Better Communication, Please!

FTS.PR.H To Reset To 7.340% 4.183%; Interconvertible with FTS.PR.I

Fortis Inc has announced – on their website, not via press release like normal people – that FTS.PR.H will reset to 7.340% 4.183% effective June 1, 2025.

As Assiduous Reader Xalier points out in the comments, the initial assertion is not just nonsense, but is contradicted by the subsequent press release, which is now quoted. Sadly the website has been changed again so I can’t determine the source of the error; but the “share information page” still has the annual dollar rate wrong.

They later announced:

that 11,298 of its 7,665,082 issued and outstanding Cumulative Redeemable Five-Year Fixed Rate Reset First Preference Shares, Series H (“Series H Shares”) were tendered for conversion, on a one-for-one basis, into Cumulative Redeemable Floating Rate First Preference Shares, Series I (“Series I Shares”) and that 248,830 of its 2,334,918 Series I Shares were tendered for conversion, on a one-for-one basis, into Series H Shares. As a result of the conversion, Fortis has 7,902,614 Series H Shares and 2,097,386 Series I Shares issued and outstanding. The Series H Shares and the Series I Shares will continue to be listed on the Toronto Stock Exchange (“TSX”) under the symbols FTS.PR.H and FTS.PR.I, respectively.

The Series H Shares will pay on a quarterly basis, for the five-year period beginning on June 1, 2025, if, as and when declared by the Board of Directors of Fortis, a fixed dividend based on an annual fixed dividend rate of 4.183 percent.

The Series I Shares will pay a floating quarterly dividend for the five-year period beginning on June 1, 2025, if, as and when declared by the Board of Directors of Fortis. The floating quarterly dividend rate for the Series I Shares for the first quarterly floating rate period (being the period from and including June 1, 2025 and ending on and including August 31, 2025) is based on an annual floating dividend rate of 4.103 percent and will be reset every quarter based on the applicable three-month Government of Canada Treasury Bill rate plus 1.450 percent.

For more information on the terms of, and risks associated with an investment in, the Series H Shares and the Series I Shares, please see the Corporation’s short form prospectus dated January 18, 2010 relating to the issuance of the Series H Shares, which can be found under the Corporation’s profile on SEDAR+ at www.sedarplus.ca and on the Corporation’s website at www.fortisinc.com.

So that’s a 2% net conversion into FTS.PR.H, the FixedReset.

FTS.PR.H was issued as a FixedReset, 4.25%+145, that commenced trading 2010-1-26 after being announced 2010-1-11. In 2015 it reset to 2.50% amid great secrecy as they prefer to maintain selective disclosure through the old boys’ club. It reset to 1.835% effective 2020-6-1 and there was a 6% net conversion to the FixedReset.

FTS.PR.I is a FloatingReset commenced trading 2020-6-2 after its creation via partial conversion from FTS.PR.H.

Market Action

May 2, 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 1.2342 % 2,091.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 1.2342 % 4,072.3
Floater 7.37 % 7.86 % 69,922 11.51 3 1.2342 % 2,346.9
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0149 % 3,647.5
SplitShare 4.80 % 4.91 % 83,708 2.63 8 -0.0149 % 4,355.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0149 % 3,398.6
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.5108 % 2,855.3
Perpetual-Discount 6.02 % 6.11 % 51,307 13.75 33 -0.5108 % 3,113.6
FixedReset Disc 5.69 % 6.56 % 115,410 12.59 49 0.3071 % 2,761.9
Insurance Straight 5.90 % 6.01 % 70,005 13.83 21 0.2435 % 3,067.7
FloatingReset 5.89 % 5.92 % 33,816 13.95 3 0.5582 % 3,495.4
FixedReset Prem 6.38 % 5.46 % 139,202 3.46 10 0.0430 % 2,566.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.3071 % 2,823.2
FixedReset Ins Non 5.60 % 6.02 % 66,920 13.75 12 0.5349 % 2,811.4
Performance Highlights
Issue Index Change Notes
CU.PR.F Perpetual-Discount -16.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.93 %
MFC.PR.M FixedReset Ins Non -2.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 6.23 %
ENB.PR.H FixedReset Disc -2.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 6.91 %
IFC.PR.K Insurance Straight -2.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 21.40
Evaluated at bid price : 21.70
Bid-YTW : 6.12 %
CU.PR.C FixedReset Disc -1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 6.56 %
IFC.PR.E Insurance Straight -1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 21.75
Evaluated at bid price : 22.10
Bid-YTW : 5.94 %
MFC.PR.F FixedReset Ins Non -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 15.40
Evaluated at bid price : 15.40
Bid-YTW : 6.67 %
PWF.PR.O Perpetual-Discount -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 23.22
Evaluated at bid price : 23.52
Bid-YTW : 6.20 %
GWO.PR.H Insurance Straight -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 20.27
Evaluated at bid price : 20.27
Bid-YTW : 6.06 %
PWF.PR.E Perpetual-Discount -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 22.39
Evaluated at bid price : 22.65
Bid-YTW : 6.11 %
BIP.PR.F FixedReset Disc -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 22.19
Evaluated at bid price : 22.70
Bid-YTW : 6.57 %
BN.PF.E FixedReset Disc -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 7.27 %
CU.PR.H Perpetual-Discount 1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 21.97
Evaluated at bid price : 22.20
Bid-YTW : 5.91 %
ENB.PF.E FixedReset Disc 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 18.74
Evaluated at bid price : 18.74
Bid-YTW : 7.39 %
BN.PF.D Perpetual-Discount 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 6.37 %
SLF.PR.D Insurance Straight 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 19.70
Evaluated at bid price : 19.70
Bid-YTW : 5.72 %
MFC.PR.B Insurance Straight 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 20.04
Evaluated at bid price : 20.04
Bid-YTW : 5.89 %
ELF.PR.F Perpetual-Discount 1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 6.07 %
PWF.PR.P FixedReset Disc 1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 15.10
Evaluated at bid price : 15.10
Bid-YTW : 7.12 %
PWF.PR.K Perpetual-Discount 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.08 %
FTS.PR.J Perpetual-Discount 1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 5.88 %
GWO.PR.G Insurance Straight 1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 21.59
Evaluated at bid price : 21.85
Bid-YTW : 6.02 %
IFC.PR.G FixedReset Ins Non 1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 22.95
Evaluated at bid price : 24.00
Bid-YTW : 5.73 %
MFC.PR.Q FixedReset Ins Non 1.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 22.81
Evaluated at bid price : 23.70
Bid-YTW : 5.82 %
ENB.PR.D FixedReset Disc 1.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 18.39
Evaluated at bid price : 18.39
Bid-YTW : 7.26 %
BIP.PR.E FixedReset Disc 2.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 22.74
Evaluated at bid price : 23.50
Bid-YTW : 6.41 %
BN.PF.F FixedReset Disc 3.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 20.76
Evaluated at bid price : 20.76
Bid-YTW : 6.99 %
BN.PR.K Floater 3.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 11.21
Evaluated at bid price : 11.21
Bid-YTW : 7.86 %
BN.PF.J FixedReset Disc 3.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 22.83
Evaluated at bid price : 23.60
Bid-YTW : 6.37 %
SLF.PR.E Insurance Straight 4.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 5.67 %
IFC.PR.A FixedReset Ins Non 4.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 19.26
Evaluated at bid price : 19.26
Bid-YTW : 6.02 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CM.PR.Q FixedReset Disc 53,902 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 23.79
Evaluated at bid price : 24.67
Bid-YTW : 5.62 %
POW.PR.B Perpetual-Discount 25,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 21.98
Evaluated at bid price : 22.21
Bid-YTW : 6.08 %
ENB.PR.N FixedReset Disc 15,955 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 21.42
Evaluated at bid price : 21.42
Bid-YTW : 6.88 %
PVS.PR.M SplitShare 12,502 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2031-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.31
Bid-YTW : 5.08 %
FFH.PR.G FixedReset Disc 11,002 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 22.45
Evaluated at bid price : 23.35
Bid-YTW : 5.67 %
GWO.PR.M Insurance Straight 10,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 23.69
Evaluated at bid price : 24.00
Bid-YTW : 6.11 %
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 : 3.8902

