Category: Market Action

Market Action

June 26, 2026

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 5.61 % 6.01 % 21,541 14.80 1 -0.2849 % 2,611.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.4518 % 4,920.7
Floater 5.53 % 5.64 % 40,387 14.50 3 0.4518 % 2,835.9
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0714 % 3,628.4
SplitShare 4.80 % 4.85 % 58,331 2.73 5 -0.0714 % 4,333.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0714 % 3,380.9
Perpetual-Premium 5.70 % 5.62 % 64,863 14.04 7 0.0398 % 3,061.0
Perpetual-Discount 5.59 % 5.68 % 40,616 14.37 29 0.1393 % 3,376.1
FixedReset Disc 5.66 % 5.94 % 110,880 13.79 19 0.0640 % 3,286.3
Insurance Straight 5.49 % 5.53 % 46,827 14.62 22 -0.1387 % 3,283.9
FloatingReset 4.76 % 4.78 % 18,089 15.94 1 -1.1729 % 3,976.3
FixedReset Prem 5.92 % 4.83 % 78,176 2.22 29 0.0736 % 2,652.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0640 % 3,359.3
FixedReset Ins Non 5.33 % 5.31 % 50,675 14.57 14 -0.3015 % 3,205.8
Performance Highlights
Issue Index Change Notes
IFC.PR.A FixedReset Ins Non -3.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-26
Maturity Price : 21.60
Evaluated at bid price : 22.00
Bid-YTW : 5.47 %
GWO.PR.T Insurance Straight -3.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-26
Maturity Price : 22.22
Evaluated at bid price : 22.50
Bid-YTW : 5.74 %
GWO.PR.M Insurance Straight -1.21 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-07-26
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : -13.81 %
SLF.PR.J FloatingReset -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-26
Maturity Price : 19.38
Evaluated at bid price : 19.38
Bid-YTW : 4.78 %
SLF.PR.G FixedReset Ins Non -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-26
Maturity Price : 20.59
Evaluated at bid price : 20.59
Bid-YTW : 5.41 %
GWO.PR.N FixedReset Ins Non 1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-26
Maturity Price : 19.19
Evaluated at bid price : 19.19
Bid-YTW : 5.64 %
PWF.PR.F Perpetual-Discount 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-26
Maturity Price : 23.15
Evaluated at bid price : 23.41
Bid-YTW : 5.69 %
BN.PF.F FixedReset Prem 1.11 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-10-01
Maturity Price : 25.00
Evaluated at bid price : 25.58
Bid-YTW : 5.06 %
BN.PR.B Floater 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-26
Maturity Price : 13.90
Evaluated at bid price : 13.90
Bid-YTW : 5.64 %
POW.PR.B Perpetual-Discount 1.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-26
Maturity Price : 23.36
Evaluated at bid price : 23.65
Bid-YTW : 5.66 %
Volume Highlights
Issue Index Shares
Traded		 Notes
GWO.PF.A Perpetual-Discount 65,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-26
Maturity Price : 24.61
Evaluated at bid price : 25.01
Bid-YTW : 5.72 %
ENB.PR.J FixedReset Disc 58,350 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-26
Maturity Price : 23.00
Evaluated at bid price : 23.94
Bid-YTW : 5.99 %
PVS.PR.J SplitShare 20,380 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 24.99
Bid-YTW : 4.59 %
PVS.PR.M SplitShare 17,100 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2031-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.32
Bid-YTW : 4.94 %
ENB.PR.Y FixedReset Disc 14,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-26
Maturity Price : 22.14
Evaluated at bid price : 22.56
Bid-YTW : 6.06 %
TD.PF.I FixedReset Prem 14,100 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 26.00
Bid-YTW : 3.99 %
There were 3 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.H Perpetual-Premium Quote: 25.20 – 26.20
Spot Rate : 1.0000
Average : 0.5880

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2034-10-15
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : 5.62 %
BN.PF.F FixedReset Prem Quote: 25.58 – 26.58
Spot Rate : 1.0000
Average : 0.6548

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-10-01
Maturity Price : 25.00
Evaluated at bid price : 25.58
Bid-YTW : 5.06 %
ENB.PR.J FixedReset Disc Quote: 23.94 – 24.45
Spot Rate : 0.5100
Average : 0.3380

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-26
Maturity Price : 23.00
Evaluated at bid price : 23.94
Bid-YTW : 5.99 %
PWF.PR.K Perpetual-Discount Quote: 22.10 – 22.61
Spot Rate : 0.5100
Average : 0.3458

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-26
Maturity Price : 21.86
Evaluated at bid price : 22.10
Bid-YTW : 5.69 %
IFC.PR.A FixedReset Ins Non Quote: 22.00 – 22.96
Spot Rate : 0.9600
Average : 0.8105

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-26
Maturity Price : 21.60
Evaluated at bid price : 22.00
Bid-YTW : 5.47 %
GWO.PR.M Insurance Straight Quote: 25.40 – 25.85
Spot Rate : 0.4500
Average : 0.3159

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-07-26
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : -13.81 %
Market Action

June 25, 2026

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 5.60 % 5.85 % 20,638 14.66 1 0.0000 % 2,618.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2372 % 4,898.6
Floater 5.56 % 5.66 % 40,858 14.46 3 -0.2372 % 2,823.1
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0872 % 3,631.0
SplitShare 4.80 % 4.77 % 57,328 2.73 5 -0.0872 % 4,336.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0872 % 3,383.3
Perpetual-Premium 5.71 % 5.53 % 67,533 6.60 7 0.1879 % 3,059.8
Perpetual-Discount 5.60 % 5.68 % 40,502 14.33 29 -0.1059 % 3,371.4
FixedReset Disc 5.66 % 5.94 % 111,670 13.79 19 -0.0663 % 3,284.2
Insurance Straight 5.48 % 5.52 % 47,314 14.62 22 0.5379 % 3,288.4
FloatingReset 4.70 % 4.73 % 17,904 16.05 1 0.0000 % 4,023.4
FixedReset Prem 5.93 % 4.68 % 80,331 2.33 29 0.0428 % 2,650.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0663 % 3,357.1
FixedReset Ins Non 5.31 % 5.29 % 51,551 14.57 14 1.4381 % 3,215.5
Performance Highlights
Issue Index Change Notes
GWO.PR.I Insurance Straight -1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 5.48 %
BN.PR.R FixedReset Disc -1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 22.32
Evaluated at bid price : 23.08
Bid-YTW : 5.82 %
PWF.PR.S Perpetual-Discount -1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 5.75 %
POW.PR.B Perpetual-Discount -1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 22.93
Evaluated at bid price : 23.21
Bid-YTW : 5.77 %
PWF.PR.F Perpetual-Discount -1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 22.90
Evaluated at bid price : 23.17
Bid-YTW : 5.75 %
FTS.PR.J Perpetual-Discount 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 22.55
Evaluated at bid price : 22.80
Bid-YTW : 5.25 %
GWO.PR.T Insurance Straight 3.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 22.96
Evaluated at bid price : 23.23
Bid-YTW : 5.56 %
IFC.PR.A FixedReset Ins Non 3.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 22.41
Evaluated at bid price : 22.80
Bid-YTW : 5.27 %
IFC.PR.E Insurance Straight 9.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 23.32
Evaluated at bid price : 23.60
Bid-YTW : 5.52 %
MFC.PR.K FixedReset Ins Non 18.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 23.70
Evaluated at bid price : 25.50
Bid-YTW : 5.28 %
Volume Highlights
Issue Index Shares
Traded		 Notes
GWO.PF.A Perpetual-Discount 153,392 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 24.60
Evaluated at bid price : 25.00
Bid-YTW : 5.72 %
FTS.PR.M FixedReset Prem 54,675 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 23.33
Evaluated at bid price : 25.03
Bid-YTW : 5.51 %
ENB.PR.N FixedReset Prem 21,865 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 23.47
Evaluated at bid price : 24.95
Bid-YTW : 5.90 %
POW.PR.I Perpetual-Premium 11,177 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 24.45
Evaluated at bid price : 24.85
Bid-YTW : 5.68 %
PVS.PR.K SplitShare 10,640 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.06
Bid-YTW : 4.47 %
BN.PR.T FixedReset Disc 10,406 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 22.09
Evaluated at bid price : 22.73
Bid-YTW : 5.84 %
There were 1 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.PR.R FixedReset Disc Quote: 23.08 – 23.90
Spot Rate : 0.8200
Average : 0.4658

