Market Action

July 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 0.4224 % 2,647.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.4224 % 4,984.8
Floater 5.46 % 5.58 % 38,340 14.54 3 0.4224 % 2,872.8
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0158 % 3,641.1
SplitShare 4.78 % 4.95 % 60,865 2.63 5 -0.0158 % 4,348.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0158 % 3,392.7
Perpetual-Premium 5.65 % -6.46 % 51,399 0.09 7 -0.0168 % 3,098.1
Perpetual-Discount 5.50 % 5.56 % 40,038 14.55 27 -0.1721 % 3,433.8
FixedReset Disc 5.59 % 5.86 % 96,079 13.94 19 0.3299 % 3,404.3
Insurance Straight 5.34 % 5.43 % 46,525 14.70 20 -0.2394 % 3,368.6
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.3299 % 4,156.7
FixedReset Prem 5.89 % 4.25 % 77,505 2.17 29 -0.1738 % 2,667.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.3299 % 3,479.9
FixedReset Ins Non 5.18 % 4.67 % 55,754 1.99 14 -0.5936 % 3,294.9
Performance Highlights
Issue Index Change Notes
BN.PF.B FixedReset Prem -3.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-30
Maturity Price : 23.26
Evaluated at bid price : 24.53
Bid-YTW : 6.02 %
GWO.PR.H Insurance Straight -2.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-30
Maturity Price : 21.55
Evaluated at bid price : 21.81
Bid-YTW : 5.61 %
IFC.PR.I Insurance Straight -2.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-30
Maturity Price : 24.27
Evaluated at bid price : 24.80
Bid-YTW : 5.48 %
SLF.PR.G FixedReset Ins Non -2.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-30
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 5.38 %
MFC.PR.N FixedReset Ins Non -1.92 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2030-03-20
Maturity Price : 25.00
Evaluated at bid price : 25.00
Bid-YTW : 5.38 %
PWF.PR.R Perpetual-Discount -1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-30
Maturity Price : 24.21
Evaluated at bid price : 24.50
Bid-YTW : 5.63 %
MFC.PR.Q FixedReset Ins Non -1.52 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-06-19
Maturity Price : 25.00
Evaluated at bid price : 25.90
Bid-YTW : 4.33 %
IFC.PR.K Insurance Straight -1.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-30
Maturity Price : 23.71
Evaluated at bid price : 24.19
Bid-YTW : 5.47 %
RY.PR.S FixedReset Prem -1.41 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-02-24
Maturity Price : 25.00
Evaluated at bid price : 26.62
Bid-YTW : 3.09 %
PWF.PR.S Perpetual-Discount -1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-30
Maturity Price : 21.33
Evaluated at bid price : 21.60
Bid-YTW : 5.58 %
CU.PR.G Perpetual-Discount -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-30
Maturity Price : 21.04
Evaluated at bid price : 21.04
Bid-YTW : 5.44 %
MFC.PR.F FixedReset Ins Non -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-30
Maturity Price : 21.48
Evaluated at bid price : 21.48
Bid-YTW : 5.45 %
BN.PF.E FixedReset Disc 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-30
Maturity Price : 22.89
Evaluated at bid price : 24.00
Bid-YTW : 5.87 %
GWO.PR.G Insurance Straight 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-30
Maturity Price : 24.10
Evaluated at bid price : 24.36
Bid-YTW : 5.39 %
ENB.PR.F FixedReset Disc 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-30
Maturity Price : 23.38
Evaluated at bid price : 24.40
Bid-YTW : 5.88 %
ENB.PR.Y FixedReset Disc 1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-30
Maturity Price : 22.77
Evaluated at bid price : 23.60
Bid-YTW : 5.91 %
Volume Highlights
Issue Index Shares
Traded		 Notes
ENB.PF.E FixedReset Disc 103,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-30
Maturity Price : 22.98
Evaluated at bid price : 24.25
Bid-YTW : 5.97 %
ENB.PR.D FixedReset Disc 53,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-30
Maturity Price : 23.66
Evaluated at bid price : 24.05
Bid-YTW : 5.86 %
PWF.PR.H Perpetual-Premium 20,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-08-29
Maturity Price : 25.00
Evaluated at bid price : 25.25
Bid-YTW : -6.46 %
BN.PR.B Floater 12,001 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-30
Maturity Price : 14.14
Evaluated at bid price : 14.14
Bid-YTW : 5.58 %
PWF.PR.P FixedReset Disc 10,510 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-30
Maturity Price : 21.51
Evaluated at bid price : 21.80
Bid-YTW : 5.46 %
There were 0 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
BN.PF.B FixedReset Prem Quote: 24.53 – 25.55
Spot Rate : 1.0200
Average : 0.6742

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-30
Maturity Price : 23.26
Evaluated at bid price : 24.53
Bid-YTW : 6.02 %
IFC.PR.I Insurance Straight Quote: 24.80 – 25.75
Spot Rate : 0.9500
Average : 0.7044

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-30
Maturity Price : 24.27
Evaluated at bid price : 24.80
Bid-YTW : 5.48 %
PWF.PR.T FixedReset Prem Quote: 25.44 – 26.44
Spot Rate : 1.0000
Average : 0.7609

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.44
Bid-YTW : 4.86 %
GWO.PR.H Insurance Straight Quote: 21.81 – 22.50
Spot Rate : 0.6900
Average : 0.4545

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-30
Maturity Price : 21.55
Evaluated at bid price : 21.81
Bid-YTW : 5.61 %
MFC.PR.Q FixedReset Ins Non Quote: 25.90 – 26.47
Spot Rate : 0.5700
Average : 0.3830

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-06-19
Maturity Price : 25.00
Evaluated at bid price : 25.90
Bid-YTW : 4.33 %
IFC.PR.K Insurance Straight Quote: 24.19 – 24.75
Spot Rate : 0.5600
Average : 0.3980

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-30
Maturity Price : 23.71
Evaluated at bid price : 24.19
Bid-YTW : 5.47 %
Market Action

July 29, 2026

The Fed stood pat with hawkish dissents:

The Federal Open Market Committee approved the following statement for release by a 9 – 3 vote:

The Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent, in support of the Federal Reserve’s dual mandate. The Committee is continuing its policy of maintaining ample reserves in the banking system.

Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East. Productivity growth and capital investment are strong. Job gains have kept pace with the workforce, and the unemployment rate has changed little.

Inflation remains elevated relative to the Committee’s 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy. The Committee will deliver price stability.

Voting against the monetary policy action were Beth M. Hammack, Neel Kashkari, and Lorie K. Logan, who preferred to raise the target range for the federal funds rate by 1/4 percentage point at this meeting.

Bonds got clobbered:

“Let me reiterate: There is no soft inflation target,” Warsh said in remarks after the Fed’s highly anticipated meeting. “There is no soft implicit target, not on this committee’s watch. There’s only a target, and it’s 2%.”

The bond market called his bluff.

Long-term bond yields surged during Warsh’s remarks, with the 30-year US Treasury yield jumping from around 5.1% to 5.21%, its highest level since 2007. The 10-year yield jumped from just above 4.61% to almost 4.69%, nearing its highest level in over a year.
…
Markets are pricing in a 57% chance the Fed raises interest rates in September, according to CME FedWatch, a real-time forecasting tool. This is down from almost 70% earlier this afternoon, though roughly in line with yesterday’s odds.

