PrefBlog

Issue Comments

BCE Extends Real NCIB

Normal Course Issuer Bids in the preferred share marketplace are usually more noise than signal, but not all the time! BCE has announced (on 2025-11-6):

that the Toronto Stock Exchange (the “TSX”) has accepted a notice filed by BCE of its intention to renew its normal course issuer bid (“NCIB”) to purchase up to 10% of the public float of each series of BCE’s outstanding First Preferred Shares that are listed on the TSX (the “Preferred Shares”). The period of the NCIB will extend from November 11, 2025 to November 10, 2026, or an earlier date should BCE complete its purchases under the NCIB. BCE will pay the prevailing market price at the time of acquisition for any Preferred Shares purchased plus brokerage fees payable by BCE (except with respect to purchases made under an issuer bid exemption order, which will be at a discount to the prevailing market price), and all Preferred Shares acquired by BCE under the NCIB will be cancelled.

The actual number of Preferred Shares repurchased under the NCIB and the timing of such repurchases will be at BCE’s discretion and shall be subject to the limitations set out in the TSX Company Manual.
…
As of October 31, 2025, under its current normal course issuer bid that commenced on November 11, 2024 and will expire on November 10, 2025, and for which the company received approval from the TSX, BCE purchased, through the facilities of the TSX and alternative eligible trading systems, Preferred Shares as follows: [see below — JH]

Series	Ticker	Maximum Number of Shares Subject to Purchase	Number of Shares Purchased	Weighted Average Price Paid per Security
R	BCE.PR.R	762,020	504,300	$18.85
S	BCE.PR.S	201,386	131,790	$16.75
T	BCE.PR.T	519,303	130,600	$17.96
Y	BCE.PR.Y	600,765	600,765	$18.47
Z	BCE.PR.Z	266,583	266,583	$17.90
AA	BCE.PR.A	1,120,233	887,253	$18.07
AB	BCE.PR.B	643,213	358,800	$18.08
AC	BCE.PR.C	633,067	125,000	$18.03
AD	BCE.PR.D	1,188,083	879,600	$16.72
AE	BCE.PR.E	586,351	158,500	$17.32
AF	BCE.PR.F	900,538	900,538	$17.86
AG	BCE.PR.G	841,363	278,800	$16.38
AH	BCE.PR.H	466,957	466,957	$18.64
AI	BCE.PR.I	905,824	304,200	$16.71
AJ	BCE.PR.J	389,596	113,200	$16.54
AK	BCE.PR.K	2,154,571	2,154,571	$17.42
AL	BCE.PR.L	173,088	75,500	$17.68
AM	BCE.PR.M	998,627	998,627	$18.67
AN	BCE.PR.N	101,182	57,400	$18.35
AQ	BCE.PR.Q	812,151	377,605	$23.29

So according to this,they spent just over $175-million. That’s significant!

Issue Comments

BCE.PR.R To Reset To 4.733%

BCE Inc. has announced:

BCE.PR.R is a FixedFloater that reset to 4.490% in 2010 with no conversion to RatchetRate. It reset to 4.13% in 2015, and to 3.018% effective 2020-12-1 with no conversion to its potential RatchetRate counterpart, BCE.PR.Q.

Update, 2025-11-21: As pointed out by Assiduous Reader skeptical111 in the comments, BCE has announced:

that none of its fixed rate Cumulative Redeemable First Preferred Shares, Series R (Series R Preferred Shares) will be converted into floating rate Cumulative Redeemable First Preferred Shares, Series Q (Series Q Preferred Shares) on December 1, 2025.

On October 17, 2025, BCE notified holders of Series R Preferred Shares that they could elect to convert their shares into Series Q Preferred Shares subject to the terms and conditions attached to those shares. Only 6,025 of BCE’s 7,115,900 Series R Preferred Shares were tendered for conversion on December 1, 2025 into Series Q Preferred Shares. As this would result in there being less than one million Series Q Preferred Shares outstanding, no Series R Preferred Shares will, as per the terms and conditions attached to those shares, be converted on December 1, 2025 into Series Q Preferred Shares. Shareholders who had elected to convert their Series R Preferred Shares will be receiving, by December 1, 2025, share certificates representing the number of Series R Preferred Shares tendered for conversion.

The Series R Preferred Shares will continue to be listed on the Toronto Stock Exchange under the symbol BCE.PR.R. The Series R Preferred Shares will pay on a quarterly basis, for the five-year period beginning on December 1, 2025, as and when declared by the Board of Directors of BCE, a fixed cash dividend based on an annual dividend rate of 4.733%.

Market Action

MAPF: Probable Capital Gain Distribution at Year-End

I am pleased to announce that it is probable – virtually certain might be more accurate! – that Malachite Aggressive Preferred Fund will make a Capital Gains Distribution at year-end. This will be the first Capital Gains Distribution since 2012!

