Month: July 2025

Market Action

July 16, 2025

Another new high for the TXPR price index today. Yawn. A high of 669.04 vs. the previous mark of 668.41 set July 15, 2025.

PerpetualDiscounts now yield 5.89%, equivalent to 7.66% interest at the standard conversion factor of 1.3x. Long corporates now yield 5.10%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now 255bp, a significant narrowing from the 275bp reported July 2.

Sorry this is late! I was busy yesterday evening!

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	-0.7865 %	2,325.6
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.7865 %	4,527.2
Floater	6.87 %	6.90 %	49,313	12.67	2	-0.7865 %	2,609.0
OpRet	0.00 %	0.00 %	0	0.00	0	0.1522 %	3,668.9
SplitShare	4.77 %	4.47 %	59,796	2.45	7	0.1522 %	4,381.4
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1522 %	3,418.5
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	0.0435 %	2,981.6
Perpetual-Discount	5.77 %	5.89 %	46,724	14.10	32	0.0435 %	3,251.3
FixedReset Disc	5.65 %	6.27 %	119,305	13.17	40	-0.1276 %	2,973.1
Insurance Straight	5.70 %	5.79 %	52,216	14.23	19	-0.5266 %	3,178.7
FloatingReset	5.54 %	5.35 %	40,240	14.88	2	-0.3563 %	3,675.3
FixedReset Prem	5.74 %	5.03 %	117,245	2.61	16	0.1165 %	2,625.6
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	-0.1276 %	3,039.1
FixedReset Ins Non	5.24 %	5.56 %	66,207	14.17	14	0.2388 %	3,052.0

Performance Highlights
Issue	Index	Change	Notes
IFC.PR.I	Insurance Straight	-10.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 6.38 %
FFH.PR.G	FixedReset Disc	-3.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 22.58 Evaluated at bid price : 23.60 Bid-YTW : 5.89 %
CU.PR.J	Perpetual-Discount	-2.96 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.03 %
GWO.PR.I	Insurance Straight	-2.81 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 19.05 Evaluated at bid price : 19.05 Bid-YTW : 5.97 %
BN.PF.B	FixedReset Disc	-2.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 22.12 Evaluated at bid price : 22.60 Bid-YTW : 6.45 %
SLF.PR.H	FixedReset Ins Non	-1.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 21.15 Evaluated at bid price : 21.15 Bid-YTW : 5.99 %
BN.PR.B	Floater	-1.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 12.53 Evaluated at bid price : 12.53 Bid-YTW : 7.00 %
ENB.PR.F	FixedReset Disc	-1.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 20.40 Evaluated at bid price : 20.40 Bid-YTW : 6.92 %
SLF.PR.J	FloatingReset	-1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 17.40 Evaluated at bid price : 17.40 Bid-YTW : 5.91 %
ENB.PR.Y	FixedReset Disc	-1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 19.64 Evaluated at bid price : 19.64 Bid-YTW : 6.98 %
FFH.PR.K	FixedReset Disc	1.00 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2027-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.20 Bid-YTW : 4.72 %
NA.PR.I	FixedReset Prem	1.15 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-05-01 Maturity Price : 25.00 Evaluated at bid price : 26.30 Bid-YTW : 5.65 %
BN.PR.Z	FixedReset Disc	1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 22.82 Evaluated at bid price : 23.52 Bid-YTW : 6.43 %
SLF.PR.E	Insurance Straight	1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 5.41 %
CU.PR.F	Perpetual-Discount	1.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 20.05 Evaluated at bid price : 20.05 Bid-YTW : 5.70 %
MFC.PR.L	FixedReset Ins Non	3.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 23.03 Evaluated at bid price : 24.40 Bid-YTW : 5.46 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BN.PF.I	FixedReset Prem	125,270	YTW SCENARIO Maturity Type : Call Maturity Date : 2027-03-31 Maturity Price : 25.00 Evaluated at bid price : 24.90 Bid-YTW : 5.82 %
TD.PF.A	FixedReset Disc	106,150	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 23.09 Evaluated at bid price : 24.64 Bid-YTW : 5.21 %
TD.PF.D	FixedReset Prem	92,720	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-08-30 Maturity Price : 25.00 Evaluated at bid price : 24.96 Bid-YTW : 5.24 %
SLF.PR.G	FixedReset Ins Non	77,390	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 18.57 Evaluated at bid price : 18.57 Bid-YTW : 5.96 %
SLF.PR.E	Insurance Straight	76,599	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 5.41 %
ENB.PF.G	FixedReset Disc	56,987	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 6.85 %
There were 17 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue	Index	Quote Data and Yield Notes
IFC.PR.I	Insurance Straight	Quote: 21.40 – 24.00 Spot Rate : 2.6000 Average : 1.4815 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 6.38 %
PVS.PR.L	SplitShare	Quote: 26.03 – 27.90 Spot Rate : 1.8700 Average : 1.3196 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-06-30 Maturity Price : 25.00 Evaluated at bid price : 26.03 Bid-YTW : 4.72 %
FFH.PR.G	FixedReset Disc	Quote: 23.60 – 24.60 Spot Rate : 1.0000 Average : 0.6013 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 22.58 Evaluated at bid price : 23.60 Bid-YTW : 5.89 %
MFC.PR.K	FixedReset Ins Non	Quote: 25.00 – 26.00 Spot Rate : 1.0000 Average : 0.6377 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 23.35 Evaluated at bid price : 25.00 Bid-YTW : 5.45 %
GWO.PR.I	Insurance Straight	Quote: 19.05 – 19.90 Spot Rate : 0.8500 Average : 0.5552 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 19.05 Evaluated at bid price : 19.05 Bid-YTW : 5.97 %
CU.PR.J	Perpetual-Discount	Quote: 20.00 – 21.10 Spot Rate : 1.1000 Average : 0.8058 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.03 %

