Category: Market Action

Market Action

August 18, 2026

Bond markets are getting indigestion:

Long-term borrowing costs from the U.S. to Germany and Japan hit their highest in decades on Tuesday due to ​ballooning government debt and geopolitics, raising borrowing costs for companies and households and complicating ‌policy.

Bond markets are entering an era where the inflation and interest rate outlook is more uncertain and the upside risks are greater, as U.S. President Donald Trump’s policies — from tariffs to war — upend the global order.

Debt levels in developed countries are reaching thresholds that look increasingly unsustainable, with the U.S. debt pile nearing US$40-trillion. The war in Iran is dragging on, ⁠pushing up ​oil prices and inflation and hitting global growth.

In addition, massive borrowing by technology companies to fund a buildout of artificial intelligence infrastructure is competing with demand for government bonds.
…
Thirty-year bond yields in the United States, the world’s deepest ​and most systemically crucial government bond market, hit their highest since 2007 as oil prices rose back above $90, ‌fanning inflation worries as U.S.-Iran peace hopes faded.

Their yields pulled back in early afternoon trading with U.S. 30-year yields last down 2.4 basis points at 5.286 per cent.

In Japan, inflation angst and expectations that the central bank could hike interest rates as early as September pushed 10-year borrowing costs to a three-decade high just under 3 per cent..

In Europe, Germany’s 10-year Bund yield touched its highest since 2011, French yields were at their highest since 2008 and Britain’s 30-year borrowing costs neared peaks hit in May that marked the highest levels since 1998.

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 0.3060 % 2,636.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.3060 % 4,965.0
Floater 5.48 % 5.61 % 31,972 14.45 3 0.3060 % 2,861.4
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0394 % 3,653.2
SplitShare 4.77 % 4.93 % 55,249 2.58 5 -0.0394 % 4,362.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0394 % 3,403.9
Perpetual-Premium 5.64 % 5.55 % 55,730 6.77 12 -0.2212 % 3,079.6
Perpetual-Discount 5.49 % 5.55 % 37,900 14.55 21 -0.0355 % 3,437.0
FixedReset Disc 5.52 % 5.86 % 94,803 14.04 17 -0.1858 % 3,403.8
Insurance Straight 5.36 % 5.42 % 43,836 14.65 20 -0.1667 % 3,357.8
FloatingReset 0.00 % 0.00 % 0 0.00 0 -0.1858 % 4,156.1
FixedReset Prem 5.90 % 4.29 % 77,067 2.11 31 -0.0883 % 2,669.8
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.1858 % 3,479.4
FixedReset Ins Non 5.19 % 4.80 % 49,342 3.02 14 -0.1312 % 3,287.7
Performance Highlights
Issue Index Change Notes
ENB.PF.C FixedReset Disc -2.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 22.74
Evaluated at bid price : 23.65
Bid-YTW : 6.14 %
ENB.PR.Y FixedReset Disc -2.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 22.48
Evaluated at bid price : 23.07
Bid-YTW : 6.05 %
SLF.PR.D Insurance Straight -2.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 21.35
Evaluated at bid price : 21.62
Bid-YTW : 5.21 %
ENB.PR.T FixedReset Prem -2.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 23.25
Evaluated at bid price : 24.55
Bid-YTW : 5.95 %
MFC.PR.Q FixedReset Ins Non -2.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 23.68
Evaluated at bid price : 25.14
Bid-YTW : 5.85 %
POW.PR.A Perpetual-Premium -2.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 24.21
Evaluated at bid price : 24.50
Bid-YTW : 5.78 %
ENB.PF.E FixedReset Disc -1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 22.80
Evaluated at bid price : 23.83
Bid-YTW : 6.07 %
NA.PR.C FixedReset Prem -1.31 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-11-15
Maturity Price : 25.00
Evaluated at bid price : 26.27
Bid-YTW : 2.90 %
MFC.PR.B Insurance Straight -1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 22.66
Evaluated at bid price : 22.90
Bid-YTW : 5.15 %
BN.PF.C Perpetual-Discount -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 21.31
Evaluated at bid price : 21.58
Bid-YTW : 5.69 %
GWO.PR.Y Insurance Straight -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 5.40 %
BN.PR.T FixedReset Disc -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 23.12
Evaluated at bid price : 23.83
Bid-YTW : 5.83 %
BN.PF.A FixedReset Prem -1.15 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.90
Bid-YTW : 5.41 %
ENB.PR.H FixedReset Disc -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 23.28
Evaluated at bid price : 23.61
Bid-YTW : 5.83 %
PWF.PR.P FixedReset Disc 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 21.84
Evaluated at bid price : 22.25
Bid-YTW : 5.42 %
BN.PR.X FixedReset Disc 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 21.58
Evaluated at bid price : 21.95
Bid-YTW : 5.82 %
BN.PF.G FixedReset Prem 1.35 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2030-07-01
Maturity Price : 25.00
Evaluated at bid price : 26.35
Bid-YTW : 4.37 %
CCS.PR.C Insurance Straight 1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 23.03
Evaluated at bid price : 23.30
Bid-YTW : 5.43 %
GWO.PR.I Insurance Straight 1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 21.38
Evaluated at bid price : 21.65
Bid-YTW : 5.26 %
ENB.PR.F FixedReset Disc 2.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 23.92
Evaluated at bid price : 24.25
Bid-YTW : 5.95 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BN.PF.F FixedReset Prem 212,549 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-10-01
Maturity Price : 25.00
Evaluated at bid price : 25.64
Bid-YTW : 5.24 %
FTS.PR.G FixedReset Prem 16,850 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-09-01
Maturity Price : 25.00
Evaluated at bid price : 25.90
Bid-YTW : 4.95 %
BMO.PR.E FixedReset Prem 13,201 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-11-25
Maturity Price : 25.00
Evaluated at bid price : 26.50
Bid-YTW : 3.99 %
NA.PR.K FixedReset Prem 12,575 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-05-01
Maturity Price : 25.00
Evaluated at bid price : 28.10
Bid-YTW : 3.01 %
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
PWF.PR.P FixedReset Disc Quote: 22.25 – 23.49
Spot Rate : 1.2400
Average : 0.8059

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 21.84
Evaluated at bid price : 22.25
Bid-YTW : 5.42 %
ENB.PF.C FixedReset Disc Quote: 23.65 – 24.65
Spot Rate : 1.0000
Average : 0.6449

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 22.74
Evaluated at bid price : 23.65
Bid-YTW : 6.14 %
MFC.PR.Q FixedReset Ins Non Quote: 25.14 – 26.14
Spot Rate : 1.0000
Average : 0.6919

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 23.68
Evaluated at bid price : 25.14
Bid-YTW : 5.85 %
ENB.PR.Y FixedReset Disc Quote: 23.07 – 24.00
Spot Rate : 0.9300
Average : 0.6398

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 22.48
Evaluated at bid price : 23.07
Bid-YTW : 6.05 %
POW.PR.A Perpetual-Premium Quote: 24.50 – 25.23
Spot Rate : 0.7300
Average : 0.4565

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 24.21
Evaluated at bid price : 24.50
Bid-YTW : 5.78 %
GWO.PR.N FixedReset Ins Non Quote: 19.50 – 21.33
Spot Rate : 1.8300
Average : 1.5780

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 5.79 %
Market Action

August 17, 2026

Sorry about the delay for this post – a routine update of the WordPress software turned out to be exceptional!

