Month: October 2026

Market Action

MAPF Portfolio Composition: September, 2026

Turnover picked up to 9% in September, mostly towards the end of the month during a period of excitement and rising global bond market yields. Liquidity is generally very low and spreads on quotations are high.

Sectoral distribution of the MAPF portfolio on September 30, 2026, was:

MAPF Sectoral Analysis 2026-09-30
HIMI Indices Sector	Weighting	YTW	ModDur
Ratchet	0%	N/A	N/A
FixFloat	0%	N/A	N/A
Floater	11.7%	5.54%	14.64
OpRet	0%	N/A	N/A
SplitShare	0%	N/A	N/A
Interest Rearing	0%	N/A	N/A
PerpetualPremium	0%	N/A	N/A
PerpetualDiscount	12.2%	6.01%	13.83
Fixed-Reset Discount	8.6%	6.40%	10.47
Insurance – Straight	23.4%	5.76%	14.29
FloatingReset	0%	N/A	N/A
FixedReset Premium	27.7%	4.29%	1.26
FixedReset Bank non-NVCC	0%	N/A	N/A
FixedReset Insurance non-NVCC	1.4%	5.95%	14.20
Scraps – Ratchet	0%	N/A	N/A
Scraps – FixedFloater	0%	N/A	N/A
Scraps – Floater	0%	N/A	N/A
Scraps – OpRet	0%	N/A	N/A
Scraps – SplitShare	6.8%	4.57%	3.09
Scraps – PerpPrem	0%	N/A	N/A
Scraps – PerpDisc	0%	N/A	N/A
Scraps – FR Discount	7.4%	6.44%	13.62
Scraps – Insurance Straight	0%	N/A	N/A
Scraps – FloatingReset	0%	N/A	N/A
Scraps – FR Premium	0%	N/A	N/A
Scraps – Bank non-NVCC	0%	N/A	N/A
Scraps – Ins non-NVCC	0%	N/A	N/A
Cash	+0.8%	0.00%	0.00
Total	100%	5.34%	9.40
Totals and changes will not add precisely due to rounding. Cash is included in totals with duration and yield both equal to zero.
The various “Scraps” indices include issues with a DBRS rating of Pfd-3(high) or lower and issues with an Average Trading Value (calculated with HIMIPref™ methodology, which is relatively complex) of less than $25,000. The issues considered “Scraps” are subdivided into indices which reflect those of the main indices.
DeemedRetractibles were comprised of all Straight Perpetuals (both PerpetualDiscount and PerpetualPremium) issued by BMO, BNS, CM, ELF, GWO, HSB, IAG, MFC, NA, RY, SLF and TD, which are not exchangable into common at the option of the company or the regulator. These issues are analyzed as if their prospectuses included a requirement to redeem at par on or prior to 2022-1-31 in the case of banks or normally in the case of insurers and insurance holding companies, in addition to the call schedule explicitly defined. See the Deemed Retractible Review: September 2016 for the rationale behind this analysis and IAIS Says No To DeemedRetractions for the recent change in policy with respect to insurers. Note that the estimate for the time this will become effective for insurers and insurance holding companies was extended by three years in April 2013, due to the delays in OSFI’s providing clarity on the issue and by a further five years in December, 2018; the estimate was eliminated in November. However, the distinctions are being kept because it is useful to distinguish insurance issues from others. The name of this subindex has been changed to “Insurance Straight” as of November, 2020
Calculations of yield and related attributes of resettable instruments are performed assuming a constant GOC-5 rate of 3.71%, a constant 3-Month Bill rate of 2.40% and a constant Canada Prime Rate of 4.45%

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

Credit distribution is:

MAPF Credit Analysis 2026-9-30
DBRS Rating	MAPF Weighting
Pfd-1	0
Pfd-1(low)	0
Pfd-2(high)	35.0%
Pfd-2	32.6%
Pfd-2(low)	17.3%
Pfd-3(high)	6.0%
Pfd-3	4.0%
Pfd-3(low)	4.2%
Pfd-4(high)	0%
Pfd-4	0%
Pfd-4(low)	0%
Pfd-5(high)	0%
Pfd-5	0%
Cash	+0.8%
Totals will not add precisely due to rounding.

