PrefBlog

Market Action

ENB.PF.E To Reset To 5.395%

that it does not intend to exercise its right to redeem its currently outstanding Cumulative Redeemable Preference Shares, Series 13 (Series 13 Shares) (TSX: ENB.PF.E) on June 1, 2025. As a result, subject to certain conditions, the holders of the Series 13 Shares have the right to convert all or part of their Series 13 Shares on a one-for-one basis into Cumulative Redeemable Preference Shares, Series 14 of Enbridge (Series 14 Shares) on June 1, 2025. Holders who do not exercise their right to convert their Series 13 Shares into Series 14 Shares will retain their Series 13 Shares.

The foregoing conversion right is subject to the conditions that: (i) if Enbridge determines that there would be less than 1,000,000 Series 13 Shares outstanding after June 1, 2025, then all remaining Series 13 Shares will automatically be converted into Series 14 Shares on a one-for-one basis on June 1, 2025; and (ii) alternatively, if Enbridge determines that there would be less than 1,000,000 Series 14 Shares outstanding after June 1, 2025, no Series 13 Shares will be converted into Series 14 Shares. There are currently 14,000,000 Series 13 Shares outstanding.

With respect to any Series 13 Shares that remain outstanding after June 1, 2025, holders thereof will be entitled to receive quarterly fixed cumulative preferential cash dividends, as and when declared by the Board of Directors of Enbridge. The new annual dividend rate applicable to the Series 13 Shares for the five-year period commencing on June 1, 2025 to, but excluding, June 1, 2030 will be 5.395 percent, being equal to the five-year Government of Canada bond yield of 2.735 percent determined as of today plus 2.66 percent in accordance with the terms of the Series 13 Shares.

With respect to any Series 14 Shares that may be issued on June 1, 2025, holders thereof will be entitled to receive quarterly floating rate cumulative preferential cash dividends, as and when declared by the Board of Directors of Enbridge. The dividend rate applicable to the Series 14 Shares for the three-month floating rate period commencing on June 1, 2025 to, but excluding, September 1, 2025 will be 1.33841 percent, based on the annual rate on three month Government of Canada treasury bills for the most recent treasury bills auction of 2.65 percent plus 2.66 percent in accordance with the terms of the Series 14 Shares (the Floating Quarterly Dividend Rate). The Floating Quarterly Dividend Rate will be reset every quarter.

Beneficial holders of Series 13 Shares who wish to exercise their right of conversion during the conversion period, which runs from May 2, 2025 until 5:00 p.m. (EST) on May 20, 2025, should communicate as soon as possible with their broker or other intermediary for more information. It is recommended that this be done well in advance of the deadline in order to provide the broker or other intermediary time to complete the necessary steps. Any notices received after this deadline will not be valid.

They later announced:

that none of its outstanding Cumulative Redeemable Preference Shares, Series 13 (Series 13 Shares) will be converted into Cumulative Redeemable Preference Shares, Series 14 (Series 14 Shares) on June 1, 2025.

After taking into account all conversion notices received from holders of its outstanding Series 13 Shares by the May 20, 2025 deadline for the conversion of the Series 13 Shares into Series 14 Shares, less than the 1,000,000 Series 13 Shares required to give effect to conversions into Series 14 Shares were tendered for conversion.

ENB.PF.E is a FixedReset, 4.40%+266, that commenced trading 2014-7-17 after being announced 2014-7-8. The issue reset to 3.043% effective 2020-6-1 and there was no conversion. It is tracked by HIMIPref™ and has been assigned to the Scraps – FixedReset (Discount) subindex on credit concerns.

Better Communication, Please!

FTS.PR.H To Reset To 7.340% 4.183%; Interconvertible with FTS.PR.I

Fortis Inc has announced – on their website, not via press release like normal people – that FTS.PR.H will reset to ~~7.340%~~ 4.183% effective June 1, 2025.

As Assiduous Reader Xalier points out in the comments, the initial assertion is not just nonsense, but is contradicted by the subsequent press release, which is now quoted. Sadly the website has been changed again so I can’t determine the source of the error; but the “share information page” still has the annual dollar rate wrong.

They later announced:

that 11,298 of its 7,665,082 issued and outstanding Cumulative Redeemable Five-Year Fixed Rate Reset First Preference Shares, Series H (“Series H Shares”) were tendered for conversion, on a one-for-one basis, into Cumulative Redeemable Floating Rate First Preference Shares, Series I (“Series I Shares”) and that 248,830 of its 2,334,918 Series I Shares were tendered for conversion, on a one-for-one basis, into Series H Shares. As a result of the conversion, Fortis has 7,902,614 Series H Shares and 2,097,386 Series I Shares issued and outstanding. The Series H Shares and the Series I Shares will continue to be listed on the Toronto Stock Exchange (“TSX”) under the symbols FTS.PR.H and FTS.PR.I, respectively.

