Market Action

May 15, 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 0.1377 % 2,156.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.1377 % 4,197.0
Floater 7.15 % 7.48 % 61,650 11.91 3 0.1377 % 2,418.7
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0197 % 3,667.9
SplitShare 4.77 % 4.42 % 77,466 2.59 8 -0.0197 % 4,380.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0197 % 3,417.6
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.0638 % 2,924.2
Perpetual-Discount 5.88 % 5.99 % 52,436 13.89 33 -0.0638 % 3,188.7
FixedReset Disc 5.57 % 6.28 % 115,833 12.96 51 -0.0054 % 2,829.6
Insurance Straight 5.80 % 5.92 % 60,098 13.94 21 0.2661 % 3,119.7
FloatingReset 5.64 % 5.72 % 32,422 14.24 3 0.3695 % 3,614.6
FixedReset Prem 6.41 % 5.37 % 124,714 3.44 8 0.1979 % 2,589.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0054 % 2,892.5
FixedReset Ins Non 5.30 % 5.77 % 65,628 14.03 14 -0.4454 % 2,908.9
Performance Highlights
Issue Index Change Notes
SLF.PR.D Insurance Straight -3.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-15
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.65 %
SLF.PR.G FixedReset Ins Non -3.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-15
Maturity Price : 16.35
Evaluated at bid price : 16.35
Bid-YTW : 6.43 %
PWF.PR.A Floater -1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-15
Maturity Price : 12.75
Evaluated at bid price : 12.75
Bid-YTW : 6.85 %
IFC.PR.K Insurance Straight -1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-15
Maturity Price : 22.13
Evaluated at bid price : 22.45
Bid-YTW : 5.92 %
IFC.PR.A FixedReset Ins Non -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-15
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 5.71 %
POW.PR.G Perpetual-Discount -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-15
Maturity Price : 22.98
Evaluated at bid price : 23.25
Bid-YTW : 6.09 %
POW.PR.C Perpetual-Discount -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-15
Maturity Price : 24.22
Evaluated at bid price : 24.48
Bid-YTW : 5.99 %
ENB.PR.J FixedReset Disc -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-15
Maturity Price : 19.87
Evaluated at bid price : 19.87
Bid-YTW : 6.96 %
SLF.PR.H FixedReset Ins Non -1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-15
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 6.08 %
MFC.PR.B Insurance Straight 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-15
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 5.73 %
SLF.PR.E Insurance Straight 1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-15
Maturity Price : 20.61
Evaluated at bid price : 20.61
Bid-YTW : 5.54 %
BN.PR.B Floater 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-15
Maturity Price : 11.80
Evaluated at bid price : 11.80
Bid-YTW : 7.48 %
BN.PF.C Perpetual-Discount 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-15
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.16 %
CU.PR.E Perpetual-Discount 2.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-15
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 5.96 %
GWO.PR.Y Insurance Straight 2.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-15
Maturity Price : 19.55
Evaluated at bid price : 19.55
Bid-YTW : 5.85 %
BN.PF.B FixedReset Disc 2.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-15
Maturity Price : 21.26
Evaluated at bid price : 21.53
Bid-YTW : 6.60 %
PWF.PR.S Perpetual-Discount 3.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-15
Maturity Price : 20.28
Evaluated at bid price : 20.28
Bid-YTW : 5.98 %
ENB.PR.P FixedReset Disc 3.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-15
Maturity Price : 19.95
Evaluated at bid price : 19.95
Bid-YTW : 6.85 %
GWO.PR.I Insurance Straight 3.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-15
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 5.86 %
BIP.PR.E FixedReset Disc 4.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-15
Maturity Price : 23.19
Evaluated at bid price : 24.45
Bid-YTW : 6.11 %
ENB.PR.F FixedReset Disc 5.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-15
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 6.98 %
ENB.PF.G FixedReset Disc 6.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-15
Maturity Price : 19.05
Evaluated at bid price : 19.05
Bid-YTW : 7.12 %
Volume Highlights
Issue Index Shares
Traded		 Notes
RY.PR.J FixedReset Disc 187,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-06-23
Maturity Price : 25.00
Evaluated at bid price : 24.97
Bid-YTW : 5.43 %
BN.PR.R FixedReset Disc 93,610 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-15
Maturity Price : 18.16
Evaluated at bid price : 18.16
Bid-YTW : 6.87 %
FFH.PR.I FixedReset Disc 89,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-15
Maturity Price : 23.44
Evaluated at bid price : 24.12
Bid-YTW : 5.76 %
FFH.PR.K FixedReset Disc 85,962 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 24.83
Bid-YTW : 5.83 %
TD.PF.A FixedReset Disc 67,504 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-15
Maturity Price : 22.68
Evaluated at bid price : 23.70
Bid-YTW : 5.26 %
ENB.PR.P FixedReset Disc 66,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-15
Maturity Price : 19.95
Evaluated at bid price : 19.95
Bid-YTW : 6.85 %
There were 14 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.PR.X FixedReset Disc Quote: 17.22 – 24.00
Spot Rate : 6.7800
Average : 6.0732

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-15
Maturity Price : 17.22
Evaluated at bid price : 17.22
Bid-YTW : 6.76 %
IFC.PR.C FixedReset Ins Non Quote: 22.92 – 23.92
Spot Rate : 1.0000
Average : 0.7150

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-15
Maturity Price : 22.49
Evaluated at bid price : 22.92
Bid-YTW : 5.77 %
IFC.PR.F Insurance Straight Quote: 22.00 – 24.00
Spot Rate : 2.0000
Average : 1.7173

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-15
Maturity Price : 21.63
Evaluated at bid price : 22.00
Bid-YTW : 6.10 %
IFC.PR.K Insurance Straight Quote: 22.45 – 23.25
Spot Rate : 0.8000
Average : 0.5320

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-15
Maturity Price : 22.13
Evaluated at bid price : 22.45
Bid-YTW : 5.92 %
ENB.PF.A FixedReset Disc Quote: 19.92 – 20.74
Spot Rate : 0.8200
Average : 0.5604

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-15
Maturity Price : 19.92
Evaluated at bid price : 19.92
Bid-YTW : 6.94 %
SLF.PR.H FixedReset Ins Non Quote: 19.80 – 20.75
Spot Rate : 0.9500
Average : 0.7021

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-15
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 6.08 %
Market Action