There was a long, hard bear market during much of the intervening time, but the past three years have been excellent and made the long-term returns look much more like they should. Thirteen year returns for the fund are +6.16% (annualized, after expenses but before fees), while the comparable TXPR Total Return Index return is +3.80%. It is of interest to note that the the TXPR Price Index closed at 693.26 on October 31, while it stood at 856.99 on 2012-12-31.

As of October 31, 2025, the NAVPU of the fund was 12.1172. This figure incorporated the following per-unit elements:

Prior Losses Carried Forward: -0.101700
Realized Capital Gains: 1.264479
Unrealized Capital Gains: 1.218465

The latter two figures will vary, perhaps dramatically, between now and year end, when the actual Capital Gain Distribution (assuming that Realized Capital Gains continues to dominate the Prior Losses Carried Forward!) will be calculated. It will all depend on what the market does between now and then and how much trading there is: I cannot forecast the effect of either of these influences.

Clients have been sent letter with this information, together with estimates of their total CG Distribution based on October 31 figures. Their current choices for distribution disposition (pay-out vs. reinvest is the main decision) are specified in the letter as a reminder (after so long!).

I am providing this information to clients so that they may ensure that the disposition of the (still potential, at this stage!) CG Distribution meets their current needs and, perhaps, engage in any tax planning that may be necessary, as any CG Distribution will be reported on the 2025 T3 Tax Slip.

Clients – and those who want to become clients! – may contact me for details and updates at their convenience.

Issue Comments

ECN.PR.C To Be Acquired at $26.00, Maybe

ECN Capital Corp. has announced:

that it has entered into a definitive arrangement agreement dated November 13, 2025 (the “Arrangement Agreement”) to be acquired by a newly formed acquisition vehicle (the “Purchaser”), controlled by an investor group led by Warburg Pincus LLC (the “Purchaser Group”), pursuant to which the Purchaser will acquire (i) all of the issued and outstanding common shares of the Company (the “Common Shares”) for C$3.10 per Common Share, in cash, (ii) all of the issued and outstanding cumulative 5-year minimum rate reset preferred shares, Series C of the Company (the “Series C Shares”) for C$26.00 per share, in cash (plus all accrued but unpaid dividends thereon); and (iii) all of the issued and outstanding mandatory convertible preferred shares, Series E of the Company (the “Series E Shares”), of which Champion Homes, Inc. (“Champion Homes”) is the sole owner, for C$3.10 per share, in cash (plus all accrued but unpaid dividends thereon) (the “Transaction”).
…
The price per Series C Share represents a premium of approximately 11% to the closing price on the TSX of the Series C Shares on November 12, 2025 and a premium of approximately 11% to the 10-day volume weighted average trading price per Series C Share as of that date, in addition to the payment of accrued and unpaid dividends.
…
The Transaction will be implemented by way of a statutory plan of arrangement under the Business Corporations Act (Ontario). Implementation of the Transaction will be subject to, among other things, the receipt of the shareholder approvals described below, court approval and customary closing conditions, including the receipt of certain key regulatory approvals. The Transaction is not subject to any financing condition.

The Transaction is subject to the approval by (i) at least 66 2/3% of the votes cast by the Common Shareholders and Series E Shareholders present or represented by proxy at the Meeting, voting together as a single class; and (ii) if required, a simple majority of the votes cast by the Common Shareholders present or represented by proxy at the Meeting (excluding the Common Shares owned and/or controlled, by any shareholders required to be excluded under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”)). The acquisition of the Series C Shares is conditional upon (i) the approval of at least 66 2/3% of the votes cast by the Series C Shareholders present or represented by proxy at the Meeting and (ii) if required, a simple majority of the votes cast by the Series C Shareholders present or represented by Proxy at the Meeting (excluding votes of any Series C Shareholders required to be excluded under MI 61-101). Completion of the Arrangement is not conditional upon obtaining approval from the Series C Shareholders and if the requisite approvals are not obtained, the Series C Shares will remain outstanding following closing of the Transaction in accordance with their terms.

ECN.PR.C was issued as a FixedReset, 6.25%+519M625, that commenced trading 2017-5-25 after being announced 2017-5-15. It reset to 7.937% in 2022. It is tracked by HIMIPref™ but relegated to the Scraps subindex on credit concerns.

Thanks to Assiduous Reader John19 for bringing this to my attention!

New Issues

New Issue: POW Straight Perpetual, 5.65%

Power Corporation of Canada has announced:

that it has agreed to issue 6,000,000 Non-Cumulative First Preferred Shares, Series I in the capital of the Corporation (the “Series I Shares”) on a bought deal basis, for gross proceeds of $150 million. The Series I Shares will be priced at $25.00 per share (the “Issue Price”) and will carry an annual dividend yield of 5.65%. Closing is expected on or about November 20, 2025. The issue will be underwritten by a syndicate of underwriters led by BMO Capital Markets, RBC Capital Markets and Scotiabank.

