Market Action

July 27, 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 0.00 % 0.00 % 0 0.00 0 -0.0470 % 2,632.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.0470 % 4,956.9
Floater 5.49 % 5.59 % 36,536 14.52 3 -0.0470 % 2,856.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.0713 % 3,637.6
SplitShare 4.79 % 5.00 % 64,534 2.64 5 0.0713 % 4,344.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0713 % 3,389.5
Perpetual-Premium 5.67 % -3.73 % 56,392 0.09 7 -0.0955 % 3,090.4
Perpetual-Discount 5.49 % 5.53 % 43,367 14.58 27 0.0495 % 3,437.4
FixedReset Disc 5.59 % 5.86 % 98,101 13.97 19 0.6643 % 3,403.8
Insurance Straight 5.35 % 5.38 % 48,774 14.72 20 0.2845 % 3,357.8
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.6643 % 4,156.0
FixedReset Prem 5.87 % 4.27 % 80,816 2.14 29 0.1870 % 2,678.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.6643 % 3,479.3
FixedReset Ins Non 5.22 % 4.98 % 57,819 3.07 14 -0.0293 % 3,272.6
Performance Highlights
Issue Index Change Notes
IFC.PR.A FixedReset Ins Non -2.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-27
Maturity Price : 22.40
Evaluated at bid price : 22.81
Bid-YTW : 5.42 %
MFC.PR.K FixedReset Ins Non -1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-27
Maturity Price : 23.63
Evaluated at bid price : 25.22
Bid-YTW : 5.50 %
SLF.PR.E Insurance Straight -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-27
Maturity Price : 21.65
Evaluated at bid price : 21.90
Bid-YTW : 5.18 %
NA.PR.K FixedReset Prem -1.26 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-05-01
Maturity Price : 25.00
Evaluated at bid price : 28.32
Bid-YTW : 2.63 %
BN.PF.A FixedReset Prem 1.44 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-09-30
Maturity Price : 25.00
Evaluated at bid price : 26.12
Bid-YTW : 4.83 %
FTS.PR.F Perpetual-Discount 1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-27
Maturity Price : 23.64
Evaluated at bid price : 23.91
Bid-YTW : 5.19 %
MFC.PR.F FixedReset Ins Non 1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-27
Maturity Price : 21.50
Evaluated at bid price : 21.80
Bid-YTW : 5.35 %
BN.PF.F FixedReset Prem 1.63 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-10-01
Maturity Price : 25.00
Evaluated at bid price : 25.55
Bid-YTW : 5.25 %
GWO.PR.N FixedReset Ins Non 1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-27
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 5.39 %
PWF.PR.T FixedReset Prem 1.76 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.44
Bid-YTW : 4.84 %
PWF.PR.S Perpetual-Discount 1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-27
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 5.47 %
BN.PF.M FixedReset Prem 1.86 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2031-01-01
Maturity Price : 25.00
Evaluated at bid price : 26.25
Bid-YTW : 4.52 %
ENB.PR.P FixedReset Disc 2.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-27
Maturity Price : 23.42
Evaluated at bid price : 24.90
Bid-YTW : 5.79 %
ENB.PR.B FixedReset Disc 3.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-27
Maturity Price : 23.35
Evaluated at bid price : 23.95
Bid-YTW : 5.89 %
BN.PR.R FixedReset Disc 5.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-27
Maturity Price : 22.79
Evaluated at bid price : 24.02
Bid-YTW : 5.71 %
GWO.PR.Y Insurance Straight 6.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-27
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 5.37 %
Volume Highlights
Issue Index Shares
Traded		 Notes
SLF.PR.D Insurance Straight 45,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-27
Maturity Price : 21.35
Evaluated at bid price : 21.62
Bid-YTW : 5.19 %
PWF.PR.F Perpetual-Discount 45,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-27
Maturity Price : 23.48
Evaluated at bid price : 23.75
Bid-YTW : 5.54 %
BN.PF.M FixedReset Prem 19,100 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2031-01-01
Maturity Price : 25.00
Evaluated at bid price : 26.25
Bid-YTW : 4.52 %
PWF.PR.K Perpetual-Discount 18,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-27
Maturity Price : 22.10
Evaluated at bid price : 22.38
Bid-YTW : 5.55 %
ENB.PR.T FixedReset Disc 16,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-27
Maturity Price : 23.51
Evaluated at bid price : 25.30
Bid-YTW : 5.76 %
CM.PR.S FixedReset Prem 15,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.80
Bid-YTW : 3.66 %
There were 2 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
GWO.PR.T Insurance Straight Quote: 23.70 – 25.00
Spot Rate : 1.3000
Average : 0.7289

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-27
Maturity Price : 23.41
Evaluated at bid price : 23.70
Bid-YTW : 5.48 %
PWF.PR.H Perpetual-Premium Quote: 25.18 – 26.18
Spot Rate : 1.0000
Average : 0.5982

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-08-26
Maturity Price : 25.00
Evaluated at bid price : 25.18
Bid-YTW : -3.73 %
BN.PR.Z FixedReset Prem Quote: 25.60 – 26.60
Spot Rate : 1.0000
Average : 0.6754

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.60
Bid-YTW : 4.68 %
MFC.PR.K FixedReset Ins Non Quote: 25.22 – 26.22
Spot Rate : 1.0000
Average : 0.7952

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-27
Maturity Price : 23.63
Evaluated at bid price : 25.22
Bid-YTW : 5.50 %
CCS.PR.C Insurance Straight Quote: 23.45 – 24.00
Spot Rate : 0.5500
Average : 0.3591

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-27
Maturity Price : 23.15
Evaluated at bid price : 23.45
Bid-YTW : 5.37 %
GWO.PR.I Insurance Straight Quote: 21.30 – 21.98
Spot Rate : 0.6800
Average : 0.4994

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-27
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 5.34 %
Market Action