May 14, 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 1.7377 % 2,153.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 1.7377 % 4,191.2
Floater 7.16 % 7.55 % 62,354 11.84 3 1.7377 % 2,415.4
OpRet 0.00 % 0.00 % 0 0.00 0 0.0592 % 3,668.6
SplitShare 4.77 % 4.53 % 77,106 2.60 8 0.0592 % 4,381.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0592 % 3,418.3
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.1870 % 2,926.0
Perpetual-Discount 5.88 % 5.99 % 52,860 13.90 33 -0.1870 % 3,190.7
FixedReset Disc 5.57 % 6.33 % 107,199 12.95 51 -0.1383 % 2,829.8
Insurance Straight 5.82 % 5.93 % 62,536 13.93 21 -0.7331 % 3,111.4
FloatingReset 5.66 % 5.77 % 31,262 14.17 3 0.3243 % 3,601.3
FixedReset Prem 6.42 % 5.36 % 125,496 3.44 8 -0.2215 % 2,584.2
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.1383 % 2,892.6
FixedReset Ins Non 5.28 % 5.75 % 65,382 14.03 14 0.7323 % 2,921.9
Performance Highlights
Issue Index Change Notes
ENB.PF.G FixedReset Disc -7.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 7.63 %
SLF.PR.C Insurance Straight -5.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 19.61
Evaluated at bid price : 19.61
Bid-YTW : 5.76 %
BN.PF.E FixedReset Disc -5.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 18.45
Evaluated at bid price : 18.45
Bid-YTW : 7.28 %
GWO.PR.I Insurance Straight -4.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 6.08 %
BN.PF.B FixedReset Disc -3.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 20.91
Evaluated at bid price : 20.91
Bid-YTW : 6.82 %
GWO.PR.Y Insurance Straight -3.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 18.99
Evaluated at bid price : 18.99
Bid-YTW : 6.02 %
ENB.PR.P FixedReset Disc -2.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 7.13 %
CU.PR.E Perpetual-Discount -2.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 20.19
Evaluated at bid price : 20.19
Bid-YTW : 6.09 %
ENB.PR.F FixedReset Disc -2.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 18.51
Evaluated at bid price : 18.51
Bid-YTW : 7.40 %
GWO.PR.P Insurance Straight -2.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 22.49
Evaluated at bid price : 22.75
Bid-YTW : 6.02 %
MFC.PR.L FixedReset Ins Non -2.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 21.68
Evaluated at bid price : 22.00
Bid-YTW : 5.95 %
BN.PR.M Perpetual-Discount -1.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 6.27 %
GWO.PR.T Insurance Straight -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 21.60
Evaluated at bid price : 21.60
Bid-YTW : 6.06 %
BN.PF.C Perpetual-Discount -1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 19.72
Evaluated at bid price : 19.72
Bid-YTW : 6.25 %
NA.PR.I FixedReset Prem -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 23.25
Evaluated at bid price : 25.00
Bid-YTW : 5.80 %
CU.PR.G Perpetual-Discount -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 18.99
Evaluated at bid price : 18.99
Bid-YTW : 5.95 %
BN.PF.A FixedReset Disc -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 22.61
Evaluated at bid price : 23.37
Bid-YTW : 6.40 %
CU.PR.H Perpetual-Discount -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 21.97
Evaluated at bid price : 22.20
Bid-YTW : 5.92 %
SLF.PR.H FixedReset Ins Non 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.02 %
IFC.PR.A FixedReset Ins Non 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 20.52
Evaluated at bid price : 20.52
Bid-YTW : 5.63 %
BN.PR.Z FixedReset Disc 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 22.12
Evaluated at bid price : 22.45
Bid-YTW : 6.55 %
MFC.PR.Q FixedReset Ins Non 1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 23.16
Evaluated at bid price : 24.45
Bid-YTW : 5.60 %
FTS.PR.H FixedReset Disc 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 16.40
Evaluated at bid price : 16.40
Bid-YTW : 6.51 %
SLF.PR.J FloatingReset 1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 16.86
Evaluated at bid price : 16.86
Bid-YTW : 6.09 %
FTS.PR.F Perpetual-Discount 1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 21.38
Evaluated at bid price : 21.65
Bid-YTW : 5.76 %
MFC.PR.M FixedReset Ins Non 1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 22.33
Evaluated at bid price : 23.05
Bid-YTW : 5.75 %
SLF.PR.E Insurance Straight 1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 5.61 %
BN.PF.G FixedReset Disc 1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 6.87 %
BN.PF.I FixedReset Disc 2.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 23.33
Evaluated at bid price : 24.30
Bid-YTW : 6.70 %
BN.PF.F FixedReset Disc 2.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 21.52
Evaluated at bid price : 21.80
Bid-YTW : 6.62 %
IFC.PR.C FixedReset Ins Non 2.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 22.66
Evaluated at bid price : 23.10
Bid-YTW : 5.73 %
SLF.PR.G FixedReset Ins Non 3.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 16.90
Evaluated at bid price : 16.90
Bid-YTW : 6.22 %
BN.PR.K Floater 6.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 11.70
Evaluated at bid price : 11.70
Bid-YTW : 7.55 %
Volume Highlights
Issue Index Shares
Traded		 Notes
PWF.PR.T FixedReset Disc 154,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 21.79
Evaluated at bid price : 22.12
Bid-YTW : 5.97 %
BN.PF.G FixedReset Disc 91,209 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 6.87 %
ENB.PR.T FixedReset Disc 90,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.79 %
CU.PR.C FixedReset Disc 73,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 6.30 %
RY.PR.J FixedReset Disc 64,100 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-06-23
Maturity Price : 25.00
Evaluated at bid price : 24.97
Bid-YTW : 5.29 %
PWF.PR.P FixedReset Disc 54,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 15.95
Evaluated at bid price : 15.95
Bid-YTW : 6.72 %
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
BN.PR.X FixedReset Disc Quote: 17.20 – 24.00
Spot Rate : 6.8000
Average : 5.2982

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 17.20
Evaluated at bid price : 17.20
Bid-YTW : 6.77 %
ENB.PF.G FixedReset Disc Quote: 18.00 – 19.80
Spot Rate : 1.8000
Average : 1.0145

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 7.63 %
MFC.PR.F FixedReset Ins Non Quote: 16.35 – 18.50
Spot Rate : 2.1500
Average : 1.7312

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 16.35
Evaluated at bid price : 16.35
Bid-YTW : 6.26 %
BN.PF.B FixedReset Disc Quote: 20.91 – 21.93
Spot Rate : 1.0200
Average : 0.6310

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 20.91
Evaluated at bid price : 20.91
Bid-YTW : 6.82 %
GWO.PR.I Insurance Straight Quote: 18.80 – 19.85
Spot Rate : 1.0500
Average : 0.7193

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 6.08 %
SLF.PR.C Insurance Straight Quote: 19.61 – 20.93
Spot Rate : 1.3200
Average : 0.9973

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-14
Maturity Price : 19.61
Evaluated at bid price : 19.61
Bid-YTW : 5.76 %
Market Action