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 -0.4685 % 2,628.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.4685 % 4,949.9
Floater 5.50 % 5.61 % 32,272 14.45 3 -0.4685 % 2,852.6
OpRet 0.00 % 0.00 % 0 0.00 0 0.0946 % 3,654.6
SplitShare 4.77 % 4.89 % 53,165 2.59 5 0.0946 % 4,364.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0946 % 3,405.3
Perpetual-Premium 5.62 % 5.49 % 57,620 6.63 12 -0.2075 % 3,086.4
Perpetual-Discount 5.49 % 5.55 % 37,663 14.56 21 0.0334 % 3,438.3
FixedReset Disc 5.51 % 5.87 % 98,644 14.03 17 0.3655 % 3,410.1
Insurance Straight 5.35 % 5.45 % 44,418 14.64 20 -0.1835 % 3,363.4
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.3655 % 4,163.8
FixedReset Prem 5.89 % 4.44 % 77,155 2.11 31 0.0000 % 2,672.1
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.3655 % 3,485.8
FixedReset Ins Non 5.19 % 4.79 % 49,809 1.94 14 -0.3399 % 3,292.0
Performance Highlights
Issue Index Change Notes
GWO.PR.N FixedReset Ins Non -8.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-17
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 5.79 %
GWO.PR.H Insurance Straight -3.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-17
Maturity Price : 21.55
Evaluated at bid price : 21.81
Bid-YTW : 5.63 %
PWF.PR.A Floater -1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-17
Maturity Price : 14.55
Evaluated at bid price : 14.55
Bid-YTW : 5.39 %
GWO.PR.G Insurance Straight -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-17
Maturity Price : 23.85
Evaluated at bid price : 24.10
Bid-YTW : 5.46 %
ENB.PF.G FixedReset Disc -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-17
Maturity Price : 23.02
Evaluated at bid price : 24.40
Bid-YTW : 5.98 %
NA.PR.K FixedReset Prem -1.05 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-05-01
Maturity Price : 25.00
Evaluated at bid price : 28.30
Bid-YTW : 2.72 %
FTS.PR.F Perpetual-Discount 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-17
Maturity Price : 23.57
Evaluated at bid price : 23.84
Bid-YTW : 5.23 %
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 : 26.20
Bid-YTW : 4.81 %
MFC.PR.B Insurance Straight 1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-17
Maturity Price : 22.93
Evaluated at bid price : 23.20
Bid-YTW : 5.08 %
PWF.PR.P FixedReset Disc 1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-17
Maturity Price : 21.66
Evaluated at bid price : 22.00
Bid-YTW : 5.49 %
BN.PR.T FixedReset Disc 1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-17
Maturity Price : 23.43
Evaluated at bid price : 24.12
Bid-YTW : 5.76 %
BN.PF.F FixedReset Prem 2.14 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-10-01
Maturity Price : 25.00
Evaluated at bid price : 25.80
Bid-YTW : 5.01 %
ENB.PR.Y FixedReset Disc 2.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-17
Maturity Price : 22.80
Evaluated at bid price : 23.65
Bid-YTW : 5.89 %
ENB.PR.P FixedReset Disc 2.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-17
Maturity Price : 23.32
Evaluated at bid price : 24.63
Bid-YTW : 5.85 %
Volume Highlights
Issue Index Shares
Traded		 Notes
GWO.PR.N FixedReset Ins Non 96,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-17
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 5.79 %
BN.PF.G FixedReset Prem 32,600 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2030-07-01
Maturity Price : 25.00
Evaluated at bid price : 26.00
Bid-YTW : 4.76 %
ENB.PR.D FixedReset Disc 28,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-17
Maturity Price : 23.60
Evaluated at bid price : 24.00
Bid-YTW : 5.87 %
BN.PF.M FixedReset Prem 23,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2031-01-01
Maturity Price : 25.00
Evaluated at bid price : 26.25
Bid-YTW : 4.59 %
GWO.PR.Z Insurance Straight 21,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2034-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.37
Bid-YTW : 5.63 %
GWO.PF.A Perpetual-Premium 20,900 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2035-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.42
Bid-YTW : 5.63 %
There were 5 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
GWO.PR.N FixedReset Ins Non Quote: 19.50 – 21.40
Spot Rate : 1.9000
Average : 1.3016

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-17
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 5.79 %
IFC.PR.M Perpetual-Premium Quote: 25.30 – 26.30
Spot Rate : 1.0000
Average : 0.6119

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2034-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : 5.46 %
GWO.PR.H Insurance Straight Quote: 21.81 – 22.99
Spot Rate : 1.1800
Average : 0.8674

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-17
Maturity Price : 21.55
Evaluated at bid price : 21.81
Bid-YTW : 5.63 %
GWO.PR.L Insurance Straight Quote: 25.23 – 25.97
Spot Rate : 0.7400
Average : 0.4900

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-09-16
Maturity Price : 25.00
Evaluated at bid price : 25.23
Bid-YTW : 3.48 %
POW.PR.D Perpetual-Discount Quote: 23.04 – 24.87
Spot Rate : 1.8300
Average : 1.6182

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-17
Maturity Price : 22.76
Evaluated at bid price : 23.04
Bid-YTW : 5.48 %
BN.PR.X FixedReset Disc Quote: 21.70 – 22.45
Spot Rate : 0.7500
Average : 0.5508

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-17
Maturity Price : 21.40
Evaluated at bid price : 21.70
Bid-YTW : 5.89 %
Market Action