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.93 %
BN.PF.E FixedReset Disc Quote: 18.50 – 20.99
Spot Rate : 2.4900
Average : 1.5402

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 7.27 %
SLF.PR.G FixedReset Ins Non Quote: 16.20 – 18.60
Spot Rate : 2.4000
Average : 1.5517

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 16.20
Evaluated at bid price : 16.20
Bid-YTW : 6.52 %
IFC.PR.F Insurance Straight Quote: 21.95 – 24.00
Spot Rate : 2.0500
Average : 1.3466

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 21.58
Evaluated at bid price : 21.95
Bid-YTW : 6.10 %
CU.PR.C FixedReset Disc Quote: 19.85 – 22.11
Spot Rate : 2.2600
Average : 1.5868

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 6.56 %
BN.PR.R FixedReset Disc Quote: 17.12 – 18.90
Spot Rate : 1.7800
Average : 1.1143

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-02
Maturity Price : 17.12
Evaluated at bid price : 17.12
Bid-YTW : 7.30 %
Market Action

May 1, 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 0.7519 % 2,066.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.7519 % 4,022.6
Floater 7.46 % 7.90 % 71,068 11.47 3 0.7519 % 2,318.2
OpRet 0.00 % 0.00 % 0 0.00 0 0.1539 % 3,648.0
SplitShare 4.79 % 4.66 % 84,346 2.63 8 0.1539 % 4,356.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1539 % 3,399.1
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.6867 % 2,870.0
Perpetual-Discount 5.99 % 6.13 % 51,883 13.71 33 0.6867 % 3,129.6
FixedReset Disc 5.71 % 6.56 % 116,447 12.66 49 0.6618 % 2,753.4
Insurance Straight 5.92 % 6.00 % 70,396 13.87 21 0.4803 % 3,060.3
FloatingReset 5.93 % 5.96 % 35,200 13.90 3 0.3521 % 3,476.0
FixedReset Prem 6.38 % 5.45 % 141,469 13.66 10 0.4439 % 2,564.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.6618 % 2,814.5
FixedReset Ins Non 5.63 % 6.03 % 66,981 13.61 12 2.8332 % 2,796.4
Performance Highlights
Issue Index Change Notes
CU.PR.G Perpetual-Discount -14.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 7.04 %
BN.PF.J FixedReset Disc -3.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 22.32
Evaluated at bid price : 22.75
Bid-YTW : 6.63 %
BN.PF.F FixedReset Disc -2.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 20.15
Evaluated at bid price : 20.15
Bid-YTW : 7.20 %
IFC.PR.F Insurance Straight -1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 21.58
Evaluated at bid price : 21.95
Bid-YTW : 6.10 %
GWO.PR.N FixedReset Ins Non 1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 15.12
Evaluated at bid price : 15.12
Bid-YTW : 6.66 %
ENB.PR.P FixedReset Disc 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 19.30
Evaluated at bid price : 19.30
Bid-YTW : 7.25 %
MFC.PR.Q FixedReset Ins Non 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 22.57
Evaluated at bid price : 23.25
Bid-YTW : 5.94 %
BIP.PR.F FixedReset Disc 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 22.34
Evaluated at bid price : 22.95
Bid-YTW : 6.49 %
NA.PR.S FixedReset Prem 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 23.24
Evaluated at bid price : 25.00
Bid-YTW : 5.36 %
GWO.PR.H Insurance Straight 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.99 %
CM.PR.S FixedReset Prem 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 25.20
Evaluated at bid price : 25.20
Bid-YTW : 5.35 %
GWO.PR.I Insurance Straight 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 5.92 %
FFH.PR.I FixedReset Disc 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 22.79
Evaluated at bid price : 23.45
Bid-YTW : 5.94 %
MFC.PR.F FixedReset Ins Non 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 15.60
Evaluated at bid price : 15.60
Bid-YTW : 6.59 %
ENB.PF.E FixedReset Disc 1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 18.55
Evaluated at bid price : 18.55
Bid-YTW : 7.46 %
PWF.PR.E Perpetual-Discount 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 22.66
Evaluated at bid price : 22.90
Bid-YTW : 6.04 %
ENB.PR.D FixedReset Disc 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 18.04
Evaluated at bid price : 18.04
Bid-YTW : 7.40 %
MFC.PR.L FixedReset Ins Non 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 21.52
Evaluated at bid price : 21.52
Bid-YTW : 6.11 %
PWF.PR.H Perpetual-Discount 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 23.30
Evaluated at bid price : 23.58
Bid-YTW : 6.13 %
ENB.PR.Y FixedReset Disc 1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 7.32 %
PWF.PR.K Perpetual-Discount 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 20.21
Evaluated at bid price : 20.21
Bid-YTW : 6.17 %
GWO.PR.R Insurance Straight 1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 6.02 %
IFC.PR.G FixedReset Ins Non 1.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 22.76
Evaluated at bid price : 23.60
Bid-YTW : 5.84 %
BN.PF.G FixedReset Disc 1.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 19.54
Evaluated at bid price : 19.54
Bid-YTW : 7.27 %
PWF.PR.S Perpetual-Discount 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.05 %
PWF.PR.F Perpetual-Discount 1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 21.47
Evaluated at bid price : 21.73
Bid-YTW : 6.07 %
BN.PR.B Floater 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 11.15
Evaluated at bid price : 11.15
Bid-YTW : 7.90 %
CU.PR.D Perpetual-Discount 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 20.43
Evaluated at bid price : 20.43
Bid-YTW : 6.00 %
BN.PR.M Perpetual-Discount 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 18.95
Evaluated at bid price : 18.95
Bid-YTW : 6.35 %
ENB.PF.A FixedReset Disc 1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 19.30
Evaluated at bid price : 19.30
Bid-YTW : 7.33 %
IFC.PR.E Insurance Straight 1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 22.05
Evaluated at bid price : 22.45
Bid-YTW : 5.84 %
BN.PR.T FixedReset Disc 1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 16.99
Evaluated at bid price : 16.99
Bid-YTW : 7.35 %
ENB.PR.T FixedReset Disc 1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 19.98
Evaluated at bid price : 19.98
Bid-YTW : 7.16 %
MFC.PR.J FixedReset Ins Non 1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 23.13
Evaluated at bid price : 24.31
Bid-YTW : 5.74 %
BN.PR.X FixedReset Disc 1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 16.08
Evaluated at bid price : 16.08
Bid-YTW : 7.27 %
BN.PF.A FixedReset Disc 1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 22.51
Evaluated at bid price : 23.20
Bid-YTW : 6.46 %
POW.PR.D Perpetual-Discount 1.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 5.90 %
ENB.PR.B FixedReset Disc 1.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 17.90
Evaluated at bid price : 17.90
Bid-YTW : 7.43 %
BN.PR.R FixedReset Disc 2.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 17.02
Evaluated at bid price : 17.02
Bid-YTW : 7.34 %
ENB.PF.K FixedReset Disc 2.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 23.00
Evaluated at bid price : 24.01
Bid-YTW : 6.35 %
MFC.PR.I FixedReset Ins Non 2.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 23.32
Evaluated at bid price : 24.55
Bid-YTW : 5.84 %
SLF.PR.G FixedReset Ins Non 2.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 16.21
Evaluated at bid price : 16.21
Bid-YTW : 6.52 %
ENB.PR.H FixedReset Disc 2.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 6.73 %
IFC.PR.K Insurance Straight 2.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 21.82
Evaluated at bid price : 22.17
Bid-YTW : 5.98 %
MFC.PR.M FixedReset Ins Non 2.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 21.74
Evaluated at bid price : 22.12
Bid-YTW : 6.03 %
CU.PR.C FixedReset Disc 3.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 6.44 %
BN.PR.N Perpetual-Discount 5.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.34 %
IFC.PR.C FixedReset Ins Non 8.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 6.52 %
IFC.PR.A FixedReset Ins Non 10.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 6.31 %
CU.PR.F Perpetual-Discount 23.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 22.63
Evaluated at bid price : 22.88
Bid-YTW : 4.90 %
Volume Highlights
Issue Index Shares
Traded		 Notes
RY.PR.J FixedReset Disc 3,126,503 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-06-23
Maturity Price : 25.00
Evaluated at bid price : 24.95
Bid-YTW : 4.56 %
TD.PF.E FixedReset Disc 45,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 23.81
Evaluated at bid price : 24.50
Bid-YTW : 5.71 %
PVS.PR.L SplitShare 36,169 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.55
Bid-YTW : 5.23 %
BN.PF.E FixedReset Disc 32,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 7.19 %
ENB.PR.T FixedReset Disc 26,220 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 19.98
Evaluated at bid price : 19.98
Bid-YTW : 7.16 %
PVS.PR.J SplitShare 14,800 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 25.01
Bid-YTW : 4.66 %
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
CU.PR.G Perpetual-Discount Quote: 16.00 – 19.30
Spot Rate : 3.3000
Average : 1.8663