May 13, 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 -1.3820 % 2,116.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 -1.3820 % 4,119.6
Floater 7.28 % 7.58 % 62,621 11.80 3 -1.3820 % 2,374.1
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0591 % 3,666.5
SplitShare 4.77 % 4.53 % 77,396 2.60 8 -0.0591 % 4,378.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0591 % 3,416.3
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.7452 % 2,931.5
Perpetual-Discount 5.86 % 5.98 % 52,864 13.90 33 0.7452 % 3,196.7
FixedReset Disc 5.56 % 6.39 % 106,730 12.87 51 0.2801 % 2,833.7
Insurance Straight 5.78 % 5.89 % 63,345 14.02 21 1.0252 % 3,134.4
FloatingReset 5.68 % 5.77 % 31,140 14.18 3 -0.0772 % 3,589.7
FixedReset Prem 6.41 % 5.40 % 116,181 13.71 8 0.1109 % 2,590.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2801 % 2,896.6
FixedReset Ins Non 5.31 % 5.80 % 65,696 13.99 14 0.7210 % 2,900.6
Performance Highlights
Issue Index Change Notes
BN.PR.K Floater -5.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 11.00
Evaluated at bid price : 11.00
Bid-YTW : 8.03 %
MFC.PR.C Insurance Straight -1.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.72 %
BN.PF.I FixedReset Disc -1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 23.35
Evaluated at bid price : 23.70
Bid-YTW : 6.90 %
RY.PR.S FixedReset Prem -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 23.44
Evaluated at bid price : 25.52
Bid-YTW : 5.11 %
PWF.PR.O Perpetual-Discount -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 23.69
Evaluated at bid price : 24.00
Bid-YTW : 6.09 %
MFC.PR.Q FixedReset Ins Non -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 23.01
Evaluated at bid price : 24.11
Bid-YTW : 5.69 %
GWO.PR.M Insurance Straight 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 24.21
Evaluated at bid price : 24.50
Bid-YTW : 6.00 %
CU.PR.H Perpetual-Discount 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 22.15
Evaluated at bid price : 22.43
Bid-YTW : 5.86 %
PWF.PR.S Perpetual-Discount 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 19.66
Evaluated at bid price : 19.66
Bid-YTW : 6.17 %
FTS.PR.M FixedReset Disc 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 21.44
Evaluated at bid price : 21.70
Bid-YTW : 6.26 %
MFC.PR.L FixedReset Ins Non 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 22.02
Evaluated at bid price : 22.50
Bid-YTW : 5.80 %
CU.PR.G Perpetual-Discount 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 19.21
Evaluated at bid price : 19.21
Bid-YTW : 5.88 %
NA.PR.I FixedReset Prem 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 23.35
Evaluated at bid price : 25.30
Bid-YTW : 5.71 %
RY.PR.O Perpetual-Discount 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 24.25
Evaluated at bid price : 24.55
Bid-YTW : 4.99 %
BN.PF.D Perpetual-Discount 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 6.16 %
ENB.PR.F FixedReset Disc 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 7.20 %
IFC.PR.C FixedReset Ins Non 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 21.90
Evaluated at bid price : 22.45
Bid-YTW : 5.88 %
BN.PF.C Perpetual-Discount 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.16 %
GWO.PR.Q Insurance Straight 1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 21.67
Evaluated at bid price : 21.92
Bid-YTW : 5.95 %
SLF.PR.H FixedReset Ins Non 1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 6.08 %
ENB.PR.N FixedReset Disc 1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 22.14
Evaluated at bid price : 22.61
Bid-YTW : 6.47 %
ENB.PF.C FixedReset Disc 1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 19.83
Evaluated at bid price : 19.83
Bid-YTW : 7.02 %
ENB.PR.A Perpetual-Discount 1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 23.41
Evaluated at bid price : 23.70
Bid-YTW : 5.91 %
GWO.PR.I Insurance Straight 1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 19.71
Evaluated at bid price : 19.71
Bid-YTW : 5.80 %
BN.PR.M Perpetual-Discount 1.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 19.61
Evaluated at bid price : 19.61
Bid-YTW : 6.15 %
POW.PR.C Perpetual-Discount 2.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 24.46
Evaluated at bid price : 24.70
Bid-YTW : 5.93 %
CU.PR.J Perpetual-Discount 2.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 20.06
Evaluated at bid price : 20.06
Bid-YTW : 5.94 %
MFC.PR.F FixedReset Ins Non 2.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 16.30
Evaluated at bid price : 16.30
Bid-YTW : 6.28 %
BIP.PR.A FixedReset Disc 2.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 23.77
Evaluated at bid price : 24.81
Bid-YTW : 6.39 %
BN.PF.E FixedReset Disc 3.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 19.57
Evaluated at bid price : 19.57
Bid-YTW : 6.86 %
SLF.PR.E Insurance Straight 3.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.71 %
IFC.PR.I Insurance Straight 3.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 22.77
Evaluated at bid price : 23.19
Bid-YTW : 5.89 %
GWO.PR.S Insurance Straight 4.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 22.25
Evaluated at bid price : 22.52
Bid-YTW : 5.90 %
MFC.PR.I FixedReset Ins Non 4.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 23.38
Evaluated at bid price : 24.67
Bid-YTW : 5.80 %
PWF.PR.K Perpetual-Discount 5.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 20.68
Evaluated at bid price : 20.68
Bid-YTW : 6.04 %
SLF.PR.C Insurance Straight 6.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 20.85
Evaluated at bid price : 20.85
Bid-YTW : 5.41 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CU.PR.C FixedReset Disc 298,811 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.33 %
BIP.PR.A FixedReset Disc 102,130 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 23.77
Evaluated at bid price : 24.81
Bid-YTW : 6.39 %
ENB.PF.K FixedReset Disc 37,010 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 23.12
Evaluated at bid price : 24.26
Bid-YTW : 6.26 %
FFH.PR.I FixedReset Disc 36,256 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 23.59
Evaluated at bid price : 24.25
Bid-YTW : 5.72 %
GWO.PR.I Insurance Straight 35,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 19.71
Evaluated at bid price : 19.71
Bid-YTW : 5.80 %
RY.PR.O Perpetual-Discount 28,592 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 24.25
Evaluated at bid price : 24.55
Bid-YTW : 4.99 %
There were 6 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.PR.X FixedReset Disc Quote: 17.21 – 24.00
Spot Rate : 6.7900
Average : 3.6515

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 17.21
Evaluated at bid price : 17.21
Bid-YTW : 6.76 %
MFC.PR.F FixedReset Ins Non Quote: 16.30 – 18.50
Spot Rate : 2.2000
Average : 1.2720

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 16.30
Evaluated at bid price : 16.30
Bid-YTW : 6.28 %
FTS.PR.K FixedReset Disc Quote: 21.15 – 22.84
Spot Rate : 1.6900
Average : 1.0158

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 6.02 %
CU.PR.F Perpetual-Discount Quote: 19.30 – 23.88
Spot Rate : 4.5800
Average : 4.1740

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 19.30
Evaluated at bid price : 19.30
Bid-YTW : 5.85 %
IFC.PR.C FixedReset Ins Non Quote: 22.45 – 23.45
Spot Rate : 1.0000
Average : 0.6248

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 21.90
Evaluated at bid price : 22.45
Bid-YTW : 5.88 %
BN.PR.K Floater Quote: 11.00 – 11.77
Spot Rate : 0.7700
Average : 0.4894

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-13
Maturity Price : 11.00
Evaluated at bid price : 11.00
Bid-YTW : 8.03 %
Market Action

