Market Action

March 18, 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 -0.3457 % 2,207.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.3457 % 4,296.8
Floater 7.07 % 7.39 % 29,825 12.14 4 -0.3457 % 2,476.2
OpRet 0.00 % 0.00 % 0 0.00 0 0.0489 % 3,612.2
SplitShare 4.83 % 4.78 % 68,444 1.85 9 0.0489 % 4,313.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0489 % 3,365.8
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.0226 % 2,968.3
Perpetual-Discount 5.78 % 5.93 % 56,541 13.94 32 0.0226 % 3,236.7
FixedReset Disc 5.55 % 6.38 % 129,790 13.19 49 0.0405 % 2,813.2
Insurance Straight 5.73 % 5.76 % 77,857 14.26 21 -0.3134 % 3,161.0
FloatingReset 5.52 % 5.54 % 58,146 14.17 4 -0.0561 % 3,559.6
FixedReset Prem 5.80 % 5.48 % 172,282 13.88 10 0.2440 % 2,581.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0405 % 2,875.6
FixedReset Ins Non 5.25 % 5.70 % 76,102 14.12 14 0.2187 % 2,875.6
Performance Highlights
Issue Index Change Notes
PWF.PF.A Perpetual-Discount -6.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-18
Maturity Price : 18.55
Evaluated at bid price : 18.55
Bid-YTW : 6.17 %
GWO.PR.G Insurance Straight -4.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-18
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.22 %
IFC.PR.F Insurance Straight -2.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-18
Maturity Price : 22.48
Evaluated at bid price : 22.75
Bid-YTW : 5.84 %
GWO.PR.I Insurance Straight -1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-18
Maturity Price : 19.78
Evaluated at bid price : 19.78
Bid-YTW : 5.71 %
BIP.PR.E FixedReset Disc -1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-18
Maturity Price : 22.48
Evaluated at bid price : 23.08
Bid-YTW : 6.40 %
ENB.PR.B FixedReset Disc -1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-18
Maturity Price : 18.30
Evaluated at bid price : 18.30
Bid-YTW : 7.10 %
POW.PR.D Perpetual-Discount -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-18
Maturity Price : 21.51
Evaluated at bid price : 21.51
Bid-YTW : 5.93 %
ENB.PR.N FixedReset Disc -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-18
Maturity Price : 21.88
Evaluated at bid price : 22.25
Bid-YTW : 6.46 %
IFC.PR.K Insurance Straight -1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-18
Maturity Price : 22.47
Evaluated at bid price : 22.76
Bid-YTW : 5.78 %
MFC.PR.Q FixedReset Ins Non -1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-18
Maturity Price : 22.82
Evaluated at bid price : 23.75
Bid-YTW : 5.68 %
BN.PF.D Perpetual-Discount 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-18
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 6.03 %
GWO.PR.R Insurance Straight 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-18
Maturity Price : 20.68
Evaluated at bid price : 20.68
Bid-YTW : 5.83 %
SLF.PR.H FixedReset Ins Non 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-18
Maturity Price : 19.90
Evaluated at bid price : 19.90
Bid-YTW : 5.93 %
FTS.PR.H FixedReset Disc 1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-18
Maturity Price : 15.94
Evaluated at bid price : 15.94
Bid-YTW : 6.55 %
IFC.PR.C FixedReset Ins Non 1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-18
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 6.10 %
CU.PR.C FixedReset Disc 1.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-18
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.18 %
GWO.PR.T Insurance Straight 2.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-18
Maturity Price : 21.95
Evaluated at bid price : 22.35
Bid-YTW : 5.76 %
PWF.PR.S Perpetual-Discount 3.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-18
Maturity Price : 20.66
Evaluated at bid price : 20.66
Bid-YTW : 5.90 %
SLF.PR.D Insurance Straight 3.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-18
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 5.44 %
BN.PR.N Perpetual-Discount 6.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-18
Maturity Price : 19.83
Evaluated at bid price : 19.83
Bid-YTW : 6.02 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CU.PR.C FixedReset Disc 197,135 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-18
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.18 %
CM.PR.S FixedReset Prem 180,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-18
Maturity Price : 25.47
Evaluated at bid price : 25.47
Bid-YTW : 5.28 %
NA.PR.S FixedReset Prem 134,599 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-18
Maturity Price : 23.27
Evaluated at bid price : 25.11
Bid-YTW : 5.33 %
SLF.PR.D Insurance Straight 101,425 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-18
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 5.44 %
FTS.PR.M FixedReset Disc 100,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-18
Maturity Price : 21.32
Evaluated at bid price : 21.32
Bid-YTW : 6.27 %
ENB.PF.A FixedReset Disc 96,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-18
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 7.00 %
There were 31 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.PF.A Perpetual-Discount Quote: 18.55 – 20.89
Spot Rate : 2.3400
Average : 1.3489

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-18
Maturity Price : 18.55
Evaluated at bid price : 18.55
Bid-YTW : 6.17 %
GWO.PR.G Insurance Straight Quote: 21.00 – 22.50
Spot Rate : 1.5000
Average : 0.9744

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-18
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.22 %
MFC.PR.L FixedReset Ins Non Quote: 22.48 – 23.60
Spot Rate : 1.1200
Average : 0.6611

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-18
Maturity Price : 22.00
Evaluated at bid price : 22.48
Bid-YTW : 5.70 %
BN.PF.A FixedReset Disc Quote: 23.31 – 24.40
Spot Rate : 1.0900
Average : 0.6962

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-18
Maturity Price : 22.56
Evaluated at bid price : 23.31
Bid-YTW : 6.30 %
IFC.PR.F Insurance Straight Quote: 22.75 – 23.98
Spot Rate : 1.2300
Average : 0.9728

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-18
Maturity Price : 22.48
Evaluated at bid price : 22.75
Bid-YTW : 5.84 %
BIP.PR.E FixedReset Disc Quote: 23.08 – 24.25
Spot Rate : 1.1700
Average : 0.9207

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-18
Maturity Price : 22.48
Evaluated at bid price : 23.08
Bid-YTW : 6.40 %
Market Action

