MAPF

MAPF Portfolio Composition: December, 2025

Turnover jumped to 19% in December. About half of this amount was comprised of trades from FTS.PR.M and CU.PR.C to IFC.PR.A; the two issues sold have not only outperformed since about November 20, they have become uncomfortably close to par value, implying that future gains will be harder to come by.

In the following chart, IFC.PR.A is the green ‘area chart’, while the blue and brown lines are the issues sold.

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

MAPF Sectoral Analysis 2025-12-31
HIMI Indices Sector Weighting YTW ModDur
Ratchet 0% N/A N/A
FixFloat 0% N/A N/A
Floater 13.2% 6.13% 13.75
OpRet 0% N/A N/A
SplitShare 0% N/A N/A
Interest Rearing 0% N/A N/A
PerpetualPremium 1.7% 5.62% 12.78
PerpetualDiscount 6.9% 5.58% 14.48
Fixed-Reset Discount 15.6% 6.06% 13.79
Insurance – Straight 23.7% 5.25% 15.06
FloatingReset 0% N/A N/A
FixedReset Premium 17.6% 4.48% 1.50
FixedReset Bank non-NVCC 0% N/A N/A
FixedReset Insurance non-NVCC 10.5% 5.58% 14.56
Scraps – Ratchet 0% N/A N/A
Scraps – FixedFloater 0% N/A N/A
Scraps – Floater 0% N/A N/A
Scraps – OpRet 0% N/A N/A
Scraps – SplitShare 2.0% 5.15% 3.30
Scraps – PerpPrem 0% N/A N/A
Scraps – PerpDisc 0% N/A N/A
Scraps – FR Discount 10.4% 6.30% 13.64
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 -1.6% 0.00% 0.00
Total 100% 5.61% 12.03
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 2.93%, a constant 3-Month Bill rate of 2.18% 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 2025-12-31
DBRS Rating MAPF Weighting
Pfd-1 0
Pfd-1(low) 0
Pfd-2(high) 46.9%
Pfd-2 22.4%
Pfd-2(low) 19.9%
Pfd-3(high) 8.4%
Pfd-3 1.2%
Pfd-3(low) 2.8%
Pfd-4(high) 0%
Pfd-4 0%
Pfd-4(low) 0%
Pfd-5(high) 0%
Pfd-5 0%
Cash -1.6%
Totals will not add precisely due to rounding.

Liquidity Distribution is:

MAPF Liquidity Analysis 2025-12-31
Average Daily Trading MAPF Weighting
<$50,000 1.1%
$50,000 – $100,000 47.6%
$100,000 – $200,000 42.4%
$200,000 – $300,000 6.8%
>$300,000 3.7%
Cash -1.6%
Totals will not add precisely due to rounding.

The distribution of Issue Reset Spreads is:

Range MAPF Weight
<100bp 0%
100-149bp 4.4%
150-199bp 15.3%
200-249bp 15.6%
250-299bp 0%
300-349bp 9.3%
350-399bp 9.5%
400-449bp 0%
450-499bp 0%
500-549bp 0%
550-599bp 0%
>= 600bp 0%
Undefined 45.8%

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 13.6%
0-1 Year 2.8%
1-2 Years 35.6%
2-3 Years 1.6%
3-4 Years 6.1%
4-5 Years 8.4%
5-6 Years 0%
>6 Years 0%
Not Floating Rate 31.8%

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

Issue Comments

BEP.PR.G To Be Redeemed

Brookfield Renewable Partners L.P. has announced:

that it intends to redeem all of its outstanding Class A Preferred Limited Partnership Units, Series 7 (the “Series 7 Preferred Units”) (TSX: BEP.PR.G) for cash on January 31, 2026. The redemption price for each Series 7 Preferred Unit will be C$25.00 for an aggregate cost of C$175 million, funded from available liquidity. Holders of Series 7 Preferred Units of record as of January 15, 2026 will receive the previously declared final quarterly distribution of C$0.34375 per Series 7 Preferred Unit.

BEP.PR.G was issued as a Preferred Units FixedReset 5.50%+447M550, that commenced trading 2015-11-25 after being announced 2015-11-17. The issue reset to the minimum guaranteed rate of 5.50% in 2021. It must be remembered that the taxation status of the distributions is complex and – what’s more – can vary wildly from year to year.

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

Issue Comments

PWF.PR.P To Reset To 4.591%; Interconvertible With PWF.PR.Q

Power Financial Corporation has announced:

the applicable dividend rates for its Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series P (the “Series P shares”) and Non-Cumulative Floating Rate First Preferred Shares, Series Q (the “Series Q shares”).