May 12, 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 0.3885 % 2,145.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.3885 % 4,177.3
Floater 7.18 % 7.62 % 60,304 11.76 3 0.3885 % 2,407.4
OpRet 0.00 % 0.00 % 0 0.00 0 0.0987 % 3,668.6
SplitShare 4.77 % 4.42 % 78,392 2.60 8 0.0987 % 4,381.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0987 % 3,418.3
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.5551 % 2,909.8
Perpetual-Discount 5.91 % 6.01 % 51,949 13.87 33 -0.5551 % 3,173.0
FixedReset Disc 5.58 % 6.34 % 110,493 12.97 51 0.5073 % 2,825.8
Insurance Straight 5.84 % 5.90 % 65,117 13.96 21 0.3056 % 3,102.6
FloatingReset 5.68 % 5.74 % 32,401 14.22 3 0.4807 % 3,592.5
FixedReset Prem 6.41 % 5.40 % 114,350 3.44 8 0.0820 % 2,587.1
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.5073 % 2,888.5
FixedReset Ins Non 5.35 % 5.87 % 65,077 13.98 14 0.6420 % 2,879.9
Performance Highlights
Issue Index Change Notes
CU.PR.F Perpetual-Discount -16.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 5.89 %
MFC.PR.I FixedReset Ins Non -4.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 22.82
Evaluated at bid price : 23.50
Bid-YTW : 6.13 %
PWF.PR.K Perpetual-Discount -4.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 19.61
Evaluated at bid price : 19.61
Bid-YTW : 6.38 %
GWO.PR.R Insurance Straight -3.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 19.82
Evaluated at bid price : 19.82
Bid-YTW : 6.15 %
PWF.PR.S Perpetual-Discount -2.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 19.45
Evaluated at bid price : 19.45
Bid-YTW : 6.23 %
IFC.PR.I Insurance Straight -2.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 22.17
Evaluated at bid price : 22.47
Bid-YTW : 6.09 %
CU.PR.J Perpetual-Discount -2.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 19.65
Evaluated at bid price : 19.65
Bid-YTW : 6.06 %
SLF.PR.G FixedReset Ins Non -1.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 16.30
Evaluated at bid price : 16.30
Bid-YTW : 6.45 %
BN.PF.E FixedReset Disc -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 7.07 %
GWO.PR.Q Insurance Straight -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 21.33
Evaluated at bid price : 21.60
Bid-YTW : 6.04 %
RY.PR.O Perpetual-Discount -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 24.00
Evaluated at bid price : 24.25
Bid-YTW : 5.06 %
BN.PR.X FixedReset Disc 1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 17.11
Evaluated at bid price : 17.11
Bid-YTW : 6.80 %
SLF.PR.H FixedReset Ins Non 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 6.17 %
FTS.PR.J Perpetual-Discount 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 20.89
Evaluated at bid price : 20.89
Bid-YTW : 5.80 %
ENB.PR.J FixedReset Disc 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 20.32
Evaluated at bid price : 20.32
Bid-YTW : 6.95 %
GWO.PR.Y Insurance Straight 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 5.86 %
MFC.PR.Q FixedReset Ins Non 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 23.12
Evaluated at bid price : 24.36
Bid-YTW : 5.62 %
BIP.PR.F FixedReset Disc 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 22.84
Evaluated at bid price : 23.88
Bid-YTW : 6.20 %
MFC.PR.M FixedReset Ins Non 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 22.07
Evaluated at bid price : 22.61
Bid-YTW : 5.88 %
FTS.PR.H FixedReset Disc 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 16.27
Evaluated at bid price : 16.27
Bid-YTW : 6.56 %
POW.PR.G Perpetual-Discount 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 23.30
Evaluated at bid price : 23.58
Bid-YTW : 6.00 %
BN.PR.T FixedReset Disc 1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 7.02 %
MFC.PR.B Insurance Straight 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 5.81 %
FTS.PR.M FixedReset Disc 1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 21.46
Evaluated at bid price : 21.46
Bid-YTW : 6.34 %
BN.PF.G FixedReset Disc 1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 20.11
Evaluated at bid price : 20.11
Bid-YTW : 7.04 %
BN.PF.I FixedReset Disc 1.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 23.83
Evaluated at bid price : 24.15
Bid-YTW : 6.77 %
PWF.PR.P FixedReset Disc 1.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 15.80
Evaluated at bid price : 15.80
Bid-YTW : 6.78 %
ENB.PF.G FixedReset Disc 1.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 19.44
Evaluated at bid price : 19.44
Bid-YTW : 7.05 %
IFC.PR.A FixedReset Ins Non 2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 5.70 %
BN.PR.K Floater 2.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 11.58
Evaluated at bid price : 11.58
Bid-YTW : 7.62 %
CU.PR.C FixedReset Disc 2.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 6.40 %
IFC.PR.G FixedReset Ins Non 2.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 23.19
Evaluated at bid price : 24.55
Bid-YTW : 5.57 %
GWO.PR.G Insurance Straight 2.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 22.12
Evaluated at bid price : 22.40
Bid-YTW : 5.88 %
IFC.PR.C FixedReset Ins Non 2.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 21.71
Evaluated at bid price : 22.15
Bid-YTW : 5.97 %
POW.PR.B Perpetual-Discount 2.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 22.66
Evaluated at bid price : 22.90
Bid-YTW : 5.90 %
PWF.PR.T FixedReset Disc 2.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 21.77
Evaluated at bid price : 22.10
Bid-YTW : 5.98 %
BN.PF.B FixedReset Disc 2.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 6.62 %
MFC.PR.C Insurance Straight 3.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 5.61 %
SLF.PR.D Insurance Straight 3.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 5.45 %
GWO.PR.N FixedReset Ins Non 4.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 15.82
Evaluated at bid price : 15.82
Bid-YTW : 6.34 %
Volume Highlights
Issue Index Shares
Traded		 Notes
PWF.PR.P FixedReset Disc 64,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 15.80
Evaluated at bid price : 15.80
Bid-YTW : 6.78 %
PWF.PR.T FixedReset Disc 41,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 21.77
Evaluated at bid price : 22.10
Bid-YTW : 5.98 %
BN.PF.G FixedReset Disc 36,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 20.11
Evaluated at bid price : 20.11
Bid-YTW : 7.04 %
ENB.PR.Y FixedReset Disc 31,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 18.95
Evaluated at bid price : 18.95
Bid-YTW : 7.02 %
PWF.PR.R Perpetual-Discount 30,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 22.78
Evaluated at bid price : 23.06
Bid-YTW : 6.01 %
MFC.PR.M FixedReset Ins Non 30,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 22.07
Evaluated at bid price : 22.61
Bid-YTW : 5.88 %
There were 13 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
CU.PR.F Perpetual-Discount Quote: 19.15 – 23.88
Spot Rate : 4.7300
Average : 3.7288

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 5.89 %
BN.PF.E FixedReset Disc Quote: 19.00 – 20.99
Spot Rate : 1.9900
Average : 1.3655

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 7.07 %
MFC.PR.I FixedReset Ins Non Quote: 23.50 – 24.87
Spot Rate : 1.3700
Average : 0.7889

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 22.82
Evaluated at bid price : 23.50
Bid-YTW : 6.13 %
IFC.PR.A FixedReset Ins Non Quote: 20.25 – 22.18
Spot Rate : 1.9300
Average : 1.4383

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 5.70 %
PWF.PR.K Perpetual-Discount Quote: 19.61 – 21.00
Spot Rate : 1.3900
Average : 0.9675

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 19.61
Evaluated at bid price : 19.61
Bid-YTW : 6.38 %
PWF.PR.S Perpetual-Discount Quote: 19.45 – 20.63
Spot Rate : 1.1800
Average : 0.7881

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-12
Maturity Price : 19.45
Evaluated at bid price : 19.45
Bid-YTW : 6.23 %
Market Action

May 9, 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 1.1507 % 2,137.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 1.1507 % 4,161.2
Floater 7.21 % 7.64 % 60,879 11.74 3 1.1507 % 2,398.1
OpRet 0.00 % 0.00 % 0 0.00 0 0.0543 % 3,665.0
SplitShare 4.77 % 4.41 % 79,509 2.61 8 0.0543 % 4,376.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0543 % 3,415.0
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.9980 % 2,926.1
Perpetual-Discount 5.88 % 6.02 % 50,130 13.86 33 0.9980 % 3,190.8
FixedReset Disc 5.60 % 6.39 % 110,774 12.83 51 0.4064 % 2,811.5
Insurance Straight 5.85 % 5.93 % 64,882 13.97 21 -0.2270 % 3,093.1
FloatingReset 5.70 % 5.78 % 32,697 14.17 3 0.0621 % 3,575.3
FixedReset Prem 6.42 % 5.40 % 118,604 3.45 8 0.0434 % 2,585.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.4064 % 2,874.0
FixedReset Ins Non 5.39 % 5.93 % 64,076 13.92 14 0.7920 % 2,861.5
Performance Highlights
Issue Index Change Notes
SLF.PR.C Insurance Straight -3.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 19.61
Evaluated at bid price : 19.61
Bid-YTW : 5.76 %
SLF.PR.E Insurance Straight -3.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 5.88 %
MFC.PR.B Insurance Straight -2.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 20.04
Evaluated at bid price : 20.04
Bid-YTW : 5.90 %
PWF.PR.T FixedReset Disc -2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 21.52
Evaluated at bid price : 21.52
Bid-YTW : 6.16 %
BN.PF.I FixedReset Disc -1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 23.35
Evaluated at bid price : 23.70
Bid-YTW : 6.89 %
GWO.PR.Y Insurance Straight -1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 19.28
Evaluated at bid price : 19.28
Bid-YTW : 5.92 %
ENB.PF.A FixedReset Disc 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 7.01 %
BN.PR.K Floater 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 11.35
Evaluated at bid price : 11.35
Bid-YTW : 7.77 %
POW.PR.B Perpetual-Discount 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 22.07
Evaluated at bid price : 22.30
Bid-YTW : 6.06 %
BN.PR.M Perpetual-Discount 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 19.26
Evaluated at bid price : 19.26
Bid-YTW : 6.26 %
ENB.PR.J FixedReset Disc 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 7.03 %
MFC.PR.Q FixedReset Ins Non 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 23.00
Evaluated at bid price : 24.08
Bid-YTW : 5.69 %
PWF.PR.L Perpetual-Discount 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 6.06 %
IFC.PR.C FixedReset Ins Non 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 21.33
Evaluated at bid price : 21.62
Bid-YTW : 6.12 %
ENB.PR.A Perpetual-Discount 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 23.20
Evaluated at bid price : 23.50
Bid-YTW : 5.96 %
MFC.PR.J FixedReset Ins Non 1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 23.28
Evaluated at bid price : 24.67
Bid-YTW : 5.62 %
PWF.PR.H Perpetual-Discount 1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 23.68
Evaluated at bid price : 23.95
Bid-YTW : 6.04 %
ENB.PR.H FixedReset Disc 1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 20.42
Evaluated at bid price : 20.42
Bid-YTW : 6.48 %
PWF.PR.P FixedReset Disc 1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 15.50
Evaluated at bid price : 15.50
Bid-YTW : 6.90 %
BN.PR.B Floater 1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 11.55
Evaluated at bid price : 11.55
Bid-YTW : 7.64 %
BN.PR.R FixedReset Disc 1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 17.80
Evaluated at bid price : 17.80
Bid-YTW : 7.00 %
PWF.PR.Z Perpetual-Discount 2.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 21.43
Evaluated at bid price : 21.43
Bid-YTW : 6.06 %
GWO.PR.R Insurance Straight 2.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 5.93 %
ENB.PR.D FixedReset Disc 2.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 19.04
Evaluated at bid price : 19.04
Bid-YTW : 6.99 %
BN.PR.X FixedReset Disc 2.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 16.94
Evaluated at bid price : 16.94
Bid-YTW : 6.87 %
PWF.PR.K Perpetual-Discount 2.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 20.58
Evaluated at bid price : 20.58
Bid-YTW : 6.07 %
ENB.PR.T FixedReset Disc 2.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 6.85 %
GWO.PR.I Insurance Straight 3.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 5.88 %
ENB.PR.P FixedReset Disc 3.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.97 %
ENB.PR.B FixedReset Disc 3.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 7.10 %
SLF.PR.G FixedReset Ins Non 5.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 16.60
Evaluated at bid price : 16.60
Bid-YTW : 6.33 %
CU.PR.F Perpetual-Discount 21.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 22.63
Evaluated at bid price : 22.88
Bid-YTW : 4.91 %
Volume Highlights
Issue Index Shares
Traded		 Notes
RY.PR.J FixedReset Disc 345,900 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-06-23
Maturity Price : 25.00
Evaluated at bid price : 24.96
Bid-YTW : 5.03 %
FTS.PR.M FixedReset Disc 77,521 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 21.13
Evaluated at bid price : 21.13
Bid-YTW : 6.44 %
PWF.PR.T FixedReset Disc 50,003 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 21.52
Evaluated at bid price : 21.52
Bid-YTW : 6.16 %
ENB.PF.C FixedReset Disc 47,740 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 19.65
Evaluated at bid price : 19.65
Bid-YTW : 7.08 %
ENB.PR.Y FixedReset Disc 41,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 18.95
Evaluated at bid price : 18.95
Bid-YTW : 7.01 %
ENB.PR.D FixedReset Disc 39,853 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 19.04
Evaluated at bid price : 19.04
Bid-YTW : 6.99 %
There were 13 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
POW.PR.B Perpetual-Discount Quote: 22.30 – 24.95
Spot Rate : 2.6500
Average : 1.9278

