PrefBlog

Market Action

New Issue: PVS 7-year, USD, 5.25%

Partners Value Split Corp. has announced:

that it has entered into an agreement to sell 4,000,000 Class AA Preferred Shares, Series 17 (the “Series 17 Preferred Shares”) to a syndicate of underwriters led by Scotiabank, BMO Capital Markets, CIBC Capital Markets, RBC Capital Markets and TD Securities Inc. on a bought deal basis.

The Series 17 Preferred Shares will be issued at a price of US$25.00 per share, for gross proceeds of US$100,000,000. The Series 17 Preferred Shares will carry a fixed coupon of 5.25% and will have a final maturity of January 31, 2033. The Series 17 Preferred Shares have a provisional rating of Pfd-2 from DBRS Limited. The net proceeds of the offering will be used by the Company to make distributions to the holder of the Company’s capital shares.

The Company has granted the underwriters an option, exercisable in whole or part prior to closing, to purchase up to an additional 1,000,000 Series 17 Preferred Shares at the same offering price, which, if exercised in full, would increase the gross offering size to US$125,000,000. Closing of the offering is expected to occur on or about November 13, 2025.

The Company owns a portfolio consisting of approximately 179 million Class A Limited Voting Shares of Brookfield Corporation and approximately 25 million Class A Limited Voting Shares of Brookfield Asset Management Ltd. (collectively, the “Brookfield Securities”), which are expected to yield quarterly dividends that are sufficient to fund quarterly fixed cumulative preferential dividends for the holders of the Company’s preferred shares and to enable the holders of the Company’s capital shares to participate in any capital appreciation of the Brookfield Securities.

This issue will not be tracked by HIMIPref™ since it’s US-Pay.

DBRS has announced that it:

assigned a provisional credit rating of (P) Pfd-2 to the Class AA Preferred Shares, Series 17 (the Series 17 Preferred Shares) to be issued by Partners Value Split Corp. (the Company). The Series 17 Preferred Shares will rank pari passu with the existing Class AA Preferred Shares, Series 10; the Class AA Preferred Shares, Series 12; the Class AA Preferred Shares, Series 13; the Class AA Preferred Shares, Series 14; the Class AA Preferred Shares, Series 15; and the Class AA Preferred Shares, Series 16 (collectively, the Class AA Preferred Shares).

The Series 17 Preferred Shares will be entitled to a fixed quarterly cumulative preferential dividend of [$] per share to yield [%] per annum on the issue price of USD 25.00. The maturity date for the Series 17 Preferred Shares will be January 31, 2033. Prior to the issuance of the Series 17 Preferred Shares, the Company will subdivide the existing Capital Shares, so that after the closing of the offering, the aggregate number of preferred shares (Class AA Preferred Shares and Junior Preferred Shares) outstanding and the aggregate number of Capital Shares outstanding will be equal.
…
Each series of Class AA Preferred Shares ranks pari passu with all other Class AA Preferred Shares and senior to the following:
— the Class AAA Preferred Shares,
— the Junior Preferred Shares, which currently consists of the Junior Preferred Shares, Series 5; and
— the Capital Shares, with respect to payment of dividends and repayment of principal.

There are currently no Class AAA Preferred Shares outstanding. The Junior Preferred Shareholders are entitled to receive quarterly noncumulative cash distributions at an annual rate of 5% when declared by the board of directors. There is $150 million worth of Junior Preferred Shares currently outstanding. The Company’s Capital Shareholders will only receive excess dividend income after interest on the debentures, Class AA Preferred Share distributions, Junior Preferred Share distributions, and other Company expenses have been paid, provided that the net asset value (NAV) per unit (one unit comprises one Capital Share and either one Class AA Preferred Share or one Junior Preferred Share) exceeds $36.00.

Any capital appreciation of the Brookfield Shares will benefit the Capital Shareholders, which rank junior to all preferred shares of any class or series.

Following the issuance of the Series 17 Preferred Shares, the downside protection available to the Class AA Preferred Shares is expected to be approximately 91.8%, and the dividend coverage ratio is expected to be higher than 1.0 time (x; based on the Canadian dollar and U.S. dollar exchange rate as of October 30, 2025). If the underwriters’ overallotment option is exercised, the downside protection is expected to be 91.5% and the dividend coverage is expected to remain higher than 1.0x. Because of the excess-only nature of both Junior Preferred Shares and Capital Share dividends, there is no grind on the Portfolio.

As the Brookfield Shares receive dividends in U.S. dollars, the Company is exposed to foreign currency risk relating to the Canadian-U.S. exchange rate, specifically the appreciation of the Canadian dollar versus the U.S. dollar. This may have a negative impact on the dividend coverage ratio of the Class AA Preferred Shares as these dividends (except for the dividends on the Series 16 Preferred Shares and the Series 17 Preferred Shares) are paid in Canadian dollars. In the event of a shortfall, the Company may sell some of the Portfolio’s securities, engage in security lending, or write covered call options to generate sufficient income to satisfy its obligations to pay the Class AA Preferred Shares’ dividends. If the Company chooses to lend its holdings, the Portfolio would be exposed to potential losses in the event that the borrower defaults on its obligations to return the borrowed securities. The Class AA Preferred Shares, excluding the Series 16 Preferred Shares and the Series 17 Preferred Shares, are exposed to currency risk for the return of their principal at maturity. However, this risk is mitigated by the current level of downside protection of 91.8%.

The main constraints to the credit rating are the following:
— The downside protection available to the Class AA Preferred Shareholders depends solely on the market value of the Brookfield Shares held in the Portfolio, which will fluctuate over time.
— There is a lack of diversification, as the Portfolio is entirely made up of Brookfield Shares.
— Changes in the dividend policy of Brookfield Corporation and BAM may result in reductions in the Class AA Preferred Shares’ dividend coverage.
— As the Brookfield Shares receive dividends in U.S. dollars, the Company is exposed to foreign currency risk relating to the Canadian-U.S. exchange rate, specifically the appreciation of the Canadian dollar versus the U.S. dollar. This may have a negative impact on the dividend coverage ratio of the Class AA Preferred Shares as these dividends (except for the dividends on the Series 16 Preferred Shares and the Series 17 Preferred Shares) are paid in Canadian dollars.
— The Class AA Preferred Shares, excluding the Series 16 Preferred Shares and the Series 17 Preferred Shares, are exposed to currency risk for the return of their principal at maturity. However, this risk is mitigated by the current level of downside protection of 91.8%.

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

Update, 2025-11-13: DBRS has finalized its credit rating at Pfd-2.

Issue Comments

RCG.PR.B Redeemed

iA Financial Corporation Inc. and RF Capital Group Inc. have announced (on 2025-10-31):

the successful completion of the previously announced acquisition of RF Capital.
…
The acquisition of RF Capital was completed by a wholly-owned subsidiary of iA (the “Purchaser”) pursuant to a court-approved plan of arrangement under the provisions of the Business Corporation Act (Ontario) (the “Arrangement”).

Pursuant to the Arrangement, the Purchaser acquired (i) all of the issued and outstanding common shares of RF Capital (“Common Shares”) for cash consideration of C$20.00 per Common Share, and (ii) all of the issued and outstanding Cumulative 5-Year Rate Reset Preferred Shares, Series B of RF Capital (“Series B Preferred Shares”) for cash consideration of C$25.00 per Series B Preferred Share (plus all accrued and unpaid dividends and an amount in cash per Series B Preferred Share equal to the dividends that would have been payable in respect of such share until March 31, 2026, which is the next available redemption date).

Consideration for the purchased shares has been remitted to TSX Trust Company, as depositary under the Arrangement, and will be paid to shareholders of RF Capital as soon as reasonably practicable after the date hereof.

RCG.PR.B was issued as GMP.PR.B, a FixedReset 5.50%+289, which commenced trading 2011-2-22 after being announced 2011-2-1. The notice of extension was reported on PrefBlog. The issue reset at 3.611% in 2016; there was a 22% conversion to GMP.PR.C. It is tracked by HIMIPref™ but is relegated to the Scraps index on credit concerns. The ticker was changed from GMP.PR.B to RCG.PR.B in 2020, following a name change. The issue reset to 3.73% in 2021 and at that time there was a forced conversion to the FixedReset. The potential acquisition was announced in late July, 2025, and reported on PrefBlog.

Market Action

November 4, 2025

Interesting piece on a policy response to low CPP deferral rates:

Few realize that by waiting until age 70, retirees can more than double their monthly pension compared with taking it at 60. Delaying CPP or QPP is like buying a secure, inflation-protected, government-backed pension at half price – a deal unmatched in the private market. It protects against the two greatest financial fears in retirement: inflation and running out of money.