Equities got hammered:

Oil prices were up roughly 8% after major airstrikes resumed in the Middle East, raising the specter of further disruptions to already impaired global energy supplies. The rally was compounded by industry data showing a drop in U.S. crude inventories.
…
Fed funds futures traders are now pricing in 60% odds of ​a rate hike in September.

The Dow Jones Industrial Average fell 2.2%, to 51,594.86, for its worst day since April 2025. The S&P 500 dropped 1.5%, ​to 7,316.39 and the Nasdaq Composite was down 1.7% at 24,442.94. The S&P/TSX Composite index ended down 415.92 points, ​or 1.2%, at 35,333.78, after posting ‌a record closing high on Tuesday.

The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations for the Fed, ​fell 5 basis points to 4.227% after rising to 4.339%. Markets had been ⁠pricing in a roughly one-in-three chance of a hike heading into the meeting.

But the yield on the U.S. 30-year bond jumped 7.1 basis points to 5.167% and was on track for its biggest daily gain since May 15, suggesting traders expect a build up of longer-term inflationary pressures.
…
Meta Platforms dropped ⁠4% in extended trade after the social media company said it now expects 2026 capital expenditure to be between US$130 billion and US$145 billion, compared with its prior forecast of US$125 ​billion to US$145 billion. Also after the bell, Microsoft climbed 0.6% after it topped Wall Street estimates for quarterly cloud revenue growth, a sign its massive spending on AI infrastructure was paying off.

PerpetualDiscounts now yield 5.54%, equivalent to 7.20% interest at the standard conversion factor of 1.3x. Long corporates yielded 5.15% on 2026-07-22. Therefore the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has remained constant at the 205bp reported July 22.

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 -0.3974 % 2,635.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.3974 % 4,963.9
Floater 5.48 % 5.57 % 35,742 14.55 3 -0.3974 % 2,860.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.0237 % 3,641.7
SplitShare 4.78 % 4.96 % 62,966 2.64 5 0.0237 % 4,348.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0237 % 3,393.2
Perpetual-Premium 5.65 % -7.11 % 53,391 0.09 7 0.1798 % 3,098.6
Perpetual-Discount 5.49 % 5.54 % 40,561 14.56 27 0.2092 % 3,439.7
FixedReset Disc 5.60 % 5.89 % 97,028 13.92 19 -0.1283 % 3,393.1
Insurance Straight 5.33 % 5.43 % 48,331 14.71 20 0.2142 % 3,376.7
FloatingReset 0.00 % 0.00 % 0 0.00 0 -0.1283 % 4,143.0
FixedReset Prem 5.88 % 4.35 % 77,697 2.14 29 0.0212 % 2,672.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.1283 % 3,468.4
FixedReset Ins Non 5.15 % 4.41 % 56,052 1.99 14 0.3633 % 3,314.5
Performance Highlights
Issue Index Change Notes
BN.PF.E FixedReset Disc -1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-29
Maturity Price : 22.77
Evaluated at bid price : 23.75
Bid-YTW : 5.94 %
CCS.PR.C Insurance Straight -1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-29
Maturity Price : 22.82
Evaluated at bid price : 23.10
Bid-YTW : 5.46 %
BN.PF.F FixedReset Prem -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-29
Maturity Price : 23.28
Evaluated at bid price : 24.80
Bid-YTW : 6.07 %
BN.PR.K Floater -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-29
Maturity Price : 13.90
Evaluated at bid price : 13.90
Bid-YTW : 5.67 %
FTS.PR.J Perpetual-Discount -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-29
Maturity Price : 22.60
Evaluated at bid price : 22.85
Bid-YTW : 5.27 %
BMO.PR.E FixedReset Prem -1.06 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-11-25
Maturity Price : 25.00
Evaluated at bid price : 27.10
Bid-YTW : 3.58 %
ENB.PR.Y FixedReset Disc -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-29
Maturity Price : 22.58
Evaluated at bid price : 23.26
Bid-YTW : 6.01 %
MFC.PR.N FixedReset Ins Non 1.15 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2030-03-20
Maturity Price : 25.00
Evaluated at bid price : 25.49
Bid-YTW : 4.78 %
CU.PR.C FixedReset Prem 1.20 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-06-01
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : 4.77 %
PWF.PR.S Perpetual-Discount 1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-29
Maturity Price : 21.65
Evaluated at bid price : 21.90
Bid-YTW : 5.50 %
PWF.PR.R Perpetual-Discount 1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-29
Maturity Price : 24.65
Evaluated at bid price : 24.91
Bid-YTW : 5.54 %
GWO.PR.R Insurance Straight 2.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-29
Maturity Price : 22.06
Evaluated at bid price : 22.29
Bid-YTW : 5.43 %
SLF.PR.G FixedReset Ins Non 2.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-29
Maturity Price : 21.38
Evaluated at bid price : 21.69
Bid-YTW : 5.25 %
BN.PR.M Perpetual-Discount 2.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-29
Maturity Price : 21.28
Evaluated at bid price : 21.55
Bid-YTW : 5.56 %
ENB.PF.E FixedReset Disc 2.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-29
Maturity Price : 22.88
Evaluated at bid price : 24.02
Bid-YTW : 6.03 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BN.PF.E FixedReset Disc 52,375 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-29
Maturity Price : 22.77
Evaluated at bid price : 23.75
Bid-YTW : 5.94 %
TD.PF.A FixedReset Prem 44,100 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.48
Bid-YTW : 4.35 %
BMO.PR.E FixedReset Prem 18,228 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-11-25
Maturity Price : 25.00
Evaluated at bid price : 27.10
Bid-YTW : 3.58 %
GWO.PR.I Insurance Straight 16,534 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-29
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 5.34 %
NA.PR.C FixedReset Prem 14,612 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-11-15
Maturity Price : 25.00
Evaluated at bid price : 26.16
Bid-YTW : 3.11 %
BN.PF.M FixedReset Prem 11,100 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2031-01-01
Maturity Price : 25.00
Evaluated at bid price : 26.25
Bid-YTW : 4.53 %
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
CCS.PR.C Insurance Straight Quote: 23.10 – 24.00
Spot Rate : 0.9000
Average : 0.6273

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-29
Maturity Price : 22.82
Evaluated at bid price : 23.10
Bid-YTW : 5.46 %
BN.PF.F FixedReset Prem Quote: 24.80 – 25.80
Spot Rate : 1.0000
Average : 0.7610

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-29
Maturity Price : 23.28
Evaluated at bid price : 24.80
Bid-YTW : 6.07 %
BN.PF.E FixedReset Disc Quote: 23.75 – 24.70
Spot Rate : 0.9500
Average : 0.7496

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-29
Maturity Price : 22.77
Evaluated at bid price : 23.75
Bid-YTW : 5.94 %
CU.PR.D Perpetual-Discount Quote: 22.60 – 23.10
Spot Rate : 0.5000
Average : 0.3463

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-29
Maturity Price : 22.33
Evaluated at bid price : 22.60
Bid-YTW : 5.50 %
BMO.PR.E FixedReset Prem Quote: 27.10 – 27.50
Spot Rate : 0.4000
Average : 0.2586