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 7.04 %
SLF.PR.C Insurance Straight Quote: 19.60 – 21.45
Spot Rate : 1.8500
Average : 1.0850

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 5.75 %
BN.PR.Z FixedReset Disc Quote: 21.45 – 22.90
Spot Rate : 1.4500
Average : 0.8108

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 21.45
Evaluated at bid price : 21.45
Bid-YTW : 6.89 %
MFC.PR.M FixedReset Ins Non Quote: 22.12 – 25.00
Spot Rate : 2.8800
Average : 2.2860

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 21.74
Evaluated at bid price : 22.12
Bid-YTW : 6.03 %
TD.PF.J FixedReset Prem Quote: 25.26 – 26.26
Spot Rate : 1.0000
Average : 0.5912

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-04-30
Maturity Price : 25.00
Evaluated at bid price : 25.26
Bid-YTW : 5.41 %
BN.PF.G FixedReset Disc Quote: 19.54 – 20.48
Spot Rate : 0.9400
Average : 0.5619

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-05-01
Maturity Price : 19.54
Evaluated at bid price : 19.54
Bid-YTW : 7.27 %
Market Action

April 30, 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 -1.4253 % 2,051.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 -1.4253 % 3,992.6
Floater 7.52 % 8.02 % 71,917 11.34 3 -1.4253 % 2,300.9
OpRet 0.00 % 0.00 % 0 0.00 0 0.1193 % 3,642.4
SplitShare 4.80 % 4.64 % 64,362 1.73 8 0.1193 % 4,349.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1193 % 3,393.9
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.0456 % 2,850.4
Perpetual-Discount 6.03 % 6.15 % 52,438 13.67 33 0.0456 % 3,108.2
FixedReset Disc 5.74 % 6.60 % 117,464 12.68 49 0.1553 % 2,735.3
Insurance Straight 5.94 % 6.04 % 71,365 13.81 21 0.2316 % 3,045.7
FloatingReset 5.95 % 5.96 % 36,646 13.90 3 -0.3827 % 3,463.8
FixedReset Prem 6.41 % 5.44 % 143,736 13.68 10 0.1377 % 2,553.6
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1553 % 2,796.0
FixedReset Ins Non 5.79 % 6.20 % 67,184 13.37 12 -0.1157 % 2,719.4
Performance Highlights
Issue Index Change Notes
IFC.PR.C FixedReset Ins Non -3.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-30
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 7.07 %
BN.PR.N Perpetual-Discount -3.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-30
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 6.69 %
PWF.PR.A Floater -2.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-30
Maturity Price : 12.75
Evaluated at bid price : 12.75
Bid-YTW : 6.83 %
BN.PR.K Floater -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-30
Maturity Price : 10.85
Evaluated at bid price : 10.85
Bid-YTW : 8.12 %
PWF.PR.K Perpetual-Discount -1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-30
Maturity Price : 19.93
Evaluated at bid price : 19.93
Bid-YTW : 6.26 %
ENB.PR.D FixedReset Disc -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-30
Maturity Price : 17.80
Evaluated at bid price : 17.80
Bid-YTW : 7.51 %
IFC.PR.K Insurance Straight -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-30
Maturity Price : 21.32
Evaluated at bid price : 21.60
Bid-YTW : 6.14 %
BN.PR.X FixedReset Disc 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-30
Maturity Price : 15.80
Evaluated at bid price : 15.80
Bid-YTW : 7.40 %
GWO.PR.I Insurance Straight 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-30
Maturity Price : 19.01
Evaluated at bid price : 19.01
Bid-YTW : 6.00 %
BIP.PR.B FixedReset Disc 1.21 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.00
Bid-YTW : 6.21 %
IFC.PR.F Insurance Straight 1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-30
Maturity Price : 21.89
Evaluated at bid price : 22.31
Bid-YTW : 5.99 %
MFC.PR.C Insurance Straight 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-30
Maturity Price : 19.32
Evaluated at bid price : 19.32
Bid-YTW : 5.91 %
ENB.PR.A Perpetual-Discount 1.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-30
Maturity Price : 22.60
Evaluated at bid price : 22.85
Bid-YTW : 6.12 %
BN.PF.I FixedReset Disc 1.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-30
Maturity Price : 23.20
Evaluated at bid price : 23.55
Bid-YTW : 6.95 %
MFC.PR.I FixedReset Ins Non 2.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-30
Maturity Price : 23.04
Evaluated at bid price : 23.93
Bid-YTW : 6.02 %
POW.PR.D Perpetual-Discount 2.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-30
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.01 %
BN.PF.F FixedReset Disc 2.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-30
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 7.00 %
Volume Highlights
Issue Index Shares
Traded		 Notes
ENB.PF.E FixedReset Disc 125,810 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-30
Maturity Price : 18.31
Evaluated at bid price : 18.31
Bid-YTW : 7.56 %
ENB.PR.B FixedReset Disc 64,263 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-30
Maturity Price : 17.55
Evaluated at bid price : 17.55
Bid-YTW : 7.58 %
FTS.PR.M FixedReset Disc 57,728 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-30
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 6.62 %
BN.PR.B Floater 21,535 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-30
Maturity Price : 10.98
Evaluated at bid price : 10.98
Bid-YTW : 8.02 %
CU.PR.C FixedReset Disc 21,273 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-30
Maturity Price : 19.86
Evaluated at bid price : 19.86
Bid-YTW : 6.68 %
BN.PR.K Floater 20,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-30
Maturity Price : 10.85
Evaluated at bid price : 10.85
Bid-YTW : 8.12 %
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
GWO.PR.L Insurance Straight Quote: 23.56 – 24.99
Spot Rate : 1.4300
Average : 0.8332

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-30
Maturity Price : 23.26
Evaluated at bid price : 23.56
Bid-YTW : 6.06 %
BIP.PR.A FixedReset Disc Quote: 23.00 – 24.45
Spot Rate : 1.4500
Average : 0.8856

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-30
Maturity Price : 22.27
Evaluated at bid price : 23.00
Bid-YTW : 6.93 %
IFC.PR.A FixedReset Ins Non Quote: 16.61 – 19.18
Spot Rate : 2.5700
Average : 2.1106

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-30
Maturity Price : 16.61
Evaluated at bid price : 16.61
Bid-YTW : 7.00 %
CU.PR.I FixedReset Disc Quote: 24.74 – 25.50
Spot Rate : 0.7600
Average : 0.4302

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-30
Maturity Price : 24.17
Evaluated at bid price : 24.74
Bid-YTW : 6.55 %
BN.PR.N Perpetual-Discount Quote: 18.00 – 18.75
Spot Rate : 0.7500
Average : 0.4824

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-30
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 6.69 %
CU.PR.F Perpetual-Discount Quote: 18.83 – 23.88
Spot Rate : 5.0500
Average : 4.7838

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-30
Maturity Price : 18.83
Evaluated at bid price : 18.83
Bid-YTW : 6.09 %
Market Action

