Market Action

November 5, 2025

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices

Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)
Median
YTW
Median
Average
Trading
Value
Median
Mod Dur
(YTW)
Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.1277 % 2,417.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.1277 % 4,583.3
Floater 5.96 % 6.23 % 58,093 13.54 3 0.1277 % 2,641.4
OpRet 0.00 % 0.00 % 0 0.00 0 -0.2497 % 3,688.7
SplitShare 4.73 % 4.48 % 68,806 3.27 5 -0.2497 % 4,405.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.2497 % 3,437.0
Perpetual-Premium 5.65 % -9.60 % 79,267 0.09 6 -0.2020 % 3,117.7
Perpetual-Discount 5.41 % 5.50 % 46,197 14.60 25 0.1546 % 3,457.3
FixedReset Disc 5.74 % 5.89 % 110,448 13.78 30 0.2692 % 3,116.6
Insurance Straight 5.42 % 5.42 % 55,508 14.65 21 -0.9752 % 3,353.6
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.2692 % 3,707.6
FixedReset Prem 5.84 % 4.12 % 109,371 2.34 21 0.1950 % 2,652.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2692 % 3,185.8
FixedReset Ins Non 5.17 % 5.28 % 58,067 14.56 15 0.0258 % 3,102.1
Performance Highlights
Issue Index Change Notes
MFC.PR.B Insurance Straight -16.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-05
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 6.26 %
MFC.PR.C Insurance Straight -10.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-05
Maturity Price : 19.71
Evaluated at bid price : 19.71
Bid-YTW : 5.80 %
IFC.PR.E Insurance Straight -3.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-05
Maturity Price : 23.49
Evaluated at bid price : 23.75
Bid-YTW : 5.53 %
GWO.PR.P Insurance Straight -2.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-05
Maturity Price : 23.92
Evaluated at bid price : 24.16
Bid-YTW : 5.65 %
POW.PR.A Perpetual-Discount -1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-05
Maturity Price : 24.69
Evaluated at bid price : 25.01
Bid-YTW : 5.64 %
PWF.PR.O Perpetual-Premium -1.45 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-05
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : -2.93 %
MFC.PR.F FixedReset Ins Non -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-05
Maturity Price : 17.52
Evaluated at bid price : 17.52
Bid-YTW : 5.86 %
POW.PR.B Perpetual-Discount -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-05
Maturity Price : 23.73
Evaluated at bid price : 24.04
Bid-YTW : 5.61 %
PWF.PR.K Perpetual-Discount 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-05
Maturity Price : 22.56
Evaluated at bid price : 22.82
Bid-YTW : 5.45 %
FTS.PR.M FixedReset Disc 1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-05
Maturity Price : 23.10
Evaluated at bid price : 24.61
Bid-YTW : 5.37 %
PWF.PR.R Perpetual-Discount 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-05
Maturity Price : 24.50
Evaluated at bid price : 24.73
Bid-YTW : 5.59 %
BN.PR.Z FixedReset Disc 1.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-05
Maturity Price : 23.54
Evaluated at bid price : 24.97
Bid-YTW : 5.75 %
GWO.PR.Q Insurance Straight 1.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-05
Maturity Price : 23.48
Evaluated at bid price : 23.75
Bid-YTW : 5.48 %
ELF.PR.H Perpetual-Discount 1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-05
Maturity Price : 24.46
Evaluated at bid price : 24.70
Bid-YTW : 5.61 %
GWO.PR.G Insurance Straight 2.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-05
Maturity Price : 23.71
Evaluated at bid price : 24.02
Bid-YTW : 5.47 %
TD.PF.J FixedReset Prem 2.36 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-04-30
Maturity Price : 25.00
Evaluated at bid price : 26.05
Bid-YTW : 4.02 %
SLF.PR.E Insurance Straight 6.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-05
Maturity Price : 22.10
Evaluated at bid price : 22.32
Bid-YTW : 5.09 %
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.
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.B Insurance Straight Quote: 18.90 – 22.73
Spot Rate : 3.8300
Average : 2.1647

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-05
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 6.26 %

MFC.PR.C Insurance Straight Quote: 19.71 – 22.48
Spot Rate : 2.7700
Average : 1.6223

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-05
Maturity Price : 19.71
Evaluated at bid price : 19.71
Bid-YTW : 5.80 %

IFC.PR.E Insurance Straight Quote: 23.75 – 24.63
Spot Rate : 0.8800
Average : 0.5257

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-05
Maturity Price : 23.49
Evaluated at bid price : 23.75
Bid-YTW : 5.53 %

FTS.PR.K FixedReset Disc Quote: 23.38 – 24.25
Spot Rate : 0.8700
Average : 0.5547

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-05
Maturity Price : 22.62
Evaluated at bid price : 23.38
Bid-YTW : 5.31 %

BN.PF.I FixedReset Prem Quote: 25.65 – 26.65
Spot Rate : 1.0000
Average : 0.7607

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.65
Bid-YTW : 3.89 %

GWO.PR.P Insurance Straight Quote: 24.16 – 25.00
Spot Rate : 0.8400
Average : 0.6497

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-05
Maturity Price : 23.92
Evaluated at bid price : 24.16
Bid-YTW : 5.65 %

2 comments November 5, 2025

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