Yet nine out of ten Canadians still claim by 65, even when they don’t need the money. The result: The average person gives up roughly $100,000 in lifetime income by claiming at 60 instead of 70 – about the same as the median RRSP savings at retirement.
…
In a research paper series on how to improve CPP/QPP decisions that I co-authored with Doug Chandler, Barbara Sanders and Alyssa Hodder at the National Institute on Ageing, we found that for those who can afford to wait, the main reason for claiming early isn’t financial – it’s fear.

To most people, delaying CPP or QPP feels like a gamble with death: “If I die soon, I’ll get nothing.” That short-term fear overwhelms the far greater long-term risk of outliving one’s savings.
…
That’s why I developed the Pension Delay Guarantee, a simple, low-cost reform that flips the psychology of fear on its head.

Here’s how it works: If someone delays CPP/QPP past 60 but dies before the higher benefits “catch up,” their estate receives a one-time payment for the missed amount.

In plain language: If you delay and die early, the guarantee ensures you don’t lose out.
…
Similar pension programs show that introducing a modest death benefit is the turning point in encouraging people to choose higher, lifelong income streams. The cost is minimal – just pennies on the dollar, because few people die before the breakeven age.

It’s an interesting idea. I’ve been tossing around the idea about writing a piece for PrefLetter next spring on CPP deferral and if I do I’ll see if I can fit in a section on this idea. Clearly, the most idiotic investment metric ever invented is the “break-even date” for CPP deferral and only shows just how innumerate the average Canadian is. I mean, why not just stick your CPP monthly payment (that you wouldn’t have received if you had used it to increase your subsequent payments) under a mattress? Then your break-even date is today, so it must be a fantastic investment, right? But I have been sharply criticized in the Globe comments section for describing the metric as garbage.

I don’t really like the idea of a ‘breakeven death benefit’ in principal. It detracts from the purpose of the pension: to provide money for the rest of your life, no ifs, ands, or buts; providing a breakeven guarantee will mean less money for the rest of your life. But in matters of public policy, principle must defer to pragmatism. Earnestly educating people about how numbers work won’t do anything. Helping Little Johnny check under the bed for monsters and guaranteeing that there aren’t any just might.

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	-0.2039 %	2,414.1
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.2039 %	4,577.5
Floater	5.97 %	6.24 %	59,958	13.53	3	-0.2039 %	2,638.0
OpRet	0.00 %	0.00 %	0	0.00	0	0.0937 %	3,697.9
SplitShare	4.72 %	4.49 %	68,934	3.27	5	0.0937 %	4,416.1
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0937 %	3,445.6
Perpetual-Premium	5.64 %	-18.44 %	80,238	0.09	6	0.2875 %	3,124.0
Perpetual-Discount	5.42 %	5.52 %	48,062	14.60	25	-0.1648 %	3,452.0
FixedReset Disc	5.76 %	5.89 %	112,978	13.82	30	-0.3170 %	3,108.3
Insurance Straight	5.36 %	5.39 %	55,749	14.72	21	-0.0997 %	3,386.6
FloatingReset	0.00 %	0.00 %	0	0.00	0	-0.3170 %	3,697.6
FixedReset Prem	5.86 %	4.43 %	109,835	2.35	21	0.0884 %	2,647.2
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	-0.3170 %	3,177.3
FixedReset Ins Non	5.17 %	5.28 %	58,323	14.56	15	0.1754 %	3,101.3

Performance Highlights
Issue	Index	Change	Notes
ENB.PR.F	FixedReset Disc	-4.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-04 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 6.41 %
SLF.PR.E	Insurance Straight	-4.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-04 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 5.42 %
GWO.PR.Q	Insurance Straight	-2.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-04 Maturity Price : 23.06 Evaluated at bid price : 23.32 Bid-YTW : 5.58 %
ELF.PR.H	Perpetual-Discount	-2.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-04 Maturity Price : 24.00 Evaluated at bid price : 24.25 Bid-YTW : 5.72 %
PWF.PR.R	Perpetual-Discount	-1.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-04 Maturity Price : 24.10 Evaluated at bid price : 24.36 Bid-YTW : 5.67 %
MFC.PR.C	Insurance Straight	-1.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-04 Maturity Price : 21.88 Evaluated at bid price : 22.12 Bid-YTW : 5.15 %
CIU.PR.A	Perpetual-Discount	-1.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-04 Maturity Price : 21.38 Evaluated at bid price : 21.38 Bid-YTW : 5.48 %
BN.PR.Z	FixedReset Disc	-1.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-04 Maturity Price : 23.37 Evaluated at bid price : 24.55 Bid-YTW : 5.87 %
BN.PR.M	Perpetual-Discount	-1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-04 Maturity Price : 20.96 Evaluated at bid price : 20.96 Bid-YTW : 5.74 %
MFC.PR.F	FixedReset Ins Non	-1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-04 Maturity Price : 17.75 Evaluated at bid price : 17.75 Bid-YTW : 5.78 %
NA.PR.G	FixedReset Prem	-1.05 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2028-11-16 Maturity Price : 25.00 Evaluated at bid price : 26.41 Bid-YTW : 4.99 %
MFC.PR.N	FixedReset Ins Non	1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-04 Maturity Price : 22.91 Evaluated at bid price : 24.20 Bid-YTW : 5.23 %
PWF.PR.O	Perpetual-Premium	1.27 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-04 Maturity Price : 25.00 Evaluated at bid price : 25.57 Bid-YTW : -19.84 %
CU.PR.F	Perpetual-Discount	1.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-04 Maturity Price : 21.43 Evaluated at bid price : 21.43 Bid-YTW : 5.35 %
POW.PR.A	Perpetual-Discount	1.80 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-04 Maturity Price : 25.00 Evaluated at bid price : 25.45 Bid-YTW : -12.04 %
GWO.PR.L	Insurance Straight	2.41 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-04 Maturity Price : 25.00 Evaluated at bid price : 25.50 Bid-YTW : -11.58 %
GWO.PR.P	Insurance Straight	3.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-04 Maturity Price : 24.64 Evaluated at bid price : 24.90 Bid-YTW : 5.48 %

Volume Highlights
Issue	Index	Shares Traded	Notes
SLF.PR.E	Insurance Straight	83,600	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-04 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 5.42 %
SLF.PR.C	Insurance Straight	33,100	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-04 Maturity Price : 21.83 Evaluated at bid price : 22.07 Bid-YTW : 5.09 %
IFC.PR.G	FixedReset Ins Non	28,700	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-04 Maturity Price : 23.61 Evaluated at bid price : 25.50 Bid-YTW : 5.25 %
BN.PF.F	FixedReset Disc	28,100	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-04 Maturity Price : 22.95 Evaluated at bid price : 24.20 Bid-YTW : 5.85 %
CU.PR.C	FixedReset Disc	27,000	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-04 Maturity Price : 23.88 Evaluated at bid price : 24.25 Bid-YTW : 5.36 %
GWO.PR.N	FixedReset Ins Non	20,000	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-04 Maturity Price : 17.68 Evaluated at bid price : 17.68 Bid-YTW : 5.71 %
There were 15 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue	Index	Quote Data and Yield Notes
BN.PF.E	FixedReset Disc	Quote: 22.17 – 23.53 Spot Rate : 1.3600 Average : 0.8458 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-04 Maturity Price : 21.78 Evaluated at bid price : 22.17 Bid-YTW : 5.98 %
SLF.PR.E	Insurance Straight	Quote: 21.05 – 22.44 Spot Rate : 1.3900 Average : 0.9342 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-04 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 5.42 %
ENB.PR.F	FixedReset Disc	Quote: 21.05 – 22.08 Spot Rate : 1.0300 Average : 0.6432 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-04 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 6.41 %
ELF.PR.H	Perpetual-Discount	Quote: 24.25 – 24.95 Spot Rate : 0.7000 Average : 0.4268 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-04 Maturity Price : 24.00 Evaluated at bid price : 24.25 Bid-YTW : 5.72 %
GWO.PR.Z	Insurance Straight	Quote: 25.77 – 26.77 Spot Rate : 1.0000 Average : 0.7413 YTW SCENARIO Maturity Type : Call Maturity Date : 2034-09-30 Maturity Price : 25.00 Evaluated at bid price : 25.77 Bid-YTW : 5.39 %
POW.PR.C	Perpetual-Premium	Quote: 25.90 – 26.50 Spot Rate : 0.6000 Average : 0.3783 YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-04 Maturity Price : 25.00 Evaluated at bid price : 25.90 Bid-YTW : -30.79 %

MAPF

MAPF Performance: October, 2025

Malachite Aggressive Preferred Fund’s Net Asset Value per Unit as of the close October 31, 2025, was $12.1172.

Quotes at October month-end were of poor quality, as is often the case when reinvestment of redemption proceeds leads to a late-day pop in prices – to the detriment of the reinvesting funds’ customers, but who cares about them?

There were no issues this month that stood out as significantly held poor performers; the fund benefitted from good performance by MFC.PR.B (+4.51% following last month’s poor performance) and SLF.PR.D (+3.75% following last month’s poor performance) [small holdings are not considered for individual mention here].