The Series H Shares will pay on a quarterly basis, for the five-year period beginning on June 1, 2025, if, as and when declared by the Board of Directors of Fortis, a fixed dividend based on an annual fixed dividend rate of 4.183 percent.

The Series I Shares will pay a floating quarterly dividend for the five-year period beginning on June 1, 2025, if, as and when declared by the Board of Directors of Fortis. The floating quarterly dividend rate for the Series I Shares for the first quarterly floating rate period (being the period from and including June 1, 2025 and ending on and including August 31, 2025) is based on an annual floating dividend rate of 4.103 percent and will be reset every quarter based on the applicable three-month Government of Canada Treasury Bill rate plus 1.450 percent.

For more information on the terms of, and risks associated with an investment in, the Series H Shares and the Series I Shares, please see the Corporation’s short form prospectus dated January 18, 2010 relating to the issuance of the Series H Shares, which can be found under the Corporation’s profile on SEDAR+ at www.sedarplus.ca and on the Corporation’s website at www.fortisinc.com.

So that’s a 2% net conversion into FTS.PR.H, the FixedReset.

FTS.PR.H was issued as a FixedReset, 4.25%+145, that commenced trading 2010-1-26 after being announced 2010-1-11. In 2015 it reset to 2.50% amid great secrecy as they prefer to maintain selective disclosure through the old boys’ club. It reset to 1.835% effective 2020-6-1 and there was a 6% net conversion to the FixedReset.

FTS.PR.I is a FloatingReset commenced trading 2020-6-2 after its creation via partial conversion from FTS.PR.H.

Market Action

May 2, 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	1.2342 %	2,091.9
FixedFloater	0.00 %	0.00 %	0	0.00	0	1.2342 %	4,072.3
Floater	7.37 %	7.86 %	69,922	11.51	3	1.2342 %	2,346.9
OpRet	0.00 %	0.00 %	0	0.00	0	-0.0149 %	3,647.5
SplitShare	4.80 %	4.91 %	83,708	2.63	8	-0.0149 %	4,355.9
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.0149 %	3,398.6
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	-0.5108 %	2,855.3
Perpetual-Discount	6.02 %	6.11 %	51,307	13.75	33	-0.5108 %	3,113.6
FixedReset Disc	5.69 %	6.56 %	115,410	12.59	49	0.3071 %	2,761.9
Insurance Straight	5.90 %	6.01 %	70,005	13.83	21	0.2435 %	3,067.7
FloatingReset	5.89 %	5.92 %	33,816	13.95	3	0.5582 %	3,495.4
FixedReset Prem	6.38 %	5.46 %	139,202	3.46	10	0.0430 %	2,566.0
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.3071 %	2,823.2
FixedReset Ins Non	5.60 %	6.02 %	66,920	13.75	12	0.5349 %	2,811.4