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-11-25
Maturity Price : 25.00
Evaluated at bid price : 27.10
Bid-YTW : 3.58 %
FTS.PR.J Perpetual-Discount Quote: 22.85 – 23.35
Spot Rate : 0.5000
Average : 0.3676

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-29
Maturity Price : 22.60
Evaluated at bid price : 22.85
Bid-YTW : 5.27 %
Market Action

July 28, 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 0.5405 % 2,646.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.5405 % 4,983.7
Floater 5.46 % 5.57 % 36,078 14.56 3 0.5405 % 2,872.1
OpRet 0.00 % 0.00 % 0 0.00 0 0.0871 % 3,640.8
SplitShare 4.79 % 4.96 % 62,470 2.64 5 0.0871 % 4,347.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0871 % 3,392.4
Perpetual-Premium 5.66 % -5.90 % 55,571 0.09 7 0.0844 % 3,093.0
Perpetual-Discount 5.50 % 5.57 % 41,863 14.52 27 -0.1435 % 3,432.5
FixedReset Disc 5.60 % 5.87 % 98,142 13.95 19 -0.1854 % 3,397.4
Insurance Straight 5.34 % 5.38 % 48,354 14.77 20 0.3461 % 3,369.4
FloatingReset 0.00 % 0.00 % 0 0.00 0 -0.1854 % 4,148.3
FixedReset Prem 5.88 % 4.38 % 79,719 2.24 29 -0.2753 % 2,671.5
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.1854 % 3,472.9
FixedReset Ins Non 5.17 % 4.52 % 56,058 1.99 14 0.9150 % 3,302.5
Performance Highlights
Issue Index Change Notes
ENB.PF.E FixedReset Disc -4.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-28
Maturity Price : 22.61
Evaluated at bid price : 23.46
Bid-YTW : 6.19 %
CU.PR.C FixedReset Prem -2.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-28
Maturity Price : 24.63
Evaluated at bid price : 25.00
Bid-YTW : 5.65 %
PWF.PR.S Perpetual-Discount -1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-28
Maturity Price : 21.33
Evaluated at bid price : 21.60
Bid-YTW : 5.57 %
NA.PR.E FixedReset Prem -1.70 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-05-15
Maturity Price : 25.00
Evaluated at bid price : 25.95
Bid-YTW : 3.48 %
BN.PF.F FixedReset Prem -1.60 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-10-01
Maturity Price : 25.00
Evaluated at bid price : 25.14
Bid-YTW : 5.83 %
PWF.PR.Z Perpetual-Discount -1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-28
Maturity Price : 22.72
Evaluated at bid price : 23.01
Bid-YTW : 5.61 %
FTS.PR.J Perpetual-Discount 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-28
Maturity Price : 22.82
Evaluated at bid price : 23.10
Bid-YTW : 5.21 %
PWF.PR.P FixedReset Disc 1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-28
Maturity Price : 21.44
Evaluated at bid price : 21.71
Bid-YTW : 5.48 %
MFC.PR.N FixedReset Ins Non 1.94 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2030-03-20
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : 5.12 %
SLF.PR.D Insurance Straight 2.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-28
Maturity Price : 21.97
Evaluated at bid price : 22.20
Bid-YTW : 5.05 %
GWO.PR.H Insurance Straight 2.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-28
Maturity Price : 22.12
Evaluated at bid price : 22.40
Bid-YTW : 5.46 %
IFC.PR.A FixedReset Ins Non 3.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-28
Maturity Price : 23.05
Evaluated at bid price : 23.50
Bid-YTW : 5.26 %
MFC.PR.K FixedReset Ins Non 3.53 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-09-19
Maturity Price : 25.00
Evaluated at bid price : 26.11
Bid-YTW : 4.52 %
MFC.PR.J FixedReset Ins Non 4.23 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-03-19
Maturity Price : 25.00
Evaluated at bid price : 25.87
Bid-YTW : 4.39 %
Volume Highlights
Issue Index Shares
Traded		 Notes
RY.PR.S FixedReset Prem 15,682 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-02-24
Maturity Price : 25.00
Evaluated at bid price : 26.91
Bid-YTW : 2.63 %
PVS.PR.K SplitShare 14,000 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.11
Bid-YTW : 4.54 %
MFC.PR.C Insurance Straight 12,841 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-28
Maturity Price : 21.81
Evaluated at bid price : 22.05
Bid-YTW : 5.15 %
ENB.PR.F FixedReset Disc 12,535 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-28
Maturity Price : 23.76
Evaluated at bid price : 24.10
Bid-YTW : 5.99 %
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
ENB.PF.E FixedReset Disc Quote: 23.46 – 24.59
Spot Rate : 1.1300
Average : 0.7294

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-28
Maturity Price : 22.61
Evaluated at bid price : 23.46
Bid-YTW : 6.19 %
CU.PR.C FixedReset Prem Quote: 25.00 – 25.78
Spot Rate : 0.7800
Average : 0.5538

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-28
Maturity Price : 24.63
Evaluated at bid price : 25.00
Bid-YTW : 5.65 %
PWF.PR.Z Perpetual-Discount Quote: 23.01 – 23.58
Spot Rate : 0.5700
Average : 0.3965

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-28
Maturity Price : 22.72
Evaluated at bid price : 23.01
Bid-YTW : 5.61 %
BN.PF.F FixedReset Prem Quote: 25.14 – 25.80
Spot Rate : 0.6600
Average : 0.4989

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-10-01
Maturity Price : 25.00
Evaluated at bid price : 25.14
Bid-YTW : 5.83 %
POW.PR.B Perpetual-Discount Quote: 24.13 – 24.85
Spot Rate : 0.7200
Average : 0.5945

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-28
Maturity Price : 23.88
Evaluated at bid price : 24.13
Bid-YTW : 5.58 %
ENB.PR.F FixedReset Disc Quote: 24.10 – 24.62
Spot Rate : 0.5200
Average : 0.4030

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-28
Maturity Price : 23.76
Evaluated at bid price : 24.10
Bid-YTW : 5.99 %
Market Action