August 14, 2026

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -0.1637 % 2,640.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.1637 % 4,973.2
Floater 5.47 % 5.61 % 33,473 14.46 3 -0.1637 % 2,866.1
OpRet 0.00 % 0.00 % 0 0.00 0 0.0395 % 3,651.2
SplitShare 4.77 % 4.78 % 53,690 2.59 5 0.0395 % 4,360.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0395 % 3,402.1
Perpetual-Premium 5.61 % 5.43 % 55,065 6.48 12 0.0297 % 3,092.8
Perpetual-Discount 5.49 % 5.55 % 38,119 14.55 21 0.1067 % 3,437.1
FixedReset Disc 5.53 % 5.89 % 92,979 14.04 17 -0.7869 % 3,397.7
Insurance Straight 5.34 % 5.42 % 44,785 14.70 20 0.0897 % 3,369.6
FloatingReset 0.00 % 0.00 % 0 0.00 0 -0.7869 % 4,148.7
FixedReset Prem 5.89 % 4.38 % 77,919 2.12 31 0.0548 % 2,672.1
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.7869 % 3,473.2
FixedReset Ins Non 5.17 % 4.77 % 50,353 1.95 14 0.2651 % 3,303.2
Performance Highlights
Issue Index Change Notes
ENB.PR.P FixedReset Disc -2.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-14
Maturity Price : 23.05
Evaluated at bid price : 24.01
Bid-YTW : 6.02 %
ENB.PR.F FixedReset Disc -1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-14
Maturity Price : 23.38
Evaluated at bid price : 23.75
Bid-YTW : 6.07 %
ENB.PR.Y FixedReset Disc -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-14
Maturity Price : 22.47
Evaluated at bid price : 23.07
Bid-YTW : 6.05 %
GWO.PR.R Insurance Straight -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-14
Maturity Price : 21.78
Evaluated at bid price : 22.02
Bid-YTW : 5.52 %
BN.PF.A FixedReset Prem -1.18 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.90
Bid-YTW : 5.38 %
BN.PR.B Floater -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-14
Maturity Price : 13.84
Evaluated at bid price : 13.84
Bid-YTW : 5.71 %
PWF.PR.L Perpetual-Discount 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-14
Maturity Price : 22.88
Evaluated at bid price : 23.15
Bid-YTW : 5.54 %
NA.PR.K FixedReset Prem 1.06 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-05-01
Maturity Price : 25.00
Evaluated at bid price : 28.60
Bid-YTW : 2.28 %
MFC.PR.B Insurance Straight 1.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-14
Maturity Price : 22.66
Evaluated at bid price : 22.90
Bid-YTW : 5.14 %
ENB.PF.E FixedReset Disc 2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-14
Maturity Price : 23.01
Evaluated at bid price : 24.32
Bid-YTW : 5.93 %
ENB.PF.G FixedReset Disc 2.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-14
Maturity Price : 23.14
Evaluated at bid price : 24.70
Bid-YTW : 5.89 %
IFC.PR.A FixedReset Ins Non 2.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-14
Maturity Price : 23.16
Evaluated at bid price : 23.62
Bid-YTW : 5.33 %
BN.PF.G FixedReset Prem 3.67 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2030-07-01
Maturity Price : 25.00
Evaluated at bid price : 26.00
Bid-YTW : 4.74 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BN.PR.B Floater 53,642 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-14
Maturity Price : 13.84
Evaluated at bid price : 13.84
Bid-YTW : 5.71 %
TD.PF.I FixedReset Prem 32,019 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.88
Bid-YTW : 3.54 %
NA.PR.C FixedReset Prem 22,542 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-11-15
Maturity Price : 25.00
Evaluated at bid price : 26.48
Bid-YTW : 2.21 %
NA.PR.G FixedReset Prem 21,314 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-11-16
Maturity Price : 25.00
Evaluated at bid price : 26.85
Bid-YTW : 3.62 %
BN.PR.R FixedReset Disc 15,146 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-14
Maturity Price : 22.89
Evaluated at bid price : 24.25
Bid-YTW : 5.72 %
BN.PF.G FixedReset Prem 15,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2030-07-01
Maturity Price : 25.00
Evaluated at bid price : 26.00
Bid-YTW : 4.74 %
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
IFC.PR.G FixedReset Ins Non Quote: 25.75 – 27.15
Spot Rate : 1.4000
Average : 0.8396

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.75
Bid-YTW : 4.77 %
ENB.PR.P FixedReset Disc Quote: 24.01 – 24.94
Spot Rate : 0.9300
Average : 0.5189

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-14
Maturity Price : 23.05
Evaluated at bid price : 24.01
Bid-YTW : 6.02 %
ENB.PR.F FixedReset Disc Quote: 23.75 – 24.70
Spot Rate : 0.9500
Average : 0.5532

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-14
Maturity Price : 23.38
Evaluated at bid price : 23.75
Bid-YTW : 6.07 %
ENB.PR.Y FixedReset Disc Quote: 23.07 – 24.00
Spot Rate : 0.9300
Average : 0.6083

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-14
Maturity Price : 22.47
Evaluated at bid price : 23.07
Bid-YTW : 6.05 %
PWF.PF.A Perpetual-Discount Quote: 20.73 – 21.45
Spot Rate : 0.7200
Average : 0.4621

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-14
Maturity Price : 20.73
Evaluated at bid price : 20.73
Bid-YTW : 5.48 %
POW.PR.D Perpetual-Discount Quote: 23.23 – 24.87
Spot Rate : 1.6400
Average : 1.3859

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-14
Maturity Price : 22.96
Evaluated at bid price : 23.23
Bid-YTW : 5.43 %
Market Action

August 13, 2026

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -0.3728 % 2,645.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.3728 % 4,981.3
Floater 5.46 % 5.61 % 33,998 14.47 3 -0.3728 % 2,870.8
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0079 % 3,649.7
SplitShare 4.77 % 4.96 % 54,377 2.60 5 -0.0079 % 4,358.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0079 % 3,400.7
Perpetual-Premium 5.61 % 5.49 % 55,222 6.64 12 -0.0099 % 3,091.9
Perpetual-Discount 5.50 % 5.57 % 38,623 14.54 21 -0.1483 % 3,433.5
FixedReset Disc 5.49 % 5.92 % 92,003 13.80 17 0.1730 % 3,424.7
Insurance Straight 5.34 % 5.42 % 45,341 14.72 20 0.1883 % 3,366.6
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.1730 % 4,181.6
FixedReset Prem 5.90 % 4.43 % 78,385 2.20 31 0.0324 % 2,670.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1730 % 3,500.7
FixedReset Ins Non 5.18 % 4.77 % 50,431 3.03 14 0.2746 % 3,294.5
Performance Highlights
Issue Index Change Notes
MFC.PR.B Insurance Straight -2.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-13
Maturity Price : 22.22
Evaluated at bid price : 22.50
Bid-YTW : 5.23 %
BN.PF.G FixedReset Prem -2.41 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2030-07-01
Maturity Price : 25.00
Evaluated at bid price : 25.08
Bid-YTW : 5.80 %
BN.PR.M Perpetual-Discount -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-13
Maturity Price : 21.44
Evaluated at bid price : 21.44
Bid-YTW : 5.62 %
SLF.PR.H FixedReset Ins Non 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-13
Maturity Price : 23.95
Evaluated at bid price : 24.92
Bid-YTW : 5.49 %
GWO.PR.G Insurance Straight 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-13
Maturity Price : 24.16
Evaluated at bid price : 24.42
Bid-YTW : 5.39 %
ENB.PR.B FixedReset Disc 2.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-13
Maturity Price : 23.46
Evaluated at bid price : 24.07
Bid-YTW : 6.00 %
GWO.PR.H Insurance Straight 3.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-13
Maturity Price : 22.39
Evaluated at bid price : 22.65
Bid-YTW : 5.42 %
Volume Highlights
Issue Index Shares
Traded		 Notes
NA.PR.E FixedReset Prem 101,700 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-05-15
Maturity Price : 25.00
Evaluated at bid price : 26.10
Bid-YTW : 3.22 %
MFC.PR.K FixedReset Ins Non 56,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-09-19
Maturity Price : 25.00
Evaluated at bid price : 26.20
Bid-YTW : 4.44 %
FTS.PR.M FixedReset Prem 26,800 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-12-01
Maturity Price : 25.00
Evaluated at bid price : 25.56
Bid-YTW : 5.14 %
TD.PF.I FixedReset Prem 22,621 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.77
Bid-YTW : 3.90 %
GWO.PF.A Perpetual-Premium 15,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2035-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.47
Bid-YTW : 5.59 %
NA.PR.S FixedReset Prem 14,707 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-05-15
Maturity Price : 25.00
Evaluated at bid price : 26.11
Bid-YTW : 4.48 %
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.D Perpetual-Discount Quote: 23.12 – 24.87
Spot Rate : 1.7500
Average : 1.1072