Liquidity Distribution is:

MAPF Liquidity Analysis 2026-9-30
Average Daily Trading	MAPF Weighting
<$50,000	13.1%
$50,000 – $100,000	46.4%
$100,000 – $200,000	33.5%
$200,000 – $300,000	3.0%
>$300,000	3.2%
Cash	+0.8%
Totals will not add precisely due to rounding.

The distribution of Issue Reset Spreads is:

Range	MAPF Weight
<100bp	0%
100-149bp	7.4%
150-199bp	0%
200-249bp	16.9%
250-299bp	2.8%
300-349bp	14.3%
350-399bp	3.8%
400-449bp	0%
450-499bp	0%
500-549bp	0%
550-599bp	0%
>= 600bp	0%
Undefined	54.9%

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

Range	MAPF Weight
Currently Floating	12.5%
0-1 Year	3.8%
1-2 Years	22.3%
2-3 Years	10.7%
3-4 Years	8.7%
4-5 Years	1.4%
5-6 Years	0%
>6 Years	0%
Not Floating Rate	40.8%

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

Market Action

October 2, 2026

The US jobs number came out today:

The US labor market hit a soft patch in September as the economy added just 29,000 jobs and the unemployment rate increased to 4.2%, new Bureau of Labor Statistics data showed Friday.
…
The annual rate of wage growth slowed for the fourth month in a row, landing at 3% in September, which is the lowest since May 2021.
…
Healthcare, buoyed by an aging population in need of more medical services, has driven much of the employment gains in recent years and continued to do so in September. Healthcare and social assistance added 23,000 jobs, a modest uptick for a sector that added 57,000 jobs per month last year.
…
The construction sector notched employment gains for the seventh month in a row, adding 11,000 jobs. The bulk of the gains came from the non-residential side, a likely reflection of the massive investment in AI-related infrastructure such as data centers.

So bonds did well:

The weaker-than-anticipated data pulled down expectations for a rate hike of at least 25 basis points from the Fed at its meeting at the ‌end of October to 22.7 per cent, according to CME FedWatch, from 24.4 per cent in the prior session and 64.2 per cent a week earlier.

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	0.8766 %	2,776.4
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.8766 %	5,228.3
Floater	5.21 %	5.32 %	29,798	15.01	3	0.8766 %	3,013.1
OpRet	0.00 %	0.00 %	0	0.00	0	0.3401 %	3,624.5
SplitShare	4.66 %	4.26 %	52,574	0.40	4	0.3401 %	4,328.4
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.3401 %	3,377.2
Perpetual-Premium	5.84 %	5.88 %	70,791	14.08	9	0.8754 %	2,970.8
Perpetual-Discount	5.92 %	5.98 %	43,150	13.86	21	0.5366 %	3,196.6
FixedReset Disc	5.69 %	6.40 %	79,299	13.25	21	0.3106 %	3,345.6
Insurance Straight	5.82 %	5.89 %	64,880	14.08	19	0.4168 %	3,090.3
FloatingReset	0.00 %	0.00 %	0	0.00	0	0.3106 %	4,085.0
FixedReset Prem	6.00 %	5.00 %	78,159	2.08	27	-0.1125 %	2,631.7
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.3106 %	3,419.9
FixedReset Ins Non	5.64 %	5.78 %	48,280	13.57	13	0.5492 %	3,228.3