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 22.32
Evaluated at bid price : 23.08
Bid-YTW : 5.82 %
GWO.PR.N FixedReset Ins Non Quote: 19.00 – 20.50
Spot Rate : 1.5000
Average : 1.3294

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.69 %
CIU.PR.A Perpetual-Discount Quote: 20.81 – 21.45
Spot Rate : 0.6400
Average : 0.4965

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 20.81
Evaluated at bid price : 20.81
Bid-YTW : 5.59 %
IFC.PR.M Perpetual-Premium Quote: 24.90 – 25.45
Spot Rate : 0.5500
Average : 0.4122

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 24.50
Evaluated at bid price : 24.90
Bid-YTW : 5.53 %
POW.PR.B Perpetual-Discount Quote: 23.21 – 23.84
Spot Rate : 0.6300
Average : 0.4923

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 22.93
Evaluated at bid price : 23.21
Bid-YTW : 5.77 %
GWO.PR.S Insurance Straight Quote: 23.41 – 23.80
Spot Rate : 0.3900
Average : 0.2766

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-25
Maturity Price : 23.15
Evaluated at bid price : 23.41
Bid-YTW : 5.63 %
Market Action

June 24, 2026

PerpetualDiscounts now yield 5.67%, equivalent to 7.37% interest at the standard conversion factor of 1.3x. Long corporates yielded 4.94% on 2026-06-17. Therefore the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has remained at the 245bp reported June 17.

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 5.60 % 5.85 % 21,478 14.66 1 0.0000 % 2,618.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.6928 % 4,910.3
Floater 5.54 % 5.64 % 41,484 14.50 3 0.6928 % 2,829.8
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0792 % 3,634.2
SplitShare 4.79 % 4.45 % 53,223 2.73 5 -0.0792 % 4,340.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0792 % 3,386.2
Perpetual-Premium 5.72 % 5.69 % 66,783 14.03 7 -0.0342 % 3,054.1
Perpetual-Discount 5.59 % 5.67 % 39,823 14.39 29 0.0954 % 3,375.0
FixedReset Disc 5.66 % 5.92 % 111,435 13.81 19 -0.2372 % 3,286.4
Insurance Straight 5.51 % 5.55 % 47,448 14.58 22 -0.2008 % 3,270.8
FloatingReset 4.70 % 4.73 % 18,025 16.05 1 0.0000 % 4,023.4
FixedReset Prem 5.93 % 4.68 % 83,542 2.33 29 -0.0589 % 2,649.2
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.2372 % 3,359.4
FixedReset Ins Non 5.39 % 5.35 % 51,703 14.58 14 -1.0308 % 3,169.9
Performance Highlights
Issue Index Change Notes
MFC.PR.K FixedReset Ins Non -15.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-24
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 6.41 %
GWO.PR.T Insurance Straight -3.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-24
Maturity Price : 22.22
Evaluated at bid price : 22.50
Bid-YTW : 5.74 %
POW.PR.D Perpetual-Discount -1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-24
Maturity Price : 22.17
Evaluated at bid price : 22.45
Bid-YTW : 5.57 %
PWF.PR.A Floater 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-24
Maturity Price : 14.48
Evaluated at bid price : 14.48
Bid-YTW : 5.45 %
POW.PR.B Perpetual-Discount 1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-24
Maturity Price : 23.31
Evaluated at bid price : 23.59
Bid-YTW : 5.67 %
PWF.PR.S Perpetual-Discount 1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-24
Maturity Price : 21.33
Evaluated at bid price : 21.60
Bid-YTW : 5.64 %
MFC.PR.J FixedReset Ins Non 2.18 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-03-19
Maturity Price : 25.00
Evaluated at bid price : 25.36
Bid-YTW : 5.37 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BN.PF.E FixedReset Disc 65,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-24
Maturity Price : 22.91
Evaluated at bid price : 24.06
Bid-YTW : 5.71 %
GWO.PF.A Perpetual-Discount 64,762 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-24
Maturity Price : 24.56
Evaluated at bid price : 24.95
Bid-YTW : 5.73 %
BN.PR.T FixedReset Disc 48,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-24
Maturity Price : 22.08
Evaluated at bid price : 22.71
Bid-YTW : 5.85 %
PWF.PR.R Perpetual-Discount 39,340 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-24
Maturity Price : 24.19
Evaluated at bid price : 24.45
Bid-YTW : 5.71 %
GWO.PR.R Insurance Straight 31,295 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-24
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 5.64 %
FTS.PR.M FixedReset Prem 26,850 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-12-01
Maturity Price : 25.00
Evaluated at bid price : 25.13
Bid-YTW : 5.47 %
There were 8 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
MFC.PR.K FixedReset Ins Non Quote: 21.50 – 25.60
Spot Rate : 4.1000
Average : 2.2366

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-24
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 6.41 %
GWO.PR.T Insurance Straight Quote: 22.50 – 23.75
Spot Rate : 1.2500
Average : 0.9440

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-24
Maturity Price : 22.22
Evaluated at bid price : 22.50
Bid-YTW : 5.74 %
IFC.PR.E Insurance Straight Quote: 21.57 – 23.88
Spot Rate : 2.3100
Average : 2.0757

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-24
Maturity Price : 21.30
Evaluated at bid price : 21.57
Bid-YTW : 6.05 %
PWF.PR.T FixedReset Prem Quote: 25.12 – 26.12
Spot Rate : 1.0000
Average : 0.8237

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-24
Maturity Price : 23.49
Evaluated at bid price : 25.12
Bid-YTW : 5.45 %
GWO.PR.N FixedReset Ins Non Quote: 19.19 – 20.50
Spot Rate : 1.3100
Average : 1.1425

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-24
Maturity Price : 19.19
Evaluated at bid price : 19.19
Bid-YTW : 5.64 %
BIP.PR.E FixedReset Prem Quote: 25.95 – 26.50
Spot Rate : 0.5500
Average : 0.3970