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-13
Maturity Price : 22.84
Evaluated at bid price : 23.12
Bid-YTW : 5.46 %
MFC.PR.B Insurance Straight Quote: 22.50 – 23.38
Spot Rate : 0.8800
Average : 0.5622

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-13
Maturity Price : 22.22
Evaluated at bid price : 22.50
Bid-YTW : 5.23 %
BN.PR.B Floater Quote: 14.00 – 15.17
Spot Rate : 1.1700
Average : 0.9038

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-13
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 5.65 %
IFC.PR.C FixedReset Ins Non Quote: 25.12 – 25.60
Spot Rate : 0.4800
Average : 0.2733

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.12
Bid-YTW : 2.93 %
BN.PF.G FixedReset Prem Quote: 25.08 – 26.15
Spot Rate : 1.0700
Average : 0.8696

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2030-07-01
Maturity Price : 25.00
Evaluated at bid price : 25.08
Bid-YTW : 5.80 %
BN.PF.B FixedReset Prem Quote: 25.45 – 26.19
Spot Rate : 0.7400
Average : 0.5399

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-04-01
Maturity Price : 25.00
Evaluated at bid price : 25.45
Bid-YTW : 5.74 %
Market Action

August 12, 2026

PerpetualDiscounts now yield 5.55%, equivalent to 7.22% interest at the standard conversion factor of 1.3x. Long corporates yielded 5.24% on 2026-08-12. Therefore the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed from the 215bp reported August 5 to 200bp.

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 -0.0233 % 2,655.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.0233 % 5,000.0
Floater 5.44 % 5.60 % 35,211 14.48 3 -0.0233 % 2,881.5
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0237 % 3,650.0
SplitShare 4.77 % 4.91 % 51,460 2.60 5 -0.0237 % 4,358.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0237 % 3,401.0
Perpetual-Premium 5.61 % 5.42 % 47,949 6.48 12 -0.0033 % 3,092.2
Perpetual-Discount 5.49 % 5.55 % 38,927 14.54 21 0.5483 % 3,438.6
FixedReset Disc 5.50 % 5.92 % 90,480 13.78 17 -0.0642 % 3,418.7
Insurance Straight 5.35 % 5.44 % 45,773 14.67 20 0.3047 % 3,360.3
FloatingReset 0.00 % 0.00 % 0 0.00 0 -0.0642 % 4,174.3
FixedReset Prem 5.90 % 4.51 % 76,527 2.13 31 0.1284 % 2,669.8
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0642 % 3,494.7
FixedReset Ins Non 5.20 % 4.93 % 50,851 3.03 14 0.3930 % 3,285.5
Performance Highlights
Issue Index Change Notes
CCS.PR.C Insurance Straight -2.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-12
Maturity Price : 22.66
Evaluated at bid price : 22.90
Bid-YTW : 5.53 %
ENB.PR.B FixedReset Disc -1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-12
Maturity Price : 22.79
Evaluated at bid price : 23.40
Bid-YTW : 6.17 %
MFC.PR.L FixedReset Ins Non -1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-12
Maturity Price : 23.49
Evaluated at bid price : 25.25
Bid-YTW : 5.48 %
RY.PR.S FixedReset Prem 1.02 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-02-24
Maturity Price : 25.00
Evaluated at bid price : 26.77
Bid-YTW : 2.90 %
PWF.PR.E Perpetual-Discount 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-12
Maturity Price : 24.57
Evaluated at bid price : 24.83
Bid-YTW : 5.57 %
BN.PR.M Perpetual-Discount 1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-12
Maturity Price : 21.44
Evaluated at bid price : 21.70
Bid-YTW : 5.54 %
BN.PR.N Perpetual-Discount 1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-12
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 5.61 %
BN.PF.G FixedReset Prem 2.47 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2030-07-01
Maturity Price : 25.00
Evaluated at bid price : 25.70
Bid-YTW : 5.08 %
MIC.PR.A Perpetual-Discount 5.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-12
Maturity Price : 22.79
Evaluated at bid price : 23.23
Bid-YTW : 5.88 %
GWO.PR.P Insurance Straight 7.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-12
Maturity Price : 24.50
Evaluated at bid price : 24.75
Bid-YTW : 5.52 %
GWO.PR.N FixedReset Ins Non 8.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-12
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 5.37 %
Volume Highlights
Issue Index Shares
Traded		 Notes
ENB.PF.C FixedReset Disc 100,062 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-12
Maturity Price : 23.16
Evaluated at bid price : 24.61
Bid-YTW : 5.99 %
POW.PR.G Perpetual-Premium 85,457 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-12
Maturity Price : 24.68
Evaluated at bid price : 25.00
Bid-YTW : 5.65 %
BIP.PR.E FixedReset Prem 64,220 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-03-31
Maturity Price : 25.00
Evaluated at bid price : 26.32
Bid-YTW : 3.80 %
FTS.PR.H FixedReset Disc 63,940 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-12
Maturity Price : 20.36
Evaluated at bid price : 20.36
Bid-YTW : 5.80 %
BN.PR.B Floater 55,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-12
Maturity Price : 14.10
Evaluated at bid price : 14.10
Bid-YTW : 5.61 %
IFC.PR.C FixedReset Ins Non 44,216 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.10
Bid-YTW : 3.47 %
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
BN.PR.B Floater Quote: 14.10 – 15.17
Spot Rate : 1.0700
Average : 0.6119

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-12
Maturity Price : 14.10
Evaluated at bid price : 14.10
Bid-YTW : 5.61 %
MFC.PR.M FixedReset Ins Non Quote: 25.87 – 26.80
Spot Rate : 0.9300
Average : 0.6238

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-12-20
Maturity Price : 25.00
Evaluated at bid price : 25.87
Bid-YTW : 4.70 %
CCS.PR.C Insurance Straight Quote: 22.90 – 23.69
Spot Rate : 0.7900
Average : 0.5875

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-12
Maturity Price : 22.66
Evaluated at bid price : 22.90
Bid-YTW : 5.53 %
ENB.PR.B FixedReset Disc Quote: 23.40 – 24.15
Spot Rate : 0.7500
Average : 0.5493

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-12
Maturity Price : 22.79
Evaluated at bid price : 23.40
Bid-YTW : 6.17 %
CM.PR.S FixedReset Prem Quote: 25.83 – 26.23
Spot Rate : 0.4000
Average : 0.2466

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.83
Bid-YTW : 3.69 %
MFC.PR.L FixedReset Ins Non Quote: 25.25 – 25.75
Spot Rate : 0.5000
Average : 0.3510

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-12
Maturity Price : 23.49
Evaluated at bid price : 25.25
Bid-YTW : 5.48 %
Market Action