Performance Highlights
Issue	Index	Change	Notes
CU.PR.F	Perpetual-Discount	-16.96 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 5.93 %
MFC.PR.M	FixedReset Ins Non	-2.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 6.23 %
ENB.PR.H	FixedReset Disc	-2.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 6.91 %
IFC.PR.K	Insurance Straight	-2.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 21.40 Evaluated at bid price : 21.70 Bid-YTW : 6.12 %
CU.PR.C	FixedReset Disc	-1.73 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 19.85 Evaluated at bid price : 19.85 Bid-YTW : 6.56 %
IFC.PR.E	Insurance Straight	-1.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 21.75 Evaluated at bid price : 22.10 Bid-YTW : 5.94 %
MFC.PR.F	FixedReset Ins Non	-1.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 15.40 Evaluated at bid price : 15.40 Bid-YTW : 6.67 %
PWF.PR.O	Perpetual-Discount	-1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 23.22 Evaluated at bid price : 23.52 Bid-YTW : 6.20 %
GWO.PR.H	Insurance Straight	-1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 20.27 Evaluated at bid price : 20.27 Bid-YTW : 6.06 %
PWF.PR.E	Perpetual-Discount	-1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 22.39 Evaluated at bid price : 22.65 Bid-YTW : 6.11 %
BIP.PR.F	FixedReset Disc	-1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 22.19 Evaluated at bid price : 22.70 Bid-YTW : 6.57 %
BN.PF.E	FixedReset Disc	-1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 7.27 %
CU.PR.H	Perpetual-Discount	1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 21.97 Evaluated at bid price : 22.20 Bid-YTW : 5.91 %
ENB.PF.E	FixedReset Disc	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 18.74 Evaluated at bid price : 18.74 Bid-YTW : 7.39 %
BN.PF.D	Perpetual-Discount	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 6.37 %
SLF.PR.D	Insurance Straight	1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 19.70 Evaluated at bid price : 19.70 Bid-YTW : 5.72 %
MFC.PR.B	Insurance Straight	1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 20.04 Evaluated at bid price : 20.04 Bid-YTW : 5.89 %
ELF.PR.F	Perpetual-Discount	1.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 21.75 Evaluated at bid price : 22.00 Bid-YTW : 6.07 %
PWF.PR.P	FixedReset Disc	1.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 15.10 Evaluated at bid price : 15.10 Bid-YTW : 7.12 %
PWF.PR.K	Perpetual-Discount	1.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 6.08 %
FTS.PR.J	Perpetual-Discount	1.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 20.60 Evaluated at bid price : 20.60 Bid-YTW : 5.88 %
GWO.PR.G	Insurance Straight	1.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 21.59 Evaluated at bid price : 21.85 Bid-YTW : 6.02 %
IFC.PR.G	FixedReset Ins Non	1.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 22.95 Evaluated at bid price : 24.00 Bid-YTW : 5.73 %
MFC.PR.Q	FixedReset Ins Non	1.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 22.81 Evaluated at bid price : 23.70 Bid-YTW : 5.82 %
ENB.PR.D	FixedReset Disc	1.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 18.39 Evaluated at bid price : 18.39 Bid-YTW : 7.26 %
BIP.PR.E	FixedReset Disc	2.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 22.74 Evaluated at bid price : 23.50 Bid-YTW : 6.41 %
BN.PF.F	FixedReset Disc	3.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 20.76 Evaluated at bid price : 20.76 Bid-YTW : 6.99 %
BN.PR.K	Floater	3.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 11.21 Evaluated at bid price : 11.21 Bid-YTW : 7.86 %
BN.PF.J	FixedReset Disc	3.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 22.83 Evaluated at bid price : 23.60 Bid-YTW : 6.37 %
SLF.PR.E	Insurance Straight	4.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 20.10 Evaluated at bid price : 20.10 Bid-YTW : 5.67 %
IFC.PR.A	FixedReset Ins Non	4.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 19.26 Evaluated at bid price : 19.26 Bid-YTW : 6.02 %

Volume Highlights
Issue	Index	Shares Traded	Notes
CM.PR.Q	FixedReset Disc	53,902	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 23.79 Evaluated at bid price : 24.67 Bid-YTW : 5.62 %
POW.PR.B	Perpetual-Discount	25,200	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 21.98 Evaluated at bid price : 22.21 Bid-YTW : 6.08 %
ENB.PR.N	FixedReset Disc	15,955	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 21.42 Evaluated at bid price : 21.42 Bid-YTW : 6.88 %
PVS.PR.M	SplitShare	12,502	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2031-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.31 Bid-YTW : 5.08 %
FFH.PR.G	FixedReset Disc	11,002	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 22.45 Evaluated at bid price : 23.35 Bid-YTW : 5.67 %
GWO.PR.M	Insurance Straight	10,700	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 23.69 Evaluated at bid price : 24.00 Bid-YTW : 6.11 %
There were 2 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: 19.00 – 23.88 Spot Rate : 4.8800 Average : 3.8902 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 5.93 %
BN.PF.E	FixedReset Disc	Quote: 18.50 – 20.99 Spot Rate : 2.4900 Average : 1.5402 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 7.27 %
SLF.PR.G	FixedReset Ins Non	Quote: 16.20 – 18.60 Spot Rate : 2.4000 Average : 1.5517 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 16.20 Evaluated at bid price : 16.20 Bid-YTW : 6.52 %
IFC.PR.F	Insurance Straight	Quote: 21.95 – 24.00 Spot Rate : 2.0500 Average : 1.3466 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 21.58 Evaluated at bid price : 21.95 Bid-YTW : 6.10 %
CU.PR.C	FixedReset Disc	Quote: 19.85 – 22.11 Spot Rate : 2.2600 Average : 1.5868 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 19.85 Evaluated at bid price : 19.85 Bid-YTW : 6.56 %
BN.PR.R	FixedReset Disc	Quote: 17.12 – 18.90 Spot Rate : 1.7800 Average : 1.1143 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-02 Maturity Price : 17.12 Evaluated at bid price : 17.12 Bid-YTW : 7.30 %

