MAPF

MAPF Performance: February, 2026

Malachite Aggressive Preferred Fund’s Net Asset Value per Unit as of the close February 27, 2026, was $10.6883.

Fund returns were adversely affected by PWF.PF.A (+0.35%) and BN.PR.B (+0.62% following last month’s outperformance) but benefitted from good performance by ENB.PR.Y (+3.67%), MFC.PR.B (+2.55%) and IFC.PR.A (+2.31%); small holdings are not considered for individual mention here.

FixedResets are now yielding about the same as PerpetualDiscounts due largely to a drop in the GOC-5 yield used to estimate future reset rates; on February 27, I reported median YTWs of 5.70% and 5.68%, respectively, for these two indices; compare with mean Current Yields of 5.90% and 5.57%, respectively.

Returns to February 27, 2026
Period MAPF TXPR*
Total Return		 CPD – according to RBCGAM
One Month +1.45% +0.89% +%
Three Months +3.56% +2.85% +%
One Year +17.72% +14.41% +%
Two Years (annualized) +22.06% +17.61% N/A
Three Years (annualized) +19.56% +13.47% +%
Four Years (annualized) +9.69% +6.80% N/A
Five Years (annualized) +10.92% +7.26% +%
Six Years (annualized) +14.36% +8.88% N/A
Seven Years (annualized) +10.87% +7.33% N/A
Eight Years (annualized) +7.56% +5.43% N/A
Nine Years (annualized) +8.67% +5.73% N/A
Ten Years (annualized) +11.49% +8.01% +%
Eleven Years (annualized) +7.28% +4.72%  
Twelve Years (annualized) +6.90% +4.34%  
Thirteen Years (annualized) +6.19% +3.83%  
Fourteen Years (annualized) +6.33% +3.92%  
Fifteen Years (annualized) +6.09% +4.02%  
Sixteen Years (annualized) +6.94% +4.38%  
Seventeen Years (annualized) +9.25% +5.45%  
Eighteen Years (annualized) +8.70% +4.06%  
Nineteen Years (annualized) +8.42%    
Twenty Years (annualized) +8.33%    
Twenty-One Years (annualized) +8.21%    
Twenty-Two Years (annualized) +8.25%    
Twenty-Three Years (annualized) +9.13%    
Twenty-Four Years (annualized) +8.78%    
MAPF returns assume reinvestment of distributions, and are shown after expenses but before fees.
The BMO Capital Markets “50” Preferred Share Index is no longer being calculated. The final performance report incorporating this venerable index was published as of December, 2020.
“TXPR” is the S&P/TSX Preferred Share Index. It is calculated without accounting for fees, but does assume reinvestment of dividends.
CPD Returns are for the NAV and are after all fees and expenses. Reinvestment of dividends is assumed.
All fund and ETF returns shown below are after all fees and expenses
Figures for NBI Preferred Equity Income Fund, Series F [NBC780] (formerly Omega Preferred Equity) (which are after all fees and expenses) for 1-, 3- and 12-months are +%, +% and +%, respectively, according to National Bank Investments after all fees & expenses. Three year performance is +%; five year is +%; ten year is +%.

Figures from Morningstar are no longer conveniently available.
Manulife Preferred Income Class Adv has been terminated by Manulife. The performance of this fund was last reported here in March, 2018.
Figures for Horizons GlobalX Active Preferred Share ETF (HPR) (which are after all fees and expenses) for 1-, 3- and 12-months are +%, +% & +%, respectively. Three year performance is +%, five-year is +%, ten year is +%
Figures for NBI Preferred Equity Fund Series F [NBC710] (formerly Altamira Preferred Equity Fund) are +%, +% and +% for one-, three- and twelve months, respectively. Three year performance is +%; five-year is +%; ten-year is +%

Acccording to the fund’s fact sheet as of June 30, 2016, the fund’s inception date was October 30, 2015. I do not know how they justify this nonsensical statement, but will assume that prior performance is being suppressed in some perfectly legal manner that somebody at National considers ethical.

The last time Altamira Preferred Equity Fund’s performance was reported here was April, 2014; performance under the National Bank banner was first reported here May, 2014.
The figures for the NAV of BMO Laddered Preferred Share Index ETF (ZPR) is +% for the past twelve months. Two year performance is +%, three year is +%, five year is +%, ten year is +%

Note that analysis of ZPR shows some doubt as to whether this fund is either "laddered" or an "index fund". However, there was a remarkable improvement in the laddering in the six months following the publication of my analysis.
Figures for Fiera Canadian Preferred Share Class Cg Series F, (formerly Natixis Canadian Preferred Share Class Series F) (formerly NexGen Canadian Preferred Share Tax Managed Fund) are no longer available as the Fund is now the property of Canoe Financial. The last reported performance for the merged fund was May 2020.
Figures for BMO Preferred Share Fund (advisor series) are not available as the fund has been terminated. This is as per an announcement by the bank on 2024-5-28. The last performance report for this awful fund was as of July 31, 2024.
Figures for PowerShares Canadian Preferred Share Index Class, Series F (PPS) are no longer available since the fund has been terminated. Performance was last reported for the fund to month-end, March 2023
Figures for the First Asset Preferred Share Investment Trust (PSF.UN) are no longer available since the fund has merged with First Asset Preferred Share ETF (FPR).

