Category: Market Action

Market Action

December 4, 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 0.1024 % 2,410.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.1024 % 4,570.5
Floater 5.98 % 6.27 % 61,612 13.44 3 0.1024 % 2,634.0
OpRet 0.00 % 0.00 % 0 0.00 0 0.2366 % 3,667.6
SplitShare 4.76 % 4.24 % 68,306 1.20 5 0.2366 % 4,379.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2366 % 3,417.4
Perpetual-Premium 5.64 % -10.20 % 71,784 0.09 7 -0.2356 % 3,110.3
Perpetual-Discount 5.48 % 5.57 % 50,437 14.50 28 0.0435 % 3,417.5
FixedReset Disc 5.84 % 5.87 % 102,211 13.76 31 0.1635 % 3,125.3
Insurance Straight 5.48 % 5.46 % 61,108 14.63 21 0.1499 % 3,316.8
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.1635 % 3,717.8
FixedReset Prem 5.91 % 4.76 % 103,796 2.66 20 -0.0115 % 2,656.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1635 % 3,194.7
FixedReset Ins Non 5.28 % 5.32 % 83,096 14.65 13 1.0179 % 3,104.2
Performance Highlights
Issue Index Change Notes
PWF.PR.S Perpetual-Discount -4.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-04
Maturity Price : 20.94
Evaluated at bid price : 20.94
Bid-YTW : 5.81 %
GWO.PR.S Insurance Straight -3.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-04
Maturity Price : 23.07
Evaluated at bid price : 23.33
Bid-YTW : 5.62 %
SLF.PR.E Insurance Straight -2.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-04
Maturity Price : 21.22
Evaluated at bid price : 21.22
Bid-YTW : 5.31 %
ENB.PF.A FixedReset Disc -2.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-04
Maturity Price : 21.90
Evaluated at bid price : 22.30
Bid-YTW : 6.21 %
POW.PR.G Perpetual-Discount -2.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-04
Maturity Price : 24.20
Evaluated at bid price : 24.46
Bid-YTW : 5.81 %
BN.PF.G FixedReset Disc -2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-04
Maturity Price : 22.81
Evaluated at bid price : 24.00
Bid-YTW : 5.93 %
GWO.PR.Q Insurance Straight -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-04
Maturity Price : 22.71
Evaluated at bid price : 23.00
Bid-YTW : 5.59 %
SLF.PR.G FixedReset Ins Non -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-04
Maturity Price : 19.44
Evaluated at bid price : 19.44
Bid-YTW : 5.42 %
IFC.PR.I Insurance Straight -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-04
Maturity Price : 24.31
Evaluated at bid price : 24.60
Bid-YTW : 5.58 %
PVS.PR.M SplitShare 1.06 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2031-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.70
Bid-YTW : 4.58 %
BN.PR.N Perpetual-Discount 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-04
Maturity Price : 21.02
Evaluated at bid price : 21.02
Bid-YTW : 5.76 %
CU.PR.J Perpetual-Discount 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-04
Maturity Price : 21.52
Evaluated at bid price : 21.85
Bid-YTW : 5.46 %
FTS.PR.H FixedReset Disc 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-04
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.60 %
BN.PR.Z FixedReset Disc 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-04
Maturity Price : 23.58
Evaluated at bid price : 25.04
Bid-YTW : 5.83 %
PWF.PR.L Perpetual-Discount 1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-04
Maturity Price : 22.97
Evaluated at bid price : 23.24
Bid-YTW : 5.54 %
MFC.PR.J FixedReset Ins Non 1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-04
Maturity Price : 23.64
Evaluated at bid price : 25.35
Bid-YTW : 5.36 %
ENB.PF.C FixedReset Disc 1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-04
Maturity Price : 21.86
Evaluated at bid price : 22.26
Bid-YTW : 6.14 %
POW.PR.B Perpetual-Discount 2.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-04
Maturity Price : 24.21
Evaluated at bid price : 24.50
Bid-YTW : 5.53 %
CU.PR.F Perpetual-Discount 2.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-04
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 5.38 %
GWO.PR.Y Insurance Straight 4.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-04
Maturity Price : 20.86
Evaluated at bid price : 20.86
Bid-YTW : 5.40 %
ENB.PR.F FixedReset Disc 4.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-04
Maturity Price : 21.41
Evaluated at bid price : 21.75
Bid-YTW : 6.17 %
BN.PF.E FixedReset Disc 5.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-04
Maturity Price : 22.26
Evaluated at bid price : 22.90
Bid-YTW : 5.86 %
GWO.PR.T Insurance Straight 5.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-04
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.15 %
GWO.PR.N FixedReset Ins Non 18.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-04
Maturity Price : 18.36
Evaluated at bid price : 18.36
Bid-YTW : 5.58 %
Volume Highlights
Issue Index Shares
Traded		 Notes
FFH.PR.I FixedReset Disc 301,300 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-30
Maturity Price : 25.00
Evaluated at bid price : 25.15
Bid-YTW : 4.58 %
BN.PF.H FixedReset Prem 203,553 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-30
Maturity Price : 25.00
Evaluated at bid price : 25.25
Bid-YTW : 5.42 %
BN.PF.G FixedReset Disc 161,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-04
Maturity Price : 22.81
Evaluated at bid price : 24.00
Bid-YTW : 5.93 %
SLF.PR.G FixedReset Ins Non 141,867 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-04
Maturity Price : 19.44
Evaluated at bid price : 19.44
Bid-YTW : 5.42 %
FTS.PR.H FixedReset Disc 102,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-04
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.60 %
BN.PF.E FixedReset Disc 85,389 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-04
Maturity Price : 22.26
Evaluated at bid price : 22.90
Bid-YTW : 5.86 %
There were 9 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: 20.70 – 22.00
Spot Rate : 1.3000
Average : 0.8501

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-04
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 6.15 %
PVS.PR.L SplitShare Quote: 26.15 – 27.15
Spot Rate : 1.0000
Average : 0.6190

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-03
Maturity Price : 26.00
Evaluated at bid price : 26.15
Bid-YTW : -2.24 %
CU.PR.G Perpetual-Discount Quote: 20.93 – 22.00
Spot Rate : 1.0700
Average : 0.7842

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-04
Maturity Price : 20.93
Evaluated at bid price : 20.93
Bid-YTW : 5.42 %
POW.PR.G Perpetual-Discount Quote: 24.46 – 25.16
Spot Rate : 0.7000
Average : 0.4376

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-04
Maturity Price : 24.20
Evaluated at bid price : 24.46
Bid-YTW : 5.81 %
GWO.PR.S Insurance Straight Quote: 23.33 – 24.18
Spot Rate : 0.8500
Average : 0.6150

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-04
Maturity Price : 23.07
Evaluated at bid price : 23.33
Bid-YTW : 5.62 %
SLF.PR.E Insurance Straight Quote: 21.22 – 21.94
Spot Rate : 0.7200
Average : 0.4888

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-04
Maturity Price : 21.22
Evaluated at bid price : 21.22
Bid-YTW : 5.31 %
Market Action