Power Corporation has granted the underwriters an option, exercisable up to 48 hours prior to closing, to purchase up to an additional 2,000,000 Preferred Shares ($50 million) at the Issue Price. Should the underwriters’ option be exercised fully, the total gross proceeds of the offering will be $200 million.

The net proceeds of this offering will be used by Power Corporation for general corporate purposes.

The Series I Shares will be offered in each of the provinces and territories of Canada by way of a prospectus supplement (the “Prospectus Supplement”) to the short form base shelf prospectus (the “Shelf Prospectus”) of the Company dated November 19, 2024.

Access to the Prospectus Supplement, the Shelf Prospectus and any amendments to the documents is provided in accordance with securities legislation relating to procedures for providing access to a prospectus supplement, a base shelf prospectus and any amendment. The Shelf Prospectus is, and the Prospectus Supplement will be (within two business days of the date hereof), accessible on SEDAR+ at www.sedarplus.ca. An electronic or paper copy of the Prospectus Supplement, the Shelf Prospectus and any amendment to the documents may be obtained, without charge, from any of the joint bookrunners by contacting BMO Capital Markets by email at torbramwarehouse@datagroup.ca, RBC Capital Markets by email at Distribution.RBCDS@rbccm.com, and Scotiabank by email at equityprospectus@scotiabank.com, and by providing the contact with an email address or address, as applicable. The Shelf Prospectus and Prospectus Supplement contain important, detailed information about Power Corporation and the proposed offering of Series I Shares. Prospective investors should read the Shelf Prospectus and Prospectus Supplement (when filed) before making an investment decision.

The press release is on SEDARPlus, but not the Prospectus Supplement. The existence or lack of a nice long redemption lock-out period is of interest! Also, I need to know the precise amount of the first dividend.

I am gratified to see that the new issue is fairly priced according to Implied Volatility theory – and that’s without accounting for the redemption lock-out, assuming it exists:

The annual dividend rate is 1.4125.

Update, 2025-11-20: The prospectus is now on SEDAR+, but of course I am not allowed to link to this public document directly because the staff at the Canadian Securities Administrators want to preserve profits for their friends and future employers at the Toronto Stock Exchange. You can find it by searching for “Power Corporation of Canada / Power Corporation du Canada (000001575)
Prospectus (non pricing) supplement (other than ATM) – English.pdf
17 Nov 2025 12:29 ESTNovember 17 2025 at 12:29:25 Eastern Standard Time
Québec
171 KB
Generate URL”

It’s a long first dividend, payable 2026-4-15, for $0.565. The par call is 2035-1-15.

Market Action

November 13, 2025

Carnage and despair was the order of the day:

Wall Street ended sharply lower on Thursday, with steep losses in Nvidia and other AI heavyweights, as investors scaled back expectations of interest rate cuts due to inflation worries and divisions among central bankers about the U.S. economy’s health. The selloff extended to Canada, where the main index posted its biggest decline in seven months, with tech stocks leading the fall.

All three major U.S. stock indexes posted their steepest daily percentage declines in over a month. The U.S. government reopened after a record 43-day shutdown that had worried investors and disrupted the flow of economic data.

A growing number of Federal Reserve policymakers in recent days have signaled hesitation about further interest rate cuts, pushing financial market-based odds of a reduction in borrowing costs in December to near even. Fed officials who spoke recently cited worries about inflation and signs of relative stability in the labour market after two U.S. interest rate cuts this year.
…
Traders are pricing in about a 47% chance of a 25-basis-point rate cut in December, lower than last week’s 70% probability, according to CME Group’s FedWatch tool.

Shares fell for some of the U.S. stock market’s strongest performers in recent years, as investors fretted about high valuations fueled by optimism about artificial intelligence.

Nvidia, the world’s most valuable company, dropped 3.6%, Tesla fell 6.6% and Broadcom declined 4.3%.
…
The S&P 500 declined 1.66% to end the session at 6,737.49 points. The Nasdaq fell 2.29% to 22,870.36 points, while the Dow Jones Industrial Average declined 1.65% to 47,457.22 points.

The S&P/TSX composite index ended down 573.94 points, or 1.9%, at 30,253.64, after posting a record high closing level on Wednesday.

Canadian preferreds got off lightly, with the TXPR Price Index down 22bp.

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	0.1276 %	2,419.0
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.1276 %	4,586.8
Floater	5.96 %	6.24 %	57,631	13.51	3	0.1276 %	2,643.4
OpRet	0.00 %	0.00 %	0	0.00	0	-0.3744 %	3,685.2
SplitShare	4.74 %	4.56 %	66,290	3.24	5	-0.3744 %	4,400.9
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.3744 %	3,433.8
Perpetual-Premium	5.67 %	-2.44 %	79,514	0.09	7	-0.5340 %	3,095.9
Perpetual-Discount	5.46 %	5.57 %	48,809	14.54	25	-0.7836 %	3,424.9
FixedReset Disc	5.78 %	6.00 %	106,213	13.72	30	-0.9970 %	3,095.8
Insurance Straight	5.44 %	5.49 %	59,861	14.59	21	-1.5198 %	3,341.6
FloatingReset	0.00 %	0.00 %	0	0.00	0	-0.9970 %	3,682.8
FixedReset Prem	5.89 %	4.99 %	110,275	2.71	21	-0.4271 %	2,633.7
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	-0.9970 %	3,164.6
FixedReset Ins Non	5.18 %	5.33 %	64,280	14.49	15	-0.3439 %	3,094.8