Performance for the fund was last reported here in September, 2016; the first report of unavailability was in October, 2016.
Figures for Lysander-Slater Preferred Share Dividend Fund (Class F) according to the company are +%, +% and +% for the past one, three and twelve months, respectively. Three year performance is +%, five-year is +%, ten-year is +%.
Figures for the Desjardins Canadian Preferred Share Fund F Class (F Class), as reported by the company are +%, +% and +% for the past one, three and twelve months, respectively. Two year performance is +%, three-year is +%, five-year is +%
Figures for the RBC Canadian Preferred Share ETF (RPF) are reported as +%, +% and +% for the past one, three and twelve months, respectively. Three-year performance is +%, five-year is +%
Figures for the Dynamic Active Preferred Shares ETF (DXP) are +%, +% and +% for the past one, three and twelve months, respectively. Three-year performance is +%; five-year is +%
Figures for the Purpose Canadian Preferred Share Fund (Class F) are +%, +% and +% for the past one, three and twelve months, respectively. Three-year performance is +%; four-year is +%; five-year is +%; seven-year is +%; ten-year is +%.
Figures for the TD Active Preferred Share ETF (TPRF) are +%, +% and +% for the past one, three and twelve months, respectively. Two-year performance is +%, three-year is +%; five-year is +%.

Note that “The TD ETF may also hold common shares, government and corporate bonds, and other income-producing securities. … The TD ETF may invest in foreign securities to an extent that will vary from time to time but is not typically expected to exceed 5% of its assets at the time that foreign securities are purchased.

The non-preferred share components of the portfolio are relatively minor – as of their year-end 2023 report, they had $1.6-million in Canadian Natural Resources Limited common, $1.8-million in RBC common, $1.6-million in SLF common, and $1.75-million in Fortis common, totalling $6.75-million in a $220-million portfolio.

I take the view that the purpose of this mandate is to destroy, or at least deprecate, comparability. Banks hate comparability.

So at the time of initial writing (2026-03-01) none of the comparator funds had published returns to January month-end. I will, as usual, have to attempt to fill in the blanks prior to publishing the March PrefLetter. Remember, readers, if you want customer service, you have to go to a big firm like Hymas Investment Management Inc. – if you go to some tiny outfit like Royal Bank, you’ll find that they simply do not have the resources to publish returns promptly after each applicable month-end. They have published their prices, most of them: updating the performance numbers to reflect these data would be trivial programming work – if they cared to do it.

The five-year Canada yield was steady, with the five-year Canada yield (“GOC-5”) moving from 2.91% at January month-end to 2.72% at February month-end.

The Seniority Spread (between long-term corporate bonds and interest-equivalent PerpetualDiscounts) was 265bp on 2026-02-25 significantly wider than the 245bp on 2026-01-28 (chart end-date 2026-02-13)

The situation with FixedResets is interesting, with the spread between GOC-5 and the interest-adjusted FixedReset (Discount) rate widening significantly (despite recent narrowing) from its 2021-11-10 low of 344bp to a level of 468bp (as of 2026-2-25)… (chart end-date 2026-02-13):

…while at the same time the interest-equivalent spread between FixedReset (Discounts) and PerpetualDiscounts has narrowed to -2bp (as of 2026-02-25) from its 2021-7-28 level of +170bp (chart end-date 2026-01-09):

There are no correlations between the Issue Reset Spread and 1-month performance for discounted FixedResets for both the Pfd-2 Group or for Pfd-3 Group issues.

There is no correlation for either the Pfd-2 group or the Pfd-3 group between the Issue Reset Spread and 3-month performance for discounted FixedResets.

There is no correlation for the Pfd-2 Group but there is one for the Pfd-3 Group (21%) for 1-Month performance against term-to-reset:

… and the three-month returns vs. Term to Reset show no correlation for the Pfd-2 Group but one (14%) for the Pfd-3 Group:

I confess I am nonplussed by the slope of the correlations of performance vs. term for the Pfd-3 group. A downward sloping line should normally be associated with (expectations of) a rise in the GOC-5 basis, but the actual change is a modest 20bp decline over one month and virtually unchanged over three.

It should be noted that to some extent a dependence (of performance on term-to-reset) can be justified as the nearer-term issues will receive the benefit (adverse effects) of higher (lower) projected dividend rates sooner as a result of higher GOC-5 yields and therefore, perhaps, for longer. Equations for the relationship between correlation slope and change in GOC-5 were derived in the August 2022 PrefLetter.

Upward-sloping correlations of Performance vs. Term are to be expected when GOC-5 declines.