March 17, 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 0.3264 % 2,214.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.3264 % 4,311.7
Floater 7.05 % 7.32 % 29,439 12.21 4 0.3264 % 2,484.8
OpRet 0.00 % 0.00 % 0 0.00 0 0.0757 % 3,610.5
SplitShare 4.83 % 4.94 % 64,981 1.85 9 0.0757 % 4,311.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0757 % 3,364.1
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.1187 % 2,967.6
Perpetual-Discount 5.79 % 5.92 % 55,946 13.94 32 0.1187 % 3,236.0
FixedReset Disc 5.55 % 6.30 % 131,181 13.17 49 0.4763 % 2,812.0
Insurance Straight 5.71 % 5.77 % 76,858 14.27 21 0.4217 % 3,170.9
FloatingReset 5.52 % 5.53 % 60,438 14.17 4 -0.0449 % 3,561.6
FixedReset Prem 5.81 % 5.47 % 171,064 13.88 10 -0.1572 % 2,575.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.4763 % 2,874.5
FixedReset Ins Non 5.27 % 5.69 % 72,736 14.11 14 2.7728 % 2,869.4
Performance Highlights
Issue Index Change Notes
PWF.PR.S Perpetual-Discount -3.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-17
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.10 %
SLF.PR.D Insurance Straight -2.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-17
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 5.64 %
GWO.PR.R Insurance Straight -2.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-17
Maturity Price : 20.42
Evaluated at bid price : 20.42
Bid-YTW : 5.90 %
GWO.PR.T Insurance Straight -1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-17
Maturity Price : 21.55
Evaluated at bid price : 21.90
Bid-YTW : 5.88 %
MFC.PR.B Insurance Straight -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-17
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 5.68 %
CU.PR.C FixedReset Disc -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-17
Maturity Price : 20.59
Evaluated at bid price : 20.59
Bid-YTW : 6.30 %
IFC.PR.E Insurance Straight 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-17
Maturity Price : 22.84
Evaluated at bid price : 23.24
Bid-YTW : 5.59 %
GWO.PR.M Insurance Straight 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-17
Maturity Price : 24.47
Evaluated at bid price : 24.71
Bid-YTW : 5.88 %
BN.PF.F FixedReset Disc 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-17
Maturity Price : 21.35
Evaluated at bid price : 21.65
Bid-YTW : 6.55 %
GWO.PR.P Insurance Straight 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-17
Maturity Price : 23.15
Evaluated at bid price : 23.45
Bid-YTW : 5.77 %
FTS.PR.F Perpetual-Discount 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-17
Maturity Price : 22.00
Evaluated at bid price : 22.23
Bid-YTW : 5.55 %
GWO.PR.I Insurance Straight 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-17
Maturity Price : 20.18
Evaluated at bid price : 20.18
Bid-YTW : 5.60 %
CU.PR.H Perpetual-Discount 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-17
Maturity Price : 22.68
Evaluated at bid price : 22.92
Bid-YTW : 5.77 %
ENB.PR.D FixedReset Disc 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-17
Maturity Price : 18.84
Evaluated at bid price : 18.84
Bid-YTW : 6.93 %
MFC.PR.M FixedReset Ins Non 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-17
Maturity Price : 22.17
Evaluated at bid price : 22.80
Bid-YTW : 5.72 %
GWO.PR.L Insurance Straight 1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-17
Maturity Price : 23.87
Evaluated at bid price : 24.12
Bid-YTW : 5.87 %
POW.PR.D Perpetual-Discount 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-17
Maturity Price : 21.54
Evaluated at bid price : 21.80
Bid-YTW : 5.83 %
PWF.PR.T FixedReset Disc 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-17
Maturity Price : 22.27
Evaluated at bid price : 22.86
Bid-YTW : 5.76 %
SLF.PR.C Insurance Straight 1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-17
Maturity Price : 20.79
Evaluated at bid price : 20.79
Bid-YTW : 5.37 %
GWO.PR.Q Insurance Straight 1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-17
Maturity Price : 22.01
Evaluated at bid price : 22.25
Bid-YTW : 5.80 %
ENB.PR.B FixedReset Disc 5.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-17
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 6.98 %
IFC.PR.K Insurance Straight 6.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-17
Maturity Price : 22.70
Evaluated at bid price : 23.02
Bid-YTW : 5.71 %
BN.PF.G FixedReset Disc 14.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-17
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 6.83 %
SLF.PR.H FixedReset Ins Non 54.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-17
Maturity Price : 19.64
Evaluated at bid price : 19.64
Bid-YTW : 6.00 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BMO.PR.Y FixedReset Disc 110,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-17
Maturity Price : 23.95
Evaluated at bid price : 24.64
Bid-YTW : 5.45 %
CM.PR.Q FixedReset Disc 102,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-17
Maturity Price : 24.04
Evaluated at bid price : 24.75
Bid-YTW : 5.54 %
FTS.PR.M FixedReset Disc 62,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-17
Maturity Price : 21.27
Evaluated at bid price : 21.27
Bid-YTW : 6.28 %
TD.PF.A FixedReset Disc 50,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-17
Maturity Price : 23.04
Evaluated at bid price : 24.59
Bid-YTW : 5.03 %
CU.PR.I FixedReset Disc 47,500 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-01
Maturity Price : 25.00
Evaluated at bid price : 24.75
Bid-YTW : 6.27 %
BN.PF.D Perpetual-Discount 43,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-17
Maturity Price : 20.15
Evaluated at bid price : 20.15
Bid-YTW : 6.11 %
There were 14 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.F Perpetual-Discount Quote: 20.05 – 23.88
Spot Rate : 3.8300
Average : 2.6226

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-17
Maturity Price : 20.05
Evaluated at bid price : 20.05
Bid-YTW : 5.67 %
BN.PF.E FixedReset Disc Quote: 19.40 – 20.99
Spot Rate : 1.5900
Average : 1.1456

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-17
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 6.83 %
PWF.PR.S Perpetual-Discount Quote: 20.00 – 21.00
Spot Rate : 1.0000
Average : 0.7656

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-17
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.10 %
SLF.PR.D Insurance Straight Quote: 19.80 – 20.75
Spot Rate : 0.9500
Average : 0.7473

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-17
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 5.64 %
CU.PR.C FixedReset Disc Quote: 20.59 – 21.59
Spot Rate : 1.0000
Average : 0.7995

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-17
Maturity Price : 20.59
Evaluated at bid price : 20.59
Bid-YTW : 6.30 %
MFC.PR.F FixedReset Ins Non Quote: 16.35 – 17.35
Spot Rate : 1.0000
Average : 0.8268

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-17
Maturity Price : 16.35
Evaluated at bid price : 16.35
Bid-YTW : 6.12 %
Market Action

March 14, 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 -0.5276 % 2,207.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.5276 % 4,297.6
Floater 7.07 % 7.35 % 29,891 12.19 4 -0.5276 % 2,476.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.0312 % 3,607.7
SplitShare 4.83 % 4.90 % 65,702 1.86 9 0.0312 % 4,308.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0312 % 3,361.6
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.1315 % 2,964.1
Perpetual-Discount 5.79 % 5.92 % 56,275 13.96 32 0.1315 % 3,232.2
FixedReset Disc 5.58 % 6.37 % 131,379 13.16 49 -0.4281 % 2,798.7
Insurance Straight 5.73 % 5.77 % 77,538 14.28 21 -0.1832 % 3,157.6
FloatingReset 5.51 % 5.52 % 62,355 14.18 4 6.4597 % 3,563.2
FixedReset Prem 5.81 % 5.48 % 172,561 13.83 10 -0.0393 % 2,579.1
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.4281 % 2,860.8
FixedReset Ins Non 5.41 % 5.72 % 72,995 14.05 14 0.4864 % 2,792.0
Performance Highlights
Issue Index Change Notes
BN.PF.G FixedReset Disc -12.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-14
Maturity Price : 17.79
Evaluated at bid price : 17.79
Bid-YTW : 7.79 %
ENB.PR.B FixedReset Disc -4.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-14
Maturity Price : 17.55
Evaluated at bid price : 17.55
Bid-YTW : 7.40 %
IFC.PR.A FixedReset Ins Non -3.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-14
Maturity Price : 19.19
Evaluated at bid price : 19.19
Bid-YTW : 5.90 %
GWO.PR.L Insurance Straight -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-14
Maturity Price : 23.53
Evaluated at bid price : 23.80
Bid-YTW : 5.94 %
GWO.PR.H Insurance Straight -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-14
Maturity Price : 20.85
Evaluated at bid price : 20.85
Bid-YTW : 5.84 %
MFC.PR.Q FixedReset Ins Non 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-14
Maturity Price : 22.93
Evaluated at bid price : 23.99
Bid-YTW : 5.61 %
GWO.PR.Y Insurance Straight 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-14
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 5.70 %
BN.PR.X FixedReset Disc 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-14
Maturity Price : 16.71
Evaluated at bid price : 16.71
Bid-YTW : 6.81 %
BN.PR.K Floater 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-14
Maturity Price : 11.72
Evaluated at bid price : 11.72
Bid-YTW : 7.43 %
FFH.PR.K FixedReset Disc 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-14
Maturity Price : 23.31
Evaluated at bid price : 24.35
Bid-YTW : 6.20 %
PWF.PR.R Perpetual-Discount 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-14
Maturity Price : 23.06
Evaluated at bid price : 23.32
Bid-YTW : 5.98 %
MFC.PR.B Insurance Straight 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-14
Maturity Price : 20.86
Evaluated at bid price : 20.86
Bid-YTW : 5.61 %
FFH.PR.H FloatingReset 1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-14
Maturity Price : 23.39
Evaluated at bid price : 23.70
Bid-YTW : 5.52 %
ENB.PF.K FixedReset Disc 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-14
Maturity Price : 22.91
Evaluated at bid price : 23.85
Bid-YTW : 6.26 %
BN.PF.I FixedReset Disc 1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-14
Maturity Price : 23.58
Evaluated at bid price : 23.90
Bid-YTW : 6.71 %
MFC.PR.J FixedReset Ins Non 1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-14
Maturity Price : 23.17
Evaluated at bid price : 24.45
Bid-YTW : 5.57 %
BN.PF.J FixedReset Disc 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-14
Maturity Price : 22.86
Evaluated at bid price : 23.70
Bid-YTW : 6.20 %
GWO.PR.R Insurance Straight 1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-14
Maturity Price : 20.87
Evaluated at bid price : 20.87
Bid-YTW : 5.77 %
PWF.PF.A Perpetual-Discount 1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-14
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 5.77 %
BN.PR.M Perpetual-Discount 1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-14
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 6.02 %
IFC.PR.K Insurance Straight 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-14
Maturity Price : 21.36
Evaluated at bid price : 21.65
Bid-YTW : 6.07 %
ENB.PR.H FixedReset Disc 1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-14
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 6.38 %
BN.PR.C Floater 1.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-14
Maturity Price : 11.85
Evaluated at bid price : 11.85
Bid-YTW : 7.35 %
BN.PR.B Floater 1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-14
Maturity Price : 11.80
Evaluated at bid price : 11.80
Bid-YTW : 7.38 %
BIP.PR.E FixedReset Disc 2.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-14
Maturity Price : 22.76
Evaluated at bid price : 23.58
Bid-YTW : 6.25 %
IFC.PR.C FixedReset Ins Non 2.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-14
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.19 %
MFC.PR.I FixedReset Ins Non 3.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-14
Maturity Price : 23.32
Evaluated at bid price : 24.60
Bid-YTW : 5.70 %
MFC.PR.M FixedReset Ins Non 3.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-14
Maturity Price : 21.99
Evaluated at bid price : 22.50
Bid-YTW : 5.80 %
FFH.PR.F FloatingReset 32.17 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-04-30
Maturity Price : 25.00
Evaluated at bid price : 24.95
Bid-YTW : 4.58 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CU.PR.J Perpetual-Discount 86,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-14
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 5.79 %
GWO.PR.S Insurance Straight 67,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-14
Maturity Price : 22.44
Evaluated at bid price : 22.70
Bid-YTW : 5.79 %
GWO.PR.T Insurance Straight 52,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-14
Maturity Price : 21.86
Evaluated at bid price : 22.25
Bid-YTW : 5.79 %
CU.PR.D Perpetual-Discount 42,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-14
Maturity Price : 21.32
Evaluated at bid price : 21.32
Bid-YTW : 5.80 %
TD.PF.A FixedReset Disc 33,732 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-14
Maturity Price : 23.03
Evaluated at bid price : 24.55
Bid-YTW : 5.03 %
TD.PF.J FixedReset Prem 30,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-14
Maturity Price : 23.43
Evaluated at bid price : 25.21
Bid-YTW : 5.42 %
There were 7 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
SLF.PR.H FixedReset Ins Non Quote: 12.75 – 21.25
Spot Rate : 8.5000
Average : 7.6682

