Month: December 2025

Market Action

December 31, 2025

The TXPR price index set a new 52-week high today of 696.71, a small jump beyond the old mark of 695.87 set 2025-12-30.

PerpetualDiscounts now yield 5.61%, equivalent to 7.29% interest at the standard conversion factor of 1.3x. Long corporates yielded 4.91% on 2026-1-2, while the of price ZLC changed from 15.17 on 2025-12-31 to 15.09 on 2026-1-2, a decline of 53bp in price. Given a “duration” of 12.31 for the ZLC portfolio (BMO does not specify which duration they report; I am assuming Modified), this implies that portfolio yield rose 4bp from 12/31 to 1/2, implying a yield of 4.87% on 2025-12-31. Therefore the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed slightly (and perhaps spuriously) to 240bp from the 245bp reported December 24.

And that’s it for another year! All the best for 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 -0.1771 % 2,433.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.1771 % 4,613.7
Floater 5.92 % 6.13 % 56,933 13.75 3 -0.1771 % 2,658.9
OpRet 0.00 % 0.00 % 0 0.00 0 -0.2196 % 3,671.4
SplitShare 4.76 % 4.43 % 65,673 2.05 5 -0.2196 % 4,384.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.2196 % 3,420.9
Perpetual-Premium 5.64 % 2.81 % 93,439 0.09 7 -0.0281 % 3,113.6
Perpetual-Discount 5.56 % 5.61 % 49,865 14.43 26 -0.7476 % 3,400.7
FixedReset Disc 5.77 % 5.98 % 98,654 13.78 31 0.0968 % 3,164.4
Insurance Straight 5.51 % 5.51 % 58,603 14.61 21 -0.3087 % 3,294.7
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.0968 % 3,764.3
FixedReset Prem 5.90 % 4.38 % 90,034 2.50 20 -0.2640 % 2,660.5
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0968 % 3,234.6
FixedReset Ins Non 5.28 % 5.35 % 78,293 14.28 13 -0.4858 % 3,108.8
Performance Highlights
Issue Index Change Notes
CU.PR.G Perpetual-Discount -20.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 16.50
Evaluated at bid price : 16.50
Bid-YTW : 6.92 %
GWO.PR.M Insurance Straight -4.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 24.50
Evaluated at bid price : 24.73
Bid-YTW : 5.90 %
MFC.PR.M FixedReset Ins Non -3.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 22.86
Evaluated at bid price : 24.00
Bid-YTW : 5.56 %
BN.PF.D Perpetual-Discount -3.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 21.02
Evaluated at bid price : 21.02
Bid-YTW : 5.87 %
MFC.PR.L FixedReset Ins Non -3.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 22.85
Evaluated at bid price : 23.87
Bid-YTW : 5.48 %
CU.PR.C FixedReset Disc -2.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 23.46
Evaluated at bid price : 23.90
Bid-YTW : 5.61 %
TD.PF.I FixedReset Prem -2.06 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 26.13
Bid-YTW : 4.35 %
FFH.PR.K FixedReset Prem -1.80 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.05
Bid-YTW : 4.93 %
TD.PF.J FixedReset Prem -1.33 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-04-30
Maturity Price : 25.00
Evaluated at bid price : 26.05
Bid-YTW : 4.31 %
ENB.PR.F FixedReset Disc -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 6.66 %
BN.PF.B FixedReset Disc -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 22.96
Evaluated at bid price : 24.05
Bid-YTW : 5.89 %
GWO.PR.T Insurance Straight -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 22.74
Evaluated at bid price : 23.00
Bid-YTW : 5.62 %
GWO.PR.P Insurance Straight -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 23.85
Evaluated at bid price : 24.10
Bid-YTW : 5.63 %
ENB.PF.A FixedReset Disc 1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 22.46
Evaluated at bid price : 23.20
Bid-YTW : 6.09 %
ENB.PR.T FixedReset Disc 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 22.62
Evaluated at bid price : 23.40
Bid-YTW : 6.06 %
POW.PR.D Perpetual-Discount 1.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 22.56
Evaluated at bid price : 22.82
Bid-YTW : 5.49 %
SLF.PR.E Insurance Straight 2.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 21.49
Evaluated at bid price : 21.75
Bid-YTW : 5.19 %
CU.PR.J Perpetual-Discount 3.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 21.44
Evaluated at bid price : 21.74
Bid-YTW : 5.51 %
Volume Highlights
Issue Index Shares
Traded		 Notes
POW.PR.A Perpetual-Discount 39,991 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-30
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : -6.79 %
GWO.PR.P Insurance Straight 36,636 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 23.85
Evaluated at bid price : 24.10
Bid-YTW : 5.63 %
PWF.PF.A Perpetual-Discount 23,705 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 20.53
Evaluated at bid price : 20.53
Bid-YTW : 5.58 %
BN.PF.M FixedReset Prem 21,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2031-01-01
Maturity Price : 25.00
Evaluated at bid price : 25.87
Bid-YTW : 5.01 %
CU.PR.K Perpetual-Discount 20,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 24.72
Evaluated at bid price : 25.12
Bid-YTW : 5.63 %
GWO.PR.N FixedReset Ins Non 13,680 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 18.36
Evaluated at bid price : 18.36
Bid-YTW : 5.80 %
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
CU.PR.G Perpetual-Discount Quote: 16.50 – 21.21
Spot Rate : 4.7100
Average : 2.6345

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 16.50
Evaluated at bid price : 16.50
Bid-YTW : 6.92 %
GWO.PR.M Insurance Straight Quote: 24.73 – 25.92
Spot Rate : 1.1900
Average : 0.6807

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 24.50
Evaluated at bid price : 24.73
Bid-YTW : 5.90 %
MFC.PR.M FixedReset Ins Non Quote: 24.00 – 25.00
Spot Rate : 1.0000
Average : 0.5954

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 22.86
Evaluated at bid price : 24.00
Bid-YTW : 5.56 %
MFC.PR.L FixedReset Ins Non Quote: 23.87 – 24.87
Spot Rate : 1.0000
Average : 0.6284

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 22.85
Evaluated at bid price : 23.87
Bid-YTW : 5.48 %
TD.PF.I FixedReset Prem Quote: 26.13 – 27.05
Spot Rate : 0.9200
Average : 0.5980

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 26.13
Bid-YTW : 4.35 %
ENB.PR.F FixedReset Disc Quote: 20.80 – 22.25
Spot Rate : 1.4500
Average : 1.1287

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 6.66 %
Market Action

December 30, 2025

The TXPR price index set a new 52-week high today of 695.87, ahead of the old mark of 695.07 set 2025-12-29.