I keep talking about ‘Sustainable Income’ when discussing the fund’s income projections. This is because Sustainable Income is the average yield-to-worst (YTW) of the portfolio when the YTW is calculated to perpetuity (or to redemption, of course, if the yield to redemption is lower), including resets at the current GOC-5 rate. The sharp increase in GOC-5 in the past few years caused the difference between YTW and Current Yield to skyrocket, but these two values have become much closer. We have to wait for the reset date of the MAPF portfolio securities before we see a change in actual cash receipts – and, of course, there is no guarantee whatsoever that the rate used for estimation purposes now will be used for the actual calculation in the future (chart prepared as of 2026-02-13).

I will note that the fund’s current holdings of FixedResets are now paying dividends based on their previous reset at an average GOC-5 rate of 2.82% (for discounted FixedResets only, weighted by shares held), very close to the current rate used for projections.

Calculation of MAPF Sustainable Income Per Unit
Month NAVPU Portfolio
Average
YTW		 Leverage Divisor Securities Average
YTW		 Capital Gains
Multiplier		 Sustainable
Income per
Current
Unit
June, 2007 9.3114 5.16% 1.03 5.01% 1.552 0.3006
September 9.1489 5.35% 0.98 5.46% 1.552 0.3219
December, 2007 9.007 5.53% 0.942 5.87% 1.552 0.3407
March, 2008 8.8512 6.17% 1.047 5.89% 1.552 0.3359
June 8.3419 6.03% 0.952 6.34% 1.552 0.3407
September 8.1886 7.11% 0.969 7.34% 1.552 0.387
December, 2008 8.0464 9.24% 1.008 9.17% 1.552 0.4752
Mar, 2009 $8.83 8.60% 0.995 8.80% 1.552 0.5009
June 10.9846 7.05% 0.999 7.06% 1.552 0.4995
September 12.3462 6.03% 0.998 6.04% 1.552 0.4806
December, 2009 10.5662 5.74% 0.981 5.85% 1.306 0.4734
March, 2010 10.2497 6.03% 0.992 6.08% 1.306 0.4771
June 10.577 5.96% 0.996 5.98% 1.306 0.4846
September 11.3901 5.43% 0.98 5.54% 1.306 0.4832
December, 2010 10.7659 5.37% 0.993 5.41% 1.207 0.4824
March, 2011 11.056 6.00% 0.994 5.96% 1.207 0.5463
June 11.1194 5.87% 1.018 5.98% 1.207 0.5505
September 10.2709 6.10% 1.001 6.11% 1.207 0.5196
December, 2011 10.0793 5.63% 1.031 5.81% 1.172 0.4992
March, 2012 10.3944 5.13% 0.996 5.11% 1.172 0.4531
June 10.2151 5.32% 1.012 5.38% 1.172 0.4693
September 10.6703 4.61% 0.997 4.62% 1.172 0.421
December, 2012 10.8307 4.24% 0.989 4.29% 1.172 0.3962
March, 2013 10.9033 3.87% 0.996 3.89% 1.172 0.3615
June 10.3261 4.81% 0.998 4.80% 1.172 0.4229
September 10.0296 5.62% 0.996 5.64% 1.172 0.4829
December, 2013 9.8717 6.02% 1.008 5.97% 1.172 0.503
March, 2014 10.2233 5.55% 0.998 5.56% 1.172 0.4851
June 10.5877 5.09% 0.998 5.10% 1.172 0.4607
September 10.4601 5.28% 0.997 5.30% 1.172 0.4727
December, 2014 10.5701 4.83% 1.009 4.79% 1.172 0.4317
March, 2015 9.9573 4.99% 1.001 4.99% 1.172 0.4235
June 9.4181 5.55% 1.002 5.54% 1.172 0.4451
September 7.814 6.98% 0.999 6.99% 1.172 0.4658
December, 2015 8.1379 6.85% 0.997 6.87% 1.172 0.4771
March, 2016 7.4416 7.79% 0.998 7.81% 1.172 0.4956
June 7.6704 7.67% 1.011 7.59% 1.172 0.4965
September 8.059 7.35% 0.993 7.40% 1.172 0.509
December, 2016 8.5844 7.24% 0.99 7.31% 1.172 0.5356
March, 2017 9.3984 6.26% 0.994 6.30% 1.172 0.505
June 9.5313 6.41% 0.998 6.42% 1.172 0.5224
September 9.7129 6.56% 0.998 6.57% 1.172 0.5447
December, 2017 10.0566 6.06% 1.004 6.04% 1.172 0.5179
March, 2018 10.2701 6.22% 1.007 6.18% 1.172 0.5413
June 10.2518 6.22% 0.995 6.25% 1.172 0.5468
September 10.2965 6.62% 1.018 6.50% 1.172 0.5713