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-14
Maturity Price : 12.75
Evaluated at bid price : 12.75
Bid-YTW : 9.14 %
BN.PF.G FixedReset Disc Quote: 17.79 – 20.68
Spot Rate : 2.8900
Average : 2.1302

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-14
Maturity Price : 17.79
Evaluated at bid price : 17.79
Bid-YTW : 7.79 %
MFC.PR.F FixedReset Ins Non Quote: 16.24 – 17.35
Spot Rate : 1.1100
Average : 0.6370

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-14
Maturity Price : 16.24
Evaluated at bid price : 16.24
Bid-YTW : 6.16 %
ENB.PR.B FixedReset Disc Quote: 17.55 – 18.68
Spot Rate : 1.1300
Average : 0.7745

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-14
Maturity Price : 17.55
Evaluated at bid price : 17.55
Bid-YTW : 7.40 %
IFC.PR.A FixedReset Ins Non Quote: 19.19 – 20.19
Spot Rate : 1.0000
Average : 0.6957

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-14
Maturity Price : 19.19
Evaluated at bid price : 19.19
Bid-YTW : 5.90 %
IFC.PR.E Insurance Straight Quote: 23.00 – 23.80
Spot Rate : 0.8000
Average : 0.5473

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-14
Maturity Price : 22.67
Evaluated at bid price : 23.00
Bid-YTW : 5.65 %
Market Action

March 13, 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 -0.7652 % 2,219.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.7652 % 4,320.4
Floater 7.03 % 7.48 % 30,327 11.86 4 -0.7652 % 2,489.9
OpRet 0.00 % 0.00 % 0 0.00 0 0.2902 % 3,606.6
SplitShare 4.84 % 4.93 % 68,414 1.86 9 0.2902 % 4,307.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2902 % 3,360.6
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.2286 % 2,960.2
Perpetual-Discount 5.80 % 5.94 % 56,234 13.93 32 -0.2286 % 3,227.9
FixedReset Disc 5.55 % 6.34 % 136,800 13.18 49 -0.1920 % 2,810.7
Insurance Straight 5.72 % 5.77 % 77,715 14.25 21 -0.4949 % 3,163.4
FloatingReset 5.94 % 5.89 % 62,807 13.92 4 -7.1405 % 3,347.0
FixedReset Prem 5.80 % 5.38 % 172,269 14.05 10 -0.0981 % 2,580.1
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.1920 % 2,873.1
FixedReset Ins Non 5.44 % 5.67 % 73,063 14.15 14 -0.5012 % 2,778.4
Performance Highlights
Issue Index Change Notes
FFH.PR.F FloatingReset -24.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-13
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.59 %
BN.PR.N Perpetual-Discount -4.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-13
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.39 %
MFC.PR.I FixedReset Ins Non -3.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-13
Maturity Price : 22.95
Evaluated at bid price : 23.80
Bid-YTW : 5.84 %
MFC.PR.M FixedReset Ins Non -3.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-13
Maturity Price : 21.46
Evaluated at bid price : 21.74
Bid-YTW : 5.94 %
BIP.PR.E FixedReset Disc -2.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-13
Maturity Price : 22.48
Evaluated at bid price : 23.08
Bid-YTW : 6.31 %
GWO.PR.Y Insurance Straight -1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-13
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 5.76 %
BN.PR.X FixedReset Disc -1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-13
Maturity Price : 16.82
Evaluated at bid price : 16.82
Bid-YTW : 6.79 %
SLF.PR.C Insurance Straight -1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-13
Maturity Price : 20.49
Evaluated at bid price : 20.49
Bid-YTW : 5.45 %
IFC.PR.A FixedReset Ins Non -1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-13
Maturity Price : 20.19
Evaluated at bid price : 20.19
Bid-YTW : 5.62 %
BN.PR.B Floater -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-13
Maturity Price : 11.85
Evaluated at bid price : 11.85
Bid-YTW : 7.50 %
BN.PR.C Floater -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-13
Maturity Price : 11.87
Evaluated at bid price : 11.87
Bid-YTW : 7.49 %
GWO.PR.I Insurance Straight -1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-13
Maturity Price : 19.95
Evaluated at bid price : 19.95
Bid-YTW : 5.66 %
POW.PR.D Perpetual-Discount -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-13
Maturity Price : 21.51
Evaluated at bid price : 21.51
Bid-YTW : 5.92 %
SLF.PR.D Insurance Straight -1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-13
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 5.50 %
MFC.PR.B Insurance Straight -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-13
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 5.68 %
PWF.PR.R Perpetual-Discount -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-13
Maturity Price : 22.74
Evaluated at bid price : 23.03
Bid-YTW : 6.05 %
BN.PR.R FixedReset Disc -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-13
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 6.75 %
BN.PR.T FixedReset Disc -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-13
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 6.74 %
BIP.PR.A FixedReset Disc -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-13
Maturity Price : 23.08
Evaluated at bid price : 24.00
Bid-YTW : 6.39 %
BN.PF.F FixedReset Disc -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-13
Maturity Price : 21.35
Evaluated at bid price : 21.65
Bid-YTW : 6.60 %
GWO.PR.L Insurance Straight 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-13
Maturity Price : 23.85
Evaluated at bid price : 24.10
Bid-YTW : 5.87 %
ENB.PR.F FixedReset Disc 1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-13
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 6.92 %
CU.PR.E Perpetual-Discount 1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-13
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 5.82 %
PVS.PR.H SplitShare 2.68 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 24.90
Bid-YTW : 4.98 %
ENB.PR.B FixedReset Disc 4.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-13
Maturity Price : 18.35
Evaluated at bid price : 18.35
Bid-YTW : 6.97 %
IFC.PR.G FixedReset Ins Non 5.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-13
Maturity Price : 22.93
Evaluated at bid price : 24.00
Bid-YTW : 5.64 %
Volume Highlights
Issue Index Shares
Traded		 Notes
FFH.PR.G FixedReset Disc 171,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-13
Maturity Price : 23.06
Evaluated at bid price : 23.80
Bid-YTW : 5.40 %
BIP.PR.A FixedReset Disc 60,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-13
Maturity Price : 23.08
Evaluated at bid price : 24.00
Bid-YTW : 6.39 %
PWF.PR.Z Perpetual-Discount 50,554 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-13
Maturity Price : 21.54
Evaluated at bid price : 21.90
Bid-YTW : 5.95 %
PWF.PR.S Perpetual-Discount 32,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-13
Maturity Price : 20.73
Evaluated at bid price : 20.73
Bid-YTW : 5.88 %
ENB.PF.E FixedReset Disc 26,353 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-13
Maturity Price : 18.85
Evaluated at bid price : 18.85
Bid-YTW : 7.04 %
CU.PR.C FixedReset Disc 21,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-13
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 6.14 %
There were 5 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
FFH.PR.F FloatingReset Quote: 19.00 – 25.31
Spot Rate : 6.3100
Average : 3.3118