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 22.07
Evaluated at bid price : 22.30
Bid-YTW : 6.06 %
BN.PR.T FixedReset Disc Quote: 17.49 – 18.90
Spot Rate : 1.4100
Average : 0.8087

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 17.49
Evaluated at bid price : 17.49
Bid-YTW : 7.12 %
SLF.PR.E Insurance Straight Quote: 19.40 – 20.85
Spot Rate : 1.4500
Average : 1.0721

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 5.88 %
CU.PR.D Perpetual-Discount Quote: 20.66 – 21.85
Spot Rate : 1.1900
Average : 0.8138

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 20.66
Evaluated at bid price : 20.66
Bid-YTW : 5.95 %
GWO.PR.Y Insurance Straight Quote: 19.28 – 21.00
Spot Rate : 1.7200
Average : 1.3991

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-09
Maturity Price : 19.28
Evaluated at bid price : 19.28
Bid-YTW : 5.92 %
PVS.PR.J SplitShare Quote: 25.21 – 26.21
Spot Rate : 1.0000
Average : 0.6907

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 25.21
Bid-YTW : 4.39 %
Market Action

May 8, 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 0.1969 % 2,113.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.1969 % 4,113.8
Floater 7.29 % 7.77 % 61,397 11.59 3 0.1969 % 2,370.8
OpRet 0.00 % 0.00 % 0 0.00 0 0.0691 % 3,663.0
SplitShare 4.77 % 4.41 % 82,214 2.61 8 0.0691 % 4,374.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0691 % 3,413.1
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.4435 % 2,897.2
Perpetual-Discount 5.93 % 6.04 % 49,825 13.82 33 0.4435 % 3,159.2
FixedReset Disc 5.63 % 6.40 % 115,000 12.90 51 0.4044 % 2,800.2
Insurance Straight 5.84 % 5.95 % 67,462 13.90 21 0.4561 % 3,100.2
FloatingReset 5.72 % 5.76 % 32,962 14.20 3 1.3365 % 3,573.1
FixedReset Prem 6.42 % 5.41 % 122,926 3.45 8 0.1063 % 2,583.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.4044 % 2,862.3
FixedReset Ins Non 5.43 % 5.97 % 63,748 13.85 14 1.8048 % 2,839.0
Performance Highlights
Issue Index Change Notes
PWF.PR.K Perpetual-Discount -2.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.25 %
BIP.PR.E FixedReset Disc -2.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 22.74
Evaluated at bid price : 23.50
Bid-YTW : 6.41 %
CU.PR.C FixedReset Disc -1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 6.57 %
ENB.PR.T FixedReset Disc -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 7.09 %
GWO.PR.I Insurance Straight -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 6.07 %
ENB.PR.N FixedReset Disc 1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 21.86
Evaluated at bid price : 22.20
Bid-YTW : 6.62 %
FTS.PR.K FixedReset Disc 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 21.04
Evaluated at bid price : 21.04
Bid-YTW : 6.07 %
RY.PR.O Perpetual-Discount 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 24.21
Evaluated at bid price : 24.50
Bid-YTW : 5.00 %
BIP.PR.A FixedReset Disc 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 22.82
Evaluated at bid price : 24.12
Bid-YTW : 6.59 %
FFH.PR.I FixedReset Disc 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 23.26
Evaluated at bid price : 23.95
Bid-YTW : 5.82 %
MFC.PR.L FixedReset Ins Non 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 21.68
Evaluated at bid price : 22.00
Bid-YTW : 5.97 %
BN.PF.F FixedReset Disc 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 6.90 %
GWO.PR.H Insurance Straight 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 20.82
Evaluated at bid price : 20.82
Bid-YTW : 5.91 %
GWO.PR.Y Insurance Straight 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 5.85 %
ENB.PF.E FixedReset Disc 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 7.14 %
BN.PR.X FixedReset Disc 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 16.55
Evaluated at bid price : 16.55
Bid-YTW : 7.07 %
BN.PF.E FixedReset Disc 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 7.03 %
BN.PR.T FixedReset Disc 1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 17.42
Evaluated at bid price : 17.42
Bid-YTW : 7.18 %
ENB.PR.Y FixedReset Disc 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 18.82
Evaluated at bid price : 18.82
Bid-YTW : 7.09 %
FFH.PR.H FloatingReset 1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 23.55
Evaluated at bid price : 23.85
Bid-YTW : 5.51 %
SLF.PR.C Insurance Straight 1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 5.53 %
BN.PF.D Perpetual-Discount 1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 19.95
Evaluated at bid price : 19.95
Bid-YTW : 6.23 %
MFC.PR.B Insurance Straight 1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 5.75 %
PWF.PR.O Perpetual-Discount 1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 24.05
Evaluated at bid price : 24.30
Bid-YTW : 6.01 %
FFH.PR.J FloatingReset 2.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 23.81
Evaluated at bid price : 24.10
Bid-YTW : 5.76 %
FTS.PR.H FixedReset Disc 2.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 16.15
Evaluated at bid price : 16.15
Bid-YTW : 6.66 %
BN.PF.C Perpetual-Discount 2.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 19.70
Evaluated at bid price : 19.70
Bid-YTW : 6.25 %
IFC.PR.I Insurance Straight 2.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 22.73
Evaluated at bid price : 23.15
Bid-YTW : 5.89 %
NA.PR.S FixedReset Disc 3.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 23.25
Evaluated at bid price : 25.00
Bid-YTW : 5.37 %
MFC.PR.M FixedReset Ins Non 3.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 21.88
Evaluated at bid price : 22.32
Bid-YTW : 5.98 %
PWF.PR.E Perpetual-Discount 4.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 22.88
Evaluated at bid price : 23.15
Bid-YTW : 5.98 %
IFC.PR.C FixedReset Ins Non 4.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 6.24 %
IFC.PR.A FixedReset Ins Non 18.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 5.88 %
Volume Highlights
Issue Index Shares
Traded		 Notes
ENB.PF.C FixedReset Disc 131,810 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 7.16 %
RY.PR.J FixedReset Disc 100,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-06-23
Maturity Price : 25.00
Evaluated at bid price : 24.96
Bid-YTW : 4.94 %
SLF.PR.G FixedReset Ins Non 60,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 15.80
Evaluated at bid price : 15.80
Bid-YTW : 6.70 %
FTS.PR.K FixedReset Disc 53,450 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 21.04
Evaluated at bid price : 21.04
Bid-YTW : 6.07 %
BN.PR.T FixedReset Disc 51,273 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 17.42
Evaluated at bid price : 17.42
Bid-YTW : 7.18 %
MFC.PR.M FixedReset Ins Non 41,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 21.88
Evaluated at bid price : 22.32
Bid-YTW : 5.98 %
There were 11 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
CU.PR.F Perpetual-Discount Quote: 18.90 – 23.88
Spot Rate : 4.9800
Average : 4.4193