December, 2018 8.6875 7.16% 0.997 7.18% 1.172 0.5324
March, 2019 8.4778 7.09% 1.007 7.04% 1.172 0.5093
June 8.0896 7.33% 0.996 7.36% 1.172 0.5079
September 7.7948 7.96% 0.998 7.98% 1.172 0.5305
December, 2019 8.09 6.03% 0.995 6.06% 1.172 0.4183
March 5.5596 7.04% 1.006 7.00% 1.172 0.332
June 6.3568 6.10% 0.99 6.16% 1.172 0.3342
September 7.2852 5.32% 1 5.32% 1.172 0.3307
December, 2020 8.3947 4.46% 0.999 4.46% 1.172 0.3197
March, 2021 9.6473 4.48% 0.996 4.50% 1.172 0.3703
June 10.3712 3.92% 0.985 3.98% 1.172 0.3522
September 10.7572 4.08% 1.017 4.01% 1.172 0.3682
December, 2021 10.7432 4.31% 0.999 4.31% 1.172 0.3954
March, 2022 10.504 5.53% 1.004 5.51% 1.172 0.4937
June 9.3115 7.04% 0.993 7.09% 1.172 0.5633
September 8.4093 8.10% 0.997 8.12% 1.172 0.5829
December, 2022 7.9921 8.47% 0.996 8.50% 1.172 0.5799
March, 2023 8.0788 7.90% 0.997 7.92% 1.172 0.5462
June 8.0197 9.19% 1.003 9.16% 1.172 0.627
September 7.9922 9.86% 0.997 9.89% 1.172 0.6744
December, 2023 8.4715 8.14% 1.002 8.12% 1.172 0.5872
March,2024 9.5892 7.60% 1.006 7.56% 1.172 0.6181
June 9.8516 7.32% 0.999 7.33% 1.172 0.6159
September 10.3641 6.55% 0.99 6.62% 1.172 0.5851
December, 2024 11.0142 6.44% 0.992 6.49% 1.172 0.6101
March,2025 10.8891 6.22% 0.993 6.26% 1.172 0.582
June 11.4529 6.10% 0.997 6.12% 1.172 0.5979
September 11.7912 5.78% 1.002 5.77% 1.172 0.5803
December, 2025 10.5056 5.61% 1.016 5.52% 1 0.5801
February, 2026 10.6883 5.23% 0.995 5.26% 1 0.5618
NAVPU is shown after quarterly distributions of dividend income and annual distribution of capital gains.
Portfolio YTW includes cash (or margin borrowing), with an assumed interest rate of 0.00%
The Leverage Divisor indicates the level of cash in the account: if the portfolio is 1% in cash, the Leverage Divisor will be 0.99
Securities YTW divides “Portfolio YTW” by the “Leverage Divisor” to show the average YTW on the securities held; this assumes that the cash is invested in (or raised from) all securities held, in proportion to their holdings.
The Capital Gains Multiplier adjusts for the effects of Capital Gains Dividends. On 2009-12-31, there was a capital gains distribution of $1.989262 which is assumed for this purpose to have been reinvested at the final price of $10.5662. Thus, a holder of one unit pre-distribution would have held 1.1883 units post-distribution; the CG Multiplier reflects this to make the time-series comparable. Note that Dividend Distributions are not assumed to be reinvested.
Sustainable Income is the resultant estimate of the fund’s dividend income per current unit, before fees and expenses. Note that a “current unit” includes reinvestment of prior capital gains; a unitholder would have had the calculated sustainable income with only, say, 0.9 units in the past which, with reinvestment of capital gains, would become 1.0 current units.
DeemedRetractibles are comprised of all Straight Perpetuals (both PerpetualDiscount and PerpetualPremium) issued by BMO, BNS, CM, ELF, GWO, HSB, IAG, MFC, NA, RY, SLF and TD, which are not exchangable into common at the option of the company or the regulator (definition refined in May, 2011). These issues are analyzed as if their prospectuses included a requirement to redeem at par on or prior to 2022-1-31 (banks) or the Deemed Maturity date for insurers and insurance holding companies (see below)), in addition to the call schedule explicitly defined. See the Deemed Retractible Review: September 2016 for the rationale behind this analysis.