FixedResets continue to yield slightly more, in general, than PerpetualDiscounts; on October 31, I reported median YTWs of 5.87% and 5.56%, respectively, for these two indices; compare with mean Current Yields of 5.88% and 5.48%, respectively.

Returns to October 31, 2025
Period	MAPF	TXPR* Total Return	CPD – according to RBCGAM
One Month	+2.76%	+2.24%	+2.2%
Three Months	+3.20%	+3.29%	+3.1%
One Year	+26.40%	+20.01%	+19.3%
Two Years (annualized)	+33.07%	+25.45%	N/A
Three Years (annualized)	+20.29%	+13.82%	+13.1%
Four Years (annualized)	+7.67%	+5.42%	N/A
Five Years (annualized)	+16.25%	+9.73%	+9.1%
Six Years (annualized)	+13.60%	+8.43%	N/A
Seven Years (annualized)	+8.57%	+5.97%	N/A
Eight Years (annualized)	+7.76%	+5.24%	N/A
Nine Years (annualized)	+9.83%	+6.39%	N/A
Ten Years (annualized)	+9.52%	+6.25%	+5.7%
Eleven Years (annualized)	+6.56%	+4.07%
Twelve Years (annualized)	+6.80%	+4.23%
Thirteen Years (annualized)	+6.16%	+3.80%
Fourteen Years (annualized)	+6.51%	+3.95%
Fifteen Years (annualized)	+6.23%	+3.99%
Sixteen Years (annualized)	+7.11%	+4.47%
Seventeen Years (annualized)	+9.97%	+5.12%
Eighteen Years (annualized)	+9.04%	+4.04%
Nineteen Years (annualized)	+8.37%
Twenty Years (annualized)	+8.26%
Twenty-One Years (annualized)	+8.18%
Twenty-Two Years (annualized)	+8.50%
Twenty-Three Years (annualized)	+9.22%
Twenty-Four Years (annualized)	+8.77%
MAPF returns assume reinvestment of distributions, and are shown after expenses but before fees.
The BMO Capital Markets “50” Preferred Share Index is no longer being calculated. The final performance report incorporating this venerable index was published as of December, 2020.
“TXPR” is the S&P/TSX Preferred Share Index. It is calculated without accounting for fees, but does assume reinvestment of dividends.
CPD Returns are for the NAV and are after all fees and expenses. Reinvestment of dividends is assumed.
All fund and ETF returns shown below are after all fees and expenses
Figures for NBI Preferred Equity Income Fund, Series F [NBC780] (formerly Omega Preferred Equity) (which are after all fees and expenses) for 1-, 3- and 12-months are +1.94%, +2.96% and +20.73%, respectively, according to National Bank Investments after all fees & expenses. Three year performance is +15.46%; five year is +11.85%; ten year is +7.64%. Figures from Morningstar are no longer conveniently available.
Manulife Preferred Income Class Adv has been terminated by Manulife. The performance of this fund was last reported here in March, 2018.
Figures for ~~Horizons~~ GlobalX Active Preferred Share ETF (HPR) (which are after all fees and expenses) for 1-, 3- and 12-months are +2.29%, +3.40% & +21.04%, respectively. Three year performance is +15.88%, five-year is +11.96%, ten year is +7.08%
Figures for NBI Preferred Equity Fund Series F [NBC710] (formerly Altamira Preferred Equity Fund) are +2.17%, +3.19% and +20.75% for one-, three- and twelve months, respectively. Three year performance is +16.26%; five-year is +12.26%; ten-year is +7.31% Acccording to the fund’s fact sheet as of June 30, 2016, the fund’s inception date was October 30, 2015. I do not know how they justify this nonsensical statement, but will assume that prior performance is being suppressed in some perfectly legal manner that somebody at National considers ethical. The last time Altamira Preferred Equity Fund’s performance was reported here was April, 2014; performance under the National Bank banner was first reported here May, 2014.
The figures for the NAV of BMO Laddered Preferred Share Index ETF (ZPR) is +21.74% for the past twelve months. Two year performance is +27.09%, three year is +14.91%, five year is +11.83%, ten year is +6.77% Note that analysis of ZPR shows some doubt as to whether this fund is either "laddered" or an "index fund". However, there was a remarkable improvement in the laddering in the six months following the publication of my analysis.
Figures for Fiera Canadian Preferred Share Class Cg Series F, (formerly Natixis Canadian Preferred Share Class Series F) (formerly NexGen Canadian Preferred Share Tax Managed Fund) are no longer available as the Fund is now the property of Canoe Financial. The last reported performance for the merged fund was May 2020.
Figures for BMO Preferred Share Fund (advisor series) are not available as the fund has been terminated. This is as per an announcement by the bank on 2024-5-28. The last performance report for this awful fund was as of July 31, 2024.
Figures for PowerShares Canadian Preferred Share Index Class, Series F (PPS) are no longer available since the fund has been terminated. Performance was last reported for the fund to month-end, March 2023
Figures for the First Asset Preferred Share Investment Trust (PSF.UN) are no longer available since the fund has merged with First Asset Preferred Share ETF (FPR). Performance for the fund was last reported here in September, 2016; the first report of unavailability was in October, 2016.
Figures for Lysander-Slater Preferred Share Dividend Fund (Class F) according to the company are +1.4%, +2.7% and +13.8% for the past one, three and twelve months, respectively. Three year performance is +12.6%, five-year is +11.3%, ten-year is +5.5%.
Figures for the Desjardins Canadian Preferred Share Fund F Class (F Class), as reported by the company are +2.1%, +3.17% and +19.10% for the past one, three and twelve months, respectively. Two year performance is +24.90%, three-year is +13.92%, five-year is +9.79%
Figures for the RBC Canadian Preferred Share ETF (RPF) are reported as +1.8%, +3.0% and +22.2% for the past one, three and twelve months, respectively. Three-year performance is +14.2%, five-year is +11.3%
Figures for the Dynamic Active Preferred Shares ETF (DXP) are +2.0%, +3.2% and +21.4% for the past one, three and twelve months, respectively. Three-year performance is +15.8%; five-year is +13.4%
Figures for the Purpose Canadian Preferred Share Fund (Class F) are +1.53%, +2.53% and +18.02% for the past one, three and twelve months, respectively. Three-year performance is +13.80%; four-year is +4.90%; five-year is +12.77%; seven-year is +6.11%; ten-year is +7.39%.
Figures for the TD Active Preferred Share ETF (TPRF) are +2.37%, +3.40% and +21.25% for the past one, three and twelve months, respectively. Two-year performance is +28.14%, three-year is +15.32%; five-year is +14.89%. Note that “The TD ETF may also hold common shares, government and corporate bonds, and other income-producing securities. … The TD ETF may invest in foreign securities to an extent that will vary from time to time but is not typically expected to exceed 5% of its assets at the time that foreign securities are purchased. The non-preferred share components of the portfolio are relatively minor – as of their year-end 2023 report, they had $1.6-million in Canadian Natural Resources Limited common, $1.8-million in RBC common, $1.6-million in SLF common, and $1.75-million in Fortis common, totalling $6.75-million in a $220-million portfolio. I take the view that the purpose of this mandate is to destroy, or at least deprecate, comparability. Banks hate comparability.

The five-year Canada yield decreased, with the five-year Canada yield (“GOC-5”) moving from 2.75% at September month-end to 2.64% at October month-end.

The Seniority Spread (between long-term corporate bonds and interest-equivalent PerpetualDiscounts) was 240bp on 2025-10-29 sharply narrowing from the 255bp on 2025-10-01 and regaining most of the widening experienced last month (chart end-date 2025-10-10).

The situation with FixedResets is interesting, with the spread between GOC-5 and the interest-adjusted FixedReset (Discount) rate widening significantly (despite recent narrowing) from its 2021-11-10 low of 344bp to a level of 492bp (as of 2025-10-29)… (chart end-date 2025-10-10):

…while at the same time the interest-equivalent spread between FixedReset (Discounts) and PerpetualDiscounts has narrowed to -47bp (as of 2025-10-29) from its 2021-7-28 level of +170bp (chart end-date 2025-10-10):

There is no correlation between the Issue Reset Spread and 1-month performance for discounted FixedResets for either the Pfd-2 Group or for Pfd-3 Group issues.

There is no correlation for either the Pfd-2 group or the Pfd-3 group between the Issue Reset Spread and 3-month performance for discounted FixedResets.

There is a very small correlation for the Pfd-2 Group (10%) but none for the Pfd-3 Group for 1-Month performance against term-to-reset:

… while the three-month returns vs. Term to Reset, shows no correlation for the Pfd-2 Group but there is a small one for the Pfd-3 Group (11%):

It should be noted that to some extent a dependence (of performance on term-to-reset) can be justified as the nearer-term issues will receive the benefit (adverse effects) of higher (lower) projected dividend rates sooner as a result of higher GOC-5 yields and therefore, perhaps, for longer. Equations for the relationship between correlation slope and change in GOC-5 were derived in the August 2022 PrefLetter.