April 29, 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 0.5158 % 2,080.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.5158 % 4,050.3
Floater 7.41 % 8.00 % 68,699 11.37 3 0.5158 % 2,334.2
OpRet 0.00 % 0.00 % 0 0.00 0 0.0050 % 3,638.1
SplitShare 4.81 % 4.78 % 65,068 1.73 8 0.0050 % 4,344.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0050 % 3,389.9
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.1381 % 2,849.1
Perpetual-Discount 6.03 % 6.16 % 54,597 13.67 33 -0.1381 % 3,106.8
FixedReset Disc 5.75 % 6.64 % 121,600 12.63 49 0.1575 % 2,731.1
Insurance Straight 5.96 % 6.06 % 71,613 13.80 21 -0.4791 % 3,038.6
FloatingReset 5.92 % 5.97 % 38,056 13.89 3 0.1757 % 3,477.1
FixedReset Prem 6.42 % 5.46 % 143,233 13.93 10 0.1260 % 2,550.1
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1575 % 2,791.7
FixedReset Ins Non 5.78 % 6.19 % 68,175 13.41 12 -0.6567 % 2,722.5
Performance Highlights
Issue Index Change Notes
IFC.PR.A FixedReset Ins Non -10.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-29
Maturity Price : 16.61
Evaluated at bid price : 16.61
Bid-YTW : 7.00 %
SLF.PR.E Insurance Straight -3.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-29
Maturity Price : 19.17
Evaluated at bid price : 19.17
Bid-YTW : 5.94 %
MFC.PR.C Insurance Straight -2.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-29
Maturity Price : 19.05
Evaluated at bid price : 19.05
Bid-YTW : 6.00 %
BN.PF.I FixedReset Disc -2.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-29
Maturity Price : 22.75
Evaluated at bid price : 23.10
Bid-YTW : 7.08 %
MFC.PR.I FixedReset Ins Non -1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-29
Maturity Price : 22.76
Evaluated at bid price : 23.40
Bid-YTW : 6.17 %
BN.PF.D Perpetual-Discount -1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-29
Maturity Price : 19.05
Evaluated at bid price : 19.05
Bid-YTW : 6.52 %
MFC.PR.B Insurance Straight -1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-29
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 5.98 %
CCS.PR.C Insurance Straight -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-29
Maturity Price : 20.95
Evaluated at bid price : 20.95
Bid-YTW : 6.04 %
SLF.PR.C Insurance Straight -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-29
Maturity Price : 19.55
Evaluated at bid price : 19.55
Bid-YTW : 5.76 %
SLF.PR.D Insurance Straight -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-29
Maturity Price : 19.35
Evaluated at bid price : 19.35
Bid-YTW : 5.82 %
ENB.PF.K FixedReset Disc -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-29
Maturity Price : 22.66
Evaluated at bid price : 23.34
Bid-YTW : 6.55 %
CU.PR.G Perpetual-Discount 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-29
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 6.00 %
BMO.PR.E FixedReset Prem 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-29
Maturity Price : 23.57
Evaluated at bid price : 25.88
Bid-YTW : 5.46 %
BN.PF.E FixedReset Disc 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-29
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 7.19 %
IFC.PR.G FixedReset Ins Non 1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-29
Maturity Price : 22.57
Evaluated at bid price : 23.25
Bid-YTW : 5.94 %
PWF.PR.A Floater 1.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-29
Maturity Price : 13.07
Evaluated at bid price : 13.07
Bid-YTW : 6.66 %
IFC.PR.K Insurance Straight 2.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-29
Maturity Price : 21.50
Evaluated at bid price : 21.84
Bid-YTW : 6.07 %
BN.PF.J FixedReset Disc 3.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-29
Maturity Price : 22.82
Evaluated at bid price : 23.60
Bid-YTW : 6.36 %
Volume Highlights
Issue Index Shares
Traded		 Notes
FTS.PR.M FixedReset Disc 153,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-29
Maturity Price : 20.53
Evaluated at bid price : 20.53
Bid-YTW : 6.64 %
PWF.PR.P FixedReset Disc 112,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-29
Maturity Price : 14.95
Evaluated at bid price : 14.95
Bid-YTW : 7.18 %
ENB.PR.N FixedReset Disc 103,923 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-29
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 6.92 %
CU.PR.H Perpetual-Discount 78,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-29
Maturity Price : 22.22
Evaluated at bid price : 22.50
Bid-YTW : 5.93 %
NA.PR.E FixedReset Disc 66,976 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-29
Maturity Price : 23.27
Evaluated at bid price : 24.72
Bid-YTW : 5.46 %
RY.PR.J FixedReset Disc 58,900 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-06-23
Maturity Price : 25.00
Evaluated at bid price : 24.94
Bid-YTW : 4.66 %
There were 18 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: 22.03 – 25.00
Spot Rate : 2.9700
Average : 1.7510

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-29
Maturity Price : 21.78
Evaluated at bid price : 22.03
Bid-YTW : 6.12 %
MFC.PR.L FixedReset Ins Non Quote: 21.12 – 23.79
Spot Rate : 2.6700
Average : 1.6962

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-29
Maturity Price : 21.12
Evaluated at bid price : 21.12
Bid-YTW : 6.23 %
IFC.PR.A FixedReset Ins Non Quote: 16.61 – 19.15
Spot Rate : 2.5400
Average : 1.6069

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-29
Maturity Price : 16.61
Evaluated at bid price : 16.61
Bid-YTW : 7.00 %
MFC.PR.M FixedReset Ins Non Quote: 21.60 – 25.00
Spot Rate : 3.4000
Average : 2.9119

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-29
Maturity Price : 21.32
Evaluated at bid price : 21.60
Bid-YTW : 6.19 %
CU.PR.F Perpetual-Discount Quote: 18.95 – 23.88
Spot Rate : 4.9300
Average : 4.4920

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-29
Maturity Price : 18.95
Evaluated at bid price : 18.95
Bid-YTW : 6.05 %
MFC.PR.K FixedReset Ins Non Quote: 23.40 – 24.09
Spot Rate : 0.6900
Average : 0.4725

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-29
Maturity Price : 22.62
Evaluated at bid price : 23.40
Bid-YTW : 5.72 %
Market Action

April 28, 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 -0.3142 % 2,070.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.3142 % 4,029.5
Floater 7.45 % 7.98 % 63,709 11.39 3 -0.3142 % 2,322.2
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0149 % 3,637.9
SplitShare 4.81 % 4.61 % 64,681 1.74 8 -0.0149 % 4,344.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0149 % 3,389.7
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.4963 % 2,853.0
Perpetual-Discount 6.03 % 6.17 % 54,217 13.68 33 0.4963 % 3,111.1
FixedReset Disc 5.76 % 6.67 % 122,910 12.64 49 0.1372 % 2,726.8
Insurance Straight 5.93 % 6.06 % 72,677 13.79 21 0.0430 % 3,053.2
FloatingReset 5.93 % 5.96 % 38,024 13.90 3 0.0639 % 3,471.0
FixedReset Prem 6.43 % 5.54 % 144,224 13.80 10 0.1262 % 2,546.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1372 % 2,787.3
FixedReset Ins Non 5.74 % 6.24 % 69,090 13.42 12 0.3749 % 2,740.5
Performance Highlights
Issue Index Change Notes
BN.PF.J FixedReset Disc -2.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-28
Maturity Price : 22.32
Evaluated at bid price : 22.75
Bid-YTW : 6.62 %
BN.PF.F FixedReset Disc -2.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-28
Maturity Price : 20.12
Evaluated at bid price : 20.12
Bid-YTW : 7.21 %
IFC.PR.K Insurance Straight -2.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-28
Maturity Price : 21.32
Evaluated at bid price : 21.32
Bid-YTW : 6.24 %
PWF.PR.A Floater -1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-28
Maturity Price : 12.85
Evaluated at bid price : 12.85
Bid-YTW : 6.77 %
POW.PR.D Perpetual-Discount -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-28
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.16 %
GWO.PR.P Insurance Straight -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-28
Maturity Price : 22.33
Evaluated at bid price : 22.60
Bid-YTW : 6.04 %
PWF.PR.S Perpetual-Discount 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-28
Maturity Price : 19.70
Evaluated at bid price : 19.70
Bid-YTW : 6.14 %
ENB.PR.D FixedReset Disc 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-28
Maturity Price : 17.88
Evaluated at bid price : 17.88
Bid-YTW : 7.47 %
BIP.PR.A FixedReset Disc 1.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-28
Maturity Price : 22.23
Evaluated at bid price : 22.94
Bid-YTW : 6.95 %
PWF.PR.K Perpetual-Discount 2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-28
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 6.17 %
PWF.PR.O Perpetual-Discount 2.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-28
Maturity Price : 23.32
Evaluated at bid price : 23.60
Bid-YTW : 6.17 %
MFC.PR.C Insurance Straight 2.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-28
Maturity Price : 19.56
Evaluated at bid price : 19.56
Bid-YTW : 5.84 %
PWF.PR.F Perpetual-Discount 3.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-28
Maturity Price : 21.25
Evaluated at bid price : 21.52
Bid-YTW : 6.13 %
BN.PF.C Perpetual-Discount 3.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-28
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 6.40 %
IFC.PR.C FixedReset Ins Non 3.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-28
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 6.81 %
BN.PF.D Perpetual-Discount 8.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-28
Maturity Price : 19.37
Evaluated at bid price : 19.37
Bid-YTW : 6.41 %
Volume Highlights
Issue Index Shares
Traded		 Notes
NA.PR.C FixedReset Prem 43,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-11-15
Maturity Price : 25.00
Evaluated at bid price : 25.45
Bid-YTW : 6.16 %
RY.PR.J FixedReset Disc 32,800 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-06-23
Maturity Price : 25.00
Evaluated at bid price : 24.94
Bid-YTW : 4.58 %
BN.PR.B Floater 30,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-28
Maturity Price : 11.03
Evaluated at bid price : 11.03
Bid-YTW : 7.98 %
PWF.PR.G Perpetual-Discount 28,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-28
Maturity Price : 23.62
Evaluated at bid price : 23.89
Bid-YTW : 6.21 %
CU.PR.D Perpetual-Discount 25,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-28
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 6.06 %
BMO.PR.Y FixedReset Disc 25,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-28
Maturity Price : 23.98
Evaluated at bid price : 24.74
Bid-YTW : 5.55 %
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.M FixedReset Ins Non Quote: 21.45 – 25.00
Spot Rate : 3.5500
Average : 2.3766