The same reasoning is also applied to FixedResets from these issuers, other than explicitly defined NVCC from banks.

In November, 2019, the assumption of DeemedRetraction for insurance issues was cancelled in the wake of the IAIS decision included in ICS 2.0. This resulted in a large drop in the yield calculated for these issues
The Deemed Maturity date for insurers was set at 2022-1-31 at the commencement of the process in February, 2011. It was extended to 2025-1-31 in April, 2013 and to 2030-1-31 in December, 2018. In November, 2019, the assumption of DeemedRetraction was cancelled in the wake of the IAIS decision included in ICS 2.0.
Yields for September, 2011, to January, 2012, were calculated by imposing a cap of 10% on the yields of YLO issues held, in order to avoid their extremely high calculated yields distorting the calculation and to reflect the uncertainty in the marketplace that these yields will be realized. From February to September 2012, yields on these issues have been set to zero. All YLO issues held were sold in October 2012.

These calculations were performed assuming constant contemporary GOC-5 and 3-Month Bill rates, as follows:

Canada Yields Assumed in Calculations
Month-end GOC-5 3-Month Bill
September, 2015 0.78% 0.40%
December, 2015 0.71% 0.46%
March, 2016 0.70% 0.44%
June 0.57% 0.47%
September 0.58% 0.53%
December, 2016 1.16% 0.47%
March, 2017 1.08% 0.55%
June 1.35% 0.69%
September 1.79% 0.97%
December, 2017 1.83% 1.00%
March, 2018 2.06% 1.08%
June 1.95% 1.22%
September 2.33% 1.55%
December, 2018 1.88% 1.65%
March, 2019 1.46% 1.66%
June 1.34% 1.66%
September 1.41% 1.66%
December, 2019 1.68% 1.68%
March, 2020 0.57% 0.21%
June 0.37% 0.21%
September 0.35% 0.14%
December, 2020 0.42% 0.08%
March, 2021 0.94% 0.09%
June 0.93% 0.13%
September 1.07% 0.13%
December, 2021 1.31% 0.16%
March, 2022 2.44% 0.53%
June 3.24% 2.11%
September 3.45% 3.60%
December, 2022 3.37% 4.35%
March, 2023 2.93% 4.44%
June 3.74% 5.00%
September 4.31% 5.21%
December, 2023 3.21% 5.13%
March, 2024 3.55% 5.06%
June 3.41% 4.71%
September 2.74% 3.94%
December, 2024 3.02% 3.19%
March, 2025 2.64% 2.66%
June 2.85% 2.68%
September 2.75% 2.45%
December, 2025 2.93% 2.18%
February, 2026 2.72% 2.19%
MAPF

MAPF Portfolio Composition: February, 2026

Turnover remained low at 5% in February; about a third of this was a move into SplitShares from FixedReset Discount issues.

Sectoral distribution of the MAPF portfolio on February 27, 2026, was:

MAPF Sectoral Analysis 2026-02-27
HIMI Indices Sector Weighting YTW ModDur
Ratchet 0% N/A N/A
FixFloat 0% N/A N/A
Floater 13.2% 6.09% 13.70
OpRet 0% N/A N/A
SplitShare 0% N/A N/A
Interest Rearing 0% N/A N/A
PerpetualPremium 0% N/A N/A
PerpetualDiscount 7.4% 5.62% 14.47
Fixed-Reset Discount 10.9% 5.98% 13.91
Insurance – Straight 24.7% 5.24% 15.15
FloatingReset 0% N/A N/A
FixedReset Premium 19.5% 3.78% 1.41
FixedReset Bank non-NVCC 0% N/A N/A
FixedReset Insurance non-NVCC 10.8% 5.16% 15.05
Scraps – Ratchet 0% N/A N/A
Scraps – FixedFloater 0% N/A N/A
Scraps – Floater 0% N/A N/A
Scraps – OpRet 0% N/A N/A
Scraps – SplitShare 3.8% 5.33% 3.19
Scraps – PerpPrem 0% N/A N/A
Scraps – PerpDisc 0% N/A N/A
Scraps – FR Discount 8.8% 6.14% 13.66
Scraps – Insurance Straight 0% N/A N/A
Scraps – FloatingReset 0% N/A N/A
Scraps – FR Premium 0% N/A N/A
Scraps – Bank non-NVCC 0% N/A N/A
Scraps – Ins non-NVCC 0% N/A N/A
Cash 0.0% 0.00% 0.00
Total 100% 5.23% 11.43
Totals and changes will not add precisely due to rounding. Cash is included in totals with duration and yield both equal to zero.
The various “Scraps” indices include issues with a DBRS rating of Pfd-3(high) or lower and issues with an Average Trading Value (calculated with HIMIPref™ methodology, which is relatively complex) of less than $25,000. The issues considered “Scraps” are subdivided into indices which reflect those of the main indices.
DeemedRetractibles were comprised of all Straight Perpetuals (both PerpetualDiscount and PerpetualPremium) issued by BMO, BNS, CM, ELF, GWO, HSB, IAG, MFC, NA, RY, SLF and TD, which are not exchangable into common at the option of the company or the regulator. These issues are analyzed as if their prospectuses included a requirement to redeem at par on or prior to 2022-1-31 in the case of banks or normally in the case of insurers and insurance holding companies, in addition to the call schedule explicitly defined. See the Deemed Retractible Review: September 2016 for the rationale behind this analysis and IAIS Says No To DeemedRetractions for the recent change in policy with respect to insurers.

Note that the estimate for the time this will become effective for insurers and insurance holding companies was extended by three years in April 2013, due to the delays in OSFI’s providing clarity on the issue and by a further five years in December, 2018; the estimate was eliminated in November. However, the distinctions are being kept because it is useful to distinguish insurance issues from others.