With respect to any Series P shares that remain outstanding after February 2, 2026, holders thereof will be entitled to receive quarterly fixed non-cumulative preferential cash dividends, if, as and when declared by the Board of Directors of Power Financial. The dividend rate for the 5-year period from and including January 31, 2026 to but excluding January 31, 2031 will be 4.591%, being equal to the 5-year Government of Canada bond yield determined as of today plus 1.60%, in accordance with the terms of the Series P shares.

With respect to any Series Q shares that remain outstanding after February 2, 2026, holders thereof will be entitled to receive quarterly floating rate non-cumulative preferential cash dividends, if, as and when declared by the Board of Directors of Power Financial. The dividend rate for the 3-month floating rate period from and including January 31, 2026 to but excluding April 30, 2026 will be 3.792%, being equal to the 3-month Government of Canada Treasury Bill yield determined as of today plus 1.60%, calculated on the basis of the actual number of days in such quarterly period divided by 365, in accordance with the terms of the Series Q shares.

Beneficial owners of Series P shares or Series Q shares who wish to exercise their conversion right should communicate with their broker or other nominee to ensure their instructions are followed so that the registered holder of Series P shares or Series Q shares can meet the deadline to exercise such conversion right, which is 5:00 p.m. (Eastern Time) on January 16, 2026.

PWF.PR.P was issued as a a FixedReset, 4.40%+160 that commenced trading 2010-6-29 after being announced 2010-6-17. It reset to 2.306% in 2016; I recommended against conversion but there was a 20% conversion to PWF.PR.Q anyway. After providing notice of extension the company announced the 2021 reset of PWF.PR.P to 1.998% effective 2021-01-31 and there was a net 6% conversion to the FixedReset. The company provided notice of extension on 2025-12-2.

Issue Comments

TRP.PR.C To Reset To 4.501%; Interconvertible With TRP.PR.I

TC Energy Corporation has announced:

that it does not intend to exercise its right to redeem its Cumulative Redeemable First Preferred Shares, Series 5 (Series 5 Shares) and Cumulative Redeemable First Preferred Shares, Series 6 (Series 6 Shares) on Jan. 30, 2026. As a result, subject to certain conditions:

(a) the holders of Series 5 Shares have the right to choose one of the following options with regard to their shares:

to retain any or all of their Series 5 Shares and continue to receive a fixed rate quarterly dividend; or

to convert, on a one-for-one basis, any or all of their Series 5 Shares into Series 6 Shares and receive a floating rate quarterly dividend, and

(b) the holders of Series 6 Shares have the right to choose one of the following options with regard to their shares:

to retain any or all of their Series 6 Shares and continue to receive a floating rate quarterly dividend; or

to convert, on a one-for-one basis, any or all of their Series 6 Shares into Series 5 Shares and receive a fixed rate quarterly dividend.

Should a holder of Series 5 Shares choose to retain their shares, such shareholders will receive the new annual fixed dividend rate applicable to Series 5 Shares of 4.501 per cent for the five-year period commencing Jan. 30, 2026 to, but excluding, Jan. 30, 2031. Should a holder of Series 5 Shares choose to convert their shares to Series 6 Shares, holders of Series 6 Shares will receive the floating quarterly dividend rate applicable to the Series 6 Shares of 3.732 per cent for the three-month period commencing Jan. 30, 2026 to, but excluding, April 30, 2026. The floating dividend rate will be reset every quarter.

Should a holder of Series 6 Shares choose to retain their shares, such shareholders will receive the floating quarterly dividend rate applicable to Series 6 Shares of 3.732 per cent for the three-month period commencing Jan. 30, 2026 to, but excluding, April 30, 2026. The floating dividend rate will be reset every quarter. Should a holder of Series 6 Shares choose to convert their shares to Series 5 Shares, holders of Series 5 Shares will receive the new fixed quarterly dividend rate applicable to the Series 5 Shares of 4.501 per cent for the five-year period commencing Jan. 30, 2026 to, but excluding, Jan 30, 2031.

Beneficial owners of Series 5 Shares and Series 6 Shares who want to exercise their right of conversion should communicate as soon as possible with their broker or other nominee and ensure that they follow their instructions in order to meet the deadline to exercise such right, which is 5 p.m. ET on Jan. 16, 2026. Any notices received after this deadline will not be valid. As such, it is recommended that this be done well in advance of the deadline in order to provide the broker or other nominee with time to complete the necessary steps.