August 11, 2026

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -0.0233 % 2,655.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.0233 % 5,001.1
Floater 5.44 % 5.58 % 36,400 14.51 3 -0.0233 % 2,882.2
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0079 % 3,650.9
SplitShare 4.77 % 4.92 % 53,481 2.60 5 -0.0079 % 4,359.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0079 % 3,401.8
Perpetual-Premium 5.61 % 5.42 % 51,490 6.48 12 -0.0231 % 3,092.3
Perpetual-Discount 5.52 % 5.58 % 37,562 14.53 21 -0.2034 % 3,419.8
FixedReset Disc 5.49 % 5.93 % 91,316 13.78 17 0.3992 % 3,420.9
Insurance Straight 5.37 % 5.42 % 43,784 14.69 20 -0.3358 % 3,350.1
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.3992 % 4,177.0
FixedReset Prem 5.91 % 4.57 % 75,948 2.20 31 -0.0735 % 2,666.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.3992 % 3,496.9
FixedReset Ins Non 5.22 % 5.08 % 51,638 2.60 14 0.0646 % 3,272.6
Performance Highlights
Issue Index Change Notes
GWO.PR.P Insurance Straight -7.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-11
Maturity Price : 22.77
Evaluated at bid price : 23.05
Bid-YTW : 5.93 %
MIC.PR.A Perpetual-Discount -7.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-11
Maturity Price : 21.71
Evaluated at bid price : 22.00
Bid-YTW : 6.22 %
GWO.PR.I Insurance Straight -1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-11
Maturity Price : 21.27
Evaluated at bid price : 21.27
Bid-YTW : 5.36 %
RY.PR.S FixedReset Prem -1.01 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-02-24
Maturity Price : 25.00
Evaluated at bid price : 26.50
Bid-YTW : 3.33 %
MFC.PR.M FixedReset Ins Non 1.25 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-12-20
Maturity Price : 25.00
Evaluated at bid price : 25.85
Bid-YTW : 4.72 %
ENB.PF.C FixedReset Disc 2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-11
Maturity Price : 23.12
Evaluated at bid price : 24.50
Bid-YTW : 6.02 %
BN.PR.T FixedReset Disc 2.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-11
Maturity Price : 22.91
Evaluated at bid price : 23.60
Bid-YTW : 5.92 %
CCS.PR.C Insurance Straight 2.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-11
Maturity Price : 23.14
Evaluated at bid price : 23.40
Bid-YTW : 5.40 %
Volume Highlights
Issue Index Shares
Traded		 Notes
FTS.PR.H FixedReset Disc 138,105 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-11
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 5.80 %
IFC.PR.C FixedReset Ins Non 62,900 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.12
Bid-YTW : 2.81 %
GWO.PF.A Perpetual-Premium 40,840 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2035-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.46
Bid-YTW : 5.59 %
ENB.PR.H FixedReset Disc 21,956 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-11
Maturity Price : 23.35
Evaluated at bid price : 24.45
Bid-YTW : 5.72 %
MFC.PR.N FixedReset Ins Non 13,900 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2030-03-20
Maturity Price : 25.00
Evaluated at bid price : 25.04
Bid-YTW : 5.38 %
FTS.PR.J Perpetual-Discount 12,923 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-11
Maturity Price : 22.53
Evaluated at bid price : 22.78
Bid-YTW : 5.30 %
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
GWO.PR.P Insurance Straight Quote: 23.05 – 25.00
Spot Rate : 1.9500
Average : 1.1124

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-11
Maturity Price : 22.77
Evaluated at bid price : 23.05
Bid-YTW : 5.93 %
MIC.PR.A Perpetual-Discount Quote: 22.00 – 23.92
Spot Rate : 1.9200
Average : 1.1331

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-11
Maturity Price : 21.71
Evaluated at bid price : 22.00
Bid-YTW : 6.22 %
BN.PR.Z FixedReset Prem Quote: 25.67 – 27.00
Spot Rate : 1.3300
Average : 1.0724

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.67
Bid-YTW : 4.62 %
GWO.PR.Y Insurance Straight Quote: 21.08 – 22.40
Spot Rate : 1.3200
Average : 1.0660

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-11
Maturity Price : 21.08
Evaluated at bid price : 21.08
Bid-YTW : 5.41 %
MFC.PR.Q FixedReset Ins Non Quote: 25.67 – 26.32
Spot Rate : 0.6500
Average : 0.5076

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-06-19
Maturity Price : 25.00
Evaluated at bid price : 25.67
Bid-YTW : 4.94 %
TD.PF.I FixedReset Prem Quote: 25.85 – 26.35
Spot Rate : 0.5000
Average : 0.3633

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.85
Bid-YTW : 3.61 %
Market Action

August 10, 2026

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.5856 % 2,656.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.5856 % 5,002.3
Floater 5.44 % 5.58 % 37,877 14.52 3 0.5856 % 2,882.8
OpRet 0.00 % 0.00 % 0 0.00 0 0.0789 % 3,651.2
SplitShare 4.77 % 4.92 % 54,269 2.60 5 0.0789 % 4,360.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0789 % 3,402.1
Perpetual-Premium 5.61 % 5.51 % 51,516 6.65 12 0.1055 % 3,093.0
Perpetual-Discount 5.51 % 5.58 % 39,105 14.52 21 0.1218 % 3,426.8
FixedReset Disc 5.51 % 5.99 % 91,875 13.75 17 0.0993 % 3,407.3
Insurance Straight 5.35 % 5.42 % 45,573 14.69 20 -0.0171 % 3,361.3
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.0993 % 4,160.4
FixedReset Prem 5.90 % 4.57 % 76,848 2.20 31 0.0199 % 2,668.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0993 % 3,483.0
FixedReset Ins Non 5.22 % 5.13 % 52,683 2.60 14 -0.4208 % 3,270.5
Performance Highlights
Issue Index Change Notes
IFC.PR.A FixedReset Ins Non -2.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-10
Maturity Price : 22.40
Evaluated at bid price : 22.81
Bid-YTW : 5.56 %
CCS.PR.C Insurance Straight -2.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-10
Maturity Price : 22.60
Evaluated at bid price : 22.85
Bid-YTW : 5.53 %
ENB.PF.C FixedReset Disc -2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-10
Maturity Price : 22.91
Evaluated at bid price : 24.01
Bid-YTW : 6.16 %
SLF.PR.H FixedReset Ins Non -1.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-10
Maturity Price : 23.50
Evaluated at bid price : 24.60
Bid-YTW : 5.56 %
IFC.PR.K Insurance Straight -1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-10
Maturity Price : 23.67
Evaluated at bid price : 24.15
Bid-YTW : 5.49 %
RY.PR.S FixedReset Prem 1.02 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-02-24
Maturity Price : 25.00
Evaluated at bid price : 26.77
Bid-YTW : 2.89 %
ENB.PR.Y FixedReset Disc 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-10
Maturity Price : 22.72
Evaluated at bid price : 23.51
Bid-YTW : 6.06 %
BN.PR.B Floater 2.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-10
Maturity Price : 14.16
Evaluated at bid price : 14.16
Bid-YTW : 5.58 %
GWO.PR.S Insurance Straight 3.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-10
Maturity Price : 24.05
Evaluated at bid price : 24.30
Bid-YTW : 5.46 %
Volume Highlights
Issue Index Shares
Traded		 Notes
FTS.PR.H FixedReset Disc 279,529 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-10
Maturity Price : 20.36
Evaluated at bid price : 20.36
Bid-YTW : 5.79 %
BN.PF.I FixedReset Prem 61,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.31
Bid-YTW : 4.39 %
ENB.PR.Y FixedReset Disc 51,099 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-10
Maturity Price : 22.72
Evaluated at bid price : 23.51
Bid-YTW : 6.06 %
MFC.PR.Q FixedReset Ins Non 37,635 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-06-19
Maturity Price : 25.00
Evaluated at bid price : 25.66
Bid-YTW : 4.95 %
IFC.PR.E Insurance Straight 31,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-10
Maturity Price : 23.91
Evaluated at bid price : 24.15
Bid-YTW : 5.45 %
GWO.PR.Y Insurance Straight 11,360 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-10
Maturity Price : 21.08
Evaluated at bid price : 21.08
Bid-YTW : 5.41 %
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.PR.Z FixedReset Prem Quote: 25.59 – 27.00
Spot Rate : 1.4100
Average : 0.7900