July 24, 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 0.00 % 0.00 % 0 0.00 0 -0.1642 % 2,633.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.1642 % 4,959.2
Floater 5.49 % 5.61 % 35,999 14.50 3 -0.1642 % 2,858.0
OpRet 0.00 % 0.00 % 0 0.00 0 0.0952 % 3,635.0
SplitShare 4.79 % 4.99 % 64,426 2.65 5 0.0952 % 4,341.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0952 % 3,387.0
Perpetual-Premium 5.66 % -5.70 % 56,230 0.09 7 0.0844 % 3,093.4
Perpetual-Discount 5.50 % 5.53 % 43,388 14.57 27 0.2127 % 3,435.7
FixedReset Disc 5.62 % 5.86 % 99,403 13.95 19 -0.4754 % 3,381.3
Insurance Straight 5.37 % 5.42 % 49,235 14.67 20 -0.0151 % 3,348.3
FloatingReset 0.00 % 0.00 % 0 0.00 0 -0.4754 % 4,128.6
FixedReset Prem 5.88 % 4.27 % 80,046 2.15 29 -0.1126 % 2,673.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.4754 % 3,456.4
FixedReset Ins Non 5.22 % 5.11 % 58,549 3.08 14 -0.1990 % 3,273.6
Performance Highlights
Issue Index Change Notes
GWO.PR.Y Insurance Straight -5.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.69 %
MFC.PR.J FixedReset Ins Non -5.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 23.61
Evaluated at bid price : 24.82
Bid-YTW : 5.90 %
BN.PR.R FixedReset Disc -4.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 22.20
Evaluated at bid price : 22.86
Bid-YTW : 6.01 %
BN.PR.X FixedReset Disc -3.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 5.91 %
BN.PF.E FixedReset Disc -2.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 22.96
Evaluated at bid price : 24.17
Bid-YTW : 5.80 %
MFC.PR.K FixedReset Ins Non -2.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 23.75
Evaluated at bid price : 25.60
Bid-YTW : 5.38 %
BN.PF.A FixedReset Prem -1.72 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.75
Bid-YTW : 5.52 %
PWF.PR.R Perpetual-Discount -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 24.21
Evaluated at bid price : 24.50
Bid-YTW : 5.63 %
MFC.PR.N FixedReset Ins Non -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 23.19
Evaluated at bid price : 24.72
Bid-YTW : 5.46 %
BN.PF.F FixedReset Prem -1.26 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-10-01
Maturity Price : 25.00
Evaluated at bid price : 25.14
Bid-YTW : 5.80 %
BN.PR.M Perpetual-Discount 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 21.29
Evaluated at bid price : 21.29
Bid-YTW : 5.64 %
CU.PR.G Perpetual-Discount 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 5.38 %
NA.PR.E FixedReset Prem 1.15 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-05-15
Maturity Price : 25.00
Evaluated at bid price : 26.35
Bid-YTW : 2.57 %
IFC.PR.K Insurance Straight 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 23.96
Evaluated at bid price : 24.45
Bid-YTW : 5.40 %
GWO.PR.N FixedReset Ins Non 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 5.46 %
SLF.PR.E Insurance Straight 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 21.97
Evaluated at bid price : 22.20
Bid-YTW : 5.11 %
CU.PR.C FixedReset Prem 1.51 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-06-01
Maturity Price : 25.00
Evaluated at bid price : 25.50
Bid-YTW : 3.73 %
IFC.PR.I Insurance Straight 1.61 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : 5.26 %
PWF.PR.A Floater 1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 14.50
Evaluated at bid price : 14.50
Bid-YTW : 5.38 %
BN.PR.N Perpetual-Discount 1.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 5.59 %
PWF.PF.A Perpetual-Discount 1.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 5.46 %
MFC.PR.L FixedReset Ins Non 2.48 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-06-20
Maturity Price : 25.00
Evaluated at bid price : 25.60
Bid-YTW : 5.11 %
IFC.PR.A FixedReset Ins Non 2.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 22.96
Evaluated at bid price : 23.40
Bid-YTW : 5.26 %
ENB.PF.E FixedReset Disc 4.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 23.04
Evaluated at bid price : 24.40
Bid-YTW : 5.90 %
Volume Highlights
Issue Index Shares
Traded		 Notes
ENB.PR.D FixedReset Disc 129,658 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 23.63
Evaluated at bid price : 24.02
Bid-YTW : 5.84 %
ENB.PR.F FixedReset Disc 109,151 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 23.38
Evaluated at bid price : 24.40
Bid-YTW : 5.86 %
ENB.PR.N FixedReset Prem 57,303 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 23.73
Evaluated at bid price : 25.72
Bid-YTW : 5.81 %
BN.PF.D Perpetual-Discount 50,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 21.49
Evaluated at bid price : 21.75
Bid-YTW : 5.68 %
PWF.PR.E Perpetual-Discount 25,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 24.46
Evaluated at bid price : 24.70
Bid-YTW : 5.58 %
BN.PF.M FixedReset Prem 20,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2031-01-01
Maturity Price : 25.00
Evaluated at bid price : 25.77
Bid-YTW : 4.99 %
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: 20.00 – 21.30
Spot Rate : 1.3000
Average : 0.7635

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.69 %
BN.PR.R FixedReset Disc Quote: 22.86 – 24.10
Spot Rate : 1.2400
Average : 0.7806

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 22.20
Evaluated at bid price : 22.86
Bid-YTW : 6.01 %
MFC.PR.J FixedReset Ins Non Quote: 24.82 – 26.30
Spot Rate : 1.4800
Average : 1.0858

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 23.61
Evaluated at bid price : 24.82
Bid-YTW : 5.90 %
BN.PR.X FixedReset Disc Quote: 21.20 – 21.93
Spot Rate : 0.7300
Average : 0.4455

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 5.91 %
GWO.PR.Q Insurance Straight Quote: 23.50 – 24.08
Spot Rate : 0.5800
Average : 0.3692

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 23.20
Evaluated at bid price : 23.50
Bid-YTW : 5.52 %
BN.PF.E FixedReset Disc Quote: 24.17 – 24.80
Spot Rate : 0.6300
Average : 0.4199

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-24
Maturity Price : 22.96
Evaluated at bid price : 24.17
Bid-YTW : 5.80 %
Market Action

