Market Action

December 12, 2025

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

Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)
Median
YTW
Median
Average
Trading
Value
Median
Mod Dur
(YTW)
Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -0.1014 % 2,429.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.1014 % 4,606.7
Floater 5.93 % 6.22 % 66,360 13.49 3 -0.1014 % 2,654.9
OpRet 0.00 % 0.00 % 0 0.00 0 0.0787 % 3,667.6
SplitShare 4.76 % 3.79 % 73,162 1.18 5 0.0787 % 4,379.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0787 % 3,417.4
Perpetual-Premium 5.64 % -0.80 % 80,557 0.09 7 0.3441 % 3,111.0
Perpetual-Discount 5.53 % 5.62 % 50,389 14.43 26 0.2783 % 3,421.9
FixedReset Disc 5.83 % 6.08 % 108,227 13.50 31 0.3542 % 3,129.7
Insurance Straight 5.52 % 5.52 % 60,110 14.56 21 -0.4341 % 3,289.0
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.3542 % 3,723.1
FixedReset Prem 5.90 % 4.64 % 99,911 2.24 20 -0.0844 % 2,657.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.3542 % 3,199.2
FixedReset Ins Non 5.31 % 5.54 % 83,988 14.36 13 -1.0778 % 3,088.9
Performance Highlights
Issue Index Change Notes
GWO.PR.N FixedReset Ins Non -15.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 15.50
Evaluated at bid price : 15.50
Bid-YTW : 6.98 %
GWO.PR.Y Insurance Straight -6.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 6.07 %
SLF.PR.C Insurance Straight -3.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 21.06
Evaluated at bid price : 21.06
Bid-YTW : 5.30 %
GWO.PR.I Insurance Straight -1.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.51 %
TD.PF.I FixedReset Prem -1.91 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 26.25
Bid-YTW : 3.96 %
MFC.PR.N FixedReset Ins Non -1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 22.93
Evaluated at bid price : 24.24
Bid-YTW : 5.40 %
GWO.PR.S Insurance Straight -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 23.07
Evaluated at bid price : 23.33
Bid-YTW : 5.63 %
IFC.PR.C FixedReset Ins Non -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 23.72
Evaluated at bid price : 24.30
Bid-YTW : 5.77 %
CU.PR.F Perpetual-Discount 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 5.43 %
PWF.PR.H Perpetual-Premium 1.20 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-11
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : -0.80 %
PWF.PR.R Perpetual-Discount 1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 24.29
Evaluated at bid price : 24.60
Bid-YTW : 5.66 %
ENB.PF.C FixedReset Disc 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 21.84
Evaluated at bid price : 22.24
Bid-YTW : 6.34 %
CU.PR.H Perpetual-Discount 1.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 23.59
Evaluated at bid price : 23.86
Bid-YTW : 5.54 %
SLF.PR.G FixedReset Ins Non 2.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 19.42
Evaluated at bid price : 19.42
Bid-YTW : 5.64 %
GWO.PR.H Insurance Straight 3.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 21.91
Evaluated at bid price : 22.15
Bid-YTW : 5.48 %
BN.PF.G FixedReset Disc 5.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 22.96
Evaluated at bid price : 24.35
Bid-YTW : 6.01 %
Volume Highlights
Issue Index Shares
Traded
Notes
BN.PF.G FixedReset Disc 51,007 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 22.96
Evaluated at bid price : 24.35
Bid-YTW : 6.01 %
BN.PF.C Perpetual-Discount 39,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 21.33
Evaluated at bid price : 21.33
Bid-YTW : 5.81 %
IFC.PR.A FixedReset Ins Non 38,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 5.63 %
ENB.PF.E FixedReset Disc 26,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 21.84
Evaluated at bid price : 22.25
Bid-YTW : 6.32 %
FTS.PR.M FixedReset Disc 25,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 23.11
Evaluated at bid price : 24.60
Bid-YTW : 5.55 %
BN.PR.K Floater 22,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 12.75
Evaluated at bid price : 12.75
Bid-YTW : 6.24 %
There were 6 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
GWO.PR.N FixedReset Ins Non Quote: 15.50 – 18.44
Spot Rate : 2.9400
Average : 1.9551

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 15.50
Evaluated at bid price : 15.50
Bid-YTW : 6.98 %

GWO.PR.Y Insurance Straight Quote: 18.60 – 21.04
Spot Rate : 2.4400
Average : 1.7375

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 6.07 %

BN.PF.M FixedReset Prem Quote: 25.75 – 26.75
Spot Rate : 1.0000
Average : 0.5773

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2031-01-01
Maturity Price : 25.00
Evaluated at bid price : 25.75
Bid-YTW : 5.05 %

BN.PF.J FixedReset Prem Quote: 26.00 – 27.00
Spot Rate : 1.0000
Average : 0.6158

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-12-31
Maturity Price : 25.00
Evaluated at bid price : 26.00
Bid-YTW : 4.84 %

SLF.PR.C Insurance Straight Quote: 21.06 – 21.86
Spot Rate : 0.8000
Average : 0.5236

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 21.06
Evaluated at bid price : 21.06
Bid-YTW : 5.30 %

MFC.PR.C Insurance Straight Quote: 22.00 – 23.00
Spot Rate : 1.0000
Average : 0.7519

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-12
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 5.12 %

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