The name of this subindex has been changed to “Insurance Straight” as of November, 2020
Calculations of yield and related attributes of resettable instruments are performed assuming a constant GOC-5 rate of 2.72%, a constant 3-Month Bill rate of 2.19% and a constant Canada Prime Rate of 4.45%

The “total” reflects the un-leveraged total portfolio (i.e., cash is included in the portfolio calculations and is deemed to have a duration and yield of 0.00.). MAPF will often have relatively large cash balances, both credit and debit, to facilitate trading. Figures presented in the table have been rounded to the indicated precision.

Credit distribution is:

MAPF Credit Analysis 2026-2-27
DBRS Rating MAPF Weighting
Pfd-1 0
Pfd-1(low) 0
Pfd-2(high) 47.5%
Pfd-2 20.5%
Pfd-2(low) 18.9%
Pfd-3(high) 6.5%
Pfd-3 1.2%
Pfd-3(low) 4.9%
Pfd-4(high) 0%
Pfd-4 0%
Pfd-4(low) 0%
Pfd-5(high) 0%
Pfd-5 0%
Cash 0.5%
Totals will not add precisely due to rounding.

Liquidity Distribution is:

MAPF Liquidity Analysis 2026-2-27
Average Daily Trading MAPF Weighting
<$50,000 0%
$50,000 – $100,000 38.7%
$100,000 – $200,000 46.4%
$200,000 – $300,000 10.2%
>$300,000 4.1%
Cash 0.5%
Totals will not add precisely due to rounding.

The distribution of Issue Reset Spreads is:

Range MAPF Weight
<100bp 0%
100-149bp 6.6%
150-199bp 10.7%
200-249bp 14.1%
250-299bp 0%
300-349bp 10.6%
350-399bp 8.0%
400-449bp 0%
450-499bp 0%
500-549bp 0%
550-599bp 0%
>= 600bp 0%
Undefined 50.0%

Distribution of Floating Rate Start Dates is shown in the table below. This is the date of the next adjustment to the dividend rate, if the issue is currently paying a fixed rate for a limited time; which in practice is successive terms of 5 years. Issues that adjust quarterly are considered “Currently Floating”.

Range MAPF Weight
Currently Floating 13.6%
0-1 Year 2.9%
1-2 Years 34.4%
2-3 Years 0.4%
3-4 Years 8.1%
4-5 Years 5.4%
5-6 Years 0%
>6 Years 0%
Not Floating Rate 35.2%

MAPF is, of course, Malachite Aggressive Preferred Fund, a “unit trust” managed by Hymas Investment Management Inc. Further information and links to performance, audited financials and subscription information are available the fund’s web page. The fund may be purchased directly from Hymas Investment Management. A “unit trust” is like a regular mutual fund, but are not sold with a prospectus This is cheaper, but means subscription is restricted to “accredited investors” (as defined by the Ontario Securities Commission). Fund past performances are not a guarantee of future performance. You can lose money investing in MAPF or any other fund.

Market Action

February 27, 2026

Canada’s GDP fell in 25Q4, but it’s not as bad as it sounds:

Statistics Canada reported a fourth-quarter contraction in real gross domestic product Friday that economists argue conceals some promising details in underlying economic data.

Statscan said Friday that real GDP declined 0.6 per cent on an annualized basis in the fourth quarter, falling short of expectations for flat growth from the Bank of Canada and most economists.

Statscan said the main culprit was businesses drawing down their inventories – in other words, selling off goods or materials that weren’t reproduced in the quarter.
…
StatCan said a rise in household spending and increased government capital spending – particularly on weapons systems – gave the economy a lift in the quarter. Business investment, meanwhile, declined thanks to weakness in residential activity.
…
Last quarter’s contraction came after real GDP growth of 2.4 per cent in the third quarter, which Statscan revised down slightly from initial estimates. The economy also shrank in the second quarter as tariffs took full effect in the economy, but Statscan also revised that decline to 0.9 per cent from previous estimates of a steeper 1.8 per cent contraction.
…
StatCan said real GDP rose 1.7 per cent in 2025 overall, cooling from 2-per-cent growth in each of the previous two years and marking the slowest pace of annual growth since 2016, outside the COVID-19 pandemic.

And the US PPI caused shock and consternation:

U.S. producer prices accelerated in January, with the cost of goods outside the volatile food and energy category increasing by the most in more than 3½ years as businesses passed on import tariffs and raised prices at the start of 2026.

The stronger-than-expected increase in the Producer Price Index reported by the Labour Department on Friday reinforced economists’ expectations that the Federal Reserve would not resume cutting interest rates before its June 16-17 meeting.

The PPI was boosted by a widening in margins, including for professional and commercial equipment wholesaling as well as apparel, footwear and accessories retailing.
…
In the 12 months through January, the PPI increased 2.9 per cent after rising 3 per cent in December. The moderation in the year-on-year producer inflation rate reflected the dropping out of last year’s high readings from the calculation.

Core PPI rose 0.8 per cent last month after gaining 0.6 per cent in December. Core producer inflation increased 3.6 per cent on a year-over-year basis. The report was delayed by a brief shutdown of the federal government that ended early this month.