Upward-sloping correlations of Performance vs. Term are to be expected when GOC-5 declines.

I keep talking about ‘Sustainable Income’ and it still exceeds – by a much smaller margin than previously – dividends that are currently being distributed. This is because Sustainable Income is the average yield-to-worst (YTW) of the portfolio when the YTW is calculated to perpetuity (or to redemption, of course, if the yield to redemption is lower), including resets at the current GOC-5 rate. The sharp increase in GOC-5 in the past few years has caused the difference between YTW and Current Yield to skyrocket, but one way or another I expect that these two values will become much closer – slowly at first, but quickening in the fairly near future. We have to wait for the reset date of the MAPF portfolio securities before we see a change in actual cash receipts – and, of course, there is no guarantee whatsoever that the rate used for estimation purposes now will be used for the actual calculation in the future (chart prepared as of 2025-10-10).

I will note that the fund’s current holdings of FixedResets are now paying dividends based on their previous reset at an average GOC-5 rate of 2.56% (weighted by shares held)

Calculation of MAPF Sustainable Income Per Unit
Month	NAVPU	Portfolio Average YTW	Leverage Divisor	Securities Average YTW	Capital Gains Multiplier	Sustainable Income per current Unit
June, 2007	9.3114	5.16%	1.03	5.01%	1.3240	0.3524
September	9.1489	5.35%	0.98	5.46%	1.3240	0.3773
December, 2007	9.0070	5.53%	0.942	5.87%	1.3240	0.3993
March, 2008	8.8512	6.17%	1.047	5.89%	1.3240	0.3938
June	8.3419	6.034%	0.952	6.338%	1.3240	$0.3993
September	8.1886	7.108%	0.969	7.335%	1.3240	$0.4537
December, 2008	8.0464	9.24%	1.008	9.166%	1.3240	$0.5571
March 2009	$8.8317	8.60%	0.995	8.802%	1.3240	$0.5872
June	10.9846	7.05%	0.999	7.057%	1.3240	$0.5855
September	12.3462	6.03%	0.998	6.042%	1.3240	$0.5634
December 2009	10.5662	5.74%	0.981	5.851%	1.1141	$0.5549
March 2010	10.2497	6.03%	0.992	6.079%	1.1141	$0.5593
June	10.5770	5.96%	0.996	5.984%	1.1141	$0.5681
September	11.3901	5.43%	0.980	5.540%	1.1141	$0.5664
December 2010	10.7659	5.37%	0.993	5.408%	1.0298	$0.5654
March, 2011	11.0560	6.00%	0.994	5.964%	1.0298	$0.6403
June	11.1194	5.87%	1.018	5.976%	1.0298	$0.6453
September	10.2709	6.10% Note	1.001	6.106%	1.0298	$0.6090
December, 2011	10.0793	5.63% Note	1.031	5.805%	1.0000	$0.5851
March, 2012	10.3944	5.13% Note	0.996	5.109%	1.0000	$0.5310
June	10.2151	5.32% Note	1.012	5.384%	1.0000	$0.5500
September	10.6703	4.61% Note	0.997	4.624%	1.0000	$0.4934
December, 2012	10.8307	4.24%	0.989	4.287%	1.0000	$0.4643
March, 2013	10.9033	3.87%	0.996	3.886%	1.0000	$0.4237
June	10.3261	4.81%	0.998	4.80%	1.0000	$0.4957
September	10.0296	5.62%	0.996	5.643%	1.0000	$0.5660
December, 2013	9.8717	6.02%	1.008	5.972%	1.0000	$0.5895
March, 2014	10.2233	5.55%	0.998	5.561%	1.0000	$0.5685
June	10.5877	5.09%	0.998	5.100%	1.0000	$0.5395
September	10.4601	5.28%	0.997	5.296%	1.0000	$0.5540
December, 2014	10.5701	4.83%	1.009	4.787%	1.0000	$0.5060
March, 2015	9.9573	4.99%	1.001	4.985%	1.0000	$0.4964
June, 2015	9.4181	5.55%	1.002	5.539%	1.0000	$0.5217
September	7.8140	6.98%	0.999	6.987%	1.0000	$0.5460
December, 2015	8.1379	6.85%	0.997	6.871%	1.0000	$0.5592
March, 2016	7.4416	7.79%	0.998	7.805%	1.0000	$0.5808
June	7.6704	7.67%	1.011	7.587%	1.0000	$0.5819
September	8.0590	7.35%	0.993	7.402%	1.0000	$0.5965
December, 2016	8.5844	7.24%	0.990	7.313%	1.0000	$0.6278
March, 2017	9.3984	6.26%	0.994	6.298%	1.0000	$0.5919
June	9.5313	6.41%	0.998	6.423%	1.0000	$0.6122
September	9.7129	6.56%	0.998	6.573%	1.0000	$0.6384
December, 2017	10.0566	6.06%	1.004	6.036%	1.0000	$0.6070
March, 2018	10.2701	6.22%	1.007	6.177%	1.0000	$0.6344
June	10.2518	6.22%	0.995	6.251%	1.0000	$0.6408
September	10.2965	6.62%	1.018	6.503%	1.0000	$0.6696
December, 2018	8.6875	7.16%	0.997	7.182%	1.0000	$0.6240
March, 2019	8.4778	7.09%	1.007	7.041%	1.0000	$0.5969
June	8.0896	7.33%	0.996	7.359%	1.0000	$0.5953
September	7.7948	7.96%	0.998	7.976%	1.0000	$0.6217
December, 2019	8.0900	6.03%	0.995	6.060%	1.0000	$0.4903
March	5.5596	7.04%	1.006	6.998%	1.0000	$0.3891
June	6.3568	6.10%	0.9900	6.162%	1.0000	$0.3917
September	7.2852	5.32%	1.00	5.320%	1.0000	$0.3876
December, 2020	8.3947	4.46%	0.999	4.464%	1.0000	$0.3747
March, 2021	9.6473	4.48%	0.996	4.498%	1.0000	$0.4339
June	10.3712	3.92%	0.985	3.980%	1.0000	$0.4127
September	10.7572	4.08%	1.017	4.012%	1.0000	$0.4316
December, 2021	10.7432	4.31%	0.999	4.314%	1.0000	$0.4635
March, 2022	10.5040	5.53%	1.004	5.508%	1.0000	$0.5786
June	9.3115	7.04%	0.993	7.090%	1.0000	$0.6672
September	8.4093	8.10%	0.997	8.124%	1.0000	$0.6916
December, 2022	7.9921	8.47%	0.996	8.504%	1.0000	$0.6796
March, 2023	8.0788	7.90%	0.997	7.924%	1.0000	$0.6401
June 30	8.0197	9.19%	1.003	9.163%	1.0000	$0.7348
September 29	7.9922	9.86%	0.997	9.890%	1.0000	$0.7904
Decenber 29, 2023	8.4715	8.14%	1.002	8.124%	1.0000	$0.6882
March 28,2024	9.5892	7.60%	1.006	7.555%	1.0000	$0.7244
June 28	9.8516	7.32%	0.999	7.327%	1.0000	$0.7219
September 30	10.3641	6.55%	0.990	6.616%	1.0000	$0.6857
December 31,2024	11.0142	6.44%	0.992	6.492%	1.0000	$0.7150
March 31,2025	10.8891	6.22%	0.993	6.264%	1.0000	$0.6821
June 30	11.4529	6.10%	0.997	6.118%	1.0000	$0.7007
September	11.7912	5.78%	1.002	5.768%	1.0000	$0.6802
October,2025	12.1172	5.46%	1.001	5.455%	1.0000	$0.6609
NAVPU is shown after quarterly distributions of dividend income and annual distribution of capital gains. Portfolio YTW includes cash (or margin borrowing), with an assumed interest rate of 0.00% The Leverage Divisor indicates the level of cash in the account: if the portfolio is 1% in cash, the Leverage Divisor will be 0.99 Securities YTW divides “Portfolio YTW” by the “Leverage Divisor” to show the average YTW on the securities held; this assumes that the cash is invested in (or raised from) all securities held, in proportion to their holdings. The Capital Gains Multiplier adjusts for the effects of Capital Gains Dividends. On 2009-12-31, there was a capital gains distribution of $1.989262 which is assumed for this purpose to have been reinvested at the final price of $10.5662. Thus, a holder of one unit pre-distribution would have held 1.1883 units post-distribution; the CG Multiplier reflects this to make the time-series comparable. Note that Dividend Distributions are not assumed to be reinvested. Sustainable Income is the resultant estimate of the fund’s dividend income per current unit, before fees and expenses. Note that a “current unit” includes reinvestment of prior capital gains; a unitholder would have had the calculated sustainable income with only, say, 0.9 units in the past which, with reinvestment of capital gains, would become 1.0 current units.
DeemedRetractibles are comprised of all Straight Perpetuals (both PerpetualDiscount and PerpetualPremium) issued by BMO, BNS, CM, ELF, GWO, HSB, IAG, MFC, NA, RY, SLF and TD, which are not exchangable into common at the option of the company or the regulator (definition refined in May, 2011). These issues are analyzed as if their prospectuses included a requirement to redeem at par on or prior to 2022-1-31 (banks) or the Deemed Maturity date for insurers and insurance holding companies (see below)), in addition to the call schedule explicitly defined. See the Deemed Retractible Review: September 2016 for the rationale behind this analysis. The same reasoning is also applied to FixedResets from these issuers, other than explicitly defined NVCC from banks. In November, 2019, the assumption of DeemedRetraction for insurance issues was cancelled in the wake of the IAIS decision included in ICS 2.0. This resulted in a large drop in the yield calculated for these issues
The Deemed Maturity date for insurers was set at 2022-1-31 at the commencement of the process in February, 2011. It was extended to 2025-1-31 in April, 2013 and to 2030-1-31 in December, 2018. In November, 2019, the assumption of DeemedRetraction was cancelled in the wake of the IAIS decision included in ICS 2.0.
Yields for September, 2011, to January, 2012, were calculated by imposing a cap of 10% on the yields of YLO issues held, in order to avoid their extremely high calculated yields distorting the calculation and to reflect the uncertainty in the marketplace that these yields will be realized. From February to September 2012, yields on these issues have been set to zero. All YLO issues held were sold in October 2012.

