Category: Market Action

Market Action

MAPF Portfolio Composition: March, 2026

Turnover picked up a little to 8% in March; there was some movement from FixedReset (Premium) issues into FixedReset (Discounts).

Sectoral distribution of the MAPF portfolio on March 31, 2026, was:

MAPF Sectoral Analysis 2026-03-31
HIMI Indices Sector Weighting YTW ModDur
Ratchet 0% N/A N/A
FixFloat 0% N/A N/A
Floater 13.6% 5.96% 13.99
OpRet 0% N/A N/A
SplitShare 0% N/A N/A
Interest Rearing 0% N/A N/A
PerpetualPremium 0% N/A N/A
PerpetualDiscount 7.7% 5.80% 14.15
Fixed-Reset Discount 16.41% 6.23% 13.56
Insurance – Straight 23.8% 5.56% 14.61
FloatingReset 0% N/A N/A
FixedReset Premium 14.7% 4.04% 1.28
FixedReset Bank non-NVCC 0% N/A N/A
FixedReset Insurance non-NVCC 11.2% 5.44% 14.77
Scraps – Ratchet 0% N/A N/A
Scraps – FixedFloater 0% N/A N/A
Scraps – Floater 0% N/A N/A
Scraps – OpRet 0% N/A N/A
Scraps – SplitShare 5.1% 5.28% 3.14
Scraps – PerpPrem 0% N/A N/A
Scraps – PerpDisc 0% N/A N/A
Scraps – FR Discount 7.7% 6.71% 13.66
Scraps – Insurance Straight 0% N/A N/A
Scraps – FloatingReset 0% N/A N/A
Scraps – FR Premium 0% N/A N/A
Scraps – Bank non-NVCC 0% N/A N/A
Scraps – Ins non-NVCC 0% N/A N/A
Cash -0.2% 0.00% 0.00
Total 100% 5.59% 11.72
Totals and changes will not add precisely due to rounding. Cash is included in totals with duration and yield both equal to zero.
The various “Scraps” indices include issues with a DBRS rating of Pfd-3(high) or lower and issues with an Average Trading Value (calculated with HIMIPref™ methodology, which is relatively complex) of less than $25,000. The issues considered “Scraps” are subdivided into indices which reflect those of the main indices.
DeemedRetractibles were comprised of all Straight Perpetuals (both PerpetualDiscount and PerpetualPremium) issued by BMO, BNS, CM, ELF, GWO, HSB, IAG, MFC, NA, RY, SLF and TD, which are not exchangable into common at the option of the company or the regulator. These issues are analyzed as if their prospectuses included a requirement to redeem at par on or prior to 2022-1-31 in the case of banks or normally in the case of insurers and insurance holding companies, in addition to the call schedule explicitly defined. See the Deemed Retractible Review: September 2016 for the rationale behind this analysis and IAIS Says No To DeemedRetractions for the recent change in policy with respect to insurers.

Note that the estimate for the time this will become effective for insurers and insurance holding companies was extended by three years in April 2013, due to the delays in OSFI’s providing clarity on the issue and by a further five years in December, 2018; the estimate was eliminated in November. However, the distinctions are being kept because it is useful to distinguish insurance issues from others.

The name of this subindex has been changed to “Insurance Straight” as of November, 2020
Calculations of yield and related attributes of resettable instruments are performed assuming a constant GOC-5 rate of 3.13%, a constant 3-Month Bill rate of 2.33% and a constant Canada Prime Rate of 4.45%

The “total” reflects the un-leveraged total portfolio (i.e., cash is included in the portfolio calculations and is deemed to have a duration and yield of 0.00.). MAPF will often have relatively large cash balances, both credit and debit, to facilitate trading. Figures presented in the table have been rounded to the indicated precision.

Credit distribution is:

MAPF Credit Analysis 2026-3-31
DBRS Rating MAPF Weighting
Pfd-1 0
Pfd-1(low) 0
Pfd-2(high) 45.9%
Pfd-2 18.6%
Pfd-2(low) 23.00%
Pfd-3(high) 6.2%
Pfd-3 2.1%
Pfd-3(low) 4.6%
Pfd-4(high) 0%
Pfd-4 0%
Pfd-4(low) 0%
Pfd-5(high) 0%
Pfd-5 0%
Cash -0.2%
Totals will not add precisely due to rounding.

Liquidity Distribution is:

MAPF Liquidity Analysis 2026-3-31
Average Daily Trading MAPF Weighting
<$50,000 0%
$50,000 – $100,000 55.2%
$100,000 – $200,000 34.0%
$200,000 – $300,000 7.2%
>$300,000 3.8%
Cash -0.2%
Totals will not add precisely due to rounding.

The distribution of Issue Reset Spreads is:

Range MAPF Weight
<100bp 0%
100-149bp 6.7%
150-199bp 9.9%
200-249bp 17.2%
250-299bp 0%
300-349bp 9.6%
350-399bp 6.6%
400-449bp 0%
450-499bp 0%
500-549bp 0%
550-599bp 0%
>= 600bp 0%
Undefined 50.0%

Distribution of Floating Rate Start Dates is shown in the table below. This is the date of the next adjustment to the dividend rate, if the issue is currently paying a fixed rate for a limited time; which in practice is successive terms of 5 years. Issues that adjust quarterly are considered “Currently Floating”.

Range MAPF Weight
Currently Floating 14.0%
0-1 Year 9.6%
1-2 Years 23.8%
2-3 Years 0.8%
3-4 Years 11.5%
4-5 Years 5.4%
5-6 Years 0%
>6 Years 0%
Not Floating Rate 34.9%

MAPF is, of course, Malachite Aggressive Preferred Fund, a “unit trust” managed by Hymas Investment Management Inc. Further information and links to performance, audited financials and subscription information are available the fund’s web page. The fund may be purchased directly from Hymas Investment Management. A “unit trust” is like a regular mutual fund, but are not sold with a prospectus This is cheaper, but means subscription is restricted to “accredited investors” (as defined by the Ontario Securities Commission). Fund past performances are not a guarantee of future performance. You can lose money investing in MAPF or any other fund.

Market Action

April 2, 2026

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -0.7654 % 2,478.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.7654 % 4,699.1
Floater 5.81 % 5.97 % 56,543 13.98 3 -0.7654 % 2,708.1
OpRet 0.00 % 0.00 % 0 0.00 0 0.1581 % 3,655.5
SplitShare 4.78 % 4.54 % 72,501 2.93 5 0.1581 % 4,365.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1581 % 3,406.1
Perpetual-Premium 5.78 % 5.85 % 70,366 14.14 7 -0.3732 % 3,025.7
Perpetual-Discount 5.76 % 5.80 % 45,124 14.18 28 0.2321 % 3,288.4
FixedReset Disc 5.90 % 6.14 % 103,480 13.65 27 -0.1067 % 3,190.8
Insurance Straight 5.71 % 5.77 % 64,878 14.27 22 0.0083 % 3,186.4
FloatingReset 0.00 % 0.00 % 0 0.00 0 -0.1067 % 3,795.8
FixedReset Prem 6.02 % 4.73 % 88,780 2.38 21 -0.2741 % 2,636.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.1067 % 3,261.6
FixedReset Ins Non 5.27 % 5.59 % 80,319 14.29 14 0.0092 % 3,139.4
Performance Highlights
Issue Index Change Notes
GWO.PR.S Insurance Straight -5.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-02
Maturity Price : 21.29
Evaluated at bid price : 21.56
Bid-YTW : 6.12 %
BN.PR.Z FixedReset Prem -4.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-02
Maturity Price : 23.64
Evaluated at bid price : 24.00
Bid-YTW : 6.38 %
ENB.PF.C FixedReset Disc -3.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-02
Maturity Price : 21.69
Evaluated at bid price : 22.00
Bid-YTW : 6.55 %
NA.PR.I FixedReset Prem -3.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-02
Maturity Price : 23.53
Evaluated at bid price : 25.50
Bid-YTW : 5.97 %
CU.PR.C FixedReset Disc -2.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-02
Maturity Price : 23.37
Evaluated at bid price : 23.87
Bid-YTW : 5.81 %
BN.PR.N Perpetual-Discount -2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-02
Maturity Price : 19.64
Evaluated at bid price : 19.64
Bid-YTW : 6.09 %
PWF.PR.P FixedReset Disc -1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-02
Maturity Price : 20.15
Evaluated at bid price : 20.15
Bid-YTW : 5.93 %
IFC.PR.G FixedReset Ins Non -1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-02
Maturity Price : 23.55
Evaluated at bid price : 25.06
Bid-YTW : 5.68 %
IFC.PR.M Perpetual-Premium -1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-02
Maturity Price : 23.89
Evaluated at bid price : 24.25
Bid-YTW : 5.69 %
PWF.PR.A Floater -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-02
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 5.65 %
ELF.PR.H Perpetual-Discount -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-02
Maturity Price : 23.20
Evaluated at bid price : 23.50
Bid-YTW : 5.86 %
CU.PR.F Perpetual-Discount -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-02
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.70 %
POW.PR.G Perpetual-Discount -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-02
Maturity Price : 23.74
Evaluated at bid price : 24.05
Bid-YTW : 5.83 %
SLF.PR.C Insurance Straight -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-02
Maturity Price : 20.52
Evaluated at bid price : 20.52
Bid-YTW : 5.46 %
PWF.PR.S Perpetual-Discount 1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-02
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 5.81 %
IFC.PR.A FixedReset Ins Non 1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-02
Maturity Price : 21.77
Evaluated at bid price : 22.25
Bid-YTW : 5.46 %
ENB.PR.P FixedReset Disc 1.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-02
Maturity Price : 22.65
Evaluated at bid price : 23.35
Bid-YTW : 6.14 %
CU.PR.J Perpetual-Discount 2.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-02
Maturity Price : 20.73
Evaluated at bid price : 20.73
Bid-YTW : 5.80 %
POW.PR.D Perpetual-Discount 3.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-02
Maturity Price : 21.44
Evaluated at bid price : 21.70
Bid-YTW : 5.77 %
GWO.PR.R Insurance Straight 4.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-02
Maturity Price : 20.94
Evaluated at bid price : 20.94
Bid-YTW : 5.77 %
POW.PR.B Perpetual-Discount 4.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-02
Maturity Price : 22.93
Evaluated at bid price : 23.20
Bid-YTW : 5.78 %
SLF.PR.D Insurance Straight 6.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-02
Maturity Price : 20.54
Evaluated at bid price : 20.54
Bid-YTW : 5.45 %
Volume Highlights
Issue Index Shares
Traded		 Notes
ENB.PF.C FixedReset Disc 89,876 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-02
Maturity Price : 21.69
Evaluated at bid price : 22.00
Bid-YTW : 6.55 %
MFC.PR.F FixedReset Ins Non 42,920 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-02
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 5.80 %
BN.PF.M FixedReset Prem 40,100 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2031-01-01
Maturity Price : 25.00
Evaluated at bid price : 26.00
Bid-YTW : 4.73 %
GWO.PR.M Insurance Straight 16,242 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-02
Maturity Price : 24.50
Evaluated at bid price : 24.75
Bid-YTW : 5.89 %
NA.PR.S FixedReset Prem 11,900 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-05-15
Maturity Price : 25.00
Evaluated at bid price : 26.20
Bid-YTW : 4.84 %
PVS.PR.K SplitShare 10,857 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.03
Bid-YTW : 4.54 %
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.Z FixedReset Prem Quote: 24.00 – 25.29
Spot Rate : 1.2900
Average : 0.7830