Services prices jumped 0.8 per cent in January, reflecting a 2.5 per cent increase in trade services, which measure changes in margins received by wholesalers and retailers. Margins for professional and commercial equipment wholesaling surged 14.4 per cent, indicating businesses were passing on tariffs.
…
The PPI report contributed to a stock market drop on Wall Street. The dollar slipped against a basket of currencies. U.S. Treasury yields mostly fell.

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 0.2736 % 2,485.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.2736 % 4,713.1
Floater 5.80 % 6.08 % 59,857 13.72 3 0.2736 % 2,716.2
OpRet 0.00 % 0.00 % 0 0.00 0 0.1028 % 3,652.3
SplitShare 4.78 % 4.31 % 74,165 3.02 5 0.1028 % 4,361.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1028 % 3,403.1
Perpetual-Premium 5.66 % 5.56 % 415,567 14.11 7 0.0340 % 3,081.2
Perpetual-Discount 5.57 % 5.68 % 51,128 14.34 27 0.7389 % 3,400.0
FixedReset Disc 5.90 % 5.70 % 124,572 14.00 28 -0.1906 % 3,196.0
Insurance Straight 5.43 % 5.55 % 64,823 14.48 22 0.1948 % 3,348.8
FloatingReset 0.00 % 0.00 % 0 0.00 0 -0.1906 % 3,801.9
FixedReset Prem 5.94 % 4.21 % 88,294 2.47 20 0.1683 % 2,670.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.1906 % 3,266.9
FixedReset Ins Non 5.27 % 5.23 % 96,681 14.98 14 -0.0092 % 3,139.4
Performance Highlights
Issue Index Change Notes
BN.PR.R FixedReset Disc -4.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-27
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 5.93 %
BN.PF.D Perpetual-Discount -2.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-27
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 5.94 %
FTS.PR.K FixedReset Disc -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-27
Maturity Price : 22.53
Evaluated at bid price : 23.16
Bid-YTW : 5.28 %
POW.PR.D Perpetual-Discount -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-27
Maturity Price : 22.44
Evaluated at bid price : 22.70
Bid-YTW : 5.58 %
MFC.PR.J FixedReset Ins Non -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-27
Maturity Price : 23.64
Evaluated at bid price : 25.20
Bid-YTW : 5.32 %
FTS.PR.H FixedReset Disc -1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-27
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 5.45 %
BN.PR.N Perpetual-Discount -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-27
Maturity Price : 20.83
Evaluated at bid price : 20.83
Bid-YTW : 5.81 %
GWO.PR.H Insurance Straight 1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-27
Maturity Price : 21.97
Evaluated at bid price : 22.20
Bid-YTW : 5.55 %
NA.PR.I FixedReset Prem 3.16 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-05-01
Maturity Price : 25.00
Evaluated at bid price : 26.45
Bid-YTW : 4.95 %
PWF.PR.S Perpetual-Discount 28.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-27
Maturity Price : 21.26
Evaluated at bid price : 21.26
Bid-YTW : 5.71 %
Volume Highlights
Issue Index Shares
Traded		 Notes
MFC.PR.M FixedReset Ins Non 135,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-27
Maturity Price : 23.27
Evaluated at bid price : 25.00
Bid-YTW : 5.10 %
MFC.PR.L FixedReset Ins Non 113,729 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-27
Maturity Price : 23.24
Evaluated at bid price : 24.75
Bid-YTW : 5.03 %
BN.PR.T FixedReset Disc 106,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-27
Maturity Price : 21.43
Evaluated at bid price : 21.75
Bid-YTW : 5.75 %
MFC.PR.N FixedReset Ins Non 71,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-27
Maturity Price : 22.96
Evaluated at bid price : 24.25
Bid-YTW : 5.15 %
PWF.PR.Z Perpetual-Discount 66,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-27
Maturity Price : 22.58
Evaluated at bid price : 22.85
Bid-YTW : 5.69 %
GWO.PR.Z Insurance Straight 44,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-27
Maturity Price : 24.74
Evaluated at bid price : 25.15
Bid-YTW : 5.75 %
There were 11 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: 21.30 – 22.48
Spot Rate : 1.1800
Average : 0.7524

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-27
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 5.93 %
MFC.PR.J FixedReset Ins Non Quote: 25.20 – 26.15
Spot Rate : 0.9500
Average : 0.5583

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-27
Maturity Price : 23.64
Evaluated at bid price : 25.20
Bid-YTW : 5.32 %
MFC.PR.I FixedReset Ins Non Quote: 25.50 – 26.50
Spot Rate : 1.0000
Average : 0.6400

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-09-19
Maturity Price : 25.00
Evaluated at bid price : 25.50
Bid-YTW : 4.44 %
GWO.PR.G Insurance Straight Quote: 23.75 – 24.87
Spot Rate : 1.1200
Average : 0.7867

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-27
Maturity Price : 23.48
Evaluated at bid price : 23.75
Bid-YTW : 5.56 %
CU.PR.C FixedReset Disc Quote: 24.80 – 25.80
Spot Rate : 1.0000
Average : 0.6691