Performance Highlights
Issue	Index	Change	Notes
BN.PF.G	FixedReset Prem	-2.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 23.03 Evaluated at bid price : 24.35 Bid-YTW : 6.49 %
SLF.PR.H	FixedReset Ins Non	-2.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 22.92 Evaluated at bid price : 24.33 Bid-YTW : 5.90 %
POW.PR.G	Perpetual-Discount	-1.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 22.82 Evaluated at bid price : 23.10 Bid-YTW : 6.08 %
BIP.PR.E	FixedReset Prem	-1.29 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2028-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.27 Bid-YTW : 5.95 %
PWF.PR.H	Perpetual-Premium	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 24.15 Evaluated at bid price : 24.40 Bid-YTW : 5.99 %
PWF.PR.F	Perpetual-Discount	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 22.14 Evaluated at bid price : 22.42 Bid-YTW : 5.95 %
PWF.PR.R	Perpetual-Discount	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 23.13 Evaluated at bid price : 23.39 Bid-YTW : 5.98 %
GWO.PR.Y	Insurance Straight	1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 19.26 Evaluated at bid price : 19.26 Bid-YTW : 5.89 %
CU.PR.K	Perpetual-Premium	1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 23.70 Evaluated at bid price : 24.05 Bid-YTW : 5.88 %
POW.PR.B	Perpetual-Discount	1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 22.59 Evaluated at bid price : 22.84 Bid-YTW : 5.87 %
GWO.PR.M	Insurance Straight	1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 24.21 Evaluated at bid price : 24.50 Bid-YTW : 5.95 %
CCS.PR.C	Insurance Straight	1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 21.49 Evaluated at bid price : 21.75 Bid-YTW : 5.78 %
POW.PR.I	Perpetual-Premium	1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 23.93 Evaluated at bid price : 24.30 Bid-YTW : 5.82 %
FTS.PR.J	Perpetual-Discount	1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 5.78 %
GWO.PR.L	Insurance Straight	1.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 23.41 Evaluated at bid price : 23.70 Bid-YTW : 5.99 %
MFC.PR.J	FixedReset Ins Non	1.44 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2028-03-19 Maturity Price : 25.00 Evaluated at bid price : 25.31 Bid-YTW : 5.47 %
GWO.PR.N	FixedReset Ins Non	1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 20.90 Evaluated at bid price : 20.90 Bid-YTW : 5.75 %
ENB.PR.P	FixedReset Disc	1.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 23.17 Evaluated at bid price : 24.21 Bid-YTW : 6.40 %
POW.PR.A	Perpetual-Discount	1.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 23.34 Evaluated at bid price : 23.63 Bid-YTW : 5.94 %
PWF.PR.Z	Perpetual-Discount	1.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 21.61 Evaluated at bid price : 21.86 Bid-YTW : 5.99 %
POW.PR.C	Perpetual-Premium	1.73 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 24.33 Evaluated at bid price : 24.64 Bid-YTW : 5.90 %
POW.PR.H	Perpetual-Premium	1.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 24.16 Evaluated at bid price : 24.55 Bid-YTW : 5.86 %
BN.PR.B	Floater	2.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 14.75 Evaluated at bid price : 14.75 Bid-YTW : 5.32 %
ENB.PF.G	FixedReset Disc	3.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 22.82 Evaluated at bid price : 23.91 Bid-YTW : 6.51 %
IFC.PR.G	FixedReset Ins Non	6.16 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2028-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.50 Bid-YTW : 4.86 %

Volume Highlights
Issue	Index	Shares Traded	Notes
GWO.PR.H	Insurance Straight	113,265	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 20.31 Evaluated at bid price : 20.31 Bid-YTW : 6.02 %
ENB.PR.J	FixedReset Disc	13,310	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 23.21 Evaluated at bid price : 24.30 Bid-YTW : 6.45 %
POW.PR.H	Perpetual-Premium	11,400	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 24.16 Evaluated at bid price : 24.55 Bid-YTW : 5.86 %
IFC.PR.A	FixedReset Ins Non	11,400	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 23.09 Evaluated at bid price : 23.58 Bid-YTW : 5.72 %
TD.PF.I	FixedReset Prem	11,000	YTW SCENARIO Maturity Type : Call Maturity Date : 2027-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.85 Bid-YTW : 4.11 %
PWF.PR.H	Perpetual-Premium	10,300	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 24.15 Evaluated at bid price : 24.40 Bid-YTW : 5.99 %
There were 0 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue	Index	Quote Data and Yield Notes
GWO.PR.H	Insurance Straight	Quote: 20.31 – 22.00 Spot Rate : 1.6900 Average : 1.2589 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 20.31 Evaluated at bid price : 20.31 Bid-YTW : 6.02 %
PWF.PR.O	Perpetual-Premium	Quote: 24.40 – 25.26 Spot Rate : 0.8600 Average : 0.5015 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 24.15 Evaluated at bid price : 24.40 Bid-YTW : 6.05 %
FTS.PR.F	Perpetual-Discount	Quote: 21.13 – 22.25 Spot Rate : 1.1200 Average : 0.7757 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 21.13 Evaluated at bid price : 21.13 Bid-YTW : 5.87 %
ENB.PR.T	FixedReset Disc	Quote: 24.46 – 25.39 Spot Rate : 0.9300 Average : 0.6186 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 23.23 Evaluated at bid price : 24.46 Bid-YTW : 6.40 %
PWF.PR.S	Perpetual-Discount	Quote: 20.35 – 21.35 Spot Rate : 1.0000 Average : 0.6940 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 20.35 Evaluated at bid price : 20.35 Bid-YTW : 6.01 %
NA.PR.K	FixedReset Prem	Quote: 27.76 – 28.89 Spot Rate : 1.1300 Average : 0.8282 YTW SCENARIO Maturity Type : Call Maturity Date : 2029-05-01 Maturity Price : 25.00 Evaluated at bid price : 27.76 Bid-YTW : 3.69 %

