PrefBlog

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 %

MAPF

MAPF: Performance vs. Equities to Second Quarter

The results of 25 years of Malachite Aggressive Preferred Fund vs. the S&P/TSX Composite Index (“TSX”) Annualized Return to the second quarter of each year is now available at Malachite Aggressive Preferred Fund – Annualized Performance to Second Quarter Vs. S&P/TSX Composite Index.

See the initial post in this series for discussion.

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 %

PrefBlog

PrefBlog

July 31, 2026

July 30, 2026

July 29, 2026

MAPF: Performance vs. Equities to Second Quarter

July 28, 2026

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July 22, 2026

July 21, 2026

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