July 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 -0.0470 % 2,632.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.0470 % 4,956.9
Floater 5.49 % 5.59 % 36,536 14.52 3 -0.0470 % 2,856.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.0713 % 3,637.6
SplitShare 4.79 % 5.00 % 64,534 2.64 5 0.0713 % 4,344.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0713 % 3,389.5
Perpetual-Premium 5.67 % -3.73 % 56,392 0.09 7 -0.0955 % 3,090.4
Perpetual-Discount 5.49 % 5.53 % 43,367 14.58 27 0.0495 % 3,437.4
FixedReset Disc 5.59 % 5.86 % 98,101 13.97 19 0.6643 % 3,403.8
Insurance Straight 5.35 % 5.38 % 48,774 14.72 20 0.2845 % 3,357.8
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.6643 % 4,156.0
FixedReset Prem 5.87 % 4.27 % 80,816 2.14 29 0.1870 % 2,678.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.6643 % 3,479.3
FixedReset Ins Non 5.22 % 4.98 % 57,819 3.07 14 -0.0293 % 3,272.6
Performance Highlights
Issue Index Change Notes
IFC.PR.A FixedReset Ins Non -2.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-27
Maturity Price : 22.40
Evaluated at bid price : 22.81
Bid-YTW : 5.42 %
MFC.PR.K FixedReset Ins Non -1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-27
Maturity Price : 23.63
Evaluated at bid price : 25.22
Bid-YTW : 5.50 %
SLF.PR.E Insurance Straight -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-27
Maturity Price : 21.65
Evaluated at bid price : 21.90
Bid-YTW : 5.18 %
NA.PR.K FixedReset Prem -1.26 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-05-01
Maturity Price : 25.00
Evaluated at bid price : 28.32
Bid-YTW : 2.63 %
BN.PF.A FixedReset Prem 1.44 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-09-30
Maturity Price : 25.00
Evaluated at bid price : 26.12
Bid-YTW : 4.83 %
FTS.PR.F Perpetual-Discount 1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-27
Maturity Price : 23.64
Evaluated at bid price : 23.91
Bid-YTW : 5.19 %
MFC.PR.F FixedReset Ins Non 1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-27
Maturity Price : 21.50
Evaluated at bid price : 21.80
Bid-YTW : 5.35 %
BN.PF.F FixedReset Prem 1.63 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-10-01
Maturity Price : 25.00
Evaluated at bid price : 25.55
Bid-YTW : 5.25 %
GWO.PR.N FixedReset Ins Non 1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-27
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 5.39 %
PWF.PR.T FixedReset Prem 1.76 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.44
Bid-YTW : 4.84 %
PWF.PR.S Perpetual-Discount 1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-27
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 5.47 %
BN.PF.M FixedReset Prem 1.86 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2031-01-01
Maturity Price : 25.00
Evaluated at bid price : 26.25
Bid-YTW : 4.52 %
ENB.PR.P FixedReset Disc 2.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-27
Maturity Price : 23.42
Evaluated at bid price : 24.90
Bid-YTW : 5.79 %
ENB.PR.B FixedReset Disc 3.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-27
Maturity Price : 23.35
Evaluated at bid price : 23.95
Bid-YTW : 5.89 %
BN.PR.R FixedReset Disc 5.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-27
Maturity Price : 22.79
Evaluated at bid price : 24.02
Bid-YTW : 5.71 %
GWO.PR.Y Insurance Straight 6.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-27
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 5.37 %
Volume Highlights
Issue Index Shares
Traded		 Notes
SLF.PR.D Insurance Straight 45,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-27
Maturity Price : 21.35
Evaluated at bid price : 21.62
Bid-YTW : 5.19 %
PWF.PR.F Perpetual-Discount 45,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-27
Maturity Price : 23.48
Evaluated at bid price : 23.75
Bid-YTW : 5.54 %
BN.PF.M FixedReset Prem 19,100 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2031-01-01
Maturity Price : 25.00
Evaluated at bid price : 26.25
Bid-YTW : 4.52 %
PWF.PR.K Perpetual-Discount 18,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-27
Maturity Price : 22.10
Evaluated at bid price : 22.38
Bid-YTW : 5.55 %
ENB.PR.T FixedReset Disc 16,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-27
Maturity Price : 23.51
Evaluated at bid price : 25.30
Bid-YTW : 5.76 %
CM.PR.S FixedReset Prem 15,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.80
Bid-YTW : 3.66 %
There were 2 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
GWO.PR.T Insurance Straight Quote: 23.70 – 25.00
Spot Rate : 1.3000
Average : 0.7289

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-27
Maturity Price : 23.41
Evaluated at bid price : 23.70
Bid-YTW : 5.48 %
PWF.PR.H Perpetual-Premium Quote: 25.18 – 26.18
Spot Rate : 1.0000
Average : 0.5982

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-08-26
Maturity Price : 25.00
Evaluated at bid price : 25.18
Bid-YTW : -3.73 %
BN.PR.Z FixedReset Prem Quote: 25.60 – 26.60
Spot Rate : 1.0000
Average : 0.6754

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.60
Bid-YTW : 4.68 %
MFC.PR.K FixedReset Ins Non Quote: 25.22 – 26.22
Spot Rate : 1.0000
Average : 0.7952

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-27
Maturity Price : 23.63
Evaluated at bid price : 25.22
Bid-YTW : 5.50 %
CCS.PR.C Insurance Straight Quote: 23.45 – 24.00
Spot Rate : 0.5500
Average : 0.3591

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-27
Maturity Price : 23.15
Evaluated at bid price : 23.45
Bid-YTW : 5.37 %
GWO.PR.I Insurance Straight Quote: 21.30 – 21.98
Spot Rate : 0.6800
Average : 0.4994

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-27
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 5.34 %
Market Action

July 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 -0.1642 % 2,633.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.1642 % 4,959.2
Floater 5.49 % 5.61 % 35,999 14.50 3 -0.1642 % 2,858.0
OpRet 0.00 % 0.00 % 0 0.00 0 0.0952 % 3,635.0
SplitShare 4.79 % 4.99 % 64,426 2.65 5 0.0952 % 4,341.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0952 % 3,387.0
Perpetual-Premium 5.66 % -5.70 % 56,230 0.09 7 0.0844 % 3,093.4
Perpetual-Discount 5.50 % 5.53 % 43,388 14.57 27 0.2127 % 3,435.7
FixedReset Disc 5.62 % 5.86 % 99,403 13.95 19 -0.4754 % 3,381.3
Insurance Straight 5.37 % 5.42 % 49,235 14.67 20 -0.0151 % 3,348.3
FloatingReset 0.00 % 0.00 % 0 0.00 0 -0.4754 % 4,128.6
FixedReset Prem 5.88 % 4.27 % 80,046 2.15 29 -0.1126 % 2,673.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.4754 % 3,456.4
FixedReset Ins Non 5.22 % 5.11 % 58,549 3.08 14 -0.1990 % 3,273.6
Performance Highlights
Issue Index Change Notes
GWO.PR.Y Insurance Straight -5.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.69 %
MFC.PR.J FixedReset Ins Non -5.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 23.61
Evaluated at bid price : 24.82
Bid-YTW : 5.90 %
BN.PR.R FixedReset Disc -4.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 22.20
Evaluated at bid price : 22.86
Bid-YTW : 6.01 %
BN.PR.X FixedReset Disc -3.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 5.91 %
BN.PF.E FixedReset Disc -2.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 22.96
Evaluated at bid price : 24.17
Bid-YTW : 5.80 %
MFC.PR.K FixedReset Ins Non -2.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 23.75
Evaluated at bid price : 25.60
Bid-YTW : 5.38 %
BN.PF.A FixedReset Prem -1.72 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.75
Bid-YTW : 5.52 %
PWF.PR.R Perpetual-Discount -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 24.21
Evaluated at bid price : 24.50
Bid-YTW : 5.63 %
MFC.PR.N FixedReset Ins Non -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 23.19
Evaluated at bid price : 24.72
Bid-YTW : 5.46 %
BN.PF.F FixedReset Prem -1.26 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-10-01
Maturity Price : 25.00
Evaluated at bid price : 25.14
Bid-YTW : 5.80 %
BN.PR.M Perpetual-Discount 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 21.29
Evaluated at bid price : 21.29
Bid-YTW : 5.64 %
CU.PR.G Perpetual-Discount 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 5.38 %
NA.PR.E FixedReset Prem 1.15 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-05-15
Maturity Price : 25.00
Evaluated at bid price : 26.35
Bid-YTW : 2.57 %
IFC.PR.K Insurance Straight 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 23.96
Evaluated at bid price : 24.45
Bid-YTW : 5.40 %
GWO.PR.N FixedReset Ins Non 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 5.46 %
SLF.PR.E Insurance Straight 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 21.97
Evaluated at bid price : 22.20
Bid-YTW : 5.11 %
CU.PR.C FixedReset Prem 1.51 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-06-01
Maturity Price : 25.00
Evaluated at bid price : 25.50
Bid-YTW : 3.73 %
IFC.PR.I Insurance Straight 1.61 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : 5.26 %
PWF.PR.A Floater 1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 14.50
Evaluated at bid price : 14.50
Bid-YTW : 5.38 %
BN.PR.N Perpetual-Discount 1.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 5.59 %
PWF.PF.A Perpetual-Discount 1.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 5.46 %
MFC.PR.L FixedReset Ins Non 2.48 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-06-20
Maturity Price : 25.00
Evaluated at bid price : 25.60
Bid-YTW : 5.11 %
IFC.PR.A FixedReset Ins Non 2.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 22.96
Evaluated at bid price : 23.40
Bid-YTW : 5.26 %
ENB.PF.E FixedReset Disc 4.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 23.04
Evaluated at bid price : 24.40
Bid-YTW : 5.90 %
Volume Highlights
Issue Index Shares
Traded		 Notes
ENB.PR.D FixedReset Disc 129,658 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 23.63
Evaluated at bid price : 24.02
Bid-YTW : 5.84 %
ENB.PR.F FixedReset Disc 109,151 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 23.38
Evaluated at bid price : 24.40
Bid-YTW : 5.86 %
ENB.PR.N FixedReset Prem 57,303 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 23.73
Evaluated at bid price : 25.72
Bid-YTW : 5.81 %
BN.PF.D Perpetual-Discount 50,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 21.49
Evaluated at bid price : 21.75
Bid-YTW : 5.68 %
PWF.PR.E Perpetual-Discount 25,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 24.46
Evaluated at bid price : 24.70
Bid-YTW : 5.58 %
BN.PF.M FixedReset Prem 20,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2031-01-01
Maturity Price : 25.00
Evaluated at bid price : 25.77
Bid-YTW : 4.99 %
There were 4 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
GWO.PR.Y Insurance Straight Quote: 20.00 – 21.30
Spot Rate : 1.3000
Average : 0.7635