Market Action

October 1, 2026

The cry goes up from the prediction markets and gambling hells … “Buy the dips!”:

A wave of investor buying reversed an early selloff in US Treasuries on Thursday, providing relief to bondholders after long-term yields surged to their highest level in 24 years following the latest hot economic data.

The reversal opened October ⁠on an optimistic note following the largest quarterly rise in 10-year yields since 1994, a year known on Wall Street as the great bond massacre. Yields on 10- and 30-year Treasuries hit their highest level since the spring of 2002 at midmorning on Thursday after the Institute for Supply Management said US manufacturing activity was little changed in September, with prices for inputs surging amid strong demand, pointing to sustained inflation pressures.

The early selloff came against a deteriorating backdrop for inflation, with benchmark Brent oil prices rallying after China suspended exports of ‌oil products. Earlier data showed that new applications for US unemployment benefits fell last week and layoffs decreased in September, suggesting that labor-market stability persisted even as employers remained cautious about boosting hiring.

But the momentum shifted toward buying bonds shortly after 10 a.m. EDT (1400 GMT), with traders and analysts citing a widespread sense that the sharp rises in yields over the past six weeks have vastly improved the risk/reward profile on US Treasury debt. On Thursday afternoon, benchmark yields were on track for their ‌biggest drop in two weeks after dovish comments from Federal Reserve ‌officials.
…
Some of the strongest buying occurred in 2-year Treasuries, with yields marking their biggest declines in a single session since August 2025. The 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, was last down 8.94 basis points at 4.798%.
…
The yield on benchmark U.S. 10-year notes fell 5.02 basis points to 5.243% after earlier trading at 5.3445%, their highest level since April 2002.

The 30-year bond yield fell 3.21 basis points to 5.6069% after earlier reaching 5.6935%.

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	0.7017 %	2,752.2
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.7017 %	5,182.9
Floater	5.25 %	5.35 %	30,174	14.95	3	0.7017 %	2,986.9
OpRet	0.00 %	0.00 %	0	0.00	0	-0.1598 %	3,612.2
SplitShare	4.68 %	4.91 %	47,963	1.36	4	-0.1598 %	4,313.8
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.1598 %	3,365.8
Perpetual-Premium	5.90 %	5.97 %	73,648	13.93	9	1.2295 %	2,945.0
Perpetual-Discount	5.95 %	6.02 %	44,977	13.80	21	1.5714 %	3,179.6
FixedReset Disc	5.71 %	6.41 %	78,997	13.19	21	0.7073 %	3,335.2
Insurance Straight	5.85 %	5.89 %	65,357	14.06	19	-0.0419 %	3,077.5
FloatingReset	0.00 %	0.00 %	0	0.00	0	0.7073 %	4,072.3
FixedReset Prem	5.99 %	4.67 %	77,404	1.99	27	0.1951 %	2,634.6
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.7073 %	3,409.3
FixedReset Ins Non	5.67 %	5.90 %	48,585	13.60	13	-0.2594 %	3,210.7