Market Action

May 1, 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	0.7519 %	2,066.4
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.7519 %	4,022.6
Floater	7.46 %	7.90 %	71,068	11.47	3	0.7519 %	2,318.2
OpRet	0.00 %	0.00 %	0	0.00	0	0.1539 %	3,648.0
SplitShare	4.79 %	4.66 %	84,346	2.63	8	0.1539 %	4,356.5
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1539 %	3,399.1
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	0.6867 %	2,870.0
Perpetual-Discount	5.99 %	6.13 %	51,883	13.71	33	0.6867 %	3,129.6
FixedReset Disc	5.71 %	6.56 %	116,447	12.66	49	0.6618 %	2,753.4
Insurance Straight	5.92 %	6.00 %	70,396	13.87	21	0.4803 %	3,060.3
FloatingReset	5.93 %	5.96 %	35,200	13.90	3	0.3521 %	3,476.0
FixedReset Prem	6.38 %	5.45 %	141,469	13.66	10	0.4439 %	2,564.9
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.6618 %	2,814.5
FixedReset Ins Non	5.63 %	6.03 %	66,981	13.61	12	2.8332 %	2,796.4

Performance Highlights
Issue	Index	Change	Notes
CU.PR.G	Perpetual-Discount	-14.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 7.04 %
BN.PF.J	FixedReset Disc	-3.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 22.32 Evaluated at bid price : 22.75 Bid-YTW : 6.63 %
BN.PF.F	FixedReset Disc	-2.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 20.15 Evaluated at bid price : 20.15 Bid-YTW : 7.20 %
IFC.PR.F	Insurance Straight	-1.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 21.58 Evaluated at bid price : 21.95 Bid-YTW : 6.10 %
GWO.PR.N	FixedReset Ins Non	1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 15.12 Evaluated at bid price : 15.12 Bid-YTW : 6.66 %
ENB.PR.P	FixedReset Disc	1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 7.25 %
MFC.PR.Q	FixedReset Ins Non	1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 22.57 Evaluated at bid price : 23.25 Bid-YTW : 5.94 %
BIP.PR.F	FixedReset Disc	1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 22.34 Evaluated at bid price : 22.95 Bid-YTW : 6.49 %
NA.PR.S	FixedReset Prem	1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 23.24 Evaluated at bid price : 25.00 Bid-YTW : 5.36 %
GWO.PR.H	Insurance Straight	1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 5.99 %
CM.PR.S	FixedReset Prem	1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 25.20 Evaluated at bid price : 25.20 Bid-YTW : 5.35 %
GWO.PR.I	Insurance Straight	1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 5.92 %
FFH.PR.I	FixedReset Disc	1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 22.79 Evaluated at bid price : 23.45 Bid-YTW : 5.94 %
MFC.PR.F	FixedReset Ins Non	1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 15.60 Evaluated at bid price : 15.60 Bid-YTW : 6.59 %
ENB.PF.E	FixedReset Disc	1.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 18.55 Evaluated at bid price : 18.55 Bid-YTW : 7.46 %
PWF.PR.E	Perpetual-Discount	1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 22.66 Evaluated at bid price : 22.90 Bid-YTW : 6.04 %
ENB.PR.D	FixedReset Disc	1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 18.04 Evaluated at bid price : 18.04 Bid-YTW : 7.40 %
MFC.PR.L	FixedReset Ins Non	1.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 21.52 Evaluated at bid price : 21.52 Bid-YTW : 6.11 %
PWF.PR.H	Perpetual-Discount	1.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 23.30 Evaluated at bid price : 23.58 Bid-YTW : 6.13 %
ENB.PR.Y	FixedReset Disc	1.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 18.20 Evaluated at bid price : 18.20 Bid-YTW : 7.32 %
PWF.PR.K	Perpetual-Discount	1.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 20.21 Evaluated at bid price : 20.21 Bid-YTW : 6.17 %
GWO.PR.R	Insurance Straight	1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 20.20 Evaluated at bid price : 20.20 Bid-YTW : 6.02 %
IFC.PR.G	FixedReset Ins Non	1.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 22.76 Evaluated at bid price : 23.60 Bid-YTW : 5.84 %
BN.PF.G	FixedReset Disc	1.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 19.54 Evaluated at bid price : 19.54 Bid-YTW : 7.27 %
PWF.PR.S	Perpetual-Discount	1.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.05 %
PWF.PR.F	Perpetual-Discount	1.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 21.47 Evaluated at bid price : 21.73 Bid-YTW : 6.07 %
BN.PR.B	Floater	1.55 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 11.15 Evaluated at bid price : 11.15 Bid-YTW : 7.90 %
CU.PR.D	Perpetual-Discount	1.55 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 20.43 Evaluated at bid price : 20.43 Bid-YTW : 6.00 %
BN.PR.M	Perpetual-Discount	1.55 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 18.95 Evaluated at bid price : 18.95 Bid-YTW : 6.35 %
ENB.PF.A	FixedReset Disc	1.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 7.33 %
IFC.PR.E	Insurance Straight	1.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 22.05 Evaluated at bid price : 22.45 Bid-YTW : 5.84 %
BN.PR.T	FixedReset Disc	1.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 16.99 Evaluated at bid price : 16.99 Bid-YTW : 7.35 %
ENB.PR.T	FixedReset Disc	1.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 19.98 Evaluated at bid price : 19.98 Bid-YTW : 7.16 %
MFC.PR.J	FixedReset Ins Non	1.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 23.13 Evaluated at bid price : 24.31 Bid-YTW : 5.74 %
BN.PR.X	FixedReset Disc	1.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 16.08 Evaluated at bid price : 16.08 Bid-YTW : 7.27 %
BN.PF.A	FixedReset Disc	1.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 22.51 Evaluated at bid price : 23.20 Bid-YTW : 6.46 %
POW.PR.D	Perpetual-Discount	1.90 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 5.90 %
ENB.PR.B	FixedReset Disc	1.99 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 17.90 Evaluated at bid price : 17.90 Bid-YTW : 7.43 %
BN.PR.R	FixedReset Disc	2.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 17.02 Evaluated at bid price : 17.02 Bid-YTW : 7.34 %
ENB.PF.K	FixedReset Disc	2.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 23.00 Evaluated at bid price : 24.01 Bid-YTW : 6.35 %
MFC.PR.I	FixedReset Ins Non	2.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 23.32 Evaluated at bid price : 24.55 Bid-YTW : 5.84 %
SLF.PR.G	FixedReset Ins Non	2.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 16.21 Evaluated at bid price : 16.21 Bid-YTW : 6.52 %
ENB.PR.H	FixedReset Disc	2.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 6.73 %
IFC.PR.K	Insurance Straight	2.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 21.82 Evaluated at bid price : 22.17 Bid-YTW : 5.98 %
MFC.PR.M	FixedReset Ins Non	2.98 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 21.74 Evaluated at bid price : 22.12 Bid-YTW : 6.03 %
CU.PR.C	FixedReset Disc	3.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 20.20 Evaluated at bid price : 20.20 Bid-YTW : 6.44 %
BN.PR.N	Perpetual-Discount	5.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 6.34 %
IFC.PR.C	FixedReset Ins Non	8.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 20.40 Evaluated at bid price : 20.40 Bid-YTW : 6.52 %
IFC.PR.A	FixedReset Ins Non	10.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 6.31 %
CU.PR.F	Perpetual-Discount	23.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 22.63 Evaluated at bid price : 22.88 Bid-YTW : 4.90 %