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.69 %
BN.PR.R FixedReset Disc Quote: 22.86 – 24.10
Spot Rate : 1.2400
Average : 0.7806

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 22.20
Evaluated at bid price : 22.86
Bid-YTW : 6.01 %
MFC.PR.J FixedReset Ins Non Quote: 24.82 – 26.30
Spot Rate : 1.4800
Average : 1.0858

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 23.61
Evaluated at bid price : 24.82
Bid-YTW : 5.90 %
BN.PR.X FixedReset Disc Quote: 21.20 – 21.93
Spot Rate : 0.7300
Average : 0.4455

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 5.91 %
GWO.PR.Q Insurance Straight Quote: 23.50 – 24.08
Spot Rate : 0.5800
Average : 0.3692

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 23.20
Evaluated at bid price : 23.50
Bid-YTW : 5.52 %
BN.PF.E FixedReset Disc Quote: 24.17 – 24.80
Spot Rate : 0.6300
Average : 0.4199

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 22.96
Evaluated at bid price : 24.17
Bid-YTW : 5.80 %
Market Action

July 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 0.0469 % 2,637.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0469 % 4,967.3
Floater 5.48 % 5.60 % 37,455 14.52 3 0.0469 % 2,862.7
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0159 % 3,631.6
SplitShare 4.80 % 4.99 % 63,806 2.65 5 -0.0159 % 4,336.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0159 % 3,383.8
Perpetual-Premium 5.67 % -5.38 % 56,581 0.09 7 -0.0056 % 3,090.8
Perpetual-Discount 5.51 % 5.54 % 44,619 14.60 27 -0.2058 % 3,428.4
FixedReset Disc 5.60 % 5.84 % 99,924 13.97 19 -0.1215 % 3,397.4
Insurance Straight 5.37 % 5.45 % 48,561 14.67 20 0.0172 % 3,348.8
FloatingReset 0.00 % 0.00 % 0 0.00 0 -0.1215 % 4,148.3
FixedReset Prem 5.87 % 4.34 % 79,205 2.15 29 0.1194 % 2,676.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.1215 % 3,472.9
FixedReset Ins Non 5.20 % 4.76 % 56,118 2.01 14 0.4408 % 3,280.1
Performance Highlights
Issue Index Change Notes
MFC.PR.L FixedReset Ins Non -2.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-23
Maturity Price : 23.39
Evaluated at bid price : 24.98
Bid-YTW : 5.41 %
ENB.PR.P FixedReset Disc -2.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-23
Maturity Price : 23.20
Evaluated at bid price : 24.35
Bid-YTW : 5.92 %
PWF.PF.A Perpetual-Discount -2.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-23
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 5.57 %
GWO.PR.N FixedReset Ins Non -1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-23
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.53 %
BN.PF.M FixedReset Prem -1.64 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2031-01-01
Maturity Price : 25.00
Evaluated at bid price : 25.77
Bid-YTW : 4.99 %
CU.PR.C FixedReset Prem -1.49 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-06-01
Maturity Price : 25.00
Evaluated at bid price : 25.12
Bid-YTW : 5.55 %
IFC.PR.K Insurance Straight -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-23
Maturity Price : 23.70
Evaluated at bid price : 24.17
Bid-YTW : 5.46 %
BN.PR.T FixedReset Disc -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-23
Maturity Price : 22.33
Evaluated at bid price : 23.15
Bid-YTW : 5.86 %
NA.PR.E FixedReset Prem -1.14 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-05-15
Maturity Price : 25.00
Evaluated at bid price : 26.05
Bid-YTW : 3.23 %
ELF.PR.H Perpetual-Discount -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-23
Maturity Price : 24.00
Evaluated at bid price : 24.25
Bid-YTW : 5.70 %
ENB.PR.N FixedReset Prem 1.06 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-12-01
Maturity Price : 25.00
Evaluated at bid price : 25.85
Bid-YTW : 5.61 %
RY.PR.S FixedReset Prem 1.26 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-02-24
Maturity Price : 25.00
Evaluated at bid price : 27.25
Bid-YTW : 2.66 %
GWO.PR.T Insurance Straight 1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-23
Maturity Price : 23.41
Evaluated at bid price : 23.70
Bid-YTW : 5.48 %
MFC.PR.N FixedReset Ins Non 1.33 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2030-03-20
Maturity Price : 25.00
Evaluated at bid price : 25.05
Bid-YTW : 5.29 %
MFC.PR.I FixedReset Ins Non 1.64 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-09-19
Maturity Price : 25.00
Evaluated at bid price : 26.00
Bid-YTW : 2.95 %
MFC.PR.K FixedReset Ins Non 2.54 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-09-19
Maturity Price : 25.00
Evaluated at bid price : 26.25
Bid-YTW : 4.22 %
BIP.PR.F FixedReset Prem 2.57 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-01-01
Maturity Price : 25.00
Evaluated at bid price : 26.31
Bid-YTW : 4.35 %
MFC.PR.J FixedReset Ins Non 5.36 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-03-19
Maturity Price : 25.00
Evaluated at bid price : 26.15
Bid-YTW : 3.66 %
Volume Highlights
Issue Index Shares
Traded		 Notes
FTS.PR.M FixedReset Prem 53,725 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-12-01
Maturity Price : 25.00
Evaluated at bid price : 25.35
Bid-YTW : 5.32 %
GWO.PR.P Insurance Straight 47,750 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-23
Maturity Price : 24.21
Evaluated at bid price : 24.50
Bid-YTW : 5.56 %
POW.PR.D Perpetual-Discount 45,375 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-23
Maturity Price : 22.71
Evaluated at bid price : 23.00
Bid-YTW : 5.46 %
IFC.PR.I Insurance Straight 42,690 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-23
Maturity Price : 24.28
Evaluated at bid price : 24.80
Bid-YTW : 5.47 %
MIC.PR.A Perpetual-Discount 40,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-23
Maturity Price : 23.33
Evaluated at bid price : 23.60
Bid-YTW : 5.77 %
CU.PR.E Perpetual-Discount 30,662 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-23
Maturity Price : 22.39
Evaluated at bid price : 22.65
Bid-YTW : 5.48 %
There were 15 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: 20.00 – 21.30
Spot Rate : 1.3000
Average : 0.8655