December 3, 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 -0.1279 % 2,407.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.1279 % 4,565.8
Floater 5.98 % 6.27 % 62,332 13.44 3 -0.1279 % 2,631.3
OpRet 0.00 % 0.00 % 0 0.00 0 0.1105 % 3,658.9
SplitShare 4.77 % 4.24 % 70,915 1.20 5 0.1105 % 4,369.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1105 % 3,409.3
Perpetual-Premium 5.63 % -7.64 % 72,615 0.09 7 0.5471 % 3,117.6
Perpetual-Discount 5.48 % 5.59 % 50,020 14.47 28 0.3208 % 3,416.0
FixedReset Disc 5.85 % 5.92 % 102,162 13.74 31 -0.0994 % 3,120.2
Insurance Straight 5.49 % 5.50 % 61,552 14.69 21 -0.3196 % 3,311.8
FloatingReset 0.00 % 0.00 % 0 0.00 0 -0.0994 % 3,711.8
FixedReset Prem 5.91 % 4.67 % 107,611 2.27 20 0.2272 % 2,656.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0994 % 3,189.4
FixedReset Ins Non 5.34 % 5.32 % 76,898 14.66 13 -1.1326 % 3,072.9
Performance Highlights
Issue Index Change Notes
GWO.PR.N FixedReset Ins Non -15.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-03
Maturity Price : 15.46
Evaluated at bid price : 15.46
Bid-YTW : 6.63 %
BN.PF.E FixedReset Disc -5.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-03
Maturity Price : 21.39
Evaluated at bid price : 21.70
Bid-YTW : 6.21 %
ENB.PR.F FixedReset Disc -4.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-03
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 6.49 %
MFC.PR.N FixedReset Ins Non -3.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-03
Maturity Price : 22.70
Evaluated at bid price : 23.73
Bid-YTW : 5.34 %
FTS.PR.H FixedReset Disc -1.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-03
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 5.68 %
ENB.PF.C FixedReset Disc -1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-03
Maturity Price : 21.60
Evaluated at bid price : 21.90
Bid-YTW : 6.25 %
BN.PR.Z FixedReset Disc -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-03
Maturity Price : 23.45
Evaluated at bid price : 24.70
Bid-YTW : 5.93 %
BN.PR.N Perpetual-Discount -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-03
Maturity Price : 20.78
Evaluated at bid price : 20.78
Bid-YTW : 5.83 %
CU.PR.G Perpetual-Discount -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-03
Maturity Price : 20.88
Evaluated at bid price : 20.88
Bid-YTW : 5.43 %
IFC.PR.I Insurance Straight 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-03
Maturity Price : 24.61
Evaluated at bid price : 24.89
Bid-YTW : 5.51 %
NA.PR.G FixedReset Prem 1.29 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-11-16
Maturity Price : 25.00
Evaluated at bid price : 26.65
Bid-YTW : 4.79 %
GWO.PR.H Insurance Straight 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-03
Maturity Price : 22.01
Evaluated at bid price : 22.25
Bid-YTW : 5.44 %
ENB.PF.A FixedReset Disc 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-03
Maturity Price : 22.28
Evaluated at bid price : 22.90
Bid-YTW : 6.03 %
GWO.PR.M Insurance Straight 1.41 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-02
Maturity Price : 25.00
Evaluated at bid price : 25.65
Bid-YTW : -28.60 %
BN.PF.J FixedReset Prem 1.57 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.90
Bid-YTW : 4.98 %
PWF.PF.A Perpetual-Discount 1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-03
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 5.52 %
PWF.PR.H Perpetual-Premium 1.64 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-02
Maturity Price : 25.00
Evaluated at bid price : 25.41
Bid-YTW : -7.64 %
SLF.PR.G FixedReset Ins Non 1.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-03
Maturity Price : 19.69
Evaluated at bid price : 19.69
Bid-YTW : 5.35 %
ENB.PR.J FixedReset Disc 1.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-03
Maturity Price : 22.03
Evaluated at bid price : 22.41
Bid-YTW : 6.16 %
FTS.PR.G FixedReset Disc 2.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-03
Maturity Price : 23.37
Evaluated at bid price : 24.86
Bid-YTW : 5.10 %
CU.PR.C FixedReset Disc 2.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-03
Maturity Price : 24.27
Evaluated at bid price : 24.60
Bid-YTW : 5.29 %
PWF.PR.S Perpetual-Discount 7.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-03
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 5.51 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BN.PR.Z FixedReset Disc 239,134 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-03
Maturity Price : 23.45
Evaluated at bid price : 24.70
Bid-YTW : 5.93 %
BN.PF.M FixedReset Prem 237,301 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2031-01-01
Maturity Price : 25.00
Evaluated at bid price : 25.65
Bid-YTW : 4.87 %
ENB.PF.C FixedReset Disc 152,771 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-03
Maturity Price : 21.60
Evaluated at bid price : 21.90
Bid-YTW : 6.25 %
MFC.PR.N FixedReset Ins Non 126,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-03
Maturity Price : 22.70
Evaluated at bid price : 23.73
Bid-YTW : 5.34 %
ENB.PF.E FixedReset Disc 124,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-03
Maturity Price : 21.90
Evaluated at bid price : 22.35
Bid-YTW : 6.10 %
ENB.PF.G FixedReset Disc 117,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-03
Maturity Price : 21.99
Evaluated at bid price : 22.50
Bid-YTW : 6.15 %
There were 20 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.N FixedReset Ins Non Quote: 15.46 – 18.44
Spot Rate : 2.9800
Average : 1.9953

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-03
Maturity Price : 15.46
Evaluated at bid price : 15.46
Bid-YTW : 6.63 %
GWO.PR.T Insurance Straight Quote: 19.84 – 23.55
Spot Rate : 3.7100
Average : 2.9728

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-03
Maturity Price : 19.84
Evaluated at bid price : 19.84
Bid-YTW : 6.51 %
ENB.PF.C FixedReset Disc Quote: 21.90 – 24.50
Spot Rate : 2.6000
Average : 1.9855

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-03
Maturity Price : 21.60
Evaluated at bid price : 21.90
Bid-YTW : 6.25 %
BN.PF.E FixedReset Disc Quote: 21.70 – 23.15
Spot Rate : 1.4500
Average : 0.9466

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-03
Maturity Price : 21.39
Evaluated at bid price : 21.70
Bid-YTW : 6.21 %
GWO.PR.Y Insurance Straight Quote: 19.96 – 21.50
Spot Rate : 1.5400
Average : 1.1225

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-03
Maturity Price : 19.96
Evaluated at bid price : 19.96
Bid-YTW : 5.65 %
ENB.PR.F FixedReset Disc Quote: 20.75 – 21.85
Spot Rate : 1.1000
Average : 0.7795

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-03
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 6.49 %
Market Action

December 2, 2025

Brompton has announced a treasury offering of SBC.PR.A preferreds only; I have updated the post SBC.PR.A: Capital Unit Split.

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 0.7732 % 2,411.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.7732 % 4,571.6
Floater 5.98 % 6.25 % 59,872 13.46 3 0.7732 % 2,634.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.2453 % 3,654.9
SplitShare 4.78 % 4.23 % 70,117 1.20 5 0.2453 % 4,364.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2453 % 3,405.5
Perpetual-Premium 5.66 % 5.54 % 73,723 6.85 7 -0.0564 % 3,100.7
Perpetual-Discount 5.50 % 5.61 % 50,441 14.47 28 0.4537 % 3,405.1
FixedReset Disc 5.84 % 5.88 % 103,393 13.75 31 0.8508 % 3,123.3
Insurance Straight 5.47 % 5.52 % 56,958 14.52 21 -0.6760 % 3,322.5
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.8508 % 3,715.5
FixedReset Prem 5.92 % 4.90 % 111,997 2.27 20 0.1524 % 2,650.2
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.8508 % 3,192.6
FixedReset Ins Non 5.28 % 5.32 % 75,672 14.64 13 2.1337 % 3,108.1
Performance Highlights
Issue Index Change Notes
GWO.PR.T Insurance Straight -14.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-02
Maturity Price : 20.17
Evaluated at bid price : 20.17
Bid-YTW : 6.52 %
GWO.PR.Y Insurance Straight -3.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-02
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 5.66 %
FTS.PR.G FixedReset Disc -2.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-02
Maturity Price : 23.11
Evaluated at bid price : 24.20
Bid-YTW : 5.27 %
POW.PR.B Perpetual-Discount -1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-02
Maturity Price : 23.69
Evaluated at bid price : 24.00
Bid-YTW : 5.65 %
ENB.PR.J FixedReset Disc -1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-02
Maturity Price : 21.72
Evaluated at bid price : 21.98
Bid-YTW : 6.29 %
PWF.PR.H Perpetual-Premium -1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-02
Maturity Price : 24.68
Evaluated at bid price : 25.00
Bid-YTW : 5.81 %
CU.PR.F Perpetual-Discount -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-02
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 5.50 %
GWO.PR.R Insurance Straight 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-02
Maturity Price : 21.83
Evaluated at bid price : 22.07
Bid-YTW : 5.52 %
ENB.PR.B FixedReset Disc 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-02
Maturity Price : 21.16
Evaluated at bid price : 21.16
Bid-YTW : 6.18 %
FTS.PR.K FixedReset Disc 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-02
Maturity Price : 22.42
Evaluated at bid price : 23.02
Bid-YTW : 5.40 %
BN.PR.T FixedReset Disc 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-02
Maturity Price : 20.47
Evaluated at bid price : 20.47
Bid-YTW : 6.19 %
BN.PR.N Perpetual-Discount 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-02
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.76 %
MFC.PR.M FixedReset Ins Non 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-02
Maturity Price : 23.14
Evaluated at bid price : 24.72
Bid-YTW : 5.23 %
ENB.PR.P FixedReset Disc 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-02
Maturity Price : 21.82
Evaluated at bid price : 22.12
Bid-YTW : 6.16 %
PWF.PR.L Perpetual-Discount 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-02
Maturity Price : 22.82
Evaluated at bid price : 23.10
Bid-YTW : 5.57 %
CU.PR.G Perpetual-Discount 1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-02
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 5.37 %
PWF.PR.A Floater 1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-02
Maturity Price : 13.70
Evaluated at bid price : 13.70
Bid-YTW : 5.74 %
FTS.PR.H FixedReset Disc 1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-02
Maturity Price : 19.03
Evaluated at bid price : 19.03
Bid-YTW : 5.59 %
BN.PF.E FixedReset Disc 1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-02
Maturity Price : 22.33
Evaluated at bid price : 23.02
Bid-YTW : 5.83 %
PWF.PR.E Perpetual-Discount 2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-02
Maturity Price : 24.23
Evaluated at bid price : 24.52
Bid-YTW : 5.66 %
CU.PR.C FixedReset Disc 2.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-02
Maturity Price : 23.48
Evaluated at bid price : 23.90
Bid-YTW : 5.44 %
ENB.PR.D FixedReset Disc 2.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-02
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.24 %
IFC.PR.C FixedReset Ins Non 3.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-02
Maturity Price : 23.67
Evaluated at bid price : 24.25
Bid-YTW : 5.55 %
MFC.PR.N FixedReset Ins Non 3.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-02
Maturity Price : 23.06
Evaluated at bid price : 24.55
Bid-YTW : 5.13 %
PWF.PR.K Perpetual-Discount 3.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-02
Maturity Price : 22.16
Evaluated at bid price : 22.44
Bid-YTW : 5.57 %
POW.PR.A Perpetual-Discount 4.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-02
Maturity Price : 24.64
Evaluated at bid price : 24.90
Bid-YTW : 5.70 %
ENB.PR.F FixedReset Disc 5.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-02
Maturity Price : 21.48
Evaluated at bid price : 21.84
Bid-YTW : 6.14 %
MFC.PR.L FixedReset Ins Non 6.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-02
Maturity Price : 23.12
Evaluated at bid price : 24.52
Bid-YTW : 5.16 %
BN.PF.G FixedReset Disc 10.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-02
Maturity Price : 23.01
Evaluated at bid price : 24.50
Bid-YTW : 5.79 %
GWO.PR.N FixedReset Ins Non 18.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-02
Maturity Price : 18.35
Evaluated at bid price : 18.35
Bid-YTW : 5.62 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BIP.PR.B FixedReset Disc 200,884 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-30
Maturity Price : 25.00
Evaluated at bid price : 24.94
Bid-YTW : 5.27 %
GWO.PR.N FixedReset Ins Non 128,397 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-02
Maturity Price : 18.35
Evaluated at bid price : 18.35
Bid-YTW : 5.62 %
FTS.PR.J Perpetual-Discount 66,006 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-02
Maturity Price : 22.12
Evaluated at bid price : 22.40
Bid-YTW : 5.32 %
FTS.PR.H FixedReset Disc 64,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-02
Maturity Price : 19.03
Evaluated at bid price : 19.03
Bid-YTW : 5.59 %
ENB.PF.G FixedReset Disc 62,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-02
Maturity Price : 22.02
Evaluated at bid price : 22.55
Bid-YTW : 6.14 %
BN.PF.M FixedReset Prem 60,300 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2031-01-01
Maturity Price : 25.00
Evaluated at bid price : 25.60
Bid-YTW : 4.91 %
There were 19 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.T Insurance Straight Quote: 20.17 – 24.00
Spot Rate : 3.8300
Average : 2.1645