Performance Highlights
Issue	Index	Change	Notes
SLF.PR.E	Insurance Straight	-10.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 19.90 Evaluated at bid price : 19.90 Bid-YTW : 5.74 %
PWF.PR.P	FixedReset Disc	-4.92 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 17.60 Evaluated at bid price : 17.60 Bid-YTW : 6.20 %
ENB.PR.F	FixedReset Disc	-3.88 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 6.47 %
BN.PF.B	FixedReset Disc	-3.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 22.41 Evaluated at bid price : 23.03 Bid-YTW : 6.10 %
GWO.PR.L	Insurance Straight	-3.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 24.64 Evaluated at bid price : 24.90 Bid-YTW : 5.75 %
IFC.PR.C	FixedReset Ins Non	-2.96 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 23.00 Evaluated at bid price : 23.60 Bid-YTW : 5.66 %
CU.PR.C	FixedReset Disc	-2.91 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 22.93 Evaluated at bid price : 23.35 Bid-YTW : 5.52 %
ENB.PR.N	FixedReset Disc	-2.76 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 22.97 Evaluated at bid price : 24.00 Bid-YTW : 5.99 %
BN.PF.I	FixedReset Prem	-2.68 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2027-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.06 Bid-YTW : 5.74 %
FTS.PR.K	FixedReset Disc	-2.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 22.28 Evaluated at bid price : 22.79 Bid-YTW : 5.51 %
POW.PR.D	Perpetual-Discount	-2.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 22.49 Evaluated at bid price : 22.75 Bid-YTW : 5.55 %
GWO.PR.M	Insurance Straight	-2.25 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-13 Maturity Price : 25.00 Evaluated at bid price : 25.25 Bid-YTW : 2.12 %
POW.PR.H	Perpetual-Premium	-2.16 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2034-10-15 Maturity Price : 25.00 Evaluated at bid price : 25.39 Bid-YTW : 5.69 %
BN.PF.A	FixedReset Prem	-2.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 23.45 Evaluated at bid price : 25.15 Bid-YTW : 5.84 %
PWF.PF.A	Perpetual-Discount	-1.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 5.46 %
GWO.PR.I	Insurance Straight	-1.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 21.20 Evaluated at bid price : 21.20 Bid-YTW : 5.39 %
CU.PR.F	Perpetual-Discount	-1.84 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 20.81 Evaluated at bid price : 20.81 Bid-YTW : 5.43 %
PWF.PR.Z	Perpetual-Discount	-1.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 22.91 Evaluated at bid price : 23.18 Bid-YTW : 5.59 %
POW.PR.A	Perpetual-Discount	-1.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 24.68 Evaluated at bid price : 25.00 Bid-YTW : 5.65 %
BN.PF.J	FixedReset Prem	-1.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 23.66 Evaluated at bid price : 25.30 Bid-YTW : 5.86 %
PWF.PR.L	Perpetual-Discount	-1.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 22.77 Evaluated at bid price : 23.05 Bid-YTW : 5.57 %
FTS.PR.G	FixedReset Disc	-1.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 23.28 Evaluated at bid price : 24.63 Bid-YTW : 5.22 %
GWO.PR.Q	Insurance Straight	-1.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 23.23 Evaluated at bid price : 23.53 Bid-YTW : 5.54 %
GWO.PR.Z	Insurance Straight	-1.56 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2034-09-30 Maturity Price : 25.00 Evaluated at bid price : 25.32 Bid-YTW : 5.67 %
PWF.PR.E	Perpetual-Discount	-1.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 24.21 Evaluated at bid price : 24.50 Bid-YTW : 5.65 %
PWF.PR.R	Perpetual-Discount	-1.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 24.20 Evaluated at bid price : 24.49 Bid-YTW : 5.65 %
BN.PF.C	Perpetual-Discount	-1.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 5.75 %
GWO.PR.P	Insurance Straight	-1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 24.16 Evaluated at bid price : 24.41 Bid-YTW : 5.60 %
BN.PR.Z	FixedReset Disc	-1.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 23.40 Evaluated at bid price : 24.60 Bid-YTW : 5.90 %
PWF.PR.T	FixedReset Disc	-1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 23.16 Evaluated at bid price : 24.50 Bid-YTW : 5.30 %
IFC.PR.E	Insurance Straight	-1.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 23.64 Evaluated at bid price : 23.90 Bid-YTW : 5.51 %
ENB.PR.T	FixedReset Disc	-1.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 22.56 Evaluated at bid price : 23.32 Bid-YTW : 6.00 %
BIP.PR.E	FixedReset Prem	-1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 23.60 Evaluated at bid price : 25.31 Bid-YTW : 5.84 %
SLF.PR.D	Insurance Straight	-1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 21.59 Evaluated at bid price : 21.85 Bid-YTW : 5.15 %
SLF.PR.C	Insurance Straight	-1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 21.59 Evaluated at bid price : 21.85 Bid-YTW : 5.15 %
BN.PF.E	FixedReset Disc	-1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 21.63 Evaluated at bid price : 21.95 Bid-YTW : 6.09 %
MFC.PR.B	Insurance Straight	-1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 22.01 Evaluated at bid price : 22.25 Bid-YTW : 5.30 %
IFC.PR.A	FixedReset Ins Non	-1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 21.39 Evaluated at bid price : 21.71 Bid-YTW : 5.27 %
ENB.PR.A	Perpetual-Discount	-1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 24.82 Evaluated at bid price : 25.04 Bid-YTW : 5.59 %
IFC.PR.G	FixedReset Ins Non	-1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 23.46 Evaluated at bid price : 25.05 Bid-YTW : 5.41 %
GWO.PR.R	Insurance Straight	-1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 21.91 Evaluated at bid price : 22.15 Bid-YTW : 5.48 %
SLF.PR.G	FixedReset Ins Non	2.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 5.52 %
CIU.PR.A	Perpetual-Discount	2.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 5.50 %