Issue Comments

EMA.PR.A To Reset To 4.951%; Interconvertible with EMA.PR.B

Emera Incorporated has announced:

the applicable dividend rates for its Cumulative Rate Reset First Preferred Shares, Series A (the “Series A Shares”) and Cumulative Floating Rate First Preferred Shares, Series B (the “Series B Shares”), in each case, payable if, as and when declared by the Board of Directors of the Company:

4.951% per annum on the Series A Shares ($0.3094 per Series A Share per quarter), being equal to the sum of the Government of Canada bond yield as at July 16, 2025, plus 1.84%, payable quarterly on the 15 th of February, May, August and November of each year during the five-year period commencing on August 15, 2025 and ending on (and inclusive of) August 14, 2030; and
4.542% on the Series B Shares for the three-month period commencing on August 15, 2025 and ending on (and inclusive of) November 14, 2025 ($0.2862 per Series B Share for the quarter), being equal to the sum of the three-month Government of Canada treasury bill yield rate as at July 16, 2025, plus 1.84% (calculated on the basis of the actual number of days elapsed during the quarter divided by 365), payable on the 15 th of November 2025. The quarterly floating dividend rate will be reset every quarter.
Subject to certain conditions set out in the prospectus supplement of the Company dated May 26, 2010, to the short form base shelf prospectus of the Company dated May 19, 2010 (collectively, the “Prospectus”), on August 15, 2025 (the “Conversion Date”):

(a) the holders of Series A Shares have the right, at their option:

to retain any or all of their Series A Shares and continue to receive a fixed rate quarterly dividend; or
to convert any or all of their Series A Shares, on a one-for-one basis, into Series B Shares and receive a floating rate quarterly dividend, and
(b) the holders of Series B Shares have the right, at their option:

to retain any or all of their Series B Shares and continue to receive a floating rate quarterly dividend; or
to convert any or all of their Series B Shares, on a one-for-one basis, into Series A Shares and receive a fixed rate quarterly dividend.
The conversion of Series A Shares is subject to the conditions that: (i) if the Company determines, after having taken into account all shares tendered for conversion by holders of Series A Shares that there would remain outstanding on the Conversion Date less than 1,000,000 Series A Shares, all remaining Series A Shares will automatically be converted into Series B Shares on a one-for-one basis on the Conversion Date, and (ii) alternatively, if the Company determines that, after conversion, there would remain outstanding on the Conversion Date less than 1,000,000 Series B Shares, then no Series A Shares will be converted into Series B Shares.

The conversion of Series B Shares is subject to the conditions that: (i) if the Company determines, after having taken into account all shares tendered for conversion by holders of Series B Shares that there would remain outstanding on the Conversion Date less than 1,000,000 Series B Shares, all remaining Series B Shares will automatically be converted into Series A Shares on a one-for-one basis on the Conversion Date, and (ii) alternatively, if the Company determines that, after conversion, there would remain outstanding on the Conversion Date less than 1,000,000 Series A Shares, then no Series B Shares will be converted into Series A Shares.

In either case, the Company will give written notice to that effect to the holders of Series A Shares and the holders of Series B Shares at least seven days prior to the Conversion Date, subject to the terms set out in the Prospectus.

Holders of Series A Shares or Series B Shares who wish to exercise their conversion right should communicate with their broker or other nominee to obtain instructions for exercising such right during the conversion period, which runs from July 16, 2025, until 5:00 p.m. (EDT) on July 31, 2025. Notices received after this deadline will not be valid. As such, it is recommended that this be done well in advance of the deadline in order to provide their broker or other nominee with adequate time to complete the necessary steps.

Holders of Series A Shares and Series B Shares will have the opportunity to convert their shares again on August 15, 2030, and every five years thereafter as long as the shares remain outstanding. For more information on the terms of, and risks associated with, an investment in Series A Shares and Series B Shares, please see the Company’s Prospectus, which is available on SEDAR+ at www.sedarplus.ca.

EMA.PR.A was issued as a FixedReset, 4.40%+184, that commenced trading 2010-6-2 after being announced 2010-5-25. Extension was announced in 2015 and a reset to 2.555% announced. I receommended against conversion, but there was a 36% conversion to EMA.PR.B anyway. Notice of extension was provided on 2020-7-9. EMA.PR.A reset at 2.182% effective 2020-8-15 and there was a 17% net conversion to the FixedReset.

EMA.PR.B is a FloatingReset, Bills+184, that became extant in 2015 via a 36% conversion from EMA.PR.A.

Thanks to Assiduous Reader PL for bringing this to my attention!

Market Action

July 15, 2025

Another new high for the TXPR price index today (this is getting monotonous), as today’s high was 668.41, exceeding the old mark of 668.14 set 2025-7-14.

I found this interesting in view of the fact that bonds got clobbered today – the five year is at 3.14% and the long bond at 3.90%.