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-02
Maturity Price : 20.17
Evaluated at bid price : 20.17
Bid-YTW : 6.52 %
ENB.PF.C FixedReset Disc Quote: 22.21 – 24.50
Spot Rate : 2.2900
Average : 1.3116

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-02
Maturity Price : 21.82
Evaluated at bid price : 22.21
Bid-YTW : 6.15 %
CU.PR.J Perpetual-Discount Quote: 21.60 – 23.15
Spot Rate : 1.5500
Average : 1.1026

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-02
Maturity Price : 21.60
Evaluated at bid price : 21.60
Bid-YTW : 5.54 %
FTS.PR.G FixedReset Disc Quote: 24.20 – 25.09
Spot Rate : 0.8900
Average : 0.5244

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-02
Maturity Price : 23.11
Evaluated at bid price : 24.20
Bid-YTW : 5.27 %
NA.PR.S FixedReset Prem Quote: 25.75 – 26.75
Spot Rate : 1.0000
Average : 0.7077

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-02
Maturity Price : 23.55
Evaluated at bid price : 25.75
Bid-YTW : 5.17 %
ENB.PR.J FixedReset Disc Quote: 21.98 – 22.78
Spot Rate : 0.8000
Average : 0.5310

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-02
Maturity Price : 21.72
Evaluated at bid price : 21.98
Bid-YTW : 6.29 %
Market Action

December 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 -0.8687 % 2,392.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.8687 % 4,536.6
Floater 6.02 % 6.28 % 57,432 13.43 3 -0.8687 % 2,614.4
OpRet 0.00 % 0.00 % 0 0.00 0 0.1824 % 3,646.0
SplitShare 4.79 % 4.49 % 70,118 3.22 5 0.1824 % 4,354.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1824 % 3,397.2
Perpetual-Premium 5.66 % -5.22 % 74,801 0.09 7 0.3337 % 3,102.4
Perpetual-Discount 5.52 % 5.62 % 50,015 14.46 28 -0.4128 % 3,389.7
FixedReset Disc 5.85 % 5.91 % 104,661 13.67 32 0.0512 % 3,096.9
Insurance Straight 5.43 % 5.52 % 57,611 14.51 21 0.1590 % 3,345.1
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.0512 % 3,684.1
FixedReset Prem 5.93 % 4.91 % 109,422 2.66 20 0.0791 % 2,646.2
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0512 % 3,165.7
FixedReset Ins Non 5.39 % 5.34 % 75,546 14.45 13 -1.1800 % 3,043.2
Performance Highlights
Issue Index Change Notes
GWO.PR.N FixedReset Ins Non -10.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-01
Maturity Price : 15.46
Evaluated at bid price : 15.46
Bid-YTW : 6.68 %
BN.PF.G FixedReset Disc -8.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-01
Maturity Price : 21.73
Evaluated at bid price : 22.10
Bid-YTW : 6.49 %
PWF.PR.S Perpetual-Discount -5.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-01
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.93 %
MFC.PR.L FixedReset Ins Non -5.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-01
Maturity Price : 22.38
Evaluated at bid price : 23.00
Bid-YTW : 5.56 %
POW.PR.A Perpetual-Discount -4.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-01
Maturity Price : 23.63
Evaluated at bid price : 23.90
Bid-YTW : 5.94 %
PWF.PR.K Perpetual-Discount -3.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-01
Maturity Price : 21.38
Evaluated at bid price : 21.65
Bid-YTW : 5.77 %
ENB.PR.F FixedReset Disc -3.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-01
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 6.49 %
MFC.PR.F FixedReset Ins Non -2.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-01
Maturity Price : 17.52
Evaluated at bid price : 17.52
Bid-YTW : 5.93 %
PWF.PR.A Floater -2.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-01
Maturity Price : 13.49
Evaluated at bid price : 13.49
Bid-YTW : 5.83 %
ENB.PR.D FixedReset Disc -2.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-01
Maturity Price : 20.45
Evaluated at bid price : 20.45
Bid-YTW : 6.41 %
BN.PR.N Perpetual-Discount -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-01
Maturity Price : 20.77
Evaluated at bid price : 20.77
Bid-YTW : 5.83 %
ENB.PR.Y FixedReset Disc 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-01
Maturity Price : 21.14
Evaluated at bid price : 21.14
Bid-YTW : 6.20 %
FTS.PR.F Perpetual-Discount 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-01
Maturity Price : 23.14
Evaluated at bid price : 23.40
Bid-YTW : 5.25 %
BN.PF.E FixedReset Disc 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-01
Maturity Price : 22.07
Evaluated at bid price : 22.60
Bid-YTW : 5.95 %
ENB.PF.G FixedReset Disc 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-01
Maturity Price : 21.97
Evaluated at bid price : 22.48
Bid-YTW : 6.16 %
ENB.PR.J FixedReset Disc 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-01
Maturity Price : 21.99
Evaluated at bid price : 22.35
Bid-YTW : 6.17 %
PWF.PR.T FixedReset Disc 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-01
Maturity Price : 23.35
Evaluated at bid price : 25.00
Bid-YTW : 5.21 %
PWF.PR.H Perpetual-Premium 1.40 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.35
Bid-YTW : -5.22 %
ENB.PF.C FixedReset Disc 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-01
Maturity Price : 21.82
Evaluated at bid price : 22.21
Bid-YTW : 6.15 %
PWF.PR.P FixedReset Disc 1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-01
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 5.91 %
POW.PR.B Perpetual-Discount 1.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-01
Maturity Price : 24.16
Evaluated at bid price : 24.41
Bid-YTW : 5.55 %
FTS.PR.G FixedReset Disc 1.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-01
Maturity Price : 23.37
Evaluated at bid price : 24.85
Bid-YTW : 5.10 %
GWO.PR.L Insurance Straight 2.09 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.42
Bid-YTW : -3.24 %
Volume Highlights
Issue Index Shares
Traded		 Notes
FFH.PR.I FixedReset Disc 765,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.14
Bid-YTW : 3.31 %
BN.PF.M FixedReset Prem 71,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2031-01-01
Maturity Price : 25.00
Evaluated at bid price : 25.60
Bid-YTW : 4.91 %
CU.PR.K Perpetual-Discount 65,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-01
Maturity Price : 24.62
Evaluated at bid price : 25.01
Bid-YTW : 5.62 %
GWO.PR.N FixedReset Ins Non 52,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-01
Maturity Price : 15.46
Evaluated at bid price : 15.46
Bid-YTW : 6.68 %
GWO.PR.P Insurance Straight 44,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-01
Maturity Price : 24.16
Evaluated at bid price : 24.42
Bid-YTW : 5.62 %
IFC.PR.G FixedReset Ins Non 44,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-01
Maturity Price : 23.65
Evaluated at bid price : 25.59
Bid-YTW : 5.32 %
There were 20 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.N FixedReset Ins Non Quote: 15.46 – 18.20
Spot Rate : 2.7400
Average : 1.7553

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-01
Maturity Price : 15.46
Evaluated at bid price : 15.46
Bid-YTW : 6.68 %
ENB.PF.G FixedReset Disc Quote: 22.48 – 24.75
Spot Rate : 2.2700
Average : 1.3526

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-01
Maturity Price : 21.97
Evaluated at bid price : 22.48
Bid-YTW : 6.16 %
BN.PF.G FixedReset Disc Quote: 22.10 – 24.48
Spot Rate : 2.3800
Average : 1.6063

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-01
Maturity Price : 21.73
Evaluated at bid price : 22.10
Bid-YTW : 6.49 %
MFC.PR.F FixedReset Ins Non Quote: 17.52 – 19.25
Spot Rate : 1.7300
Average : 1.2214

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-01
Maturity Price : 17.52
Evaluated at bid price : 17.52
Bid-YTW : 5.93 %
GWO.PR.Z Insurance Straight Quote: 25.50 – 26.50
Spot Rate : 1.0000
Average : 0.6154

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2034-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.50
Bid-YTW : 5.60 %
POW.PR.A Perpetual-Discount Quote: 23.90 – 25.75
Spot Rate : 1.8500
Average : 1.4815

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-12-01
Maturity Price : 23.63
Evaluated at bid price : 23.90
Bid-YTW : 5.94 %
Market Action

November 28, 2025

TXPR closed at 689.10, up 0.55% on the day, doubtless helped by the TRP.PR.G redemption money. Volume today was 1.13-million, near the median of the past 21 trading days.

CPD closed at 13.67, up 0.37% on the day. Volume was 24,480, third-lowest of the past 21 trading days.

ZPR closed at 12.06, up 0.33% on the day. Volume was 28,870, lowest of the past 21 trading days.

Five-year Canada yields were steady at 2.73%.