These calculations were performed assuming constant contemporary GOC-5 and 3-Month Bill rates, as follows:

Canada Yields Assumed in Calculations
Month-end	GOC-5	3-Month Bill
September, 2015	0.78%	0.40%
December, 2015	0.71%	0.46%
March, 2016	0.70%	0.44%
June	0.57%	0.47%
September	0.58%	0.53%
December, 2016	1.16%	0.47%
March, 2017	1.08%	0.55%
June	1.35%	0.69%
September	1.79%	0.97%
December, 2017	1.83%	1.00%
March, 2018	2.06%	1.08%
June	1.95%	1.22%
September	2.33%	1.55%
December, 2018	1.88%	1.65%
March, 2019	1.46%	1.66%
June	1.34%	1.66%
September	1.41%	1.66%
December, 2019	1.68%	1.68%
March, 2020	0.57%	0.21%
June	0.37%	0.21%
September	0.35%	0.14%
December, 2020	0.42%	0.08%
March, 2021	0.94%	0.09%
June	0.93%	0.13%
September	1.07%	0.13%
December, 2021	1.31%	0.16%
March, 2022	2.44%	0.53%
June	3.24%	2.11%
September	3.45%	3.60%
December, 2022	3.37%	4.35%
March, 2023	2.93%	4.44%
June	3.74%	5.00%
September	4.31%	5.21%
December, 2023	3.21%	5.13%
March, 2024	3.55%	5.06%
June	3.41%	4.71%
September	2.74%	3.94%
December, 2024	3.02%	3.19%
March, 2025	2.64%	2.66%
June	2.85%	2.68%
September	2.75%	2.45%
October, 2025	2.64%	2.24%

Issue Comments

FN.PR.A: Market Pops Following Plan of Arrangement

First National Financial Corporation has announced (on 2025-10-22):

the completion of the previously-announced plan of arrangement under the Business Corporations Act (Ontario) (the “Arrangement”). Pursuant to the terms of the Arrangement, a newly-formed acquisition vehicle (the “Purchaser”) controlled by private equity funds managed by Birch Hill Equity Partners Management Inc. and private equity funds managed by Brookfield Asset Management acquired all of the outstanding common shares (the “Shares”) of First National, other than certain Shares owned by the Company’s founders, Stephen Smith and Moray Tawse (together with their associates and affiliates), for $48.00 per Share in cash (the “Consideration”). As a result of the Arrangement, Messrs. Smith and Tawse each retained an indirect approximate 19% interest in First National, with Birch Hill and Brookfield holding the remaining approximate 62% interest.

In addition, on closing of the Arrangement, the Company’s 2.961% Series 3 Senior Unsecured Notes due November 17, 2025, 7.293% Series 4 Senior Unsecured Notes due September 8, 2026 and 6.261% Series 5 Senior Unsecured Notes due November 1, 2027 (collectively, the “Redeemed Notes”) were redeemed in accordance with the terms of the Arrangement.

With the Arrangement now complete, the Shares are expected to be delisted from the Toronto Stock Exchange (the “TSX”) shortly following the date hereof. First National’s Class A Preference Shares, Series 1 and Class A Preference Shares, Series 2 continue to be outstanding in accordance with their terms and listed on the TSX (collectively, the “Preferred Shares”).

Settlement of the previously-announced offering of $800 million aggregate principal amount of senior notes of the Company (the “New Notes”) is expected to be completed on October 23, 2025, and the Company and the Purchaser intend to amalgamate shortly thereafter (the “Amalgamation”), with the amalgamated company continuing to be named and operated as “First National Financial Corporation”. The Preferred Shares and the New Notes will continue to be outstanding securities of First National post-amalgamation with no changes to the terms of such securities. Following the Amalgamation, the Preferred Shares will continue to be listed on the TSX and First National will continue to be a reporting issuer under applicable Canadian securities laws.

DBRS affirmed the credit rating of the preferreds at Pfd-3:

The credit rating confirmations and Stable trends reflect Morningstar DBRS’ expectation that FNFC’s go-private transaction will not result in any notable changes to FNF’s proven business model, strategy/strategic priorities, or key members of the senior leadership team. The Investor Group will have a 62% ownership stake, while the two co-founders, Stephen Smith and Moray Tawse, will each have a 19% ownership stake (they previously held a combined ownership stake of approximately 71%). The pro forma capital structure for FNFC includes an incremental $1.15 billion of debt (total debt of $1.75 billion) and an additional $1.16 billion in common equity (total common equity of $1.78 billion), with no contemplated changes to FNF LP’s capital structure. As a result, leverage notably increases to 5.7 times (x) at FNF (as calculated by Morningstar DBRS) and 4.5x at FNFC (as calculated by Morningstar DBRS) and is considered a credit ratings constraint. However, Morningstar DBRS expects FNF to steadily deleverage through a combination of EBITDA growth and debt repayment, reducing leverage at FNFC to approximately 4.0x by the end of 2027 and to approximately 3.0x by the end of 2030. Excess cash flow from lower all-in fixed charges and dividends as a private company should be available for deleveraging. Interest coverage at the outset is a reasonable 2.4x at FNF (as calculated by Morningstar DBRS) and 4.6x at FNFC (as calculated by Morningstar DBRS). Positively, the Investor Group provides financial strength and access to capital, along with a proven track record of partnering with and enhancing Canadian financial services companies with operational experience and deep institutional knowledge of the Canadian housing market.

S&P does not evaluate the preferreds, providing only “Servicer Evaluation Rankings”, which have not changed.

The market, however, seems much more impressed by the company’s new backers, with the price up substantially over the month:

Market Action

November 3, 2025

The Boston Fed has released a working paper by lizabeth Llanes, Jeffrey P. Thompson, and Alice Henriques Volz Do the Rich Really Save More? Answering an Old Question Using the Survey of Consumer Finances with Direct Measures of Lifetime Earnings and an Expanded Wealth Concept:

To address the question of whether the “rich”—typically identified as households with high levels of lifetime income or earnings—save a greater share of their income compared with less affluent households, this paper includes direct measures of lifetime earnings, the full range of assets that low- and middle-income households depend on to finance their retirement, and data that include sufficient samples of households that are in the extreme upper tails of the wealth or income distribution. Specifically, the authors use the 2022 Survey of Consumer Finances (which oversamples high-net-worth households) in combination with direct estimation of lifetime earnings (LE) to explore wealth-to-lifetime-earnings ratios—the cumulative impact of saving over time—across the lifetime earnings distribution. In addition, they use an expanded measure of wealth that includes the asset value of defined benefit pensions and Social Security.
…

As indicated by wealth-to-LE ratios, the rich do indeed save more than households further down the LE distribution. In general, elevated wealth-to-LE ratios are consistently observed only in the top one or two deciles of the lifetime earnings distribution.
When the analysis includes defined benefit assets, which are excluded from most of the previous research, wealth-to-LE ratios rise even higher in the top half of the LE distribution.
Adding the asset value of Social Security benefits, however, pulls these ratios up disproportionately across the bottom half of the LE distribution.
When accumulated capital gains are excluded from the measure of wealth, wealth-to-LE ratios remain elevated in the top decile of LE distribution and are flat over most of the distribution.