Performance Highlights
Issue	Index	Change	Notes
IFC.PR.G	FixedReset Ins Non	-5.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 23.66 Evaluated at bid price : 24.02 Bid-YTW : 6.52 %
GWO.PR.M	Insurance Straight	-2.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 23.97 Evaluated at bid price : 24.22 Bid-YTW : 6.02 %
NA.PR.K	FixedReset Prem	-2.11 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-05-01 Maturity Price : 25.00 Evaluated at bid price : 27.80 Bid-YTW : 3.63 %
MFC.PR.K	FixedReset Ins Non	-2.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 23.48 Evaluated at bid price : 24.70 Bid-YTW : 6.06 %
MFC.PR.Q	FixedReset Ins Non	-1.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 23.50 Evaluated at bid price : 24.60 Bid-YTW : 6.34 %
BIP.PR.F	FixedReset Prem	-1.57 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-01-01 Maturity Price : 25.00 Evaluated at bid price : 25.10 Bid-YTW : 6.30 %
GWO.PR.I	Insurance Straight	-1.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 19.01 Evaluated at bid price : 19.01 Bid-YTW : 5.96 %
SLF.PR.D	Insurance Straight	-1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 19.73 Evaluated at bid price : 19.73 Bid-YTW : 5.68 %
PWF.PR.G	Perpetual-Premium	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 24.52 Evaluated at bid price : 24.77 Bid-YTW : 6.06 %
GWO.PR.Z	Insurance Straight	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 24.02 Evaluated at bid price : 24.40 Bid-YTW : 5.86 %
BN.PR.T	FixedReset Disc	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 22.44 Evaluated at bid price : 23.34 Bid-YTW : 6.37 %
POW.PR.A	Perpetual-Discount	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 22.99 Evaluated at bid price : 23.26 Bid-YTW : 6.03 %
BN.PF.D	Perpetual-Discount	1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 19.81 Evaluated at bid price : 19.81 Bid-YTW : 6.23 %
ENB.PR.H	FixedReset Disc	1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 23.16 Evaluated at bid price : 23.51 Bid-YTW : 6.31 %
MFC.PR.M	FixedReset Ins Non	1.12 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-12-20 Maturity Price : 25.00 Evaluated at bid price : 25.23 Bid-YTW : 5.32 %
CU.PR.K	Perpetual-Premium	1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 23.47 Evaluated at bid price : 23.80 Bid-YTW : 5.94 %
PWF.PR.S	Perpetual-Discount	1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 20.22 Evaluated at bid price : 20.22 Bid-YTW : 6.05 %
POW.PR.B	Perpetual-Discount	1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 22.33 Evaluated at bid price : 22.60 Bid-YTW : 5.93 %
PWF.PR.Z	Perpetual-Discount	1.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 6.11 %
BN.PR.N	Perpetual-Discount	1.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 19.27 Evaluated at bid price : 19.27 Bid-YTW : 6.21 %
POW.PR.G	Perpetual-Discount	1.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 23.20 Evaluated at bid price : 23.50 Bid-YTW : 5.97 %
POW.PR.D	Perpetual-Discount	1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 21.18 Evaluated at bid price : 21.18 Bid-YTW : 5.93 %
ENB.PR.A	Perpetual-Discount	1.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 23.71 Evaluated at bid price : 23.98 Bid-YTW : 5.79 %
PWF.PR.R	Perpetual-Discount	1.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 22.88 Evaluated at bid price : 23.15 Bid-YTW : 6.04 %
PWF.PR.F	Perpetual-Discount	1.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 21.95 Evaluated at bid price : 22.19 Bid-YTW : 6.02 %
BN.PF.C	Perpetual-Discount	1.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 19.77 Evaluated at bid price : 19.77 Bid-YTW : 6.18 %
ENB.PR.F	FixedReset Disc	1.95 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 23.10 Evaluated at bid price : 23.50 Bid-YTW : 6.60 %
PWF.PR.L	Perpetual-Discount	1.99 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 21.51 Evaluated at bid price : 21.51 Bid-YTW : 6.04 %
ENB.PR.B	FixedReset Disc	2.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 22.83 Evaluated at bid price : 23.50 Bid-YTW : 6.51 %
BN.PR.B	Floater	2.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 14.44 Evaluated at bid price : 14.44 Bid-YTW : 5.43 %
PWF.PR.K	Perpetual-Discount	2.95 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 20.95 Evaluated at bid price : 20.95 Bid-YTW : 6.02 %
MFC.PR.I	FixedReset Ins Non	2.98 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2027-09-19 Maturity Price : 25.00 Evaluated at bid price : 25.25 Bid-YTW : 5.16 %
MFC.PR.B	Insurance Straight	3.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 20.51 Evaluated at bid price : 20.51 Bid-YTW : 5.72 %
POW.PR.H	Perpetual-Premium	3.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 23.77 Evaluated at bid price : 24.13 Bid-YTW : 5.97 %
ENB.PR.D	FixedReset Disc	3.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 22.84 Evaluated at bid price : 23.28 Bid-YTW : 6.52 %
PWF.PR.H	Perpetual-Premium	3.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 23.91 Evaluated at bid price : 24.15 Bid-YTW : 6.06 %
BN.PF.G	FixedReset Prem	4.07 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2030-07-01 Maturity Price : 25.00 Evaluated at bid price : 25.03 Bid-YTW : 5.67 %
BN.PR.M	Perpetual-Discount	14.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 19.40 Evaluated at bid price : 19.40 Bid-YTW : 6.17 %

