cent increase in April, data showed, especially led by a reduction in mortgage costs which shrunk by 0.2 per cent last month.
…
CPI-median, the centremost component of the CPI basket, was at 2.1 per cent, while CPI-trim, which excludes the most extreme price changes, was at 2 per cent.

The day was enlivened by the closing of the GWO.PF.A Straight 5.7% issue.

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 5.64 % 6.04 % 23,224 14.78 1 -0.5705 % 2,600.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.8704 % 4,909.1
Floater 5.54 % 5.65 % 39,731 14.48 3 -0.8704 % 2,829.1
OpRet 0.00 % 0.00 % 0 0.00 0 0.1031 % 3,634.2
SplitShare 4.79 % 4.48 % 52,390 2.74 5 0.1031 % 4,340.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1031 % 3,386.2
Perpetual-Premium 5.70 % 5.73 % 70,548 14.01 7 -0.0964 % 3,064.2
Perpetual-Discount 5.59 % 5.68 % 40,404 14.31 29 0.0770 % 3,377.9
FixedReset Disc 5.67 % 5.99 % 117,076 13.80 19 -0.4626 % 3,281.5
Insurance Straight 5.51 % 5.56 % 46,259 14.55 22 -0.4723 % 3,268.3
FloatingReset 4.70 % 4.73 % 19,448 16.06 1 0.0000 % 4,023.4
FixedReset Prem 5.93 % 4.58 % 82,430 2.33 29 0.0000 % 2,649.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.4626 % 3,354.4
FixedReset Ins Non 5.15 % 5.33 % 67,623 14.59 14 0.0389 % 3,210.2
Performance Highlights
Issue Index Change Notes
IFC.PR.E Insurance Straight -8.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-22
Maturity Price : 21.30
Evaluated at bid price : 21.57
Bid-YTW : 6.05 %
BN.PR.T FixedReset Disc -2.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-22
Maturity Price : 21.58
Evaluated at bid price : 21.95
Bid-YTW : 6.06 %
PWF.PR.A Floater -1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-22
Maturity Price : 14.46
Evaluated at bid price : 14.46
Bid-YTW : 5.46 %
NA.PR.K FixedReset Prem -1.18 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-05-01
Maturity Price : 25.00
Evaluated at bid price : 27.67
Bid-YTW : 4.10 %
IFC.PR.M Perpetual-Premium -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-22
Maturity Price : 24.26
Evaluated at bid price : 24.65
Bid-YTW : 5.59 %
BN.PR.R FixedReset Disc -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-22
Maturity Price : 22.37
Evaluated at bid price : 23.17
Bid-YTW : 5.79 %
MFC.PR.B Insurance Straight 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-22
Maturity Price : 22.21
Evaluated at bid price : 22.48
Bid-YTW : 5.19 %
CIU.PR.A Perpetual-Discount 1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-22
Maturity Price : 20.82
Evaluated at bid price : 20.82
Bid-YTW : 5.58 %
MFC.PR.J FixedReset Ins Non 1.89 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-03-19
Maturity Price : 25.00
Evaluated at bid price : 25.29
Bid-YTW : 5.53 %
PWF.PR.S Perpetual-Discount 1.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-22
Maturity Price : 21.39
Evaluated at bid price : 21.66
Bid-YTW : 5.62 %
Volume Highlights
Issue Index Shares
Traded		 Notes
GWO.PF.A Perpetual-Discount 509,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-22
Maturity Price : 24.46
Evaluated at bid price : 24.85
Bid-YTW : 5.76 %
SLF.PR.H FixedReset Ins Non 54,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-22
Maturity Price : 23.25
Evaluated at bid price : 24.20
Bid-YTW : 5.36 %
PWF.PR.A Floater 30,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-22
Maturity Price : 14.46
Evaluated at bid price : 14.46
Bid-YTW : 5.46 %
TD.PF.I FixedReset Prem 20,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.99
Bid-YTW : 3.99 %
IFC.PR.I Insurance Straight 16,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-22
Maturity Price : 24.21
Evaluated at bid price : 24.71
Bid-YTW : 5.46 %
IFC.PR.K Insurance Straight 10,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-22
Maturity Price : 23.40
Evaluated at bid price : 23.85
Bid-YTW : 5.51 %
There were 0 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
IFC.PR.E Insurance Straight Quote: 21.57 – 23.88
Spot Rate : 2.3100
Average : 1.3132