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-02
Maturity Price : 23.64
Evaluated at bid price : 24.00
Bid-YTW : 6.38 %
NA.PR.I FixedReset Prem Quote: 25.50 – 26.50
Spot Rate : 1.0000
Average : 0.5841

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-02
Maturity Price : 23.53
Evaluated at bid price : 25.50
Bid-YTW : 5.97 %
MFC.PR.J FixedReset Ins Non Quote: 25.25 – 26.25
Spot Rate : 1.0000
Average : 0.6152

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-02
Maturity Price : 23.68
Evaluated at bid price : 25.25
Bid-YTW : 5.71 %
CU.PR.C FixedReset Disc Quote: 23.87 – 24.87
Spot Rate : 1.0000
Average : 0.6415

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-02
Maturity Price : 23.37
Evaluated at bid price : 23.87
Bid-YTW : 5.81 %
GWO.PR.S Insurance Straight Quote: 21.56 – 22.89
Spot Rate : 1.3300
Average : 1.0033

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-02
Maturity Price : 21.29
Evaluated at bid price : 21.56
Bid-YTW : 6.12 %
ENB.PF.E FixedReset Disc Quote: 22.47 – 23.65
Spot Rate : 1.1800
Average : 0.8807

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-02
Maturity Price : 22.00
Evaluated at bid price : 22.47
Bid-YTW : 6.39 %
Market Action

April 1, 2026

PerpetualDiscounts now yield 5.81%, equivalent to 7.55% interest at the standard conversion factor of 1.3x. Long corporates yielded 5.07% on 2026-4-1. 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 March 25.

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 0.0989 % 2,497.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0989 % 4,735.3
Floater 5.77 % 5.97 % 58,484 13.99 3 0.0989 % 2,729.0
OpRet 0.00 % 0.00 % 0 0.00 0 -0.2209 % 3,649.7
SplitShare 4.78 % 4.54 % 72,753 2.93 5 -0.2209 % 4,358.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.2209 % 3,400.7
Perpetual-Premium 5.76 % 5.86 % 71,071 13.94 7 0.4556 % 3,037.0
Perpetual-Discount 5.77 % 5.81 % 45,662 14.12 28 0.0327 % 3,280.8
FixedReset Disc 5.89 % 6.14 % 107,459 13.65 27 0.4694 % 3,194.2
Insurance Straight 5.71 % 5.78 % 65,611 14.23 22 0.3874 % 3,186.2
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.4694 % 3,799.8
FixedReset Prem 6.00 % 4.73 % 87,972 2.38 21 0.0442 % 2,643.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.4694 % 3,265.1
FixedReset Ins Non 5.27 % 5.55 % 83,541 14.26 14 -0.2228 % 3,139.1
Performance Highlights
Issue Index Change Notes
SLF.PR.D Insurance Straight -5.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-01
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 5.84 %
GWO.PR.R Insurance Straight -5.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-01
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.05 %
POW.PR.B Perpetual-Discount -4.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-01
Maturity Price : 21.87
Evaluated at bid price : 22.11
Bid-YTW : 6.07 %
SLF.PR.G FixedReset Ins Non -4.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-01
Maturity Price : 18.85
Evaluated at bid price : 18.85
Bid-YTW : 5.96 %
POW.PR.D Perpetual-Discount -3.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-01
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 5.97 %
GWO.PR.T Insurance Straight -2.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-01
Maturity Price : 21.50
Evaluated at bid price : 21.76
Bid-YTW : 5.95 %
IFC.PR.A FixedReset Ins Non -2.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-01
Maturity Price : 21.53
Evaluated at bid price : 21.90
Bid-YTW : 5.55 %
CU.PR.J Perpetual-Discount -2.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-01
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 5.96 %
MFC.PR.F FixedReset Ins Non -1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-01
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 5.80 %
ENB.PR.T FixedReset Disc -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-01
Maturity Price : 22.55
Evaluated at bid price : 23.23
Bid-YTW : 6.27 %
FTS.PR.H FixedReset Disc 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-01
Maturity Price : 19.90
Evaluated at bid price : 19.90
Bid-YTW : 5.70 %
ENB.PR.B FixedReset Disc 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-01
Maturity Price : 21.35
Evaluated at bid price : 21.65
Bid-YTW : 6.43 %
CU.PR.C FixedReset Disc 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-01
Maturity Price : 24.20
Evaluated at bid price : 24.60
Bid-YTW : 5.64 %
MFC.PR.B Insurance Straight 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-01
Maturity Price : 21.49
Evaluated at bid price : 21.49
Bid-YTW : 5.46 %
BN.PR.M Perpetual-Discount 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-01
Maturity Price : 20.03
Evaluated at bid price : 20.03
Bid-YTW : 5.97 %
IFC.PR.F Insurance Straight 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-01
Maturity Price : 22.94
Evaluated at bid price : 23.20
Bid-YTW : 5.74 %
CU.PR.F Perpetual-Discount 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-01
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 5.63 %
ENB.PR.D FixedReset Disc 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-01
Maturity Price : 21.42
Evaluated at bid price : 21.75
Bid-YTW : 6.38 %
BN.PR.T FixedReset Disc 1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-01
Maturity Price : 21.32
Evaluated at bid price : 21.60
Bid-YTW : 6.20 %
BN.PR.N Perpetual-Discount 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-01
Maturity Price : 20.05
Evaluated at bid price : 20.05
Bid-YTW : 5.97 %
FTS.PR.G FixedReset Disc 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-01
Maturity Price : 23.43
Evaluated at bid price : 24.85
Bid-YTW : 5.42 %
IFC.PR.M Perpetual-Premium 1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-01
Maturity Price : 24.23
Evaluated at bid price : 24.61
Bid-YTW : 5.61 %
IFC.PR.G FixedReset Ins Non 1.56 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.45
Bid-YTW : 5.20 %
ELF.PR.H Perpetual-Discount 1.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-01
Maturity Price : 23.53
Evaluated at bid price : 23.80
Bid-YTW : 5.79 %
SLF.PR.E Insurance Straight 1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-01
Maturity Price : 20.85
Evaluated at bid price : 20.85
Bid-YTW : 5.43 %
GWO.PR.P Insurance Straight 2.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-01
Maturity Price : 23.16
Evaluated at bid price : 23.46
Bid-YTW : 5.78 %
BN.PR.R FixedReset Disc 2.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-01
Maturity Price : 22.05
Evaluated at bid price : 22.63
Bid-YTW : 5.97 %
BN.PF.E FixedReset Disc 2.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-01
Maturity Price : 22.67
Evaluated at bid price : 23.60
Bid-YTW : 5.88 %
GWO.PR.G Insurance Straight 3.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-01
Maturity Price : 22.26
Evaluated at bid price : 22.53
Bid-YTW : 5.80 %
GWO.PR.I Insurance Straight 3.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-01
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 5.64 %
GWO.PR.H Insurance Straight 5.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-01
Maturity Price : 21.08
Evaluated at bid price : 21.08
Bid-YTW : 5.79 %
Volume Highlights
Issue Index Shares
Traded		 Notes
MFC.PR.F FixedReset Ins Non 58,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-01
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 5.80 %
BN.PF.M FixedReset Prem 43,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2031-01-01
Maturity Price : 25.00
Evaluated at bid price : 26.00
Bid-YTW : 4.73 %
GWO.PR.G Insurance Straight 38,796 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-01
Maturity Price : 22.26
Evaluated at bid price : 22.53
Bid-YTW : 5.80 %
GWO.PR.M Insurance Straight 35,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-01
Maturity Price : 24.62
Evaluated at bid price : 24.88
Bid-YTW : 5.86 %
IFC.PR.A FixedReset Ins Non 28,980 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-01
Maturity Price : 21.53
Evaluated at bid price : 21.90
Bid-YTW : 5.55 %
FTS.PR.M FixedReset Disc 28,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-01
Maturity Price : 23.16
Evaluated at bid price : 24.64
Bid-YTW : 5.66 %
There were 9 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
POW.PR.D Perpetual-Discount Quote: 21.05 – 22.80
Spot Rate : 1.7500
Average : 1.1549