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.95
Bid-YTW : 4.35 %
Market Action

June 23, 2026

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 5.60 % 5.84 % 22,351 14.67 1 0.6885 % 2,618.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.6645 % 4,876.5
Floater 5.58 % 5.66 % 42,897 14.47 3 -0.6645 % 2,810.3
OpRet 0.00 % 0.00 % 0 0.00 0 0.0792 % 3,637.1
SplitShare 4.79 % 4.36 % 53,339 2.74 5 0.0792 % 4,343.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0792 % 3,388.9
Perpetual-Premium 5.71 % 5.69 % 69,536 14.02 7 -0.2951 % 3,055.1
Perpetual-Discount 5.60 % 5.68 % 39,006 14.32 29 -0.1814 % 3,371.8
FixedReset Disc 5.65 % 5.89 % 112,459 13.83 19 0.3869 % 3,294.2
Insurance Straight 5.50 % 5.54 % 45,768 14.62 22 0.2791 % 3,277.4
FloatingReset 4.70 % 4.73 % 18,762 16.05 1 0.0000 % 4,023.4
FixedReset Prem 5.93 % 4.68 % 82,591 2.33 29 0.0656 % 2,650.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.3869 % 3,367.4
FixedReset Ins Non 5.33 % 5.31 % 52,185 14.58 14 -0.2272 % 3,202.9
Performance Highlights
Issue Index Change Notes
PWF.PR.S Perpetual-Discount -1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 5.75 %
MFC.PR.J FixedReset Ins Non -1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 23.59
Evaluated at bid price : 24.82
Bid-YTW : 5.77 %
POW.PR.B Perpetual-Discount -1.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 22.93
Evaluated at bid price : 23.21
Bid-YTW : 5.76 %
PWF.PR.A Floater -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 14.30
Evaluated at bid price : 14.30
Bid-YTW : 5.52 %
ENB.PR.A Perpetual-Discount 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 24.83
Evaluated at bid price : 25.05
Bid-YTW : 5.54 %
ENB.PF.A FixedReset Disc 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 22.85
Evaluated at bid price : 23.85
Bid-YTW : 6.02 %
FTS.PR.J Perpetual-Discount 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 22.40
Evaluated at bid price : 22.66
Bid-YTW : 5.28 %
BN.PR.R FixedReset Disc 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 22.53
Evaluated at bid price : 23.47
Bid-YTW : 5.71 %
IFC.PR.M Perpetual-Premium 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 24.60
Evaluated at bid price : 25.00
Bid-YTW : 5.51 %
NA.PR.K FixedReset Prem 1.55 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-05-01
Maturity Price : 25.00
Evaluated at bid price : 28.10
Bid-YTW : 3.49 %
BN.PR.T FixedReset Disc 3.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 22.06
Evaluated at bid price : 22.68
Bid-YTW : 5.85 %
GWO.PR.T Insurance Straight 4.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 23.14
Evaluated at bid price : 23.40
Bid-YTW : 5.52 %
Volume Highlights
Issue Index Shares
Traded		 Notes
FTS.PR.M FixedReset Prem 795,098 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-12-01
Maturity Price : 25.00
Evaluated at bid price : 25.13
Bid-YTW : 5.47 %
GWO.PF.A Perpetual-Discount 252,705 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 24.58
Evaluated at bid price : 24.97
Bid-YTW : 5.73 %
BN.PR.K Floater 75,619 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 13.83
Evaluated at bid price : 13.83
Bid-YTW : 5.66 %
POW.PR.I Perpetual-Premium 20,020 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 24.41
Evaluated at bid price : 24.80
Bid-YTW : 5.69 %
BN.PR.T FixedReset Disc 19,644 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 22.06
Evaluated at bid price : 22.68
Bid-YTW : 5.85 %
MFC.PR.M FixedReset Ins Non 15,142 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 23.32
Evaluated at bid price : 25.02
Bid-YTW : 5.40 %
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
IFC.PR.E Insurance Straight Quote: 21.57 – 23.85
Spot Rate : 2.2800
Average : 1.8188

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 21.30
Evaluated at bid price : 21.57
Bid-YTW : 6.05 %
GWO.PR.N FixedReset Ins Non Quote: 19.26 – 20.50
Spot Rate : 1.2400
Average : 0.9587

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 19.26
Evaluated at bid price : 19.26
Bid-YTW : 5.61 %
GWO.PR.H Insurance Straight Quote: 21.65 – 22.49
Spot Rate : 0.8400
Average : 0.5663

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 21.38
Evaluated at bid price : 21.65
Bid-YTW : 5.62 %
PWF.PF.A Perpetual-Discount Quote: 20.41 – 21.20
Spot Rate : 0.7900
Average : 0.5287

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 20.41
Evaluated at bid price : 20.41
Bid-YTW : 5.61 %
POW.PR.B Perpetual-Discount Quote: 23.21 – 23.88
Spot Rate : 0.6700
Average : 0.4413

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 22.93
Evaluated at bid price : 23.21
Bid-YTW : 5.76 %
MFC.PR.J FixedReset Ins Non Quote: 24.82 – 25.99
Spot Rate : 1.1700
Average : 0.9494

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-23
Maturity Price : 23.59
Evaluated at bid price : 24.82
Bid-YTW : 5.77 %
Market Action

June 22, 2026

Canadian inflation stepped on the gas!

Canada’s annual inflation rate in May accelerated more than expected to 3.2 per cent, a 29-month high, data showed on Monday, as the impact of higher crude oil prices due to the Iran conflict continued to filter through gasoline costs.

Analysts polled by Reuters had estimated the annual inflation rate to touch 3 per cent in May, up from 2.8 per cent in April.
…
Gasoline prices in May rose by 33.2 per cent on a year-over-year basis. Consumers in May shelled out more for gasoline than from its previous peak four years ago when Russia invaded Ukraine, Statscan said.

This led to an increase in the cost of transportation, which accounts for almost 18.5 per cent of the CPI basket, posting a 9-per-cent annual increase last month.
…
Cost of food, which also contributes around 17 per cent of the CPI basket, rose 3.8 per cent in May from 3.5 per cent in April, Statscan said, adding that this was fuelled by an increase in prices of fresh fruits and vegetables which rose by 5.3 per cent and 9 per cent respectively in May.

The impact of higher transportation and food prices were largely offset by shelter costs, the biggest contributor to the CPI basket at close to 30 per cent. Shelter costs rose by 1.7 per cent in May following a 1.8-per-cent increase in April, data showed, especially led by a reduction in mortgage costs which shrunk by 0.2 per cent last month.
…
CPI-median, the centremost component of the CPI basket, was at 2.1 per cent, while CPI-trim, which excludes the most extreme price changes, was at 2 per cent.

The day was enlivened by the closing of the GWO.PF.A Straight 5.7% issue.