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-28
Maturity Price : 21.45
Evaluated at bid price : 21.45
Bid-YTW : 6.24 %
CU.PR.F Perpetual-Discount Quote: 18.82 – 23.88
Spot Rate : 5.0600
Average : 4.0118

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-28
Maturity Price : 18.82
Evaluated at bid price : 18.82
Bid-YTW : 6.09 %
MFC.PR.Q FixedReset Ins Non Quote: 23.00 – 25.00
Spot Rate : 2.0000
Average : 1.5454

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-28
Maturity Price : 22.42
Evaluated at bid price : 23.00
Bid-YTW : 6.01 %
GWO.PR.N FixedReset Ins Non Quote: 14.98 – 16.00
Spot Rate : 1.0200
Average : 0.6854

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-28
Maturity Price : 14.98
Evaluated at bid price : 14.98
Bid-YTW : 6.72 %
PWF.PR.L Perpetual-Discount Quote: 20.72 – 21.70
Spot Rate : 0.9800
Average : 0.7394

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-28
Maturity Price : 20.72
Evaluated at bid price : 20.72
Bid-YTW : 6.20 %
IFC.PR.K Insurance Straight Quote: 21.32 – 22.70
Spot Rate : 1.3800
Average : 1.1836

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-28
Maturity Price : 21.32
Evaluated at bid price : 21.32
Bid-YTW : 6.24 %
Market Action

April 24, 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 -0.4841 % 2,073.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.4841 % 4,035.3
Floater 7.44 % 7.96 % 62,574 11.42 3 -0.4841 % 2,325.6
OpRet 0.00 % 0.00 % 0 0.00 0 0.0993 % 3,643.0
SplitShare 4.80 % 4.58 % 63,554 1.75 8 0.0993 % 4,350.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0993 % 3,394.4
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.1966 % 2,856.6
Perpetual-Discount 6.02 % 6.14 % 54,863 13.70 33 0.1966 % 3,114.9
FixedReset Disc 5.77 % 6.66 % 125,732 12.67 49 0.0195 % 2,721.2
Insurance Straight 5.93 % 6.03 % 75,060 13.82 21 -0.0543 % 3,050.4
FloatingReset 5.90 % 5.89 % 38,537 14.03 3 0.1591 % 3,489.9
FixedReset Prem 6.42 % 5.52 % 139,181 13.83 10 0.0827 % 2,548.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0195 % 2,781.6
FixedReset Ins Non 5.75 % 6.24 % 70,102 13.45 12 -1.0044 % 2,738.1
Performance Highlights
Issue Index Change Notes
MFC.PR.M FixedReset Ins Non -10.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-24
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 6.25 %
IFC.PR.C FixedReset Ins Non -4.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-24
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 7.04 %
PWF.PR.F Perpetual-Discount -3.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-24
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 6.35 %
IFC.PR.K Insurance Straight -2.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-24
Maturity Price : 21.26
Evaluated at bid price : 21.26
Bid-YTW : 6.25 %
ELF.PR.F Perpetual-Discount -2.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-24
Maturity Price : 21.25
Evaluated at bid price : 21.52
Bid-YTW : 6.20 %
PWF.PR.P FixedReset Disc -2.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-24
Maturity Price : 14.70
Evaluated at bid price : 14.70
Bid-YTW : 7.28 %
ENB.PF.K FixedReset Disc -2.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-24
Maturity Price : 22.46
Evaluated at bid price : 23.01
Bid-YTW : 6.63 %
GWO.PR.T Insurance Straight -2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-24
Maturity Price : 20.82
Evaluated at bid price : 20.82
Bid-YTW : 6.26 %
BIP.PR.A FixedReset Disc -1.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-24
Maturity Price : 21.97
Evaluated at bid price : 22.50
Bid-YTW : 7.08 %
GWO.PR.S Insurance Straight -1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-24
Maturity Price : 21.33
Evaluated at bid price : 21.60
Bid-YTW : 6.14 %
ENB.PR.A Perpetual-Discount -1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-24
Maturity Price : 22.08
Evaluated at bid price : 22.31
Bid-YTW : 6.27 %
BN.PR.R FixedReset Disc -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-24
Maturity Price : 16.56
Evaluated at bid price : 16.56
Bid-YTW : 7.52 %
CCS.PR.C Insurance Straight -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-24
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 5.98 %
PWF.PR.Z Perpetual-Discount -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-24
Maturity Price : 20.73
Evaluated at bid price : 20.73
Bid-YTW : 6.25 %
CU.PR.J Perpetual-Discount 1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-24
Maturity Price : 20.15
Evaluated at bid price : 20.15
Bid-YTW : 6.00 %
BN.PF.H FixedReset Disc 1.06 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 24.81
Bid-YTW : 6.66 %
ENB.PF.G FixedReset Disc 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-24
Maturity Price : 18.04
Evaluated at bid price : 18.04
Bid-YTW : 7.60 %
CU.PR.F Perpetual-Discount 1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-24
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 5.98 %
SLF.PR.D Insurance Straight 1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-24
Maturity Price : 19.90
Evaluated at bid price : 19.90
Bid-YTW : 5.65 %
BN.PF.B FixedReset Disc 2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-24
Maturity Price : 20.54
Evaluated at bid price : 20.54
Bid-YTW : 6.93 %
GWO.PR.M Insurance Straight 2.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-24
Maturity Price : 23.69
Evaluated at bid price : 24.00
Bid-YTW : 6.10 %
PWF.PF.A Perpetual-Discount 2.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-24
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 6.05 %
CU.PR.G Perpetual-Discount 2.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-24
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.03 %
BN.PF.F FixedReset Disc 2.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-24
Maturity Price : 20.67
Evaluated at bid price : 20.67
Bid-YTW : 7.00 %
CU.PR.H Perpetual-Discount 2.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-24
Maturity Price : 22.49
Evaluated at bid price : 22.75
Bid-YTW : 5.86 %
MFC.PR.J FixedReset Ins Non 3.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-24
Maturity Price : 22.89
Evaluated at bid price : 23.80
Bid-YTW : 5.86 %
IFC.PR.I Insurance Straight 4.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-24
Maturity Price : 22.14
Evaluated at bid price : 22.44
Bid-YTW : 6.07 %
PWF.PR.L Perpetual-Discount 5.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-24
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 6.14 %
Volume Highlights
Issue Index Shares
Traded		 Notes
RY.PR.J FixedReset Disc 75,700 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-05-24
Maturity Price : 25.00
Evaluated at bid price : 24.93
Bid-YTW : 3.44 %
FFH.PR.I FixedReset Disc 40,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-24
Maturity Price : 22.33
Evaluated at bid price : 23.15
Bid-YTW : 5.99 %
BIP.PR.E FixedReset Disc 31,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-24
Maturity Price : 22.24
Evaluated at bid price : 22.68
Bid-YTW : 6.64 %
ENB.PR.N FixedReset Disc 30,650 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-24
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 6.95 %
ENB.PR.T FixedReset Disc 14,974 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-24
Maturity Price : 19.52
Evaluated at bid price : 19.52
Bid-YTW : 7.32 %
PWF.PR.P FixedReset Disc 12,305 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-24
Maturity Price : 14.70
Evaluated at bid price : 14.70
Bid-YTW : 7.28 %
There were 2 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
GWO.PR.T Insurance Straight Quote: 20.82 – 22.92
Spot Rate : 2.1000
Average : 1.4705