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-22
Maturity Price : 21.30
Evaluated at bid price : 21.57
Bid-YTW : 6.05 %
GWO.PR.Y Insurance Straight Quote: 20.86 – 22.22
Spot Rate : 1.3600
Average : 0.8685

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-22
Maturity Price : 20.86
Evaluated at bid price : 20.86
Bid-YTW : 5.42 %
PWF.PR.P FixedReset Disc Quote: 20.36 – 21.50
Spot Rate : 1.1400
Average : 0.6924

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-22
Maturity Price : 20.36
Evaluated at bid price : 20.36
Bid-YTW : 5.81 %
NA.PR.C FixedReset Prem Quote: 26.44 – 27.44
Spot Rate : 1.0000
Average : 0.6003

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-11-15
Maturity Price : 25.00
Evaluated at bid price : 26.44
Bid-YTW : 3.33 %
BN.PR.T FixedReset Disc Quote: 21.95 – 23.55
Spot Rate : 1.6000
Average : 1.2138

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-22
Maturity Price : 21.58
Evaluated at bid price : 21.95
Bid-YTW : 6.06 %
IFC.PR.M Perpetual-Premium Quote: 24.65 – 25.45
Spot Rate : 0.8000
Average : 0.4779

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-22
Maturity Price : 24.26
Evaluated at bid price : 24.65
Bid-YTW : 5.59 %
Market Action

June 19, 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 5.61 % 6.00 % 24,172 14.83 1 0.1714 % 2,615.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.6869 % 4,952.2
Floater 5.50 % 5.61 % 40,349 14.56 3 0.6869 % 2,854.0
OpRet 0.00 % 0.00 % 0 0.00 0 0.0397 % 3,630.4
SplitShare 4.80 % 4.83 % 52,635 2.74 5 0.0397 % 4,335.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0397 % 3,382.7
Perpetual-Premium 5.69 % 5.73 % 71,636 14.03 7 0.0284 % 3,067.1
Perpetual-Discount 5.59 % 5.67 % 40,136 14.32 28 0.0724 % 3,375.3
FixedReset Disc 5.64 % 5.88 % 118,599 13.87 19 0.1438 % 3,296.8
Insurance Straight 5.49 % 5.51 % 46,176 14.58 22 -0.0079 % 3,283.8
FloatingReset 4.72 % 4.74 % 20,241 16.04 1 0.0000 % 4,023.4
FixedReset Prem 5.93 % 4.66 % 85,576 2.24 29 0.2187 % 2,649.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1438 % 3,370.0
FixedReset Ins Non 5.15 % 5.28 % 68,340 14.64 14 0.2579 % 3,209.0
Performance Highlights
Issue Index Change Notes
CIU.PR.A Perpetual-Discount -1.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-19
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.67 %
MFC.PR.J FixedReset Ins Non -1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-19
Maturity Price : 23.58
Evaluated at bid price : 24.82
Bid-YTW : 5.74 %
ENB.PR.F FixedReset Disc -1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-19
Maturity Price : 22.86
Evaluated at bid price : 23.20
Bid-YTW : 6.05 %
MFC.PR.C Insurance Straight -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-19
Maturity Price : 21.28
Evaluated at bid price : 21.55
Bid-YTW : 5.24 %
GWO.PR.T Insurance Straight -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-19
Maturity Price : 22.22
Evaluated at bid price : 22.50
Bid-YTW : 5.73 %
MFC.PR.N FixedReset Ins Non 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-19
Maturity Price : 23.26
Evaluated at bid price : 24.94
Bid-YTW : 5.27 %
MFC.PR.M FixedReset Ins Non 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-19
Maturity Price : 23.35
Evaluated at bid price : 25.12
Bid-YTW : 5.36 %
BN.PR.R FixedReset Disc 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-19
Maturity Price : 22.50
Evaluated at bid price : 23.41
Bid-YTW : 5.70 %
BN.PF.A FixedReset Prem 1.52 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.99
Bid-YTW : 4.83 %
BN.PF.F FixedReset Prem 1.53 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-10-01
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : 5.54 %
ENB.PF.A FixedReset Disc 1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-19
Maturity Price : 22.78
Evaluated at bid price : 23.72
Bid-YTW : 6.03 %
GWO.PR.N FixedReset Ins Non 2.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-19
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 5.55 %
BN.PR.K Floater 2.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-19
Maturity Price : 13.95
Evaluated at bid price : 13.95
Bid-YTW : 5.61 %
Volume Highlights
Issue Index Shares
Traded		 Notes
PWF.PR.T FixedReset Prem 72,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-19
Maturity Price : 23.48
Evaluated at bid price : 25.09
Bid-YTW : 5.44 %
ENB.PR.Y FixedReset Disc 29,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-19
Maturity Price : 22.17
Evaluated at bid price : 22.61
Bid-YTW : 6.02 %
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 – 25.99
Spot Rate : 1.1700
Average : 0.7160