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 5.64 % 6.04 % 23,224 14.78 1 -0.5705 % 2,600.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.8704 % 4,909.1
Floater 5.54 % 5.65 % 39,731 14.48 3 -0.8704 % 2,829.1
OpRet 0.00 % 0.00 % 0 0.00 0 0.1031 % 3,634.2
SplitShare 4.79 % 4.48 % 52,390 2.74 5 0.1031 % 4,340.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1031 % 3,386.2
Perpetual-Premium 5.70 % 5.73 % 70,548 14.01 7 -0.0964 % 3,064.2
Perpetual-Discount 5.59 % 5.68 % 40,404 14.31 29 0.0770 % 3,377.9
FixedReset Disc 5.67 % 5.99 % 117,076 13.80 19 -0.4626 % 3,281.5
Insurance Straight 5.51 % 5.56 % 46,259 14.55 22 -0.4723 % 3,268.3
FloatingReset 4.70 % 4.73 % 19,448 16.06 1 0.0000 % 4,023.4
FixedReset Prem 5.93 % 4.58 % 82,430 2.33 29 0.0000 % 2,649.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.4626 % 3,354.4
FixedReset Ins Non 5.15 % 5.33 % 67,623 14.59 14 0.0389 % 3,210.2
Performance Highlights
Issue Index Change Notes
IFC.PR.E Insurance Straight -8.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-22
Maturity Price : 21.30
Evaluated at bid price : 21.57
Bid-YTW : 6.05 %
BN.PR.T FixedReset Disc -2.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-22
Maturity Price : 21.58
Evaluated at bid price : 21.95
Bid-YTW : 6.06 %
PWF.PR.A Floater -1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-22
Maturity Price : 14.46
Evaluated at bid price : 14.46
Bid-YTW : 5.46 %
NA.PR.K FixedReset Prem -1.18 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-05-01
Maturity Price : 25.00
Evaluated at bid price : 27.67
Bid-YTW : 4.10 %
IFC.PR.M Perpetual-Premium -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-22
Maturity Price : 24.26
Evaluated at bid price : 24.65
Bid-YTW : 5.59 %
BN.PR.R FixedReset Disc -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-22
Maturity Price : 22.37
Evaluated at bid price : 23.17
Bid-YTW : 5.79 %
MFC.PR.B Insurance Straight 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-22
Maturity Price : 22.21
Evaluated at bid price : 22.48
Bid-YTW : 5.19 %
CIU.PR.A Perpetual-Discount 1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-22
Maturity Price : 20.82
Evaluated at bid price : 20.82
Bid-YTW : 5.58 %
MFC.PR.J FixedReset Ins Non 1.89 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-03-19
Maturity Price : 25.00
Evaluated at bid price : 25.29
Bid-YTW : 5.53 %
PWF.PR.S Perpetual-Discount 1.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-22
Maturity Price : 21.39
Evaluated at bid price : 21.66
Bid-YTW : 5.62 %
Volume Highlights
Issue Index Shares
Traded		 Notes
GWO.PF.A Perpetual-Discount 509,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-22
Maturity Price : 24.46
Evaluated at bid price : 24.85
Bid-YTW : 5.76 %
SLF.PR.H FixedReset Ins Non 54,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-22
Maturity Price : 23.25
Evaluated at bid price : 24.20
Bid-YTW : 5.36 %
PWF.PR.A Floater 30,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-22
Maturity Price : 14.46
Evaluated at bid price : 14.46
Bid-YTW : 5.46 %
TD.PF.I FixedReset Prem 20,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.99
Bid-YTW : 3.99 %
IFC.PR.I Insurance Straight 16,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-22
Maturity Price : 24.21
Evaluated at bid price : 24.71
Bid-YTW : 5.46 %
IFC.PR.K Insurance Straight 10,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-22
Maturity Price : 23.40
Evaluated at bid price : 23.85
Bid-YTW : 5.51 %
There were 0 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
IFC.PR.E Insurance Straight Quote: 21.57 – 23.88
Spot Rate : 2.3100
Average : 1.3132

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-22
Maturity Price : 21.30
Evaluated at bid price : 21.57
Bid-YTW : 6.05 %
GWO.PR.Y Insurance Straight Quote: 20.86 – 22.22
Spot Rate : 1.3600
Average : 0.8685

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-22
Maturity Price : 20.86
Evaluated at bid price : 20.86
Bid-YTW : 5.42 %
PWF.PR.P FixedReset Disc Quote: 20.36 – 21.50
Spot Rate : 1.1400
Average : 0.6924

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-22
Maturity Price : 20.36
Evaluated at bid price : 20.36
Bid-YTW : 5.81 %
NA.PR.C FixedReset Prem Quote: 26.44 – 27.44
Spot Rate : 1.0000
Average : 0.6003

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-11-15
Maturity Price : 25.00
Evaluated at bid price : 26.44
Bid-YTW : 3.33 %
BN.PR.T FixedReset Disc Quote: 21.95 – 23.55
Spot Rate : 1.6000
Average : 1.2138

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-22
Maturity Price : 21.58
Evaluated at bid price : 21.95
Bid-YTW : 6.06 %
IFC.PR.M Perpetual-Premium Quote: 24.65 – 25.45
Spot Rate : 0.8000
Average : 0.4779

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-22
Maturity Price : 24.26
Evaluated at bid price : 24.65
Bid-YTW : 5.59 %
Market Action

June 19, 2026

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 5.61 % 6.00 % 24,172 14.83 1 0.1714 % 2,615.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.6869 % 4,952.2
Floater 5.50 % 5.61 % 40,349 14.56 3 0.6869 % 2,854.0
OpRet 0.00 % 0.00 % 0 0.00 0 0.0397 % 3,630.4
SplitShare 4.80 % 4.83 % 52,635 2.74 5 0.0397 % 4,335.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0397 % 3,382.7
Perpetual-Premium 5.69 % 5.73 % 71,636 14.03 7 0.0284 % 3,067.1
Perpetual-Discount 5.59 % 5.67 % 40,136 14.32 28 0.0724 % 3,375.3
FixedReset Disc 5.64 % 5.88 % 118,599 13.87 19 0.1438 % 3,296.8
Insurance Straight 5.49 % 5.51 % 46,176 14.58 22 -0.0079 % 3,283.8
FloatingReset 4.72 % 4.74 % 20,241 16.04 1 0.0000 % 4,023.4
FixedReset Prem 5.93 % 4.66 % 85,576 2.24 29 0.2187 % 2,649.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1438 % 3,370.0
FixedReset Ins Non 5.15 % 5.28 % 68,340 14.64 14 0.2579 % 3,209.0
Performance Highlights
Issue Index Change Notes
CIU.PR.A Perpetual-Discount -1.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-19
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.67 %
MFC.PR.J FixedReset Ins Non -1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-19
Maturity Price : 23.58
Evaluated at bid price : 24.82
Bid-YTW : 5.74 %
ENB.PR.F FixedReset Disc -1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-19
Maturity Price : 22.86
Evaluated at bid price : 23.20
Bid-YTW : 6.05 %
MFC.PR.C Insurance Straight -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-19
Maturity Price : 21.28
Evaluated at bid price : 21.55
Bid-YTW : 5.24 %
GWO.PR.T Insurance Straight -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-19
Maturity Price : 22.22
Evaluated at bid price : 22.50
Bid-YTW : 5.73 %
MFC.PR.N FixedReset Ins Non 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-19
Maturity Price : 23.26
Evaluated at bid price : 24.94
Bid-YTW : 5.27 %
MFC.PR.M FixedReset Ins Non 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-19
Maturity Price : 23.35
Evaluated at bid price : 25.12
Bid-YTW : 5.36 %
BN.PR.R FixedReset Disc 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-19
Maturity Price : 22.50
Evaluated at bid price : 23.41
Bid-YTW : 5.70 %
BN.PF.A FixedReset Prem 1.52 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.99
Bid-YTW : 4.83 %
BN.PF.F FixedReset Prem 1.53 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-10-01
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : 5.54 %
ENB.PF.A FixedReset Disc 1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-19
Maturity Price : 22.78
Evaluated at bid price : 23.72
Bid-YTW : 6.03 %
GWO.PR.N FixedReset Ins Non 2.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-19
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 5.55 %
BN.PR.K Floater 2.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-19
Maturity Price : 13.95
Evaluated at bid price : 13.95
Bid-YTW : 5.61 %
Volume Highlights
Issue Index Shares
Traded		 Notes
PWF.PR.T FixedReset Prem 72,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-19
Maturity Price : 23.48
Evaluated at bid price : 25.09
Bid-YTW : 5.44 %
ENB.PR.Y FixedReset Disc 29,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-19
Maturity Price : 22.17
Evaluated at bid price : 22.61
Bid-YTW : 6.02 %
There were 0 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
MFC.PR.J FixedReset Ins Non Quote: 24.82 – 25.99
Spot Rate : 1.1700
Average : 0.7160