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-01
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 5.97 %
SLF.PR.D Insurance Straight Quote: 19.20 – 20.85
Spot Rate : 1.6500
Average : 1.1050

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-01
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 5.84 %
PWF.PR.K Perpetual-Discount Quote: 21.37 – 22.50
Spot Rate : 1.1300
Average : 0.6452

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-01
Maturity Price : 21.37
Evaluated at bid price : 21.37
Bid-YTW : 5.90 %
POW.PR.B Perpetual-Discount Quote: 22.11 – 23.70
Spot Rate : 1.5900
Average : 1.1562

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-01
Maturity Price : 21.87
Evaluated at bid price : 22.11
Bid-YTW : 6.07 %
SLF.PR.G FixedReset Ins Non Quote: 18.85 – 19.85
Spot Rate : 1.0000
Average : 0.6183

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-01
Maturity Price : 18.85
Evaluated at bid price : 18.85
Bid-YTW : 5.96 %
IFC.PR.A FixedReset Ins Non Quote: 21.90 – 22.69
Spot Rate : 0.7900
Average : 0.5212

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-04-01
Maturity Price : 21.53
Evaluated at bid price : 21.90
Bid-YTW : 5.55 %
Market Action

March 31, 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 0.2229 % 2,494.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.2229 % 4,730.6
Floater 5.77 % 5.96 % 60,651 13.99 3 0.2229 % 2,726.3
OpRet 0.00 % 0.00 % 0 0.00 0 0.0474 % 3,657.8
SplitShare 4.77 % 4.44 % 75,522 2.93 5 0.0474 % 4,368.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0474 % 3,408.2
Perpetual-Premium 5.79 % 5.85 % 74,030 14.16 7 0.2312 % 3,023.3
Perpetual-Discount 5.77 % 5.82 % 45,796 14.16 28 0.5854 % 3,279.7
FixedReset Disc 5.92 % 6.15 % 111,829 13.65 27 0.5323 % 3,179.3
Insurance Straight 5.73 % 5.79 % 61,515 14.21 22 0.6946 % 3,173.9
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.5323 % 3,782.1
FixedReset Prem 6.00 % 4.82 % 89,196 2.38 21 0.1640 % 2,642.8
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.5323 % 3,249.9
FixedReset Ins Non 5.25 % 5.60 % 81,755 14.27 14 0.2386 % 3,146.1
Performance Highlights
Issue Index Change Notes
GWO.PR.I Insurance Straight -1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-31
Maturity Price : 19.33
Evaluated at bid price : 19.33
Bid-YTW : 5.86 %
FTS.PR.H FixedReset Disc -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-31
Maturity Price : 19.70
Evaluated at bid price : 19.70
Bid-YTW : 5.75 %
GWO.PR.Y Insurance Straight 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-31
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 5.72 %
FTS.PR.K FixedReset Disc 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-31
Maturity Price : 22.68
Evaluated at bid price : 23.40
Bid-YTW : 5.62 %
BN.PR.R FixedReset Disc 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-31
Maturity Price : 21.71
Evaluated at bid price : 22.11
Bid-YTW : 6.12 %
PWF.PF.A Perpetual-Discount 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-31
Maturity Price : 19.76
Evaluated at bid price : 19.76
Bid-YTW : 5.80 %
PWF.PR.P FixedReset Disc 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-31
Maturity Price : 20.58
Evaluated at bid price : 20.58
Bid-YTW : 5.80 %
PWF.PR.T FixedReset Disc 1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-31
Maturity Price : 23.32
Evaluated at bid price : 24.75
Bid-YTW : 5.60 %
PWF.PR.Z Perpetual-Discount 1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-31
Maturity Price : 21.90
Evaluated at bid price : 22.15
Bid-YTW : 5.91 %
CU.PR.J Perpetual-Discount 2.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-31
Maturity Price : 20.68
Evaluated at bid price : 20.68
Bid-YTW : 5.82 %
GWO.PR.R Insurance Straight 2.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-31
Maturity Price : 21.08
Evaluated at bid price : 21.08
Bid-YTW : 5.73 %
IFC.PR.E Insurance Straight 2.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-31
Maturity Price : 22.63
Evaluated at bid price : 22.88
Bid-YTW : 5.71 %
GWO.PR.T Insurance Straight 3.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-31
Maturity Price : 22.15
Evaluated at bid price : 22.43
Bid-YTW : 5.76 %
FTS.PR.F Perpetual-Discount 3.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-31
Maturity Price : 21.50
Evaluated at bid price : 21.76
Bid-YTW : 5.69 %
POW.PR.A Perpetual-Discount 3.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-31
Maturity Price : 23.88
Evaluated at bid price : 24.13
Bid-YTW : 5.81 %
BN.PR.T FixedReset Disc 4.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-31
Maturity Price : 21.32
Evaluated at bid price : 21.32
Bid-YTW : 6.29 %
GWO.PR.S Insurance Straight 5.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-31
Maturity Price : 22.46
Evaluated at bid price : 22.72
Bid-YTW : 5.80 %
Volume Highlights
Issue Index Shares
Traded		 Notes
SLF.PR.H FixedReset Ins Non 54,078 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-31
Maturity Price : 22.30
Evaluated at bid price : 23.09
Bid-YTW : 5.65 %
GWO.PR.T Insurance Straight 29,016 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-31
Maturity Price : 22.15
Evaluated at bid price : 22.43
Bid-YTW : 5.76 %
CU.PR.C FixedReset Disc 25,511 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-31
Maturity Price : 23.90
Evaluated at bid price : 24.35
Bid-YTW : 5.70 %
ENB.PF.C FixedReset Disc 24,674 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-31
Maturity Price : 22.14
Evaluated at bid price : 22.66
Bid-YTW : 6.34 %
POW.PR.H Perpetual-Premium 24,238 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-31
Maturity Price : 24.54
Evaluated at bid price : 24.94
Bid-YTW : 5.77 %
GWO.PR.G Insurance Straight 18,176 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-31
Maturity Price : 21.42
Evaluated at bid price : 21.68
Bid-YTW : 6.03 %
There were 11 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
ENB.PR.B FixedReset Disc Quote: 21.43 – 24.00
Spot Rate : 2.5700
Average : 1.4120

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-31
Maturity Price : 21.43
Evaluated at bid price : 21.43
Bid-YTW : 6.51 %
GWO.PR.Q Insurance Straight Quote: 22.06 – 23.65
Spot Rate : 1.5900
Average : 0.9900

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-31
Maturity Price : 21.82
Evaluated at bid price : 22.06
Bid-YTW : 5.86 %
ENB.PF.E FixedReset Disc Quote: 22.47 – 23.65
Spot Rate : 1.1800
Average : 0.6980

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-31
Maturity Price : 22.00
Evaluated at bid price : 22.47
Bid-YTW : 6.38 %
BN.PF.D Perpetual-Discount Quote: 20.44 – 21.70
Spot Rate : 1.2600
Average : 0.8179