Volume Highlights
Issue	Index	Shares Traded	Notes
FFH.PR.K	FixedReset Prem	269,407	YTW SCENARIO Maturity Type : Call Maturity Date : 2027-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.50 Bid-YTW : 4.03 %
IFC.PR.M	Perpetual-Premium	180,172	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 24.43 Evaluated at bid price : 24.82 Bid-YTW : 5.56 %
RY.PR.M	FixedReset Disc	100,249	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-24 Maturity Price : 25.00 Evaluated at bid price : 24.98 Bid-YTW : 4.70 %
GWO.PR.Z	Insurance Straight	57,830	YTW SCENARIO Maturity Type : Call Maturity Date : 2034-09-30 Maturity Price : 25.00 Evaluated at bid price : 25.32 Bid-YTW : 5.67 %
CU.PR.I	FixedReset Prem	55,315	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-31 Maturity Price : 25.00 Evaluated at bid price : 24.96 Bid-YTW : 5.31 %
POW.PR.H	Perpetual-Premium	52,190	YTW SCENARIO Maturity Type : Call Maturity Date : 2034-10-15 Maturity Price : 25.00 Evaluated at bid price : 25.39 Bid-YTW : 5.69 %
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
SLF.PR.E	Insurance Straight	Quote: 19.90 – 22.45 Spot Rate : 2.5500 Average : 1.4276 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 19.90 Evaluated at bid price : 19.90 Bid-YTW : 5.74 %
CU.PR.C	FixedReset Disc	Quote: 23.35 – 24.90 Spot Rate : 1.5500 Average : 1.0675 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 22.93 Evaluated at bid price : 23.35 Bid-YTW : 5.52 %
ENB.PR.F	FixedReset Disc	Quote: 21.05 – 22.35 Spot Rate : 1.3000 Average : 0.8319 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 6.47 %
IFC.PR.C	FixedReset Ins Non	Quote: 23.60 – 24.60 Spot Rate : 1.0000 Average : 0.6201 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 23.00 Evaluated at bid price : 23.60 Bid-YTW : 5.66 %
PWF.PR.S	Perpetual-Discount	Quote: 20.50 – 22.38 Spot Rate : 1.8800 Average : 1.5022 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 5.91 %
ENB.PR.N	FixedReset Disc	Quote: 24.00 – 24.87 Spot Rate : 0.8700 Average : 0.5166 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-13 Maturity Price : 22.97 Evaluated at bid price : 24.00 Bid-YTW : 5.99 %

Issue Comments

IFC.PR.M Settles Firm on Adequate Volume

Intact Financial Corporation has announced:

that it has closed its previously announced bought deal offering (the “Offering”) of Non-Cumulative Class A Shares, Series 13 (the “Series 13 Preferred Shares”) underwritten by a syndicate of underwriters led by BMO Capital Markets and National Bank Capital Markets, as joint bookrunners, together with, CIBC Capital Markets, TD Securities, Scotiabank and RBC Capital Markets, resulting in aggregate gross proceeds to Intact of $150 million. The net proceeds are expected to be used by Intact for general corporate purposes.

Each Series 13 Preferred Share entitles the holder thereof to receive quarterly non-cumulative preferential cash dividends, if, as and when declared by the Board of Directors, on the last day of March, June, September and December in each year at a rate equal to $0.34375 per share. The initial dividend, if declared, will be paid on March 31, 2026 and will be $0.5236 per share.

The Series 13 Preferred Shares will commence trading today on the Toronto Stock Exchange under the symbol IFC.PR.M.