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-19
Maturity Price : 23.58
Evaluated at bid price : 24.82
Bid-YTW : 5.74 %
CIU.PR.A Perpetual-Discount Quote: 20.50 – 21.13
Spot Rate : 0.6300
Average : 0.3940

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-19
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.67 %
PWF.PR.S Perpetual-Discount Quote: 21.25 – 21.93
Spot Rate : 0.6800
Average : 0.5257

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-19
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 5.74 %
BN.PR.T FixedReset Disc Quote: 22.61 – 23.55
Spot Rate : 0.9400
Average : 0.7904

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-19
Maturity Price : 22.02
Evaluated at bid price : 22.61
Bid-YTW : 5.85 %
MFC.PR.B Insurance Straight Quote: 22.18 – 22.67
Spot Rate : 0.4900
Average : 0.3714

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-19
Maturity Price : 21.94
Evaluated at bid price : 22.18
Bid-YTW : 5.26 %
PWF.PR.T FixedReset Prem Quote: 25.09 – 26.09
Spot Rate : 1.0000
Average : 0.8924

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-19
Maturity Price : 23.48
Evaluated at bid price : 25.09
Bid-YTW : 5.44 %
Market Action

June 18, 2026

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 5.62 % 6.01 % 24,161 14.82 1 0.0000 % 2,611.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.3327 % 4,918.4
Floater 5.53 % 5.59 % 40,885 14.58 3 0.3327 % 2,834.5
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0397 % 3,629.0
SplitShare 4.80 % 4.57 % 54,706 2.75 5 -0.0397 % 4,333.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0397 % 3,381.4
Perpetual-Premium 5.69 % 5.73 % 72,083 14.02 7 0.0567 % 3,066.3
Perpetual-Discount 5.59 % 5.67 % 40,569 14.31 28 -0.1602 % 3,372.8
FixedReset Disc 5.65 % 5.88 % 123,438 13.88 19 -0.3502 % 3,292.0
Insurance Straight 5.49 % 5.51 % 46,886 14.61 22 0.0993 % 3,284.1
FloatingReset 4.72 % 4.73 % 21,067 16.04 1 -1.7043 % 4,023.4
FixedReset Prem 5.94 % 4.68 % 86,854 2.35 29 -0.1487 % 2,643.2
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.3502 % 3,365.1
FixedReset Ins Non 5.16 % 5.32 % 69,016 14.56 14 -0.1915 % 3,200.7
Performance Highlights
Issue Index Change Notes
ENB.PF.A FixedReset Disc -2.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-18
Maturity Price : 22.56
Evaluated at bid price : 23.30
Bid-YTW : 6.15 %
SLF.PR.J FloatingReset -1.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-18
Maturity Price : 19.61
Evaluated at bid price : 19.61
Bid-YTW : 4.73 %
GWO.PR.N FixedReset Ins Non -1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-18
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.67 %
PWF.PR.S Perpetual-Discount -1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-18
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 5.74 %
CU.PR.E Perpetual-Discount -1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-18
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 5.61 %
CU.PR.D Perpetual-Discount -1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-18
Maturity Price : 21.76
Evaluated at bid price : 22.01
Bid-YTW : 5.61 %
BN.PF.F FixedReset Prem -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-18
Maturity Price : 23.27
Evaluated at bid price : 24.82
Bid-YTW : 5.90 %
BN.PF.A FixedReset Prem -1.16 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.60
Bid-YTW : 5.54 %
ENB.PR.Y FixedReset Disc -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-18
Maturity Price : 22.09
Evaluated at bid price : 22.50
Bid-YTW : 6.05 %
ENB.PF.E FixedReset Disc -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-18
Maturity Price : 22.51
Evaluated at bid price : 23.30
Bid-YTW : 6.07 %
BN.PR.B Floater 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-18
Maturity Price : 13.99
Evaluated at bid price : 13.99
Bid-YTW : 5.59 %
MFC.PR.C Insurance Straight 1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-18
Maturity Price : 21.57
Evaluated at bid price : 21.83
Bid-YTW : 5.17 %
GWO.PR.H Insurance Straight 3.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-18
Maturity Price : 21.38
Evaluated at bid price : 21.65
Bid-YTW : 5.61 %
Volume Highlights
Issue Index Shares
Traded		 Notes
PVS.PR.H SplitShare 95,075 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-07-18
Maturity Price : 25.00
Evaluated at bid price : 25.08
Bid-YTW : 2.53 %
PVS.PR.K SplitShare 43,200 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 24.97
Bid-YTW : 4.57 %
NA.PR.S FixedReset Prem 36,100 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-05-15
Maturity Price : 25.00
Evaluated at bid price : 26.19
Bid-YTW : 4.67 %
PWF.PR.A Floater 31,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-18
Maturity Price : 14.64
Evaluated at bid price : 14.64
Bid-YTW : 5.39 %
PWF.PR.Z Perpetual-Discount 27,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-18
Maturity Price : 22.77
Evaluated at bid price : 23.05
Bid-YTW : 5.66 %
TD.PF.I FixedReset Prem 14,069 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.85
Bid-YTW : 4.38 %
There were 8 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.PR.T FixedReset Disc Quote: 22.61 – 23.55
Spot Rate : 0.9400
Average : 0.6263

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-18
Maturity Price : 22.02
Evaluated at bid price : 22.61
Bid-YTW : 5.85 %
MFC.PR.N FixedReset Ins Non Quote: 24.67 – 25.50
Spot Rate : 0.8300
Average : 0.5211

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-18
Maturity Price : 23.16
Evaluated at bid price : 24.67
Bid-YTW : 5.34 %
ENB.PF.A FixedReset Disc Quote: 23.30 – 24.05
Spot Rate : 0.7500
Average : 0.4657