July 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 0.00 % 0.00 % 0 0.00 0 0.0469 % 2,637.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0469 % 4,967.3
Floater 5.48 % 5.60 % 37,455 14.52 3 0.0469 % 2,862.7
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0159 % 3,631.6
SplitShare 4.80 % 4.99 % 63,806 2.65 5 -0.0159 % 4,336.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0159 % 3,383.8
Perpetual-Premium 5.67 % -5.38 % 56,581 0.09 7 -0.0056 % 3,090.8
Perpetual-Discount 5.51 % 5.54 % 44,619 14.60 27 -0.2058 % 3,428.4
FixedReset Disc 5.60 % 5.84 % 99,924 13.97 19 -0.1215 % 3,397.4
Insurance Straight 5.37 % 5.45 % 48,561 14.67 20 0.0172 % 3,348.8
FloatingReset 0.00 % 0.00 % 0 0.00 0 -0.1215 % 4,148.3
FixedReset Prem 5.87 % 4.34 % 79,205 2.15 29 0.1194 % 2,676.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.1215 % 3,472.9
FixedReset Ins Non 5.20 % 4.76 % 56,118 2.01 14 0.4408 % 3,280.1
Performance Highlights
Issue Index Change Notes
MFC.PR.L FixedReset Ins Non -2.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-23
Maturity Price : 23.39
Evaluated at bid price : 24.98
Bid-YTW : 5.41 %
ENB.PR.P FixedReset Disc -2.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-23
Maturity Price : 23.20
Evaluated at bid price : 24.35
Bid-YTW : 5.92 %
PWF.PF.A Perpetual-Discount -2.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-23
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 5.57 %
GWO.PR.N FixedReset Ins Non -1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-23
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.53 %
BN.PF.M FixedReset Prem -1.64 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2031-01-01
Maturity Price : 25.00
Evaluated at bid price : 25.77
Bid-YTW : 4.99 %
CU.PR.C FixedReset Prem -1.49 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-06-01
Maturity Price : 25.00
Evaluated at bid price : 25.12
Bid-YTW : 5.55 %
IFC.PR.K Insurance Straight -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-23
Maturity Price : 23.70
Evaluated at bid price : 24.17
Bid-YTW : 5.46 %
BN.PR.T FixedReset Disc -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-23
Maturity Price : 22.33
Evaluated at bid price : 23.15
Bid-YTW : 5.86 %
NA.PR.E FixedReset Prem -1.14 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-05-15
Maturity Price : 25.00
Evaluated at bid price : 26.05
Bid-YTW : 3.23 %
ELF.PR.H Perpetual-Discount -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-23
Maturity Price : 24.00
Evaluated at bid price : 24.25
Bid-YTW : 5.70 %
ENB.PR.N FixedReset Prem 1.06 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-12-01
Maturity Price : 25.00
Evaluated at bid price : 25.85
Bid-YTW : 5.61 %
RY.PR.S FixedReset Prem 1.26 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-02-24
Maturity Price : 25.00
Evaluated at bid price : 27.25
Bid-YTW : 2.66 %
GWO.PR.T Insurance Straight 1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-23
Maturity Price : 23.41
Evaluated at bid price : 23.70
Bid-YTW : 5.48 %
MFC.PR.N FixedReset Ins Non 1.33 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2030-03-20
Maturity Price : 25.00
Evaluated at bid price : 25.05
Bid-YTW : 5.29 %
MFC.PR.I FixedReset Ins Non 1.64 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-09-19
Maturity Price : 25.00
Evaluated at bid price : 26.00
Bid-YTW : 2.95 %
MFC.PR.K FixedReset Ins Non 2.54 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-09-19
Maturity Price : 25.00
Evaluated at bid price : 26.25
Bid-YTW : 4.22 %
BIP.PR.F FixedReset Prem 2.57 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-01-01
Maturity Price : 25.00
Evaluated at bid price : 26.31
Bid-YTW : 4.35 %
MFC.PR.J FixedReset Ins Non 5.36 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-03-19
Maturity Price : 25.00
Evaluated at bid price : 26.15
Bid-YTW : 3.66 %
Volume Highlights
Issue Index Shares
Traded		 Notes
FTS.PR.M FixedReset Prem 53,725 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-12-01
Maturity Price : 25.00
Evaluated at bid price : 25.35
Bid-YTW : 5.32 %
GWO.PR.P Insurance Straight 47,750 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-23
Maturity Price : 24.21
Evaluated at bid price : 24.50
Bid-YTW : 5.56 %
POW.PR.D Perpetual-Discount 45,375 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-23
Maturity Price : 22.71
Evaluated at bid price : 23.00
Bid-YTW : 5.46 %
IFC.PR.I Insurance Straight 42,690 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-23
Maturity Price : 24.28
Evaluated at bid price : 24.80
Bid-YTW : 5.47 %
MIC.PR.A Perpetual-Discount 40,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-23
Maturity Price : 23.33
Evaluated at bid price : 23.60
Bid-YTW : 5.77 %
CU.PR.E Perpetual-Discount 30,662 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-23
Maturity Price : 22.39
Evaluated at bid price : 22.65
Bid-YTW : 5.48 %
There were 15 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
GWO.PR.N FixedReset Ins Non Quote: 20.00 – 21.30
Spot Rate : 1.3000
Average : 0.8655

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-23
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.53 %
PWF.PR.T FixedReset Prem Quote: 25.00 – 26.00
Spot Rate : 1.0000
Average : 0.6106

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-23
Maturity Price : 23.47
Evaluated at bid price : 25.00
Bid-YTW : 5.50 %
MFC.PR.L FixedReset Ins Non Quote: 24.98 – 25.97
Spot Rate : 0.9900
Average : 0.7023

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-23
Maturity Price : 23.39
Evaluated at bid price : 24.98
Bid-YTW : 5.41 %
PWF.PF.A Perpetual-Discount Quote: 20.30 – 20.92
Spot Rate : 0.6200
Average : 0.3946

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-23
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 5.57 %
ENB.PR.P FixedReset Disc Quote: 24.35 – 24.97
Spot Rate : 0.6200
Average : 0.4316

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-23
Maturity Price : 23.20
Evaluated at bid price : 24.35
Bid-YTW : 5.92 %
ENB.PF.E FixedReset Disc Quote: 23.46 – 24.55
Spot Rate : 1.0900
Average : 0.9360

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-23
Maturity Price : 22.61
Evaluated at bid price : 23.46
Bid-YTW : 6.17 %
Market Action

July 22, 2026

Here’s a shout-out to the New Orleans Seafood and Steakhouse where I had a friendly dinner tonight. This one’s going on my list, for sure!

PerpetualDiscounts now yield 5.54%, equivalent to 7.20% interest at the standard conversion factor of 1.3x. Long corporates yielded 5.13% on 2026-07-22. Therefore the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed sharply to 205bp from the 220bp reported July 15.