The dismal bond results may be due to today’s inflation release:

Canada’s annual inflation rate ticked up to 1.9 per cent in June and underlying price pressures remained sticky, reinforcing expectations that the Bank of Canada will hold off from cutting interest rates this month.

Statistics Canada reported Tuesday that the annual rate rose from 1.7 per cent in May, in line with analysts’ expectations.

The Bank of Canada’s preferred core measures of inflation, which strip out volatility in price changes, continued to hover around three per cent, suggesting that underlying price pressures in the economy remain strong.

The United States, meanwhile, reported that annual headline inflation accelerated to 2.7 per cent in June from 2.4 per cent the previous month. The Canadian and U.S. reports both showed signs that higher tariffs are being passed on to consumers in areas such as clothing and home furnishings.

… and in turn:

Market-based probabilities of a further Bank of Canada rate cut on July 30 have shrunk further in the wake of this morning’s inflation report, the last major economic indicator to be released before the bank’s decision.

Money markets now suggest only about a 6% chance of a quarter-point cut on that day after the bank’s next policy meeting, down from about 15% prior to the CPI report. Those probabilities for a rate cut had already been trending down since a surprisingly strong Canadian employment report for June was released earlier this month.

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	0.9528 %	2,344.1
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.9528 %	4,563.0
Floater	6.81 %	6.88 %	49,137	12.70	2	0.9528 %	2,629.7
OpRet	0.00 %	0.00 %	0	0.00	0	-0.0958 %	3,663.3
SplitShare	4.78 %	4.56 %	57,145	2.45	7	-0.0958 %	4,374.7
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.0958 %	3,413.3
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	0.0351 %	2,980.3
Perpetual-Discount	5.77 %	5.87 %	47,184	14.09	32	0.0351 %	3,249.9
FixedReset Disc	5.65 %	6.23 %	118,768	13.20	40	0.0855 %	2,976.9
Insurance Straight	5.67 %	5.79 %	49,781	14.23	19	0.0096 %	3,195.5
FloatingReset	5.52 %	5.36 %	40,252	14.87	2	4.0277 %	3,688.4
FixedReset Prem	5.74 %	4.94 %	116,973	2.61	16	0.4386 %	2,622.5
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.0855 %	3,043.0
FixedReset Ins Non	5.25 %	5.62 %	64,430	14.11	14	-0.0691 %	3,044.7

Performance Highlights
Issue	Index	Change	Notes
MFC.PR.F	FixedReset Ins Non	-3.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-15 Maturity Price : 17.55 Evaluated at bid price : 17.55 Bid-YTW : 6.21 %
PWF.PR.K	Perpetual-Discount	-1.87 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-15 Maturity Price : 20.95 Evaluated at bid price : 20.95 Bid-YTW : 5.93 %
PWF.PF.A	Perpetual-Discount	-1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-15 Maturity Price : 19.40 Evaluated at bid price : 19.40 Bid-YTW : 5.82 %
BN.PF.G	FixedReset Disc	1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-15 Maturity Price : 21.96 Evaluated at bid price : 22.48 Bid-YTW : 6.51 %
BN.PR.B	Floater	1.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-15 Maturity Price : 12.70 Evaluated at bid price : 12.70 Bid-YTW : 6.90 %
SLF.PR.H	FixedReset Ins Non	1.65 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-15 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 5.90 %
BN.PF.I	FixedReset Prem	5.52 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2027-03-31 Maturity Price : 25.00 Evaluated at bid price : 24.85 Bid-YTW : 5.94 %
SLF.PR.J	FloatingReset	10.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-15 Maturity Price : 17.60 Evaluated at bid price : 17.60 Bid-YTW : 5.84 %

Volume Highlights
Issue	Index	Shares Traded	Notes
CM.PR.Q	FixedReset Disc	128,717	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-08-30 Maturity Price : 25.00 Evaluated at bid price : 24.96 Bid-YTW : 5.52 %
CU.PR.G	Perpetual-Discount	37,200	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-15 Maturity Price : 19.90 Evaluated at bid price : 19.90 Bid-YTW : 5.74 %
GWO.PR.R	Insurance Straight	31,395	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-15 Maturity Price : 20.91 Evaluated at bid price : 20.91 Bid-YTW : 5.80 %
BN.PF.B	FixedReset Disc	30,600	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-15 Maturity Price : 22.42 Evaluated at bid price : 23.10 Bid-YTW : 6.30 %
TD.PF.D	FixedReset Prem	30,100	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-08-30 Maturity Price : 25.00 Evaluated at bid price : 24.97 Bid-YTW : 4.80 %
FFH.PR.G	FixedReset Disc	24,205	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-15 Maturity Price : 23.45 Evaluated at bid price : 24.45 Bid-YTW : 5.68 %
There were 8 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue	Index	Quote Data and Yield Notes
SLF.PR.E	Insurance Straight	Quote: 20.75 – 22.60 Spot Rate : 1.8500 Average : 1.0855 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-15 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 5.47 %
PVS.PR.L	SplitShare	Quote: 26.01 – 27.01 Spot Rate : 1.0000 Average : 0.7161 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-06-30 Maturity Price : 25.00 Evaluated at bid price : 26.01 Bid-YTW : 4.74 %
BN.PR.N	Perpetual-Discount	Quote: 18.48 – 20.13 Spot Rate : 1.6500 Average : 1.3893 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-15 Maturity Price : 18.48 Evaluated at bid price : 18.48 Bid-YTW : 6.50 %
BN.PR.T	FixedReset Disc	Quote: 19.65 – 21.00 Spot Rate : 1.3500 Average : 1.1287 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-15 Maturity Price : 19.65 Evaluated at bid price : 19.65 Bid-YTW : 6.64 %
MFC.PR.F	FixedReset Ins Non	Quote: 17.55 – 18.50 Spot Rate : 0.9500 Average : 0.7359 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-15 Maturity Price : 17.55 Evaluated at bid price : 17.55 Bid-YTW : 6.21 %
PWF.PR.T	FixedReset Disc	Quote: 22.45 – 24.44 Spot Rate : 1.9900 Average : 1.8196 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-15 Maturity Price : 22.03 Evaluated at bid price : 22.45 Bid-YTW : 6.07 %