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-18
Maturity Price : 22.56
Evaluated at bid price : 23.30
Bid-YTW : 6.15 %
PWF.PR.T FixedReset Prem Quote: 25.09 – 26.09
Spot Rate : 1.0000
Average : 0.7744

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-18
Maturity Price : 23.48
Evaluated at bid price : 25.09
Bid-YTW : 5.44 %
PWF.PR.R Perpetual-Discount Quote: 24.40 – 25.00
Spot Rate : 0.6000
Average : 0.3775

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-18
Maturity Price : 24.15
Evaluated at bid price : 24.40
Bid-YTW : 5.71 %
MFC.PR.M FixedReset Ins Non Quote: 24.80 – 25.45
Spot Rate : 0.6500
Average : 0.4302

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-18
Maturity Price : 23.24
Evaluated at bid price : 24.80
Bid-YTW : 5.44 %
Market Action

June 17, 2026

The FOMC stood pat today:

The Federal Open Market Committee approved the following statement for release by a 12 – 0 vote:

The Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent, in support of the Federal Reserve’s dual mandate. The Committee reaffirmed its policy of maintaining ample reserves in the banking system.

Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East. Productivity growth and capital investment are strong. Job gains have kept pace with the workforce, and the unemployment rate has changed little.

Inflation remains elevated relative to the Committee’s 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy. The Committee will deliver price stability.

“The committee will deliver price stability”? That sounds more like a Republican talking point than a central bank pronouncement … well, we’ll see. And there’s a lot less economic substance in this release than I like to see. Nevertheless, it carried unanimously, as was so eagerly trumpetted in the first line, which surprises me. Maybe Trump-toadyism has taken over. Maybe everybody just wants to be nice to Warsh at his first meeting. I certainly don’t know.

But the opacity continued into the press conference:

But as determined as Warsh said the Fed was to modernizing and fixing the economy’s problems, Warsh was noticeably less willing to provide detailed answers about the Fed’s decision-making process or thoughts on broader economic topics than Powell. Warsh often referred back to the Fed’s brief statement about the economy rather than expounding upon it.

In an answer that Warsh acknowledged was purposefully “curt,” he said: “I’ve got nothing more to say than the statement itself.” In another, he noted, “I can’t do much better than the committee just did. So let me restate it.”

The Fed’s economic projections still include the dot-plot:

Ben Werschkul comments:

The Federal Reserve’s latest “dot plot,” outlining policymakers’ interest rate projections, revealed a sharp shift in central bankers’ expectations.

Not only are rate cuts almost surely off the table for the rest of the year, but there is also a sharply higher chance of a hike before the end of 2026.

Nine policymakers who participated in the exercise projected at least one hike, with six even suggesting multiple hikes could be in the offing.
…
The median forecast for interest rates at the end of 2027 remains unchanged at the current rate of 3.50% to 3.75%.

The projection is a sharp change from the outlook released in March, which had maintained a median forecast for one rate cut in 2026 and two in total by the end of 2027.

The equity markets responded poorly:

Major North American stock indexes immediately turned lower after the U.S. Federal Reserve kept interest rates unchanged as investors interpreted the accompanying details as being hawkish.

Short-term bonds yields spiked, as did the U.S. dollar against major currencies. The Canadian dollar traded at its lowest since 2025, at just above the 71 cents US level, down about a third of a cent for the session.

The U.S. two-year bond yield rocketed 9 basis points higher, a large one-day move. Short-term ​U.S. interest-rate ‌futures are now pricing in a ⁠bigger ​chance that the Federal Reserve will deliver ​a ‌rate hike by September than opt to ‌keep ​rates where they ‌are.

The ​shift in market-based ⁠rate-path expectations ⁠comes after the ​Fed said it would leave the policy rate in its ⁠current 3.50%-3.75% range at this time, but a ⁠near-majority of policymakers ​penciled a ⁠rate hike by the ‌end of 2026 ​to combat higher inflation.

PerpetualDiscounts now yield 5.66%, equivalent to 7.36% interest at the standard conversion factor of 1.3x. Long corporates yielded 4.89% on 2026-06-17. Therefore the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened to 245bp from the 235bp reported June 10.

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 5.62 % 6.01 % 24,221 14.82 1 0.0000 % 2,611.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 1.4220 % 4,902.1
Floater 5.55 % 5.65 % 40,972 14.50 3 1.4220 % 2,825.1
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1742 % 3,630.4
SplitShare 4.80 % 4.50 % 50,660 2.75 5 -0.1742 % 4,335.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1742 % 3,382.7
Perpetual-Premium 5.70 % 5.74 % 73,099 14.10 7 -0.0851 % 3,064.5
Perpetual-Discount 5.58 % 5.66 % 40,906 14.34 28 0.2125 % 3,378.3
FixedReset Disc 5.63 % 5.86 % 125,180 13.92 19 0.0159 % 3,303.6
Insurance Straight 5.49 % 5.50 % 47,154 14.63 22 -0.2160 % 3,280.8
FloatingReset 4.64 % 4.65 % 21,926 16.20 1 0.0000 % 4,093.2
FixedReset Prem 5.94 % 4.57 % 90,437 2.35 29 0.1744 % 2,647.2
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0159 % 3,377.0
FixedReset Ins Non 5.15 % 5.27 % 69,882 14.60 14 0.1649 % 3,206.9
Performance Highlights
Issue Index Change Notes
GWO.PR.H Insurance Straight -3.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-17
Maturity Price : 20.99
Evaluated at bid price : 20.99
Bid-YTW : 5.80 %
FTS.PR.F Perpetual-Discount -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-17
Maturity Price : 22.71
Evaluated at bid price : 23.00
Bid-YTW : 5.36 %
ENB.PR.H FixedReset Disc -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-17
Maturity Price : 23.19
Evaluated at bid price : 23.50
Bid-YTW : 5.69 %
ENB.PF.E FixedReset Disc 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-17
Maturity Price : 22.64
Evaluated at bid price : 23.55
Bid-YTW : 6.00 %
BN.PF.A FixedReset Prem 1.17 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.90
Bid-YTW : 4.98 %
GWO.PR.T Insurance Straight 1.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-17
Maturity Price : 22.66
Evaluated at bid price : 22.90
Bid-YTW : 5.63 %
PWF.PR.Z Perpetual-Discount 3.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-17
Maturity Price : 22.74
Evaluated at bid price : 23.03
Bid-YTW : 5.66 %
PWF.PR.A Floater 3.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-17
Maturity Price : 14.64
Evaluated at bid price : 14.64
Bid-YTW : 5.39 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BN.PF.I FixedReset Prem 43,700 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.27
Bid-YTW : 3.75 %
PWF.PR.P FixedReset Disc 37,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-17
Maturity Price : 20.56
Evaluated at bid price : 20.56
Bid-YTW : 5.73 %
IFC.PR.C FixedReset Ins Non 35,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.03
Bid-YTW : 2.59 %
ENB.PR.P FixedReset Disc 26,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-17
Maturity Price : 23.03
Evaluated at bid price : 24.03
Bid-YTW : 5.86 %
PWF.PR.T FixedReset Prem 25,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-17
Maturity Price : 23.48
Evaluated at bid price : 25.08
Bid-YTW : 5.44 %
POW.PR.I Perpetual-Premium 15,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-17
Maturity Price : 24.61
Evaluated at bid price : 25.01
Bid-YTW : 5.74 %
There were 3 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
IFC.PR.A FixedReset Ins Non Quote: 22.00 – 23.34
Spot Rate : 1.3400
Average : 1.0033