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-19
Maturity Price : 23.58
Evaluated at bid price : 24.82
Bid-YTW : 5.74 %
CIU.PR.A Perpetual-Discount Quote: 20.50 – 21.13
Spot Rate : 0.6300
Average : 0.3940

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-19
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.67 %
PWF.PR.S Perpetual-Discount Quote: 21.25 – 21.93
Spot Rate : 0.6800
Average : 0.5257

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-19
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 5.74 %
BN.PR.T FixedReset Disc Quote: 22.61 – 23.55
Spot Rate : 0.9400
Average : 0.7904

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-19
Maturity Price : 22.02
Evaluated at bid price : 22.61
Bid-YTW : 5.85 %
MFC.PR.B Insurance Straight Quote: 22.18 – 22.67
Spot Rate : 0.4900
Average : 0.3714

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-19
Maturity Price : 21.94
Evaluated at bid price : 22.18
Bid-YTW : 5.26 %
PWF.PR.T FixedReset Prem Quote: 25.09 – 26.09
Spot Rate : 1.0000
Average : 0.8924

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-19
Maturity Price : 23.48
Evaluated at bid price : 25.09
Bid-YTW : 5.44 %
Market Action

June 18, 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 5.62 % 6.01 % 24,161 14.82 1 0.0000 % 2,611.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.3327 % 4,918.4
Floater 5.53 % 5.59 % 40,885 14.58 3 0.3327 % 2,834.5
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0397 % 3,629.0
SplitShare 4.80 % 4.57 % 54,706 2.75 5 -0.0397 % 4,333.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0397 % 3,381.4
Perpetual-Premium 5.69 % 5.73 % 72,083 14.02 7 0.0567 % 3,066.3
Perpetual-Discount 5.59 % 5.67 % 40,569 14.31 28 -0.1602 % 3,372.8
FixedReset Disc 5.65 % 5.88 % 123,438 13.88 19 -0.3502 % 3,292.0
Insurance Straight 5.49 % 5.51 % 46,886 14.61 22 0.0993 % 3,284.1
FloatingReset 4.72 % 4.73 % 21,067 16.04 1 -1.7043 % 4,023.4
FixedReset Prem 5.94 % 4.68 % 86,854 2.35 29 -0.1487 % 2,643.2
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.3502 % 3,365.1
FixedReset Ins Non 5.16 % 5.32 % 69,016 14.56 14 -0.1915 % 3,200.7
Performance Highlights
Issue Index Change Notes
ENB.PF.A FixedReset Disc -2.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-18
Maturity Price : 22.56
Evaluated at bid price : 23.30
Bid-YTW : 6.15 %
SLF.PR.J FloatingReset -1.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-18
Maturity Price : 19.61
Evaluated at bid price : 19.61
Bid-YTW : 4.73 %
GWO.PR.N FixedReset Ins Non -1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-18
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.67 %
PWF.PR.S Perpetual-Discount -1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-18
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 5.74 %
CU.PR.E Perpetual-Discount -1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-18
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 5.61 %
CU.PR.D Perpetual-Discount -1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-18
Maturity Price : 21.76
Evaluated at bid price : 22.01
Bid-YTW : 5.61 %
BN.PF.F FixedReset Prem -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-18