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 -0.3026 % 2,437.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.3026 % 4,621.9
Floater 5.91 % 6.11 % 57,144 13.78 3 -0.3026 % 2,663.6
OpRet 0.00 % 0.00 % 0 0.00 0 0.2516 % 3,679.4
SplitShare 4.74 % 4.19 % 68,384 1.13 5 0.2516 % 4,394.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2516 % 3,428.4
Perpetual-Premium 5.64 % 1.65 % 94,281 0.09 7 0.0281 % 3,114.5
Perpetual-Discount 5.52 % 5.61 % 49,168 14.37 26 0.0656 % 3,426.3
FixedReset Disc 5.77 % 5.98 % 100,409 13.88 31 -0.0701 % 3,161.3
Insurance Straight 5.50 % 5.51 % 58,298 14.64 21 -0.1437 % 3,305.0
FloatingReset 0.00 % 0.00 % 0 0.00 0 -0.0701 % 3,760.7
FixedReset Prem 5.88 % 4.28 % 89,811 2.50 20 0.3225 % 2,667.5
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0701 % 3,231.5
FixedReset Ins Non 5.25 % 5.28 % 74,883 14.30 13 -0.0825 % 3,123.9
Performance Highlights
Issue Index Change Notes
ENB.PR.F FixedReset Disc -4.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 6.57 %
SLF.PR.E Insurance Straight -2.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 5.32 %
CU.PR.J Perpetual-Discount -2.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 5.70 %
POW.PR.D Perpetual-Discount -2.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 22.12
Evaluated at bid price : 22.40
Bid-YTW : 5.59 %
ENB.PR.T FixedReset Disc -1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 22.42
Evaluated at bid price : 23.05
Bid-YTW : 6.16 %
GWO.PR.I Insurance Straight -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 5.51 %
MFC.PR.C Insurance Straight -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 21.49
Evaluated at bid price : 21.75
Bid-YTW : 5.20 %
POW.PR.B Perpetual-Discount 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 24.20
Evaluated at bid price : 24.46
Bid-YTW : 5.48 %
ENB.PR.P FixedReset Disc 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 22.12
Evaluated at bid price : 22.54
Bid-YTW : 6.20 %
FTS.PR.F Perpetual-Discount 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 23.82
Evaluated at bid price : 24.07
Bid-YTW : 5.13 %
CU.PR.H Perpetual-Discount 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 23.95
Evaluated at bid price : 24.20
Bid-YTW : 5.48 %
ENB.PR.B FixedReset Disc 2.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 21.29
Evaluated at bid price : 21.57
Bid-YTW : 6.23 %
FFH.PR.K FixedReset Prem 3.78 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.51
Bid-YTW : 3.39 %
Volume Highlights
Issue Index Shares
Traded		 Notes
GWO.PR.P Insurance Straight 27,210 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 24.09
Evaluated at bid price : 24.35
Bid-YTW : 5.57 %
BN.PF.H FixedReset Prem 20,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 23.90
Evaluated at bid price : 24.98
Bid-YTW : 7.13 %
POW.PR.C Perpetual-Premium 14,800 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-29
Maturity Price : 25.00
Evaluated at bid price : 25.90
Bid-YTW : -36.55 %
POW.PR.I Perpetual-Premium 14,613 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 24.76
Evaluated at bid price : 25.16
Bid-YTW : 5.67 %
POW.PR.A Perpetual-Discount 13,325 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-29
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : -6.97 %
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
IFC.PR.F Insurance Straight Quote: 21.90 – 24.89
Spot Rate : 2.9900
Average : 2.3907

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 21.61
Evaluated at bid price : 21.90
Bid-YTW : 6.08 %
GWO.PR.T Insurance Straight Quote: 23.24 – 25.00
Spot Rate : 1.7600
Average : 1.2701

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 22.99
Evaluated at bid price : 23.24
Bid-YTW : 5.56 %
CU.PR.J Perpetual-Discount Quote: 21.10 – 22.85
Spot Rate : 1.7500
Average : 1.3010

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 5.70 %
PWF.PR.G Perpetual-Premium Quote: 25.65 – 26.65
Spot Rate : 1.0000
Average : 0.5689

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-29
Maturity Price : 25.00
Evaluated at bid price : 25.65
Bid-YTW : -13.22 %
ENB.PR.F FixedReset Disc Quote: 21.05 – 22.25
Spot Rate : 1.2000
Average : 0.7764

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 6.57 %
MFC.PR.F FixedReset Ins Non Quote: 17.52 – 19.22
Spot Rate : 1.7000
Average : 1.3332

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 17.52
Evaluated at bid price : 17.52
Bid-YTW : 6.15 %
Market Action

December 29, 2025

The TXPR price index set a new 52-week high today of 695.07 (which was also the close), eclipsing the previous mark of 694.48 set December 24.

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 0.3289 % 2,444.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.3289 % 4,635.9
Floater 5.89 % 6.11 % 57,382 13.79 3 0.3289 % 2,671.7
OpRet 0.00 % 0.00 % 0 0.00 0 -0.5784 % 3,670.2
SplitShare 4.76 % 4.18 % 70,687 2.05 5 -0.5784 % 4,383.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.5784 % 3,419.8
Perpetual-Premium 5.64 % 2.43 % 88,485 0.09 7 -0.0056 % 3,113.6
Perpetual-Discount 5.52 % 5.59 % 49,937 14.37 26 0.3306 % 3,424.0
FixedReset Disc 5.77 % 6.00 % 101,695 13.87 31 0.2136 % 3,163.5
Insurance Straight 5.49 % 5.48 % 60,636 14.62 21 -0.5243 % 3,309.7
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.2136 % 3,763.3
FixedReset Prem 5.90 % 4.56 % 90,765 2.59 20 -0.0230 % 2,659.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2136 % 3,233.8
FixedReset Ins Non 5.25 % 5.34 % 77,588 14.30 13 -0.2207 % 3,126.5
Performance Highlights
Issue Index Change Notes
IFC.PR.F Insurance Straight -9.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 21.61
Evaluated at bid price : 21.90
Bid-YTW : 6.08 %
MFC.PR.F FixedReset Ins Non -6.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 17.52
Evaluated at bid price : 17.52
Bid-YTW : 6.15 %
FFH.PR.K FixedReset Prem -3.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 24.20
Evaluated at bid price : 24.58
Bid-YTW : 6.46 %
PVS.PR.M SplitShare -2.29 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2031-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.16
Bid-YTW : 5.11 %
BN.PF.M FixedReset Prem 1.08 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2031-01-01
Maturity Price : 25.00
Evaluated at bid price : 26.13
Bid-YTW : 4.77 %
CU.PR.F Perpetual-Discount 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 21.02
Evaluated at bid price : 21.02
Bid-YTW : 5.42 %
GWO.PR.T Insurance Straight 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 22.94
Evaluated at bid price : 23.20
Bid-YTW : 5.57 %
CU.PR.C FixedReset Disc 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 24.26
Evaluated at bid price : 24.60
Bid-YTW : 5.45 %
ENB.PF.G FixedReset Disc 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 22.24
Evaluated at bid price : 22.90
Bid-YTW : 6.18 %
CU.PR.G Perpetual-Discount 1.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 5.42 %
BN.PF.D Perpetual-Discount 3.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 21.34
Evaluated at bid price : 21.61
Bid-YTW : 5.69 %
Volume Highlights
Issue Index Shares
Traded		 Notes
FFH.PR.I FixedReset Disc 48,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 23.91
Evaluated at bid price : 24.98
Bid-YTW : 5.77 %
BN.PF.H FixedReset Prem 13,602 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 23.91
Evaluated at bid price : 24.98
Bid-YTW : 7.12 %
BN.PR.Z FixedReset Disc 13,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 23.63
Evaluated at bid price : 25.12
Bid-YTW : 5.86 %
PWF.PF.A Perpetual-Discount 12,925 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 20.52
Evaluated at bid price : 20.52
Bid-YTW : 5.58 %
CM.PR.S FixedReset Prem 12,099 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.91
Bid-YTW : 3.82 %
CU.PR.K Perpetual-Discount 11,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2035-03-01
Maturity Price : 25.00
Evaluated at bid price : 25.24
Bid-YTW : 5.57 %
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
IFC.PR.F Insurance Straight Quote: 21.90 – 24.80
Spot Rate : 2.9000
Average : 1.7337