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-17
Maturity Price : 21.60
Evaluated at bid price : 22.00
Bid-YTW : 5.44 %
GWO.PR.H Insurance Straight Quote: 20.99 – 21.78
Spot Rate : 0.7900
Average : 0.4762

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-17
Maturity Price : 20.99
Evaluated at bid price : 20.99
Bid-YTW : 5.80 %
BN.PF.M FixedReset Prem Quote: 25.75 – 26.62
Spot Rate : 0.8700
Average : 0.7404

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2031-01-01
Maturity Price : 25.00
Evaluated at bid price : 25.75
Bid-YTW : 4.88 %
ENB.PF.K FixedReset Prem Quote: 25.46 – 25.85
Spot Rate : 0.3900
Average : 0.2664

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-03-01
Maturity Price : 25.00
Evaluated at bid price : 25.46
Bid-YTW : 5.28 %
CU.PR.J Perpetual-Discount Quote: 21.66 – 22.18
Spot Rate : 0.5200
Average : 0.4139

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-17
Maturity Price : 21.66
Evaluated at bid price : 21.66
Bid-YTW : 5.54 %
IFC.PR.K Insurance Straight Quote: 23.85 – 24.90
Spot Rate : 1.0500
Average : 0.9491

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-17
Maturity Price : 23.40
Evaluated at bid price : 23.85
Bid-YTW : 5.50 %
Market Action

June 16, 2026

The SSL situation has been resolved, I think. If anybody’s still getting a ‘certificate problem’ or other peculiar behaviour, please let me know at jiHymas@himivest.com.

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 5.62 % 6.01 % 25,205 14.82 1 0.5169 % 2,611.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 -2.3075 % 4,833.4
Floater 5.63 % 5.70 % 40,481 14.42 3 -2.3075 % 2,785.5
OpRet 0.00 % 0.00 % 0 0.00 0 0.2302 % 3,636.8
SplitShare 4.79 % 4.30 % 50,061 2.75 5 0.2302 % 4,343.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2302 % 3,388.6
Perpetual-Premium 5.69 % 5.73 % 70,934 14.02 7 0.0000 % 3,067.1
Perpetual-Discount 5.59 % 5.67 % 41,449 14.32 28 0.1766 % 3,371.1
FixedReset Disc 5.63 % 5.86 % 130,276 13.92 19 0.1732 % 3,303.1
Insurance Straight 5.48 % 5.53 % 46,334 14.63 22 0.0258 % 3,287.9
FloatingReset 4.64 % 4.65 % 22,808 16.20 1 0.0000 % 4,093.2
FixedReset Prem 5.95 % 4.66 % 90,026 2.25 29 0.0524 % 2,642.5
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1732 % 3,376.4
FixedReset Ins Non 5.16 % 5.32 % 70,372 14.57 14 -0.4892 % 3,201.6
Performance Highlights
Issue Index Change Notes
PWF.PR.A Floater -3.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-16
Maturity Price : 14.17
Evaluated at bid price : 14.17
Bid-YTW : 5.57 %
BN.PR.K Floater -2.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-16
Maturity Price : 13.59
Evaluated at bid price : 13.59
Bid-YTW : 5.76 %
PWF.PR.Z Perpetual-Discount -2.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-16
Maturity Price : 22.07
Evaluated at bid price : 22.30
Bid-YTW : 5.86 %
IFC.PR.A FixedReset Ins Non -2.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-16
Maturity Price : 21.60
Evaluated at bid price : 22.00
Bid-YTW : 5.44 %
GWO.PR.N FixedReset Ins Non -1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-16
Maturity Price : 19.22
Evaluated at bid price : 19.22
Bid-YTW : 5.60 %
ENB.PF.E FixedReset Disc -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-16
Maturity Price : 22.51
Evaluated at bid price : 23.30
Bid-YTW : 6.07 %
GWO.PR.Q Insurance Straight 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-16
Maturity Price : 22.74
Evaluated at bid price : 23.03
Bid-YTW : 5.60 %
ENB.PR.D FixedReset Disc 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-16
Maturity Price : 22.31
Evaluated at bid price : 22.66
Bid-YTW : 6.03 %
IFC.PR.E Insurance Straight 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-16
Maturity Price : 23.36
Evaluated at bid price : 23.65
Bid-YTW : 5.50 %
PWF.PF.A Perpetual-Discount 1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-16
Maturity Price : 20.38
Evaluated at bid price : 20.38
Bid-YTW : 5.61 %
PWF.PR.F Perpetual-Discount 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-16
Maturity Price : 23.15
Evaluated at bid price : 23.45
Bid-YTW : 5.67 %
BN.PF.D Perpetual-Discount 2.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-16
Maturity Price : 21.24
Evaluated at bid price : 21.24
Bid-YTW : 5.79 %
CU.PR.E Perpetual-Discount 2.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-16
Maturity Price : 22.01
Evaluated at bid price : 22.25
Bid-YTW : 5.54 %
Volume Highlights
Issue Index Shares
Traded		 Notes
ENB.PR.B FixedReset Disc 25,576 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-16
Maturity Price : 22.09
Evaluated at bid price : 22.75
Bid-YTW : 6.01 %
BN.PR.R FixedReset Disc 20,527 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-16
Maturity Price : 22.33
Evaluated at bid price : 23.09
Bid-YTW : 5.79 %
MFC.PR.F FixedReset Ins Non 19,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-16
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 5.35 %
BN.PF.M FixedReset Prem 18,300 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2031-01-01
Maturity Price : 25.00
Evaluated at bid price : 25.76
Bid-YTW : 4.87 %
PWF.PR.E Perpetual-Discount 17,350 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-16
Maturity Price : 24.09
Evaluated at bid price : 24.35
Bid-YTW : 5.72 %
POW.PR.I Perpetual-Premium 16,339 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-16
Maturity Price : 24.61
Evaluated at bid price : 25.01
Bid-YTW : 5.73 %
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
IFC.PR.K Insurance Straight Quote: 23.65 – 24.90
Spot Rate : 1.2500
Average : 0.8385

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-16
Maturity Price : 23.19
Evaluated at bid price : 23.65
Bid-YTW : 5.55 %
TD.PF.A FixedReset Prem Quote: 25.45 – 26.20
Spot Rate : 0.7500
Average : 0.4464

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.45
Bid-YTW : 4.62 %
BN.PF.M FixedReset Prem Quote: 25.76 – 26.62
Spot Rate : 0.8600
Average : 0.5982

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2031-01-01
Maturity Price : 25.00
Evaluated at bid price : 25.76
Bid-YTW : 4.87 %
PWF.PR.Z Perpetual-Discount Quote: 22.30 – 23.11
Spot Rate : 0.8100
Average : 0.5889

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-16
Maturity Price : 22.07
Evaluated at bid price : 22.30
Bid-YTW : 5.86 %
IFC.PR.A FixedReset Ins Non Quote: 22.00 – 22.81
Spot Rate : 0.8100
Average : 0.6341

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-16
Maturity Price : 21.60
Evaluated at bid price : 22.00
Bid-YTW : 5.44 %
SLF.PR.E Insurance Straight Quote: 21.65 – 22.32
Spot Rate : 0.6700
Average : 0.5049

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-16
Maturity Price : 21.38
Evaluated at bid price : 21.65
Bid-YTW : 5.20 %
Market Action

June 15, 2026

Sorry about the expired SSL certificate. I have a guy working on it – the problem should be fixed very soon.