Beneficial owners of Series 5 or Series 6 Shares who do not provide notice or communicate with their broker or other nominee by the deadline will retain their respective Series 5 Shares or Series 6 Shares, as applicable, and receive the new dividend rate applicable to such shares, subject to the conditions stated below.

The foregoing conversions are subject to the conditions that: (i) if TC Energy determines that there would be less than one million Series 5 Shares outstanding after Jan. 30, 2026, then all remaining Series 5 Shares will automatically be converted into Series 6 Shares on a one-for-one basis on Jan. 30, 2026, and (ii) if TC Energy determines that there would be less than one million Series 6 Shares outstanding after Jan. 30, 2026, then all of the remaining outstanding Series 6 Shares will automatically be converted into Series 5 Shares on a one-for-one basis on Jan. 30, 2026. In either case, TC Energy will issue a news release to that effect no later than Jan. 23, 2026.

Holders of Series 5 Shares and Series 6 Shares will have the opportunity to convert their shares again on Jan. 30, 2031 and on Jan. 30 in every fifth year thereafter as long as the shares remain outstanding. For more information on the terms of, and risks associated with an investment in the Series 5 Shares and the Series 6 Shares, please see the prospectus supplement dated June 17, 2010 which is available on sedarplus.ca or on our website.

TRP.PR.C was issued as a FixedReset, 4.40%+154, that commenced trading 2010-06-29 after being announced 2010-6-17. Notice of extension was published in 2015 and the issue reset to 2.263%. There was 9% conversion to the FloatingReset TRP.PR.I. The issue reset to 1.949% in 2021.

TRP.PR.I is a FloatingReset, Bills+154, that arose from a partial conversion from the FixedReset TRP.PR.C.

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

Market Action

January 2, 2026

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -0.3041 % 2,425.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.3041 % 4,599.7
Floater 5.94 % 6.14 % 56,203 13.73 3 -0.3041 % 2,650.8
OpRet 0.00 % 0.00 % 0 0.00 0 0.3616 % 3,684.6
SplitShare 4.74 % 3.99 % 64,667 1.12 5 0.3616 % 4,400.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.3616 % 3,433.2
Perpetual-Premium 5.64 % 0.45 % 92,143 0.09 7 -0.0169 % 3,113.1
Perpetual-Discount 5.53 % 5.62 % 52,229 14.39 26 0.4976 % 3,417.6
FixedReset Disc 5.87 % 5.96 % 99,186 13.69 29 -0.0617 % 3,162.4
Insurance Straight 5.46 % 5.51 % 58,581 14.63 21 1.0065 % 3,327.9
FloatingReset 0.00 % 0.00 % 0 0.00 0 -0.0617 % 3,762.0
FixedReset Prem 5.93 % 4.42 % 89,491 2.19 19 0.1880 % 2,665.5
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0617 % 3,232.6
FixedReset Ins Non 5.46 % 5.28 % 75,713 14.32 13 0.2391 % 3,116.2
Performance Highlights
Issue Index Change Notes
BN.PR.T FixedReset Disc -4.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 6.39 %
CU.PR.J Perpetual-Discount -3.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.73 %
ENB.PR.B FixedReset Disc -2.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 6.39 %
CU.PR.F Perpetual-Discount -2.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 20.77
Evaluated at bid price : 20.77
Bid-YTW : 5.49 %
PWF.PR.R Perpetual-Discount -1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 24.00
Evaluated at bid price : 24.25
Bid-YTW : 5.77 %
IFC.PR.E Insurance Straight -1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 23.17
Evaluated at bid price : 23.47
Bid-YTW : 5.56 %
FTS.PR.M FixedReset Disc -1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 23.04
Evaluated at bid price : 24.42
Bid-YTW : 5.56 %
MFC.PR.J FixedReset Ins Non -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 23.53
Evaluated at bid price : 24.99
Bid-YTW : 5.61 %
FTS.PR.J Perpetual-Discount -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 22.28
Evaluated at bid price : 22.55
Bid-YTW : 5.32 %
PVS.PR.H SplitShare 1.08 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-02-28
Maturity Price : 25.00
Evaluated at bid price : 25.27
Bid-YTW : -0.08 %
GWO.PR.M Insurance Straight 1.17 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-02-01
Maturity Price : 25.00
Evaluated at bid price : 25.02
Bid-YTW : 5.27 %
BN.PF.D Perpetual-Discount 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 21.28
Evaluated at bid price : 21.28
Bid-YTW : 5.80 %
GWO.PR.P Insurance Straight 1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 24.21
Evaluated at bid price : 24.50
Bid-YTW : 5.54 %
TD.PF.I FixedReset Prem 2.10 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 26.68
Bid-YTW : 3.13 %
ENB.PR.F FixedReset Disc 2.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 6.50 %
PWF.PR.P FixedReset Disc 3.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 20.19
Evaluated at bid price : 20.19
Bid-YTW : 5.66 %
MFC.PR.L FixedReset Ins Non 3.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 23.24
Evaluated at bid price : 24.80
Bid-YTW : 5.24 %
IFC.PR.I Insurance Straight 8.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 24.01
Evaluated at bid price : 24.30
Bid-YTW : 5.58 %
IFC.PR.F Insurance Straight 10.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 23.82
Evaluated at bid price : 24.10
Bid-YTW : 5.52 %
CU.PR.G Perpetual-Discount 25.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 5.51 %
Volume Highlights
Issue Index Shares
Traded		 Notes
POW.PR.A Perpetual-Discount 19,100 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-02-01
Maturity Price : 25.00
Evaluated at bid price : 25.31
Bid-YTW : -11.49 %
GWO.PR.P Insurance Straight 15,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 24.21
Evaluated at bid price : 24.50
Bid-YTW : 5.54 %
PWF.PF.A Perpetual-Discount 14,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 20.57
Evaluated at bid price : 20.57
Bid-YTW : 5.57 %
POW.PR.G Perpetual-Discount 13,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-02-01
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 4.19 %
GWO.PR.Z Insurance Straight 11,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2034-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.31
Bid-YTW : 5.56 %
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.J Perpetual-Discount Quote: 21.00 – 23.00
Spot Rate : 2.0000
Average : 1.6564