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-24
Maturity Price : 20.82
Evaluated at bid price : 20.82
Bid-YTW : 6.26 %
IFC.PR.C FixedReset Ins Non Quote: 18.80 – 21.40
Spot Rate : 2.6000
Average : 2.0127

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-24
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 7.04 %
BN.PR.T FixedReset Disc Quote: 16.61 – 18.00
Spot Rate : 1.3900
Average : 0.9310

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-24
Maturity Price : 16.61
Evaluated at bid price : 16.61
Bid-YTW : 7.49 %
BN.PR.R FixedReset Disc Quote: 16.56 – 18.00
Spot Rate : 1.4400
Average : 1.0144

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-24
Maturity Price : 16.56
Evaluated at bid price : 16.56
Bid-YTW : 7.52 %
FTS.PR.K FixedReset Disc Quote: 20.30 – 21.40
Spot Rate : 1.1000
Average : 0.6786

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-24
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 6.28 %
PWF.PR.F Perpetual-Discount Quote: 20.80 – 21.99
Spot Rate : 1.1900
Average : 0.7871

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-24
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 6.35 %
Market Action

April 23, 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 0.0855 % 2,083.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0855 % 4,054.9
Floater 7.40 % 7.99 % 65,264 11.39 3 0.0855 % 2,336.9
OpRet 0.00 % 0.00 % 0 0.00 0 0.6248 % 3,639.3
SplitShare 4.81 % 4.52 % 61,041 1.75 8 0.6248 % 4,346.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.6248 % 3,391.0
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.3789 % 2,851.0
Perpetual-Discount 6.03 % 6.14 % 55,616 13.69 33 0.3789 % 3,108.8
FixedReset Disc 5.78 % 6.90 % 126,612 12.68 49 0.4452 % 2,720.6
Insurance Straight 5.93 % 6.01 % 75,941 13.84 21 0.4907 % 3,052.1
FloatingReset 5.91 % 5.87 % 38,584 14.05 3 0.1594 % 3,484.3
FixedReset Prem 6.43 % 5.52 % 140,738 13.76 10 0.0749 % 2,546.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.4452 % 2,781.0
FixedReset Ins Non 5.69 % 6.09 % 72,293 13.47 12 0.9855 % 2,765.9
Performance Highlights
Issue Index Change Notes
CU.PR.F Perpetual-Discount -17.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 18.87
Evaluated at bid price : 18.87
Bid-YTW : 6.07 %
PWF.PR.L Perpetual-Discount -4.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 6.47 %
IFC.PR.I Insurance Straight -4.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 6.39 %
MFC.PR.J FixedReset Ins Non -3.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 22.45
Evaluated at bid price : 23.00
Bid-YTW : 6.09 %
GWO.PR.M Insurance Straight -2.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 23.15
Evaluated at bid price : 23.45
Bid-YTW : 6.24 %
BN.PF.F FixedReset Disc -1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 20.11
Evaluated at bid price : 20.11
Bid-YTW : 7.19 %
SLF.PR.E Insurance Straight 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.69 %
MFC.PR.C Insurance Straight 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 19.55
Evaluated at bid price : 19.55
Bid-YTW : 5.83 %
ENB.PF.E FixedReset Disc 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 18.14
Evaluated at bid price : 18.14
Bid-YTW : 7.60 %
NA.PR.I FixedReset Prem 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 23.23
Evaluated at bid price : 24.95
Bid-YTW : 5.80 %
ENB.PR.Y FixedReset Disc 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 17.73
Evaluated at bid price : 17.73
Bid-YTW : 7.50 %
FTS.PR.G FixedReset Disc 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 6.18 %
ENB.PR.H FixedReset Disc 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 19.22
Evaluated at bid price : 19.22
Bid-YTW : 6.90 %
GWO.PR.P Insurance Straight 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 22.40
Evaluated at bid price : 22.66
Bid-YTW : 6.01 %
ENB.PR.J FixedReset Disc 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 19.05
Evaluated at bid price : 19.05
Bid-YTW : 7.42 %
SLF.PR.D Insurance Straight 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 19.59
Evaluated at bid price : 19.59
Bid-YTW : 5.74 %
NA.PR.G FixedReset Prem 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 23.43
Evaluated at bid price : 25.40
Bid-YTW : 5.71 %
PVS.PR.L SplitShare 1.20 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : 5.34 %
BN.PR.R FixedReset Disc 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 16.76
Evaluated at bid price : 16.76
Bid-YTW : 7.43 %
ENB.PF.A FixedReset Disc 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 7.46 %
FTS.PR.J Perpetual-Discount 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 20.45
Evaluated at bid price : 20.45
Bid-YTW : 5.91 %
ENB.PF.K FixedReset Disc 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 22.74
Evaluated at bid price : 23.50
Bid-YTW : 6.48 %
GWO.PR.Q Insurance Straight 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 6.06 %
CCS.PR.C Insurance Straight 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 5.91 %
BN.PR.M Perpetual-Discount 1.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 18.88
Evaluated at bid price : 18.88
Bid-YTW : 6.37 %
NA.PR.K FixedReset Prem 1.51 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-05-01
Maturity Price : 25.00
Evaluated at bid price : 26.93
Bid-YTW : 5.49 %
GWO.PR.S Insurance Straight 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 6.02 %
BIP.PR.A FixedReset Disc 1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 22.22
Evaluated at bid price : 22.92
Bid-YTW : 6.94 %
FFH.PR.K FixedReset Disc 1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 23.40
Evaluated at bid price : 24.50
Bid-YTW : 6.28 %
BN.PR.X FixedReset Disc 1.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 15.75
Evaluated at bid price : 15.75
Bid-YTW : 7.39 %
PVS.PR.K SplitShare 2.03 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.10
Bid-YTW : 4.52 %
RY.PR.N Perpetual-Discount 2.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 24.21
Evaluated at bid price : 24.50
Bid-YTW : 5.07 %
ENB.PR.A Perpetual-Discount 2.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 22.35
Evaluated at bid price : 22.62
Bid-YTW : 6.18 %
ELF.PR.F Perpetual-Discount 2.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 6.06 %
ENB.PR.B FixedReset Disc 2.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 7.53 %
CU.PR.J Perpetual-Discount 3.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 19.95
Evaluated at bid price : 19.95
Bid-YTW : 6.06 %
BN.PF.C Perpetual-Discount 4.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 19.30
Evaluated at bid price : 19.30
Bid-YTW : 6.36 %
GWO.PR.T Insurance Straight 4.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 6.13 %
MFC.PR.M FixedReset Ins Non 12.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 22.80
Evaluated at bid price : 24.00
Bid-YTW : 5.48 %
CU.PR.G Perpetual-Discount 15.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 6.19 %
Volume Highlights
Issue Index Shares
Traded		 Notes
RY.PR.J FixedReset Disc 49,840 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-05-24
Maturity Price : 25.00
Evaluated at bid price : 25.11
Bid-YTW : 4.26 %
ENB.PF.A FixedReset Disc 42,350 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 7.46 %
MFC.PR.I FixedReset Ins Non 32,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 22.97
Evaluated at bid price : 23.80
Bid-YTW : 6.04 %
FFH.PR.I FixedReset Disc 31,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 22.62
Evaluated at bid price : 23.25
Bid-YTW : 5.97 %
ENB.PR.T FixedReset Disc 30,095 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 19.44
Evaluated at bid price : 19.44
Bid-YTW : 7.35 %
BN.PF.G FixedReset Disc 29,464 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 7.37 %
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.H Perpetual-Discount Quote: 22.10 – 25.00
Spot Rate : 2.9000
Average : 1.8309