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.59
Bid-YTW : 4.85 %
POW.PR.D Perpetual-Discount Quote: 22.89 – 24.87
Spot Rate : 1.9800
Average : 1.3799

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-10
Maturity Price : 22.64
Evaluated at bid price : 22.89
Bid-YTW : 5.51 %
IFC.PR.K Insurance Straight Quote: 24.15 – 25.10
Spot Rate : 0.9500
Average : 0.6697

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-10
Maturity Price : 23.67
Evaluated at bid price : 24.15
Bid-YTW : 5.49 %
POW.PR.H Perpetual-Premium Quote: 25.55 – 26.55
Spot Rate : 1.0000
Average : 0.7283

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2034-10-15
Maturity Price : 25.00
Evaluated at bid price : 25.55
Bid-YTW : 5.51 %
IFC.PR.A FixedReset Ins Non Quote: 22.81 – 23.51
Spot Rate : 0.7000
Average : 0.4306

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-10
Maturity Price : 22.40
Evaluated at bid price : 22.81
Bid-YTW : 5.56 %
SLF.PR.H FixedReset Ins Non Quote: 24.60 – 25.30
Spot Rate : 0.7000
Average : 0.5006

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-10
Maturity Price : 23.50
Evaluated at bid price : 24.60
Bid-YTW : 5.56 %
Market Action

August 7, 2026

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -0.4663 % 2,640.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.4663 % 4,973.2
Floater 5.47 % 5.58 % 39,129 14.52 3 -0.4663 % 2,866.1
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0237 % 3,648.3
SplitShare 4.78 % 4.94 % 56,302 2.61 5 -0.0237 % 4,356.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0237 % 3,399.4
Perpetual-Premium 5.62 % 5.57 % 47,934 6.66 12 0.2082 % 3,089.7
Perpetual-Discount 5.51 % 5.58 % 40,710 14.52 21 -0.1760 % 3,422.6
FixedReset Disc 5.52 % 5.84 % 91,950 14.04 17 0.0646 % 3,404.0
Insurance Straight 5.35 % 5.41 % 44,327 14.72 20 0.0321 % 3,361.9
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.0646 % 4,156.3
FixedReset Prem 5.90 % 4.56 % 79,749 2.21 31 0.0536 % 2,667.8
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0646 % 3,479.5
FixedReset Ins Non 5.20 % 4.96 % 53,127 1.97 14 -0.1750 % 3,284.3
Performance Highlights
Issue Index Change Notes
GWO.PR.S Insurance Straight -3.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-07
Maturity Price : 23.15
Evaluated at bid price : 23.45
Bid-YTW : 5.66 %
BN.PR.N Perpetual-Discount -2.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-07
Maturity Price : 21.11
Evaluated at bid price : 21.11
Bid-YTW : 5.71 %
FTS.PR.F Perpetual-Discount -1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-07
Maturity Price : 23.32
Evaluated at bid price : 23.60
Bid-YTW : 5.27 %
BN.PF.C Perpetual-Discount -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-07
Maturity Price : 21.31
Evaluated at bid price : 21.58
Bid-YTW : 5.68 %
ENB.PR.Y FixedReset Disc -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-07
Maturity Price : 22.58
Evaluated at bid price : 23.26
Bid-YTW : 6.00 %
BN.PR.B Floater -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-07
Maturity Price : 13.84
Evaluated at bid price : 13.84
Bid-YTW : 5.71 %
NA.PR.G FixedReset Prem -1.04 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-11-16
Maturity Price : 25.00
Evaluated at bid price : 26.62
Bid-YTW : 4.00 %
FTS.PR.H FixedReset Disc -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-07
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 5.68 %
POW.PR.B Perpetual-Discount 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-07
Maturity Price : 23.92
Evaluated at bid price : 24.18
Bid-YTW : 5.58 %
RY.PR.S FixedReset Prem 1.34 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-02-24
Maturity Price : 25.00
Evaluated at bid price : 26.50
Bid-YTW : 3.31 %
PWF.PR.P FixedReset Disc 1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-07
Maturity Price : 21.33
Evaluated at bid price : 21.62
Bid-YTW : 5.49 %
ENB.PF.C FixedReset Disc 2.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-07
Maturity Price : 23.11
Evaluated at bid price : 24.50
Bid-YTW : 5.90 %
GWO.PR.Y Insurance Straight 2.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-07
Maturity Price : 21.09
Evaluated at bid price : 21.09
Bid-YTW : 5.41 %
POW.PR.A Perpetual-Premium 2.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-07
Maturity Price : 24.81
Evaluated at bid price : 25.03
Bid-YTW : 5.64 %
MFC.PR.B Insurance Straight 2.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-07
Maturity Price : 22.71
Evaluated at bid price : 23.00
Bid-YTW : 5.11 %
Volume Highlights
Issue Index Shares
Traded		 Notes
MFC.PR.J FixedReset Ins Non 206,600 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-03-19
Maturity Price : 25.00
Evaluated at bid price : 25.86
Bid-YTW : 4.50 %
BN.PF.E FixedReset Disc 92,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-07
Maturity Price : 23.18
Evaluated at bid price : 24.70
Bid-YTW : 5.67 %
FTS.PR.H FixedReset Disc 63,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-07
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 5.68 %
CM.PR.S FixedReset Prem 29,555 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.81
Bid-YTW : 3.71 %
FFH.PR.K FixedReset Prem 25,500 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : 4.00 %
BMO.PR.E FixedReset Prem 13,131 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-11-25
Maturity Price : 25.00
Evaluated at bid price : 26.75
Bid-YTW : 3.49 %
There were 5 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
GWO.PR.S Insurance Straight Quote: 23.45 – 24.50
Spot Rate : 1.0500
Average : 0.6508

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-07
Maturity Price : 23.15
Evaluated at bid price : 23.45
Bid-YTW : 5.66 %
POW.PR.I Perpetual-Premium Quote: 25.25 – 26.25
Spot Rate : 1.0000
Average : 0.6093

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2035-01-15
Maturity Price : 25.00
Evaluated at bid price : 25.25
Bid-YTW : 5.59 %
BN.PR.R FixedReset Disc Quote: 24.04 – 25.00
Spot Rate : 0.9600
Average : 0.6057

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-07
Maturity Price : 22.80
Evaluated at bid price : 24.04
Bid-YTW : 5.70 %
NA.PR.K FixedReset Prem Quote: 28.55 – 29.55
Spot Rate : 1.0000
Average : 0.7061

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-05-01
Maturity Price : 25.00
Evaluated at bid price : 28.55
Bid-YTW : 2.33 %
GWO.PR.N FixedReset Ins Non Quote: 19.50 – 21.80
Spot Rate : 2.3000
Average : 2.0270