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 21.61
Evaluated at bid price : 21.90
Bid-YTW : 6.08 %
MFC.PR.F FixedReset Ins Non Quote: 17.52 – 19.14
Spot Rate : 1.6200
Average : 0.9310

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 17.52
Evaluated at bid price : 17.52
Bid-YTW : 6.15 %
FFH.PR.K FixedReset Prem Quote: 24.58 – 25.60
Spot Rate : 1.0200
Average : 0.5734

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 24.20
Evaluated at bid price : 24.58
Bid-YTW : 6.46 %
IFC.PR.I Insurance Straight Quote: 22.40 – 25.99
Spot Rate : 3.5900
Average : 3.1823

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 22.02
Evaluated at bid price : 22.40
Bid-YTW : 6.05 %
PVS.PR.M SplitShare Quote: 25.16 – 25.87
Spot Rate : 0.7100
Average : 0.4735

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2031-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.16
Bid-YTW : 5.11 %
BN.PR.Z FixedReset Disc Quote: 25.12 – 25.75
Spot Rate : 0.6300
Average : 0.3990

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 23.63
Evaluated at bid price : 25.12
Bid-YTW : 5.86 %
Market Action

December 24, 2025

The TXPR price index set a new 52-week high today of 694.48, edging the old mark of 694.34 set yesterday.

PerpetualDiscounts now yield 5.63%, equivalent to 7.32% interest at the standard conversion factor of 1.3x. Long corporates yielded 4.88% on 2025-12-24. Therefore the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened to 245bp from the 235bp reported December 17.

Merry Christmas!

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 0.2791 % 2,436.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.2791 % 4,620.7
Floater 5.91 % 6.11 % 56,796 13.78 3 0.2791 % 2,663.0
OpRet 0.00 % 0.00 % 0 0.00 0 0.6055 % 3,691.6
SplitShare 4.73 % 4.08 % 71,167 1.14 5 0.6055 % 4,408.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.6055 % 3,439.7
Perpetual-Premium 5.64 % 0.51 % 87,003 0.09 7 -0.0674 % 3,113.8
Perpetual-Discount 5.54 % 5.63 % 49,577 14.42 26 -0.4466 % 3,412.7
FixedReset Disc 5.78 % 6.07 % 101,821 13.63 31 0.2536 % 3,156.8
Insurance Straight 5.46 % 5.48 % 61,241 14.65 21 2.0081 % 3,327.2
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.2536 % 3,755.3
FixedReset Prem 5.90 % 4.20 % 94,420 2.60 20 -0.1227 % 2,659.6
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2536 % 3,226.9
FixedReset Ins Non 5.23 % 5.40 % 77,803 14.36 13 0.2477 % 3,133.4
Performance Highlights
Issue Index Change Notes
BN.PF.D Perpetual-Discount -3.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 20.89
Evaluated at bid price : 20.89
Bid-YTW : 5.90 %
ENB.PR.B FixedReset Disc -2.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.49 %
CU.PR.F Perpetual-Discount -1.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 20.79
Evaluated at bid price : 20.79
Bid-YTW : 5.47 %
MFC.PR.B Insurance Straight -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 21.65
Evaluated at bid price : 21.90
Bid-YTW : 5.33 %
TD.PF.I FixedReset Prem -1.20 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 26.38
Bid-YTW : 3.74 %
CU.PR.G Perpetual-Discount -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 20.61
Evaluated at bid price : 20.61
Bid-YTW : 5.52 %
SLF.PR.C Insurance Straight -1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 21.54
Evaluated at bid price : 21.80
Bid-YTW : 5.11 %
GWO.PR.T Insurance Straight -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 22.66
Evaluated at bid price : 22.92
Bid-YTW : 5.64 %
POW.PR.C Perpetual-Premium 1.01 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-23
Maturity Price : 25.00
Evaluated at bid price : 25.90
Bid-YTW : -37.49 %
ENB.PF.C FixedReset Disc 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 22.05
Evaluated at bid price : 22.55
Bid-YTW : 6.26 %
GWO.PR.Y Insurance Straight 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 20.95
Evaluated at bid price : 20.95
Bid-YTW : 5.40 %
PWF.PR.H Perpetual-Premium 1.28 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-23
Maturity Price : 25.00
Evaluated at bid price : 25.32
Bid-YTW : 0.51 %
IFC.PR.C FixedReset Ins Non 1.39 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-09-30
Maturity Price : 25.00
Evaluated at bid price : 24.85
Bid-YTW : 4.20 %
IFC.PR.E Insurance Straight 1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 23.53
Evaluated at bid price : 23.83
Bid-YTW : 5.47 %
PVS.PR.L SplitShare 2.09 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-23
Maturity Price : 26.00
Evaluated at bid price : 26.38
Bid-YTW : -9.19 %
BN.PR.R FixedReset Disc 2.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 6.20 %
ENB.PR.F FixedReset Disc 4.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 21.57
Evaluated at bid price : 21.97
Bid-YTW : 6.33 %
GWO.PR.L Insurance Straight 62.00 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-23
Maturity Price : 25.00
Evaluated at bid price : 25.11
Bid-YTW : -1.02 %
Volume Highlights
Issue Index Shares
Traded		 Notes
FFH.PR.I FixedReset Disc 569,100 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-30
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 5.60 %
BIP.PR.B FixedReset Disc 33,178 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-30
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 7.00 %
BN.PF.H FixedReset Prem 27,300 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-30
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 6.70 %
ENB.PR.B FixedReset Disc 16,082 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.49 %
There were 0 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
BN.PF.D Perpetual-Discount Quote: 20.89 – 21.99
Spot Rate : 1.1000
Average : 0.6846