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-31
Maturity Price : 20.44
Evaluated at bid price : 20.44
Bid-YTW : 6.04 %
IFC.PR.C FixedReset Ins Non Quote: 24.84 – 25.84
Spot Rate : 1.0000
Average : 0.7028

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-09-30
Maturity Price : 25.00
Evaluated at bid price : 24.84
Bid-YTW : 4.78 %
IFC.PR.I Insurance Straight Quote: 22.06 – 24.10
Spot Rate : 2.0400
Average : 1.7801

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-31
Maturity Price : 21.80
Evaluated at bid price : 22.06
Bid-YTW : 6.15 %
Market Action

March 30, 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 0.1737 % 2,489.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.1737 % 4,720.1
Floater 5.79 % 5.98 % 60,006 13.98 3 0.1737 % 2,720.2
OpRet 0.00 % 0.00 % 0 0.00 0 0.1581 % 3,656.1
SplitShare 4.78 % 4.69 % 76,065 2.93 5 0.1581 % 4,366.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1581 % 3,406.6
Perpetual-Premium 5.80 % 5.87 % 74,476 14.13 7 -0.1386 % 3,016.3
Perpetual-Discount 5.80 % 5.86 % 44,841 14.03 28 -0.0230 % 3,260.6
FixedReset Disc 5.95 % 6.20 % 108,799 13.62 27 0.8215 % 3,162.4
Insurance Straight 5.77 % 5.81 % 61,877 14.18 22 -1.0955 % 3,152.0
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.8215 % 3,762.1
FixedReset Prem 6.01 % 4.86 % 90,206 2.66 21 0.4555 % 2,638.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.8215 % 3,232.7
FixedReset Ins Non 5.27 % 5.65 % 74,006 14.28 14 0.6529 % 3,138.7
Performance Highlights
Issue Index Change Notes
IFC.PR.I Insurance Straight -7.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 21.80
Evaluated at bid price : 22.06
Bid-YTW : 6.15 %
GWO.PR.S Insurance Straight -5.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 21.29
Evaluated at bid price : 21.56
Bid-YTW : 6.12 %
FTS.PR.F Perpetual-Discount -3.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.91 %
IFC.PR.E Insurance Straight -3.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 22.07
Evaluated at bid price : 22.30
Bid-YTW : 5.86 %
GWO.PR.T Insurance Straight -2.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 21.50
Evaluated at bid price : 21.76
Bid-YTW : 5.94 %
CU.PR.J Perpetual-Discount -2.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 5.95 %
GWO.PR.P Insurance Straight -1.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 22.71
Evaluated at bid price : 22.95
Bid-YTW : 5.91 %
GWO.PR.I Insurance Straight -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 5.78 %
PWF.PR.Z Perpetual-Discount -1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 21.54
Evaluated at bid price : 21.80
Bid-YTW : 6.00 %
IFC.PR.K Insurance Straight -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 22.36
Evaluated at bid price : 22.67
Bid-YTW : 5.81 %
SLF.PR.E Insurance Straight -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 20.36
Evaluated at bid price : 20.36
Bid-YTW : 5.56 %
CU.PR.C FixedReset Disc 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 23.85
Evaluated at bid price : 24.30
Bid-YTW : 5.71 %
FTS.PR.H FixedReset Disc 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 19.94
Evaluated at bid price : 19.94
Bid-YTW : 5.68 %
CIU.PR.A Perpetual-Discount 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.82 %
SLF.PR.G FixedReset Ins Non 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 19.73
Evaluated at bid price : 19.73
Bid-YTW : 5.69 %
GWO.PR.R Insurance Straight 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 5.88 %
ENB.PR.J FixedReset Disc 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 22.48
Evaluated at bid price : 23.06
Bid-YTW : 6.30 %
MFC.PR.B Insurance Straight 1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 21.31
Evaluated at bid price : 21.31
Bid-YTW : 5.50 %
MFC.PR.F FixedReset Ins Non 1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 19.89
Evaluated at bid price : 19.89
Bid-YTW : 5.71 %
BN.PF.B FixedReset Disc 1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 22.99
Evaluated at bid price : 24.03
Bid-YTW : 6.06 %
ENB.PR.D FixedReset Disc 1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 6.52 %
GWO.PR.N FixedReset Ins Non 1.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 18.51
Evaluated at bid price : 18.51
Bid-YTW : 5.89 %
BN.PF.E FixedReset Disc 2.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 22.34
Evaluated at bid price : 23.00
Bid-YTW : 6.05 %
ENB.PR.Y FixedReset Disc 2.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 6.46 %
CU.PR.F Perpetual-Discount 2.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.70 %
ENB.PF.G FixedReset Disc 3.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 22.21
Evaluated at bid price : 22.83
Bid-YTW : 6.36 %
ENB.PR.H FixedReset Disc 3.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 22.51
Evaluated at bid price : 23.00
Bid-YTW : 5.91 %
ENB.PF.A FixedReset Disc 3.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 22.26
Evaluated at bid price : 22.82
Bid-YTW : 6.37 %
IFC.PR.C FixedReset Ins Non 3.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 24.00
Evaluated at bid price : 24.65
Bid-YTW : 5.80 %
CU.PR.H Perpetual-Discount 4.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 23.03
Evaluated at bid price : 23.30
Bid-YTW : 5.69 %
BIP.PR.E FixedReset Prem 5.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 23.67
Evaluated at bid price : 25.23
Bid-YTW : 6.11 %
Volume Highlights
Issue Index Shares
Traded		 Notes
ENB.PF.C FixedReset Disc 32,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 22.06
Evaluated at bid price : 22.53
Bid-YTW : 6.38 %
IFC.PR.A FixedReset Ins Non 21,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 21.80
Evaluated at bid price : 22.30
Bid-YTW : 5.44 %
SLF.PR.E Insurance Straight 20,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 20.36
Evaluated at bid price : 20.36
Bid-YTW : 5.56 %
MFC.PR.B Insurance Straight 19,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 21.31
Evaluated at bid price : 21.31
Bid-YTW : 5.50 %
BN.PR.K Floater 16,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 13.12
Evaluated at bid price : 13.12
Bid-YTW : 5.98 %
GWO.PR.N FixedReset Ins Non 16,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 18.51
Evaluated at bid price : 18.51
Bid-YTW : 5.89 %
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
IFC.PR.I Insurance Straight Quote: 22.06 – 24.54
Spot Rate : 2.4800
Average : 1.4952

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 21.80
Evaluated at bid price : 22.06
Bid-YTW : 6.15 %
POW.PR.B Perpetual-Discount Quote: 23.10 – 24.80
Spot Rate : 1.7000
Average : 1.3173

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 22.82
Evaluated at bid price : 23.10
Bid-YTW : 5.80 %
SLF.PR.E Insurance Straight Quote: 20.36 – 21.45
Spot Rate : 1.0900
Average : 0.7734

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 20.36
Evaluated at bid price : 20.36
Bid-YTW : 5.56 %
POW.PR.A Perpetual-Discount Quote: 23.25 – 24.70
Spot Rate : 1.4500
Average : 1.1862

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 22.98
Evaluated at bid price : 23.25
Bid-YTW : 6.03 %
PWF.PR.P FixedReset Disc Quote: 20.30 – 21.06
Spot Rate : 0.7600
Average : 0.5063

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 5.88 %
FTS.PR.F Perpetual-Discount Quote: 21.00 – 21.74
Spot Rate : 0.7400
Average : 0.5090

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-30
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.91 %
Market Action