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-07
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 5.69 %
ENB.PR.Y FixedReset Disc Quote: 23.26 – 23.83
Spot Rate : 0.5700
Average : 0.3612

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-07
Maturity Price : 22.58
Evaluated at bid price : 23.26
Bid-YTW : 6.00 %
Market Action

August 6, 2026

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -0.3717 % 2,653.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.3717 % 4,996.5
Floater 5.45 % 5.57 % 40,055 14.54 3 -0.3717 % 2,879.5
OpRet 0.00 % 0.00 % 0 0.00 0 0.1343 % 3,649.2
SplitShare 4.77 % 4.83 % 56,688 2.61 5 0.1343 % 4,357.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1343 % 3,400.2
Perpetual-Premium 5.63 % 5.56 % 52,549 6.67 12 -0.2406 % 3,083.3
Perpetual-Discount 5.50 % 5.58 % 41,022 14.51 21 0.2921 % 3,428.6
FixedReset Disc 5.52 % 5.84 % 93,394 14.03 17 -0.0844 % 3,401.8
Insurance Straight 5.35 % 5.43 % 44,918 14.71 20 -0.1708 % 3,360.8
FloatingReset 0.00 % 0.00 % 0 0.00 0 -0.0844 % 4,153.6
FixedReset Prem 5.91 % 4.42 % 79,900 2.21 31 0.0998 % 2,666.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0844 % 3,477.3
FixedReset Ins Non 5.19 % 4.92 % 53,974 1.97 14 -0.3749 % 3,290.1
Performance Highlights
Issue Index Change Notes
GWO.PR.N FixedReset Ins Non -5.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-06
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 5.69 %
MFC.PR.B Insurance Straight -3.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-06
Maturity Price : 22.22
Evaluated at bid price : 22.50
Bid-YTW : 5.23 %
PWF.PR.P FixedReset Disc -2.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-06
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 5.59 %
POW.PR.A Perpetual-Premium -1.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-06
Maturity Price : 24.21
Evaluated at bid price : 24.50
Bid-YTW : 5.76 %
ENB.PF.C FixedReset Disc -1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-06
Maturity Price : 22.90
Evaluated at bid price : 24.00
Bid-YTW : 6.04 %
CU.PR.D Perpetual-Discount -1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-06
Maturity Price : 22.06
Evaluated at bid price : 22.29
Bid-YTW : 5.49 %
PWF.PR.R Perpetual-Discount -1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-06
Maturity Price : 24.21
Evaluated at bid price : 24.50
Bid-YTW : 5.64 %
IFC.PR.G FixedReset Ins Non -1.50 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.61
Bid-YTW : 5.02 %
GWO.PR.Y Insurance Straight -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-06
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 5.52 %
CU.PR.C FixedReset Prem 1.14 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-06-01
Maturity Price : 25.00
Evaluated at bid price : 24.96
Bid-YTW : 4.98 %
BN.PF.C Perpetual-Discount 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-06
Maturity Price : 21.59
Evaluated at bid price : 21.85
Bid-YTW : 5.61 %
FTS.PR.H FixedReset Disc 1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-06
Maturity Price : 20.51
Evaluated at bid price : 20.51
Bid-YTW : 5.62 %
FTS.PR.F Perpetual-Discount 1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-06
Maturity Price : 23.69
Evaluated at bid price : 23.96
Bid-YTW : 5.19 %
GWO.PR.I Insurance Straight 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-06
Maturity Price : 21.33
Evaluated at bid price : 21.60
Bid-YTW : 5.26 %
GWO.PR.P Insurance Straight 1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-06
Maturity Price : 24.65
Evaluated at bid price : 24.91
Bid-YTW : 5.48 %
ENB.PR.B FixedReset Disc 1.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-06
Maturity Price : 23.24
Evaluated at bid price : 23.86
Bid-YTW : 5.90 %
POW.PR.D Perpetual-Discount 3.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-06
Maturity Price : 22.74
Evaluated at bid price : 23.03
Bid-YTW : 5.47 %
PWF.PR.K Perpetual-Discount 3.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-06
Maturity Price : 22.05
Evaluated at bid price : 22.34
Bid-YTW : 5.57 %
PWF.PR.S Perpetual-Discount 5.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-06
Maturity Price : 21.49
Evaluated at bid price : 21.75
Bid-YTW : 5.54 %
Volume Highlights
Issue Index Shares
Traded		 Notes
SLF.PR.G FixedReset Ins Non 102,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-06
Maturity Price : 21.31
Evaluated at bid price : 21.60
Bid-YTW : 5.26 %
BN.PR.B Floater 57,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-06
Maturity Price : 14.01
Evaluated at bid price : 14.01
Bid-YTW : 5.64 %
MFC.PR.J FixedReset Ins Non 54,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-03-19
Maturity Price : 25.00
Evaluated at bid price : 25.86
Bid-YTW : 4.49 %
IFC.PR.A FixedReset Ins Non 40,401 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-06
Maturity Price : 22.97
Evaluated at bid price : 23.42
Bid-YTW : 5.27 %
MFC.PR.N FixedReset Ins Non 31,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2030-03-20
Maturity Price : 25.00
Evaluated at bid price : 25.17
Bid-YTW : 5.20 %
ENB.PF.E FixedReset Disc 25,237 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-06
Maturity Price : 22.96
Evaluated at bid price : 24.20
Bid-YTW : 5.97 %
There were 7 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: 19.50 – 21.80
Spot Rate : 2.3000
Average : 1.7277

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-06
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 5.69 %
POW.PR.D Perpetual-Discount Quote: 23.03 – 24.87
Spot Rate : 1.8400
Average : 1.2831

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-06
Maturity Price : 22.74
Evaluated at bid price : 23.03
Bid-YTW : 5.47 %
CU.PR.D Perpetual-Discount Quote: 22.29 – 23.35
Spot Rate : 1.0600
Average : 0.7045

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-06
Maturity Price : 22.06
Evaluated at bid price : 22.29
Bid-YTW : 5.49 %
MFC.PR.B Insurance Straight Quote: 22.50 – 23.21
Spot Rate : 0.7100
Average : 0.4683

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-06
Maturity Price : 22.22
Evaluated at bid price : 22.50
Bid-YTW : 5.23 %
PWF.PR.P FixedReset Disc Quote: 21.30 – 21.89
Spot Rate : 0.5900
Average : 0.3604

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-06
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 5.59 %
POW.PR.A Perpetual-Premium Quote: 24.50 – 25.23
Spot Rate : 0.7300
Average : 0.5167

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-06
Maturity Price : 24.21
Evaluated at bid price : 24.50
Bid-YTW : 5.76 %
Market Action

August 5, 2026

Even by the standards of the Canadian banking industry, this one is wild:

RBC’s Unfair Investigation Leads to Multi-Million Dollar Wrongful Dismissal Award

Introduction
In Silva v. Royal Bank of Canada, 2026 ONSC 3841, the Ontario Superior Court found that RBC had wrongfully dismissed a highly successful financial planner for cause after conducting an investigation that was neither impartial nor fair.

Justice Casullo concluded that the investigation was affected by tunnel vision, confirmation bias, undisclosed conflicts and a predetermined desire to find grounds to dismiss the employee. Instead of conducting a balanced search for the truth, RBC engaged in what the court described as “ammunition gathering.”