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 5.65 % 6.04 % 25,564 14.79 1 -1.3598 % 2,597.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0000 % 4,947.5
Floater 5.50 % 5.60 % 40,699 14.58 3 0.0000 % 2,851.3
OpRet 0.00 % 0.00 % 0 0.00 0 0.0556 % 3,628.4
SplitShare 4.80 % 4.48 % 49,443 2.76 5 0.0556 % 4,333.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0556 % 3,380.9
Perpetual-Premium 5.69 % 5.72 % 73,550 13.98 7 0.2159 % 3,067.1
Perpetual-Discount 5.60 % 5.68 % 41,395 14.30 28 -0.0678 % 3,365.1
FixedReset Disc 5.64 % 5.88 % 129,196 13.90 19 -0.0751 % 3,297.4
Insurance Straight 5.48 % 5.57 % 45,752 14.51 22 -0.4381 % 3,287.1
FloatingReset 4.64 % 4.65 % 23,725 16.20 1 0.0000 % 4,093.2
FixedReset Prem 5.95 % 4.68 % 89,444 2.25 29 -0.3198 % 2,641.2
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0751 % 3,370.6
FixedReset Ins Non 5.14 % 5.30 % 71,021 14.59 14 0.0060 % 3,217.3
Performance Highlights
Issue Index Change Notes
GWO.PR.T Insurance Straight -4.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-15
Maturity Price : 22.22
Evaluated at bid price : 22.50
Bid-YTW : 5.73 %
CU.PR.E Perpetual-Discount -2.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-15
Maturity Price : 21.44
Evaluated at bid price : 21.70
Bid-YTW : 5.68 %
PWF.PF.A Perpetual-Discount -1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-15
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 5.69 %
GWO.PR.Q Insurance Straight -1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-15
Maturity Price : 22.55
Evaluated at bid price : 22.80
Bid-YTW : 5.66 %
PWF.PR.A Floater -1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-15
Maturity Price : 14.65
Evaluated at bid price : 14.65
Bid-YTW : 5.38 %
BN.PF.K Ratchet -1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-15
Maturity Price : 22.00
Evaluated at bid price : 17.41
Bid-YTW : 6.04 %
ENB.PR.D FixedReset Disc -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-15
Maturity Price : 21.86
Evaluated at bid price : 22.40
Bid-YTW : 6.09 %
GWO.PR.N FixedReset Ins Non -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-15
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 5.52 %
NA.PR.C FixedReset Prem -1.07 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-11-15
Maturity Price : 25.00
Evaluated at bid price : 26.00
Bid-YTW : 4.54 %
CCS.PR.C Insurance Straight 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-15
Maturity Price : 22.48
Evaluated at bid price : 22.74
Bid-YTW : 5.50 %
FTS.PR.J Perpetual-Discount 1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-15
Maturity Price : 22.40
Evaluated at bid price : 22.66
Bid-YTW : 5.27 %
BN.PF.M FixedReset Prem 1.67 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2031-01-01
Maturity Price : 25.00
Evaluated at bid price : 25.85
Bid-YTW : 4.78 %
CU.PR.G Perpetual-Discount 1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-15
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 5.50 %
IFC.PR.M Perpetual-Premium 1.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-15
Maturity Price : 24.69
Evaluated at bid price : 25.10
Bid-YTW : 5.57 %
CU.PR.H Perpetual-Discount 1.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-15
Maturity Price : 24.06
Evaluated at bid price : 24.32
Bid-YTW : 5.43 %
FTS.PR.F Perpetual-Discount 2.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-15
Maturity Price : 22.73
Evaluated at bid price : 23.02
Bid-YTW : 5.35 %
ENB.PF.A FixedReset Disc 2.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-15
Maturity Price : 22.87
Evaluated at bid price : 23.90
Bid-YTW : 5.98 %
PWF.PR.Z Perpetual-Discount 2.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-15
Maturity Price : 22.65
Evaluated at bid price : 22.90
Bid-YTW : 5.70 %
BN.PR.K Floater 4.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-15
Maturity Price : 13.97
Evaluated at bid price : 13.97
Bid-YTW : 5.60 %
Volume Highlights
Issue Index Shares
Traded		 Notes
ENB.PF.K FixedReset Prem 123,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-03-01
Maturity Price : 25.00
Evaluated at bid price : 25.57
Bid-YTW : 4.99 %
ENB.PR.B FixedReset Disc 26,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-15
Maturity Price : 22.06
Evaluated at bid price : 22.69
Bid-YTW : 6.02 %
CU.PR.C FixedReset Prem 25,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-06-01
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : 4.58 %
GWO.PR.Z Insurance Straight 20,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-15
Maturity Price : 24.47
Evaluated at bid price : 24.87
Bid-YTW : 5.73 %
ENB.PR.T FixedReset Disc 16,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-15
Maturity Price : 23.27
Evaluated at bid price : 24.67
Bid-YTW : 5.76 %
ENB.PR.D FixedReset Disc 13,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-15
Maturity Price : 21.86
Evaluated at bid price : 22.40
Bid-YTW : 6.09 %
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
GWO.PR.Y Insurance Straight Quote: 20.76 – 22.22
Spot Rate : 1.4600
Average : 0.9899

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-15
Maturity Price : 20.76
Evaluated at bid price : 20.76
Bid-YTW : 5.44 %
GWO.PR.T Insurance Straight Quote: 22.50 – 23.75
Spot Rate : 1.2500
Average : 0.9121

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-15
Maturity Price : 22.22
Evaluated at bid price : 22.50
Bid-YTW : 5.73 %
CU.PR.E Perpetual-Discount Quote: 21.70 – 22.40
Spot Rate : 0.7000
Average : 0.4195

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-15
Maturity Price : 21.44
Evaluated at bid price : 21.70
Bid-YTW : 5.68 %
MFC.PR.M FixedReset Ins Non Quote: 24.88 – 25.45
Spot Rate : 0.5700
Average : 0.3471

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-15
Maturity Price : 23.26
Evaluated at bid price : 24.88
Bid-YTW : 5.42 %
MFC.PR.C Insurance Straight Quote: 21.45 – 22.25
Spot Rate : 0.8000
Average : 0.5979

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-15
Maturity Price : 21.45
Evaluated at bid price : 21.45
Bid-YTW : 5.27 %
BN.PF.G FixedReset Prem Quote: 24.58 – 25.25
Spot Rate : 0.6700
Average : 0.4729

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-06-15
Maturity Price : 23.09
Evaluated at bid price : 24.58
Bid-YTW : 5.89 %