Volume Highlights
Issue	Index	Shares Traded	Notes
FFH.PR.K	FixedReset Prem	130,200	YTW SCENARIO Maturity Type : Call Maturity Date : 2027-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.15 Bid-YTW : 3.88 %
BN.PR.B	Floater	30,781	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 14.44 Evaluated at bid price : 14.44 Bid-YTW : 5.43 %
BILP.PR.A	FixedReset Prem	27,900	YTW SCENARIO Maturity Type : Call Maturity Date : 2031-10-01 Maturity Price : 25.00 Evaluated at bid price : 25.10 Bid-YTW : 5.70 %
PWF.PR.G	Perpetual-Premium	24,300	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 24.52 Evaluated at bid price : 24.77 Bid-YTW : 6.06 %
GWO.PR.R	Insurance Straight	15,900	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 20.21 Evaluated at bid price : 20.21 Bid-YTW : 5.98 %
SLF.PR.E	Insurance Straight	15,550	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 19.93 Evaluated at bid price : 19.93 Bid-YTW : 5.69 %
There were 7 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
PWF.PF.A	Perpetual-Discount	Quote: 19.30 – 20.65 Spot Rate : 1.3500 Average : 0.8690 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 5.94 %
IFC.PR.E	Insurance Straight	Quote: 22.55 – 23.75 Spot Rate : 1.2000 Average : 0.8248 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 22.28 Evaluated at bid price : 22.55 Bid-YTW : 5.79 %
MFC.PR.K	FixedReset Ins Non	Quote: 24.70 – 25.70 Spot Rate : 1.0000 Average : 0.6625 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 23.48 Evaluated at bid price : 24.70 Bid-YTW : 6.06 %
IFC.PR.G	FixedReset Ins Non	Quote: 24.02 – 25.65 Spot Rate : 1.6300 Average : 1.2931 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 23.66 Evaluated at bid price : 24.02 Bid-YTW : 6.52 %
ENB.PR.P	FixedReset Disc	Quote: 23.85 – 24.87 Spot Rate : 1.0200 Average : 0.6978 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 23.00 Evaluated at bid price : 23.85 Bid-YTW : 6.51 %
MFC.PR.Q	FixedReset Ins Non	Quote: 24.60 – 25.60 Spot Rate : 1.0000 Average : 0.7044 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-01 Maturity Price : 23.50 Evaluated at bid price : 24.60 Bid-YTW : 6.34 %