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 -0.3740 % 2,636.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.3740 % 4,965.0
Floater 5.48 % 5.60 % 37,552 14.52 3 -0.3740 % 2,861.4
OpRet 0.00 % 0.00 % 0 0.00 0 0.0793 % 3,632.2
SplitShare 4.80 % 4.99 % 63,379 2.65 5 0.0793 % 4,337.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0793 % 3,384.4
Perpetual-Premium 5.67 % -7.94 % 57,094 0.09 7 0.1464 % 3,090.9
Perpetual-Discount 5.50 % 5.54 % 42,668 14.60 27 0.2560 % 3,435.5
FixedReset Disc 5.59 % 5.80 % 103,271 14.02 19 0.0243 % 3,401.6
Insurance Straight 5.37 % 5.44 % 48,389 14.71 20 0.0712 % 3,348.2
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.0243 % 4,153.4
FixedReset Prem 5.88 % 4.36 % 79,164 2.16 29 0.1488 % 2,673.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0243 % 3,477.1
FixedReset Ins Non 5.23 % 5.04 % 55,140 3.09 14 0.0794 % 3,265.7
Performance Highlights
Issue Index Change Notes
ENB.PF.E FixedReset Disc -4.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 22.61
Evaluated at bid price : 23.46
Bid-YTW : 6.17 %
MFC.PR.K FixedReset Ins Non -2.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 23.74
Evaluated at bid price : 25.60
Bid-YTW : 5.37 %
MFC.PR.B Insurance Straight -1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 22.69
Evaluated at bid price : 22.93
Bid-YTW : 5.12 %
PWF.PR.A Floater -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 14.50
Evaluated at bid price : 14.50
Bid-YTW : 5.47 %
ELF.PR.H Perpetual-Discount 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 24.21
Evaluated at bid price : 24.50
Bid-YTW : 5.64 %
NA.PR.E FixedReset Prem 1.15 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-05-15
Maturity Price : 25.00
Evaluated at bid price : 26.35
Bid-YTW : 2.56 %
BN.PR.T FixedReset Disc 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 22.77
Evaluated at bid price : 23.42
Bid-YTW : 5.80 %
FTS.PR.F Perpetual-Discount 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 23.58
Evaluated at bid price : 23.85
Bid-YTW : 5.20 %
BN.PF.D Perpetual-Discount 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 21.70
Evaluated at bid price : 21.95
Bid-YTW : 5.63 %
BN.PF.A FixedReset Prem 1.24 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-09-30
Maturity Price : 25.00
Evaluated at bid price : 26.20
Bid-YTW : 4.64 %
IFC.PR.F Insurance Straight 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 24.20
Evaluated at bid price : 24.50
Bid-YTW : 5.45 %
BN.PF.M FixedReset Prem 1.31 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2031-01-01
Maturity Price : 25.00
Evaluated at bid price : 26.20
Bid-YTW : 4.55 %
IFC.PR.K Insurance Straight 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 24.01
Evaluated at bid price : 24.50
Bid-YTW : 5.39 %
MFC.PR.C Insurance Straight 1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 21.78
Evaluated at bid price : 22.02
Bid-YTW : 5.16 %
GWO.PR.N FixedReset Ins Non 1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 5.43 %
ENB.PR.P FixedReset Disc 2.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 23.43
Evaluated at bid price : 24.95
Bid-YTW : 5.75 %
Volume Highlights
Issue Index Shares
Traded		 Notes
MIC.PR.A Perpetual-Discount 200,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 23.32
Evaluated at bid price : 23.70
Bid-YTW : 5.74 %
BN.PF.A FixedReset Prem 53,800 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-09-30
Maturity Price : 25.00
Evaluated at bid price : 26.20
Bid-YTW : 4.64 %
CU.PR.J Perpetual-Discount 38,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 21.66
Evaluated at bid price : 22.01
Bid-YTW : 5.46 %
GWO.PF.A Perpetual-Premium 25,935 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2035-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.17
Bid-YTW : 5.71 %
PWF.PF.A Perpetual-Discount 11,915 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 5.44 %
ENB.PF.E FixedReset Disc 10,150 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 22.61
Evaluated at bid price : 23.46
Bid-YTW : 6.17 %
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
NA.PR.K FixedReset Prem Quote: 29.00 – 30.00
Spot Rate : 1.0000
Average : 0.6384

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-05-01
Maturity Price : 25.00
Evaluated at bid price : 29.00
Bid-YTW : 2.33 %
ENB.PF.E FixedReset Disc Quote: 23.46 – 24.55
Spot Rate : 1.0900
Average : 0.7671

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 22.61
Evaluated at bid price : 23.46
Bid-YTW : 6.17 %
BN.PF.C Perpetual-Discount Quote: 21.71 – 22.22
Spot Rate : 0.5100
Average : 0.3228

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 21.45
Evaluated at bid price : 21.71
Bid-YTW : 5.63 %
BN.PF.G FixedReset Prem Quote: 25.08 – 25.59
Spot Rate : 0.5100
Average : 0.3666

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2030-07-01
Maturity Price : 25.00
Evaluated at bid price : 25.08
Bid-YTW : 5.70 %
IFC.PR.I Insurance Straight Quote: 24.80 – 25.75
Spot Rate : 0.9500
Average : 0.8513

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 24.28
Evaluated at bid price : 24.80
Bid-YTW : 5.47 %
FTS.PR.G FixedReset Prem Quote: 25.40 – 25.66
Spot Rate : 0.2600
Average : 0.1665

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-22
Maturity Price : 23.69
Evaluated at bid price : 25.40
Bid-YTW : 5.33 %
Market Action