IFC.PR.M is a Straight Perpetual, 5.50%, annnounced 2025-11-6.

The issue traded 546,100 shares today on the Toronto Exchange (674,960 consolidated) in a range of 25.00-11 before closing at 25.02-06. IFC.PR.M will be tracked by HIMIPref™ and has been assigned to the PerpetualPremium subindex.

Vital statistics are:

IFC.PR.M

Perpetual-Premium

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-12
Maturity Price : 24.62
Evaluated at bid price : 25.02
Bid-YTW : 5.51 %

Market Action

November 12, 2025

PerpetualDiscounts now yield 5.49%, equivalent to 7.14% interest at the standard conversion factor of 1.3x. Long corporates yielded 4.72% on 2025-11-12, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has remained at the 240bp reported October 29.

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	-0.3307 %	2,415.9
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.3307 %	4,581.0
Floater	5.96 %	6.26 %	58,325	13.49	3	-0.3307 %	2,640.0
OpRet	0.00 %	0.00 %	0	0.00	0	0.1406 %	3,699.1
SplitShare	4.72 %	4.36 %	66,016	3.25	5	0.1406 %	4,417.5
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1406 %	3,446.7
Perpetual-Premium	5.64 %	-1.67 %	78,758	0.09	7	-0.5593 %	3,112.6
Perpetual-Discount	5.42 %	5.49 %	46,343	14.55	25	-0.1163 %	3,452.0
FixedReset Disc	5.72 %	5.89 %	110,047	13.76	30	-0.2581 %	3,127.0
Insurance Straight	5.35 %	5.40 %	58,133	14.70	21	-0.3281 %	3,393.2
FloatingReset	0.00 %	0.00 %	0	0.00	0	-0.2581 %	3,719.9
FixedReset Prem	5.86 %	4.73 %	108,912	2.32	21	-0.1361 %	2,645.0
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	-0.2581 %	3,196.4
FixedReset Ins Non	5.16 %	5.33 %	64,800	14.50	15	-0.4593 %	3,105.4

Performance Highlights
Issue	Index	Change	Notes
PWF.PR.S	Perpetual-Discount	-8.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 5.91 %
CIU.PR.A	Perpetual-Discount	-4.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 20.40 Evaluated at bid price : 20.40 Bid-YTW : 5.66 %
CU.PR.G	Perpetual-Discount	-2.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 20.94 Evaluated at bid price : 20.94 Bid-YTW : 5.39 %
MFC.PR.N	FixedReset Ins Non	-2.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 22.81 Evaluated at bid price : 23.96 Bid-YTW : 5.33 %
IFC.PR.F	Insurance Straight	-2.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 23.23 Evaluated at bid price : 23.51 Bid-YTW : 5.71 %
ENB.PF.E	FixedReset Disc	-1.87 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 21.66 Evaluated at bid price : 22.00 Bid-YTW : 6.27 %
GWO.PR.Y	Insurance Straight	-1.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 21.20 Evaluated at bid price : 21.20 Bid-YTW : 5.38 %
POW.PR.G	Perpetual-Premium	-1.52 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-12 Maturity Price : 25.00 Evaluated at bid price : 25.21 Bid-YTW : 0.60 %
ENB.PR.B	FixedReset Disc	-1.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 21.02 Evaluated at bid price : 21.02 Bid-YTW : 6.28 %
ENB.PR.J	FixedReset Disc	-1.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 22.09 Evaluated at bid price : 22.50 Bid-YTW : 6.20 %
NA.PR.S	FixedReset Prem	-1.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 23.52 Evaluated at bid price : 25.66 Bid-YTW : 5.15 %
ENB.PR.H	FixedReset Disc	-1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 22.32 Evaluated at bid price : 22.77 Bid-YTW : 5.71 %
POW.PR.C	Perpetual-Premium	-1.16 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-12 Maturity Price : 25.00 Evaluated at bid price : 25.60 Bid-YTW : -16.95 %
SLF.PR.G	FixedReset Ins Non	-1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 18.78 Evaluated at bid price : 18.78 Bid-YTW : 5.66 %
ENB.PR.F	FixedReset Disc	-1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 21.52 Evaluated at bid price : 21.90 Bid-YTW : 6.19 %
CU.PR.F	Perpetual-Discount	1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 21.20 Evaluated at bid price : 21.20 Bid-YTW : 5.32 %
ENB.PR.A	Perpetual-Discount	1.12 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-12 Maturity Price : 25.00 Evaluated at bid price : 25.31 Bid-YTW : 3.66 %
BN.PR.Z	FixedReset Disc	1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 23.52 Evaluated at bid price : 24.92 Bid-YTW : 5.81 %
PWF.PR.R	Perpetual-Discount	2.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 24.60 Evaluated at bid price : 24.85 Bid-YTW : 5.57 %
CU.PR.J	Perpetual-Discount	10.96 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 21.53 Evaluated at bid price : 21.86 Bid-YTW : 5.43 %