Volume Highlights
Issue	Index	Shares Traded	Notes
CM.PR.S	FixedReset Prem	139,142	YTW SCENARIO Maturity Type : Call Maturity Date : 2028-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.45 Bid-YTW : 4.17 %
MFC.PR.L	FixedReset Ins Non	130,200	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-06 Maturity Price : 23.20 Evaluated at bid price : 24.40 Bid-YTW : 5.95 %
CU.PR.C	FixedReset Prem	82,600	YTW SCENARIO Maturity Type : Call Maturity Date : 2027-06-01 Maturity Price : 25.00 Evaluated at bid price : 25.15 Bid-YTW : 5.09 %
BMO.PR.E	FixedReset Prem	72,745	YTW SCENARIO Maturity Type : Call Maturity Date : 2028-11-25 Maturity Price : 25.00 Evaluated at bid price : 26.66 Bid-YTW : 3.95 %
BN.PF.B	FixedReset Disc	50,822	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-04-01 Maturity Price : 25.00 Evaluated at bid price : 25.16 Bid-YTW : 5.95 %
MFC.PR.Q	FixedReset Ins Non	41,300	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-06 Maturity Price : 23.49 Evaluated at bid price : 24.57 Bid-YTW : 6.30 %
There were 20 other index-included issues trading in excess of 10,000 shares.

Performance Highlights
Issue	Index	Change	Notes
MFC.PR.K	FixedReset Ins Non	-3.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 23.31 Evaluated at bid price : 23.65 Bid-YTW : 6.33 %
PWF.PR.Z	Perpetual-Discount	-3.93 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 6.26 %
CM.PR.S	FixedReset Prem	-3.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 24.24 Evaluated at bid price : 24.60 Bid-YTW : 6.18 %
CCS.PR.C	Insurance Straight	-2.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 21.11 Evaluated at bid price : 21.11 Bid-YTW : 5.97 %
CU.PR.K	Perpetual-Discount	-2.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 23.24 Evaluated at bid price : 23.55 Bid-YTW : 6.01 %
ENB.PR.B	FixedReset Disc	-2.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 22.26 Evaluated at bid price : 23.02 Bid-YTW : 6.58 %
MFC.PR.L	FixedReset Ins Non	-1.90 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 23.15 Evaluated at bid price : 24.28 Bid-YTW : 5.98 %
ENB.PF.G	FixedReset Disc	-1.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 22.62 Evaluated at bid price : 23.50 Bid-YTW : 6.59 %
SLF.PR.G	FixedReset Ins Non	-1.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 21.12 Evaluated at bid price : 21.12 Bid-YTW : 5.81 %
GWO.PR.Y	Insurance Straight	-1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 19.01 Evaluated at bid price : 19.01 Bid-YTW : 5.97 %
POW.PR.A	Perpetual-Discount	-1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 23.09 Evaluated at bid price : 23.35 Bid-YTW : 6.01 %
PWF.PR.G	Perpetual-Discount	-1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 24.23 Evaluated at bid price : 24.52 Bid-YTW : 6.13 %
MFC.PR.N	FixedReset Ins Non	-1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 23.06 Evaluated at bid price : 24.33 Bid-YTW : 5.93 %
GWO.PR.Z	Insurance Straight	-1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 23.78 Evaluated at bid price : 24.15 Bid-YTW : 5.93 %
GWO.PR.R	Insurance Straight	1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 20.22 Evaluated at bid price : 20.22 Bid-YTW : 5.98 %
FTS.PR.H	FixedReset Disc	1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 6.02 %
BN.PR.N	Perpetual-Discount	1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 19.61 Evaluated at bid price : 19.61 Bid-YTW : 6.11 %
SLF.PR.H	FixedReset Ins Non	2.30 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2031-09-30 Maturity Price : 25.00 Evaluated at bid price : 24.89 Bid-YTW : 5.68 %
BN.PF.G	FixedReset Disc	2.67 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2030-07-01 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 5.72 %
MFC.PR.Q	FixedReset Ins Non	3.90 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2028-06-19 Maturity Price : 25.00 Evaluated at bid price : 25.56 Bid-YTW : 4.76 %
GWO.PR.G	Insurance Straight	4.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-05 Maturity Price : 21.86 Evaluated at bid price : 22.10 Bid-YTW : 5.92 %

PrefBlog

Month: October 2026

October 6, 2026

October 5, 2026

MAPF Portfolio Composition: September, 2026

October 2, 2026

October 1, 2026

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