March 27, 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 0.0000 % 2,485.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0000 % 4,711.9
Floater 5.80 % 5.98 % 59,382 13.97 3 0.0000 % 2,715.5
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0395 % 3,650.3
SplitShare 4.78 % 4.56 % 79,210 2.94 5 -0.0395 % 4,359.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0395 % 3,401.2
Perpetual-Premium 5.79 % 5.88 % 75,480 13.91 7 0.0635 % 3,020.5
Perpetual-Discount 5.80 % 5.86 % 44,835 14.02 28 -0.7214 % 3,261.4
FixedReset Disc 6.00 % 6.28 % 107,669 13.41 27 -1.3415 % 3,136.7
Insurance Straight 5.71 % 5.76 % 62,466 14.28 22 -0.2531 % 3,186.9
FloatingReset 0.00 % 0.00 % 0 0.00 0 -1.3415 % 3,731.4
FixedReset Prem 6.04 % 4.89 % 90,709 2.66 21 -0.2751 % 2,626.5
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -1.3415 % 3,206.3
FixedReset Ins Non 5.30 % 5.73 % 74,110 14.18 14 -0.0031 % 3,118.3
Performance Highlights
Issue Index Change Notes
BIP.PR.E FixedReset Prem -4.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 23.68
Evaluated at bid price : 24.00
Bid-YTW : 6.56 %
ENB.PF.A FixedReset Disc -4.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 21.70
Evaluated at bid price : 22.00
Bid-YTW : 6.68 %
IFC.PR.C FixedReset Ins Non -4.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 22.96
Evaluated at bid price : 23.72
Bid-YTW : 6.09 %
POW.PR.A Perpetual-Discount -4.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 22.98
Evaluated at bid price : 23.25
Bid-YTW : 6.03 %
GWO.PR.G Insurance Straight -3.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 21.46
Evaluated at bid price : 21.72
Bid-YTW : 6.01 %
GWO.PR.R Insurance Straight -3.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 20.31
Evaluated at bid price : 20.31
Bid-YTW : 5.95 %
BN.PF.E FixedReset Disc -3.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 22.03
Evaluated at bid price : 22.50
Bid-YTW : 6.24 %
CU.PR.H Perpetual-Discount -3.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 22.12
Evaluated at bid price : 22.40
Bid-YTW : 5.92 %
BN.PR.T FixedReset Disc -3.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 6.68 %
ENB.PF.G FixedReset Disc -3.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 21.78
Evaluated at bid price : 22.16
Bid-YTW : 6.62 %
ENB.PR.D FixedReset Disc -3.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.69 %
ENB.PR.H FixedReset Disc -2.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 22.03
Evaluated at bid price : 22.30
Bid-YTW : 6.18 %
CU.PR.C FixedReset Disc -2.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 23.57
Evaluated at bid price : 24.05
Bid-YTW : 5.83 %
ENB.PR.Y FixedReset Disc -2.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 20.89
Evaluated at bid price : 20.89
Bid-YTW : 6.68 %
CIU.PR.A Perpetual-Discount -1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 19.78
Evaluated at bid price : 19.78
Bid-YTW : 5.89 %
ENB.PR.J FixedReset Disc -1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 22.31
Evaluated at bid price : 22.79
Bid-YTW : 6.44 %
GWO.PR.H Insurance Straight -1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.10 %
FTS.PR.J Perpetual-Discount -1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 5.67 %
PWF.PR.S Perpetual-Discount -1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 5.89 %
GWO.PR.Y Insurance Straight -1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 19.74
Evaluated at bid price : 19.74
Bid-YTW : 5.73 %
GWO.PR.Q Insurance Straight -1.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 21.82
Evaluated at bid price : 22.06
Bid-YTW : 5.86 %
ENB.PR.F FixedReset Disc -1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 22.05
Evaluated at bid price : 22.29
Bid-YTW : 6.45 %
BN.PF.B FixedReset Disc -1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 22.80
Evaluated at bid price : 23.65
Bid-YTW : 6.23 %
FTS.PR.F Perpetual-Discount -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 21.50
Evaluated at bid price : 21.76
Bid-YTW : 5.68 %
CU.PR.G Perpetual-Discount -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 19.62
Evaluated at bid price : 19.62
Bid-YTW : 5.80 %
ENB.PF.K FixedReset Prem -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 23.61
Evaluated at bid price : 25.02
Bid-YTW : 6.36 %
SLF.PR.E Insurance Straight -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 20.58
Evaluated at bid price : 20.58
Bid-YTW : 5.50 %
POW.PR.D Perpetual-Discount -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 21.33
Evaluated at bid price : 21.60
Bid-YTW : 5.79 %
SLF.PR.C Insurance Straight -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 20.51
Evaluated at bid price : 20.51
Bid-YTW : 5.46 %
ENB.PF.E FixedReset Disc -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 22.00
Evaluated at bid price : 22.47
Bid-YTW : 6.44 %
PWF.PR.R Perpetual-Discount -1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 23.42
Evaluated at bid price : 23.71
Bid-YTW : 5.89 %
TD.PF.A FixedReset Prem 1.51 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.51
Bid-YTW : 4.61 %
MFC.PR.F FixedReset Ins Non 1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 5.88 %
MFC.PR.L FixedReset Ins Non 2.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 23.12
Evaluated at bid price : 24.40
Bid-YTW : 5.55 %
POW.PR.B Perpetual-Discount 3.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 22.91
Evaluated at bid price : 23.18
Bid-YTW : 5.78 %
SLF.PR.G FixedReset Ins Non 3.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 5.82 %
GWO.PR.I Insurance Straight 4.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 19.88
Evaluated at bid price : 19.88
Bid-YTW : 5.69 %
GWO.PR.S Insurance Straight 5.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 22.44
Evaluated at bid price : 22.70
Bid-YTW : 5.80 %
Volume Highlights
Issue Index Shares
Traded		 Notes
IFC.PR.C FixedReset Ins Non 125,289 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 22.96
Evaluated at bid price : 23.72
Bid-YTW : 6.09 %
BN.PR.K Floater 104,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 13.10
Evaluated at bid price : 13.10
Bid-YTW : 5.98 %
PWF.PR.P FixedReset Disc 50,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 5.97 %
MFC.PR.I FixedReset Ins Non 45,383 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-09-19
Maturity Price : 25.00
Evaluated at bid price : 25.50
Bid-YTW : 4.68 %
RY.PR.S FixedReset Prem 43,648 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-02-24
Maturity Price : 25.00
Evaluated at bid price : 26.15
Bid-YTW : 4.40 %
ENB.PF.C FixedReset Disc 18,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 22.02
Evaluated at bid price : 22.47
Bid-YTW : 6.45 %
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
MFC.PR.F FixedReset Ins Non Quote: 19.60 – 23.80
Spot Rate : 4.2000
Average : 3.3062

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 5.88 %
POW.PR.A Perpetual-Discount Quote: 23.25 – 24.70
Spot Rate : 1.4500
Average : 0.8969

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 22.98
Evaluated at bid price : 23.25
Bid-YTW : 6.03 %
BIP.PR.E FixedReset Prem Quote: 24.00 – 25.29
Spot Rate : 1.2900
Average : 0.7837

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 23.68
Evaluated at bid price : 24.00
Bid-YTW : 6.56 %
ENB.PF.A FixedReset Disc Quote: 22.00 – 23.27
Spot Rate : 1.2700
Average : 0.7717

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 21.70
Evaluated at bid price : 22.00
Bid-YTW : 6.68 %
IFC.PR.C FixedReset Ins Non Quote: 23.72 – 24.80
Spot Rate : 1.0800
Average : 0.6259

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 22.96
Evaluated at bid price : 23.72
Bid-YTW : 6.09 %
BN.PF.E FixedReset Disc Quote: 22.50 – 23.50
Spot Rate : 1.0000
Average : 0.6093

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-27
Maturity Price : 22.03
Evaluated at bid price : 22.50
Bid-YTW : 6.24 %
Market Action

March 26, 2026

TXPR closed at 684.70, down 0.76% on the day. Volume today was 1.18-million, fourth highest of the past 21 trading days.

CPD closed at 13.59, down 1.16% on the day. Volume was 84,800 (! … consolidated volume was 318,440), above the median of the past 21 trading days.

ZPR closed at 12.36, down 0.40% on the day. Volume was 137,150 (consolidated = 415,790), above the median of the past 21 trading days.

Five-year Canada yields were up 8bp to 3.21%.

Not the greatest of all days elsewhere, either:

The S&P 500 slumped 1.7% for its worst day since January and is back on track for a fifth straight losing week. That stretches back to before the Iran war began, and it would be the longest such losing streak in nearly four years.

The Dow Jones Industrial Average dropped 469 points, or 1%, and the Nasdaq composite sank 2.4% to fall more than 10% below its all-time high set early this year. That’s a steep enough drop to official be in a correction.

Similar to the U.S. indexes, the S&P/TSX Composite closed at its lows for the session, losing 1.53%.
…
On Thursday, the fighting continued, and thousands more U.S. troops neared the region. Iran, meanwhile, tightened its grip on the crucial Strait of Hormuz. It may be creating something like a “toll booth” for tankers to get past the narrow waterway, which typically sees a fifth of the world’s oil exit the Persian Gulf through it to customers worldwide.
…
The price for a barrel of Brent crude oil climbed 4.8% to settle at US$101.89 as hopes dimmed for a potential return to normal for the strait. That’s up from roughly US$70 before the war began. Benchmark U.S. crude rose US4.6% to $94.48 per barrel.
…
The yield on the 10-year Treasury jumped as high as 4.43% Thursday from 4.33% late Wednesday and from just 3.97% before the war started. That’s a significant leap for the bond market. Canadian yields rose by a similar degree on Thursday, with the 10-year up 7 basis points by late afternoon.
…
The Toronto Stock Exchange’s S&P/TSX composite index ended down 495.08 points at 31,887.52, giving back some of this ​week’s gains. For the month of ‌March, the index was on track to lose 7.1%.
…
In stock markets abroad, Germany’s DAX lost 1.5%, Hong Kong’s Hang Seng sank 1.9% and South Korea’s Kospi dropped 3.2%. Japan’s Nikkei 225 had one of the world’s milder losses, at 0.3%.