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.73 %
POW.PR.H Perpetual-Premium Quote: 25.27 – 26.27
Spot Rate : 1.0000
Average : 0.6782

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2034-10-15
Maturity Price : 25.00
Evaluated at bid price : 25.27
Bid-YTW : 5.61 %
MFC.PR.J FixedReset Ins Non Quote: 24.99 – 25.75
Spot Rate : 0.7600
Average : 0.4754

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 23.53
Evaluated at bid price : 24.99
Bid-YTW : 5.61 %
IFC.PR.E Insurance Straight Quote: 23.47 – 24.40
Spot Rate : 0.9300
Average : 0.6598

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 23.17
Evaluated at bid price : 23.47
Bid-YTW : 5.56 %
BN.PF.J FixedReset Prem Quote: 26.01 – 27.01
Spot Rate : 1.0000
Average : 0.7368

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-12-31
Maturity Price : 25.00
Evaluated at bid price : 26.01
Bid-YTW : 4.15 %
PWF.PR.R Perpetual-Discount Quote: 24.25 – 24.95
Spot Rate : 0.7000
Average : 0.4956

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-01-02
Maturity Price : 24.00
Evaluated at bid price : 24.25
Bid-YTW : 5.77 %
Market Action

December 31, 2025

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

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

And that’s it for another year! All the best for 2026!

