There’s an overnight treasury offering for PIC.PR.A:
Premium Income Corporation (the “Fund”) is pleased to announce that it is undertaking an overnight treasury offering of Preferred Shares (the “Offering”).
The sales period for the overnight offering will end tomorrow, January 22, 2026. The offering is expected to close on or about January 29, 2026, and is subject to certain closing conditions including approval by the Toronto Stock Exchange (“TSX”). The Preferred Shares will be offered at a price of $16.20 per Preferred Share. The trading price on the TSX for the Preferred Shares as at the last trade on January 21, 2026 was $16.46. Since the inception of the Fund, the aggregate dividends declared on the Preferred Shares have been $25.96 per share.
The Fund invests in a portfolio consisting principally of common shares of Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada and The Toronto-Dominion Bank. To generate additional returns above the dividend income earned on the Fund’s portfolio, the Fund will selectively write covered call and put options in respect of some or all of the common shares in the Fund’s portfolio. The manager and investment manager of the Fund is Mulvihill Capital Management Inc.
The Preferred Shares pay fixed cumulative preferential monthly cash distributions in the amount of $0.10625 ($1.275 per annum) per Preferred Share representing a yield of 8.50% on the original issue price of $15.00.
The syndicate of agents for the offering is being led by National Bank Financial Inc.
For further information, please contact Investor Relations at 416.681.3966, toll free at 1.800.725.7172, email at info@mulvihill.com or visit www.mulvihill.com
On 2026-01-06, the Capital Units were split 110-new-for-100-old:
Premium Income Corporation (the “Fund”) is pleased to announce its intention to complete a share split of its class A shares (the “Share Split”) due to the Fund’s strong performance. Class A shareholders of record at the close of business on January 13, 2026 will receive 10 additional class A shares for every 100 class A shares held, pursuant to the Share Split. The Share Split is subject to the approval by the Toronto Stock Exchange (the “TSX”).
The Fund has also declared an increase to the monthly distributions payable to class A shareholders of $0.09 per share from $0.08 per share. As a result of the Share Split and monthly distribution increase, the total dollar amount of distributions to be paid to class A shareholders is expected to increase by approximately 22%. Since inception, class A shareholders have received cash distributions of $41.61 per share. The class A shares are expected to commence trading on an ex-split basis at the opening of trading on January 13, 2026. No fractional Class A shares will be issued, and the number of class A shares each holder shall receive will be rounded down to the nearest whole number. The Share Split is a non-taxable event.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
|||||||
| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0000 % | 2,451.1 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0000 % | 4,647.6 |
| Floater | 5.88 % | 6.12 % | 54,650 | 13.73 | 3 | 0.0000 % | 2,678.5 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0315 % | 3,668.5 |
| SplitShare | 4.76 % | 4.33 % | 75,944 | 3.09 | 5 | 0.0315 % | 4,380.9 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0315 % | 3,418.2 |
| Perpetual-Premium | 5.68 % | 5.69 % | 85,881 | 14.25 | 9 | -0.2382 % | 3,082.0 |
| Perpetual-Discount | 5.56 % | 5.60 % | 53,300 | 14.51 | 25 | -0.1651 % | 3,397.6 |
| FixedReset Disc | 5.89 % | 5.97 % | 118,303 | 13.78 | 29 | -0.5070 % | 3,155.3 |
| Insurance Straight | 5.50 % | 5.57 % | 64,361 | 14.50 | 22 | 0.0756 % | 3,306.7 |
| FloatingReset | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.5070 % | 3,753.6 |
| FixedReset Prem | 5.95 % | 4.60 % | 84,615 | 2.16 | 19 | -0.0625 % | 2,654.9 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.5070 % | 3,225.4 |