The consequences were extraordinary. The court awarded Ravini Silva 16 months’ reasonable notice, almost $1.92 million for loss of earning capacity, $150,000 in aggravated damages and a substantial punitive damages award. Royal Mutual Funds Inc. was also ordered to correct the regulatory notice that had effectively prevented Silva from returning to the financial-services industry.

The decision provides a powerful warning that a workplace investigation cannot be used as a mechanism to justify a termination decision that management has already made.

The post (which is lengthy, but fascinating) is mirrored here.

It’s a disgrace and reminiscent of the David Berry Scandal: banks treat employees like interchangeable pieces of shit with no agency. And if you don’t obediently do what you’re told when you’re told to do it – they will try to wreck your entire career, regardless of any consideration of ethics.

Why would anybody with any choice, with any self-respect, work for a bank?

PerpetualDiscounts now yield 5.60%, equivalent to 7.28% interest at the standard conversion factor of 1.3x. Long corporates yielded 5.11% on 2026-08-05. Therefore the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened from the 205bp reported July 29 to 215bp.

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 -0.0928 % 2,663.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.0928 % 5,015.1
Floater 5.43 % 5.58 % 37,072 14.53 3 -0.0928 % 2,890.2
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0790 % 3,644.3
SplitShare 4.78 % 4.87 % 58,597 2.62 5 -0.0790 % 4,352.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0790 % 3,395.6
Perpetual-Premium 5.62 % 5.56 % 51,489 6.67 12 0.4636 % 3,090.8
Perpetual-Discount 5.52 % 5.60 % 39,283 14.50 21 -0.4623 % 3,418.7
FixedReset Disc 5.52 % 5.84 % 94,386 14.03 17 -0.0892 % 3,404.6
Insurance Straight 5.34 % 5.40 % 45,083 14.73 20 0.0449 % 3,366.6
FloatingReset 0.00 % 0.00 % 0 0.00 0 -0.0892 % 4,157.1
FixedReset Prem 5.91 % 4.45 % 82,979 2.38 31 -0.2676 % 2,663.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0892 % 3,480.2
FixedReset Ins Non 5.17 % 4.55 % 54,463 1.97 14 0.0756 % 3,302.4
Performance Highlights
Issue Index Change Notes
PWF.PR.S Perpetual-Discount -4.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-05
Maturity Price : 20.52
Evaluated at bid price : 20.52
Bid-YTW : 5.90 %
PWF.PR.K Perpetual-Discount -3.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-05
Maturity Price : 21.33
Evaluated at bid price : 21.60
Bid-YTW : 5.76 %
POW.PR.D Perpetual-Discount -3.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-05
Maturity Price : 22.06
Evaluated at bid price : 22.29
Bid-YTW : 5.66 %
RY.PR.S FixedReset Prem -2.79 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-02-24
Maturity Price : 25.00
Evaluated at bid price : 26.15
Bid-YTW : 3.87 %
GWO.PR.H Insurance Straight -2.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-05
Maturity Price : 21.55
Evaluated at bid price : 21.81
Bid-YTW : 5.62 %
SLF.PR.E Insurance Straight -1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-05
Maturity Price : 21.65
Evaluated at bid price : 21.90
Bid-YTW : 5.19 %
FTS.PR.H FixedReset Disc -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-05
Maturity Price : 20.21
Evaluated at bid price : 20.21
Bid-YTW : 5.70 %
GWO.PR.P Insurance Straight -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-05
Maturity Price : 24.21
Evaluated at bid price : 24.50
Bid-YTW : 5.57 %
ENB.PR.B FixedReset Disc -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-05
Maturity Price : 22.79
Evaluated at bid price : 23.40
Bid-YTW : 6.02 %
BN.PF.C Perpetual-Discount -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-05
Maturity Price : 21.31
Evaluated at bid price : 21.58
Bid-YTW : 5.68 %
BIP.PR.F FixedReset Prem -1.10 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-01-01
Maturity Price : 25.00
Evaluated at bid price : 26.02
Bid-YTW : 4.93 %
CCS.PR.C Insurance Straight 1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-05
Maturity Price : 22.93
Evaluated at bid price : 23.20
Bid-YTW : 5.44 %
PWF.PR.R Perpetual-Discount 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-05
Maturity Price : 24.62
Evaluated at bid price : 24.88
Bid-YTW : 5.56 %
ENB.PF.C FixedReset Disc 1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-05
Maturity Price : 23.07
Evaluated at bid price : 24.40
Bid-YTW : 5.93 %
MFC.PR.B Insurance Straight 1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-05
Maturity Price : 23.07
Evaluated at bid price : 23.33
Bid-YTW : 5.04 %
IFC.PR.A FixedReset Ins Non 2.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-05
Maturity Price : 22.97
Evaluated at bid price : 23.42
Bid-YTW : 5.27 %
POW.PR.H Perpetual-Premium 6.39 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2034-10-15
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : 5.66 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TD.PF.J FixedReset Prem 118,584 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-04-30
Maturity Price : 25.00
Evaluated at bid price : 25.80
Bid-YTW : 3.90 %
BN.PF.M FixedReset Prem 101,170 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2031-01-01
Maturity Price : 25.00
Evaluated at bid price : 26.25
Bid-YTW : 4.55 %
TD.PF.I FixedReset Prem 61,900 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.95
Bid-YTW : 3.23 %
MFC.PR.J FixedReset Ins Non 59,168 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-03-19
Maturity Price : 25.00
Evaluated at bid price : 25.86
Bid-YTW : 4.48 %
SLF.PR.H FixedReset Ins Non 27,241 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.03
Bid-YTW : 4.08 %
POW.PR.D Perpetual-Discount 22,255 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-05
Maturity Price : 22.06
Evaluated at bid price : 22.29
Bid-YTW : 5.66 %
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
PWF.PR.S Perpetual-Discount Quote: 20.52 – 22.03
Spot Rate : 1.5100
Average : 1.0420

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-05
Maturity Price : 20.52
Evaluated at bid price : 20.52
Bid-YTW : 5.90 %
POW.PR.D Perpetual-Discount Quote: 22.29 – 23.35
Spot Rate : 1.0600
Average : 0.6726

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-05
Maturity Price : 22.06
Evaluated at bid price : 22.29
Bid-YTW : 5.66 %
GWO.PR.P Insurance Straight Quote: 24.50 – 25.50
Spot Rate : 1.0000
Average : 0.6205

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-05
Maturity Price : 24.21
Evaluated at bid price : 24.50
Bid-YTW : 5.57 %
PWF.PR.K Perpetual-Discount Quote: 21.60 – 22.50
Spot Rate : 0.9000
Average : 0.5688

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-05
Maturity Price : 21.33
Evaluated at bid price : 21.60
Bid-YTW : 5.76 %
RY.PR.S FixedReset Prem Quote: 26.15 – 26.97
Spot Rate : 0.8200
Average : 0.4935

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-02-24
Maturity Price : 25.00
Evaluated at bid price : 26.15
Bid-YTW : 3.87 %
GWO.PR.H Insurance Straight Quote: 21.81 – 22.75
Spot Rate : 0.9400
Average : 0.6914

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-05
Maturity Price : 21.55
Evaluated at bid price : 21.81
Bid-YTW : 5.62 %