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -0.1771 % 2,433.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.1771 % 4,613.7
Floater 5.92 % 6.13 % 56,933 13.75 3 -0.1771 % 2,658.9
OpRet 0.00 % 0.00 % 0 0.00 0 -0.2196 % 3,671.4
SplitShare 4.76 % 4.43 % 65,673 2.05 5 -0.2196 % 4,384.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.2196 % 3,420.9
Perpetual-Premium 5.64 % 2.81 % 93,439 0.09 7 -0.0281 % 3,113.6
Perpetual-Discount 5.56 % 5.61 % 49,865 14.43 26 -0.7476 % 3,400.7
FixedReset Disc 5.77 % 5.98 % 98,654 13.78 31 0.0968 % 3,164.4
Insurance Straight 5.51 % 5.51 % 58,603 14.61 21 -0.3087 % 3,294.7
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.0968 % 3,764.3
FixedReset Prem 5.90 % 4.38 % 90,034 2.50 20 -0.2640 % 2,660.5
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0968 % 3,234.6
FixedReset Ins Non 5.28 % 5.35 % 78,293 14.28 13 -0.4858 % 3,108.8
Performance Highlights
Issue Index Change Notes
CU.PR.G Perpetual-Discount -20.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 16.50
Evaluated at bid price : 16.50
Bid-YTW : 6.92 %
GWO.PR.M Insurance Straight -4.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 24.50
Evaluated at bid price : 24.73
Bid-YTW : 5.90 %
MFC.PR.M FixedReset Ins Non -3.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 22.86
Evaluated at bid price : 24.00
Bid-YTW : 5.56 %
BN.PF.D Perpetual-Discount -3.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 21.02
Evaluated at bid price : 21.02
Bid-YTW : 5.87 %
MFC.PR.L FixedReset Ins Non -3.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 22.85
Evaluated at bid price : 23.87
Bid-YTW : 5.48 %
CU.PR.C FixedReset Disc -2.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 23.46
Evaluated at bid price : 23.90
Bid-YTW : 5.61 %
TD.PF.I FixedReset Prem -2.06 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 26.13
Bid-YTW : 4.35 %
FFH.PR.K FixedReset Prem -1.80 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.05
Bid-YTW : 4.93 %
TD.PF.J FixedReset Prem -1.33 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-04-30
Maturity Price : 25.00
Evaluated at bid price : 26.05
Bid-YTW : 4.31 %
ENB.PR.F FixedReset Disc -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 6.66 %
BN.PF.B FixedReset Disc -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 22.96
Evaluated at bid price : 24.05
Bid-YTW : 5.89 %
GWO.PR.T Insurance Straight -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 22.74
Evaluated at bid price : 23.00
Bid-YTW : 5.62 %
GWO.PR.P Insurance Straight -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 23.85
Evaluated at bid price : 24.10
Bid-YTW : 5.63 %
ENB.PF.A FixedReset Disc 1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 22.46
Evaluated at bid price : 23.20
Bid-YTW : 6.09 %
ENB.PR.T FixedReset Disc 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 22.62
Evaluated at bid price : 23.40
Bid-YTW : 6.06 %
POW.PR.D Perpetual-Discount 1.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 22.56
Evaluated at bid price : 22.82
Bid-YTW : 5.49 %
SLF.PR.E Insurance Straight 2.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 21.49
Evaluated at bid price : 21.75
Bid-YTW : 5.19 %
CU.PR.J Perpetual-Discount 3.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 21.44
Evaluated at bid price : 21.74
Bid-YTW : 5.51 %
Volume Highlights
Issue Index Shares
Traded		 Notes
POW.PR.A Perpetual-Discount 39,991 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-30
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : -6.79 %
GWO.PR.P Insurance Straight 36,636 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 23.85
Evaluated at bid price : 24.10
Bid-YTW : 5.63 %
PWF.PF.A Perpetual-Discount 23,705 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 20.53
Evaluated at bid price : 20.53
Bid-YTW : 5.58 %
BN.PF.M FixedReset Prem 21,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2031-01-01
Maturity Price : 25.00
Evaluated at bid price : 25.87
Bid-YTW : 5.01 %
CU.PR.K Perpetual-Discount 20,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 24.72
Evaluated at bid price : 25.12
Bid-YTW : 5.63 %
GWO.PR.N FixedReset Ins Non 13,680 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-31
Maturity Price : 18.36
Evaluated at bid price : 18.36
Bid-YTW : 5.80 %
There were 1 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
CU.PR.G Perpetual-Discount Quote: 16.50 – 21.21
Spot Rate : 4.7100
Average : 2.6345