July 21, 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 0.00 % 0.00 % 0 0.00 0 0.4933 % 2,646.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.4933 % 4,983.7
Floater 5.46 % 5.58 % 38,122 14.55 3 0.4933 % 2,872.1
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0476 % 3,629.3
SplitShare 4.80 % 5.00 % 64,610 2.66 5 -0.0476 % 4,334.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0476 % 3,381.7
Perpetual-Premium 5.67 % -5.79 % 59,111 0.09 7 0.1184 % 3,086.4
Perpetual-Discount 5.51 % 5.52 % 41,498 14.56 27 0.3339 % 3,426.7
FixedReset Disc 5.59 % 5.83 % 104,158 14.03 19 0.2769 % 3,400.7
Insurance Straight 5.37 % 5.46 % 48,206 14.64 20 0.3898 % 3,345.8
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.2769 % 4,152.4
FixedReset Prem 5.89 % 4.30 % 80,252 2.16 29 -0.2755 % 2,669.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2769 % 3,476.3
FixedReset Ins Non 5.23 % 5.02 % 55,914 2.66 14 0.2654 % 3,263.1
Performance Highlights
Issue Index Change Notes
BIP.PR.F FixedReset Prem -3.02 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-01-01
Maturity Price : 25.00
Evaluated at bid price : 25.65
Bid-YTW : 5.48 %
IFC.PR.A FixedReset Ins Non -2.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 22.41
Evaluated at bid price : 22.81
Bid-YTW : 5.40 %
ENB.PR.P FixedReset Disc -1.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 23.19
Evaluated at bid price : 24.35
Bid-YTW : 5.92 %
NA.PR.E FixedReset Prem -1.55 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-05-15
Maturity Price : 25.00
Evaluated at bid price : 26.05
Bid-YTW : 3.22 %
PWF.PR.T FixedReset Prem -1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 23.46
Evaluated at bid price : 25.00
Bid-YTW : 5.50 %
BN.PR.M Perpetual-Discount -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 5.70 %
GWO.PR.P Insurance Straight -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 24.21
Evaluated at bid price : 24.50
Bid-YTW : 5.55 %
BN.PR.N Perpetual-Discount -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 5.71 %
RY.PR.S FixedReset Prem -1.03 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-02-24
Maturity Price : 25.00
Evaluated at bid price : 26.91
Bid-YTW : 3.18 %
BN.PF.B FixedReset Prem -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 23.53
Evaluated at bid price : 25.29
Bid-YTW : 5.78 %
PWF.PR.A Floater 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 14.66
Evaluated at bid price : 14.66
Bid-YTW : 5.41 %
FTS.PR.J Perpetual-Discount 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 22.60
Evaluated at bid price : 22.85
Bid-YTW : 5.26 %
GWO.PR.Y Insurance Straight 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 5.36 %
BN.PF.C Perpetual-Discount 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 21.45
Evaluated at bid price : 21.71
Bid-YTW : 5.63 %
PWF.PR.Z Perpetual-Discount 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 23.03
Evaluated at bid price : 23.30
Bid-YTW : 5.54 %
CU.PR.C FixedReset Prem 1.39 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-06-01
Maturity Price : 25.00
Evaluated at bid price : 25.50
Bid-YTW : 3.69 %
FTS.PR.H FixedReset Disc 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 20.28
Evaluated at bid price : 20.28
Bid-YTW : 5.66 %
BN.PR.R FixedReset Disc 1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 22.77
Evaluated at bid price : 23.97
Bid-YTW : 5.70 %
PWF.PF.A Perpetual-Discount 1.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 5.43 %
CU.PR.D Perpetual-Discount 2.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 22.33
Evaluated at bid price : 22.60
Bid-YTW : 5.49 %
MFC.PR.L FixedReset Ins Non 2.68 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-06-20
Maturity Price : 25.00
Evaluated at bid price : 25.65
Bid-YTW : 5.02 %
MFC.PR.K FixedReset Ins Non 2.75 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-09-19
Maturity Price : 25.00
Evaluated at bid price : 26.20
Bid-YTW : 4.30 %
SLF.PR.C Insurance Straight 3.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 21.94
Evaluated at bid price : 22.17
Bid-YTW : 5.05 %
ENB.PF.E FixedReset Disc 4.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 23.08
Evaluated at bid price : 24.50
Bid-YTW : 5.87 %
GWO.PR.G Insurance Straight 5.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 23.85
Evaluated at bid price : 24.10
Bid-YTW : 5.44 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BN.PF.A FixedReset Prem 135,500 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.88
Bid-YTW : 5.25 %
FFH.PR.K FixedReset Prem 51,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.25
Bid-YTW : 4.02 %
SLF.PR.C Insurance Straight 30,315 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 21.94
Evaluated at bid price : 22.17
Bid-YTW : 5.05 %
ENB.PF.E FixedReset Disc 26,975 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 23.08
Evaluated at bid price : 24.50
Bid-YTW : 5.87 %
ENB.PR.Y FixedReset Disc 25,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 22.71
Evaluated at bid price : 23.50
Bid-YTW : 5.91 %
GWO.PF.A Perpetual-Premium 23,700 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2035-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : 5.69 %
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
MFC.PR.J FixedReset Ins Non Quote: 24.82 – 26.30
Spot Rate : 1.4800
Average : 1.2449

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 23.61
Evaluated at bid price : 24.82
Bid-YTW : 5.89 %
ENB.PR.P FixedReset Disc Quote: 24.35 – 25.00
Spot Rate : 0.6500
Average : 0.4169

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 23.19
Evaluated at bid price : 24.35
Bid-YTW : 5.92 %
NA.PR.E FixedReset Prem Quote: 26.05 – 26.89
Spot Rate : 0.8400
Average : 0.6352

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-05-15
Maturity Price : 25.00
Evaluated at bid price : 26.05
Bid-YTW : 3.22 %
IFC.PR.A FixedReset Ins Non Quote: 22.81 – 23.81
Spot Rate : 1.0000
Average : 0.8330

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 22.41
Evaluated at bid price : 22.81
Bid-YTW : 5.40 %
BN.PF.B FixedReset Prem Quote: 25.29 – 26.00
Spot Rate : 0.7100
Average : 0.5656

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 23.53
Evaluated at bid price : 25.29
Bid-YTW : 5.78 %
BN.PF.D Perpetual-Discount Quote: 21.69 – 22.40
Spot Rate : 0.7100
Average : 0.5699

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-21
Maturity Price : 21.43
Evaluated at bid price : 21.69
Bid-YTW : 5.69 %
Market Action