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 20.89
Evaluated at bid price : 20.89
Bid-YTW : 5.90 %
BN.PF.J FixedReset Prem Quote: 26.00 – 27.00
Spot Rate : 1.0000
Average : 0.7107

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-12-31
Maturity Price : 25.00
Evaluated at bid price : 26.00
Bid-YTW : 4.12 %
ENB.PF.C FixedReset Disc Quote: 22.55 – 23.50
Spot Rate : 0.9500
Average : 0.7226

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 22.05
Evaluated at bid price : 22.55
Bid-YTW : 6.26 %
ENB.PR.Y FixedReset Disc Quote: 21.40 – 21.90
Spot Rate : 0.5000
Average : 0.3254

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 6.34 %
POW.PR.B Perpetual-Discount Quote: 24.15 – 24.65
Spot Rate : 0.5000
Average : 0.3356

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 23.91
Evaluated at bid price : 24.15
Bid-YTW : 5.54 %
TD.PF.I FixedReset Prem Quote: 26.38 – 26.89
Spot Rate : 0.5100
Average : 0.3524

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 26.38
Bid-YTW : 3.74 %
Market Action

December 23, 2025

The TXPR price index set a new 52-week high today of 694.34, edging the old mark of 694.10 set yesterday.

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 0.0762 % 2,430.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0762 % 4,607.9
Floater 5.93 % 6.12 % 58,908 13.78 3 0.0762 % 2,655.5
OpRet 0.00 % 0.00 % 0 0.00 0 0.0551 % 3,669.3
SplitShare 4.76 % 4.52 % 71,950 3.17 5 0.0551 % 4,382.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0551 % 3,419.0
Perpetual-Premium 5.63 % 5.52 % 86,907 6.80 7 -0.1233 % 3,115.9
Perpetual-Discount 5.52 % 5.62 % 51,072 14.41 26 0.1345 % 3,428.1
FixedReset Disc 5.80 % 5.94 % 102,274 13.59 31 0.1835 % 3,148.8
Insurance Straight 5.57 % 5.49 % 61,728 14.63 21 0.0867 % 3,261.7
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.1835 % 3,745.8
FixedReset Prem 5.89 % 4.39 % 98,281 2.22 20 0.2074 % 2,662.8
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1835 % 3,218.7
FixedReset Ins Non 5.25 % 5.42 % 80,895 14.42 13 -0.0231 % 3,125.7
Performance Highlights
Issue Index Change Notes
IFC.PR.E Insurance Straight -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 23.17
Evaluated at bid price : 23.47
Bid-YTW : 5.55 %
PWF.PR.H Perpetual-Premium -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 24.68
Evaluated at bid price : 25.00
Bid-YTW : 5.83 %
BN.PR.R FixedReset Disc -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 20.74
Evaluated at bid price : 20.74
Bid-YTW : 6.34 %
PWF.PR.S Perpetual-Discount -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 21.90
Evaluated at bid price : 22.14
Bid-YTW : 5.50 %
MFC.PR.Q FixedReset Ins Non 1.03 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-06-19
Maturity Price : 25.00
Evaluated at bid price : 25.55
Bid-YTW : 5.06 %
FTS.PR.H FixedReset Disc 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.83 %
IFC.PR.G FixedReset Ins Non 1.07 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.55
Bid-YTW : 5.06 %
GWO.PR.Q Insurance Straight 1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 23.03
Evaluated at bid price : 23.30
Bid-YTW : 5.54 %
SLF.PR.C Insurance Straight 2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 21.81
Evaluated at bid price : 22.05
Bid-YTW : 5.05 %
ENB.PR.B FixedReset Disc 2.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 21.45
Evaluated at bid price : 21.45
Bid-YTW : 6.35 %
CU.PR.J Perpetual-Discount 2.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 21.56
Evaluated at bid price : 21.56
Bid-YTW : 5.57 %
BN.PR.X FixedReset Disc 2.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 6.06 %
ENB.PF.A FixedReset Disc 3.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 22.29
Evaluated at bid price : 22.90
Bid-YTW : 6.23 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BN.PF.H FixedReset Prem 191,500 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-30
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 6.52 %
CU.PR.K Perpetual-Discount 120,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 24.70
Evaluated at bid price : 25.10
Bid-YTW : 5.62 %
FFH.PR.I FixedReset Disc 32,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-30
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 5.45 %
IFC.PR.M Perpetual-Premium 22,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 24.75
Evaluated at bid price : 25.15
Bid-YTW : 5.52 %
POW.PR.I Perpetual-Premium 15,180 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2035-01-15
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : 5.65 %
PWF.PR.H Perpetual-Premium 12,552 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 24.68
Evaluated at bid price : 25.00
Bid-YTW : 5.83 %
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
GWO.PR.L Insurance Straight Quote: 15.50 – 25.36
Spot Rate : 9.8600
Average : 7.6945

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 15.50
Evaluated at bid price : 15.50
Bid-YTW : 9.20 %
IFC.PR.I Insurance Straight Quote: 22.40 – 25.99
Spot Rate : 3.5900
Average : 3.2127

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 22.02
Evaluated at bid price : 22.40
Bid-YTW : 6.04 %
IFC.PR.E Insurance Straight Quote: 23.47 – 24.40
Spot Rate : 0.9300
Average : 0.6569

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 23.17
Evaluated at bid price : 23.47
Bid-YTW : 5.55 %
SLF.PR.G FixedReset Ins Non Quote: 19.26 – 20.00
Spot Rate : 0.7400
Average : 0.4866

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 19.26
Evaluated at bid price : 19.26
Bid-YTW : 5.69 %
ENB.PR.F FixedReset Disc Quote: 21.05 – 21.95
Spot Rate : 0.9000
Average : 0.6947

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 6.64 %
GWO.PR.G Insurance Straight Quote: 23.43 – 23.99
Spot Rate : 0.5600
Average : 0.3597

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 23.17
Evaluated at bid price : 23.43
Bid-YTW : 5.56 %
Market Action

December 22, 2025

The TXPR price index set a new 52-week high of 694.10 today, beating the old mark of 693.91 set on November 11.