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-23
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.53 %
PWF.PR.T FixedReset Prem Quote: 25.00 – 26.00
Spot Rate : 1.0000
Average : 0.6106

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-23
Maturity Price : 23.47
Evaluated at bid price : 25.00
Bid-YTW : 5.50 %
MFC.PR.L FixedReset Ins Non Quote: 24.98 – 25.97
Spot Rate : 0.9900
Average : 0.7023

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-23
Maturity Price : 23.39
Evaluated at bid price : 24.98
Bid-YTW : 5.41 %
PWF.PF.A Perpetual-Discount Quote: 20.30 – 20.92
Spot Rate : 0.6200
Average : 0.3946

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-23
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 5.57 %
ENB.PR.P FixedReset Disc Quote: 24.35 – 24.97
Spot Rate : 0.6200
Average : 0.4316

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-23
Maturity Price : 23.20
Evaluated at bid price : 24.35
Bid-YTW : 5.92 %
ENB.PF.E FixedReset Disc Quote: 23.46 – 24.55
Spot Rate : 1.0900
Average : 0.9360

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-23
Maturity Price : 22.61
Evaluated at bid price : 23.46
Bid-YTW : 6.17 %
Market Action

July 22, 2026

Here’s a shout-out to the New Orleans Seafood and Steakhouse where I had a friendly dinner tonight. This one’s going on my list, for sure!

PerpetualDiscounts now yield 5.54%, equivalent to 7.20% interest at the standard conversion factor of 1.3x. Long corporates yielded 5.13% on 2026-07-22. Therefore the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed sharply to 205bp from the 220bp reported July 15.

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 -0.3740 % 2,636.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.3740 % 4,965.0
Floater 5.48 % 5.60 % 37,552 14.52 3 -0.3740 % 2,861.4
OpRet 0.00 % 0.00 % 0 0.00 0 0.0793 % 3,632.2
SplitShare 4.80 % 4.99 % 63,379 2.65 5 0.0793 % 4,337.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0793 % 3,384.4
Perpetual-Premium 5.67 % -7.94 % 57,094 0.09 7 0.1464 % 3,090.9
Perpetual-Discount 5.50 % 5.54 % 42,668 14.60 27 0.2560 % 3,435.5
FixedReset Disc 5.59 % 5.80 % 103,271 14.02 19 0.0243 % 3,401.6
Insurance Straight 5.37 % 5.44 % 48,389 14.71 20 0.0712 % 3,348.2
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.0243 % 4,153.4
FixedReset Prem 5.88 % 4.36 % 79,164 2.16 29 0.1488 % 2,673.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0243 % 3,477.1
FixedReset Ins Non 5.23 % 5.04 % 55,140 3.09 14 0.0794 % 3,265.7
Performance Highlights
Issue Index Change Notes
ENB.PF.E FixedReset Disc -4.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 22.61
Evaluated at bid price : 23.46
Bid-YTW : 6.17 %
MFC.PR.K FixedReset Ins Non -2.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 23.74
Evaluated at bid price : 25.60
Bid-YTW : 5.37 %
MFC.PR.B Insurance Straight -1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 22.69
Evaluated at bid price : 22.93
Bid-YTW : 5.12 %
PWF.PR.A Floater -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 14.50
Evaluated at bid price : 14.50
Bid-YTW : 5.47 %
ELF.PR.H Perpetual-Discount 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 24.21
Evaluated at bid price : 24.50
Bid-YTW : 5.64 %
NA.PR.E FixedReset Prem 1.15 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-05-15
Maturity Price : 25.00
Evaluated at bid price : 26.35
Bid-YTW : 2.56 %
BN.PR.T FixedReset Disc 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 22.77
Evaluated at bid price : 23.42
Bid-YTW : 5.80 %
FTS.PR.F Perpetual-Discount 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 23.58
Evaluated at bid price : 23.85
Bid-YTW : 5.20 %
BN.PF.D Perpetual-Discount 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 21.70
Evaluated at bid price : 21.95
Bid-YTW : 5.63 %
BN.PF.A FixedReset Prem 1.24 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-09-30
Maturity Price : 25.00
Evaluated at bid price : 26.20
Bid-YTW : 4.64 %
IFC.PR.F Insurance Straight 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 24.20
Evaluated at bid price : 24.50
Bid-YTW : 5.45 %
BN.PF.M FixedReset Prem 1.31 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2031-01-01
Maturity Price : 25.00
Evaluated at bid price : 26.20
Bid-YTW : 4.55 %
IFC.PR.K Insurance Straight 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 24.01
Evaluated at bid price : 24.50
Bid-YTW : 5.39 %
MFC.PR.C Insurance Straight 1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 21.78
Evaluated at bid price : 22.02
Bid-YTW : 5.16 %
GWO.PR.N FixedReset Ins Non 1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 5.43 %
ENB.PR.P FixedReset Disc 2.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 23.43
Evaluated at bid price : 24.95
Bid-YTW : 5.75 %
Volume Highlights
Issue Index Shares
Traded		 Notes
MIC.PR.A Perpetual-Discount 200,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 23.32
Evaluated at bid price : 23.70
Bid-YTW : 5.74 %
BN.PF.A FixedReset Prem 53,800 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-09-30
Maturity Price : 25.00
Evaluated at bid price : 26.20
Bid-YTW : 4.64 %
CU.PR.J Perpetual-Discount 38,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 21.66
Evaluated at bid price : 22.01
Bid-YTW : 5.46 %
GWO.PF.A Perpetual-Premium 25,935 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2035-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.17
Bid-YTW : 5.71 %
PWF.PF.A Perpetual-Discount 11,915 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 5.44 %
ENB.PF.E FixedReset Disc 10,150 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 22.61
Evaluated at bid price : 23.46
Bid-YTW : 6.17 %
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
NA.PR.K FixedReset Prem Quote: 29.00 – 30.00
Spot Rate : 1.0000
Average : 0.6384