July 20, 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 0.00 % 0.00 % 0 0.00 0 -0.2811 % 2,633.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2811 % 4,959.2
Floater 5.49 % 5.60 % 37,956 14.52 3 -0.2811 % 2,858.0
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0555 % 3,631.0
SplitShare 4.80 % 4.63 % 63,966 2.66 5 -0.0555 % 4,336.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0555 % 3,383.3
Perpetual-Premium 5.68 % -3.62 % 59,828 0.09 7 -0.0113 % 3,082.8
Perpetual-Discount 5.53 % 5.57 % 42,773 14.54 27 0.0916 % 3,415.3
FixedReset Disc 5.61 % 5.81 % 99,693 14.04 19 0.2376 % 3,391.4
Insurance Straight 5.40 % 5.46 % 47,896 14.67 20 0.5904 % 3,332.8
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.2376 % 4,140.9
FixedReset Prem 5.87 % 4.35 % 80,529 2.16 29 0.5166 % 2,677.1
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2376 % 3,466.7
FixedReset Ins Non 5.25 % 5.28 % 56,948 13.83 14 0.2454 % 3,254.5
Performance Highlights
Issue Index Change Notes
MFC.PR.J FixedReset Ins Non -3.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 23.61
Evaluated at bid price : 24.82
Bid-YTW : 5.89 %
ENB.PR.B FixedReset Disc -2.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 22.63
Evaluated at bid price : 23.20
Bid-YTW : 6.06 %
CU.PR.D Perpetual-Discount -2.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 21.78
Evaluated at bid price : 22.03
Bid-YTW : 5.64 %
ENB.PF.E FixedReset Disc -1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 22.61
Evaluated at bid price : 23.46
Bid-YTW : 6.16 %
MFC.PR.L FixedReset Ins Non -1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 23.39
Evaluated at bid price : 24.98
Bid-YTW : 5.40 %
FTS.PR.J Perpetual-Discount -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 22.33
Evaluated at bid price : 22.60
Bid-YTW : 5.32 %
GWO.PR.H Insurance Straight -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 21.55
Evaluated at bid price : 21.81
Bid-YTW : 5.60 %
CU.PR.G Perpetual-Discount 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 5.44 %
BN.PF.B FixedReset Prem 1.03 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-04-01
Maturity Price : 25.00
Evaluated at bid price : 25.55
Bid-YTW : 5.42 %
IFC.PR.A FixedReset Ins Non 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 22.85
Evaluated at bid price : 23.29
Bid-YTW : 5.28 %
NA.PR.K FixedReset Prem 1.05 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-05-01
Maturity Price : 25.00
Evaluated at bid price : 28.77
Bid-YTW : 2.64 %
SLF.PR.E Insurance Straight 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 21.65
Evaluated at bid price : 21.90
Bid-YTW : 5.17 %
GWO.PR.I Insurance Straight 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 21.22
Evaluated at bid price : 21.22
Bid-YTW : 5.36 %
FTS.PR.K FixedReset Disc 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 23.48
Evaluated at bid price : 25.08
Bid-YTW : 5.24 %
SLF.PR.H FixedReset Ins Non 1.21 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.10
Bid-YTW : 1.73 %
GWO.PR.G Insurance Straight 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 22.49
Evaluated at bid price : 22.75
Bid-YTW : 5.76 %
PWF.PR.T FixedReset Prem 1.32 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.35
Bid-YTW : 4.95 %
NA.PR.E FixedReset Prem 1.57 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-05-15
Maturity Price : 25.00
Evaluated at bid price : 26.46
Bid-YTW : 2.31 %
GWO.PR.T Insurance Straight 1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 23.33
Evaluated at bid price : 23.62
Bid-YTW : 5.49 %
MFC.PR.M FixedReset Ins Non 1.66 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-12-20
Maturity Price : 25.00
Evaluated at bid price : 25.65
Bid-YTW : 4.88 %
GWO.PR.P Insurance Straight 1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 24.56
Evaluated at bid price : 24.81
Bid-YTW : 5.48 %
MFC.PR.B Insurance Straight 1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 22.93
Evaluated at bid price : 23.20
Bid-YTW : 5.05 %
ENB.PF.C FixedReset Disc 2.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 23.14
Evaluated at bid price : 24.57
Bid-YTW : 5.86 %
GWO.PR.Q Insurance Straight 2.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 23.27
Evaluated at bid price : 23.57
Bid-YTW : 5.50 %
BN.PR.R FixedReset Disc 3.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 22.58
Evaluated at bid price : 23.56
Bid-YTW : 5.81 %
BIP.PR.F FixedReset Prem 3.12 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-01-01
Maturity Price : 25.00
Evaluated at bid price : 26.45
Bid-YTW : 4.10 %
SLF.PR.G FixedReset Ins Non 4.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 21.14
Evaluated at bid price : 21.14
Bid-YTW : 5.38 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BN.PF.A FixedReset Prem 101,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.88
Bid-YTW : 5.24 %
PWF.PR.F Perpetual-Discount 63,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 23.24
Evaluated at bid price : 23.54
Bid-YTW : 5.59 %
GWO.PF.A Perpetual-Premium 55,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 24.75
Evaluated at bid price : 25.15
Bid-YTW : 5.72 %
ENB.PR.Y FixedReset Disc 49,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 22.71
Evaluated at bid price : 23.50
Bid-YTW : 5.91 %
ENB.PF.E FixedReset Disc 41,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 22.61
Evaluated at bid price : 23.46
Bid-YTW : 6.16 %
ENB.PF.G FixedReset Disc 20,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 23.11
Evaluated at bid price : 24.65
Bid-YTW : 5.90 %
There were 2 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
MFC.PR.J FixedReset Ins Non Quote: 24.82 – 26.23
Spot Rate : 1.4100
Average : 0.9871

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 23.61
Evaluated at bid price : 24.82
Bid-YTW : 5.89 %
ENB.PR.D FixedReset Disc Quote: 24.02 – 24.90
Spot Rate : 0.8800
Average : 0.5535

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 23.64
Evaluated at bid price : 24.02
Bid-YTW : 5.84 %
ENB.PF.E FixedReset Disc Quote: 23.46 – 24.59
Spot Rate : 1.1300
Average : 0.8332

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 22.61
Evaluated at bid price : 23.46
Bid-YTW : 6.16 %
CU.PR.D Perpetual-Discount Quote: 22.03 – 22.82
Spot Rate : 0.7900
Average : 0.5092

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 21.78
Evaluated at bid price : 22.03
Bid-YTW : 5.64 %
FTS.PR.J Perpetual-Discount Quote: 22.60 – 23.25
Spot Rate : 0.6500
Average : 0.4647

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-20
Maturity Price : 22.33
Evaluated at bid price : 22.60
Bid-YTW : 5.32 %
CU.PR.C FixedReset Prem Quote: 25.15 – 26.15
Spot Rate : 1.0000
Average : 0.8235

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-06-01
Maturity Price : 25.00
Evaluated at bid price : 25.15
Bid-YTW : 5.35 %
Market Action

July 17, 2026

There was a big pop at the close for the TXPR price index due to…:

Rebalancing

Index membership is reviewed quarterly. Rebalancing occurs after the close on the third Friday of January, April, July, and October.

The TXPR price index set a new 52-week high of 722.55, smashing the old mark of 714.53 set yesterday. Volume was 2.79-million, more than double that of the second-highest volume of the past 20 trading days.

CPD matched its 52-week high of 14.27 set yesterday, on volume of 55,070 (consolidated: 2.57-million), above the median of the past 20 trading days.

ZPR set a new 52-week high of 13.03, beating the old mark of 13.00 set yesterday, on volume of 171,410 (consolidated: 485,870) highest by far of the past 20 trading days.