I love the pomposity of “steep enough drop to official (sic) be in a correction”. Really, huh? Official according to which officials? Can I be fined if I just say it’s down a bunch? Jailed, maybe?

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 0.0000 % 2,485.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0000 % 4,711.9
Floater 5.80 % 6.01 % 54,957 13.94 3 0.0000 % 2,715.5
OpRet 0.00 % 0.00 % 0 0.00 0 0.0791 % 3,651.7
SplitShare 4.78 % 4.54 % 82,071 2.94 5 0.0791 % 4,360.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0791 % 3,402.6
Perpetual-Premium 5.80 % 5.91 % 75,486 13.90 7 -1.2042 % 3,018.6
Perpetual-Discount 5.76 % 5.80 % 44,669 14.16 28 -1.0018 % 3,285.1
FixedReset Disc 5.92 % 6.22 % 110,315 13.48 27 -0.3641 % 3,179.3
Insurance Straight 5.69 % 5.75 % 63,016 14.29 22 -0.4915 % 3,195.0
FloatingReset 0.00 % 0.00 % 0 0.00 0 -0.3641 % 3,782.1
FixedReset Prem 6.02 % 4.90 % 89,693 2.43 21 -0.3844 % 2,633.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.3641 % 3,249.9
FixedReset Ins Non 5.30 % 5.67 % 85,893 14.08 14 -0.3437 % 3,118.4
Performance Highlights
Issue Index Change Notes
GWO.PR.H Insurance Straight -4.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-26
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 6.00 %
POW.PR.B Perpetual-Discount -4.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-26
Maturity Price : 22.12
Evaluated at bid price : 22.40
Bid-YTW : 5.98 %
MFC.PR.L FixedReset Ins Non -3.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-26
Maturity Price : 22.88
Evaluated at bid price : 23.87
Bid-YTW : 5.70 %
CU.PR.F Perpetual-Discount -2.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-26
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 5.87 %
MFC.PR.B Insurance Straight -2.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-26
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.58 %
POW.PR.I Perpetual-Premium -2.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-26
Maturity Price : 24.15
Evaluated at bid price : 24.52
Bid-YTW : 5.93 %
TD.PF.A FixedReset Prem -2.26 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.13
Bid-YTW : 5.07 %
FTS.PR.K FixedReset Disc -2.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-26
Maturity Price : 22.57
Evaluated at bid price : 23.21
Bid-YTW : 5.73 %
POW.PR.D Perpetual-Discount -2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-26
Maturity Price : 21.57
Evaluated at bid price : 21.83
Bid-YTW : 5.73 %
IFC.PR.M Perpetual-Premium -1.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-26
Maturity Price : 23.83
Evaluated at bid price : 24.18
Bid-YTW : 5.70 %
CU.PR.H Perpetual-Discount -1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-26
Maturity Price : 22.92
Evaluated at bid price : 23.19
Bid-YTW : 5.71 %
IFC.PR.E Insurance Straight -1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-26
Maturity Price : 22.56
Evaluated at bid price : 22.82
Bid-YTW : 5.72 %
SLF.PR.C Insurance Straight -1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-26
Maturity Price : 20.72
Evaluated at bid price : 20.72
Bid-YTW : 5.40 %
IFC.PR.F Insurance Straight -1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-26
Maturity Price : 22.65
Evaluated at bid price : 22.91
Bid-YTW : 5.80 %
GWO.PR.Z Insurance Straight -1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-26
Maturity Price : 24.10
Evaluated at bid price : 24.48
Bid-YTW : 5.84 %
CU.PR.J Perpetual-Discount -1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-26
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 5.83 %
BMO.PR.E FixedReset Prem -1.35 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-11-25
Maturity Price : 25.00
Evaluated at bid price : 26.35
Bid-YTW : 4.90 %
ENB.PR.H FixedReset Disc -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-26
Maturity Price : 22.48
Evaluated at bid price : 22.95
Bid-YTW : 5.98 %
BN.PF.C Perpetual-Discount -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-26
Maturity Price : 20.01
Evaluated at bid price : 20.01
Bid-YTW : 6.10 %
SLF.PR.D Insurance Straight -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-26
Maturity Price : 20.52
Evaluated at bid price : 20.52
Bid-YTW : 5.45 %
IFC.PR.K Insurance Straight -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-26
Maturity Price : 22.66
Evaluated at bid price : 23.02
Bid-YTW : 5.72 %
MFC.PR.C Insurance Straight -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-26
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 5.46 %
SLF.PR.E Insurance Straight -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-26
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 5.44 %
FTS.PR.J Perpetual-Discount -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-26
Maturity Price : 21.28
Evaluated at bid price : 21.55
Bid-YTW : 5.56 %
FTS.PR.G FixedReset Disc -1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-26
Maturity Price : 23.33
Evaluated at bid price : 24.60
Bid-YTW : 5.54 %
BN.PR.N Perpetual-Discount -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-26
Maturity Price : 19.78
Evaluated at bid price : 19.78
Bid-YTW : 6.04 %
PWF.PR.H Perpetual-Premium -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-26
Maturity Price : 24.29
Evaluated at bid price : 24.60
Bid-YTW : 5.93 %
PWF.PF.A Perpetual-Discount -1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-26
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 5.78 %
PWF.PR.S Perpetual-Discount 1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-26
Maturity Price : 21.08
Evaluated at bid price : 21.08
Bid-YTW : 5.79 %
ENB.PR.P FixedReset Disc 2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-26
Maturity Price : 22.58
Evaluated at bid price : 23.22
Bid-YTW : 6.23 %
MFC.PR.F FixedReset Ins Non 2.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-26
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 5.99 %
GWO.PR.G Insurance Straight 2.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-26
Maturity Price : 22.32
Evaluated at bid price : 22.59
Bid-YTW : 5.77 %
GWO.PR.T Insurance Straight 5.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-26
Maturity Price : 22.07
Evaluated at bid price : 22.30
Bid-YTW : 5.80 %
Volume Highlights
Issue Index Shares
Traded		 Notes
MFC.PR.L FixedReset Ins Non 106,661 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-26
Maturity Price : 22.88
Evaluated at bid price : 23.87
Bid-YTW : 5.70 %
MFC.PR.I FixedReset Ins Non 76,089 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-09-19
Maturity Price : 25.00
Evaluated at bid price : 25.48
Bid-YTW : 4.73 %
CU.PR.C FixedReset Disc 66,455 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-26
Maturity Price : 24.39
Evaluated at bid price : 24.75
Bid-YTW : 5.67 %
PWF.PR.T FixedReset Disc 48,311 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-26
Maturity Price : 23.22
Evaluated at bid price : 24.50
Bid-YTW : 5.72 %
ENB.PF.C FixedReset Disc 38,810 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-26
Maturity Price : 22.09
Evaluated at bid price : 22.58
Bid-YTW : 6.42 %
POW.PR.I Perpetual-Premium 30,070 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-26
Maturity Price : 24.15
Evaluated at bid price : 24.52
Bid-YTW : 5.93 %
There were 11 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
POW.PR.B Perpetual-Discount Quote: 22.40 – 24.80
Spot Rate : 2.4000
Average : 1.5090

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-26
Maturity Price : 22.12
Evaluated at bid price : 22.40
Bid-YTW : 5.98 %
ENB.PF.K FixedReset Prem Quote: 25.30 – 26.75
Spot Rate : 1.4500
Average : 0.8531

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-03-01
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : 5.82 %
MFC.PR.L FixedReset Ins Non Quote: 23.87 – 24.87
Spot Rate : 1.0000
Average : 0.5865

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-26
Maturity Price : 22.88
Evaluated at bid price : 23.87
Bid-YTW : 5.70 %
GWO.PR.H Insurance Straight Quote: 20.35 – 21.35
Spot Rate : 1.0000
Average : 0.6488

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-26
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 6.00 %
MFC.PR.B Insurance Straight Quote: 21.00 – 21.91
Spot Rate : 0.9100
Average : 0.6590

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-26
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.58 %
BN.PF.A FixedReset Prem Quote: 25.11 – 26.10
Spot Rate : 0.9900
Average : 0.7585

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-26
Maturity Price : 23.51
Evaluated at bid price : 25.11
Bid-YTW : 6.14 %
Market Action

March 25, 2026

PerpetualDiscounts now yield 5.75%, equivalent to 7.50% interest at the standard conversion factor of 1.3x. Long corporates yielded 5.03% on 2026-3-25. Therefore the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened slightly (and perhaps spuriously) to 245bp from the 240bp reported March 18.