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

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

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

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

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

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

December 30, 2025

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

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -0.3026 % 2,437.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.3026 % 4,621.9
Floater 5.91 % 6.11 % 57,144 13.78 3 -0.3026 % 2,663.6
OpRet 0.00 % 0.00 % 0 0.00 0 0.2516 % 3,679.4
SplitShare 4.74 % 4.19 % 68,384 1.13 5 0.2516 % 4,394.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2516 % 3,428.4
Perpetual-Premium 5.64 % 1.65 % 94,281 0.09 7 0.0281 % 3,114.5
Perpetual-Discount 5.52 % 5.61 % 49,168 14.37 26 0.0656 % 3,426.3
FixedReset Disc 5.77 % 5.98 % 100,409 13.88 31 -0.0701 % 3,161.3
Insurance Straight 5.50 % 5.51 % 58,298 14.64 21 -0.1437 % 3,305.0
FloatingReset 0.00 % 0.00 % 0 0.00 0 -0.0701 % 3,760.7
FixedReset Prem 5.88 % 4.28 % 89,811 2.50 20 0.3225 % 2,667.5
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0701 % 3,231.5
FixedReset Ins Non 5.25 % 5.28 % 74,883 14.30 13 -0.0825 % 3,123.9
Performance Highlights
Issue Index Change Notes
ENB.PR.F FixedReset Disc -4.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 6.57 %
SLF.PR.E Insurance Straight -2.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 5.32 %
CU.PR.J Perpetual-Discount -2.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 5.70 %
POW.PR.D Perpetual-Discount -2.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 22.12
Evaluated at bid price : 22.40
Bid-YTW : 5.59 %
ENB.PR.T FixedReset Disc -1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 22.42
Evaluated at bid price : 23.05
Bid-YTW : 6.16 %
GWO.PR.I Insurance Straight -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 5.51 %
MFC.PR.C Insurance Straight -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 21.49
Evaluated at bid price : 21.75
Bid-YTW : 5.20 %
POW.PR.B Perpetual-Discount 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 24.20
Evaluated at bid price : 24.46
Bid-YTW : 5.48 %
ENB.PR.P FixedReset Disc 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 22.12
Evaluated at bid price : 22.54
Bid-YTW : 6.20 %
FTS.PR.F Perpetual-Discount 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 23.82
Evaluated at bid price : 24.07
Bid-YTW : 5.13 %
CU.PR.H Perpetual-Discount 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 23.95
Evaluated at bid price : 24.20
Bid-YTW : 5.48 %
ENB.PR.B FixedReset Disc 2.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 21.29
Evaluated at bid price : 21.57
Bid-YTW : 6.23 %
FFH.PR.K FixedReset Prem 3.78 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.51
Bid-YTW : 3.39 %
Volume Highlights
Issue Index Shares
Traded		 Notes
GWO.PR.P Insurance Straight 27,210 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 24.09
Evaluated at bid price : 24.35
Bid-YTW : 5.57 %
BN.PF.H FixedReset Prem 20,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 23.90
Evaluated at bid price : 24.98
Bid-YTW : 7.13 %
POW.PR.C Perpetual-Premium 14,800 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-29
Maturity Price : 25.00
Evaluated at bid price : 25.90
Bid-YTW : -36.55 %
POW.PR.I Perpetual-Premium 14,613 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-30
Maturity Price : 24.76
Evaluated at bid price : 25.16
Bid-YTW : 5.67 %
POW.PR.A Perpetual-Discount 13,325 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-29
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : -6.97 %
There were 0 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
IFC.PR.F Insurance Straight Quote: 21.90 – 24.89
Spot Rate : 2.9900
Average : 2.3907

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

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

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

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

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

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

December 29, 2025

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

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.3289 % 2,444.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.3289 % 4,635.9
Floater 5.89 % 6.11 % 57,382 13.79 3 0.3289 % 2,671.7
OpRet 0.00 % 0.00 % 0 0.00 0 -0.5784 % 3,670.2
SplitShare 4.76 % 4.18 % 70,687 2.05 5 -0.5784 % 4,383.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.5784 % 3,419.8
Perpetual-Premium 5.64 % 2.43 % 88,485 0.09 7 -0.0056 % 3,113.6
Perpetual-Discount 5.52 % 5.59 % 49,937 14.37 26 0.3306 % 3,424.0
FixedReset Disc 5.77 % 6.00 % 101,695 13.87 31 0.2136 % 3,163.5
Insurance Straight 5.49 % 5.48 % 60,636 14.62 21 -0.5243 % 3,309.7
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.2136 % 3,763.3
FixedReset Prem 5.90 % 4.56 % 90,765 2.59 20 -0.0230 % 2,659.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2136 % 3,233.8
FixedReset Ins Non 5.25 % 5.34 % 77,588 14.30 13 -0.2207 % 3,126.5
Performance Highlights
Issue Index Change Notes
IFC.PR.F Insurance Straight -9.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 21.61
Evaluated at bid price : 21.90
Bid-YTW : 6.08 %
MFC.PR.F FixedReset Ins Non -6.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 17.52
Evaluated at bid price : 17.52
Bid-YTW : 6.15 %
FFH.PR.K FixedReset Prem -3.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 24.20
Evaluated at bid price : 24.58
Bid-YTW : 6.46 %
PVS.PR.M SplitShare -2.29 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2031-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.16
Bid-YTW : 5.11 %
BN.PF.M FixedReset Prem 1.08 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2031-01-01
Maturity Price : 25.00
Evaluated at bid price : 26.13
Bid-YTW : 4.77 %
CU.PR.F Perpetual-Discount 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 21.02
Evaluated at bid price : 21.02
Bid-YTW : 5.42 %
GWO.PR.T Insurance Straight 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 22.94
Evaluated at bid price : 23.20
Bid-YTW : 5.57 %
CU.PR.C FixedReset Disc 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 24.26
Evaluated at bid price : 24.60
Bid-YTW : 5.45 %
ENB.PF.G FixedReset Disc 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 22.24
Evaluated at bid price : 22.90
Bid-YTW : 6.18 %
CU.PR.G Perpetual-Discount 1.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 5.42 %
BN.PF.D Perpetual-Discount 3.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 21.34
Evaluated at bid price : 21.61
Bid-YTW : 5.69 %
Volume Highlights
Issue Index Shares
Traded		 Notes
FFH.PR.I FixedReset Disc 48,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 23.91
Evaluated at bid price : 24.98
Bid-YTW : 5.77 %
BN.PF.H FixedReset Prem 13,602 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 23.91
Evaluated at bid price : 24.98
Bid-YTW : 7.12 %
BN.PR.Z FixedReset Disc 13,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 23.63
Evaluated at bid price : 25.12
Bid-YTW : 5.86 %
PWF.PF.A Perpetual-Discount 12,925 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-29
Maturity Price : 20.52
Evaluated at bid price : 20.52
Bid-YTW : 5.58 %
CM.PR.S FixedReset Prem 12,099 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.91
Bid-YTW : 3.82 %
CU.PR.K Perpetual-Discount 11,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2035-03-01
Maturity Price : 25.00
Evaluated at bid price : 25.24
Bid-YTW : 5.57 %
There were 2 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
IFC.PR.F Insurance Straight Quote: 21.90 – 24.80
Spot Rate : 2.9000
Average : 1.7337