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 -0.1404 % 2,640.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.1404 % 4,973.2
Floater 5.47 % 5.60 % 38,385 14.53 3 -0.1404 % 2,866.1
OpRet 0.00 % 0.00 % 0 0.00 0 0.0635 % 3,633.0
SplitShare 4.80 % 4.91 % 63,689 2.67 5 0.0635 % 4,338.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0635 % 3,385.2
Perpetual-Premium 5.68 % -4.18 % 60,557 0.09 7 0.1468 % 3,083.1
Perpetual-Discount 5.53 % 5.58 % 43,251 14.53 27 0.1239 % 3,412.2
FixedReset Disc 5.62 % 5.79 % 100,741 14.06 19 0.4058 % 3,383.3
Insurance Straight 5.43 % 5.48 % 47,625 14.62 20 -0.2521 % 3,313.3
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.4058 % 4,131.1
FixedReset Prem 5.90 % 4.49 % 83,213 2.17 29 -0.0266 % 2,663.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.4058 % 3,458.4
FixedReset Ins Non 5.26 % 5.28 % 56,186 14.41 14 -0.3359 % 3,246.5
Performance Highlights
Issue Index Change Notes
GWO.PR.G Insurance Straight -6.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-17
Maturity Price : 22.19
Evaluated at bid price : 22.47
Bid-YTW : 5.83 %
SLF.PR.G FixedReset Ins Non -4.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-17
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 5.57 %
IFC.PR.I Insurance Straight -1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-17
Maturity Price : 24.28
Evaluated at bid price : 24.80
Bid-YTW : 5.47 %
ENB.PF.E FixedReset Disc -1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-17
Maturity Price : 22.81
Evaluated at bid price : 23.88
Bid-YTW : 6.00 %
MFC.PR.J FixedReset Ins Non -1.20 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-03-19
Maturity Price : 25.00
Evaluated at bid price : 25.59
Bid-YTW : 5.01 %
IFC.PR.A FixedReset Ins Non -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-17
Maturity Price : 22.63
Evaluated at bid price : 23.05
Bid-YTW : 5.28 %
GWO.PR.H Insurance Straight 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-17
Maturity Price : 21.80
Evaluated at bid price : 22.04
Bid-YTW : 5.54 %
MFC.PR.F FixedReset Ins Non 1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-17
Maturity Price : 21.37
Evaluated at bid price : 21.37
Bid-YTW : 5.41 %
ENB.PF.C FixedReset Disc 1.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-17
Maturity Price : 22.90
Evaluated at bid price : 24.02
Bid-YTW : 5.97 %
GWO.PR.Q Insurance Straight 2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-17
Maturity Price : 22.72
Evaluated at bid price : 23.01
Bid-YTW : 5.64 %
MIC.PR.A Perpetual-Discount 2.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-17
Maturity Price : 23.24
Evaluated at bid price : 23.50
Bid-YTW : 5.79 %
BN.PR.X FixedReset Disc 2.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-17
Maturity Price : 21.39
Evaluated at bid price : 21.70
Bid-YTW : 5.69 %
ENB.PR.B FixedReset Disc 3.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-17
Maturity Price : 23.31
Evaluated at bid price : 23.90
Bid-YTW : 5.82 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CU.PR.J Perpetual-Discount 301,748 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-17
Maturity Price : 21.62
Evaluated at bid price : 21.62
Bid-YTW : 5.58 %
GWO.PF.A Perpetual-Premium 297,469 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2035-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : 5.68 %
BN.PF.A FixedReset Prem 83,117 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.88
Bid-YTW : 5.22 %
BN.PF.G FixedReset Prem 76,453 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2030-07-01
Maturity Price : 25.00
Evaluated at bid price : 25.29
Bid-YTW : 5.44 %
PWF.PR.S Perpetual-Discount 38,080 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-17
Maturity Price : 21.42
Evaluated at bid price : 21.68
Bid-YTW : 5.54 %
PWF.PR.F Perpetual-Discount 33,341 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-17
Maturity Price : 23.12
Evaluated at bid price : 23.38
Bid-YTW : 5.62 %
There were 43 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
PWF.PR.K Perpetual-Discount Quote: 22.24 – 24.75
Spot Rate : 2.5100
Average : 1.5335

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-17
Maturity Price : 22.01
Evaluated at bid price : 22.24
Bid-YTW : 5.57 %
GWO.PR.G Insurance Straight Quote: 22.47 – 24.80
Spot Rate : 2.3300
Average : 1.3765

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-17
Maturity Price : 22.19
Evaluated at bid price : 22.47
Bid-YTW : 5.83 %
BN.PR.N Perpetual-Discount Quote: 21.21 – 23.00
Spot Rate : 1.7900
Average : 0.9998

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-17
Maturity Price : 21.21
Evaluated at bid price : 21.21
Bid-YTW : 5.66 %
SLF.PR.G FixedReset Ins Non Quote: 20.25 – 21.70
Spot Rate : 1.4500
Average : 0.9286

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-17
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 5.57 %
BN.PF.D Perpetual-Discount Quote: 21.75 – 22.88
Spot Rate : 1.1300
Average : 0.6645

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-17
Maturity Price : 21.49
Evaluated at bid price : 21.75
Bid-YTW : 5.67 %
MFC.PR.M FixedReset Ins Non Quote: 25.23 – 26.35
Spot Rate : 1.1200
Average : 0.6617

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-12-20
Maturity Price : 25.00
Evaluated at bid price : 25.23
Bid-YTW : 5.41 %
Taxation

Marginal Tax Rates: Ontario 2026

E&Y have analyzed Ontario tax rates as of 2026-6-15 and we may draw some conclusions from these data. I have changed the ‘Taxable Income’ amount for my three samples since my 2012 review:

Investors Taxable Income Marginal Rate on Interest Marginal Rate on Dividends Equivalency Factor
Widows & Orphans $30,000 19.05% 0.00% 1.23
Professionals $100,000 31.48% 8.92% 1.33
Plutocrats $200,000 48.26% 32.08% 1.31

The equivalency factor for widows & orphans has declined slightly but has increased for professionals and remained unchanged for plutocrats since my 2012 post on this topic

Two nuances should be noted. Firstly, E&Y appears to have possibly put a floor of 0.00% on the published marginal tax rate for dividends; in fact, the tax on dividends can be negative as of 2010 if the taxpayer has other income available to soak up the excess dividend tax credit. This will increase the equivalency factor for “Widows & Orphans”. I haven’t checked the current situation.