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 0.5238 % 2,485.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.5238 % 4,711.9
Floater 5.80 % 5.99 % 53,581 13.97 3 0.5238 % 2,715.5
OpRet 0.00 % 0.00 % 0 0.00 0 -0.4252 % 3,648.8
SplitShare 4.78 % 4.56 % 85,464 2.95 5 -0.4252 % 4,357.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.4252 % 3,399.9
Perpetual-Premium 5.73 % 5.80 % 75,834 14.00 7 0.1028 % 3,055.4
Perpetual-Discount 5.70 % 5.77 % 45,248 14.13 28 0.2478 % 3,318.3
FixedReset Disc 5.90 % 6.22 % 111,773 13.50 27 -0.0744 % 3,190.9
Insurance Straight 5.66 % 5.71 % 61,743 14.37 22 -0.1758 % 3,210.7
FloatingReset 0.00 % 0.00 % 0 0.00 0 -0.0744 % 3,796.0
FixedReset Prem 6.00 % 4.59 % 87,271 2.40 21 -0.0055 % 2,643.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0744 % 3,261.8
FixedReset Ins Non 5.28 % 5.49 % 86,883 14.08 14 0.0983 % 3,129.1
Performance Highlights
Issue Index Change Notes
GWO.PR.G Insurance Straight -4.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-25
Maturity Price : 21.70
Evaluated at bid price : 21.95
Bid-YTW : 5.94 %
SLF.PR.G FixedReset Ins Non -3.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-25
Maturity Price : 18.84
Evaluated at bid price : 18.84
Bid-YTW : 6.02 %
PWF.PR.S Perpetual-Discount -3.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-25
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 5.89 %
BN.PR.T FixedReset Disc -2.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-25
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.46 %
GWO.PR.L Insurance Straight -1.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-25
Maturity Price : 23.91
Evaluated at bid price : 24.15
Bid-YTW : 5.87 %
PVS.PR.L SplitShare -1.22 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.83
Bid-YTW : 4.73 %
CU.PR.D Perpetual-Discount -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-25
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 5.79 %
CU.PR.E Perpetual-Discount -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-25
Maturity Price : 21.46
Evaluated at bid price : 21.46
Bid-YTW : 5.77 %
POW.PR.A Perpetual-Discount 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-25
Maturity Price : 24.46
Evaluated at bid price : 24.70
Bid-YTW : 5.77 %
PWF.PR.A Floater 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-25
Maturity Price : 14.15
Evaluated at bid price : 14.15
Bid-YTW : 5.58 %
IFC.PR.G FixedReset Ins Non 1.08 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.27
Bid-YTW : 5.49 %
BN.PR.N Perpetual-Discount 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-25
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.97 %
PWF.PR.Z Perpetual-Discount 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-25
Maturity Price : 22.12
Evaluated at bid price : 22.40
Bid-YTW : 5.83 %
SLF.PR.C Insurance Straight 1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-25
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 5.31 %
CCS.PR.C Insurance Straight 1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-25
Maturity Price : 22.66
Evaluated at bid price : 22.90
Bid-YTW : 5.47 %
CU.PR.F Perpetual-Discount 1.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-25
Maturity Price : 19.98
Evaluated at bid price : 19.98
Bid-YTW : 5.70 %
GWO.PR.T Insurance Straight 2.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-25
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 6.15 %
POW.PR.B Perpetual-Discount 6.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-25
Maturity Price : 23.57
Evaluated at bid price : 23.84
Bid-YTW : 5.71 %
Volume Highlights
Issue Index Shares
Traded		 Notes
GWO.PR.N FixedReset Ins Non 175,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-25
Maturity Price : 18.30
Evaluated at bid price : 18.30
Bid-YTW : 6.02 %
GWO.PR.S Insurance Straight 113,210 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-25
Maturity Price : 21.29
Evaluated at bid price : 21.56
Bid-YTW : 6.11 %
SLF.PR.H FixedReset Ins Non 44,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-25
Maturity Price : 22.20
Evaluated at bid price : 22.90
Bid-YTW : 5.77 %
GWO.PR.M Insurance Straight 32,700 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-04-24
Maturity Price : 25.00
Evaluated at bid price : 25.00
Bid-YTW : 4.49 %
PVS.PR.K SplitShare 28,200 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 24.99
Bid-YTW : 4.56 %
MFC.PR.C Insurance Straight 25,560 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-25
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.40 %
There were 9 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
MFC.PR.F FixedReset Ins Non Quote: 18.75 – 23.80
Spot Rate : 5.0500
Average : 4.0983

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-25
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 6.15 %
NA.PR.K FixedReset Prem Quote: 28.09 – 29.09
Spot Rate : 1.0000
Average : 0.6586

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-05-01
Maturity Price : 25.00
Evaluated at bid price : 28.09
Bid-YTW : 3.81 %
GWO.PR.S Insurance Straight Quote: 21.56 – 23.80
Spot Rate : 2.2400
Average : 1.9345

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-25
Maturity Price : 21.29
Evaluated at bid price : 21.56
Bid-YTW : 6.11 %
PVS.PR.J SplitShare Quote: 25.03 – 25.94
Spot Rate : 0.9100
Average : 0.6053

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 25.03
Bid-YTW : 4.47 %
PWF.PR.S Perpetual-Discount Quote: 20.75 – 21.60
Spot Rate : 0.8500
Average : 0.5456

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-25
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 5.89 %
SLF.PR.G FixedReset Ins Non Quote: 18.84 – 19.84
Spot Rate : 1.0000
Average : 0.6966

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-25
Maturity Price : 18.84
Evaluated at bid price : 18.84
Bid-YTW : 6.02 %
Market Action

March 24, 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 -0.4470 % 2,472.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.4470 % 4,687.4
Floater 5.83 % 6.00 % 52,944 13.96 3 -0.4470 % 2,701.4
OpRet 0.00 % 0.00 % 0 0.00 0 0.3001 % 3,664.4
SplitShare 4.76 % 4.34 % 86,653 1.84 5 0.3001 % 4,376.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.3001 % 3,414.4
Perpetual-Premium 5.73 % 5.82 % 78,368 13.99 7 0.0915 % 3,052.2
Perpetual-Discount 5.72 % 5.78 % 46,236 14.13 28 -0.0825 % 3,310.1
FixedReset Disc 5.89 % 6.19 % 111,038 13.63 27 0.4352 % 3,193.3
Insurance Straight 5.65 % 5.66 % 59,658 14.42 22 -0.9677 % 3,216.4
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.4352 % 3,798.8
FixedReset Prem 6.00 % 4.75 % 88,201 2.40 21 0.0074 % 2,644.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.4352 % 3,264.2
FixedReset Ins Non 5.29 % 5.63 % 90,457 14.09 14 -0.0706 % 3,126.1
Performance Highlights
Issue Index Change Notes
GWO.PR.T Insurance Straight -8.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-24
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.32 %
GWO.PR.S Insurance Straight -6.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-24
Maturity Price : 21.29
Evaluated at bid price : 21.56
Bid-YTW : 6.11 %
GWO.PR.I Insurance Straight -6.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-24
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.96 %
POW.PR.B Perpetual-Discount -5.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-24
Maturity Price : 22.12
Evaluated at bid price : 22.40
Bid-YTW : 6.08 %
MFC.PR.F FixedReset Ins Non -3.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-24
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 6.14 %
CU.PR.J Perpetual-Discount -2.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-24
Maturity Price : 20.71
Evaluated at bid price : 20.71
Bid-YTW : 5.80 %
PWF.PR.Z Perpetual-Discount -1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-24
Maturity Price : 21.86
Evaluated at bid price : 22.10
Bid-YTW : 5.92 %
PWF.PR.A Floater -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-24
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 5.64 %
SLF.PR.C Insurance Straight -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-24
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 5.39 %
SLF.PR.G FixedReset Ins Non -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-24
Maturity Price : 19.55
Evaluated at bid price : 19.55
Bid-YTW : 5.80 %
CCS.PR.C Insurance Straight -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-24
Maturity Price : 22.25
Evaluated at bid price : 22.52
Bid-YTW : 5.56 %
ELF.PR.H Perpetual-Discount 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-24
Maturity Price : 23.96
Evaluated at bid price : 24.21
Bid-YTW : 5.78 %
IFC.PR.A FixedReset Ins Non 1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-24
Maturity Price : 21.75
Evaluated at bid price : 22.22
Bid-YTW : 5.53 %
BN.PF.B FixedReset Disc 1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-24
Maturity Price : 23.06
Evaluated at bid price : 24.20
Bid-YTW : 6.07 %
GWO.PR.L Insurance Straight 1.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-24
Maturity Price : 24.30
Evaluated at bid price : 24.61
Bid-YTW : 5.76 %
FTS.PR.H FixedReset Disc 1.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-24
Maturity Price : 19.90
Evaluated at bid price : 19.90
Bid-YTW : 5.75 %
POW.PR.A Perpetual-Discount 3.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-24
Maturity Price : 24.18
Evaluated at bid price : 24.44
Bid-YTW : 5.83 %
BN.PR.T FixedReset Disc 6.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-24
Maturity Price : 21.49
Evaluated at bid price : 21.49
Bid-YTW : 6.31 %
Volume Highlights
Issue Index Shares
Traded		 Notes
ENB.PF.C FixedReset Disc 50,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-24
Maturity Price : 22.16
Evaluated at bid price : 22.69
Bid-YTW : 6.38 %
GWO.PR.Y Insurance Straight 47,798 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-24
Maturity Price : 20.12
Evaluated at bid price : 20.12
Bid-YTW : 5.62 %
MFC.PR.Q FixedReset Ins Non 40,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-24
Maturity Price : 23.55
Evaluated at bid price : 25.05
Bid-YTW : 5.74 %
FTS.PR.H FixedReset Disc 26,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-24
Maturity Price : 19.90
Evaluated at bid price : 19.90
Bid-YTW : 5.75 %
FTS.PR.M FixedReset Disc 24,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-24
Maturity Price : 23.14
Evaluated at bid price : 24.60
Bid-YTW : 5.72 %
MFC.PR.F FixedReset Ins Non 16,513 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-24
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 6.14 %
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
MFC.PR.F FixedReset Ins Non Quote: 18.75 – 23.80
Spot Rate : 5.0500
Average : 3.0549