Volume Highlights
Issue	Index	Shares Traded	Notes
IFC.PR.M	Perpetual-Premium	546,104	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 24.62 Evaluated at bid price : 25.02 Bid-YTW : 5.51 %
BN.PR.K	Floater	75,769	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 12.65 Evaluated at bid price : 12.65 Bid-YTW : 6.26 %
MFC.PR.M	FixedReset Ins Non	51,800	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 23.07 Evaluated at bid price : 24.55 Bid-YTW : 5.33 %
FFH.PR.I	FixedReset Disc	47,145	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 24.04 Evaluated at bid price : 24.97 Bid-YTW : 5.61 %
CIU.PR.A	Perpetual-Discount	44,512	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 20.40 Evaluated at bid price : 20.40 Bid-YTW : 5.66 %
GWO.PR.N	FixedReset Ins Non	35,700	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 17.90 Evaluated at bid price : 17.90 Bid-YTW : 5.70 %
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
PWF.PR.S	Perpetual-Discount	Quote: 20.50 – 22.47 Spot Rate : 1.9700 Average : 1.0880 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 5.91 %
CIU.PR.A	Perpetual-Discount	Quote: 20.40 – 21.40 Spot Rate : 1.0000 Average : 0.6200 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 20.40 Evaluated at bid price : 20.40 Bid-YTW : 5.66 %
MFC.PR.F	FixedReset Ins Non	Quote: 18.20 – 19.25 Spot Rate : 1.0500 Average : 0.6742 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 18.20 Evaluated at bid price : 18.20 Bid-YTW : 5.70 %
CU.PR.G	Perpetual-Discount	Quote: 20.94 – 22.00 Spot Rate : 1.0600 Average : 0.7250 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 20.94 Evaluated at bid price : 20.94 Bid-YTW : 5.39 %
MFC.PR.N	FixedReset Ins Non	Quote: 23.96 – 24.75 Spot Rate : 0.7900 Average : 0.5503 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 22.81 Evaluated at bid price : 23.96 Bid-YTW : 5.33 %
IFC.PR.F	Insurance Straight	Quote: 23.51 – 24.70 Spot Rate : 1.1900 Average : 0.9531 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 23.23 Evaluated at bid price : 23.51 Bid-YTW : 5.71 %

New Issues

New Issue: CU Straight Perpetual, 5.60%

Canadian Utilities Limited has announced:

it has entered into an agreement with a syndicate of underwriters co-led by BMO Capital Markets and RBC Capital Markets, and including TD Securities Inc., Scotiabank, CIBC Capital Markets, National Bank Financial Inc. and ATB Capital Markets. The underwriters have agreed to buy 7,000,000 5.60% Cumulative Redeemable Second Preferred Shares Series JJ at a price of $25.00 per share for aggregate gross proceeds of $175,000,000. The proceeds will be used for capital expenditures and for other general corporate purposes.

Canadian Utilities has granted the Underwriters an option, exercisable, in whole or in part, at any time until and including 30 days following the closing of the offering, to purchase, at the offering price, an additional 1,050,000 Series JJ Preferred Shares, to cover over-allotments, if any. Should the over-allotment option be fully exercised, the total gross proceeds of the Series JJ Preferred Share offering will be $201,250,000.

The Series JJ Preferred Shares will be issued to the public at a price of $25.00 per share and holders will be entitled to receive fixed cumulative preferential cash dividends, payable quarterly, as and when declared by the Board of Directors of the Corporation, at an annual rate of $1.40 per share, to yield 5.60% annually. On or after March 1, 2031, the Corporation may redeem the Series JJ Preferred Shares in whole or in part from time to time, at $26.00 per share if redeemed during the 12 months commencing March 1, 2031, at $25.75 per share if redeemed during the 12 months commencing March 1, 2032, at $25.50 per share if redeemed during the 12 months commencing March 1, 2033, at $25.25 per share if redeemed during the 12 months commencing March 1, 2034, and at $25.00 per share if redeemed on or after March 1, 2035, in each case together with all accrued and unpaid dividends up to, but excluding, the date fixed for redemption.

The offering is being made in all of the provinces of Canada by means of a short form prospectus. The closing date of the offering is expected to be on or about November 27, 2025.

The issue looks fairly priced according to Implied Volatility Theory:

Thanks to Assiduous Reader skeptical111 for bringing this to my attention!