TXPR was helped along by amazing performance of PWF.PR.P, up 11.06% on a close-close basis, due to four trades executed at 3:46-3:47pm, all buys by RBC from CIBC. This took the market from a close of 19.26 yesterday, through 20.00 at 3:18, through the first two of the four trades at 20.69, through the third at 20.70 to 100 shares at the close of 21.39. It is of interest to note that RBC was on the buy side all day long; not quite monopolizing the market but making a damn good effort!

By my count, RBC was the buyer in 22 of the 27 TSX trades today, accounting for 6,600 of the 7,100 shares traded at the venue. Consolidated volume (including all the ATSs) was 19,750, so I’ll guess they bought somewhere a little north of $300,000 worth altogether (actual numbers are probably available somewhere). This is too much – and spread over too much time – to be some idiot placing a market or fat-finger order; and it seems unlikely that somebody with that much money to spend suddenly realized that PWF.PR.P will reset soon and, um, might therefore go up. So I’m gonna guess that it’s a buy-in, with RBC getting aggressive (while still reasonably patient – most TSX trades are for 100 shares) at about 3pm. The buy-in could be because of an unmargined short or a failed delivery.

Thanks to the newly arrived Assiduous Reader Le_bib for bringing this to my attention!

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 -0.0254 % 2,428.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.0254 % 4,604.4
Floater 5.93 % 6.14 % 59,277 13.74 3 -0.0254 % 2,653.5
OpRet 0.00 % 0.00 % 0 0.00 0 0.1892 % 3,667.3
SplitShare 4.76 % 4.16 % 72,301 3.17 5 0.1892 % 4,379.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1892 % 3,417.1
Perpetual-Premium 5.63 % 0.61 % 85,129 0.09 7 0.2079 % 3,119.7
Perpetual-Discount 5.52 % 5.64 % 51,943 14.38 26 0.0892 % 3,423.4
FixedReset Disc 5.81 % 5.98 % 105,062 13.58 31 0.2008 % 3,143.0
Insurance Straight 5.57 % 5.49 % 59,788 14.65 21 -2.0779 % 3,258.8
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.2008 % 3,739.0
FixedReset Prem 5.90 % 4.39 % 98,427 2.52 20 -0.0883 % 2,657.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2008 % 3,212.8
FixedReset Ins Non 5.25 % 5.50 % 81,935 14.42 13 -0.0132 % 3,126.4
Performance Highlights
Issue Index Change Notes
GWO.PR.L Insurance Straight -38.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-22
Maturity Price : 15.50
Evaluated at bid price : 15.50
Bid-YTW : 9.20 %
ENB.PR.F FixedReset Disc -2.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-22
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 6.59 %
ENB.PR.B FixedReset Disc -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-22
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.48 %
IFC.PR.E Insurance Straight -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-22
Maturity Price : 23.48
Evaluated at bid price : 23.78
Bid-YTW : 5.48 %
RY.PR.S FixedReset Prem -1.23 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-02-24
Maturity Price : 25.00
Evaluated at bid price : 26.54
Bid-YTW : 3.98 %
SLF.PR.C Insurance Straight -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-22
Maturity Price : 21.34
Evaluated at bid price : 21.61
Bid-YTW : 5.16 %
GWO.PR.Q Insurance Straight -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-22
Maturity Price : 22.71
Evaluated at bid price : 22.95
Bid-YTW : 5.63 %
BN.PF.F FixedReset Disc 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-22
Maturity Price : 23.13
Evaluated at bid price : 24.60
Bid-YTW : 5.91 %
PWF.PR.S Perpetual-Discount 1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-22
Maturity Price : 22.12
Evaluated at bid price : 22.40
Bid-YTW : 5.43 %
ENB.PF.C FixedReset Disc 1.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-22
Maturity Price : 21.91
Evaluated at bid price : 22.34
Bid-YTW : 6.32 %
ENB.PR.D FixedReset Disc 1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-22
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 6.33 %
Volume Highlights
Issue Index Shares
Traded		 Notes
G
WO.PR.M		 Insurance Straight 72,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-21
Maturity Price : 25.00
Evaluated at bid price : 25.80
Bid-YTW : -31.52 %
BIP.PR.B FixedReset Disc 41,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-30
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 6.63 %
FTS.PR.M FixedReset Disc 31,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-22
Maturity Price : 23.11
Evaluated at bid price : 24.60
Bid-YTW : 5.55 %
ENB.PF.K FixedReset Prem 30,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-22
Maturity Price : 23.56
Evaluated at bid price : 25.06
Bid-YTW : 6.16 %
FFH.PR.I FixedReset Disc 21,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-30
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 5.31 %
BN.PF.C Perpetual-Discount 13,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-22
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 5.75 %
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 th
erein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
GWO.PR.L Insurance Straight Quote: 15.50 – 25.36
Spot Rate : 9.8600
Average : 5.3201


YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-22
Maturity Price : 15.50
Evaluated at bid price : 15.50
Bid-YTW : 9.20 %
PWF.PR.P FixedReset Disc Quote: 19.36 – 21.35
Spot Rate : 1.9900
Average : 1.1113


YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-22
Maturity Price : 19.36
Evaluated at bid price : 19.36
Bid-YTW : 5.98 %
ENB.PR.F FixedReset Disc Quote: 21.20 – 21.96
Spot Rate : 0.7600
Average : 0.4697


YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-22
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 6.59 %
PVS.PR.L SplitShare Quote: 25.85 – 27.00
Spot Rate : 1.1500
Average : 0.8760


YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.85
Bid-YTW : 4.75 %
POW.PR.C Perpetual-Premium Quote: 26.00 – 26.60
Spot Rate : 0.6000
Average : 0.3737


YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-21
Maturity Price : 25.00
Evaluated at bid price : 26.00
Bid-YTW : -27.14 %
ENB.PF.A FixedReset Disc Quote: 22.22 – 23.15
Spot Rate : 0.9300
Average : 0.7682


YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-22
Maturity Price : 21.85
Evaluated at bid price : 22.22
Bid-YTW : 6.43 %
Issue Comments

PWF.PR.P To Be Extended

Power Financial Corporation has announced (on 2025-12-2):

that it does not intend to exercise its right to redeem all or part of the currently outstanding 9,657,516 Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series P (the “Series P shares”) nor all or part of the currently outstanding 1,542,484 Non-Cumulative Floating Rate First Preferred Shares, Series Q (the “Series Q shares”) on January 31, 2026. As a result, subject to certain conditions, the holders of the Series P shares have the right to convert all or part of their Series P shares, on a one-for-one basis, into Series Q shares, and subject to certain conditions, the holders of the Series Q shares have the right to convert all or part of their Series Q shares, on a one-for-one basis, into Series P shares, in each case on February 2, 2026 (the “Conversion Date”), pursuant to the terms and conditions of the Series P shares and the Series Q shares.