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-24
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 6.14 %
GWO.PR.T Insurance Straight Quote: 20.50 – 23.40
Spot Rate : 2.9000
Average : 1.9957

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-24
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.32 %
POW.PR.B Perpetual-Discount Quote: 22.40 – 24.05
Spot Rate : 1.6500
Average : 0.9508

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-24
Maturity Price : 22.12
Evaluated at bid price : 22.40
Bid-YTW : 6.08 %
GWO.PR.S Insurance Straight Quote: 21.56 – 23.80
Spot Rate : 2.2400
Average : 1.5995

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-24
Maturity Price : 21.29
Evaluated at bid price : 21.56
Bid-YTW : 6.11 %
GWO.PR.I Insurance Straight Quote: 19.00 – 20.50
Spot Rate : 1.5000
Average : 0.8998

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-24
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.96 %
SLF.PR.C Insurance Straight Quote: 20.75 – 21.90
Spot Rate : 1.1500
Average : 0.8479

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-24
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 5.39 %
Market Action

March 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 0.00 % 0.00 % 0 0.00 0 0.7254 % 2,483.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.7254 % 4,708.4
Floater 5.80 % 5.99 % 55,103 13.97 3 0.7254 % 2,713.5
OpRet 0.00 % 0.00 % 0 0.00 0 -0.3934 % 3,653.5
SplitShare 4.78 % 4.51 % 83,635 2.95 5 -0.3934 % 4,363.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.3934 % 3,404.2
Perpetual-Premium 5.74 % 5.84 % 79,333 14.00 7 -0.1199 % 3,049.4
Perpetual-Discount 5.71 % 5.79 % 46,119 14.16 28 -0.0081 % 3,312.8
FixedReset Disc 5.92 % 6.19 % 112,933 13.50 27 -0.0682 % 3,179.5
Insurance Straight 5.60 % 5.66 % 59,507 14.43 22 0.6377 % 3,247.8
FloatingReset 0.00 % 0.00 % 0 0.00 0 -0.0682 % 3,782.3
FixedReset Prem 6.00 % 4.74 % 89,420 2.41 21 0.1160 % 2,643.8
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0682 % 3,250.1
FixedReset Ins Non 5.28 % 5.67 % 90,862 14.18 14 0.9670 % 3,128.3
Performance Highlights
Issue Index Change Notes
POW.PR.A Perpetual-Discount -4.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-23
Maturity Price : 23.32
Evaluated at bid price : 23.60
Bid-YTW : 6.04 %
FTS.PR.H FixedReset Disc -2.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-23
Maturity Price : 19.52
Evaluated at bid price : 19.52
Bid-YTW : 5.86 %
GWO.PR.L Insurance Straight -2.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-23
Maturity Price : 23.91
Evaluated at bid price : 24.15
Bid-YTW : 5.87 %
BN.PF.B FixedReset Disc -1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-23
Maturity Price : 22.88
Evaluated at bid price : 23.81
Bid-YTW : 6.18 %
CU.PR.F Perpetual-Discount -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-23
Maturity Price : 19.52
Evaluated at bid price : 19.52
Bid-YTW : 5.83 %
GWO.PR.M Insurance Straight -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-23
Maturity Price : 24.67
Evaluated at bid price : 24.93
Bid-YTW : 5.84 %
TD.PF.I FixedReset Prem 1.31 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 26.25
Bid-YTW : 3.68 %
PWF.PR.F Perpetual-Discount 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-23
Maturity Price : 22.55
Evaluated at bid price : 22.80
Bid-YTW : 5.84 %
BN.PF.C Perpetual-Discount 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-23
Maturity Price : 20.28
Evaluated at bid price : 20.28
Bid-YTW : 6.01 %
IFC.PR.F Insurance Straight 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-23
Maturity Price : 22.96
Evaluated at bid price : 23.22
Bid-YTW : 5.72 %
IFC.PR.K Insurance Straight 1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-23
Maturity Price : 22.90
Evaluated at bid price : 23.30
Bid-YTW : 5.64 %
BN.PR.B Floater 2.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-23
Maturity Price : 13.07
Evaluated at bid price : 13.07
Bid-YTW : 5.99 %
IFC.PR.A FixedReset Ins Non 2.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-23
Maturity Price : 21.53
Evaluated at bid price : 21.90
Bid-YTW : 5.61 %
ENB.PF.C FixedReset Disc 2.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-23
Maturity Price : 22.23
Evaluated at bid price : 22.80
Bid-YTW : 6.35 %
IFC.PR.C FixedReset Ins Non 3.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-23
Maturity Price : 23.94
Evaluated at bid price : 24.59
Bid-YTW : 5.87 %
MFC.PR.F FixedReset Ins Non 4.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-23
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 5.91 %
SLF.PR.G FixedReset Ins Non 4.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-23
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 5.74 %
SLF.PR.D Insurance Straight 4.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-23
Maturity Price : 20.79
Evaluated at bid price : 20.79
Bid-YTW : 5.38 %
BN.PR.N Perpetual-Discount 5.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-23
Maturity Price : 19.79
Evaluated at bid price : 19.79
Bid-YTW : 6.03 %
GWO.PR.T Insurance Straight 9.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-23
Maturity Price : 22.21
Evaluated at bid price : 22.49
Bid-YTW : 5.74 %
Volume Highlights
Issue Index Shares
Traded		 Notes
SLF.PR.C Insurance Straight 85,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-23
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.32 %
PWF.PR.T FixedReset Disc 45,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-23
Maturity Price : 23.22
Evaluated at bid price : 24.51
Bid-YTW : 5.72 %
PVS.PR.M SplitShare 26,900 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2031-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.50
Bid-YTW : 4.78 %
MFC.PR.N FixedReset Ins Non 26,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-23
Maturity Price : 22.79
Evaluated at bid price : 23.85
Bid-YTW : 5.67 %
FTS.PR.M FixedReset Disc 25,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-23
Maturity Price : 23.07
Evaluated at bid price : 24.42
Bid-YTW : 5.76 %
BN.PR.T FixedReset Disc 25,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-23
Maturity Price : 20.15
Evaluated at bid price : 20.15
Bid-YTW : 6.73 %
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
POW.PR.A Perpetual-Discount Quote: 23.60 – 24.70
Spot Rate : 1.1000
Average : 0.6407

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-23
Maturity Price : 23.32
Evaluated at bid price : 23.60
Bid-YTW : 6.04 %
GWO.PR.G Insurance Straight Quote: 23.00 – 24.87
Spot Rate : 1.8700
Average : 1.4896

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-23
Maturity Price : 22.71
Evaluated at bid price : 23.00
Bid-YTW : 5.67 %
SLF.PR.C Insurance Straight Quote: 21.00 – 21.89
Spot Rate : 0.8900
Average : 0.5168

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-23
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.32 %
BN.PF.B FixedReset Disc Quote: 23.81 – 24.98
Spot Rate : 1.1700
Average : 0.8422

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-23
Maturity Price : 22.88
Evaluated at bid price : 23.81
Bid-YTW : 6.18 %
GWO.PR.L Insurance Straight Quote: 24.15 – 24.90
Spot Rate : 0.7500
Average : 0.5164

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-23
Maturity Price : 23.91
Evaluated at bid price : 24.15
Bid-YTW : 5.87 %
SLF.PR.E Insurance Straight Quote: 21.03 – 21.80
Spot Rate : 0.7700
Average : 0.5681

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-03-23
Maturity Price : 21.03
Evaluated at bid price : 21.03
Bid-YTW : 5.38 %