Update 2025-11-27 The prospectus is available on SEDAR+, but I am not permitted to link to this public document because this might hurt profits of the regulators’ future employers. Search for:
Canadian Utilities Limited / Canadian Utilities Limited (000005556)
Final short form prospectus – English.pdf
25 Nov 2025 13:33 ESTNovember 25 2025 at 13:33:59 Eastern Standard Time
Alberta
551 KB
Generate URL

Redemption provisions are:

The Series JJ Preferred Shares will not be redeemable prior to March 1, 2031. On or after March 1, 2031, the Corporation may, on not less than 30 nor more than 60 days’ notice, redeem the Series JJ Preferred Shares in whole or in part, at the Corporation’s option, by the payment in cash of $26.00 per Series JJ Preferred Share if redeemed on or after March 1, 2031 and prior to March 1, 2032, at $25.75 per Series JJ Preferred Share if redeemed on or after March 1, 2032 and prior to March 1, 2033, at $25.50 per Series JJ Preferred Share if redeemed on or after March 1, 2033 and prior to March 1, 2034, at $25.25 per Series JJ Preferred Share if redeemed on or after March 1, 2034 and prior to March 1, 2035 and at $25.00 per Series JJ Preferred Share if redeemed on or after March 1, 2035, in each case together with all accrued and unpaid dividends up to but excluding the date fixed for redemption. See “Details of the Offering”.

and:

Assuming an issue date of November 27, 2025 the initial dividend, if declared, will be payable on March 1, 2026 and will be $0.36055 per Series JJ Preferred Share.

Performance Highlights
Issue	Index	Change	Notes
CU.PR.J	Perpetual-Discount	-9.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 19.70 Evaluated at bid price : 19.70 Bid-YTW : 6.05 %
GWO.PR.I	Insurance Straight	-3.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 5.57 %
CCS.PR.C	Insurance Straight	-2.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 22.55 Evaluated at bid price : 22.81 Bid-YTW : 5.55 %
ENB.PR.P	FixedReset Disc	-1.88 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 6.34 %
ENB.PF.A	FixedReset Disc	-1.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 21.73 Evaluated at bid price : 22.06 Bid-YTW : 6.25 %
ELF.PR.H	Perpetual-Discount	-1.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 24.00 Evaluated at bid price : 24.25 Bid-YTW : 5.73 %
PWF.PR.Z	Perpetual-Discount	-1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 22.60 Evaluated at bid price : 22.88 Bid-YTW : 5.67 %
MFC.PR.M	FixedReset Ins Non	-1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 23.00 Evaluated at bid price : 24.35 Bid-YTW : 5.41 %
BN.PF.C	Perpetual-Discount	-1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 21.14 Evaluated at bid price : 21.14 Bid-YTW : 5.83 %
PWF.PR.A	Floater	-1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 13.76 Evaluated at bid price : 13.76 Bid-YTW : 5.70 %
CIU.PR.A	Perpetual-Discount	-1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 20.76 Evaluated at bid price : 20.76 Bid-YTW : 5.56 %
CU.PR.G	Perpetual-Discount	-1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 5.50 %
PWF.PR.F	Perpetual-Discount	-1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 23.25 Evaluated at bid price : 23.55 Bid-YTW : 5.61 %
GWO.PR.G	Insurance Straight	-1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 23.33 Evaluated at bid price : 23.62 Bid-YTW : 5.57 %
PWF.PR.O	Perpetual-Premium	-1.06 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-14 Maturity Price : 25.00 Evaluated at bid price : 25.15 Bid-YTW : 1.20 %
BN.PF.D	Perpetual-Discount	-1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 21.47 Evaluated at bid price : 21.73 Bid-YTW : 5.71 %
IFC.PR.G	FixedReset Ins Non	1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 23.57 Evaluated at bid price : 25.35 Bid-YTW : 5.36 %
FTS.PR.K	FixedReset Disc	1.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 22.45 Evaluated at bid price : 23.08 Bid-YTW : 5.46 %
ENB.PR.H	FixedReset Disc	1.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 22.27 Evaluated at bid price : 22.70 Bid-YTW : 5.64 %
ENB.PR.F	FixedReset Disc	1.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 6.39 %
IFC.PR.C	FixedReset Ins Non	1.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 23.36 Evaluated at bid price : 23.95 Bid-YTW : 5.60 %
ENB.PF.E	FixedReset Disc	1.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 21.66 Evaluated at bid price : 22.00 Bid-YTW : 6.18 %
ENB.PR.N	FixedReset Disc	1.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 22.97 Evaluated at bid price : 24.00 Bid-YTW : 5.89 %
ENB.PR.D	FixedReset Disc	1.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 6.19 %
BN.PF.B	FixedReset Disc	2.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 22.68 Evaluated at bid price : 23.50 Bid-YTW : 5.99 %
PWF.PR.P	FixedReset Disc	5.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 5.93 %
SLF.PR.E	Insurance Straight	9.65 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 21.56 Evaluated at bid price : 21.82 Bid-YTW : 5.21 %

PrefBlog

BCE Extends Real NCIB

BCE.PR.R To Reset To 4.733%

November 14, 2025

MAPF: Probable Capital Gain Distribution at Year-End

ECN.PR.C To Be Acquired at $26.00, Maybe

New Issue: POW Straight Perpetual, 5.65%

November 13, 2025

IFC.PR.M Settles Firm on Adequate Volume

November 12, 2025

New Issue: CU Straight Perpetual, 5.60%

Archives

Of Interest