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 21.86
Evaluated at bid price : 22.10
Bid-YTW : 6.03 %
IFC.PR.F Insurance Straight Quote: 22.10 – 24.00
Spot Rate : 1.9000
Average : 1.1991

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 21.71
Evaluated at bid price : 22.10
Bid-YTW : 6.05 %
CU.PR.C FixedReset Disc Quote: 20.00 – 22.11
Spot Rate : 2.1100
Average : 1.5468

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.61 %
IFC.PR.I Insurance Straight Quote: 21.40 – 23.00
Spot Rate : 1.6000
Average : 1.1054

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 6.39 %
ENB.PF.A FixedReset Disc Quote: 18.90 – 19.90
Spot Rate : 1.0000
Average : 0.5929

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 7.46 %
PWF.PR.K Perpetual-Discount Quote: 20.34 – 21.85
Spot Rate : 1.5100
Average : 1.1558

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-23
Maturity Price : 20.34
Evaluated at bid price : 20.34
Bid-YTW : 6.12 %
Market Action

April 22, 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 0.1427 % 2,081.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.1427 % 4,051.5
Floater 7.41 % 7.99 % 62,437 11.39 3 0.1427 % 2,334.9
OpRet 0.00 % 0.00 % 0 0.00 0 0.1245 % 3,616.7
SplitShare 4.84 % 5.08 % 61,676 1.75 8 0.1245 % 4,319.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1245 % 3,370.0
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 1.0212 % 2,840.2
Perpetual-Discount 6.05 % 6.19 % 57,620 13.65 33 1.0212 % 3,097.1
FixedReset Disc 5.80 % 6.93 % 127,257 12.63 49 0.6292 % 2,708.6
Insurance Straight 5.96 % 6.05 % 75,084 13.79 21 -0.0068 % 3,037.2
FloatingReset 5.92 % 5.91 % 38,876 13.99 3 0.2396 % 3,478.8
FixedReset Prem 6.43 % 5.79 % 140,949 13.79 10 0.1540 % 2,544.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.6292 % 2,768.7
FixedReset Ins Non 5.75 % 6.23 % 75,309 13.46 12 -0.1476 % 2,738.9
Performance Highlights
Issue Index Change Notes
MFC.PR.M FixedReset Ins Non -10.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 6.24 %
GWO.PR.T Insurance Straight -3.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 6.42 %
CU.PR.J Perpetual-Discount -3.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 19.22
Evaluated at bid price : 19.22
Bid-YTW : 6.29 %
PWF.PR.O Perpetual-Discount -2.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 22.71
Evaluated at bid price : 23.00
Bid-YTW : 6.33 %
SLF.PR.D Insurance Straight -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 19.36
Evaluated at bid price : 19.36
Bid-YTW : 5.81 %
PWF.PR.G Perpetual-Discount 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 23.58
Evaluated at bid price : 23.85
Bid-YTW : 6.21 %
ENB.PR.Y FixedReset Disc 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 17.54
Evaluated at bid price : 17.54
Bid-YTW : 7.58 %
BN.PR.N Perpetual-Discount 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 6.41 %
ENB.PF.E FixedReset Disc 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 17.95
Evaluated at bid price : 17.95
Bid-YTW : 7.68 %
ENB.PR.J FixedReset Disc 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 18.83
Evaluated at bid price : 18.83
Bid-YTW : 7.51 %
GWO.PR.M Insurance Straight 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 23.69
Evaluated at bid price : 24.00
Bid-YTW : 6.10 %
BN.PF.G FixedReset Disc 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 19.06
Evaluated at bid price : 19.06
Bid-YTW : 7.42 %
ENB.PR.P FixedReset Disc 1.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 18.78
Evaluated at bid price : 18.78
Bid-YTW : 7.43 %
BN.PF.A FixedReset Disc 1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 22.07
Evaluated at bid price : 22.50
Bid-YTW : 6.66 %
BN.PF.I FixedReset Disc 1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 23.15
Evaluated at bid price : 23.50
Bid-YTW : 6.94 %
CU.PR.C FixedReset Disc 1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 6.55 %
PWF.PR.H Perpetual-Discount 1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 23.06
Evaluated at bid price : 23.32
Bid-YTW : 6.19 %
IFC.PR.C FixedReset Ins Non 1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 6.71 %
MFC.PR.Q FixedReset Ins Non 1.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 22.45
Evaluated at bid price : 23.05
Bid-YTW : 5.98 %
GWO.PR.H Insurance Straight 2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 6.01 %
MFC.PR.J FixedReset Ins Non 2.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 22.89
Evaluated at bid price : 23.80
Bid-YTW : 5.86 %
PWF.PR.K Perpetual-Discount 2.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 20.15
Evaluated at bid price : 20.15
Bid-YTW : 6.18 %
PWF.PR.E Perpetual-Discount 2.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 22.27
Evaluated at bid price : 22.54
Bid-YTW : 6.12 %
IFC.PR.A FixedReset Ins Non 2.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 18.55
Evaluated at bid price : 18.55
Bid-YTW : 6.23 %
BN.PR.T FixedReset Disc 2.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 16.60
Evaluated at bid price : 16.60
Bid-YTW : 7.50 %
BN.PF.J FixedReset Disc 3.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 22.74
Evaluated at bid price : 23.45
Bid-YTW : 6.39 %
PWF.PR.F Perpetual-Discount 3.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 6.14 %
BIP.PR.F FixedReset Disc 3.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 21.88
Evaluated at bid price : 22.25
Bid-YTW : 6.69 %
PWF.PR.L Perpetual-Discount 4.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 20.78
Evaluated at bid price : 20.78
Bid-YTW : 6.17 %
BN.PR.X FixedReset Disc 5.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 15.47
Evaluated at bid price : 15.47
Bid-YTW : 7.53 %
CU.PR.F Perpetual-Discount 23.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 22.63
Evaluated at bid price : 22.88
Bid-YTW : 4.98 %
Volume Highlights
Issue Index Shares
Traded		 Notes
FTS.PR.M FixedReset Disc 109,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 6.59 %
ENB.PR.B FixedReset Disc 57,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 17.12
Evaluated at bid price : 17.12
Bid-YTW : 7.75 %
ENB.PR.D FixedReset Disc 55,826 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 17.69
Evaluated at bid price : 17.69
Bid-YTW : 7.53 %
PWF.PR.A Floater 53,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 13.10
Evaluated at bid price : 13.10
Bid-YTW : 6.76 %
RY.PR.J FixedReset Disc 41,500 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-05-24
Maturity Price : 25.00
Evaluated at bid price : 25.11
Bid-YTW : 4.13 %
ENB.PR.N FixedReset Disc 30,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 21.22
Evaluated at bid price : 21.22
Bid-YTW : 6.93 %
There were 8 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
MFC.PR.L FixedReset Ins Non Quote: 20.91 – 23.79
Spot Rate : 2.8800
Average : 1.7539

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 20.91
Evaluated at bid price : 20.91
Bid-YTW : 6.28 %
PWF.PF.A Perpetual-Discount Quote: 18.24 – 20.43
Spot Rate : 2.1900
Average : 1.3875

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 18.24
Evaluated at bid price : 18.24
Bid-YTW : 6.21 %
MFC.PR.Q FixedReset Ins Non Quote: 23.05 – 25.00
Spot Rate : 1.9500
Average : 1.5155

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 22.45
Evaluated at bid price : 23.05
Bid-YTW : 5.98 %
SLF.PR.D Insurance Straight Quote: 19.36 – 21.10
Spot Rate : 1.7400
Average : 1.3412

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 19.36
Evaluated at bid price : 19.36
Bid-YTW : 5.81 %
CU.PR.J Perpetual-Discount Quote: 19.22 – 20.61
Spot Rate : 1.3900
Average : 0.9914