Equity markets were good but quiet:

U.S. stocks climbed on Friday in thin trading volume during a shortened session after Thanksgiving, driven by gains in retail and a recovery in tech stocks.

Expectations for a Federal Reserve rate cut in December strengthened throughout the week, helping underpin sentiment across equity markets.

The Dow Jones Industrial Average rose 0.61 per cent, to 47,716.42 points, the S&P 500 gained 0.54 per cent, to 6,849.09 points and the Nasdaq Composite added 0.65 per cent, to 23,365.69.

All of the major S&P 500 sectors were up except healthcare, with pharmaceutical Eli Lilly down 2.6 per cent.

Intel helped lead the S&P 500 with a 10.2 per cent gain after a TF International Securities analyst said the company would begin shipping Apple’s lowest-end M processor as early as 2027.

The three main indexes posted weekly gains. The S&P 500 rose 3.73 per cent, the Nasdaq gained 4.91 per cent, and the Dow climbed 3.18 per cent. The S&P and the Dow swung to marginally positive for the month after Friday’s prices settled.

But the Nasdaq closed down 1.51 per cent this month, reflecting growing concerns about stretched AI and tech valuations, with investors taking profits and reducing exposure.

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 0.2818 % 2,413.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.2818 % 4,576.3
Floater 5.97 % 6.27 % 57,701 13.45 3 0.2818 % 2,637.3
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0792 % 3,639.3
SplitShare 4.80 % 4.56 % 70,685 3.23 5 -0.0792 % 4,346.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0792 % 3,391.0
Perpetual-Premium 5.67 % 5.53 % 73,936 6.85 7 0.3122 % 3,092.1
Perpetual-Discount 5.50 % 5.60 % 49,159 14.47 27 0.8450 % 3,403.7
FixedReset Disc 5.89 % 5.89 % 104,956 13.74 29 0.9774 % 3,095.3
Insurance Straight 5.44 % 5.54 % 57,799 14.51 21 0.3626 % 3,339.8
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.9774 % 3,682.2
FixedReset Prem 5.85 % 4.91 % 109,019 2.28 22 0.0775 % 2,644.1
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.9774 % 3,164.1
FixedReset Ins Non 5.20 % 5.30 % 64,373 14.69 15 0.4238 % 3,079.5
Performance Highlights
Issue Index Change Notes
GWO.PR.N FixedReset Ins Non -4.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-28
Maturity Price : 17.31
Evaluated at bid price : 17.31
Bid-YTW : 5.91 %
PWF.PR.E Perpetual-Discount -1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-28
Maturity Price : 23.73
Evaluated at bid price : 24.04
Bid-YTW : 5.77 %
PWF.PR.L Perpetual-Discount 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-28
Maturity Price : 22.74
Evaluated at bid price : 23.03
Bid-YTW : 5.59 %
FTS.PR.M FixedReset Disc 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-28
Maturity Price : 23.00
Evaluated at bid price : 24.35
Bid-YTW : 5.40 %
BN.PF.F FixedReset Disc 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-28
Maturity Price : 23.00
Evaluated at bid price : 24.30
Bid-YTW : 5.88 %
BN.PF.B FixedReset Disc 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-28
Maturity Price : 22.97
Evaluated at bid price : 24.10
Bid-YTW : 5.81 %
CU.PR.G Perpetual-Discount 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-28
Maturity Price : 20.72
Evaluated at bid price : 20.72
Bid-YTW : 5.46 %
ENB.PR.F FixedReset Disc 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-28
Maturity Price : 21.48
Evaluated at bid price : 21.48
Bid-YTW : 6.23 %
BN.PR.R FixedReset Disc 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-28
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 6.20 %
PWF.PR.Z Perpetual-Discount 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-28
Maturity Price : 22.91
Evaluated at bid price : 23.18
Bid-YTW : 5.61 %
BN.PR.N Perpetual-Discount 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-28
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.76 %
FTS.PR.G FixedReset Disc 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-28
Maturity Price : 23.18
Evaluated at bid price : 24.37
Bid-YTW : 5.19 %
PWF.PR.T FixedReset Disc 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-28
Maturity Price : 23.24
Evaluated at bid price : 24.68
Bid-YTW : 5.27 %
SLF.PR.H FixedReset Ins Non 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-28
Maturity Price : 21.96
Evaluated at bid price : 22.52
Bid-YTW : 5.34 %
ENB.PR.H FixedReset Disc 1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-28
Maturity Price : 22.13
Evaluated at bid price : 22.49
Bid-YTW : 5.68 %
FTS.PR.H FixedReset Disc 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-28
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 5.67 %
IFC.PR.F Insurance Straight 1.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-28
Maturity Price : 23.90
Evaluated at bid price : 24.20
Bid-YTW : 5.56 %
SLF.PR.G FixedReset Ins Non 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-28
Maturity Price : 19.31
Evaluated at bid price : 19.31
Bid-YTW : 5.42 %
PWF.PR.R Perpetual-Discount 1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-28
Maturity Price : 24.25
Evaluated at bid price : 24.55
Bid-YTW : 5.65 %
PWF.PR.K Perpetual-Discount 2.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-28
Maturity Price : 22.17
Evaluated at bid price : 22.45
Bid-YTW : 5.56 %
BIP.PR.E FixedReset Prem 2.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-28
Maturity Price : 23.63
Evaluated at bid price : 25.37
Bid-YTW : 5.72 %
POW.PR.G Perpetual-Premium 2.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-28
Maturity Price : 24.70
Evaluated at bid price : 24.98
Bid-YTW : 5.68 %
SLF.PR.E Insurance Straight 2.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-28
Maturity Price : 21.51
Evaluated at bid price : 21.51
Bid-YTW : 5.23 %
ENB.PR.D FixedReset Disc 2.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-28
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 6.23 %
ELF.PR.H Perpetual-Discount 2.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-28
Maturity Price : 24.30
Evaluated at bid price : 24.61
Bid-YTW : 5.65 %
POW.PR.A Perpetual-Discount 4.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-28
Maturity Price : 24.64
Evaluated at bid price : 24.90
Bid-YTW : 5.70 %
BN.PF.D Perpetual-Discount 4.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-28
Maturity Price : 21.30
Evaluated at bid price : 21.57
Bid-YTW : 5.77 %
MFC.PR.L FixedReset Ins Non 5.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-28
Maturity Price : 23.05
Evaluated at bid price : 24.33
Bid-YTW : 5.18 %
PWF.PR.S Perpetual-Discount 6.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-28
Maturity Price : 21.51
Evaluated at bid price : 21.77
Bid-YTW : 5.56 %
BN.PF.G FixedReset Disc 9.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-28
Maturity Price : 22.87
Evaluated at bid price : 24.15
Bid-YTW : 5.86 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CU.PR.K Perpetual-Discount 353,731 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-28
Maturity Price : 24.61
Evaluated at bid price : 25.00
Bid-YTW : 5.62 %
GWO.PR.N FixedReset Ins Non 109,049 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-28
Maturity Price : 17.31
Evaluated at bid price : 17.31
Bid-YTW : 5.91 %
BN.PF.M FixedReset Prem 55,889 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2031-01-01
Maturity Price : 25.00
Evaluated at bid price : 25.50
Bid-YTW : 4.99 %
POW.PR.I Perpetual-Discount 53,704 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-28
Maturity Price : 24.65
Evaluated at bid price : 25.05
Bid-YTW : 5.67 %
BIP.PR.B FixedReset Prem 31,430 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 24.94
Bid-YTW : 2.68 %
PWF.PR.P FixedReset Disc 30,608 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-28
Maturity Price : 18.36
Evaluated at bid price : 18.36
Bid-YTW : 5.96 %
There were 9 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: 24.90 – 25.90
Spot Rate : 1.0000
Average : 0.5942

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-28
Maturity Price : 23.38
Evaluated at bid price : 24.90
Bid-YTW : 5.16 %
BN.PF.E FixedReset Disc Quote: 22.35 – 23.53
Spot Rate : 1.1800
Average : 0.7779

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-28
Maturity Price : 21.91
Evaluated at bid price : 22.35
Bid-YTW : 5.99 %
NA.PR.S FixedReset Prem Quote: 25.85 – 26.85
Spot Rate : 1.0000
Average : 0.6143

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-28
Maturity Price : 23.57
Evaluated at bid price : 25.85
Bid-YTW : 5.12 %
BN.PF.A FixedReset Prem Quote: 25.63 – 26.63
Spot Rate : 1.0000
Average : 0.6434

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-28
Maturity Price : 23.61
Evaluated at bid price : 25.63
Bid-YTW : 5.73 %
ENB.PR.B FixedReset Disc Quote: 20.89 – 21.55
Spot Rate : 0.6600
Average : 0.4127

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-28
Maturity Price : 20.89
Evaluated at bid price : 20.89
Bid-YTW : 6.23 %
IFC.PR.I Insurance Straight Quote: 24.60 – 25.95
Spot Rate : 1.3500
Average : 1.1042

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-28
Maturity Price : 24.31
Evaluated at bid price : 24.60
Bid-YTW : 5.57 %
Market Action

November 27, 2025

A very sleepy day for the Canadian preferred share market!