Secondly, if the taxpayer is subject to OAS clawback, the equivalency factor will decline by about 0.1 … as of 2006. Again, I have not checked the current situation. It should be noted that this figure is an extremely rough estimate and is based solely on the direct income tax effect – there may be other net-income-tested benefits to the taxpayer, such as drug plans, which will exacerbate the decline.

Taxation

Marginal Tax Rates: BC 2026

E&Y have analyzed British Columbia tax rates as of 2026-6-15 and we may draw some conclusions from these data. I have changed the ‘Taxable Income’ amount for my three samples since my 2012 review:

Investors Taxable Income Marginal Rate on Interest Marginal Rate on Eligible Dividends Equivalency Factor
Widows & Orphans $30,000 23.16% 0.00% 1.30
Professionals $100,000 28.20% 7.56% 1.29
Plutocrats $200,000 46.09% 26.32% 1.37

Equivalency factors are unchanged for Widows & Orphans, declined a bit for Professionals and increased slightly for Plutocrats since my 2012 post on this topic.

Two nuances should be noted. Firstly, E&Y appears to have possibly put a floor of 0.00% on the published marginal tax rate for dividends; in fact, the tax on dividends can be negative as of 2010 if the taxpayer has other income available to soak up the excess dividend tax credit. This will increase the equivalency factor for “Widows & Orphans”. I haven’t checked the current situation.

Secondly, if the taxpayer is subject to OAS clawback, the equivalency factor will decline by about 0.1 … as of 2006. Again, I have not checked the current situation. It should be noted that this figure is an extremely rough estimate and is based solely on the direct income tax effect – there may be other net-income-tested benefits to the taxpayer, such as drug plans, which will exacerbate the decline.

Market Action

July 16, 2026

The TXPR price index set another 52-week high today of 714.53, just barely edging the old mark of 714.52 set yesterday.

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 0.3286 % 2,644.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.3286 % 4,980.2
Floater 5.46 % 5.59 % 38,730 14.54 3 0.3286 % 2,870.1
OpRet 0.00 % 0.00 % 0 0.00 0 0.0000 % 3,630.7
SplitShare 4.80 % 4.97 % 61,198 2.67 5 0.0000 % 4,335.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0000 % 3,383.0
Perpetual-Premium 5.69 % -3.89 % 56,853 0.09 7 -0.1804 % 3,078.6
Perpetual-Discount 5.54 % 5.57 % 42,273 14.54 27 0.1708 % 3,408.0
FixedReset Disc 5.64 % 5.82 % 99,512 13.99 19 -0.2823 % 3,369.6
Insurance Straight 5.41 % 5.46 % 48,974 14.63 20 -0.0847 % 3,321.7
FloatingReset 0.00 % 0.00 % 0 0.00 0 -0.2823 % 4,114.4
FixedReset Prem 5.90 % 4.58 % 79,195 2.17 29 -0.0466 % 2,664.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.2823 % 3,444.5
FixedReset Ins Non 5.24 % 5.22 % 53,144 14.41 14 0.1121 % 3,257.4
Performance Highlights
Issue Index Change Notes
ENB.PF.C FixedReset Disc -2.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-16
Maturity Price : 22.70
Evaluated at bid price : 23.60
Bid-YTW : 6.09 %
MFC.PR.F FixedReset Ins Non -1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-16
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.50 %
POW.PR.C Perpetual-Premium -1.43 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-08-15
Maturity Price : 25.00
Evaluated at bid price : 25.55
Bid-YTW : -19.50 %
FTS.PR.H FixedReset Disc -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-16
Maturity Price : 20.15
Evaluated at bid price : 20.15
Bid-YTW : 5.65 %
GWO.PR.T Insurance Straight -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-16
Maturity Price : 22.98
Evaluated at bid price : 23.25
Bid-YTW : 5.58 %
ENB.PF.K FixedReset Prem -1.02 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-03-01
Maturity Price : 25.00
Evaluated at bid price : 26.31
Bid-YTW : 3.39 %
SLF.PR.G FixedReset Ins Non 1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-16
Maturity Price : 21.21
Evaluated at bid price : 21.21
Bid-YTW : 5.31 %
PWF.PR.K Perpetual-Discount 4.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-16
Maturity Price : 22.06
Evaluated at bid price : 22.35
Bid-YTW : 5.54 %
Volume Highlights
Issue Index Shares
Traded		 Notes
ENB.PR.Y FixedReset Disc 123,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-16
Maturity Price : 22.63
Evaluated at bid price : 23.36
Bid-YTW : 5.90 %
BN.PF.I FixedReset Prem 77,500 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.36
Bid-YTW : 3.67 %
BN.PF.G FixedReset Prem 51,100 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2030-07-01
Maturity Price : 25.00
Evaluated at bid price : 25.19
Bid-YTW : 5.55 %
BN.PF.A FixedReset Prem 50,300 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.98
Bid-YTW : 5.02 %
BMO.PR.E FixedReset Prem 40,674 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-11-25
Maturity Price : 25.00
Evaluated at bid price : 27.03
Bid-YTW : 3.65 %
ENB.PR.P FixedReset Disc 31,892 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-16
Maturity Price : 23.37
Evaluated at bid price : 24.80
Bid-YTW : 5.74 %
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.R FixedReset Disc Quote: 22.86 – 24.24
Spot Rate : 1.3800
Average : 1.0721

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-16
Maturity Price : 22.20
Evaluated at bid price : 22.86
Bid-YTW : 5.97 %
IFC.PR.K Insurance Straight Quote: 24.16 – 25.10
Spot Rate : 0.9400
Average : 0.6467

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-16
Maturity Price : 23.69
Evaluated at bid price : 24.16
Bid-YTW : 5.46 %
ENB.PR.B FixedReset Disc Quote: 23.20 – 24.50
Spot Rate : 1.3000
Average : 1.0234

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-16
Maturity Price : 22.63
Evaluated at bid price : 23.20
Bid-YTW : 6.00 %
ENB.PR.F FixedReset Disc Quote: 24.39 – 24.95
Spot Rate : 0.5600
Average : 0.3579

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-16
Maturity Price : 23.37
Evaluated at bid price : 24.39
Bid-YTW : 5.81 %
MFC.PR.F FixedReset Ins Non Quote: 21.00 – 21.71
Spot Rate : 0.7100
Average : 0.5163

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-07-16
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.50 %
BN.PR.Z FixedReset Prem Quote: 25.47 – 26.47
Spot Rate : 1.0000
Average : 0.8107

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.47
Bid-YTW : 4.95 %