Market Action

July 14, 2025

The TXPR price index celebrated Bastille Day with another 52-week high, with today’s high and closing value of 668.14 eclipsing the prior mark of 667.61 set 2025-7-11.

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	-0.2376 %	2,321.9
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.2376 %	4,520.0
Floater	6.88 %	6.91 %	50,839	12.67	2	-0.2376 %	2,604.9
OpRet	0.00 %	0.00 %	0	0.00	0	0.1241 %	3,666.8
SplitShare	4.77 %	4.46 %	57,397	2.46	7	0.1241 %	4,378.9
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1241 %	3,416.6
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	0.3836 %	2,979.3
Perpetual-Discount	5.78 %	5.87 %	46,892	14.08	32	0.3836 %	3,248.7
FixedReset Disc	5.65 %	6.26 %	120,187	13.13	40	0.1836 %	2,974.4
Insurance Straight	5.67 %	5.76 %	50,512	14.27	19	0.1799 %	3,195.2
FloatingReset	5.74 %	5.36 %	39,974	14.86	2	-3.4820 %	3,545.6
FixedReset Prem	5.77 %	5.02 %	118,702	2.99	16	0.1025 %	2,611.1
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.1836 %	3,040.4
FixedReset Ins Non	5.25 %	5.62 %	64,015	14.15	14	0.1982 %	3,046.8

Performance Highlights
Issue	Index	Change	Notes
BN.PR.N	Perpetual-Discount	-8.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 6.56 %
SLF.PR.J	FloatingReset	-8.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 6.43 %
GWO.PR.H	Insurance Straight	-2.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 21.15 Evaluated at bid price : 21.15 Bid-YTW : 5.79 %
BN.PF.B	FixedReset Disc	-1.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 22.37 Evaluated at bid price : 23.01 Bid-YTW : 6.32 %
BN.PR.X	FixedReset Disc	1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 19.19 Evaluated at bid price : 19.19 Bid-YTW : 6.33 %
ENB.PF.C	FixedReset Disc	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 20.86 Evaluated at bid price : 20.86 Bid-YTW : 6.85 %
RY.PR.S	FixedReset Prem	1.16 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-02-24 Maturity Price : 25.00 Evaluated at bid price : 26.16 Bid-YTW : 4.75 %
PWF.PR.L	Perpetual-Discount	1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 21.65 Evaluated at bid price : 21.90 Bid-YTW : 5.83 %
ENB.PR.B	FixedReset Disc	1.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 6.96 %
GWO.PR.T	Insurance Straight	1.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 21.87 Evaluated at bid price : 22.20 Bid-YTW : 5.84 %
PWF.PR.K	Perpetual-Discount	1.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 21.35 Evaluated at bid price : 21.35 Bid-YTW : 5.82 %
FTS.PR.G	FixedReset Disc	1.90 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 22.77 Evaluated at bid price : 23.63 Bid-YTW : 5.72 %
MFC.PR.F	FixedReset Ins Non	3.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 18.10 Evaluated at bid price : 18.10 Bid-YTW : 6.02 %
PWF.PR.F	Perpetual-Discount	3.86 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 22.34 Evaluated at bid price : 22.61 Bid-YTW : 5.81 %
POW.PR.D	Perpetual-Discount	4.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 21.71 Evaluated at bid price : 21.96 Bid-YTW : 5.72 %
CU.PR.G	Perpetual-Discount	5.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 5.71 %
CU.PR.F	Perpetual-Discount	5.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 19.66 Evaluated at bid price : 19.66 Bid-YTW : 5.81 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BMO.PR.Y	FixedReset Disc	79,900	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-08-25 Maturity Price : 25.00 Evaluated at bid price : 25.09 Bid-YTW : 3.52 %
BIP.PR.F	FixedReset Disc	70,500	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 23.24 Evaluated at bid price : 24.79 Bid-YTW : 6.11 %
ENB.PF.K	FixedReset Disc	26,300	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 23.12 Evaluated at bid price : 24.19 Bid-YTW : 6.48 %
CM.PR.Q	FixedReset Disc	20,000	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-08-30 Maturity Price : 25.00 Evaluated at bid price : 24.96 Bid-YTW : 5.40 %
PWF.PR.G	Perpetual-Discount	19,100	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 24.34 Evaluated at bid price : 24.65 Bid-YTW : 5.99 %
BN.PR.X	FixedReset Disc	12,400	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 19.19 Evaluated at bid price : 19.19 Bid-YTW : 6.33 %
There were 3 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue	Index	Quote Data and Yield Notes
SLF.PR.J	FloatingReset	Quote: 16.00 – 17.78 Spot Rate : 1.7800 Average : 1.0242 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 6.43 %
BN.PR.N	Perpetual-Discount	Quote: 18.30 – 20.15 Spot Rate : 1.8500 Average : 1.1036 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 6.56 %
GWO.PR.H	Insurance Straight	Quote: 21.15 – 22.50 Spot Rate : 1.3500 Average : 0.8564 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 21.15 Evaluated at bid price : 21.15 Bid-YTW : 5.79 %
PWF.PR.T	FixedReset Disc	Quote: 22.35 – 24.42 Spot Rate : 2.0700 Average : 1.6329 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 21.96 Evaluated at bid price : 22.35 Bid-YTW : 6.10 %
BN.PR.T	FixedReset Disc	Quote: 19.72 – 20.95 Spot Rate : 1.2300 Average : 0.8861 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 19.72 Evaluated at bid price : 19.72 Bid-YTW : 6.62 %
PWF.PR.E	Perpetual-Discount	Quote: 23.62 – 24.70 Spot Rate : 1.0800 Average : 0.7559 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 23.33 Evaluated at bid price : 23.62 Bid-YTW : 5.83 %