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 5.97 %
GWO.PR.Y Insurance Straight Quote: 19.50 – 21.00
Spot Rate : 1.5000
Average : 1.0473

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 5.85 %
PWF.PR.K Perpetual-Discount Quote: 20.00 – 20.95
Spot Rate : 0.9500
Average : 0.5968

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.25 %
BN.PF.A FixedReset Disc Quote: 23.45 – 24.30
Spot Rate : 0.8500
Average : 0.5086

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 22.65
Evaluated at bid price : 23.45
Bid-YTW : 6.40 %
TD.PF.A FixedReset Disc Quote: 23.70 – 24.80
Spot Rate : 1.1000
Average : 0.8247

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 22.67
Evaluated at bid price : 23.70
Bid-YTW : 5.28 %
ENB.PF.E FixedReset Disc Quote: 19.40 – 20.15
Spot Rate : 0.7500
Average : 0.4990

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-08
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 7.14 %
Market Action

May 7, 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 0.4236 % 2,109.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.4236 % 4,105.7
Floater 7.31 % 7.81 % 63,508 11.55 3 0.4236 % 2,366.2
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0888 % 3,660.5
SplitShare 4.78 % 4.40 % 83,159 2.61 8 -0.0888 % 4,371.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0888 % 3,410.7
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.2009 % 2,884.4
Perpetual-Discount 5.96 % 6.08 % 50,409 13.76 33 -0.2009 % 3,145.3
FixedReset Disc 5.65 % 6.40 % 115,333 12.82 51 0.3348 % 2,788.9
Insurance Straight 5.87 % 5.97 % 66,024 13.89 21 0.4108 % 3,086.1
FloatingReset 5.79 % 5.88 % 32,942 14.01 3 0.2364 % 3,525.9
FixedReset Prem 6.43 % 5.27 % 124,554 3.41 8 0.1258 % 2,581.1
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.3348 % 2,850.8
FixedReset Ins Non 5.53 % 6.24 % 64,486 13.48 14 -0.0686 % 2,788.7
Performance Highlights
Issue Index Change Notes
CU.PR.F Perpetual-Discount -16.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-07
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.94 %
SLF.PR.G FixedReset Ins Non -3.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-07
Maturity Price : 15.80
Evaluated at bid price : 15.80
Bid-YTW : 6.70 %
IFC.PR.F Insurance Straight -2.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-07
Maturity Price : 21.58
Evaluated at bid price : 21.95
Bid-YTW : 6.11 %
FTS.PR.H FixedReset Disc -1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-07
Maturity Price : 15.75
Evaluated at bid price : 15.75
Bid-YTW : 6.82 %
ENB.PR.F FixedReset Disc 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-07
Maturity Price : 18.85
Evaluated at bid price : 18.85
Bid-YTW : 7.28 %
ENB.PR.T FixedReset Disc 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-07
Maturity Price : 20.45
Evaluated at bid price : 20.45
Bid-YTW : 7.00 %
ENB.PF.C FixedReset Disc 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-07
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 7.16 %
ENB.PR.Y FixedReset Disc 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-07
Maturity Price : 18.58
Evaluated at bid price : 18.58
Bid-YTW : 7.18 %
BN.PR.M Perpetual-Discount 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-07
Maturity Price : 19.19
Evaluated at bid price : 19.19
Bid-YTW : 6.28 %
ENB.PR.N FixedReset Disc 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-07
Maturity Price : 21.70
Evaluated at bid price : 21.98
Bid-YTW : 6.69 %
PWF.PR.P FixedReset Disc 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-07
Maturity Price : 15.35
Evaluated at bid price : 15.35
Bid-YTW : 7.01 %
BN.PR.R FixedReset Disc 1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-07
Maturity Price : 17.45
Evaluated at bid price : 17.45
Bid-YTW : 7.17 %
BN.PF.E FixedReset Disc 1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-07
Maturity Price : 18.91
Evaluated at bid price : 18.91
Bid-YTW : 7.12 %
POW.PR.C Perpetual-Discount 1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-07
Maturity Price : 23.85
Evaluated at bid price : 24.10
Bid-YTW : 6.08 %
SLF.PR.E Insurance Straight 1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-07
Maturity Price : 20.16
Evaluated at bid price : 20.16
Bid-YTW : 5.66 %
CU.PR.C FixedReset Disc 2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-07
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 6.44 %
GWO.PR.N FixedReset Ins Non 2.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-07
Maturity Price : 15.31
Evaluated at bid price : 15.31
Bid-YTW : 6.58 %
CU.PR.J Perpetual-Discount 2.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-07
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.95 %
SLF.PR.C Insurance Straight 2.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-07
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 5.61 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BN.PF.G FixedReset Disc 49,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-07
Maturity Price : 19.66
Evaluated at bid price : 19.66
Bid-YTW : 7.23 %
RY.PR.M FixedReset Disc 48,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-07
Maturity Price : 23.80
Evaluated at bid price : 24.47
Bid-YTW : 5.44 %
MFC.PR.I FixedReset Ins Non 37,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-07
Maturity Price : 23.35
Evaluated at bid price : 24.60
Bid-YTW : 5.84 %
FFH.PR.G FixedReset Disc 31,418 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-07
Maturity Price : 22.79
Evaluated at bid price : 23.60
Bid-YTW : 5.62 %
POW.PR.C Perpetual-Discount 26,596 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-07
Maturity Price : 23.85
Evaluated at bid price : 24.10
Bid-YTW : 6.08 %
FFH.PR.I FixedReset Disc 22,390 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-07
Maturity Price : 22.99
Evaluated at bid price : 23.68
Bid-YTW : 5.89 %
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
CU.PR.F Perpetual-Discount Quote: 19.00 – 23.88
Spot Rate : 4.8800
Average : 3.8046

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-07
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.94 %
POW.PR.B Perpetual-Discount Quote: 22.20 – 24.95
Spot Rate : 2.7500
Average : 1.6796

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-07
Maturity Price : 21.97
Evaluated at bid price : 22.20
Bid-YTW : 6.08 %
SLF.PR.G FixedReset Ins Non Quote: 15.80 – 18.60
Spot Rate : 2.8000
Average : 1.8005

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-07
Maturity Price : 15.80
Evaluated at bid price : 15.80
Bid-YTW : 6.70 %
FTS.PR.K FixedReset Disc Quote: 20.83 – 22.84
Spot Rate : 2.0100
Average : 1.1243

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-07
Maturity Price : 20.83
Evaluated at bid price : 20.83
Bid-YTW : 6.14 %
FTS.PR.H FixedReset Disc Quote: 15.75 – 17.40
Spot Rate : 1.6500
Average : 0.9856

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-07
Maturity Price : 15.75
Evaluated at bid price : 15.75
Bid-YTW : 6.82 %
CU.PR.J Perpetual-Discount Quote: 20.00 – 21.60
Spot Rate : 1.6000
Average : 1.0331

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-07
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.95 %
Market Action