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	-0.0764 %	2,419.0
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.0764 %	4,586.8
Floater	5.96 %	6.22 %	60,846	13.56	3	-0.0764 %	2,643.4
OpRet	0.00 %	0.00 %	0	0.00	0	0.4236 %	3,694.4
SplitShare	4.73 %	4.18 %	68,751	3.27	5	0.4236 %	4,411.9
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.4236 %	3,442.4
Perpetual-Premium	5.65 %	-7.66 %	80,934	0.09	6	0.2096 %	3,115.0
Perpetual-Discount	5.41 %	5.50 %	47,593	14.62	25	0.5442 %	3,457.7
FixedReset Disc	5.74 %	5.89 %	114,334	13.81	30	0.4988 %	3,118.2
Insurance Straight	5.36 %	5.37 %	55,203	14.73	21	0.2610 %	3,390.0
FloatingReset	0.00 %	0.00 %	0	0.00	0	0.4988 %	3,709.4
FixedReset Prem	5.86 %	4.69 %	111,407	2.35	21	0.2603 %	2,644.9
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.4988 %	3,187.4
FixedReset Ins Non	5.18 %	5.30 %	58,253	14.53	15	1.3934 %	3,095.8

Performance Highlights
Issue	Index	Change	Notes
BN.PF.B	FixedReset Disc	-2.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-03 Maturity Price : 22.65 Evaluated at bid price : 23.45 Bid-YTW : 5.93 %
SLF.PR.C	Insurance Straight	-1.84 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-03 Maturity Price : 21.65 Evaluated at bid price : 21.90 Bid-YTW : 5.13 %
GWO.PR.L	Insurance Straight	-1.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-03 Maturity Price : 24.64 Evaluated at bid price : 24.90 Bid-YTW : 5.74 %
PWF.PR.T	FixedReset Disc	-1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-03 Maturity Price : 23.16 Evaluated at bid price : 24.50 Bid-YTW : 5.25 %
PWF.PR.F	Perpetual-Discount	1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-03 Maturity Price : 23.65 Evaluated at bid price : 23.92 Bid-YTW : 5.51 %
POW.PR.C	Perpetual-Premium	1.02 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-03 Maturity Price : 25.00 Evaluated at bid price : 25.86 Bid-YTW : -29.35 %
MFC.PR.M	FixedReset Ins Non	1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-03 Maturity Price : 23.05 Evaluated at bid price : 24.50 Bid-YTW : 5.30 %
NA.PR.G	FixedReset Prem	1.10 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2028-11-16 Maturity Price : 25.00 Evaluated at bid price : 26.69 Bid-YTW : 4.60 %
POW.PR.G	Perpetual-Premium	1.12 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-03 Maturity Price : 25.00 Evaluated at bid price : 25.35 Bid-YTW : -7.66 %
BMO.PR.E	FixedReset Prem	1.12 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2028-11-25 Maturity Price : 25.00 Evaluated at bid price : 27.00 Bid-YTW : 3.91 %
ENB.PR.T	FixedReset Disc	1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-03 Maturity Price : 22.64 Evaluated at bid price : 23.46 Bid-YTW : 5.91 %
CU.PR.F	Perpetual-Discount	1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-03 Maturity Price : 21.11 Evaluated at bid price : 21.11 Bid-YTW : 5.43 %
GWO.PR.R	Insurance Straight	1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-03 Maturity Price : 22.19 Evaluated at bid price : 22.47 Bid-YTW : 5.39 %
GWO.PR.Q	Insurance Straight	1.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-03 Maturity Price : 23.69 Evaluated at bid price : 23.96 Bid-YTW : 5.43 %
GWO.PR.Z	Insurance Straight	1.57 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2034-09-30 Maturity Price : 25.00 Evaluated at bid price : 25.81 Bid-YTW : 5.37 %
GWO.PR.S	Insurance Straight	1.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-03 Maturity Price : 24.13 Evaluated at bid price : 24.38 Bid-YTW : 5.44 %
IFC.PR.A	FixedReset Ins Non	1.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-03 Maturity Price : 21.51 Evaluated at bid price : 21.88 Bid-YTW : 5.18 %
PVS.PR.K	SplitShare	1.78 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.80 Bid-YTW : 3.72 %
PWF.PR.L	Perpetual-Discount	1.83 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-03 Maturity Price : 23.04 Evaluated at bid price : 23.31 Bid-YTW : 5.49 %
PWF.PR.R	Perpetual-Discount	1.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-03 Maturity Price : 24.55 Evaluated at bid price : 24.80 Bid-YTW : 5.57 %
PWF.PR.E	Perpetual-Discount	1.88 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-03 Maturity Price : 24.68 Evaluated at bid price : 24.99 Bid-YTW : 5.53 %
ENB.PR.B	FixedReset Disc	1.93 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-03 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 6.20 %
CIU.PR.A	Perpetual-Discount	2.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-03 Maturity Price : 21.44 Evaluated at bid price : 21.70 Bid-YTW : 5.38 %
BN.PR.R	FixedReset Disc	2.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-03 Maturity Price : 20.23 Evaluated at bid price : 20.23 Bid-YTW : 6.18 %
SLF.PR.H	FixedReset Ins Non	2.88 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-03 Maturity Price : 21.93 Evaluated at bid price : 22.48 Bid-YTW : 5.33 %
BN.PF.G	FixedReset Disc	2.98 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-03 Maturity Price : 22.89 Evaluated at bid price : 24.20 Bid-YTW : 5.78 %
IFC.PR.C	FixedReset Ins Non	3.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-03 Maturity Price : 23.76 Evaluated at bid price : 24.30 Bid-YTW : 5.45 %
ENB.PF.G	FixedReset Disc	4.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-03 Maturity Price : 22.00 Evaluated at bid price : 22.52 Bid-YTW : 6.17 %
BN.PR.T	FixedReset Disc	5.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-03 Maturity Price : 20.18 Evaluated at bid price : 20.18 Bid-YTW : 6.17 %
MFC.PR.I	FixedReset Ins Non	11.79 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2027-09-19 Maturity Price : 25.00 Evaluated at bid price : 25.60 Bid-YTW : 5.08 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BMO.PR.E	FixedReset Prem	69,700	YTW SCENARIO Maturity Type : Call Maturity Date : 2028-11-25 Maturity Price : 25.00 Evaluated at bid price : 27.00 Bid-YTW : 3.91 %
ENB.PR.F	FixedReset Disc	57,600	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-03 Maturity Price : 21.63 Evaluated at bid price : 22.05 Bid-YTW : 6.09 %
MFC.PR.K	FixedReset Ins Non	52,600	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-03 Maturity Price : 23.38 Evaluated at bid price : 24.95 Bid-YTW : 5.19 %
BN.PR.X	FixedReset Disc	42,100	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-03 Maturity Price : 20.12 Evaluated at bid price : 20.12 Bid-YTW : 5.71 %
BN.PR.T	FixedReset Disc	40,000	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-03 Maturity Price : 20.18 Evaluated at bid price : 20.18 Bid-YTW : 6.17 %
POW.PR.H	Perpetual-Premium	28,400	YTW SCENARIO Maturity Type : Call Maturity Date : 2034-10-15 Maturity Price : 25.00 Evaluated at bid price : 25.84 Bid-YTW : 5.41 %
There were 7 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue	Index	Quote Data and Yield Notes
POW.PR.H	Perpetual-Premium	Quote: 25.84 – 39.53 Spot Rate : 13.6900 Average : 7.5035 YTW SCENARIO Maturity Type : Call Maturity Date : 2034-10-15 Maturity Price : 25.00 Evaluated at bid price : 25.84 Bid-YTW : 5.41 %
BN.PF.B	FixedReset Disc	Quote: 23.45 – 24.50 Spot Rate : 1.0500 Average : 0.6842 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-03 Maturity Price : 22.65 Evaluated at bid price : 23.45 Bid-YTW : 5.93 %
PVS.PR.L	SplitShare	Quote: 26.01 – 27.01 Spot Rate : 1.0000 Average : 0.7445 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-06-30 Maturity Price : 25.00 Evaluated at bid price : 26.01 Bid-YTW : 4.77 %
PWF.PR.Z	Perpetual-Discount	Quote: 23.38 – 24.17 Spot Rate : 0.7900 Average : 0.6117 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-03 Maturity Price : 23.11 Evaluated at bid price : 23.38 Bid-YTW : 5.53 %
GWO.PR.L	Insurance Straight	Quote: 24.90 – 25.91 Spot Rate : 1.0100 Average : 0.8381 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-03 Maturity Price : 24.64 Evaluated at bid price : 24.90 Bid-YTW : 5.74 %
CCS.PR.C	Insurance Straight	Quote: 23.20 – 24.00 Spot Rate : 0.8000 Average : 0.6311 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-03 Maturity Price : 22.93 Evaluated at bid price : 23.20 Bid-YTW : 5.44 %

MAPF

MAPF Portfolio Composition: October, 2025

Turnover increased to 15% in October, largely due to a migration from FixedReset-Discounts to FixedReset-Premium issues.