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-13
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.59 %
SLF.PR.H FixedReset Ins Non Quote: 12.75 – 21.25
Spot Rate : 8.5000
Average : 6.7562

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-13
Maturity Price : 12.75
Evaluated at bid price : 12.75
Bid-YTW : 8.99 %
CU.PR.F Perpetual-Discount Quote: 19.75 – 23.88
Spot Rate : 4.1300
Average : 2.4378

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-13
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 5.75 %
BN.PR.N Perpetual-Discount Quote: 19.00 – 20.40
Spot Rate : 1.4000
Average : 0.8747

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-13
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.39 %
BN.PF.E FixedReset Disc Quote: 19.65 – 20.99
Spot Rate : 1.3400
Average : 0.9527

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-13
Maturity Price : 19.65
Evaluated at bid price : 19.65
Bid-YTW : 6.71 %
TD.PF.J FixedReset Prem Quote: 25.17 – 26.17
Spot Rate : 1.0000
Average : 0.6281

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-13
Maturity Price : 23.42
Evaluated at bid price : 25.17
Bid-YTW : 5.36 %
Market Action

March 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 -0.6601 % 2,236.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.6601 % 4,353.7
Floater 7.33 % 7.76 % 30,222 11.54 4 -0.6601 % 2,509.1
OpRet 0.00 % 0.00 % 0 0.00 0 0.3001 % 3,596.2
SplitShare 4.85 % 5.02 % 66,155 1.86 9 0.3001 % 4,294.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.3001 % 3,350.8
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.3072 % 2,967.0
Perpetual-Discount 5.79 % 5.94 % 55,887 13.93 32 0.3072 % 3,235.3
FixedReset Disc 5.54 % 6.32 % 129,223 13.18 49 -0.3797 % 2,816.1
Insurance Straight 5.69 % 5.76 % 77,816 14.26 21 0.5456 % 3,179.1
FloatingReset 5.52 % 5.61 % 63,710 13.93 4 0.1555 % 3,604.3
FixedReset Prem 5.80 % 5.41 % 170,931 13.87 10 0.0707 % 2,582.6
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.3797 % 2,878.7
FixedReset Ins Non 5.41 % 5.61 % 74,834 14.20 14 -3.1827 % 2,792.4
Performance Highlights
Issue Index Change Notes
SLF.PR.H FixedReset Ins Non -33.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-12
Maturity Price : 12.75
Evaluated at bid price : 12.75
Bid-YTW : 8.99 %
IFC.PR.G FixedReset Ins Non -6.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-12
Maturity Price : 22.24
Evaluated at bid price : 22.74
Bid-YTW : 6.00 %
ENB.PR.B FixedReset Disc -5.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-12
Maturity Price : 17.55
Evaluated at bid price : 17.55
Bid-YTW : 7.29 %
IFC.PR.C FixedReset Ins Non -4.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-12
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 6.24 %
ENB.PR.H FixedReset Disc -2.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-12
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.40 %
ENB.PR.F FixedReset Disc -2.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-12
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 7.03 %
FFH.PR.I FixedReset Disc -1.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-12
Maturity Price : 22.88
Evaluated at bid price : 23.50
Bid-YTW : 5.76 %
BN.PR.K Floater -1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-12
Maturity Price : 11.95
Evaluated at bid price : 11.95
Bid-YTW : 7.82 %
ENB.PR.N FixedReset Disc -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-12
Maturity Price : 21.92
Evaluated at bid price : 22.30
Bid-YTW : 6.35 %
GWO.PR.L Insurance Straight -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-12
Maturity Price : 23.53
Evaluated at bid price : 23.80
Bid-YTW : 5.94 %
BN.PR.M Perpetual-Discount -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-12
Maturity Price : 19.78
Evaluated at bid price : 19.78
Bid-YTW : 6.14 %
ENB.PR.Y FixedReset Disc -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-12
Maturity Price : 18.49
Evaluated at bid price : 18.49
Bid-YTW : 6.96 %
MFC.PR.J FixedReset Ins Non -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-12
Maturity Price : 23.02
Evaluated at bid price : 24.11
Bid-YTW : 5.58 %
BN.PF.E FixedReset Disc 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-12
Maturity Price : 19.70
Evaluated at bid price : 19.70
Bid-YTW : 6.69 %
MFC.PR.B Insurance Straight 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-12
Maturity Price : 20.85
Evaluated at bid price : 20.85
Bid-YTW : 5.61 %
GWO.PR.T Insurance Straight 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-12
Maturity Price : 21.83
Evaluated at bid price : 22.22
Bid-YTW : 5.79 %
POW.PR.D Perpetual-Discount 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-12
Maturity Price : 21.54
Evaluated at bid price : 21.80
Bid-YTW : 5.82 %
GWO.PR.I Insurance Straight 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-12
Maturity Price : 20.22
Evaluated at bid price : 20.22
Bid-YTW : 5.58 %
ENB.PR.D FixedReset Disc 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-12
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 6.95 %
GWO.PR.S Insurance Straight 1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-12
Maturity Price : 22.44
Evaluated at bid price : 22.70
Bid-YTW : 5.79 %
SLF.PR.C Insurance Straight 1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-12
Maturity Price : 20.84
Evaluated at bid price : 20.84
Bid-YTW : 5.35 %
PVS.PR.H SplitShare 1.68 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 24.25
Bid-YTW : 6.42 %
GWO.PR.Y Insurance Straight 1.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-12
Maturity Price : 19.96
Evaluated at bid price : 19.96
Bid-YTW : 5.65 %
PWF.PF.A Perpetual-Discount 1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-12
Maturity Price : 19.58
Evaluated at bid price : 19.58
Bid-YTW : 5.83 %
PWF.PR.P FixedReset Disc 2.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-12
Maturity Price : 15.75
Evaluated at bid price : 15.75
Bid-YTW : 6.56 %
Volume Highlights
Issue Index Shares
Traded		 Notes
FFH.PR.F FloatingReset 206,780 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-04-30
Maturity Price : 25.00
Evaluated at bid price : 25.28
Bid-YTW : 3.67 %
CM.PR.Q FixedReset Disc 191,240 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-12
Maturity Price : 24.03
Evaluated at bid price : 24.73
Bid-YTW : 5.45 %
CU.PR.I FixedReset Disc 140,055 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-01
Maturity Price : 25.00
Evaluated at bid price : 24.75
Bid-YTW : 6.14 %
ENB.PF.E FixedReset Disc 114,235 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-12
Maturity Price : 18.82
Evaluated at bid price : 18.82
Bid-YTW : 7.05 %
CU.PR.H Perpetual-Discount 83,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-12
Maturity Price : 22.44
Evaluated at bid price : 22.70
Bid-YTW : 5.82 %
BMO.PR.E FixedReset Prem 61,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-12
Maturity Price : 23.53
Evaluated at bid price : 25.80
Bid-YTW : 5.41 %
There were 15 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
SLF.PR.H FixedReset Ins Non Quote: 12.75 – 21.25
Spot Rate : 8.5000
Average : 4.8441