| FixedReset Ins Non | 5.26 % | 5.36 % | 74,665 | 14.45 | 14 | 0.4354 % | 3,145.8 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| PWF.PR.T | FixedReset Disc | -3.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-21 Maturity Price : 22.92 Evaluated at bid price : 23.90 Bid-YTW : 5.57 % |
| POW.PR.G | Perpetual-Discount | -3.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-21 Maturity Price : 23.86 Evaluated at bid price : 24.11 Bid-YTW : 5.84 % |
| ENB.PF.G | FixedReset Disc | -2.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-21 Maturity Price : 21.99 Evaluated at bid price : 22.50 Bid-YTW : 6.32 % |
| PWF.PR.E | Perpetual-Discount | -2.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-21 Maturity Price : 23.69 Evaluated at bid price : 24.00 Bid-YTW : 5.74 % |
| PWF.PR.G | Perpetual-Premium | -2.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-21 Maturity Price : 24.59 Evaluated at bid price : 24.84 Bid-YTW : 5.96 % |
| ENB.PR.J | FixedReset Disc | -1.79 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-21 Maturity Price : 22.10 Evaluated at bid price : 22.50 Bid-YTW : 6.31 % |
| TD.PF.J | FixedReset Prem | -1.46 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2028-04-30 Maturity Price : 25.00 Evaluated at bid price : 25.70 Bid-YTW : 4.41 % |
| PWF.PR.F | Perpetual-Discount | -1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-21 Maturity Price : 22.93 Evaluated at bid price : 23.20 Bid-YTW : 5.67 % |
| ENB.PF.E | FixedReset Disc | -1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-21 Maturity Price : 22.01 Evaluated at bid price : 22.50 Bid-YTW : 6.23 % |
| ENB.PF.A | FixedReset Disc | -1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-21 Maturity Price : 22.23 Evaluated at bid price : 22.80 Bid-YTW : 6.23 % |
| GWO.PR.I | Insurance Straight | 1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-21 Maturity Price : 20.85 Evaluated at bid price : 20.85 Bid-YTW : 5.45 % |
| SLF.PR.H | FixedReset Ins Non | 1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-21 Maturity Price : 21.94 Evaluated at bid price : 22.48 Bid-YTW : 5.57 % |
| CU.PR.C | FixedReset Disc | 3.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-21 Maturity Price : 24.34 Evaluated at bid price : 24.68 Bid-YTW : 5.45 % |
| IFC.PR.C | FixedReset Ins Non | 3.54 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2026-09-30 Maturity Price : 25.00 Evaluated at bid price : 24.85 Bid-YTW : 4.68 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| FTS.PR.M | FixedReset Disc | 89,164 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-21 Maturity Price : 23.13 Evaluated at bid price : 24.62 Bid-YTW : 5.52 % |
| ENB.PR.B | FixedReset Disc | 61,177 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-21 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 6.41 % |
| ENB.PR.D | FixedReset Disc | 55,812 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-21 Maturity Price : 21.35 Evaluated at bid price : 21.35 Bid-YTW : 6.33 % |
| ENB.PR.T | FixedReset Disc | 43,071 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-21 Maturity Price : 22.54 Evaluated at bid price : 23.25 Bid-YTW : 6.12 % |
| CU.PR.H | Perpetual-Discount | 20,100 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-21 Maturity Price : 24.14 Evaluated at bid price : 24.39 Bid-YTW : 5.46 % |
| GWO.PR.Z | Insurance Straight | 16,767 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-21 Maturity Price : 24.70 Evaluated at bid price : 25.10 Bid-YTW : 5.72 % |
| There were 9 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 |
| PWF.PR.T | FixedReset Disc | Quote: 23.90 – 24.90 Spot Rate : 1.0000 Average : 0.6266 YTW SCENARIO |
| PWF.PR.G | Perpetual-Premium | Quote: 24.84 – 25.74 Spot Rate : 0.9000 Average : 0.5416 YTW SCENARIO |
| POW.PR.G | Perpetual-Discount | Quote: 24.11 – 24.87 Spot Rate : 0.7600 Average : 0.4471 YTW SCENARIO |
| MFC.PR.B | Insurance Straight | Quote: 20.68 – 22.15 Spot Rate : 1.4700 Average : 1.1652 YTW SCENARIO |
| CU.PR.J | Perpetual-Discount | Quote: 21.65 – 22.50 Spot Rate : 0.8500 Average : 0.6290 YTW SCENARIO |
| IFC.PR.E | Insurance Straight | Quote: 23.41 – 24.20 Spot Rate : 0.7900 Average : 0.5713 YTW SCENARIO |