Sectoral distribution of the MAPF portfolio on October 31, 2025, was:

MAPF Sectoral Analysis 2025-10-31
HIMI Indices Sector	Weighting	YTW	ModDur
Ratchet	0%	N/A	N/A
FixFloat	0%	N/A	N/A
Floater	12.7%	6.22%	13.57
OpRet	0%	N/A	N/A
SplitShare	0%	N/A	N/A
Interest Rearing	0%	N/A	N/A
PerpetualPremium	0%	N/A	N/A
PerpetualDiscount	6.6%	5.52%	14.67
Fixed-Reset Discount	24.9%	5.70%	14.19
Insurance – Straight	24.5%	5.20%	14.67
FloatingReset	0%	N/A	N/A
FixedReset Premium	14.7%	4.00%	1.74
FixedReset Bank non-NVCC	0%	N/A	N/A
FixedReset Insurance non-NVCC	4.3%	5.58%	14.66
Scraps – Ratchet	1.4%	6.88%	13.68
Scraps – FixedFloater	0%	N/A	N/A
Scraps – Floater	0%	N/A	N/A
Scraps – OpRet	0%	N/A	N/A
Scraps – SplitShare	1.2%	5.64%	3.57
Scraps – PerpPrem	0%	N/A	N/A
Scraps – PerpDisc	0%	N/A	N/A
Scraps – FR Discount	9.7%	6.30%	13.49
Scraps – Insurance Straight	0%	N/A	N/A
Scraps – FloatingReset	0%	N/A	N/A
Scraps – FR Premium	0%	N/A	N/A
Scraps – Bank non-NVCC	0%	N/A	N/A
Scraps – Ins non-NVCC	0%	N/A	N/A
Cash	-0.1%	0.00%	0.00
Total	100%	5.46%	12.25
Totals and changes will not add precisely due to rounding. Cash is included in totals with duration and yield both equal to zero.
The various “Scraps” indices include issues with a DBRS rating of Pfd-3(high) or lower and issues with an Average Trading Value (calculated with HIMIPref™ methodology, which is relatively complex) of less than $25,000. The issues considered “Scraps” are subdivided into indices which reflect those of the main indices.
DeemedRetractibles were comprised of all Straight Perpetuals (both PerpetualDiscount and PerpetualPremium) issued by BMO, BNS, CM, ELF, GWO, HSB, IAG, MFC, NA, RY, SLF and TD, which are not exchangable into common at the option of the company or the regulator. These issues are analyzed as if their prospectuses included a requirement to redeem at par on or prior to 2022-1-31 in the case of banks or normally in the case of insurers and insurance holding companies, in addition to the call schedule explicitly defined. See the Deemed Retractible Review: September 2016 for the rationale behind this analysis and IAIS Says No To DeemedRetractions for the recent change in policy with respect to insurers. Note that the estimate for the time this will become effective for insurers and insurance holding companies was extended by three years in April 2013, due to the delays in OSFI’s providing clarity on the issue and by a further five years in December, 2018; the estimate was eliminated in November. However, the distinctions are being kept because it is useful to distinguish insurance issues from others. The name of this subindex has been changed to “Insurance Straight” as of November, 2020
Calculations of yield and related attributes of resettable instruments are performed assuming a constant GOC-5 rate of 2.64%, a constant 3-Month Bill rate of 2.24% and a constant Canada Prime Rate of 4.45%

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

Credit distribution is:

MAPF Credit Analysis 2025-10-31
DBRS Rating	MAPF Weighting
Pfd-1	0
Pfd-1(low)	0
Pfd-2(high)	41.7%
Pfd-2	25.5%
Pfd-2(low)	20.5%
Pfd-3(high)	7.9%
Pfd-3	2.6%
Pfd-3(low)	1.9%
Pfd-4(high)	0%
Pfd-4	0%
Pfd-4(low)	0%
Pfd-5(high)	0%
Pfd-5	0%
Cash	-0.1%
Totals will not add precisely due to rounding.

Liquidity Distribution is:

MAPF Liquidity Analysis 2025-10-31
Average Daily Trading	MAPF Weighting
<$50,000	1.1%
$50,000 – $100,000	58.6%
$100,000 – $200,000	21.7%
$200,000 – $300,000	16.1%
>$300,000	2.6%
Cash	-0.1%
Totals will not add precisely due to rounding.

The distribution of Issue Reset Spreads is:

Range	MAPF Weight
<100bp	0%
100-149bp	4.2%
150-199bp	5.9%
200-249bp	20.8%
250-299bp	6.9%
300-349bp	9.1%
350-399bp	6.7%
400-449bp	0%
450-499bp	0%
500-549bp	0%
550-599bp	0%
>= 600bp	0%
Undefined	46.4%

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

Range	MAPF Weight
Currently Floating	14.2%
0-1 Year	5.9%
1-2 Years	24.2%
2-3 Years	3.4%
3-4 Years	4.6%
4-5 Years	15.5%
5-6 Years	0%
>6 Years	0%
Not Floating Rate	32.2%

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

Issue Comments

RY.PR.N & RY.PR.O To Be Redeemed

Royal Bank of Canada has announced (on 2025-10-24):

its intention, subject to the approval of the Office of the Superintendent of Financial Institutions (OSFI), to redeem all of its issued and outstanding Non-Viability Contingent Capital (NVCC) Non-Cumulative First Preferred Shares, Series BH (Series BH shares) (TSX: RY.PR.N) and NVCC Non-Cumulative First Preferred Shares Series BI (Series BI shares) (TSX: RY.PR.O) on December 8, 2025, for cash at a redemption price of $25.00 per Series BH share and $25.00 per Series BI share.

In addition, the Bank has also declared a 14-day dividend of $0.046986301 per Series BH share and $0.046986301 per Series BI share covering the period from November 24, 2025 (the date of the last declared dividend payment), up to but excluding the redemption date of December 8, 2025. The final dividend for the Series BH shares and Series BI shares will be paid to shareholders of record at the close of business on November 10, 2025. This results in a total amount of $25.046986301 per Series BH share and $25.046986301 per Series BI share, to be paid on December 8, 2025, upon surrender of the Series BH shares and Series BI shares.

There are 6,000,000 Series BH shares outstanding, representing $150 million of capital, and 6,000,000 Series BI shares outstanding, representing $150 million of capital. The redemptions will be financed out of the general corporate funds of Royal Bank of Canada.

RY.PR.N is a 4.90% Straight Perpetual that commenced trading 2015-6-5 after being announced May 28. It is tracked by HIMIPref™ and is assigned to the PerpetualDiscounts subindex.

RY.PR.O is a NVCC-compliant Straight Perpetual paying 4.90% that commenced trading 2015-7-22 after being announced July 14. It is tracked by HIMIPref™ and is assigned to the PerpetualDiscounts subindex.

Market Action

October 31, 2025

TXPR closed at 693.26, up 0.72% on the day. The close was a new 52-week high, smashing the old mark of 689.37 set yesterday. Volume today was 1.14-million, near the median of the past 21 trading days. Today’s run-up was probably due to reinvestment of proceeds from the TD.PF.E redemption.

CPD closed at 13.74, up 0.44% on the day. Volume was 49,350, near the median of the past 21 trading days.

ZPR closed at 12.08, up 0.17% on the day. Volume was 145,110, third-highest of the past 21 trading days.

Five-year Canada yields were down a bit to 2.70%.

The New York Fed published its Household Debt and Credit Report (25Q2):

Household Debt Reaches $18.39 Trillion in the Second Quarter; Auto Loan Originations Increase

Total household debt increased by $185 billion to hit $18.39 trillion in the second quarter, according to the latest Quarterly Report on Household Debt and Credit. Mortgage balances grew by $131 billion and totaled $12.94 trillion at the end of June. Auto loan balances also increased, rising by $13 billion to reach $1.66 trillion. The pace of mortgage originations increased slightly, with $458 billion in newly originated mortgages in the second quarter. HELOC balances rose by $9 billion to $411 billion, representing the thirteenth consecutive quarterly increase. Student loan balances edged up by $7 billion and stood at $1.64 trillion, with student loans seeing another uptick in the rate at which balances moved from current to delinquent due to the resumption of reporting of delinquent student loans. Aggregate delinquency rates remained elevated in the second quarter, with 4.4 percent of outstanding debt in some stage of delinquency.
…
Mortgage balances shown on consumer credit reports grew by $131 billion during the second quarter of 2025 and totaled $12.94 trillion at the end of June. Balances on home equity lines of credit (HELOC) rose by $9 billion, the thirteenth consecutive quarterly increase. There is now $411 billion in outstanding HELOC balances, $94 billion above the low reached in the first quarter of 2022. Credit card balances rose by $27 billion during the second quarter and now total $1.21 trillion outstanding and are 5.87% above the level a year ago. Auto loan balances rose by $13 billion, and now stand at $1.66 trillion. Other balances, which include retail cards and consumer finance loans, were roughly unchanged at $540 billion. Student loan balances edged up by $7 billion and now stand at $1.64 trillion. In total, non-housing balances increased by $45 billion, a 0.9% increase from 2025Q1.