Holders of Series P shares who do not exercise their right to convert their Series P shares into Series Q shares on the Conversion Date will retain their Series P shares, and holders of the Series Q shares who do not exercise their right to convert their Series Q shares into Series P shares on the Conversion Date will retain their Series Q shares, in each case, subject to certain conditions.

The foregoing conversion rights of the Series P shares and the Series Q shares are subject to the conditions that: (i) if Power Financial determines that there would remain outstanding on the Conversion Date less than 1,000,000 Series Q shares, after having taken into account all Series P shares and Series Q shares tendered for conversion, then holders of Series P shares will not be entitled to convert their shares into Series Q shares and all remaining Series Q shares will automatically be converted into Series P shares without the consent of the holders, on a one-for-one basis, on the Conversion Date, and (ii) alternatively, if Power Financial determines that there would remain outstanding on the Conversion Date less than 1,000,000 Series P shares, after having taken into account all Series P shares and Series Q shares tendered for conversion, then holders of Series Q shares will not be entitled to convert their shares into Series P shares and all remaining Series P shares will automatically be converted into Series Q shares without the consent of the holders, on a one-for-one basis, on the Conversion Date. In either case, Power Financial will give written notice to that effect to the registered holders of Series P shares and/or Series Q shares, as the case may be, no later than January 26, 2026.

The dividend rate applicable to the Series P shares for the 5-year period from January 31, 2026 to but excluding January 31, 2031, and the dividend rate applicable to the Series Q shares for the 3-month period from January 31, 2026 to but excluding April 30, 2026, will be determined and announced by way of a news release on January 2, 2026.

Beneficial owners of Series P shares or Series Q 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 January 2, 2026 until January 16, 2026 at 5:00 p.m. (Eastern Time).

PWF.PR.P was issued as a a FixedReset, 4.40%+160 that commenced trading 2010-6-29 after being announced 2010-6-17. It reset to 2.306% in 2016; I recommended against conversion but there was a 20% conversion to PWF.PR.Q anyway. After providing notice of extension the company announced the 2021 reset of PWF.PR.P to 1.998% effective 2021-01-31 and there was a net 6% conversion to the FixedReset.

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

Market Action

December 19, 2025

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 0.1780 % 2,428.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.1780 % 4,605.5
Floater 5.93 % 6.13 % 61,044 13.77 3 0.1780 % 2,654.2
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1967 % 3,660.4
SplitShare 4.77 % 4.20 % 71,725 3.18 5 -0.1967 % 4,371.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1967 % 3,410.6
Perpetual-Premium 5.64 % -2.82 % 85,535 0.09 7 -0.0393 % 3,113.3
Perpetual-Discount 5.53 % 5.64 % 50,968 14.38 26 1.0337 % 3,420.4
FixedReset Disc 5.82 % 6.03 % 106,196 13.58 31 0.2069 % 3,136.7
Insurance Straight 5.46 % 5.47 % 55,733 14.66 21 1.3331 % 3,328.0
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.2069 % 3,731.5
FixedReset Prem 5.90 % 4.38 % 101,696 2.53 20 0.1383 % 2,659.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2069 % 3,206.4
FixedReset Ins Non 5.25 % 5.42 % 84,620 14.42 13 0.6513 % 3,126.8
Performance Highlights
Issue Index Change Notes
ENB.PF.A FixedReset Disc -1.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 21.84
Evaluated at bid price : 22.21
Bid-YTW : 6.44 %
ENB.PF.C FixedReset Disc -1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 21.64
Evaluated at bid price : 21.95
Bid-YTW : 6.44 %
BN.PR.Z FixedReset Disc 1.00 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.25
Bid-YTW : 5.50 %
BIP.PR.E FixedReset Prem 1.07 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.57
Bid-YTW : 5.51 %
ENB.PR.H FixedReset Disc 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 22.38
Evaluated at bid price : 22.85
Bid-YTW : 5.84 %
GWO.PR.M Insurance Straight 1.14 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-18
Maturity Price : 25.00
Evaluated at bid price : 25.79
Bid-YTW : -31.61 %
BN.PR.T FixedReset Disc 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 20.74
Evaluated at bid price : 20.74
Bid-YTW : 6.29 %
GWO.PR.Q Insurance Straight 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 22.93
Evaluated at bid price : 23.21
Bid-YTW : 5.56 %
ENB.PR.B FixedReset Disc 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 6.40 %
ENB.PR.J FixedReset Disc 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 22.18
Evaluated at bid price : 22.62
Bid-YTW : 6.32 %
IFC.PR.G FixedReset Ins Non 1.76 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.50
Bid-YTW : 5.12 %
GWO.PR.S Insurance Straight 2.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 23.53
Evaluated at bid price : 23.80
Bid-YTW : 5.53 %
SLF.PR.E Insurance Straight 2.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 21.37
Evaluated at bid price : 21.64
Bid-YTW : 5.20 %
MFC.PR.C Insurance Straight 3.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 22.26
Evaluated at bid price : 22.53
Bid-YTW : 5.01 %
MFC.PR.L FixedReset Ins Non 3.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 23.21
Evaluated at bid price : 24.73
Bid-YTW : 5.31 %
POW.PR.A Perpetual-Discount 4.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 24.82
Evaluated at bid price : 25.04
Bid-YTW : 5.69 %
SLF.PR.C Insurance Straight 5.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 21.62
Evaluated at bid price : 21.87
Bid-YTW : 5.09 %
GWO.PR.T Insurance Straight 11.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 22.92
Evaluated at bid price : 23.17
Bid-YTW : 5.57 %
CU.PR.G Perpetual-Discount 26.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 20.81
Evaluated at bid price : 20.81
Bid-YTW : 5.46 %
Volume Highlights
Issue Index Shares
Traded		 Notes
FFH.PR.I FixedReset Disc 25,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-30
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 4.93 %
BN.PR.R FixedReset Disc 21,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 20.95
Evaluated at bid price : 20.95
Bid-YTW : 6.28 %
MFC.PR.F FixedReset Ins Non 19,365 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 5.84 %
BIP.PR.B FixedReset Disc 16,600 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-30
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 6.16 %
TD.PF.A FixedReset Prem 16,215 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.45
Bid-YTW : 4.67 %
ENB.PF.C FixedReset Disc 16,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 21.64
Evaluated at bid price : 21.95
Bid-YTW : 6.44 %
There were 12 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
IFC.PR.I Insurance Straight Quote: 22.40 – 25.99
Spot Rate : 3.5900
Average : 3.2583

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 22.02
Evaluated at bid price : 22.40
Bid-YTW : 6.04 %
ENB.PF.A FixedReset Disc Quote: 22.21 – 23.06
Spot Rate : 0.8500
Average : 0.5907