PrefLetter

July PrefLetter Released!

The July, 2025, edition of PrefLetter has been released and is now available for purchase as the “Previous edition”. Those who subscribe for a full year receive the “Previous edition” as a bonus.

PrefLetter may now be purchased by all Canadian residents.

Until further notice, the “previous” edition will refer to the July, 2025, issue, while the “next” edition will be the August, 2025, issue scheduled to be prepared as of the close August 8, and emailed to subscribers prior to the market-opening on August 11. Prefletter is intended for long term investors seeking issues to buy-and-hold. At least one recommendation from each of the major preferred share sectors is included and discussed.

Note: My verbosity has grown by such leaps and bounds that it is no longer possible to deliver PrefLetter as an eMail attachment – it’s just too big for my software! Instead, I have sent passwords – click on the link in your eMail and your copy will download.

Note: There have been problems lately with corporate eMail protection systems that substitute “safe” links for the links sent in the eMails; the problem being that the “safe” links do not work and an error is generated by my software. To avoid possible problems and delays, please subscribe through an eMail account that is not “protected” by such software.

Note: The PrefLetter website has a Subscriber Download Feature. If you have not received your copy, try it!

Note: PrefLetter eMails sometimes runs afoul of spam filters. If you have not received your copy within fifteen minutes of a release notice such as this one, please double check your (company’s) spam filtering policy and your spam repository – there are some hints in the post Sympatico Spam Filters out of Control. If it’s not there, contact me and I’ll get you your copy … somehow!

Note: There have been scattered complaints regarding inability to open PrefLetter in Acrobat Reader, despite my practice of including myself on the subscription list and immediately checking the copy received. I have had the occasional difficulty reading US Government documents, which I was able to resolve by downloading and installing the latest version of Adobe Reader. Also, note that so far, all complaints have been from users of Yahoo Mail. Try saving it to disk first, before attempting to open it.

Note: There have been other scattered complaints that double-clicking on the links in the “PrefLetter Download” email results in a message that the password has already been used. I have been able to reproduce this problem in my own eMail software … the problem is double-clicking. What happens is the first click opens the link and the second click finds that the password has already been used and refuses to work properly. So the moral of the story is: Don’t be a dick! Single Click!

Note: Assiduous Reader DG informs me:

In case you have any other Apple users: you need to install a free App from the apple store called “FileApp”. It comes with it’s own tutorial and allows you to download and save a PDF file.

Market Action

July 11, 2025

The TXPR price index set a new 52-week high today, with today’s high of 667.61 edging the old 52-week high of 667.47 set 2025-7-9.

And five-year Canadas are now at 3.03%

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	-0.4338 %	2,327.5
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.4338 %	4,530.7
Floater	6.86 %	6.87 %	51,473	12.73	2	-0.4338 %	2,611.1
OpRet	0.00 %	0.00 %	0	0.00	0	-0.2644 %	3,662.2
SplitShare	4.78 %	4.56 %	59,558	2.47	7	-0.2644 %	4,373.5
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.2644 %	3,412.4
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	-0.4772 %	2,967.9
Perpetual-Discount	5.80 %	5.90 %	46,432	14.08	32	-0.4772 %	3,236.3
FixedReset Disc	5.66 %	6.25 %	120,559	13.18	40	-0.0523 %	2,968.9
Insurance Straight	5.68 %	5.78 %	52,301	14.26	19	0.3852 %	3,189.4
FloatingReset	5.54 %	5.37 %	40,568	14.86	2	1.2069 %	3,673.5
FixedReset Prem	5.77 %	5.10 %	122,585	3.00	16	-0.4154 %	2,608.4
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	-0.0523 %	3,034.8
FixedReset Ins Non	5.26 %	5.67 %	66,596	14.07	14	0.2302 %	3,040.8