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 19.22
Evaluated at bid price : 19.22
Bid-YTW : 6.29 %
CU.PR.G Perpetual-Discount Quote: 16.00 – 19.35
Spot Rate : 3.3500
Average : 2.9525

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-22
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 7.17 %
Market Action

April 21, 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 0.0000 % 2,078.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0000 % 4,045.7
Floater 7.42 % 8.00 % 62,891 11.38 3 0.0000 % 2,331.6
OpRet 0.00 % 0.00 % 0 0.00 0 0.0267 % 3,612.2
SplitShare 4.83 % 5.17 % 70,675 1.76 9 0.0267 % 4,313.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0267 % 3,365.8
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -1.2382 % 2,811.5
Perpetual-Discount 6.12 % 6.21 % 59,616 13.59 33 -1.2382 % 3,065.8
FixedReset Disc 5.84 % 6.96 % 131,856 12.56 49 0.0946 % 2,691.6
Insurance Straight 5.96 % 6.06 % 75,230 13.77 21 -0.2289 % 3,037.4
FloatingReset 5.93 % 5.91 % 40,462 14.00 3 0.4010 % 3,470.5
FixedReset Prem 6.44 % 5.72 % 141,657 13.73 10 -0.1065 % 2,540.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0946 % 2,751.4
FixedReset Ins Non 5.74 % 6.11 % 77,917 13.49 12 2.1444 % 2,743.0
Performance Highlights
Issue Index Change Notes
CU.PR.G Perpetual-Discount -15.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 7.17 %
BN.PR.X FixedReset Disc -5.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 14.65
Evaluated at bid price : 14.65
Bid-YTW : 7.95 %
PWF.PR.L Perpetual-Discount -4.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 6.46 %
RY.PR.N Perpetual-Discount -2.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 23.53
Evaluated at bid price : 23.80
Bid-YTW : 5.22 %
PWF.PR.K Perpetual-Discount -2.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 19.72
Evaluated at bid price : 19.72
Bid-YTW : 6.31 %
BIP.PR.F FixedReset Disc -2.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 6.95 %
BN.PR.T FixedReset Disc -2.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 16.12
Evaluated at bid price : 16.12
Bid-YTW : 7.71 %
PWF.PF.A Perpetual-Discount -2.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 18.06
Evaluated at bid price : 18.06
Bid-YTW : 6.27 %
PWF.PR.H Perpetual-Discount -2.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 22.67
Evaluated at bid price : 22.91
Bid-YTW : 6.30 %
ENB.PR.A Perpetual-Discount -2.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 21.76
Evaluated at bid price : 22.01
Bid-YTW : 6.35 %
BN.PF.I FixedReset Disc -1.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 22.76
Evaluated at bid price : 23.10
Bid-YTW : 7.06 %
CU.PR.F Perpetual-Discount -1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 6.16 %
CU.PR.J Perpetual-Discount -1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 19.98
Evaluated at bid price : 19.98
Bid-YTW : 6.05 %
BMO.PR.E FixedReset Prem -1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 23.51
Evaluated at bid price : 25.70
Bid-YTW : 5.61 %
PWF.PR.F Perpetual-Discount -1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 6.35 %
IFC.PR.I Insurance Straight -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 22.18
Evaluated at bid price : 22.50
Bid-YTW : 6.05 %
PWF.PR.R Perpetual-Discount -1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 21.90
Evaluated at bid price : 22.14
Bid-YTW : 6.23 %
IFC.PR.A FixedReset Ins Non -1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 6.39 %
MFC.PR.F FixedReset Ins Non -1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 15.10
Evaluated at bid price : 15.10
Bid-YTW : 6.77 %
GWO.PR.M Insurance Straight -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 23.41
Evaluated at bid price : 23.70
Bid-YTW : 6.18 %
PWF.PR.G Perpetual-Discount -1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 23.33
Evaluated at bid price : 23.61
Bid-YTW : 6.27 %
IFC.PR.F Insurance Straight -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 21.66
Evaluated at bid price : 22.05
Bid-YTW : 6.06 %
IFC.PR.E Insurance Straight -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 21.76
Evaluated at bid price : 22.11
Bid-YTW : 5.93 %
ENB.PR.H FixedReset Disc 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 19.01
Evaluated at bid price : 19.01
Bid-YTW : 6.98 %
PWF.PR.P FixedReset Disc 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 14.88
Evaluated at bid price : 14.88
Bid-YTW : 7.19 %
FFH.PR.K FixedReset Disc 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 23.73
Evaluated at bid price : 24.05
Bid-YTW : 6.43 %
SLF.PR.G FixedReset Ins Non 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 15.95
Evaluated at bid price : 15.95
Bid-YTW : 6.59 %
GWO.PR.N FixedReset Ins Non 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 15.00
Evaluated at bid price : 15.00
Bid-YTW : 6.68 %
FTS.PR.M FixedReset Disc 1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 6.62 %
BN.PF.G FixedReset Disc 1.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 18.81
Evaluated at bid price : 18.81
Bid-YTW : 7.52 %
GWO.PR.G Insurance Straight 2.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 6.12 %
BN.PF.F FixedReset Disc 2.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 20.61
Evaluated at bid price : 20.61
Bid-YTW : 7.01 %
SLF.PR.J FloatingReset 2.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 15.90
Evaluated at bid price : 15.90
Bid-YTW : 6.51 %
MFC.PR.Q FixedReset Ins Non 2.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 22.17
Evaluated at bid price : 22.61
Bid-YTW : 6.11 %
IFC.PR.C FixedReset Ins Non 3.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 6.83 %
MFC.PR.I FixedReset Ins Non 3.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 22.84
Evaluated at bid price : 23.55
Bid-YTW : 6.10 %
ENB.PF.G FixedReset Disc 8.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 17.70
Evaluated at bid price : 17.70
Bid-YTW : 7.74 %
MFC.PR.M FixedReset Ins Non 14.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 22.80
Evaluated at bid price : 24.00
Bid-YTW : 5.48 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BN.PF.E FixedReset Disc 29,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 18.32
Evaluated at bid price : 18.32
Bid-YTW : 7.32 %
RY.PR.J FixedReset Disc 24,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-05-24
Maturity Price : 25.00
Evaluated at bid price : 25.11
Bid-YTW : 4.00 %
TD.PF.A FixedReset Disc 13,828 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 22.53
Evaluated at bid price : 23.41
Bid-YTW : 5.33 %
FFH.PR.G FixedReset Disc 13,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 22.24
Evaluated at bid price : 22.97
Bid-YTW : 5.76 %
MFC.PR.C Insurance Straight 11,301 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 19.30
Evaluated at bid price : 19.30
Bid-YTW : 5.91 %
RY.PR.N Perpetual-Discount 11,229 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 23.53
Evaluated at bid price : 23.80
Bid-YTW : 5.22 %
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
CU.PR.G Perpetual-Discount Quote: 16.00 – 20.20
Spot Rate : 4.2000
Average : 2.5166

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 7.17 %
SLF.PR.G FixedReset Ins Non Quote: 15.95 – 18.60
Spot Rate : 2.6500
Average : 1.5498

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 15.95
Evaluated at bid price : 15.95
Bid-YTW : 6.59 %
SLF.PR.C Insurance Straight Quote: 19.76 – 21.45
Spot Rate : 1.6900
Average : 1.0466

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 19.76
Evaluated at bid price : 19.76
Bid-YTW : 5.69 %
GWO.PR.N FixedReset Ins Non Quote: 15.00 – 16.55
Spot Rate : 1.5500
Average : 0.9811

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 15.00
Evaluated at bid price : 15.00
Bid-YTW : 6.68 %
GWO.PR.T Insurance Straight Quote: 21.14 – 22.92
Spot Rate : 1.7800
Average : 1.2400

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 21.14
Evaluated at bid price : 21.14
Bid-YTW : 6.16 %
ENB.PR.D FixedReset Disc Quote: 17.55 – 18.84
Spot Rate : 1.2900
Average : 0.7880

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-04-21
Maturity Price : 17.55
Evaluated at bid price : 17.55
Bid-YTW : 7.59 %