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 21.84
Evaluated at bid price : 22.21
Bid-YTW : 6.44 %
BN.PR.M Perpetual-Discount Quote: 20.75 – 21.35
Spot Rate : 0.6000
Average : 0.4451

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 5.75 %
PVS.PR.L SplitShare Quote: 25.81 – 26.50
Spot Rate : 0.6900
Average : 0.5756

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.81
Bid-YTW : 4.78 %
PWF.PR.S Perpetual-Discount Quote: 22.01 – 22.50
Spot Rate : 0.4900
Average : 0.3828

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 21.76
Evaluated at bid price : 22.01
Bid-YTW : 5.52 %
ENB.PR.A Perpetual-Discount Quote: 24.40 – 24.74
Spot Rate : 0.3400
Average : 0.2384

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-19
Maturity Price : 24.15
Evaluated at bid price : 24.40
Bid-YTW : 5.68 %
Market Action

December 18, 2025

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 0.1528 % 2,424.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.1528 % 4,597.4
Floater 5.94 % 6.14 % 63,109 13.76 3 0.1528 % 2,649.5
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1336 % 3,667.6
SplitShare 4.76 % 4.33 % 74,474 3.18 5 -0.1336 % 4,379.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1336 % 3,417.4
Perpetual-Premium 5.64 % -2.06 % 86,322 0.09 7 0.3550 % 3,114.5
Perpetual-Discount 5.59 % 5.65 % 52,957 14.37 26 -0.1663 % 3,385.4
FixedReset Disc 5.83 % 6.01 % 107,486 13.64 31 0.1320 % 3,130.2
Insurance Straight 5.53 % 5.50 % 57,892 14.66 21 -1.2070 % 3,284.2
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.1320 % 3,723.8
FixedReset Prem 5.91 % 4.48 % 98,462 2.62 20 -0.0058 % 2,656.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1320 % 3,199.7
FixedReset Ins Non 5.28 % 5.56 % 83,365 14.33 13 -0.0266 % 3,106.6
Performance Highlights
Issue Index Change Notes
GWO.PR.T Insurance Straight -9.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 6.22 %
IFC.PR.I Insurance Straight -9.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 22.02
Evaluated at bid price : 22.40
Bid-YTW : 6.04 %
POW.PR.A Perpetual-Discount -4.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 23.63
Evaluated at bid price : 23.90
Bid-YTW : 5.96 %
SLF.PR.C Insurance Straight -4.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 20.77
Evaluated at bid price : 20.77
Bid-YTW : 5.38 %
MFC.PR.L FixedReset Ins Non -3.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 22.81
Evaluated at bid price : 23.79
Bid-YTW : 5.55 %
SLF.PR.E Insurance Straight -2.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 21.11
Evaluated at bid price : 21.11
Bid-YTW : 5.35 %
BIP.PR.E FixedReset Prem -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 23.62
Evaluated at bid price : 25.30
Bid-YTW : 5.98 %
MFC.PR.B Insurance Straight 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 22.07
Evaluated at bid price : 22.30
Bid-YTW : 5.23 %
SLF.PR.G FixedReset Ins Non 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 5.71 %
IFC.PR.C FixedReset Ins Non 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 23.97
Evaluated at bid price : 24.51
Bid-YTW : 5.67 %
CIU.PR.A Perpetual-Discount 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 21.07
Evaluated at bid price : 21.07
Bid-YTW : 5.51 %
BIP.PR.F FixedReset Disc 1.20 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-01-01
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : 5.82 %
POW.PR.H Perpetual-Premium 1.66 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2034-10-15
Maturity Price : 25.00
Evaluated at bid price : 25.65
Bid-YTW : 5.61 %
CU.PR.C FixedReset Disc 2.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 24.03
Evaluated at bid price : 24.40
Bid-YTW : 5.56 %
Volume Highlights
Issue Index Shares
Traded		 Notes
ENB.PF.C FixedReset Disc 59,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 21.86
Evaluated at bid price : 22.26
Bid-YTW : 6.34 %
ENB.PF.A FixedReset Disc 40,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 22.13
Evaluated at bid price : 22.64
Bid-YTW : 6.31 %
SLF.PR.D Insurance Straight 31,297 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 21.27
Evaluated at bid price : 21.54
Bid-YTW : 5.17 %
ENB.PR.T FixedReset Disc 25,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 22.45
Evaluated at bid price : 23.11
Bid-YTW : 6.20 %
CU.PR.G Perpetual-Discount 25,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 16.50
Evaluated at bid price : 16.50
Bid-YTW : 6.90 %
POW.PR.I Perpetual-Premium 19,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 24.66
Evaluated at bid price : 25.06
Bid-YTW : 5.69 %
There were 9 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
GWO.PR.T Insurance Straight Quote: 20.80 – 25.00
Spot Rate : 4.2000
Average : 2.7642

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 6.22 %
CU.PR.G Perpetual-Discount Quote: 16.50 – 20.95
Spot Rate : 4.4500
Average : 3.5873

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 16.50
Evaluated at bid price : 16.50
Bid-YTW : 6.90 %
IFC.PR.I Insurance Straight Quote: 22.40 – 25.99
Spot Rate : 3.5900
Average : 2.8945

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 22.02
Evaluated at bid price : 22.40
Bid-YTW : 6.04 %
POW.PR.A Perpetual-Discount Quote: 23.90 – 25.75
Spot Rate : 1.8500
Average : 1.2614

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 23.63
Evaluated at bid price : 23.90
Bid-YTW : 5.96 %
SLF.PR.C Insurance Straight Quote: 20.77 – 21.89
Spot Rate : 1.1200
Average : 0.6775

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-18
Maturity Price : 20.77
Evaluated at bid price : 20.77
Bid-YTW : 5.38 %
BN.PF.J FixedReset Prem Quote: 25.90 – 26.90
Spot Rate : 1.0000
Average : 0.7184

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.90
Bid-YTW : 4.29 %
Market Action

December 17, 2025

The Boston Fed has published a Current Policy Perspective by Anat Bracha and Jenny Tang titled Shaping the Future of Work: Workers’ Optimism and Pessimism about AI:

Key Takeaways:

  • Only about 10% of survey respondents expected their financial well-being to worsen within the next year (2025) due to AI; 21% expected it to worsen in one to five years (through 2029).
  • Roughly 11% of the workers in the survey anticipated some negative impact of AI on their job prospects; 5% were worried about job loss specifically.
  • According to the survey, 49% of workers were confident they could adapt to AI with proper training; only 29% expected they could do so on their own.
  • The expected effects of AI varied considerably across industries and educational levels, with workers in industries planning to expand AI use more worried about job loss.

I liked this chart:

Collectively, the results from the two surveys indicate that while overall worry about job loss due to AI did not seem to be acute at the end of last year, the intensity varied across industries and related mildly to the extent to which an industry planned to use AI.