Performance Highlights
Issue	Index	Change	Notes
PWF.PR.T	FixedReset Disc	-7.84 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 21.96 Evaluated at bid price : 22.35 Bid-YTW : 6.10 %
CU.PR.F	Perpetual-Discount	-6.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 18.65 Evaluated at bid price : 18.65 Bid-YTW : 6.13 %
CU.PR.G	Perpetual-Discount	-5.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 18.99 Evaluated at bid price : 18.99 Bid-YTW : 6.01 %
BN.PF.I	FixedReset Prem	-4.93 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 23.16 Evaluated at bid price : 23.55 Bid-YTW : 7.17 %
POW.PR.D	Perpetual-Discount	-4.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 5.98 %
ELF.PR.F	Perpetual-Discount	-4.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 21.75 Evaluated at bid price : 22.00 Bid-YTW : 6.05 %
PWF.PR.F	Perpetual-Discount	-3.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 21.51 Evaluated at bid price : 21.77 Bid-YTW : 6.04 %
GWO.PR.T	Insurance Straight	-1.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 21.54 Evaluated at bid price : 21.85 Bid-YTW : 5.93 %
PVS.PR.L	SplitShare	-1.40 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-06-30 Maturity Price : 25.00 Evaluated at bid price : 26.01 Bid-YTW : 4.73 %
BN.PR.B	Floater	-1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 12.50 Evaluated at bid price : 12.50 Bid-YTW : 7.01 %
BN.PR.N	Perpetual-Discount	1.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 5.99 %
BN.PF.B	FixedReset Disc	1.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 22.55 Evaluated at bid price : 23.33 Bid-YTW : 6.22 %
BN.PF.D	Perpetual-Discount	1.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 20.60 Evaluated at bid price : 20.60 Bid-YTW : 6.00 %
GWO.PR.R	Insurance Straight	1.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 20.91 Evaluated at bid price : 20.91 Bid-YTW : 5.79 %
CU.PR.D	Perpetual-Discount	1.98 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 21.13 Evaluated at bid price : 21.13 Bid-YTW : 5.88 %
GWO.PR.H	Insurance Straight	2.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 21.33 Evaluated at bid price : 21.60 Bid-YTW : 5.65 %
MFC.PR.J	FixedReset Ins Non	2.65 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2028-03-19 Maturity Price : 25.00 Evaluated at bid price : 25.61 Bid-YTW : 5.36 %
SLF.PR.J	FloatingReset	2.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 17.48 Evaluated at bid price : 17.48 Bid-YTW : 5.88 %
CU.PR.J	Perpetual-Discount	3.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 20.70 Evaluated at bid price : 20.70 Bid-YTW : 5.82 %
GWO.PR.M	Insurance Straight	7.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 24.35 Evaluated at bid price : 24.66 Bid-YTW : 5.92 %

Volume Highlights
Issue	Index	Shares Traded	Notes
CM.PR.Q	FixedReset Disc	500,200	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-08-30 Maturity Price : 25.00 Evaluated at bid price : 24.96 Bid-YTW : 5.07 %
BMO.PR.Y	FixedReset Disc	245,000	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-08-25 Maturity Price : 25.00 Evaluated at bid price : 25.09 Bid-YTW : 3.28 %
BN.PF.G	FixedReset Disc	76,945	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 21.89 Evaluated at bid price : 22.37 Bid-YTW : 6.53 %
ENB.PR.P	FixedReset Disc	63,410	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 21.43 Evaluated at bid price : 21.43 Bid-YTW : 6.68 %
CU.PR.I	FixedReset Prem	32,901	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-01 Maturity Price : 25.00 Evaluated at bid price : 25.10 Bid-YTW : 4.75 %
BN.PF.A	FixedReset Disc	21,008	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 23.28 Evaluated at bid price : 24.82 Bid-YTW : 6.14 %
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
CU.PR.F	Perpetual-Discount	Quote: 18.65 – 21.75 Spot Rate : 3.1000 Average : 1.8747 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 18.65 Evaluated at bid price : 18.65 Bid-YTW : 6.13 %
ENB.PR.D	FixedReset Disc	Quote: 20.33 – 22.98 Spot Rate : 2.6500 Average : 1.5041 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 20.33 Evaluated at bid price : 20.33 Bid-YTW : 6.77 %
PWF.PR.T	FixedReset Disc	Quote: 22.35 – 24.39 Spot Rate : 2.0400 Average : 1.1536 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 21.96 Evaluated at bid price : 22.35 Bid-YTW : 6.10 %
BN.PF.I	FixedReset Prem	Quote: 23.55 – 25.00 Spot Rate : 1.4500 Average : 0.8403 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 23.16 Evaluated at bid price : 23.55 Bid-YTW : 7.17 %
MFC.PR.M	FixedReset Ins Non	Quote: 21.15 – 24.70 Spot Rate : 3.5500 Average : 2.9437 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 21.15 Evaluated at bid price : 21.15 Bid-YTW : 6.51 %
CU.PR.G	Perpetual-Discount	Quote: 18.99 – 20.22 Spot Rate : 1.2300 Average : 0.7286 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 18.99 Evaluated at bid price : 18.99 Bid-YTW : 6.01 %

Market Action

July 10, 2025

The Trump news keeps getting more and more bizarre and self-destructive:

Just two weeks after President Donald Trump sent a handwritten letter to Powell demanding lower interest rates, Russell Vought, Trump’s director of the Office of Management and Budget (OMB), accused Powell of breaking the law by failing to comply with government oversight regulations and lying to Congress about details of an approximately $2.5 billion planned renovation of the Fed’s headquarters.