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-05-01
Maturity Price : 25.00
Evaluated at bid price : 29.00
Bid-YTW : 2.33 %
ENB.PF.E FixedReset Disc Quote: 23.46 – 24.55
Spot Rate : 1.0900
Average : 0.7671

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 22.61
Evaluated at bid price : 23.46
Bid-YTW : 6.17 %
BN.PF.C Perpetual-Discount Quote: 21.71 – 22.22
Spot Rate : 0.5100
Average : 0.3228

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 21.45
Evaluated at bid price : 21.71
Bid-YTW : 5.63 %
BN.PF.G FixedReset Prem Quote: 25.08 – 25.59
Spot Rate : 0.5100
Average : 0.3666

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2030-07-01
Maturity Price : 25.00
Evaluated at bid price : 25.08
Bid-YTW : 5.70 %
IFC.PR.I Insurance Straight Quote: 24.80 – 25.75
Spot Rate : 0.9500
Average : 0.8513

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 24.28
Evaluated at bid price : 24.80
Bid-YTW : 5.47 %
FTS.PR.G FixedReset Prem Quote: 25.40 – 25.66
Spot Rate : 0.2600
Average : 0.1665

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 23.69
Evaluated at bid price : 25.40
Bid-YTW : 5.33 %
Market Action

July 21, 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 0.4933 % 2,646.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.4933 % 4,983.7
Floater 5.46 % 5.58 % 38,122 14.55 3 0.4933 % 2,872.1
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0476 % 3,629.3
SplitShare 4.80 % 5.00 % 64,610 2.66 5 -0.0476 % 4,334.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0476 % 3,381.7
Perpetual-Premium 5.67 % -5.79 % 59,111 0.09 7 0.1184 % 3,086.4
Perpetual-Discount 5.51 % 5.52 % 41,498 14.56 27 0.3339 % 3,426.7
FixedReset Disc 5.59 % 5.83 % 104,158 14.03 19 0.2769 % 3,400.7
Insurance Straight 5.37 % 5.46 % 48,206 14.64 20 0.3898 % 3,345.8
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.2769 % 4,152.4
FixedReset Prem 5.89 % 4.30 % 80,252 2.16 29 -0.2755 % 2,669.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2769 % 3,476.3
FixedReset Ins Non 5.23 % 5.02 % 55,914 2.66 14 0.2654 % 3,263.1
Performance Highlights
Issue Index Change Notes
BIP.PR.F FixedReset Prem -3.02 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-01-01
Maturity Price : 25.00
Evaluated at bid price : 25.65
Bid-YTW : 5.48 %
IFC.PR.A FixedReset Ins Non -2.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 22.41
Evaluated at bid price : 22.81
Bid-YTW : 5.40 %
ENB.PR.P FixedReset Disc -1.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 23.19
Evaluated at bid price : 24.35
Bid-YTW : 5.92 %
NA.PR.E FixedReset Prem -1.55 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-05-15
Maturity Price : 25.00
Evaluated at bid price : 26.05
Bid-YTW : 3.22 %
PWF.PR.T FixedReset Prem -1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 23.46
Evaluated at bid price : 25.00
Bid-YTW : 5.50 %
BN.PR.M Perpetual-Discount -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 5.70 %
GWO.PR.P Insurance Straight -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 24.21
Evaluated at bid price : 24.50
Bid-YTW : 5.55 %
BN.PR.N Perpetual-Discount -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 5.71 %
RY.PR.S FixedReset Prem -1.03 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-02-24
Maturity Price : 25.00
Evaluated at bid price : 26.91
Bid-YTW : 3.18 %
BN.PF.B FixedReset Prem -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 23.53
Evaluated at bid price : 25.29
Bid-YTW : 5.78 %
PWF.PR.A Floater 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 14.66
Evaluated at bid price : 14.66
Bid-YTW : 5.41 %
FTS.PR.J Perpetual-Discount 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 22.60
Evaluated at bid price : 22.85
Bid-YTW : 5.26 %
GWO.PR.Y Insurance Straight 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 5.36 %
BN.PF.C Perpetual-Discount 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 21.45
Evaluated at bid price : 21.71
Bid-YTW : 5.63 %
PWF.PR.Z Perpetual-Discount 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 23.03
Evaluated at bid price : 23.30
Bid-YTW : 5.54 %
CU.PR.C FixedReset Prem 1.39 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-06-01
Maturity Price : 25.00
Evaluated at bid price : 25.50
Bid-YTW : 3.69 %
FTS.PR.H FixedReset Disc 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 20.28
Evaluated at bid price : 20.28
Bid-YTW : 5.66 %
BN.PR.R FixedReset Disc 1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 22.77
Evaluated at bid price : 23.97
Bid-YTW : 5.70 %
PWF.PF.A Perpetual-Discount 1.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 5.43 %
CU.PR.D Perpetual-Discount 2.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 22.33
Evaluated at bid price : 22.60
Bid-YTW : 5.49 %
MFC.PR.L FixedReset Ins Non 2.68 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-06-20
Maturity Price : 25.00
Evaluated at bid price : 25.65
Bid-YTW : 5.02 %
MFC.PR.K FixedReset Ins Non 2.75 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-09-19
Maturity Price : 25.00
Evaluated at bid price : 26.20
Bid-YTW : 4.30 %
SLF.PR.C Insurance Straight 3.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 21.94
Evaluated at bid price : 22.17
Bid-YTW : 5.05 %
ENB.PF.E FixedReset Disc 4.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 23.08
Evaluated at bid price : 24.50
Bid-YTW : 5.87 %
GWO.PR.G Insurance Straight 5.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 23.85
Evaluated at bid price : 24.10
Bid-YTW : 5.44 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BN.PF.A FixedReset Prem 135,500 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.88
Bid-YTW : 5.25 %
FFH.PR.K FixedReset Prem 51,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.25
Bid-YTW : 4.02 %
SLF.PR.C Insurance Straight 30,315 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 21.94
Evaluated at bid price : 22.17
Bid-YTW : 5.05 %
ENB.PF.E FixedReset Disc 26,975 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 23.08
Evaluated at bid price : 24.50
Bid-YTW : 5.87 %
ENB.PR.Y FixedReset Disc 25,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 22.71
Evaluated at bid price : 23.50
Bid-YTW : 5.91 %
GWO.PF.A Perpetual-Premium 23,700 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2035-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : 5.69 %
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
MFC.PR.J FixedReset Ins Non Quote: 24.82 – 26.30
Spot Rate : 1.4800
Average : 1.2449

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 23.61
Evaluated at bid price : 24.82
Bid-YTW : 5.89 %
ENB.PR.P FixedReset Disc Quote: 24.35 – 25.00
Spot Rate : 0.6500
Average : 0.4169

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 23.19
Evaluated at bid price : 24.35
Bid-YTW : 5.92 %
NA.PR.E FixedReset Prem Quote: 26.05 – 26.89
Spot Rate : 0.8400
Average : 0.6352

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-05-15
Maturity Price : 25.00
Evaluated at bid price : 26.05
Bid-YTW : 3.22 %
IFC.PR.A FixedReset Ins Non Quote: 22.81 – 23.81
Spot Rate : 1.0000
Average : 0.8330