While many workers in our survey were worried about how AI could affect their job, others indicated that they expect it will bring increased productivity and new opportunities; 22 percent of workers anticipated boosts to productivity, and 10 percent expected to have new AI-driven job or business opportunities.

As with pessimism about AI, optimism varied substantially across industries. The shares of workers expecting AI-related productivity boosts were the largest in information (53 percent), private educational services (42 percent), and finance and insurance (32 percent). Expectations of greater productivity are related positively to the share of an industry’s firms that expected to use more AI in the next six months, as recorded in the BTOS at the end of 2024. This relationship is seen in the right panel of Figure 3. The correlation is strong at 77 percent, and it is highly statistically significant.

PerpetualDiscounts now yield 5.64%, equivalent to 7.33% interest at the standard conversion factor of 1.3x. Long corporates yielded 4.94% on 2025-12-18, while the price ZLC changed from 15.15 on 2025-12-17 to 15.21 on 2025-12-18, a gain of 40bp in price. Given a “Duration” of 12.29 for the ZLC portfolio (BMO does not specify which duration they report; I am assuming Modified), this implies that portfolio yield fell 3bp from 12/17 to 12/18, implying a yield of 4.97% on 2025-12-17. Therefore the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed slightly (and perhaps spuriously) to 235bp from the 240bp reported December 10.

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 -0.2287 % 2,420.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2287 % 4,590.3
Floater 5.95 % 6.16 % 63,362 13.73 3 -0.2287 % 2,645.4
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1334 % 3,672.5
SplitShare 4.75 % 4.14 % 75,177 1.16 5 -0.1334 % 4,385.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1334 % 3,421.9
Perpetual-Premium 5.66 % 0.15 % 86,767 0.09 7 -0.1856 % 3,103.5
Perpetual-Discount 5.58 % 5.64 % 54,612 14.38 26 -0.5419 % 3,391.0
FixedReset Disc 5.84 % 6.03 % 108,713 13.64 31 -0.0652 % 3,126.1
Insurance Straight 5.46 % 5.48 % 57,863 14.71 21 0.9717 % 3,324.3
FloatingReset 0.00 % 0.00 % 0 0.00 0 -0.0652 % 3,718.8
FixedReset Prem 5.91 % 4.51 % 99,430 2.54 20 -0.0941 % 2,656.2
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0652 % 3,195.5
FixedReset Ins Non 5.28 % 5.56 % 80,848 14.39 13 -0.1460 % 3,107.4
Performance Highlights
Issue Index Change Notes
CU.PR.G Perpetual-Discount -19.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 16.50
Evaluated at bid price : 16.50
Bid-YTW : 6.90 %
CU.PR.C FixedReset Disc -2.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 23.47
Evaluated at bid price : 23.90
Bid-YTW : 5.67 %
MFC.PR.C Insurance Straight -1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 21.59
Evaluated at bid price : 21.85
Bid-YTW : 5.16 %
FTS.PR.H FixedReset Disc -1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 5.89 %
SLF.PR.G FixedReset Ins Non -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.77 %
POW.PR.H Perpetual-Premium -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 24.82
Evaluated at bid price : 25.23
Bid-YTW : 5.81 %
BN.PF.E FixedReset Disc -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 22.25
Evaluated at bid price : 22.88
Bid-YTW : 5.96 %
ENB.PF.K FixedReset Prem -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 23.57
Evaluated at bid price : 25.10
Bid-YTW : 6.16 %
BN.PF.J FixedReset Prem -1.15 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.90
Bid-YTW : 4.28 %
ENB.PR.D FixedReset Disc -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 21.08
Evaluated at bid price : 21.08
Bid-YTW : 6.46 %
BN.PR.N Perpetual-Discount 1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 20.71
Evaluated at bid price : 20.71
Bid-YTW : 5.76 %
BN.PF.F FixedReset Disc 2.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 23.05
Evaluated at bid price : 24.40
Bid-YTW : 5.97 %
MFC.PR.L FixedReset Ins Non 2.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 23.14
Evaluated at bid price : 24.56
Bid-YTW : 5.35 %
GWO.PR.M Insurance Straight 2.80 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-16
Maturity Price : 25.00
Evaluated at bid price : 25.70
Bid-YTW : -28.32 %
IFC.PR.I Insurance Straight 11.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 24.37
Evaluated at bid price : 24.66
Bid-YTW : 5.48 %
GWO.PR.Y Insurance Straight 13.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 5.43 %
Volume Highlights
Issue Index Shares
Traded		 Notes
POW.PR.I Perpetual-Premium 115,450 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 24.62
Evaluated at bid price : 25.02
Bid-YTW : 5.69 %
BN.PF.E FixedReset Disc 78,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 22.25
Evaluated at bid price : 22.88
Bid-YTW : 5.96 %
BN.PF.M FixedReset Prem 50,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2031-01-01
Maturity Price : 25.00
Evaluated at bid price : 25.86
Bid-YTW : 4.97 %
FFH.PR.I FixedReset Disc 48,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-30
Maturity Price : 25.00
Evaluated at bid price : 24.97
Bid-YTW : 5.05 %
ENB.PF.C FixedReset Disc 21,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 21.92
Evaluated at bid price : 22.35
Bid-YTW : 6.32 %
ENB.PF.E FixedReset Disc 20,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 21.87
Evaluated at bid price : 22.30
Bid-YTW : 6.32 %
There were 10 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
CU.PR.G Perpetual-Discount Quote: 16.50 – 21.12
Spot Rate : 4.6200
Average : 2.6414

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 16.50
Evaluated at bid price : 16.50
Bid-YTW : 6.90 %
ENB.PF.C FixedReset Disc Quote: 22.35 – 24.50
Spot Rate : 2.1500
Average : 1.2973

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 21.92
Evaluated at bid price : 22.35
Bid-YTW : 6.32 %
CU.PR.C FixedReset Disc Quote: 23.90 – 24.85
Spot Rate : 0.9500
Average : 0.6239

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 23.47
Evaluated at bid price : 23.90
Bid-YTW : 5.67 %
BN.PR.R FixedReset Disc Quote: 20.74 – 21.75
Spot Rate : 1.0100
Average : 0.8232

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 20.74
Evaluated at bid price : 20.74
Bid-YTW : 6.34 %
IFC.PR.G FixedReset Ins Non Quote: 25.06 – 25.68
Spot Rate : 0.6200
Average : 0.4346

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 23.49
Evaluated at bid price : 25.06
Bid-YTW : 5.56 %
FTS.PR.J Perpetual-Discount Quote: 22.56 – 23.10
Spot Rate : 0.5400
Average : 0.3623

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-17
Maturity Price : 22.29
Evaluated at bid price : 22.56
Bid-YTW : 5.30 %