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

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

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

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

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

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

December 24, 2025

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

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

Merry Christmas!

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.2791 % 2,436.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.2791 % 4,620.7
Floater 5.91 % 6.11 % 56,796 13.78 3 0.2791 % 2,663.0
OpRet 0.00 % 0.00 % 0 0.00 0 0.6055 % 3,691.6
SplitShare 4.73 % 4.08 % 71,167 1.14 5 0.6055 % 4,408.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.6055 % 3,439.7
Perpetual-Premium 5.64 % 0.51 % 87,003 0.09 7 -0.0674 % 3,113.8
Perpetual-Discount 5.54 % 5.63 % 49,577 14.42 26 -0.4466 % 3,412.7
FixedReset Disc 5.78 % 6.07 % 101,821 13.63 31 0.2536 % 3,156.8
Insurance Straight 5.46 % 5.48 % 61,241 14.65 21 2.0081 % 3,327.2
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.2536 % 3,755.3
FixedReset Prem 5.90 % 4.20 % 94,420 2.60 20 -0.1227 % 2,659.6
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2536 % 3,226.9
FixedReset Ins Non 5.23 % 5.40 % 77,803 14.36 13 0.2477 % 3,133.4
Performance Highlights
Issue Index Change Notes
BN.PF.D Perpetual-Discount -3.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 20.89
Evaluated at bid price : 20.89
Bid-YTW : 5.90 %
ENB.PR.B FixedReset Disc -2.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.49 %
CU.PR.F Perpetual-Discount -1.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 20.79
Evaluated at bid price : 20.79
Bid-YTW : 5.47 %
MFC.PR.B Insurance Straight -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 21.65
Evaluated at bid price : 21.90
Bid-YTW : 5.33 %
TD.PF.I FixedReset Prem -1.20 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 26.38
Bid-YTW : 3.74 %
CU.PR.G Perpetual-Discount -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 20.61
Evaluated at bid price : 20.61
Bid-YTW : 5.52 %
SLF.PR.C Insurance Straight -1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 21.54
Evaluated at bid price : 21.80
Bid-YTW : 5.11 %
GWO.PR.T Insurance Straight -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 22.66
Evaluated at bid price : 22.92
Bid-YTW : 5.64 %
POW.PR.C Perpetual-Premium 1.01 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-23
Maturity Price : 25.00
Evaluated at bid price : 25.90
Bid-YTW : -37.49 %
ENB.PF.C FixedReset Disc 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 22.05
Evaluated at bid price : 22.55
Bid-YTW : 6.26 %
GWO.PR.Y Insurance Straight 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 20.95
Evaluated at bid price : 20.95
Bid-YTW : 5.40 %
PWF.PR.H Perpetual-Premium 1.28 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-23
Maturity Price : 25.00
Evaluated at bid price : 25.32
Bid-YTW : 0.51 %
IFC.PR.C FixedReset Ins Non 1.39 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-09-30
Maturity Price : 25.00
Evaluated at bid price : 24.85
Bid-YTW : 4.20 %
IFC.PR.E Insurance Straight 1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 23.53
Evaluated at bid price : 23.83
Bid-YTW : 5.47 %
PVS.PR.L SplitShare 2.09 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-23
Maturity Price : 26.00
Evaluated at bid price : 26.38
Bid-YTW : -9.19 %
BN.PR.R FixedReset Disc 2.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 6.20 %
ENB.PR.F FixedReset Disc 4.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 21.57
Evaluated at bid price : 21.97
Bid-YTW : 6.33 %
GWO.PR.L Insurance Straight 62.00 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-23
Maturity Price : 25.00
Evaluated at bid price : 25.11
Bid-YTW : -1.02 %
Volume Highlights
Issue Index Shares
Traded		 Notes
FFH.PR.I FixedReset Disc 569,100 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-30
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 5.60 %
BIP.PR.B FixedReset Disc 33,178 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-30
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 7.00 %
BN.PF.H FixedReset Prem 27,300 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-30
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 6.70 %
ENB.PR.B FixedReset Disc 16,082 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-24
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.49 %
There were 0 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
BN.PF.D Perpetual-Discount Quote: 20.89 – 21.99
Spot Rate : 1.1000
Average : 0.6846