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 0.5669 % 2,406.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.5669 % 4,563.4
Floater 5.99 % 6.27 % 58,302 13.44 3 0.5669 % 2,629.9
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1503 % 3,642.2
SplitShare 4.79 % 4.50 % 73,602 3.24 5 -0.1503 % 4,349.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1503 % 3,393.7
Perpetual-Premium 5.69 % 5.53 % 72,120 6.86 7 -0.1134 % 3,082.5
Perpetual-Discount 5.55 % 5.64 % 49,223 14.40 27 -0.0765 % 3,375.2
FixedReset Disc 5.95 % 5.99 % 104,134 13.65 29 0.0140 % 3,065.4
Insurance Straight 5.46 % 5.54 % 57,780 14.46 21 0.6737 % 3,327.7
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.0140 % 3,646.6
FixedReset Prem 5.86 % 4.91 % 106,733 2.67 22 0.1005 % 2,642.1
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0140 % 3,133.4
FixedReset Ins Non 5.23 % 5.32 % 62,902 14.57 15 0.2969 % 3,066.5
Performance Highlights
Issue Index Change Notes
BN.PF.G FixedReset Disc -7.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-27
Maturity Price : 21.73
Evaluated at bid price : 22.10
Bid-YTW : 6.46 %
POW.PR.A Perpetual-Discount -4.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-27
Maturity Price : 23.63
Evaluated at bid price : 23.90
Bid-YTW : 5.94 %
BN.PF.D Perpetual-Discount -3.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-27
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 6.06 %
MFC.PR.N FixedReset Ins Non -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-27
Maturity Price : 22.70
Evaluated at bid price : 23.73
Bid-YTW : 5.31 %
IFC.PR.F Insurance Straight -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-27
Maturity Price : 23.56
Evaluated at bid price : 23.85
Bid-YTW : 5.64 %
GWO.PR.T Insurance Straight 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-27
Maturity Price : 23.16
Evaluated at bid price : 23.42
Bid-YTW : 5.58 %
PWF.PR.A Floater 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-27
Maturity Price : 13.76
Evaluated at bid price : 13.76
Bid-YTW : 5.71 %
GWO.PR.M Insurance Straight 1.50 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-27
Maturity Price : 25.00
Evaluated at bid price : 25.78
Bid-YTW : -19.67 %
IFC.PR.G FixedReset Ins Non 1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-27
Maturity Price : 23.60
Evaluated at bid price : 25.45
Bid-YTW : 5.32 %
SLF.PR.C Insurance Straight 1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-27
Maturity Price : 21.45
Evaluated at bid price : 21.45
Bid-YTW : 5.19 %
PWF.PR.E Perpetual-Discount 1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-27
Maturity Price : 24.18
Evaluated at bid price : 24.44
Bid-YTW : 5.68 %
ENB.PR.J FixedReset Disc 2.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-27
Maturity Price : 21.86
Evaluated at bid price : 22.17
Bid-YTW : 6.20 %
MFC.PR.F FixedReset Ins Non 3.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-27
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 5.69 %
BN.PF.B FixedReset Disc 3.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-27
Maturity Price : 22.86
Evaluated at bid price : 23.85
Bid-YTW : 5.88 %
PWF.PF.A Perpetual-Discount 6.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-27
Maturity Price : 20.43
Evaluated at bid price : 20.43
Bid-YTW : 5.57 %
MFC.PR.C Insurance Straight 7.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-27
Maturity Price : 21.26
Evaluated at bid price : 21.53
Bid-YTW : 5.22 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CU.PR.K Perpetual-Discount 487,376 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-27
Maturity Price : 24.57
Evaluated at bid price : 24.96
Bid-YTW : 5.63 %
BN.PF.M FixedReset Prem 118,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2031-01-01
Maturity Price : 25.00
Evaluated at bid price : 25.45
Bid-YTW : 5.03 %
BN.PR.T FixedReset Disc 77,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-27
Maturity Price : 20.11
Evaluated at bid price : 20.11
Bid-YTW : 6.26 %
POW.PR.I Perpetual-Discount 43,016 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-27
Maturity Price : 24.62
Evaluated at bid price : 25.02
Bid-YTW : 5.67 %
ENB.PF.G FixedReset Disc 30,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-27
Maturity Price : 21.73
Evaluated at bid price : 22.12
Bid-YTW : 6.24 %
IFC.PR.A FixedReset Ins Non 30,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-27
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 5.39 %
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.PF.G FixedReset Disc Quote: 22.10 – 24.34
Spot Rate : 2.2400
Average : 1.3478

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-27
Maturity Price : 21.73
Evaluated at bid price : 22.10
Bid-YTW : 6.46 %
POW.PR.A Perpetual-Discount Quote: 23.90 – 25.75
Spot Rate : 1.8500
Average : 1.3267

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-27
Maturity Price : 23.63
Evaluated at bid price : 23.90
Bid-YTW : 5.94 %
MFC.PR.L FixedReset Ins Non Quote: 23.00 – 25.00
Spot Rate : 2.0000
Average : 1.5099

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-27
Maturity Price : 22.38
Evaluated at bid price : 23.00
Bid-YTW : 5.53 %
CU.PR.G Perpetual-Discount Quote: 20.50 – 22.00
Spot Rate : 1.5000
Average : 1.0814

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-27
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.52 %
BN.PF.J FixedReset Prem Quote: 25.70 – 26.70
Spot Rate : 1.0000
Average : 0.7108

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.70
Bid-YTW : 5.34 %
BN.PF.D Perpetual-Discount Quote: 20.60 – 21.75
Spot Rate : 1.1500
Average : 0.8912

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-27
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 6.06 %
Market Action

November 26, 2025

PerpetualDiscounts now yield 5.63%, equivalent to 7.32% interest at the standard conversion factor of 1.3x. Long corporates yielded 4.74% on 2025-11-26, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened sharply to 260bp from the 240bp reported November 12.

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 -0.6655 % 2,393.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.6655 % 4,537.7
Floater 6.02 % 6.30 % 58,238 13.41 3 -0.6655 % 2,615.1
OpRet 0.00 % 0.00 % 0 0.00 0 0.0712 % 3,647.7
SplitShare 4.79 % 4.32 % 73,587 3.24 5 0.0712 % 4,356.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0712 % 3,398.8
Perpetual-Premium 5.68 % 0.02 % 73,173 0.09 7 -0.1698 % 3,086.0
Perpetual-Discount 5.54 % 5.63 % 49,520 14.43 26 -0.1375 % 3,377.8
FixedReset Disc 5.95 % 5.96 % 106,690 13.64 29 0.7113 % 3,065.0
Insurance Straight 5.50 % 5.57 % 59,965 14.46 21 -0.0750 % 3,305.4
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.7113 % 3,646.1
FixedReset Prem 5.86 % 5.01 % 109,928 2.67 22 0.4429 % 2,639.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.7113 % 3,133.0
FixedReset Ins Non 5.24 % 5.39 % 65,151 14.53 15 0.0058 % 3,057.5
Performance Highlights
Issue Index Change Notes
PWF.PF.A Perpetual-Discount -6.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-26
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 5.95 %
PWF.PR.S Perpetual-Discount -6.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-26
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.93 %
MFC.PR.C Insurance Straight -6.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-26
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.64 %
MFC.PR.L FixedReset Ins Non -3.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-26
Maturity Price : 22.38
Evaluated at bid price : 23.00
Bid-YTW : 5.53 %
POW.PR.G Perpetual-Premium -1.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-26
Maturity Price : 24.20
Evaluated at bid price : 24.46
Bid-YTW : 5.80 %
PWF.PR.E Perpetual-Discount -1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-26
Maturity Price : 23.73
Evaluated at bid price : 24.04
Bid-YTW : 5.77 %
PWF.PR.A Floater -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-26
Maturity Price : 13.60
Evaluated at bid price : 13.60
Bid-YTW : 5.78 %
PWF.PR.K Perpetual-Discount -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-26
Maturity Price : 21.97
Evaluated at bid price : 22.20
Bid-YTW : 5.63 %
MFC.PR.M FixedReset Ins Non 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-26
Maturity Price : 22.94
Evaluated at bid price : 24.22
Bid-YTW : 5.33 %
MFC.PR.J FixedReset Ins Non 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-26
Maturity Price : 23.55
Evaluated at bid price : 25.10
Bid-YTW : 5.39 %
MFC.PR.N FixedReset Ins Non 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-26
Maturity Price : 22.83
Evaluated at bid price : 24.01
Bid-YTW : 5.24 %
ENB.PR.P FixedReset Disc 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-26
Maturity Price : 21.42
Evaluated at bid price : 21.75
Bid-YTW : 6.23 %
FFH.PR.K FixedReset Prem 1.19 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.50
Bid-YTW : 4.14 %
ENB.PR.N FixedReset Disc 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-26
Maturity Price : 22.90
Evaluated at bid price : 23.84
Bid-YTW : 5.93 %
CU.PR.F Perpetual-Discount 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-26
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 5.49 %
SLF.PR.D Insurance Straight 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-26
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 5.30 %
ENB.PF.E FixedReset Disc 1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-26
Maturity Price : 21.44
Evaluated at bid price : 21.71
Bid-YTW : 6.26 %
TD.PF.J FixedReset Prem 1.60 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-04-30
Maturity Price : 25.00
Evaluated at bid price : 26.06
Bid-YTW : 4.11 %
ENB.PF.C FixedReset Disc 1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-26
Maturity Price : 21.52
Evaluated at bid price : 21.79
Bid-YTW : 6.25 %
ENB.PF.A FixedReset Disc 1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-26
Maturity Price : 21.96
Evaluated at bid price : 22.40
Bid-YTW : 6.14 %
NA.PR.K FixedReset Prem 1.85 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-05-01
Maturity Price : 25.00
Evaluated at bid price : 28.15
Bid-YTW : 3.90 %
CU.PR.J Perpetual-Discount 2.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-26
Maturity Price : 21.54
Evaluated at bid price : 21.54
Bid-YTW : 5.55 %
FTS.PR.J Perpetual-Discount 2.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-26
Maturity Price : 22.40
Evaluated at bid price : 22.66
Bid-YTW : 5.26 %
BN.PF.E FixedReset Disc 3.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-26
Maturity Price : 21.96
Evaluated at bid price : 22.43
Bid-YTW : 5.96 %
BN.PF.D Perpetual-Discount 3.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-26
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 5.86 %
PWF.PR.P FixedReset Disc 4.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-26
Maturity Price : 18.36
Evaluated at bid price : 18.36
Bid-YTW : 5.95 %
MFC.PR.B Insurance Straight 6.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-26
Maturity Price : 21.44
Evaluated at bid price : 21.70
Bid-YTW : 5.35 %
GWO.PR.N FixedReset Ins Non 16.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-26
Maturity Price : 18.03
Evaluated at bid price : 18.03
Bid-YTW : 5.67 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BN.PF.M FixedReset Prem 819,110 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2031-01-01
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : 5.16 %
FTS.PR.J Perpetual-Discount 85,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-26
Maturity Price : 22.40
Evaluated at bid price : 22.66
Bid-YTW : 5.26 %
BMO.PR.E FixedReset Prem 81,290 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-11-25
Maturity Price : 25.00
Evaluated at bid price : 26.60
Bid-YTW : 4.55 %
CM.PR.S FixedReset Prem 71,546 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.86
Bid-YTW : 4.44 %
POW.PR.I Perpetual-Discount 51,700 YTW SCENARIO
Maturity Type : Option Certainty
Maturity Date : 2055-11-26
Maturity Price : 25.00
Evaluated at bid price : 25.01
Bid-YTW : 5.69 %
FFH.PR.I FixedReset Disc 50,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-26
Maturity Price : 23.97
Evaluated at bid price : 25.00
Bid-YTW : 5.62 %
There were 13 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.C Insurance Straight Quote: 20.00 – 22.00
Spot Rate : 2.0000
Average : 1.1678