“The President is extremely troubled by your management of the Federal Reserve System,” Vought wrote in a letter he posted to social media Thursday. “Instead of attempting to right the Fed’s fiscal ship, you have plowed ahead with an ostentatious overhaul of your Washington D.C. headquarters.”
…
The latest criticism about the rising costs of the Fed’s headquarters may signal the administration is laying the groundwork to justify firing Powell, said Ed Mills, a policy analyst at Raymond James.

“The Supreme Court has made it very clear in their rulings that they would not support the president firing Powell,” Mills said. “So they can either find a reason to fire him for cause, or you create enough of a negative environment that Powell says, ‘it’s no longer worth it, I’m out.’”

If they actually do follow through with firing Powell, look for market yields to spike 100bp. Mind you, I suspect that this is all bluster that will come to nothing – it’s just to show the base what a he-man Trump is. Or it could all be intended as a distraction from the gutting of the civil service and the ongoing pogrom against migrants. Who knows?

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	-0.1575 %	2,337.6
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.1575 %	4,550.5
Floater	6.83 %	6.89 %	52,193	12.70	2	-0.1575 %	2,622.5
OpRet	0.00 %	0.00 %	0	0.00	0	0.2255 %	3,672.0
SplitShare	4.77 %	4.43 %	60,205	0.62	7	0.2255 %	4,385.1
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.2255 %	3,421.4
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	-0.5110 %	2,982.1
Perpetual-Discount	5.77 %	5.88 %	46,557	14.09	32	-0.5110 %	3,251.8
FixedReset Disc	5.66 %	6.19 %	118,150	13.24	40	0.0646 %	2,970.5
Insurance Straight	5.70 %	5.75 %	50,814	14.30	19	-0.0626 %	3,177.2
FloatingReset	5.61 %	5.37 %	42,211	14.86	2	-1.0981 %	3,629.7
FixedReset Prem	5.75 %	5.04 %	123,760	2.63	16	-0.2036 %	2,619.3
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.0646 %	3,036.4
FixedReset Ins Non	5.27 %	5.62 %	65,977	14.15	14	-1.1905 %	3,033.8

Performance Highlights
Issue	Index	Change	Notes
MFC.PR.M	FixedReset Ins Non	-13.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 21.15 Evaluated at bid price : 21.15 Bid-YTW : 6.44 %
GWO.PR.M	Insurance Straight	-7.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 22.66 Evaluated at bid price : 22.90 Bid-YTW : 6.38 %
MFC.PR.F	FixedReset Ins Non	-3.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 17.55 Evaluated at bid price : 17.55 Bid-YTW : 6.09 %
CU.PR.J	Perpetual-Discount	-3.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 20.05 Evaluated at bid price : 20.05 Bid-YTW : 6.01 %
SLF.PR.J	FloatingReset	-2.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 6.04 %
CU.PR.D	Perpetual-Discount	-2.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 20.72 Evaluated at bid price : 20.72 Bid-YTW : 6.00 %
PWF.PR.P	FixedReset Disc	-2.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 17.61 Evaluated at bid price : 17.61 Bid-YTW : 6.36 %
PWF.PR.K	Perpetual-Discount	-1.86 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 20.84 Evaluated at bid price : 20.84 Bid-YTW : 5.96 %
GWO.PR.R	Insurance Straight	-1.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 20.53 Evaluated at bid price : 20.53 Bid-YTW : 5.90 %
BN.PR.N	Perpetual-Discount	-1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 19.73 Evaluated at bid price : 19.73 Bid-YTW : 6.08 %
PWF.PR.Z	Perpetual-Discount	1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 21.67 Evaluated at bid price : 22.00 Bid-YTW : 5.85 %
PWF.PR.E	Perpetual-Discount	1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 23.20 Evaluated at bid price : 23.50 Bid-YTW : 5.85 %
BN.PR.X	FixedReset Disc	1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 19.09 Evaluated at bid price : 19.09 Bid-YTW : 6.27 %
BN.PF.B	FixedReset Disc	1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 22.36 Evaluated at bid price : 23.00 Bid-YTW : 6.25 %
BN.PR.M	Perpetual-Discount	1.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 20.03 Evaluated at bid price : 20.03 Bid-YTW : 5.98 %
GWO.PR.P	Insurance Straight	1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 23.25 Evaluated at bid price : 23.55 Bid-YTW : 5.77 %
PWF.PR.R	Perpetual-Discount	1.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 23.03 Evaluated at bid price : 23.30 Bid-YTW : 5.91 %
PVS.PR.L	SplitShare	2.05 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-08-09 Maturity Price : 26.00 Evaluated at bid price : 26.38 Bid-YTW : -6.50 %
ENB.PR.H	FixedReset Disc	2.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 21.41 Evaluated at bid price : 21.75 Bid-YTW : 6.17 %
SLF.PR.D	Insurance Straight	2.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 5.46 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BN.PF.A	FixedReset Disc	147,402	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 23.24 Evaluated at bid price : 24.72 Bid-YTW : 6.10 %
TD.PF.D	FixedReset Prem	142,500	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-08-30 Maturity Price : 25.00 Evaluated at bid price : 24.95 Bid-YTW : 4.87 %
GWO.PR.N	FixedReset Ins Non	107,300	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 17.58 Evaluated at bid price : 17.58 Bid-YTW : 5.99 %
ENB.PF.G	FixedReset Disc	53,500	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 20.90 Evaluated at bid price : 20.90 Bid-YTW : 6.80 %
ENB.PF.C	FixedReset Disc	38,900	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 20.77 Evaluated at bid price : 20.77 Bid-YTW : 6.81 %
BMO.PR.Y	FixedReset Disc	27,400	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-08-25 Maturity Price : 25.00 Evaluated at bid price : 25.10 Bid-YTW : 2.89 %
There were 13 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.M	FixedReset Ins Non	Quote: 21.15 – 24.70 Spot Rate : 3.5500 Average : 2.2789 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 21.15 Evaluated at bid price : 21.15 Bid-YTW : 6.44 %
GWO.PR.M	Insurance Straight	Quote: 22.90 – 24.80 Spot Rate : 1.9000 Average : 1.0520 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 22.66 Evaluated at bid price : 22.90 Bid-YTW : 6.38 %
BN.PR.T	FixedReset Disc	Quote: 19.55 – 21.00 Spot Rate : 1.4500 Average : 0.9248 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 19.55 Evaluated at bid price : 19.55 Bid-YTW : 6.58 %
BN.PF.D	Perpetual-Discount	Quote: 20.30 – 22.00 Spot Rate : 1.7000 Average : 1.3463 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 20.30 Evaluated at bid price : 20.30 Bid-YTW : 6.09 %
CU.PR.J	Perpetual-Discount	Quote: 20.05 – 21.10 Spot Rate : 1.0500 Average : 0.7880 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 20.05 Evaluated at bid price : 20.05 Bid-YTW : 6.01 %
MFC.PR.F	FixedReset Ins Non	Quote: 17.55 – 18.28 Spot Rate : 0.7300 Average : 0.4939 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 17.55 Evaluated at bid price : 17.55 Bid-YTW : 6.09 %