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-12
Maturity Price : 12.75
Evaluated at bid price : 12.75
Bid-YTW : 8.99 %
CU.PR.H Perpetual-Discount Quote: 22.70 – 25.00
Spot Rate : 2.3000
Average : 1.3125

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-12
Maturity Price : 22.44
Evaluated at bid price : 22.70
Bid-YTW : 5.82 %
IFC.PR.G FixedReset Ins Non Quote: 22.74 – 24.30
Spot Rate : 1.5600
Average : 0.9950

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-12
Maturity Price : 22.24
Evaluated at bid price : 22.74
Bid-YTW : 6.00 %
ENB.PR.B FixedReset Disc Quote: 17.55 – 18.57
Spot Rate : 1.0200
Average : 0.7078

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-12
Maturity Price : 17.55
Evaluated at bid price : 17.55
Bid-YTW : 7.29 %
ENB.PR.F FixedReset Disc Quote: 18.80 – 19.65
Spot Rate : 0.8500
Average : 0.6163

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-12
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 7.03 %
BN.PF.G FixedReset Disc Quote: 20.50 – 21.85
Spot Rate : 1.3500
Average : 1.1406

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-12
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.72 %
Market Action

March 11, 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 1.9164 % 2,251.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 1.9164 % 4,382.7
Floater 7.28 % 7.71 % 31,292 11.60 4 1.9164 % 2,525.8
OpRet 0.00 % 0.00 % 0 0.00 0 -0.4370 % 3,585.4
SplitShare 4.86 % 5.11 % 68,894 1.85 9 -0.4370 % 4,281.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.4370 % 3,340.8
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.0962 % 2,957.9
Perpetual-Discount 5.81 % 5.95 % 56,165 13.93 32 -0.0962 % 3,225.4
FixedReset Disc 5.52 % 6.24 % 123,452 13.26 49 0.3849 % 2,826.9
Insurance Straight 5.73 % 5.80 % 79,861 14.27 21 0.0590 % 3,161.9
FloatingReset 5.52 % 5.63 % 64,523 13.91 4 0.0556 % 3,598.7
FixedReset Prem 5.80 % 5.42 % 169,572 13.86 10 -0.0746 % 2,580.8
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.3849 % 2,889.6
FixedReset Ins Non 5.24 % 5.58 % 72,883 14.23 14 0.8063 % 2,884.2
Performance Highlights
Issue Index Change Notes
PWF.PR.P FixedReset Disc -4.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-11
Maturity Price : 15.31
Evaluated at bid price : 15.31
Bid-YTW : 6.75 %
PVS.PR.H SplitShare -4.22 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 23.85
Bid-YTW : 7.32 %
PWF.PF.A Perpetual-Discount -2.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-11
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 5.95 %
BN.PF.E FixedReset Disc -1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-11
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 6.76 %
SLF.PR.C Insurance Straight -1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-11
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.44 %
FFH.PR.K FixedReset Disc -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-11
Maturity Price : 23.33
Evaluated at bid price : 24.40
Bid-YTW : 6.20 %
SLF.PR.D Insurance Straight -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-11
Maturity Price : 20.45
Evaluated at bid price : 20.45
Bid-YTW : 5.46 %
SLF.PR.E Insurance Straight -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-11
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 5.45 %
PWF.PR.A Floater -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-11
Maturity Price : 13.66
Evaluated at bid price : 13.66
Bid-YTW : 6.75 %
BN.PR.K Floater 1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-11
Maturity Price : 12.12
Evaluated at bid price : 12.12
Bid-YTW : 7.71 %
MFC.PR.L FixedReset Ins Non 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-11
Maturity Price : 22.16
Evaluated at bid price : 22.73
Bid-YTW : 5.54 %
CU.PR.G Perpetual-Discount 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-11
Maturity Price : 19.70
Evaluated at bid price : 19.70
Bid-YTW : 5.76 %
NA.PR.E FixedReset Disc 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-11
Maturity Price : 23.28
Evaluated at bid price : 24.81
Bid-YTW : 5.35 %
BIP.PR.A FixedReset Disc 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-11
Maturity Price : 23.40
Evaluated at bid price : 24.30
Bid-YTW : 6.31 %
BIP.PR.F FixedReset Disc 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-11
Maturity Price : 22.73
Evaluated at bid price : 23.69
Bid-YTW : 6.06 %
IFC.PR.A FixedReset Ins Non 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-11
Maturity Price : 20.45
Evaluated at bid price : 20.45
Bid-YTW : 5.54 %
BN.PR.M Perpetual-Discount 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-11
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.07 %
FTS.PR.K FixedReset Disc 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-11
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 5.95 %
MFC.PR.M FixedReset Ins Non 1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-11
Maturity Price : 22.02
Evaluated at bid price : 22.55
Bid-YTW : 5.71 %
ENB.PR.F FixedReset Disc 1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-11
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 6.88 %
ENB.PR.B FixedReset Disc 2.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-11
Maturity Price : 18.59
Evaluated at bid price : 18.59
Bid-YTW : 6.87 %
BN.PF.F FixedReset Disc 3.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-11
Maturity Price : 21.66
Evaluated at bid price : 22.00
Bid-YTW : 6.49 %
MFC.PR.I FixedReset Ins Non 4.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-11
Maturity Price : 23.38
Evaluated at bid price : 24.76
Bid-YTW : 5.58 %
CCS.PR.C Insurance Straight 4.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-11
Maturity Price : 21.44
Evaluated at bid price : 21.70
Bid-YTW : 5.76 %
SLF.PR.G FixedReset Ins Non 4.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-11
Maturity Price : 16.70
Evaluated at bid price : 16.70
Bid-YTW : 6.01 %
ENB.PR.P FixedReset Disc 4.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-11
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 6.71 %
ENB.PR.H FixedReset Disc 5.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-11
Maturity Price : 20.53
Evaluated at bid price : 20.53
Bid-YTW : 6.22 %
ENB.PR.D FixedReset Disc 5.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-11
Maturity Price : 18.25
Evaluated at bid price : 18.25
Bid-YTW : 7.05 %
BN.PR.B Floater 8.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-11
Maturity Price : 12.11
Evaluated at bid price : 12.11
Bid-YTW : 7.71 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TD.PF.D FixedReset Disc 531,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-11
Maturity Price : 24.00
Evaluated at bid price : 24.71
Bid-YTW : 5.45 %
GWO.PR.S Insurance Straight 130,240 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-11
Maturity Price : 22.09
Evaluated at bid price : 22.37
Bid-YTW : 5.87 %
ENB.PR.T FixedReset Disc 78,418 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-11
Maturity Price : 20.85
Evaluated at bid price : 20.85
Bid-YTW : 6.62 %
CM.PR.Q FixedReset Disc 78,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-11
Maturity Price : 24.07
Evaluated at bid price : 24.76
Bid-YTW : 5.44 %
PVS.PR.M SplitShare 48,092 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2031-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.10
Bid-YTW : 5.11 %
PWF.PR.F Perpetual-Discount 45,781 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-11
Maturity Price : 22.06
Evaluated at bid price : 22.35
Bid-YTW : 5.95 %
There were 16 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
PVS.PR.H SplitShare Quote: 23.85 – 24.85
Spot Rate : 1.0000
Average : 0.5674

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 23.85
Bid-YTW : 7.32 %
PWF.PR.S Perpetual-Discount Quote: 20.55 – 21.75
Spot Rate : 1.2000
Average : 0.8392

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-11
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 5.93 %
GWO.PR.S Insurance Straight Quote: 22.37 – 23.37
Spot Rate : 1.0000
Average : 0.6898