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-26
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.64 %
PWF.PR.S Perpetual-Discount Quote: 20.50 – 22.00
Spot Rate : 1.5000
Average : 1.0580

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-26
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.93 %
PWF.PF.A Perpetual-Discount Quote: 19.15 – 20.70
Spot Rate : 1.5500
Average : 1.1195

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-26
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 5.95 %
MFC.PR.L FixedReset Ins Non Quote: 23.00 – 24.35
Spot Rate : 1.3500
Average : 0.9725

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-26
Maturity Price : 22.38
Evaluated at bid price : 23.00
Bid-YTW : 5.53 %
ENB.PF.E FixedReset Disc Quote: 21.71 – 22.80
Spot Rate : 1.0900
Average : 0.7869

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-26
Maturity Price : 21.44
Evaluated at bid price : 21.71
Bid-YTW : 6.26 %
GWO.PR.R Insurance Straight Quote: 21.66 – 22.60
Spot Rate : 0.9400
Average : 0.6847

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-26
Maturity Price : 21.39
Evaluated at bid price : 21.66
Bid-YTW : 5.62 %
Market Action

November 25, 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 0.0256 % 2,409.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0256 % 4,568.1
Floater 5.98 % 6.27 % 58,093 13.45 3 0.0256 % 2,632.6
OpRet 0.00 % 0.00 % 0 0.00 0 0.1427 % 3,645.1
SplitShare 4.79 % 4.47 % 73,607 3.24 5 0.1427 % 4,353.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1427 % 3,396.4
Perpetual-Premium 5.67 % 2.26 % 74,347 0.09 7 0.3408 % 3,091.2
Perpetual-Discount 5.53 % 5.61 % 49,698 14.45 26 0.7368 % 3,382.4
FixedReset Disc 5.99 % 6.11 % 107,919 13.59 29 -0.0513 % 3,043.3
Insurance Straight 5.49 % 5.57 % 59,455 14.45 21 -0.2308 % 3,307.9
FloatingReset 0.00 % 0.00 % 0 0.00 0 -0.0513 % 3,620.3
FixedReset Prem 5.90 % 5.06 % 103,995 2.68 21 0.0797 % 2,627.8
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0513 % 3,110.9
FixedReset Ins Non 5.24 % 5.41 % 66,270 14.41 15 -0.4838 % 3,057.3
Performance Highlights
Issue Index Change Notes
GWO.PR.N FixedReset Ins Non -13.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-25
Maturity Price : 15.46
Evaluated at bid price : 15.46
Bid-YTW : 6.62 %
MFC.PR.B Insurance Straight -5.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-25
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 5.76 %
PWF.PR.P FixedReset Disc -3.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-25
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 6.21 %
BN.PF.D Perpetual-Discount -2.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-25
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.09 %
ENB.PR.J FixedReset Disc -1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-25
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 6.41 %
BN.PF.E FixedReset Disc -1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-25
Maturity Price : 21.39
Evaluated at bid price : 21.70
Bid-YTW : 6.17 %
SLF.PR.D Insurance Straight -1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-25
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.39 %
SLF.PR.E Insurance Straight -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-25
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 5.36 %
BN.PF.C Perpetual-Discount -1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-25
Maturity Price : 20.94
Evaluated at bid price : 20.94
Bid-YTW : 5.90 %
MFC.PR.F FixedReset Ins Non -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-25
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 5.91 %
ENB.PF.E FixedReset Disc -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-25
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 6.37 %
SLF.PR.H FixedReset Ins Non 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-25
Maturity Price : 21.95
Evaluated at bid price : 22.50
Bid-YTW : 5.39 %
FTS.PR.K FixedReset Disc 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-25
Maturity Price : 22.02
Evaluated at bid price : 22.40
Bid-YTW : 5.53 %
POW.PR.D Perpetual-Discount 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-25
Maturity Price : 22.67
Evaluated at bid price : 22.91
Bid-YTW : 5.52 %
IFC.PR.F Insurance Straight 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-25
Maturity Price : 23.80
Evaluated at bid price : 24.10
Bid-YTW : 5.58 %
FTS.PR.F Perpetual-Discount 1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-25
Maturity Price : 22.88
Evaluated at bid price : 23.15
Bid-YTW : 5.31 %
PWF.PR.S Perpetual-Discount 1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-25
Maturity Price : 21.74
Evaluated at bid price : 21.99
Bid-YTW : 5.50 %
MFC.PR.C Insurance Straight 1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-25
Maturity Price : 21.38
Evaluated at bid price : 21.65
Bid-YTW : 5.28 %
PWF.PR.E Perpetual-Discount 1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-25
Maturity Price : 24.17
Evaluated at bid price : 24.43
Bid-YTW : 5.68 %
POW.PR.A Perpetual-Discount 1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-25
Maturity Price : 24.69
Evaluated at bid price : 25.01
Bid-YTW : 5.66 %
BN.PF.G FixedReset Disc 2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-25
Maturity Price : 22.81
Evaluated at bid price : 24.02
Bid-YTW : 5.89 %
PWF.PR.F Perpetual-Discount 2.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-25
Maturity Price : 23.32
Evaluated at bid price : 23.60
Bid-YTW : 5.61 %
CIU.PR.A Perpetual-Discount 2.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-25
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 5.59 %
IFC.PR.C FixedReset Ins Non 3.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-25
Maturity Price : 23.06
Evaluated at bid price : 23.67
Bid-YTW : 5.65 %
PWF.PR.K Perpetual-Discount 3.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-25
Maturity Price : 22.22
Evaluated at bid price : 22.50
Bid-YTW : 5.55 %
PWF.PF.A Perpetual-Discount 7.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-25
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 5.54 %
Volume Highlights
Issue Index Shares
Traded		 Notes
POW.PR.I Perpetual-Discount 162,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-25
Maturity Price : 24.61
Evaluated at bid price : 25.00
Bid-YTW : 5.67 %
MFC.PR.N FixedReset Ins Non 90,320 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-25
Maturity Price : 22.85
Evaluated at bid price : 24.06
Bid-YTW : 5.32 %
IFC.PR.M Perpetual-Premium 60,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-25
Maturity Price : 24.55
Evaluated at bid price : 24.94
Bid-YTW : 5.54 %
CM.PR.S FixedReset Prem 51,700 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.83
Bid-YTW : 4.49 %
FTS.PR.M FixedReset Disc 43,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-25
Maturity Price : 22.94
Evaluated at bid price : 24.20
Bid-YTW : 5.44 %
CU.PR.C FixedReset Disc 37,054 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-25
Maturity Price : 22.92
Evaluated at bid price : 23.35
Bid-YTW : 5.54 %
There were 10 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
GWO.PR.N FixedReset Ins Non Quote: 15.46 – 18.15
Spot Rate : 2.6900
Average : 1.6505

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-25
Maturity Price : 15.46
Evaluated at bid price : 15.46
Bid-YTW : 6.62 %
PWF.PR.P FixedReset Disc Quote: 17.60 – 19.40
Spot Rate : 1.8000
Average : 1.3575

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-25
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 6.21 %
MFC.PR.B Insurance Straight Quote: 20.60 – 22.25
Spot Rate : 1.6500
Average : 1.2153

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-25
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 5.76 %
GWO.PR.L Insurance Straight Quote: 25.05 – 26.10
Spot Rate : 1.0500
Average : 0.6592

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-25
Maturity Price : 24.83
Evaluated at bid price : 25.05
Bid-YTW : 5.73 %
CU.PR.C FixedReset Disc Quote: 23.35 – 24.90
Spot Rate : 1.5500
Average : 1.2113

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-25
Maturity Price : 22.92
Evaluated at bid price : 23.35
Bid-YTW : 5.54 %
NA.PR.E FixedReset Prem Quote: 25.45 – 26.43
Spot Rate : 0.9800
Average : 0.6601

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-05-15
Maturity Price : 25.00
Evaluated at bid price : 25.45
Bid-YTW : 5.15 %
Market Action

November 24, 2025

TXPR closed at 683.28, up 0.81% on the day. Volume today was 1.47-million, well above the median of the past 21 trading days.