Volume Highlights
Issue	Index	Shares Traded	Notes
RY.PR.J	FixedReset Disc	3,126,503	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-06-23 Maturity Price : 25.00 Evaluated at bid price : 24.95 Bid-YTW : 4.56 %
TD.PF.E	FixedReset Disc	45,400	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 23.81 Evaluated at bid price : 24.50 Bid-YTW : 5.71 %
PVS.PR.L	SplitShare	36,169	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.55 Bid-YTW : 5.23 %
BN.PF.E	FixedReset Disc	32,400	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 18.70 Evaluated at bid price : 18.70 Bid-YTW : 7.19 %
ENB.PR.T	FixedReset Disc	26,220	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 19.98 Evaluated at bid price : 19.98 Bid-YTW : 7.16 %
PVS.PR.J	SplitShare	14,800	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2028-02-29 Maturity Price : 25.00 Evaluated at bid price : 25.01 Bid-YTW : 4.66 %
There were 6 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue	Index	Quote Data and Yield Notes
CU.PR.G	Perpetual-Discount	Quote: 16.00 – 19.30 Spot Rate : 3.3000 Average : 1.8663 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 7.04 %
SLF.PR.C	Insurance Straight	Quote: 19.60 – 21.45 Spot Rate : 1.8500 Average : 1.0850 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 19.60 Evaluated at bid price : 19.60 Bid-YTW : 5.75 %
BN.PR.Z	FixedReset Disc	Quote: 21.45 – 22.90 Spot Rate : 1.4500 Average : 0.8108 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 21.45 Evaluated at bid price : 21.45 Bid-YTW : 6.89 %
MFC.PR.M	FixedReset Ins Non	Quote: 22.12 – 25.00 Spot Rate : 2.8800 Average : 2.2860 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 21.74 Evaluated at bid price : 22.12 Bid-YTW : 6.03 %
TD.PF.J	FixedReset Prem	Quote: 25.26 – 26.26 Spot Rate : 1.0000 Average : 0.5912 YTW SCENARIO Maturity Type : Call Maturity Date : 2028-04-30 Maturity Price : 25.00 Evaluated at bid price : 25.26 Bid-YTW : 5.41 %
BN.PF.G	FixedReset Disc	Quote: 19.54 – 20.48 Spot Rate : 0.9400 Average : 0.5619 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-05-01 Maturity Price : 19.54 Evaluated at bid price : 19.54 Bid-YTW : 7.27 %