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-11
Maturity Price : 22.09
Evaluated at bid price : 22.37
Bid-YTW : 5.87 %
PWF.PR.P FixedReset Disc Quote: 15.31 – 16.31
Spot Rate : 1.0000
Average : 0.7586

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-11
Maturity Price : 15.31
Evaluated at bid price : 15.31
Bid-YTW : 6.75 %
PWF.PF.A Perpetual-Discount Quote: 19.20 – 19.89
Spot Rate : 0.6900
Average : 0.5223

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-11
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 5.95 %
SLF.PR.H FixedReset Ins Non Quote: 19.20 – 20.20
Spot Rate : 1.0000
Average : 0.8357

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-11
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 6.03 %
Market Action

March 10, 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 -2.7172 % 2,209.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 -2.7172 % 4,300.3
Floater 7.42 % 7.75 % 31,509 11.55 4 -2.7172 % 2,478.3
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0579 % 3,601.2
SplitShare 4.84 % 4.96 % 68,948 1.87 9 -0.0579 % 4,300.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0579 % 3,355.5
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.1331 % 2,960.7
Perpetual-Discount 5.80 % 5.93 % 55,634 13.94 32 0.1331 % 3,228.5
FixedReset Disc 5.54 % 6.23 % 117,999 13.24 49 -0.7501 % 2,816.0
Insurance Straight 5.73 % 5.80 % 79,463 14.20 21 -0.0415 % 3,160.0
FloatingReset 5.53 % 5.64 % 64,279 13.91 4 -0.7061 % 3,596.7
FixedReset Prem 5.80 % 5.36 % 166,449 13.85 10 -0.1411 % 2,582.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.7501 % 2,878.6
FixedReset Ins Non 5.28 % 5.61 % 73,482 14.24 14 -0.8530 % 2,861.2
Performance Highlights
Issue Index Change Notes
ENB.PR.D FixedReset Disc -9.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 17.25
Evaluated at bid price : 17.25
Bid-YTW : 7.46 %
BN.PR.B Floater -8.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 11.20
Evaluated at bid price : 11.20
Bid-YTW : 8.35 %
SLF.PR.G FixedReset Ins Non -4.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 6.27 %
ENB.PR.P FixedReset Disc -4.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 19.24
Evaluated at bid price : 19.24
Bid-YTW : 7.02 %
SLF.PR.H FixedReset Ins Non -4.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 6.01 %
CCS.PR.C Insurance Straight -3.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 6.03 %
BN.PF.F FixedReset Disc -2.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 6.71 %
ENB.PR.F FixedReset Disc -2.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 18.85
Evaluated at bid price : 18.85
Bid-YTW : 7.01 %
BN.PF.G FixedReset Disc -2.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.72 %
FTS.PR.K FixedReset Disc -2.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 20.41
Evaluated at bid price : 20.41
Bid-YTW : 6.03 %
FTS.PR.F Perpetual-Discount -2.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 21.73
Evaluated at bid price : 21.98
Bid-YTW : 5.61 %
ENB.PR.B FixedReset Disc -2.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 7.02 %
PWF.PR.T FixedReset Disc -2.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 22.05
Evaluated at bid price : 22.51
Bid-YTW : 5.77 %
IFC.PR.A FixedReset Ins Non -2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 20.19
Evaluated at bid price : 20.19
Bid-YTW : 5.61 %
BN.PR.C Floater -2.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 12.05
Evaluated at bid price : 12.05
Bid-YTW : 7.75 %
NA.PR.E FixedReset Disc -2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 23.19
Evaluated at bid price : 24.55
Bid-YTW : 5.41 %
FFH.PR.H FloatingReset -1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 23.58
Evaluated at bid price : 23.85
Bid-YTW : 5.64 %
BN.PF.E FixedReset Disc -1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 6.64 %
BN.PR.K Floater -1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 12.00
Evaluated at bid price : 12.00
Bid-YTW : 7.78 %
FTS.PR.H FixedReset Disc -1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 15.69
Evaluated at bid price : 15.69
Bid-YTW : 6.50 %
BN.PR.X FixedReset Disc -1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 17.21
Evaluated at bid price : 17.21
Bid-YTW : 6.63 %
CU.PR.G Perpetual-Discount -1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 5.82 %
GWO.PR.Y Insurance Straight -1.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 5.76 %
BIP.PR.E FixedReset Disc -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 22.82
Evaluated at bid price : 23.70
Bid-YTW : 6.13 %
IFC.PR.C FixedReset Ins Non -1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 21.39
Evaluated at bid price : 21.70
Bid-YTW : 5.95 %
ELF.PR.H Perpetual-Discount -1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 22.68
Evaluated at bid price : 22.92
Bid-YTW : 6.10 %
GWO.PR.T Insurance Straight -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 21.55
Evaluated at bid price : 21.90
Bid-YTW : 5.88 %
BN.PR.M Perpetual-Discount -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 19.72
Evaluated at bid price : 19.72
Bid-YTW : 6.15 %
MFC.PR.L FixedReset Ins Non -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 22.01
Evaluated at bid price : 22.50
Bid-YTW : 5.61 %
ENB.PR.Y FixedReset Disc -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 6.88 %
MFC.PR.M FixedReset Ins Non 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 21.80
Evaluated at bid price : 22.22
Bid-YTW : 5.80 %
SLF.PR.E Insurance Straight 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 20.92
Evaluated at bid price : 20.92
Bid-YTW : 5.39 %
BN.PF.B FixedReset Disc 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 21.91
Evaluated at bid price : 22.32
Bid-YTW : 6.28 %
MFC.PR.C Insurance Straight 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 20.46
Evaluated at bid price : 20.46
Bid-YTW : 5.53 %
PWF.PR.P FixedReset Disc 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 6.46 %
CU.PR.C FixedReset Disc 1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 6.13 %
SLF.PR.D Insurance Straight 1.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 20.67
Evaluated at bid price : 20.67
Bid-YTW : 5.40 %
SLF.PR.C Insurance Straight 1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 20.86
Evaluated at bid price : 20.86
Bid-YTW : 5.35 %
BIP.PR.F FixedReset Disc 1.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 22.58
Evaluated at bid price : 23.40
Bid-YTW : 6.14 %
CU.PR.D Perpetual-Discount 1.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 5.82 %
PWF.PR.Z Perpetual-Discount 2.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 21.60
Evaluated at bid price : 21.97
Bid-YTW : 5.93 %
PWF.PR.R Perpetual-Discount 3.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 23.04
Evaluated at bid price : 23.31
Bid-YTW : 5.97 %
Volume Highlights
Issue Index Shares
Traded		 Notes
NA.PR.E FixedReset Disc 89,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 23.19
Evaluated at bid price : 24.55
Bid-YTW : 5.41 %
CM.PR.Q FixedReset Disc 80,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 24.03
Evaluated at bid price : 24.73
Bid-YTW : 5.44 %
PVS.PR.M SplitShare 77,900 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2031-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.06
Bid-YTW : 5.14 %
FFH.PR.I FixedReset Disc 70,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 23.18
Evaluated at bid price : 23.80
Bid-YTW : 5.69 %
ENB.PR.T FixedReset Disc 55,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.57 %
BMO.PR.E FixedReset Prem 45,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 23.58
Evaluated at bid price : 26.00
Bid-YTW : 5.36 %
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
ENB.PR.D FixedReset Disc Quote: 17.25 – 19.09
Spot Rate : 1.8400
Average : 1.0736

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 17.25
Evaluated at bid price : 17.25
Bid-YTW : 7.46 %
TD.PF.J FixedReset Prem Quote: 25.20 – 26.20
Spot Rate : 1.0000
Average : 0.5801

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 23.43
Evaluated at bid price : 25.20
Bid-YTW : 5.35 %
BN.PR.B Floater Quote: 11.20 – 12.20
Spot Rate : 1.0000
Average : 0.5858

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 11.20
Evaluated at bid price : 11.20
Bid-YTW : 8.35 %
ENB.PR.P FixedReset Disc Quote: 19.24 – 20.24
Spot Rate : 1.0000
Average : 0.6167