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

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

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

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

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

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

December 23, 2025

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

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.0762 % 2,430.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0762 % 4,607.9
Floater 5.93 % 6.12 % 58,908 13.78 3 0.0762 % 2,655.5
OpRet 0.00 % 0.00 % 0 0.00 0 0.0551 % 3,669.3
SplitShare 4.76 % 4.52 % 71,950 3.17 5 0.0551 % 4,382.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0551 % 3,419.0
Perpetual-Premium 5.63 % 5.52 % 86,907 6.80 7 -0.1233 % 3,115.9
Perpetual-Discount 5.52 % 5.62 % 51,072 14.41 26 0.1345 % 3,428.1
FixedReset Disc 5.80 % 5.94 % 102,274 13.59 31 0.1835 % 3,148.8
Insurance Straight 5.57 % 5.49 % 61,728 14.63 21 0.0867 % 3,261.7
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.1835 % 3,745.8
FixedReset Prem 5.89 % 4.39 % 98,281 2.22 20 0.2074 % 2,662.8
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1835 % 3,218.7
FixedReset Ins Non 5.25 % 5.42 % 80,895 14.42 13 -0.0231 % 3,125.7
Performance Highlights
Issue Index Change Notes
IFC.PR.E Insurance Straight -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 23.17
Evaluated at bid price : 23.47
Bid-YTW : 5.55 %
PWF.PR.H Perpetual-Premium -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 24.68
Evaluated at bid price : 25.00
Bid-YTW : 5.83 %
BN.PR.R FixedReset Disc -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 20.74
Evaluated at bid price : 20.74
Bid-YTW : 6.34 %
PWF.PR.S Perpetual-Discount -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 21.90
Evaluated at bid price : 22.14
Bid-YTW : 5.50 %
MFC.PR.Q FixedReset Ins Non 1.03 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-06-19
Maturity Price : 25.00
Evaluated at bid price : 25.55
Bid-YTW : 5.06 %
FTS.PR.H FixedReset Disc 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.83 %
IFC.PR.G FixedReset Ins Non 1.07 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.55
Bid-YTW : 5.06 %
GWO.PR.Q Insurance Straight 1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 23.03
Evaluated at bid price : 23.30
Bid-YTW : 5.54 %
SLF.PR.C Insurance Straight 2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 21.81
Evaluated at bid price : 22.05
Bid-YTW : 5.05 %
ENB.PR.B FixedReset Disc 2.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 21.45
Evaluated at bid price : 21.45
Bid-YTW : 6.35 %
CU.PR.J Perpetual-Discount 2.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 21.56
Evaluated at bid price : 21.56
Bid-YTW : 5.57 %
BN.PR.X FixedReset Disc 2.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 6.06 %
ENB.PF.A FixedReset Disc 3.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 22.29
Evaluated at bid price : 22.90
Bid-YTW : 6.23 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BN.PF.H FixedReset Prem 191,500 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-30
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 6.52 %
CU.PR.K Perpetual-Discount 120,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 24.70
Evaluated at bid price : 25.10
Bid-YTW : 5.62 %
FFH.PR.I FixedReset Disc 32,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-30
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 5.45 %
IFC.PR.M Perpetual-Premium 22,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 24.75
Evaluated at bid price : 25.15
Bid-YTW : 5.52 %
POW.PR.I Perpetual-Premium 15,180 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2035-01-15
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : 5.65 %
PWF.PR.H Perpetual-Premium 12,552 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-23
Maturity Price : 24.68
Evaluated at bid price : 25.00
Bid-YTW : 5.83 %
There were 3 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
GWO.PR.L Insurance Straight Quote: 15.50 – 25.36
Spot Rate : 9.8600
Average : 7.6945

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

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

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

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

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

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