CPD closed at 13.54, up 0.82% on the day. Volume was 48,090, well above the median of the past 21 trading days.

ZPR closed at 12.00, up 0.76% on the day. Volume was 109,310, below the median of the past 21 trading days.

Five-year Canada yields were down a bit to 2.75%.

TXPR’s fine performance was probably due to reinvestment of the RY.PR.M redemption money, although I’m sure the big bounce in equity prices today helped!

U.S. and Canadian stocks closed higher on Monday, extending Friday’s rally as increased odds that the U.S. Federal Reserve will lower its Fed funds target rate in December helped investors look past concerns about inflated tech valuations.

U.S. indexes embarked on the holiday-shortened week with solid gains, with strength in the “Magnificent Seven” group of artificial-intelligence-related momentum stocks putting the tech-heavy Nasdaq out front. The technology sector also led gainers in Canada, with the S&P/TSX Composite Index closing at its highest level since its last record high on Nov. 12.

A spate of U.S. economic reports, belatedly released after the recent six-week government shutdown, hinted at labour market weakness and stubbornly elevated inflation, which has bolstered investor optimism that the Fed will implement its third and final interest rate cut of 2025 at the conclusion of its December monetary meeting.

Dovish commentary from Fed Governor Christopher Waller, New York Fed President John Williams, and San Francisco Fed President Mary Daly lent some support to that optimism, although other policymakers voiced dissenting opinions.
…
The Dow Jones Industrial Average rose 202.86 points, or 0.44%, to 46,448.27, the S&P 500 gained 102.13 points, or 1.55%, to 6,705.12 and the Nasdaq Composite gained 598.92 points, or 2.69%, to 22,872.01.

The S&P/TSX composite index ended up 443.70 points, or 1.47%, at 30,604.35.

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 0.4888 % 2,408.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.4888 % 4,567.0
Floater 5.98 % 6.27 % 58,645 13.45 3 0.4888 % 2,632.0
OpRet 0.00 % 0.00 % 0 0.00 0 -0.6067 % 3,639.9
SplitShare 4.80 % 4.54 % 72,100 3.24 5 -0.6067 % 4,346.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.6067 % 3,391.6
Perpetual-Premium 5.69 % 5.55 % 77,196 6.86 7 3.1034 % 3,080.7
Perpetual-Discount 5.57 % 5.68 % 49,722 14.36 26 -0.4696 % 3,357.7
FixedReset Disc 5.88 % 6.05 % 111,700 13.59 30 0.7961 % 3,044.9
Insurance Straight 5.48 % 5.57 % 57,314 14.44 21 0.2857 % 3,315.6
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.7961 % 3,622.2
FixedReset Prem 5.90 % 5.12 % 107,768 2.72 21 0.5801 % 2,625.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.7961 % 3,112.5
FixedReset Ins Non 5.22 % 5.43 % 65,826 14.40 15 -0.0637 % 3,072.1
Performance Highlights
Issue Index Change Notes
PWF.PF.A Perpetual-Discount -5.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-24
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 5.94 %
IFC.PR.C FixedReset Ins Non -2.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-24
Maturity Price : 22.21
Evaluated at bid price : 22.95
Bid-YTW : 5.82 %
PWF.PR.K Perpetual-Discount -2.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-24
Maturity Price : 21.38
Evaluated at bid price : 21.65
Bid-YTW : 5.77 %
CU.PR.C FixedReset Disc -2.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-24
Maturity Price : 22.93
Evaluated at bid price : 23.35
Bid-YTW : 5.54 %
CIU.PR.A Perpetual-Discount -2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-24
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 5.76 %
PWF.PR.F Perpetual-Discount -1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-24
Maturity Price : 22.78
Evaluated at bid price : 23.06
Bid-YTW : 5.74 %
CU.PR.J Perpetual-Discount -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-24
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 5.66 %
PVS.PR.K SplitShare -1.07 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.05
Bid-YTW : 4.37 %
PWF.PR.T FixedReset Disc 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-24
Maturity Price : 23.20
Evaluated at bid price : 24.60
Bid-YTW : 5.28 %
ENB.PR.H FixedReset Disc 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-24
Maturity Price : 21.83
Evaluated at bid price : 22.08
Bid-YTW : 5.79 %
ENB.PR.B FixedReset Disc 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-24
Maturity Price : 20.49
Evaluated at bid price : 20.49
Bid-YTW : 6.34 %
ENB.PF.G FixedReset Disc 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-24
Maturity Price : 21.58
Evaluated at bid price : 21.90
Bid-YTW : 6.30 %
ENB.PF.C FixedReset Disc 1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-24
Maturity Price : 21.30
Evaluated at bid price : 21.58
Bid-YTW : 6.31 %
BN.PF.C Perpetual-Discount 1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-24
Maturity Price : 21.18
Evaluated at bid price : 21.18
Bid-YTW : 5.83 %
ENB.PR.P FixedReset Disc 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-24
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 6.35 %
ENB.PR.Y FixedReset Disc 1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-24
Maturity Price : 20.56
Evaluated at bid price : 20.56
Bid-YTW : 6.34 %
ENB.PF.E FixedReset Disc 1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-24
Maturity Price : 21.33
Evaluated at bid price : 21.62
Bid-YTW : 6.28 %
ENB.PR.J FixedReset Disc 1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-24
Maturity Price : 21.67
Evaluated at bid price : 21.92
Bid-YTW : 6.27 %
ENB.PR.T FixedReset Disc 1.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-24
Maturity Price : 21.94
Evaluated at bid price : 22.31
Bid-YTW : 6.18 %
FFH.PR.K FixedReset Prem 2.01 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : 4.43 %
GWO.PR.Y Insurance Straight 2.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-24
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 5.53 %
ENB.PR.F FixedReset Disc 2.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-24
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 6.30 %
ENB.PF.A FixedReset Disc 2.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-24
Maturity Price : 21.77
Evaluated at bid price : 22.12
Bid-YTW : 6.22 %
PWF.PR.P FixedReset Disc 3.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-24
Maturity Price : 18.30
Evaluated at bid price : 18.30
Bid-YTW : 5.97 %
NA.PR.K FixedReset Prem 11.29 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-05-01
Maturity Price : 25.00
Evaluated at bid price : 27.71
Bid-YTW : 4.42 %
POW.PR.G Perpetual-Premium 29.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-24
Maturity Price : 24.64
Evaluated at bid price : 24.90
Bid-YTW : 5.69 %
Volume Highlights
Issue Index Shares
Traded		 Notes
ENB.PR.D FixedReset Disc 131,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-24
Maturity Price : 20.31
Evaluated at bid price : 20.31
Bid-YTW : 6.41 %
ENB.PR.F FixedReset Disc 88,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-24
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 6.30 %
NA.PR.G FixedReset Prem 83,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-24
Maturity Price : 23.72
Evaluated at bid price : 26.12
Bid-YTW : 5.49 %
POW.PR.I Perpetual-Discount 74,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-24
Maturity Price : 24.57
Evaluated at bid price : 24.96
Bid-YTW : 5.68 %
BN.PF.F FixedReset Disc 43,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-24
Maturity Price : 22.73
Evaluated at bid price : 23.70
Bid-YTW : 6.05 %
CM.PR.S FixedReset Prem 43,300 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.76
Bid-YTW : 4.62 %
There were 25 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
PWF.PF.A Perpetual-Discount Quote: 19.15 – 20.79
Spot Rate : 1.6400
Average : 1.1928

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-24
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 5.94 %
POW.PR.A Perpetual-Discount Quote: 24.60 – 25.75
Spot Rate : 1.1500
Average : 0.7738

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-24
Maturity Price : 24.29
Evaluated at bid price : 24.60
Bid-YTW : 5.76 %
BIP.PR.E FixedReset Prem Quote: 25.27 – 26.27
Spot Rate : 1.0000
Average : 0.6338

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-24
Maturity Price : 23.60
Evaluated at bid price : 25.27
Bid-YTW : 5.86 %
IFC.PR.I Insurance Straight Quote: 24.60 – 25.95
Spot Rate : 1.3500
Average : 0.9869

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-24
Maturity Price : 24.31
Evaluated at bid price : 24.60
Bid-YTW : 5.57 %
PWF.PR.Z Perpetual-Discount Quote: 22.87 – 23.90
Spot Rate : 1.0300
Average : 0.6713

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-24
Maturity Price : 22.59
Evaluated at bid price : 22.87
Bid-YTW : 5.68 %
PWF.PR.K Perpetual-Discount Quote: 21.65 – 22.85
Spot Rate : 1.2000
Average : 0.8837

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-24
Maturity Price : 21.38
Evaluated at bid price : 21.65
Bid-YTW : 5.77 %
Market Action

November 21, 2025

I was interested to read the following in the IAIS document Insurance Core Principles and Common Framework for the Supervision of Internationally Active Insurance Groups:

17.2.5 Regulatory capital resources protect the interests of policyholders by meeting the following two objectives:
• reducing the probability of insolvency by absorbing losses on a going concern basis or in solvent run-off; and/or
• reducing the loss to policyholders in the event of liquidation or resolution.
17.2.6 The extent to which capital elements (as described in Figure 17.3) achieve the above objectives will vary depending on their characteristics or quality. For example, ordinary share capital may be viewed as achieving both objectives, whereas subordinated debt may be viewed largely as only protecting policyholders in insolvency. Capital resources that achieve both objectives are sometimes termed “core regulatory capital resources” or similar (see Guidance 17.11.37) and capital resources that only reduce the loss to policyholders in liquidation or resolution are generally termed “winding-up capital” or “gone concern capital”. It would be expected that core regulatory capital resources should form the substantial part of capital resources.

I continue to hope to see the day when the banks’ NVCC rules are applied to insurers, as this will reduce the probability of insolvency by absorbing losses on a going concern basis or in solvent run-off.