Performance Highlights
Issue	Index	Change	Notes
ENB.PR.N	FixedReset Disc	-2.81 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-21 Maturity Price : 22.49 Evaluated at bid price : 23.15 Bid-YTW : 6.48 %
MFC.PR.J	FixedReset Ins Non	-2.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-21 Maturity Price : 23.44 Evaluated at bid price : 25.00 Bid-YTW : 5.73 %
IFC.PR.I	Insurance Straight	-2.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-21 Maturity Price : 22.60 Evaluated at bid price : 23.00 Bid-YTW : 5.91 %
NA.PR.I	FixedReset Prem	-1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-21 Maturity Price : 23.58 Evaluated at bid price : 26.01 Bid-YTW : 5.81 %
IFC.PR.A	FixedReset Ins Non	-1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-21 Maturity Price : 21.41 Evaluated at bid price : 21.75 Bid-YTW : 5.52 %
NA.PR.C	FixedReset Prem	1.06 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2027-11-15 Maturity Price : 25.00 Evaluated at bid price : 26.75 Bid-YTW : 3.66 %
ENB.PF.E	FixedReset Disc	1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-21 Maturity Price : 20.82 Evaluated at bid price : 20.82 Bid-YTW : 6.85 %
BN.PF.D	Perpetual-Discount	1.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-21 Maturity Price : 20.49 Evaluated at bid price : 20.49 Bid-YTW : 6.05 %
MFC.PR.C	Insurance Straight	1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-21 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 5.42 %
BN.PF.J	FixedReset Disc	1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-21 Maturity Price : 23.48 Evaluated at bid price : 25.00 Bid-YTW : 6.15 %
BN.PF.F	FixedReset Disc	1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-21 Maturity Price : 22.40 Evaluated at bid price : 23.13 Bid-YTW : 6.40 %
PWF.PR.P	FixedReset Disc	1.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-21 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 6.35 %
SLF.PR.C	Insurance Straight	1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-21 Maturity Price : 21.07 Evaluated at bid price : 21.07 Bid-YTW : 5.33 %
CU.PR.C	FixedReset Disc	1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-21 Maturity Price : 23.51 Evaluated at bid price : 23.86 Bid-YTW : 5.74 %
PWF.PR.S	Perpetual-Discount	1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-21 Maturity Price : 21.03 Evaluated at bid price : 21.03 Bid-YTW : 5.74 %
PWF.PF.A	Perpetual-Discount	1.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-21 Maturity Price : 19.85 Evaluated at bid price : 19.85 Bid-YTW : 5.70 %
BN.PR.R	FixedReset Disc	2.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-21 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 7.17 %
BN.PF.A	FixedReset Disc	2.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-21 Maturity Price : 23.30 Evaluated at bid price : 24.85 Bid-YTW : 6.15 %
GWO.PR.H	Insurance Straight	2.84 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-21 Maturity Price : 21.49 Evaluated at bid price : 21.75 Bid-YTW : 5.62 %
BN.PR.N	Perpetual-Discount	8.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-21 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.01 %

PrefBlog

Month: July 2025

July 21, 2025

July 18, 2025

July 17, 2025

July 16, 2025

EMA.PR.A To Reset To 4.951%; Interconvertible with EMA.PR.B

July 15, 2025

July 14, 2025

July PrefLetter Released!

July 11, 2025

July 10, 2025