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 22.41
Evaluated at bid price : 22.81
Bid-YTW : 5.40 %
BN.PF.B FixedReset Prem Quote: 25.29 – 26.00
Spot Rate : 0.7100
Average : 0.5656

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 23.53
Evaluated at bid price : 25.29
Bid-YTW : 5.78 %
BN.PF.D Perpetual-Discount Quote: 21.69 – 22.40
Spot Rate : 0.7100
Average : 0.5699

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 21.43
Evaluated at bid price : 21.69
Bid-YTW : 5.69 %
Market Action

July 20, 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 -0.2811 % 2,633.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2811 % 4,959.2
Floater 5.49 % 5.60 % 37,956 14.52 3 -0.2811 % 2,858.0
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0555 % 3,631.0
SplitShare 4.80 % 4.63 % 63,966 2.66 5 -0.0555 % 4,336.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0555 % 3,383.3
Perpetual-Premium 5.68 % -3.62 % 59,828 0.09 7 -0.0113 % 3,082.8
Perpetual-Discount 5.53 % 5.57 % 42,773 14.54 27 0.0916 % 3,415.3
FixedReset Disc 5.61 % 5.81 % 99,693 14.04 19 0.2376 % 3,391.4
Insurance Straight 5.40 % 5.46 % 47,896 14.67 20 0.5904 % 3,332.8
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.2376 % 4,140.9
FixedReset Prem 5.87 % 4.35 % 80,529 2.16 29 0.5166 % 2,677.1
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2376 % 3,466.7
FixedReset Ins Non 5.25 % 5.28 % 56,948 13.83 14 0.2454 % 3,254.5
Performance Highlights
Issue Index Change Notes
MFC.PR.J FixedReset Ins Non -3.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 23.61
Evaluated at bid price : 24.82
Bid-YTW : 5.89 %
ENB.PR.B FixedReset Disc -2.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 22.63
Evaluated at bid price : 23.20
Bid-YTW : 6.06 %
CU.PR.D Perpetual-Discount -2.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 21.78
Evaluated at bid price : 22.03
Bid-YTW : 5.64 %
ENB.PF.E FixedReset Disc -1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 22.61
Evaluated at bid price : 23.46
Bid-YTW : 6.16 %
MFC.PR.L FixedReset Ins Non -1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 23.39
Evaluated at bid price : 24.98
Bid-YTW : 5.40 %
FTS.PR.J Perpetual-Discount -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 22.33
Evaluated at bid price : 22.60
Bid-YTW : 5.32 %
GWO.PR.H Insurance Straight -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 21.55
Evaluated at bid price : 21.81
Bid-YTW : 5.60 %
CU.PR.G Perpetual-Discount 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 5.44 %
BN.PF.B FixedReset Prem 1.03 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-04-01
Maturity Price : 25.00
Evaluated at bid price : 25.55
Bid-YTW : 5.42 %
IFC.PR.A FixedReset Ins Non 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 22.85
Evaluated at bid price : 23.29
Bid-YTW : 5.28 %
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 : 28.77
Bid-YTW : 2.64 %
SLF.PR.E Insurance Straight 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 21.65
Evaluated at bid price : 21.90
Bid-YTW : 5.17 %
GWO.PR.I Insurance Straight 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 21.22
Evaluated at bid price : 21.22
Bid-YTW : 5.36 %
FTS.PR.K FixedReset Disc 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 23.48
Evaluated at bid price : 25.08
Bid-YTW : 5.24 %
SLF.PR.H FixedReset Ins Non 1.21 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.10
Bid-YTW : 1.73 %
GWO.PR.G Insurance Straight 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 22.49
Evaluated at bid price : 22.75
Bid-YTW : 5.76 %
PWF.PR.T FixedReset Prem 1.32 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.35
Bid-YTW : 4.95 %
NA.PR.E FixedReset Prem 1.57 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-05-15
Maturity Price : 25.00
Evaluated at bid price : 26.46
Bid-YTW : 2.31 %
GWO.PR.T Insurance Straight 1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 23.33
Evaluated at bid price : 23.62
Bid-YTW : 5.49 %
MFC.PR.M FixedReset Ins Non 1.66 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-12-20
Maturity Price : 25.00
Evaluated at bid price : 25.65
Bid-YTW : 4.88 %
GWO.PR.P Insurance Straight 1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 24.56
Evaluated at bid price : 24.81
Bid-YTW : 5.48 %
MFC.PR.B Insurance Straight 1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 22.93
Evaluated at bid price : 23.20
Bid-YTW : 5.05 %
ENB.PF.C FixedReset Disc 2.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 23.14
Evaluated at bid price : 24.57
Bid-YTW : 5.86 %
GWO.PR.Q Insurance Straight 2.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 23.27
Evaluated at bid price : 23.57
Bid-YTW : 5.50 %
BN.PR.R FixedReset Disc 3.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 22.58
Evaluated at bid price : 23.56
Bid-YTW : 5.81 %
BIP.PR.F FixedReset Prem 3.12 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-01-01
Maturity Price : 25.00
Evaluated at bid price : 26.45
Bid-YTW : 4.10 %
SLF.PR.G FixedReset Ins Non 4.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 21.14
Evaluated at bid price : 21.14
Bid-YTW : 5.38 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BN.PF.A FixedReset Prem 101,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.88
Bid-YTW : 5.24 %
PWF.PR.F Perpetual-Discount 63,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 23.24
Evaluated at bid price : 23.54
Bid-YTW : 5.59 %
GWO.PF.A Perpetual-Premium 55,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 24.75
Evaluated at bid price : 25.15
Bid-YTW : 5.72 %
ENB.PR.Y FixedReset Disc 49,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 22.71
Evaluated at bid price : 23.50
Bid-YTW : 5.91 %
ENB.PF.E FixedReset Disc 41,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 22.61
Evaluated at bid price : 23.46
Bid-YTW : 6.16 %
ENB.PF.G FixedReset Disc 20,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 23.11
Evaluated at bid price : 24.65
Bid-YTW : 5.90 %
There were 2 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
MFC.PR.J FixedReset Ins Non Quote: 24.82 – 26.23
Spot Rate : 1.4100
Average : 0.9871

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 23.61
Evaluated at bid price : 24.82
Bid-YTW : 5.89 %
ENB.PR.D FixedReset Disc Quote: 24.02 – 24.90
Spot Rate : 0.8800
Average : 0.5535

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 23.64
Evaluated at bid price : 24.02
Bid-YTW : 5.84 %
ENB.PF.E FixedReset Disc Quote: 23.46 – 24.59
Spot Rate : 1.1300
Average : 0.8332

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 22.61
Evaluated at bid price : 23.46
Bid-YTW : 6.16 %
CU.PR.D Perpetual-Discount Quote: 22.03 – 22.82
Spot Rate : 0.7900
Average : 0.5092

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 21.78
Evaluated at bid price : 22.03
Bid-YTW : 5.64 %
FTS.PR.J Perpetual-Discount Quote: 22.60 – 23.25
Spot Rate : 0.6500
Average : 0.4647

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 22.33
Evaluated at bid price : 22.60
Bid-YTW : 5.32 %
CU.PR.C FixedReset Prem Quote: 25.15 – 26.15
Spot Rate : 1.0000
Average : 0.8235

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-06-01
Maturity Price : 25.00
Evaluated at bid price : 25.15
Bid-YTW : 5.35 %