Market Action

April 30, 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	-1.4253 %	2,051.0
FixedFloater	0.00 %	0.00 %	0	0.00	0	-1.4253 %	3,992.6
Floater	7.52 %	8.02 %	71,917	11.34	3	-1.4253 %	2,300.9
OpRet	0.00 %	0.00 %	0	0.00	0	0.1193 %	3,642.4
SplitShare	4.80 %	4.64 %	64,362	1.73	8	0.1193 %	4,349.8
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1193 %	3,393.9
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	0.0456 %	2,850.4
Perpetual-Discount	6.03 %	6.15 %	52,438	13.67	33	0.0456 %	3,108.2
FixedReset Disc	5.74 %	6.60 %	117,464	12.68	49	0.1553 %	2,735.3
Insurance Straight	5.94 %	6.04 %	71,365	13.81	21	0.2316 %	3,045.7
FloatingReset	5.95 %	5.96 %	36,646	13.90	3	-0.3827 %	3,463.8
FixedReset Prem	6.41 %	5.44 %	143,736	13.68	10	0.1377 %	2,553.6
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.1553 %	2,796.0
FixedReset Ins Non	5.79 %	6.20 %	67,184	13.37	12	-0.1157 %	2,719.4

Performance Highlights
Issue	Index	Change	Notes
IFC.PR.C	FixedReset Ins Non	-3.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-30 Maturity Price : 18.80 Evaluated at bid price : 18.80 Bid-YTW : 7.07 %
BN.PR.N	Perpetual-Discount	-3.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-30 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 6.69 %
PWF.PR.A	Floater	-2.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-30 Maturity Price : 12.75 Evaluated at bid price : 12.75 Bid-YTW : 6.83 %
BN.PR.K	Floater	-1.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-30 Maturity Price : 10.85 Evaluated at bid price : 10.85 Bid-YTW : 8.12 %
PWF.PR.K	Perpetual-Discount	-1.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-30 Maturity Price : 19.93 Evaluated at bid price : 19.93 Bid-YTW : 6.26 %
ENB.PR.D	FixedReset Disc	-1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-30 Maturity Price : 17.80 Evaluated at bid price : 17.80 Bid-YTW : 7.51 %
IFC.PR.K	Insurance Straight	-1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-30 Maturity Price : 21.32 Evaluated at bid price : 21.60 Bid-YTW : 6.14 %
BN.PR.X	FixedReset Disc	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-30 Maturity Price : 15.80 Evaluated at bid price : 15.80 Bid-YTW : 7.40 %
GWO.PR.I	Insurance Straight	1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-30 Maturity Price : 19.01 Evaluated at bid price : 19.01 Bid-YTW : 6.00 %
BIP.PR.B	FixedReset Disc	1.21 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 6.21 %
IFC.PR.F	Insurance Straight	1.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-30 Maturity Price : 21.89 Evaluated at bid price : 22.31 Bid-YTW : 5.99 %
MFC.PR.C	Insurance Straight	1.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-30 Maturity Price : 19.32 Evaluated at bid price : 19.32 Bid-YTW : 5.91 %
ENB.PR.A	Perpetual-Discount	1.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-30 Maturity Price : 22.60 Evaluated at bid price : 22.85 Bid-YTW : 6.12 %
BN.PF.I	FixedReset Disc	1.95 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-30 Maturity Price : 23.20 Evaluated at bid price : 23.55 Bid-YTW : 6.95 %
MFC.PR.I	FixedReset Ins Non	2.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-30 Maturity Price : 23.04 Evaluated at bid price : 23.93 Bid-YTW : 6.02 %
POW.PR.D	Perpetual-Discount	2.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-30 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 6.01 %
BN.PF.F	FixedReset Disc	2.93 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-30 Maturity Price : 20.70 Evaluated at bid price : 20.70 Bid-YTW : 7.00 %