May 6, 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 0.6824 % 2,100.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.6824 % 4,088.4
Floater 7.34 % 7.86 % 64,572 11.50 3 0.6824 % 2,356.2
OpRet 0.00 % 0.00 % 0 0.00 0 0.2374 % 3,663.7
SplitShare 4.77 % 4.47 % 83,820 2.62 8 0.2374 % 4,375.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2374 % 3,413.8
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.6932 % 2,890.2
Perpetual-Discount 5.95 % 6.09 % 49,477 13.77 33 0.6932 % 3,151.6
FixedReset Disc 5.67 % 6.34 % 115,774 12.88 51 0.2673 % 2,779.6
Insurance Straight 5.89 % 5.98 % 66,503 13.86 21 0.1709 % 3,073.5
FloatingReset 5.81 % 5.84 % 31,403 14.07 3 0.3956 % 3,517.6
FixedReset Prem 6.44 % 5.30 % 128,676 3.41 8 0.1939 % 2,577.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2673 % 2,841.3
FixedReset Ins Non 5.52 % 6.24 % 64,712 13.55 14 -0.6879 % 2,790.6
Performance Highlights
Issue Index Change Notes
IFC.PR.A FixedReset Ins Non -13.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-06
Maturity Price : 16.61
Evaluated at bid price : 16.61
Bid-YTW : 7.01 %
CU.PR.H Perpetual-Discount -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-06
Maturity Price : 21.97
Evaluated at bid price : 22.20
Bid-YTW : 5.91 %
GWO.PR.S Insurance Straight -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-06
Maturity Price : 21.50
Evaluated at bid price : 21.76
Bid-YTW : 6.11 %
BN.PF.E FixedReset Disc -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-06
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 7.24 %
FTS.PR.H FixedReset Disc 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-06
Maturity Price : 15.93
Evaluated at bid price : 15.93
Bid-YTW : 6.75 %
MFC.PR.Q FixedReset Ins Non 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-06
Maturity Price : 22.81
Evaluated at bid price : 23.70
Bid-YTW : 5.82 %
BN.PR.K Floater 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-06
Maturity Price : 11.22
Evaluated at bid price : 11.22
Bid-YTW : 7.86 %
PWF.PR.O Perpetual-Discount 1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-06
Maturity Price : 23.69
Evaluated at bid price : 24.00
Bid-YTW : 6.08 %
PWF.PR.S Perpetual-Discount 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-06
Maturity Price : 20.05
Evaluated at bid price : 20.05
Bid-YTW : 6.04 %
IFC.PR.K Insurance Straight 1.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-06
Maturity Price : 21.84
Evaluated at bid price : 22.20
Bid-YTW : 5.98 %
BIP.PR.E FixedReset Disc 2.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-06
Maturity Price : 22.99
Evaluated at bid price : 24.00
Bid-YTW : 6.26 %
SLF.PR.E Insurance Straight 2.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-06
Maturity Price : 19.81
Evaluated at bid price : 19.81
Bid-YTW : 5.76 %
BIP.PR.F FixedReset Disc 3.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-06
Maturity Price : 22.65
Evaluated at bid price : 23.50
Bid-YTW : 6.33 %
SLF.PR.G FixedReset Ins Non 3.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-06
Maturity Price : 16.40
Evaluated at bid price : 16.40
Bid-YTW : 6.45 %
CU.PR.F Perpetual-Discount 20.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-06
Maturity Price : 22.63
Evaluated at bid price : 22.88
Bid-YTW : 4.91 %
Volume Highlights
Issue Index Shares
Traded		 Notes
FTS.PR.M FixedReset Disc 456,580 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-06
Maturity Price : 20.95
Evaluated at bid price : 20.95
Bid-YTW : 6.52 %
MFC.PR.M FixedReset Ins Non 100,773 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-06
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 6.24 %
TD.PF.D FixedReset Disc 88,192 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-06
Maturity Price : 23.77
Evaluated at bid price : 24.67
Bid-YTW : 5.62 %
ENB.PF.E FixedReset Disc 38,586 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-06
Maturity Price : 19.05
Evaluated at bid price : 19.05
Bid-YTW : 7.27 %
BN.PR.T FixedReset Disc 35,064 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-06
Maturity Price : 17.13
Evaluated at bid price : 17.13
Bid-YTW : 7.30 %
ENB.PR.B FixedReset Disc 10,156 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-06
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 7.40 %
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
IFC.PR.A FixedReset Ins Non Quote: 16.61 – 20.30
Spot Rate : 3.6900
Average : 2.2153

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-06
Maturity Price : 16.61
Evaluated at bid price : 16.61
Bid-YTW : 7.01 %
PWF.PR.E Perpetual-Discount Quote: 22.20 – 23.70
Spot Rate : 1.5000
Average : 1.0899

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-06
Maturity Price : 21.97
Evaluated at bid price : 22.20
Bid-YTW : 6.24 %
GWO.PR.I Insurance Straight Quote: 18.85 – 20.10
Spot Rate : 1.2500
Average : 0.8487

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-06
Maturity Price : 18.85
Evaluated at bid price : 18.85
Bid-YTW : 6.05 %
MFC.PR.L FixedReset Ins Non Quote: 21.75 – 23.79
Spot Rate : 2.0400
Average : 1.6512

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-06
Maturity Price : 21.42
Evaluated at bid price : 21.75
Bid-YTW : 6.03 %
SLF.PR.D Insurance Straight Quote: 19.90 – 21.10
Spot Rate : 1.2000
Average : 0.8371

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-06
Maturity Price : 19.90
Evaluated at bid price : 19.90
Bid-YTW : 5.67 %
GWO.PR.H Insurance Straight Quote: 20.42 – 21.48
Spot Rate : 1.0600
Average : 0.7174

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-06
Maturity Price : 20.42
Evaluated at bid price : 20.42
Bid-YTW : 6.02 %
Market Action

