Market Action

August 18, 2026

Bond markets are getting indigestion:

Long-term borrowing costs from the U.S. to Germany and Japan hit their highest in decades on Tuesday due to ​ballooning government debt and geopolitics, raising borrowing costs for companies and households and complicating ‌policy.

Bond markets are entering an era where the inflation and interest rate outlook is more uncertain and the upside risks are greater, as U.S. President Donald Trump’s policies — from tariffs to war — upend the global order.

Debt levels in developed countries are reaching thresholds that look increasingly unsustainable, with the U.S. debt pile nearing US$40-trillion. The war in Iran is dragging on, ⁠pushing up ​oil prices and inflation and hitting global growth.

In addition, massive borrowing by technology companies to fund a buildout of artificial intelligence infrastructure is competing with demand for government bonds.

Thirty-year bond yields in the United States, the world’s deepest ​and most systemically crucial government bond market, hit their highest since 2007 as oil prices rose back above $90, ‌fanning inflation worries as U.S.-Iran peace hopes faded.

Their yields pulled back in early afternoon trading with U.S. 30-year yields last down 2.4 basis points at 5.286 per cent.

In Japan, inflation angst and expectations that the central bank could hike interest rates as early as September pushed 10-year borrowing costs to a three-decade high just under 3 per cent..

In Europe, Germany’s 10-year Bund yield touched its highest since 2011, French yields were at their highest since 2008 and Britain’s 30-year borrowing costs neared peaks hit in May that marked the highest levels since 1998.

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 0.3060 % 2,636.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.3060 % 4,965.0
Floater 5.48 % 5.61 % 31,972 14.45 3 0.3060 % 2,861.4
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0394 % 3,653.2
SplitShare 4.77 % 4.93 % 55,249 2.58 5 -0.0394 % 4,362.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0394 % 3,403.9
Perpetual-Premium 5.64 % 5.55 % 55,730 6.77 12 -0.2212 % 3,079.6
Perpetual-Discount 5.49 % 5.55 % 37,900 14.55 21 -0.0355 % 3,437.0
FixedReset Disc 5.52 % 5.86 % 94,803 14.04 17 -0.1858 % 3,403.8
Insurance Straight 5.36 % 5.42 % 43,836 14.65 20 -0.1667 % 3,357.8
FloatingReset 0.00 % 0.00 % 0 0.00 0 -0.1858 % 4,156.1
FixedReset Prem 5.90 % 4.29 % 77,067 2.11 31 -0.0883 % 2,669.8
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.1858 % 3,479.4
FixedReset Ins Non 5.19 % 4.80 % 49,342 3.02 14 -0.1312 % 3,287.7
Performance Highlights
Issue Index Change Notes
ENB.PF.C FixedReset Disc -2.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 22.74
Evaluated at bid price : 23.65
Bid-YTW : 6.14 %
ENB.PR.Y FixedReset Disc -2.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 22.48
Evaluated at bid price : 23.07
Bid-YTW : 6.05 %
SLF.PR.D Insurance Straight -2.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 21.35
Evaluated at bid price : 21.62
Bid-YTW : 5.21 %
ENB.PR.T FixedReset Prem -2.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 23.25
Evaluated at bid price : 24.55
Bid-YTW : 5.95 %
MFC.PR.Q FixedReset Ins Non -2.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 23.68
Evaluated at bid price : 25.14
Bid-YTW : 5.85 %
POW.PR.A Perpetual-Premium -2.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 24.21
Evaluated at bid price : 24.50
Bid-YTW : 5.78 %
ENB.PF.E FixedReset Disc -1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 22.80
Evaluated at bid price : 23.83
Bid-YTW : 6.07 %
NA.PR.C FixedReset Prem -1.31 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-11-15
Maturity Price : 25.00
Evaluated at bid price : 26.27
Bid-YTW : 2.90 %
MFC.PR.B Insurance Straight -1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 22.66
Evaluated at bid price : 22.90
Bid-YTW : 5.15 %
BN.PF.C Perpetual-Discount -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 21.31
Evaluated at bid price : 21.58
Bid-YTW : 5.69 %
GWO.PR.Y Insurance Straight -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 5.40 %
BN.PR.T FixedReset Disc -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 23.12
Evaluated at bid price : 23.83
Bid-YTW : 5.83 %
BN.PF.A FixedReset Prem -1.15 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.90
Bid-YTW : 5.41 %
ENB.PR.H FixedReset Disc -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 23.28
Evaluated at bid price : 23.61
Bid-YTW : 5.83 %
PWF.PR.P FixedReset Disc 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 21.84
Evaluated at bid price : 22.25
Bid-YTW : 5.42 %
BN.PR.X FixedReset Disc 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 21.58
Evaluated at bid price : 21.95
Bid-YTW : 5.82 %
BN.PF.G FixedReset Prem 1.35 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2030-07-01
Maturity Price : 25.00
Evaluated at bid price : 26.35
Bid-YTW : 4.37 %
CCS.PR.C Insurance Straight 1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 23.03
Evaluated at bid price : 23.30
Bid-YTW : 5.43 %
GWO.PR.I Insurance Straight 1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 21.38
Evaluated at bid price : 21.65
Bid-YTW : 5.26 %
ENB.PR.F FixedReset Disc 2.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 23.92
Evaluated at bid price : 24.25
Bid-YTW : 5.95 %
Volume Highlights
Issue Index Shares
Traded
Notes
BN.PF.F FixedReset Prem 212,549 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-10-01
Maturity Price : 25.00
Evaluated at bid price : 25.64
Bid-YTW : 5.24 %
FTS.PR.G FixedReset Prem 16,850 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-09-01
Maturity Price : 25.00
Evaluated at bid price : 25.90
Bid-YTW : 4.95 %
BMO.PR.E FixedReset Prem 13,201 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-11-25
Maturity Price : 25.00
Evaluated at bid price : 26.50
Bid-YTW : 3.99 %
NA.PR.K FixedReset Prem 12,575 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-05-01
Maturity Price : 25.00
Evaluated at bid price : 28.10
Bid-YTW : 3.01 %
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
PWF.PR.P FixedReset Disc Quote: 22.25 – 23.49
Spot Rate : 1.2400
Average : 0.8059

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 21.84
Evaluated at bid price : 22.25
Bid-YTW : 5.42 %

ENB.PF.C FixedReset Disc Quote: 23.65 – 24.65
Spot Rate : 1.0000
Average : 0.6449

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 22.74
Evaluated at bid price : 23.65
Bid-YTW : 6.14 %

MFC.PR.Q FixedReset Ins Non Quote: 25.14 – 26.14
Spot Rate : 1.0000
Average : 0.6919

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 23.68
Evaluated at bid price : 25.14
Bid-YTW : 5.85 %

ENB.PR.Y FixedReset Disc Quote: 23.07 – 24.00
Spot Rate : 0.9300
Average : 0.6398

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 22.48
Evaluated at bid price : 23.07
Bid-YTW : 6.05 %

POW.PR.A Perpetual-Premium Quote: 24.50 – 25.23
Spot Rate : 0.7300
Average : 0.4565

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 24.21
Evaluated at bid price : 24.50
Bid-YTW : 5.78 %

GWO.PR.N FixedReset Ins Non Quote: 19.50 – 21.33
Spot Rate : 1.8300
Average : 1.5780

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-18
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 5.79 %

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