Volume Highlights
Issue	Index	Shares Traded	Notes
ENB.PF.E	FixedReset Disc	125,810	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-30 Maturity Price : 18.31 Evaluated at bid price : 18.31 Bid-YTW : 7.56 %
ENB.PR.B	FixedReset Disc	64,263	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-30 Maturity Price : 17.55 Evaluated at bid price : 17.55 Bid-YTW : 7.58 %
FTS.PR.M	FixedReset Disc	57,728	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-30 Maturity Price : 20.60 Evaluated at bid price : 20.60 Bid-YTW : 6.62 %
BN.PR.B	Floater	21,535	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-30 Maturity Price : 10.98 Evaluated at bid price : 10.98 Bid-YTW : 8.02 %
CU.PR.C	FixedReset Disc	21,273	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-30 Maturity Price : 19.86 Evaluated at bid price : 19.86 Bid-YTW : 6.68 %
BN.PR.K	Floater	20,400	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-30 Maturity Price : 10.85 Evaluated at bid price : 10.85 Bid-YTW : 8.12 %
There were 6 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue	Index	Quote Data and Yield Notes
GWO.PR.L	Insurance Straight	Quote: 23.56 – 24.99 Spot Rate : 1.4300 Average : 0.8332 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-30 Maturity Price : 23.26 Evaluated at bid price : 23.56 Bid-YTW : 6.06 %
BIP.PR.A	FixedReset Disc	Quote: 23.00 – 24.45 Spot Rate : 1.4500 Average : 0.8856 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-30 Maturity Price : 22.27 Evaluated at bid price : 23.00 Bid-YTW : 6.93 %
IFC.PR.A	FixedReset Ins Non	Quote: 16.61 – 19.18 Spot Rate : 2.5700 Average : 2.1106 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-30 Maturity Price : 16.61 Evaluated at bid price : 16.61 Bid-YTW : 7.00 %
CU.PR.I	FixedReset Disc	Quote: 24.74 – 25.50 Spot Rate : 0.7600 Average : 0.4302 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-30 Maturity Price : 24.17 Evaluated at bid price : 24.74 Bid-YTW : 6.55 %
BN.PR.N	Perpetual-Discount	Quote: 18.00 – 18.75 Spot Rate : 0.7500 Average : 0.4824 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-30 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 6.69 %
CU.PR.F	Perpetual-Discount	Quote: 18.83 – 23.88 Spot Rate : 5.0500 Average : 4.7838 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-30 Maturity Price : 18.83 Evaluated at bid price : 18.83 Bid-YTW : 6.09 %

Market Action

April 29, 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	0.5158 %	2,080.7
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.5158 %	4,050.3
Floater	7.41 %	8.00 %	68,699	11.37	3	0.5158 %	2,334.2
OpRet	0.00 %	0.00 %	0	0.00	0	0.0050 %	3,638.1
SplitShare	4.81 %	4.78 %	65,068	1.73	8	0.0050 %	4,344.6
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0050 %	3,389.9
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	-0.1381 %	2,849.1
Perpetual-Discount	6.03 %	6.16 %	54,597	13.67	33	-0.1381 %	3,106.8
FixedReset Disc	5.75 %	6.64 %	121,600	12.63	49	0.1575 %	2,731.1
Insurance Straight	5.96 %	6.06 %	71,613	13.80	21	-0.4791 %	3,038.6
FloatingReset	5.92 %	5.97 %	38,056	13.89	3	0.1757 %	3,477.1
FixedReset Prem	6.42 %	5.46 %	143,233	13.93	10	0.1260 %	2,550.1
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.1575 %	2,791.7
FixedReset Ins Non	5.78 %	6.19 %	68,175	13.41	12	-0.6567 %	2,722.5