May 5, 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 -0.2835 % 2,086.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2835 % 4,060.7
Floater 7.39 % 7.91 % 67,295 11.45 3 -0.2835 % 2,340.2
OpRet 0.00 % 0.00 % 0 0.00 0 0.2082 % 3,655.1
SplitShare 4.79 % 4.51 % 83,640 2.62 8 0.2082 % 4,364.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2082 % 3,405.7
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.5248 % 2,870.3
Perpetual-Discount 5.99 % 6.12 % 49,411 13.74 33 0.5248 % 3,129.9
FixedReset Disc 5.68 % 6.45 % 117,174 12.78 51 0.3726 % 2,772.2
Insurance Straight 5.90 % 6.00 % 69,071 13.85 21 0.0157 % 3,068.2
FloatingReset 5.83 % 5.86 % 32,491 14.05 3 0.2379 % 3,503.8
FixedReset Prem 6.45 % 5.41 % 133,407 3.46 8 0.2673 % 2,572.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.3726 % 2,833.7
FixedReset Ins Non 5.49 % 6.03 % 65,369 13.71 14 -0.0511 % 2,809.9
Performance Highlights
Issue Index Change Notes
SLF.PR.E Insurance Straight -3.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-05
Maturity Price : 19.31
Evaluated at bid price : 19.31
Bid-YTW : 5.91 %
NA.PR.S FixedReset Disc -3.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-05
Maturity Price : 22.92
Evaluated at bid price : 24.16
Bid-YTW : 5.59 %
SLF.PR.G FixedReset Ins Non -2.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-05
Maturity Price : 15.80
Evaluated at bid price : 15.80
Bid-YTW : 6.69 %
GWO.PR.I Insurance Straight -2.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-05
Maturity Price : 18.81
Evaluated at bid price : 18.81
Bid-YTW : 6.07 %
PWF.PR.E Perpetual-Discount -1.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-05
Maturity Price : 21.97
Evaluated at bid price : 22.20
Bid-YTW : 6.24 %
BN.PR.K Floater -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-05
Maturity Price : 11.07
Evaluated at bid price : 11.07
Bid-YTW : 7.97 %
MFC.PR.Q FixedReset Ins Non -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-05
Maturity Price : 22.66
Evaluated at bid price : 23.41
Bid-YTW : 5.90 %
CU.PR.I FixedReset Disc 1.02 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-01
Maturity Price : 25.00
Evaluated at bid price : 24.65
Bid-YTW : 6.45 %
ENB.PR.A Perpetual-Discount 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-05
Maturity Price : 22.66
Evaluated at bid price : 22.90
Bid-YTW : 6.11 %
ENB.PR.F FixedReset Disc 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-05
Maturity Price : 18.72
Evaluated at bid price : 18.72
Bid-YTW : 7.33 %
BN.PF.I FixedReset Disc 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-05
Maturity Price : 23.67
Evaluated at bid price : 24.00
Bid-YTW : 6.83 %
SLF.PR.D Insurance Straight 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-05
Maturity Price : 19.96
Evaluated at bid price : 19.96
Bid-YTW : 5.65 %
CU.PR.H Perpetual-Discount 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-05
Maturity Price : 22.22
Evaluated at bid price : 22.50
Bid-YTW : 5.83 %
ENB.PF.E FixedReset Disc 1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-05
Maturity Price : 19.01
Evaluated at bid price : 19.01
Bid-YTW : 7.28 %
NA.PR.K FixedReset Prem 1.48 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-05-01
Maturity Price : 25.00
Evaluated at bid price : 27.40
Bid-YTW : 5.04 %
BN.PF.E FixedReset Disc 1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-05
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 7.16 %
BN.PF.J FixedReset Disc 1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-05
Maturity Price : 23.03
Evaluated at bid price : 24.00
Bid-YTW : 6.25 %
ENB.PF.C FixedReset Disc 1.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-05
Maturity Price : 19.27
Evaluated at bid price : 19.27
Bid-YTW : 7.24 %
IFC.PR.F Insurance Straight 2.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-05
Maturity Price : 21.96
Evaluated at bid price : 22.40
Bid-YTW : 5.97 %
ENB.PR.H FixedReset Disc 2.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-05
Maturity Price : 19.76
Evaluated at bid price : 19.76
Bid-YTW : 6.73 %
BIP.PR.A FixedReset Disc 4.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-05
Maturity Price : 22.77
Evaluated at bid price : 24.00
Bid-YTW : 6.62 %
CU.PR.G Perpetual-Discount 18.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-05
Maturity Price : 18.99
Evaluated at bid price : 18.99
Bid-YTW : 5.94 %
Volume Highlights
Issue Index Shares
Traded		 Notes
PWF.PR.P FixedReset Disc 60,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-05
Maturity Price : 15.15
Evaluated at bid price : 15.15
Bid-YTW : 7.10 %
ENB.PF.E FixedReset Disc 57,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-05
Maturity Price : 19.01
Evaluated at bid price : 19.01
Bid-YTW : 7.28 %
ENB.PF.C FixedReset Disc 42,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-05
Maturity Price : 19.27
Evaluated at bid price : 19.27
Bid-YTW : 7.24 %
PVS.PR.M SplitShare 19,900 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2031-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.32
Bid-YTW : 5.09 %
FFH.PR.G FixedReset Disc 14,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-05
Maturity Price : 22.42
Evaluated at bid price : 23.30
Bid-YTW : 5.69 %
MFC.PR.C Insurance Straight 12,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-05
Maturity Price : 19.65
Evaluated at bid price : 19.65
Bid-YTW : 5.82 %
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
MFC.PR.L FixedReset Ins Non Quote: 21.75 – 23.79
Spot Rate : 2.0400
Average : 1.2249

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-05
Maturity Price : 21.42
Evaluated at bid price : 21.75
Bid-YTW : 6.03 %
CU.PR.F Perpetual-Discount Quote: 19.00 – 23.88
Spot Rate : 4.8800
Average : 4.4079

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-05
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.93 %
TD.PF.A FixedReset Disc Quote: 23.70 – 24.80
Spot Rate : 1.1000
Average : 0.6662

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-05
Maturity Price : 22.67
Evaluated at bid price : 23.70
Bid-YTW : 5.28 %
NA.PR.S FixedReset Disc Quote: 24.16 – 25.10
Spot Rate : 0.9400
Average : 0.5572

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-05
Maturity Price : 22.92
Evaluated at bid price : 24.16
Bid-YTW : 5.59 %
ENB.PR.B FixedReset Disc Quote: 18.04 – 18.95
Spot Rate : 0.9100
Average : 0.5373

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-05
Maturity Price : 18.04
Evaluated at bid price : 18.04
Bid-YTW : 7.38 %
PVS.PR.K SplitShare Quote: 25.15 – 26.00
Spot Rate : 0.8500
Average : 0.5006

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.15
Bid-YTW : 4.51 %
Issue Comments

ENB.PF.E To Reset To 5.395%

Enbridge Inc. has announced:

that it does not intend to exercise its right to redeem its currently outstanding Cumulative Redeemable Preference Shares, Series 13 (Series 13 Shares) (TSX: ENB.PF.E) on June 1, 2025. As a result, subject to certain conditions, the holders of the Series 13 Shares have the right to convert all or part of their Series 13 Shares on a one-for-one basis into Cumulative Redeemable Preference Shares, Series 14 of Enbridge (Series 14 Shares) on June 1, 2025. Holders who do not exercise their right to convert their Series 13 Shares into Series 14 Shares will retain their Series 13 Shares.

The foregoing conversion right is subject to the conditions that: (i) if Enbridge determines that there would be less than 1,000,000 Series 13 Shares outstanding after June 1, 2025, then all remaining Series 13 Shares will automatically be converted into Series 14 Shares on a one-for-one basis on June 1, 2025; and (ii) alternatively, if Enbridge determines that there would be less than 1,000,000 Series 14 Shares outstanding after June 1, 2025, no Series 13 Shares will be converted into Series 14 Shares. There are currently 14,000,000 Series 13 Shares outstanding.

With respect to any Series 13 Shares that remain outstanding after June 1, 2025, holders thereof will be entitled to receive quarterly fixed cumulative preferential cash dividends, as and when declared by the Board of Directors of Enbridge. The new annual dividend rate applicable to the Series 13 Shares for the five-year period commencing on June 1, 2025 to, but excluding, June 1, 2030 will be 5.395 percent, being equal to the five-year Government of Canada bond yield of 2.735 percent determined as of today plus 2.66 percent in accordance with the terms of the Series 13 Shares.

With respect to any Series 14 Shares that may be issued on June 1, 2025, holders thereof will be entitled to receive quarterly floating rate cumulative preferential cash dividends, as and when declared by the Board of Directors of Enbridge. The dividend rate applicable to the Series 14 Shares for the three-month floating rate period commencing on June 1, 2025 to, but excluding, September 1, 2025 will be 1.33841 percent, based on the annual rate on three month Government of Canada treasury bills for the most recent treasury bills auction of 2.65 percent plus 2.66 percent in accordance with the terms of the Series 14 Shares (the Floating Quarterly Dividend Rate). The Floating Quarterly Dividend Rate will be reset every quarter.

Beneficial holders of Series 13 Shares who wish to exercise their right of conversion during the conversion period, which runs from May 2, 2025 until 5:00 p.m. (EST) on May 20, 2025, should communicate as soon as possible with their broker or other intermediary for more information. It is recommended that this be done well in advance of the deadline in order to provide the broker or other intermediary time to complete the necessary steps. Any notices received after this deadline will not be valid.

They later announced:

that none of its outstanding Cumulative Redeemable Preference Shares, Series 13 (Series 13 Shares) will be converted into Cumulative Redeemable Preference Shares, Series 14 (Series 14 Shares) on June 1, 2025.

After taking into account all conversion notices received from holders of its outstanding Series 13 Shares by the May 20, 2025 deadline for the conversion of the Series 13 Shares into Series 14 Shares, less than the 1,000,000 Series 13 Shares required to give effect to conversions into Series 14 Shares were tendered for conversion.

ENB.PF.E is a FixedReset, 4.40%+266, that commenced trading 2014-7-17 after being announced 2014-7-8. The issue reset to 3.043% effective 2020-6-1 and there was no conversion. It is tracked by HIMIPref™ and has been assigned to the Scraps – FixedReset (Discount) subindex on credit concerns.