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 19.24
Evaluated at bid price : 19.24
Bid-YTW : 7.02 %
IFC.PR.K Insurance Straight Quote: 21.65 – 24.01
Spot Rate : 2.3600
Average : 1.9834

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 21.36
Evaluated at bid price : 21.65
Bid-YTW : 6.18 %
SLF.PR.H FixedReset Ins Non Quote: 19.25 – 20.25
Spot Rate : 1.0000
Average : 0.6556

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-10
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 6.01 %
Market Action

March 7, 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 0.1589 % 2,270.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.1589 % 4,420.4
Floater 7.22 % 7.58 % 31,638 11.75 4 0.1589 % 2,547.5
OpRet 0.00 % 0.00 % 0 0.00 0 0.2547 % 3,603.3
SplitShare 4.84 % 4.96 % 68,196 1.88 9 0.2547 % 4,303.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2547 % 3,357.4
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.2035 % 2,956.8
Perpetual-Discount 5.81 % 5.96 % 57,734 13.93 32 -0.2035 % 3,224.2
FixedReset Disc 5.50 % 6.27 % 119,558 13.28 49 0.4118 % 2,837.3
Insurance Straight 5.73 % 5.80 % 79,677 14.22 21 0.4781 % 3,161.3
FloatingReset 5.63 % 5.67 % 64,705 13.73 4 0.0662 % 3,622.3
FixedReset Prem 5.79 % 5.28 % 168,113 13.88 10 -0.0783 % 2,586.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.4118 % 2,900.3
FixedReset Ins Non 5.24 % 5.61 % 72,625 14.25 14 -0.0067 % 2,885.8
Performance Highlights
Issue Index Change Notes
IFC.PR.K Insurance Straight -7.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-07
Maturity Price : 21.36
Evaluated at bid price : 21.65
Bid-YTW : 6.17 %
PWF.PR.R Perpetual-Discount -3.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-07
Maturity Price : 22.24
Evaluated at bid price : 22.51
Bid-YTW : 6.19 %
MFC.PR.I FixedReset Ins Non -3.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-07
Maturity Price : 22.95
Evaluated at bid price : 23.80
Bid-YTW : 5.83 %
PWF.PR.Z Perpetual-Discount -2.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-07
Maturity Price : 21.46
Evaluated at bid price : 21.46
Bid-YTW : 6.09 %
PWF.PR.E Perpetual-Discount -2.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-07
Maturity Price : 23.03
Evaluated at bid price : 23.30
Bid-YTW : 5.97 %
CM.PR.S FixedReset Prem -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-07
Maturity Price : 25.07
Evaluated at bid price : 25.07
Bid-YTW : 5.28 %
BN.PF.B FixedReset Disc -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-07
Maturity Price : 21.73
Evaluated at bid price : 22.07
Bid-YTW : 6.35 %
POW.PR.A Perpetual-Discount -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-07
Maturity Price : 23.53
Evaluated at bid price : 23.80
Bid-YTW : 5.97 %
GWO.PR.L Insurance Straight 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-07
Maturity Price : 23.74
Evaluated at bid price : 24.05
Bid-YTW : 5.87 %
PVS.PR.J SplitShare 1.11 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 24.60
Bid-YTW : 5.01 %
GWO.PR.H Insurance Straight 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-07
Maturity Price : 21.07
Evaluated at bid price : 21.07
Bid-YTW : 5.77 %
GWO.PR.Q Insurance Straight 1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-07
Maturity Price : 21.90
Evaluated at bid price : 22.14
Bid-YTW : 5.82 %
MFC.PR.B Insurance Straight 1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-07
Maturity Price : 20.74
Evaluated at bid price : 20.74
Bid-YTW : 5.63 %
PWF.PR.L Perpetual-Discount 2.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-07
Maturity Price : 21.47
Evaluated at bid price : 21.73
Bid-YTW : 5.94 %
IFC.PR.C FixedReset Ins Non 2.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-07
Maturity Price : 21.60
Evaluated at bid price : 22.00
Bid-YTW : 5.86 %
GWO.PR.G Insurance Straight 2.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-07
Maturity Price : 22.08
Evaluated at bid price : 22.31
Bid-YTW : 5.83 %
SLF.PR.D Insurance Straight 2.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-07
Maturity Price : 20.37
Evaluated at bid price : 20.37
Bid-YTW : 5.47 %
GWO.PR.I Insurance Straight 2.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-07
Maturity Price : 19.99
Evaluated at bid price : 19.99
Bid-YTW : 5.64 %
PWF.PR.P FixedReset Disc 3.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-07
Maturity Price : 15.80
Evaluated at bid price : 15.80
Bid-YTW : 6.54 %
ENB.PR.B FixedReset Disc 3.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-07
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 6.86 %
CCS.PR.C Insurance Straight 3.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-07
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 5.83 %
BN.PF.G FixedReset Disc 16.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-07
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.56 %
Volume Highlights
Issue Index Shares
Traded		 Notes
PVS.PR.M SplitShare 135,722 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2031-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.11
Bid-YTW : 5.09 %
FFH.PR.F FloatingReset 95,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-04-30
Maturity Price : 25.00
Evaluated at bid price : 25.29
Bid-YTW : 3.34 %
CU.PR.I FixedReset Disc 78,260 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-01
Maturity Price : 25.00
Evaluated at bid price : 24.70
Bid-YTW : 6.31 %
ENB.PF.C FixedReset Disc 62,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-07
Maturity Price : 19.61
Evaluated at bid price : 19.61
Bid-YTW : 6.87 %
PVS.PR.G SplitShare 45,010 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-04-06
Maturity Price : 25.00
Evaluated at bid price : 25.01
Bid-YTW : 4.45 %
ENB.PR.J FixedReset Disc 21,334 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-07
Maturity Price : 20.61
Evaluated at bid price : 20.61
Bid-YTW : 6.62 %
There were 12 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.F Perpetual-Discount Quote: 19.63 – 23.88
Spot Rate : 4.2500
Average : 3.1088

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-07
Maturity Price : 19.63
Evaluated at bid price : 19.63
Bid-YTW : 5.78 %
IFC.PR.K Insurance Straight Quote: 21.65 – 24.01
Spot Rate : 2.3600
Average : 1.5704

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-07
Maturity Price : 21.36
Evaluated at bid price : 21.65
Bid-YTW : 6.17 %
MFC.PR.I FixedReset Ins Non Quote: 23.80 – 24.95
Spot Rate : 1.1500
Average : 0.7147

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-07
Maturity Price : 22.95
Evaluated at bid price : 23.80
Bid-YTW : 5.83 %
PWF.PR.R Perpetual-Discount Quote: 22.51 – 23.51
Spot Rate : 1.0000
Average : 0.5790

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-07
Maturity Price : 22.24
Evaluated at bid price : 22.51
Bid-YTW : 6.19 %
GWO.PR.S Insurance Straight Quote: 22.35 – 23.37
Spot Rate : 1.0200
Average : 0.6126

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-07
Maturity Price : 22.06
Evaluated at bid price : 22.35
Bid-YTW : 5.87 %
PWF.PR.E Perpetual-Discount Quote: 23.30 – 24.13
Spot Rate : 0.8300
Average : 0.4978

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-07
Maturity Price : 23.03
Evaluated at bid price : 23.30
Bid-YTW : 5.97 %
Market Action