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	6.60 %	7.04 %	19,409	13.51	1	-1.2195 %	2,420.9
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.1020 %	4,590.3
Floater	5.95 %	6.22 %	58,126	13.57	3	0.1020 %	2,645.4
OpRet	0.00 %	0.00 %	0	0.00	0	-0.2113 %	3,678.9
SplitShare	4.75 %	4.47 %	68,374	3.27	5	-0.2113 %	4,393.3
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.2113 %	3,427.9
Perpetual-Premium	5.46 %	-10.88 %	71,997	0.09	7	0.1692 %	3,108.5
Perpetual-Discount	5.48 %	5.56 %	44,265	14.54	26	0.4417 %	3,438.9
FixedReset Disc	5.88 %	5.87 %	106,522	13.82	30	0.0015 %	3,102.7
Insurance Straight	5.38 %	5.47 %	54,386	14.66	22	-0.2037 %	3,381.1
FloatingReset	0.00 %	0.00 %	0	0.00	0	0.0015 %	3,691.0
FixedReset Prem	5.62 %	4.49 %	115,208	2.75	22	0.1396 %	2,638.0
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.0015 %	3,171.6
FixedReset Ins Non	5.25 %	5.30 %	58,612	14.63	15	-0.3080 %	3,053.3

Performance Highlights
Issue	Index	Change	Notes
MFC.PR.I	FixedReset Ins Non	-10.55 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-31 Maturity Price : 22.56 Evaluated at bid price : 22.90 Bid-YTW : 6.16 %
BN.PR.T	FixedReset Disc	-4.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-31 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 6.38 %
ENB.PF.G	FixedReset Disc	-2.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-31 Maturity Price : 21.36 Evaluated at bid price : 21.65 Bid-YTW : 6.37 %
IFC.PR.C	FixedReset Ins Non	-2.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-31 Maturity Price : 22.82 Evaluated at bid price : 23.40 Bid-YTW : 5.57 %
GWO.PR.G	Insurance Straight	-2.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-31 Maturity Price : 23.32 Evaluated at bid price : 23.60 Bid-YTW : 5.56 %
PWF.PR.R	Perpetual-Discount	-1.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-31 Maturity Price : 24.09 Evaluated at bid price : 24.35 Bid-YTW : 5.67 %
NA.PR.K	FixedReset Prem	-1.60 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-05-01 Maturity Price : 25.00 Evaluated at bid price : 27.70 Bid-YTW : 4.33 %
GWO.PR.Z	Insurance Straight	-1.36 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2034-09-30 Maturity Price : 25.00 Evaluated at bid price : 25.41 Bid-YTW : 5.59 %
BN.PR.R	FixedReset Disc	-1.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-31 Maturity Price : 19.81 Evaluated at bid price : 19.81 Bid-YTW : 6.21 %
ENB.PR.B	FixedReset Disc	-1.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-31 Maturity Price : 20.70 Evaluated at bid price : 20.70 Bid-YTW : 6.23 %
GWO.PR.R	Insurance Straight	-1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-31 Maturity Price : 21.91 Evaluated at bid price : 22.15 Bid-YTW : 5.47 %
PWF.PR.E	Perpetual-Discount	-1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-31 Maturity Price : 24.23 Evaluated at bid price : 24.53 Bid-YTW : 5.63 %
PWF.PR.T	FixedReset Disc	1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-31 Maturity Price : 23.27 Evaluated at bid price : 24.80 Bid-YTW : 5.11 %
POW.PR.B	Perpetual-Discount	1.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-31 Maturity Price : 23.88 Evaluated at bid price : 24.13 Bid-YTW : 5.58 %
BN.PF.E	FixedReset Disc	1.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-31 Maturity Price : 21.73 Evaluated at bid price : 22.10 Bid-YTW : 5.93 %
BN.PF.I	FixedReset Prem	1.48 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2027-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.43 Bid-YTW : 4.49 %
SLF.PR.C	Insurance Straight	2.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-31 Maturity Price : 22.08 Evaluated at bid price : 22.31 Bid-YTW : 5.03 %
MFC.PR.F	FixedReset Ins Non	2.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-31 Maturity Price : 17.96 Evaluated at bid price : 17.96 Bid-YTW : 5.60 %
CU.PR.G	Perpetual-Discount	5.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-31 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 5.43 %
IFC.PR.A	FixedReset Ins Non	7.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-31 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 5.21 %
PWF.PR.S	Perpetual-Discount	7.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-31 Maturity Price : 21.78 Evaluated at bid price : 22.03 Bid-YTW : 5.47 %

Volume Highlights
Issue	Index	Shares Traded	Notes
MFC.PR.J	FixedReset Ins Non	54,550	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-31 Maturity Price : 23.62 Evaluated at bid price : 25.35 Bid-YTW : 5.30 %
BN.PF.G	FixedReset Disc	31,541	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-31 Maturity Price : 22.56 Evaluated at bid price : 23.50 Bid-YTW : 5.91 %
FTS.PR.M	FixedReset Disc	24,310	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-31 Maturity Price : 22.93 Evaluated at bid price : 24.20 Bid-YTW : 5.41 %
SLF.PR.G	FixedReset Ins Non	22,074	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-31 Maturity Price : 18.79 Evaluated at bid price : 18.79 Bid-YTW : 5.53 %
ENB.PR.T	FixedReset Disc	19,944	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-31 Maturity Price : 22.48 Evaluated at bid price : 23.18 Bid-YTW : 5.92 %
PWF.PR.H	Perpetual-Premium	17,790	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-11-30 Maturity Price : 25.00 Evaluated at bid price : 25.35 Bid-YTW : -10.88 %
There were 10 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue	Index	Quote Data and Yield Notes
MFC.PR.I	FixedReset Ins Non	Quote: 22.90 – 25.85 Spot Rate : 2.9500 Average : 1.7142 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-31 Maturity Price : 22.56 Evaluated at bid price : 22.90 Bid-YTW : 6.16 %
ENB.PF.C	FixedReset Disc	Quote: 22.15 – 24.60 Spot Rate : 2.4500 Average : 1.5867 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-31 Maturity Price : 21.77 Evaluated at bid price : 22.15 Bid-YTW : 6.12 %
ENB.PR.B	FixedReset Disc	Quote: 20.70 – 22.40 Spot Rate : 1.7000 Average : 1.0414 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-31 Maturity Price : 20.70 Evaluated at bid price : 20.70 Bid-YTW : 6.23 %
SLF.PR.C	Insurance Straight	Quote: 22.31 – 23.99 Spot Rate : 1.6800 Average : 1.1106 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-31 Maturity Price : 22.08 Evaluated at bid price : 22.31 Bid-YTW : 5.03 %
MFC.PR.B	Insurance Straight	Quote: 22.50 – 23.50 Spot Rate : 1.0000 Average : 0.5746 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-31 Maturity Price : 22.22 Evaluated at bid price : 22.50 Bid-YTW : 5.22 %
BN.PR.T	FixedReset Disc	Quote: 19.20 – 20.74 Spot Rate : 1.5400 Average : 1.1176 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-31 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 6.38 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BMO.PR.E	FixedReset Prem	100,310	YTW SCENARIO Maturity Type : Call Maturity Date : 2028-11-25 Maturity Price : 25.00 Evaluated at bid price : 27.15 Bid-YTW : 3.71 %
ENB.PR.Y	FixedReset Disc	52,475	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-05 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 6.24 %
MFC.PR.K	FixedReset Ins Non	22,800	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-05 Maturity Price : 23.44 Evaluated at bid price : 25.10 Bid-YTW : 5.16 %
BN.PF.E	FixedReset Disc	22,515	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-05 Maturity Price : 21.83 Evaluated at bid price : 22.23 Bid-YTW : 5.96 %
PVS.PR.M	SplitShare	21,100	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2031-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.69 Bid-YTW : 4.78 %
ENB.PR.H	FixedReset Disc	16,299	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-05 Maturity Price : 22.31 Evaluated at bid price : 22.77 Bid-YTW : 5.66 %
There were 4 other index-included issues trading in excess of 10,000 shares.

PrefBlog

November 5, 2025

New Issue: PVS 7-year, USD, 5.25%

RCG.PR.B Redeemed

November 4, 2025

MAPF Performance: October, 2025

FN.PR.A: Market Pops Following Plan of Arrangement

November 3, 2025

MAPF Portfolio Composition: October, 2025

RY.PR.N & RY.PR.O To Be Redeemed

October 31, 2025

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