Oh, and I just noticed this press release from the OSC dated 2024-11-27:

The Ontario Securities Commission (OSC) is announcing it will provide funding of up to $2 million per year, to a total of $11 million, to FAIR Canada (FAIR) – a national charitable organization dedicated to advancing and promoting the interests of individual investors. This new funding arrangement will provide a stable source of funding for FAIR for the next six years.

“FAIR provides an important and independent voice for investors, advocating for their interests on securities policy issues,” said Grant Vingoe, OSC CEO. “This contribution provides a steady and stable source of funding over the next six years to support FAIR with its important work.”

The funding will be provided from sanction and settlement funds held by the Commission in two installments, the first of which will be paid to FAIR immediately, with a second installment provided in 2027. FAIR can only draw a maximum of $2 million per year under the agreement. This funding will be used to support FAIR’s day-to-day operations.

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at https://www.osc.ca.

Looking at the FAIRCanada website’s “Team” page we find:

Jean-Paul is the Executive Director, President and CEO of FAIR Canada. Prior to joining FAIR Canada in 2020, he was a financial sector expert at the World Bank Group assisting countries to enhance their securities regulatory regimes. He is a former member of the Executive Management Team at the Ontario Securities Commission, where he worked for 20 years in senior leadership and policy roles. He began his legal career at a national law firm advising clients on securities law matters.

and

Pira Kumarasamy brings a wealth of experience in communications, media relations, and strategic social media planning. With a strong background in agency work and consulting, she has led impactful communications projects across various industries. Before joining FAIR Canada, Pira served as Senior Manager, Communications and Public Affairs at The Investment Funds Institute of Canada (now called Securities and Investment Management Association). She has also freelanced as a writer and consultant for fintech and personal finance publications.

and

Prior to joining FAIR Canada, Bruce worked in-house as a lawyer at a Toronto Stock Exchange-listed reporting issuer headquartered in Edmonton. In this role, Bruce’s main responsibilities included corporate finance transactions, public disclosure, public company and subsidiary governance, and corporate reorganizations. During part of his tenure at the organization, he also served as Assistant Corporate Secretary. Bruce began his career at a private firm in Edmonton, where he worked on a variety of corporate and commercial matters. He is a member of the Law Society of Alberta.

So of the four “team” members, one is an ex-OSC honcho and two were employed by elements of the investment industry Family Compact. It’s so nice that the OSC is cutting cheques to ensure their continued employment!

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 0.2579 % 2,396.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.2579 % 4,544.7
Floater 6.01 % 6.29 % 58,227 13.43 3 0.2579 % 2,619.2
OpRet 0.00 % 0.00 % 0 0.00 0 -0.5018 % 3,662.1
SplitShare 4.77 % 4.02 % 70,923 3.26 5 -0.5018 % 4,373.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.5018 % 3,412.3
Perpetual-Premium 5.87 % 0.77 % 77,604 0.08 7 -2.9273 % 2,988.0
Perpetual-Discount 5.55 % 5.64 % 49,405 14.42 26 1.2594 % 3,373.5
FixedReset Disc 5.92 % 6.13 % 113,119 13.50 30 0.6480 % 3,020.8
Insurance Straight 5.49 % 5.62 % 56,389 14.38 21 0.8433 % 3,306.1
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.6480 % 3,593.6
FixedReset Prem 5.94 % 5.35 % 104,195 2.30 21 -0.2864 % 2,610.5
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.6480 % 3,087.9
FixedReset Ins Non 5.21 % 5.45 % 64,565 14.39 15 1.2488 % 3,074.1
Performance Highlights
Issue Index Change Notes
POW.PR.G Perpetual-Premium -21.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-21
Maturity Price : 19.28
Evaluated at bid price : 19.28
Bid-YTW : 7.39 %
NA.PR.K FixedReset Prem -9.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-21
Maturity Price : 23.28
Evaluated at bid price : 24.90
Bid-YTW : 7.09 %
GWO.PR.L Insurance Straight 1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-21
Maturity Price : 24.92
Evaluated at bid price : 25.15
Bid-YTW : 5.70 %
TD.PF.J FixedReset Prem 1.02 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-04-30
Maturity Price : 25.00
Evaluated at bid price : 25.70
Bid-YTW : 4.70 %
PVS.PR.H SplitShare 1.04 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-02-28
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : 0.98 %
BN.PF.E FixedReset Disc 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-21
Maturity Price : 21.60
Evaluated at bid price : 21.91
Bid-YTW : 6.14 %
ENB.PR.F FixedReset Disc 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-21
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 6.48 %
GWO.PR.Y Insurance Straight 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-21
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 5.65 %
MFC.PR.N FixedReset Ins Non 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-21
Maturity Price : 22.75
Evaluated at bid price : 23.83
Bid-YTW : 5.40 %
SLF.PR.E Insurance Straight 1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-21
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 5.34 %
FTS.PR.G FixedReset Disc 1.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-21
Maturity Price : 23.01
Evaluated at bid price : 24.00
Bid-YTW : 5.31 %
MFC.PR.F FixedReset Ins Non 1.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-21
Maturity Price : 17.95
Evaluated at bid price : 17.95
Bid-YTW : 5.83 %
NA.PR.I FixedReset Prem 2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-21
Maturity Price : 23.62
Evaluated at bid price : 26.03
Bid-YTW : 5.51 %
CU.PR.C FixedReset Disc 2.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-21
Maturity Price : 23.49
Evaluated at bid price : 23.90
Bid-YTW : 5.43 %
CU.PR.G Perpetual-Discount 2.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-21
Maturity Price : 20.48
Evaluated at bid price : 20.48
Bid-YTW : 5.52 %
PWF.PR.K Perpetual-Discount 2.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-21
Maturity Price : 21.97
Evaluated at bid price : 22.20
Bid-YTW : 5.62 %
CU.PR.F Perpetual-Discount 3.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-21
Maturity Price : 20.33
Evaluated at bid price : 20.33
Bid-YTW : 5.56 %
SLF.PR.G FixedReset Ins Non 3.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-21
Maturity Price : 19.07
Evaluated at bid price : 19.07
Bid-YTW : 5.61 %
FTS.PR.K FixedReset Disc 4.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-21
Maturity Price : 21.77
Evaluated at bid price : 22.05
Bid-YTW : 5.65 %
PWF.PR.T FixedReset Disc 5.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-21
Maturity Price : 23.09
Evaluated at bid price : 24.33
Bid-YTW : 5.38 %
MFC.PR.B Insurance Straight 5.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-21
Maturity Price : 21.38
Evaluated at bid price : 21.65
Bid-YTW : 5.45 %
PWF.PR.S Perpetual-Discount 5.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-21
Maturity Price : 21.36
Evaluated at bid price : 21.63
Bid-YTW : 5.59 %
GWO.PR.H Insurance Straight 10.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-21
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 5.59 %
GWO.PR.N FixedReset Ins Non 15.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-21
Maturity Price : 17.90
Evaluated at bid price : 17.90
Bid-YTW : 5.75 %
CU.PR.J Perpetual-Discount 21.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-21
Maturity Price : 21.37
Evaluated at bid price : 21.37
Bid-YTW : 5.59 %
Volume Highlights
Issue Index Shares
Traded		 Notes
POW.PR.I Perpetual-Discount 69,110 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-21
Maturity Price : 24.43
Evaluated at bid price : 24.82
Bid-YTW : 5.71 %
RY.PR.N Perpetual-Discount 52,415 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-21
Maturity Price : 24.70
Evaluated at bid price : 24.98
Bid-YTW : 4.91 %
MFC.PR.M FixedReset Ins Non 48,750 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-21
Maturity Price : 22.99
Evaluated at bid price : 24.33
Bid-YTW : 5.42 %
SLF.PR.D Insurance Straight 47,950 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-21
Maturity Price : 21.24
Evaluated at bid price : 21.24
Bid-YTW : 5.32 %
MFC.PR.B Insurance Straight 39,905 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-21
Maturity Price : 21.38
Evaluated at bid price : 21.65
Bid-YTW : 5.45 %
RY.PR.O Perpetual-Discount 37,660 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-21
Maturity Price : 24.69
Evaluated at bid price : 24.97
Bid-YTW : 4.92 %
There were 17 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.G Perpetual-Premium Quote: 19.28 – 25.17
Spot Rate : 5.8900
Average : 3.1691

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-21
Maturity Price : 19.28
Evaluated at bid price : 19.28
Bid-YTW : 7.39 %
NA.PR.K FixedReset Prem Quote: 24.90 – 28.00
Spot Rate : 3.1000
Average : 1.9207

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-21
Maturity Price : 23.28
Evaluated at bid price : 24.90
Bid-YTW : 7.09 %
IFC.PR.F Insurance Straight Quote: 23.85 – 25.00
Spot Rate : 1.1500
Average : 0.8177

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-21
Maturity Price : 23.56
Evaluated at bid price : 23.85
Bid-YTW : 5.63 %
ELF.PR.H Perpetual-Discount Quote: 23.98 – 24.70
Spot Rate : 0.7200
Average : 0.4803

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-21
Maturity Price : 23.71
Evaluated at bid price : 23.98
Bid-YTW : 5.80 %
NA.PR.S FixedReset Prem Quote: 25.79 – 26.39
Spot Rate : 0.6000
Average : 0.3748

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-21
Maturity Price : 23.56
Evaluated at bid price : 25.79
Bid-YTW : 5.15 %
CU.PR.F Perpetual-Discount Quote: 20.33 – 21.80
Spot Rate : 1.4700
Average : 1.2834

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-11-21
Maturity Price : 20.33
Evaluated at bid price : 20.33
Bid-YTW : 5.56 %