Performance Highlights
Issue	Index	Change	Notes
IFC.PR.A	FixedReset Ins Non	-10.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-29 Maturity Price : 16.61 Evaluated at bid price : 16.61 Bid-YTW : 7.00 %
SLF.PR.E	Insurance Straight	-3.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-29 Maturity Price : 19.17 Evaluated at bid price : 19.17 Bid-YTW : 5.94 %
MFC.PR.C	Insurance Straight	-2.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-29 Maturity Price : 19.05 Evaluated at bid price : 19.05 Bid-YTW : 6.00 %
BN.PF.I	FixedReset Disc	-2.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-29 Maturity Price : 22.75 Evaluated at bid price : 23.10 Bid-YTW : 7.08 %
MFC.PR.I	FixedReset Ins Non	-1.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-29 Maturity Price : 22.76 Evaluated at bid price : 23.40 Bid-YTW : 6.17 %
BN.PF.D	Perpetual-Discount	-1.65 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-29 Maturity Price : 19.05 Evaluated at bid price : 19.05 Bid-YTW : 6.52 %
MFC.PR.B	Insurance Straight	-1.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-29 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 5.98 %
CCS.PR.C	Insurance Straight	-1.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-29 Maturity Price : 20.95 Evaluated at bid price : 20.95 Bid-YTW : 6.04 %
SLF.PR.C	Insurance Straight	-1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-29 Maturity Price : 19.55 Evaluated at bid price : 19.55 Bid-YTW : 5.76 %
SLF.PR.D	Insurance Straight	-1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-29 Maturity Price : 19.35 Evaluated at bid price : 19.35 Bid-YTW : 5.82 %
ENB.PF.K	FixedReset Disc	-1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-29 Maturity Price : 22.66 Evaluated at bid price : 23.34 Bid-YTW : 6.55 %
CU.PR.G	Perpetual-Discount	1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-29 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 6.00 %
BMO.PR.E	FixedReset Prem	1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-29 Maturity Price : 23.57 Evaluated at bid price : 25.88 Bid-YTW : 5.46 %
BN.PF.E	FixedReset Disc	1.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-29 Maturity Price : 18.70 Evaluated at bid price : 18.70 Bid-YTW : 7.19 %
IFC.PR.G	FixedReset Ins Non	1.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-29 Maturity Price : 22.57 Evaluated at bid price : 23.25 Bid-YTW : 5.94 %
PWF.PR.A	Floater	1.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-29 Maturity Price : 13.07 Evaluated at bid price : 13.07 Bid-YTW : 6.66 %
IFC.PR.K	Insurance Straight	2.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-29 Maturity Price : 21.50 Evaluated at bid price : 21.84 Bid-YTW : 6.07 %
BN.PF.J	FixedReset Disc	3.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-29 Maturity Price : 22.82 Evaluated at bid price : 23.60 Bid-YTW : 6.36 %

Volume Highlights
Issue	Index	Shares Traded	Notes
FTS.PR.M	FixedReset Disc	153,600	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-29 Maturity Price : 20.53 Evaluated at bid price : 20.53 Bid-YTW : 6.64 %
PWF.PR.P	FixedReset Disc	112,300	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-29 Maturity Price : 14.95 Evaluated at bid price : 14.95 Bid-YTW : 7.18 %
ENB.PR.N	FixedReset Disc	103,923	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-29 Maturity Price : 21.30 Evaluated at bid price : 21.30 Bid-YTW : 6.92 %
CU.PR.H	Perpetual-Discount	78,500	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-29 Maturity Price : 22.22 Evaluated at bid price : 22.50 Bid-YTW : 5.93 %
NA.PR.E	FixedReset Disc	66,976	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-29 Maturity Price : 23.27 Evaluated at bid price : 24.72 Bid-YTW : 5.46 %
RY.PR.J	FixedReset Disc	58,900	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-06-23 Maturity Price : 25.00 Evaluated at bid price : 24.94 Bid-YTW : 4.66 %
There were 18 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
POW.PR.B	Perpetual-Discount	Quote: 22.03 – 25.00 Spot Rate : 2.9700 Average : 1.7510 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-29 Maturity Price : 21.78 Evaluated at bid price : 22.03 Bid-YTW : 6.12 %
MFC.PR.L	FixedReset Ins Non	Quote: 21.12 – 23.79 Spot Rate : 2.6700 Average : 1.6962 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-29 Maturity Price : 21.12 Evaluated at bid price : 21.12 Bid-YTW : 6.23 %
IFC.PR.A	FixedReset Ins Non	Quote: 16.61 – 19.15 Spot Rate : 2.5400 Average : 1.6069 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-29 Maturity Price : 16.61 Evaluated at bid price : 16.61 Bid-YTW : 7.00 %
MFC.PR.M	FixedReset Ins Non	Quote: 21.60 – 25.00 Spot Rate : 3.4000 Average : 2.9119 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-29 Maturity Price : 21.32 Evaluated at bid price : 21.60 Bid-YTW : 6.19 %
CU.PR.F	Perpetual-Discount	Quote: 18.95 – 23.88 Spot Rate : 4.9300 Average : 4.4920 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-29 Maturity Price : 18.95 Evaluated at bid price : 18.95 Bid-YTW : 6.05 %
MFC.PR.K	FixedReset Ins Non	Quote: 23.40 – 24.09 Spot Rate : 0.6900 Average : 0.4725 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-04-29 Maturity Price : 22.62 Evaluated at bid price : 23.40 Bid-YTW : 5.72 %

PrefBlog

May 8, 2025

May 7, 2025

May 6, 2025

May 5, 2025

ENB.PF.E To Reset To 5.395%

FTS.PR.H To Reset To 7.340% 4.183%; Interconvertible with FTS.PR.I

May 2, 2025

May 1, 2025

April 30, 2025

April 29, 2025