Maturity Price : 23.27
Evaluated at bid price : 24.82
Bid-YTW : 5.90 %
BN.PF.A FixedReset Prem -1.16 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.60
Bid-YTW : 5.54 %
ENB.PR.Y FixedReset Disc -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-18
Maturity Price : 22.09
Evaluated at bid price : 22.50
Bid-YTW : 6.05 %
ENB.PF.E FixedReset Disc -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-18
Maturity Price : 22.51
Evaluated at bid price : 23.30
Bid-YTW : 6.07 %
BN.PR.B Floater 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-18
Maturity Price : 13.99
Evaluated at bid price : 13.99
Bid-YTW : 5.59 %
MFC.PR.C Insurance Straight 1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-18
Maturity Price : 21.57
Evaluated at bid price : 21.83
Bid-YTW : 5.17 %
GWO.PR.H Insurance Straight 3.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-18
Maturity Price : 21.38
Evaluated at bid price : 21.65
Bid-YTW : 5.61 %
Volume Highlights
Issue Index Shares
Traded		 Notes
PVS.PR.H SplitShare 95,075 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-07-18
Maturity Price : 25.00
Evaluated at bid price : 25.08
Bid-YTW : 2.53 %
PVS.PR.K SplitShare 43,200 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 24.97
Bid-YTW : 4.57 %
NA.PR.S FixedReset Prem 36,100 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-05-15
Maturity Price : 25.00
Evaluated at bid price : 26.19
Bid-YTW : 4.67 %
PWF.PR.A Floater 31,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-18
Maturity Price : 14.64
Evaluated at bid price : 14.64
Bid-YTW : 5.39 %
PWF.PR.Z Perpetual-Discount 27,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-18
Maturity Price : 22.77
Evaluated at bid price : 23.05
Bid-YTW : 5.66 %
TD.PF.I FixedReset Prem 14,069 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.85
Bid-YTW : 4.38 %
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
BN.PR.T FixedReset Disc Quote: 22.61 – 23.55
Spot Rate : 0.9400
Average : 0.6263

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-18
Maturity Price : 22.02
Evaluated at bid price : 22.61
Bid-YTW : 5.85 %
MFC.PR.N FixedReset Ins Non Quote: 24.67 – 25.50
Spot Rate : 0.8300
Average : 0.5211

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-18
Maturity Price : 23.16
Evaluated at bid price : 24.67
Bid-YTW : 5.34 %
ENB.PF.A FixedReset Disc Quote: 23.30 – 24.05
Spot Rate : 0.7500
Average : 0.4657

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-18
Maturity Price : 22.56
Evaluated at bid price : 23.30
Bid-YTW : 6.15 %
PWF.PR.T FixedReset Prem Quote: 25.09 – 26.09
Spot Rate : 1.0000
Average : 0.7744

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-18
Maturity Price : 23.48
Evaluated at bid price : 25.09
Bid-YTW : 5.44 %
PWF.PR.R Perpetual-Discount Quote: 24.40 – 25.00
Spot Rate : 0.6000
Average : 0.3775

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-18
Maturity Price : 24.15
Evaluated at bid price : 24.40
Bid-YTW : 5.71 %
MFC.PR.M FixedReset Ins Non Quote: 24.80 – 25.45
Spot Rate : 0.6500
Average : 0.4302

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-18
Maturity Price : 23.24
Evaluated at bid price : 24.80
Bid-YTW : 5.44 %