March 6, 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 -0.2180 % 2,267.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2180 % 4,413.4
Floater 7.23 % 7.61 % 30,955 11.72 4 -0.2180 % 2,543.4
OpRet 0.00 % 0.00 % 0 0.00 0 0.0134 % 3,594.1
SplitShare 4.85 % 5.17 % 63,337 1.88 9 0.0134 % 4,292.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0134 % 3,348.9
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.0057 % 2,962.8
Perpetual-Discount 5.80 % 5.92 % 57,180 13.95 32 0.0057 % 3,230.8
FixedReset Disc 5.52 % 6.26 % 120,995 13.18 49 -0.5726 % 2,825.7
Insurance Straight 5.75 % 5.81 % 77,757 14.22 21 -0.2166 % 3,146.3
FloatingReset 5.64 % 5.69 % 59,767 13.74 4 -0.5490 % 3,619.9
FixedReset Prem 5.78 % 5.35 % 164,595 13.87 10 -0.0743 % 2,588.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.5726 % 2,888.4
FixedReset Ins Non 5.24 % 5.61 % 71,999 14.25 14 0.1809 % 2,886.0
Performance Highlights
Issue Index Change Notes
BN.PF.G FixedReset Disc -14.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-06
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 7.66 %
ENB.PR.H FixedReset Disc -4.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-06
Maturity Price : 19.51
Evaluated at bid price : 19.51
Bid-YTW : 6.56 %
CCS.PR.C Insurance Straight -3.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-06
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 6.02 %
MFC.PR.M FixedReset Ins Non -3.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-06
Maturity Price : 21.49
Evaluated at bid price : 21.79
Bid-YTW : 5.92 %
CU.PR.C FixedReset Disc -2.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-06
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.22 %
ENB.PR.B FixedReset Disc -2.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-06
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 7.09 %
PWF.PR.L Perpetual-Discount -2.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-06
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 6.09 %
CU.PR.D Perpetual-Discount -1.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-06
Maturity Price : 20.86
Evaluated at bid price : 20.86
Bid-YTW : 5.92 %
SLF.PR.D Insurance Straight -1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-06
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 5.63 %
GWO.PR.G Insurance Straight -1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-06
Maturity Price : 21.49
Evaluated at bid price : 21.75
Bid-YTW : 5.98 %
BN.PR.Z FixedReset Disc -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-06
Maturity Price : 22.17
Evaluated at bid price : 22.56
Bid-YTW : 6.42 %
POW.PR.G Perpetual-Discount -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-06
Maturity Price : 23.36
Evaluated at bid price : 23.65
Bid-YTW : 6.01 %
FFH.PR.J FloatingReset -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-06
Maturity Price : 23.73
Evaluated at bid price : 24.10
Bid-YTW : 6.03 %
CU.PR.F Perpetual-Discount -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-06
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 5.79 %
GWO.PR.L Insurance Straight -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-06
Maturity Price : 23.53
Evaluated at bid price : 23.80
Bid-YTW : 5.93 %
POW.PR.C Perpetual-Discount 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-06
Maturity Price : 24.35
Evaluated at bid price : 24.66
Bid-YTW : 5.97 %
IFC.PR.K Insurance Straight 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-06
Maturity Price : 23.01
Evaluated at bid price : 23.36
Bid-YTW : 5.71 %
CU.PR.G Perpetual-Discount 2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-06
Maturity Price : 19.69
Evaluated at bid price : 19.69
Bid-YTW : 5.76 %
PWF.PR.S Perpetual-Discount 2.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-06
Maturity Price : 20.56
Evaluated at bid price : 20.56
Bid-YTW : 5.92 %
SLF.PR.G FixedReset Ins Non 10.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-06
Maturity Price : 16.95
Evaluated at bid price : 16.95
Bid-YTW : 5.92 %
Volume Highlights
Issue Index Shares
Traded		 Notes
PVS.PR.M SplitShare 211,520 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2031-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.00
Bid-YTW : 5.17 %
RY.PR.M FixedReset Disc 65,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-06
Maturity Price : 23.82
Evaluated at bid price : 24.41
Bid-YTW : 5.28 %
TD.PF.I FixedReset Prem 35,788 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.70
Bid-YTW : 5.45 %
IFC.PR.E Insurance Straight 33,297 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-06
Maturity Price : 23.45
Evaluated at bid price : 23.71
Bid-YTW : 5.57 %
ENB.PF.E FixedReset Disc 30,759 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-06
Maturity Price : 18.89
Evaluated at bid price : 18.89
Bid-YTW : 7.01 %
BMO.PR.Y FixedReset Disc 30,125 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-06
Maturity Price : 23.93
Evaluated at bid price : 24.61
Bid-YTW : 5.36 %
There were 10 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.G FixedReset Disc Quote: 18.00 – 21.10
Spot Rate : 3.1000
Average : 1.7566

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-06
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 7.66 %
ENB.PR.H FixedReset Disc Quote: 19.51 – 20.69
Spot Rate : 1.1800
Average : 0.7568

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-06
Maturity Price : 19.51
Evaluated at bid price : 19.51
Bid-YTW : 6.56 %
MFC.PR.M FixedReset Ins Non Quote: 21.79 – 22.79
Spot Rate : 1.0000
Average : 0.6703

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-06
Maturity Price : 21.49
Evaluated at bid price : 21.79
Bid-YTW : 5.92 %
BIP.PR.A FixedReset Disc Quote: 24.16 – 25.00
Spot Rate : 0.8400
Average : 0.5631

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-06
Maturity Price : 23.26
Evaluated at bid price : 24.16
Bid-YTW : 6.34 %
CCS.PR.C Insurance Straight Quote: 20.80 – 22.25
Spot Rate : 1.4500
Average : 1.1878

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-06
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 6.02 %
CU.PR.C FixedReset Disc Quote: 20.50 – 21.35
Spot Rate : 0.8500
Average : 0.6476

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-03-06
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.22 %
Issue Comments

BN.PF.E To Reset To 5.185%

Brookfield Corporation has announced:

that it has determined the fixed dividend rate on its Cumulative Class A Preference Shares, Series 38 (the “Series 38 Shares”) (TSX: BN.PF.E) for the five years commencing April 1, 2025 and ending March 31, 2030.

If declared, the fixed quarterly dividends on the Series 38 Shares during the five years commencing April 1, 2025 will be paid at an annual rate of 5.185% ($0.3240625 per share per quarter).

Holders of Series 38 Shares have the right, at their option, exercisable not later than 5:00 p.m. (Toronto time) on March 17, 2025, to convert all or part of their Series 38 Shares, on a one-for-one basis, into Cumulative Class A Preference Shares, Series 39 (the “Series 39 Shares”), effective March 31, 2025. The quarterly floating rate dividends on the Series 39 Shares will be paid at an annual rate, calculated for each quarter, of 2.55% over the annual yield on three-month Government of Canada treasury bills. The actual quarterly dividend rate in respect of the April 1, 2025 to June 30, 2025 dividend period for the Series 39 Shares will be 1.34331% (5.388% on an annualized basis) and the dividend, if declared, for such dividend period will be $0.3358275 per share, payable on June 30, 2025.

Holders of Series 38 Shares are not required to elect to convert all or any part of their Series 38 Shares into Series 39 Shares.

As provided in the share conditions of the Series 38 Shares, (i) if Brookfield determines that there would be fewer than 1,000,000 Series 38 Shares outstanding after March 31, 2025, all remaining Series 38 Shares will be automatically converted into Series 39 Shares on a one-for-one basis effective March 31, 2025; and (ii) if Brookfield determines that there would be fewer than 1,000,000 Series 39 Shares outstanding after March 31, 2025, no Series 38 Shares will be permitted to be converted into Series 39 Shares. There are currently 7,906,132 Series 38 Shares outstanding.

The Toronto Stock Exchange (“TSX”) has conditionally approved the listing of the Series 39 Shares effective upon conversion. Listing of the Series 39 Shares is subject to Brookfield fulfilling all the listing requirements of the TSX.

They later announced:

that after having taken into account all election notices received by the deadline for the conversion of its Cumulative Class A Preference Shares, Series 38 (the “Series 38 Shares”) (TSX: BN.PF.E) into Cumulative Class A Preference Shares, Series 39 (the “Series 39 Shares”), there were 42,035 Series 38 Shares tendered for conversion, which is less than the one million shares required to give effect to conversion into Series 39 Shares. Accordingly, there will be no conversion of Series 38 Shares into Series 39 Shares and holders of Series 38 Shares will retain their Series 38 Shares.

BN.PF.E was issued as BAM.PF.E, a FixedReset, 4.40%+255, that commenced trading 2014-3-13 after being announced 2014-3-6. It reset to 3.568% effective 2020-4-1. I made a preliminatry recommendation not to convert and there was no conversion. The ticker changed to BN.PF.E in late 2022. The issue is tracked by HIMIPref™ and is assigned to the FixedReset (Discount) subindex.