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-27
Maturity Price : 24.47
Evaluated at bid price : 24.80
Bid-YTW : 5.18 %
MFC.PR.C Insurance Straight Quote: 21.80 – 22.75
Spot Rate : 0.9500
Average : 0.6447

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-27
Maturity Price : 21.54
Evaluated at bid price : 21.80
Bid-YTW : 5.16 %
Issue Comments

CVE.PR.A & CVE.PR.B To Be Redeemed

Cenovus Energy Inc. has announced:

it will exercise its right to redeem its 2.577% Series 1 Preferred Shares (the “Series 1 Preferred Shares”) and its 3.948% Series 2 Preferred Shares (the “Series 2 Preferred Shares”, collectively, the “Series 1 & 2 Preferred Shares”) on March 31, 2026 (the “Redemption”). All of the Series 1 & 2 Preferred Shares outstanding will be redeemed at the price of $25.00 per share, for an aggregate amount payable to holders of $300 million, less required withholdings, if any, funded primarily from cash on hand.

As previously announced, the Company’s Board of Directors has declared quarterly dividends of $0.16106 per Series 1 Preferred Share and $0.24337 per Series 2 Preferred Share, each payable on March 31, 2026, to shareholders of record as of March 13, 2026. These will be the final dividends paid on the Series 1 & 2 Preferred Shares.

Inquiries from registered holders of Series 1 & 2 Preferred Shares should be directed to Cenovus’s Registrar and Transfer Agent, Computershare Investor Services Inc. at 1-866-332-8898 or (514) 982-8717 outside North America. Beneficial holders, who are not directly registered holders of Series 1 & 2 Preferred Shares, should contact the financial institution, broker or other intermediary through which they hold these shares to confirm how they will receive their redemption proceeds.

CVE.PR.A was issued as HSE.PR.A, a FixedReset, 4.45%+173, on 2011-3-18 after being announced 2011-3-10. Notice of extension was published in February, 2016 and the issue reset to 2.404%. I recommended against conversion but there was a 13% conversion to the FloatingReset HSE.PR.B anyway. The ticker changed to CVE.PR.A following the Plan of Arrangement between HSE and CVE. CVE.PR.A reset to 2.577% in 2021 and there was a 3% net conversion to the FixedReset.

CVE.PR.B is a FloatingReset, Bills+173, that arose via a partial conversion from HSE.PR.A to HSE.PR.B in 2016. The ticker changed to CVE.PR.B following the Plan of Arrangement between HSE and CVE.

Thanks to Assiduous Readers Dan Good and FletcherLynd for bringing this to my attention!

Market Action

February 26, 2026

For the first time in a long time, the median YTW for PerpetualDiscounts exceeds that of FixedReset Discounts!

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 -0.2234 % 2,478.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2234 % 4,700.2
Floater 5.81 % 6.10 % 58,922 13.70 3 -0.2234 % 2,708.8
OpRet 0.00 % 0.00 % 0 0.00 0 0.0633 % 3,648.6
SplitShare 4.78 % 4.30 % 73,990 3.02 5 0.0633 % 4,357.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0633 % 3,399.6
Perpetual-Premium 5.67 % 5.56 % 421,514 14.11 7 0.0510 % 3,080.1
Perpetual-Discount 5.61 % 5.69 % 50,907 14.32 27 0.5677 % 3,375.1
FixedReset Disc 5.88 % 5.68 % 125,755 13.99 28 0.1739 % 3,202.1
Insurance Straight 5.44 % 5.56 % 66,325 14.46 22 0.1872 % 3,342.3
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.1739 % 3,809.2
FixedReset Prem 5.95 % 4.35 % 92,030 2.48 20 -0.1718 % 2,665.5
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1739 % 3,273.2
FixedReset Ins Non 5.27 % 5.16 % 89,487 14.84 14 0.5721 % 3,139.7
Performance Highlights
Issue Index Change Notes
NA.PR.I FixedReset Prem -3.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-26
Maturity Price : 23.56
Evaluated at bid price : 25.64
Bid-YTW : 5.55 %
RY.PR.S FixedReset Prem -1.14 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-02-24
Maturity Price : 25.00
Evaluated at bid price : 26.10
Bid-YTW : 4.35 %
ENB.PF.C FixedReset Disc 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-26
Maturity Price : 22.29
Evaluated at bid price : 22.91
Bid-YTW : 5.89 %
PWF.PR.Z Perpetual-Discount 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-26
Maturity Price : 22.51
Evaluated at bid price : 22.78
Bid-YTW : 5.71 %
BN.PF.D Perpetual-Discount 2.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-26
Maturity Price : 21.51
Evaluated at bid price : 21.51
Bid-YTW : 5.80 %
GWO.PR.R Insurance Straight 2.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-26
Maturity Price : 21.73
Evaluated at bid price : 21.98
Bid-YTW : 5.54 %
MFC.PR.N FixedReset Ins Non 2.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-26
Maturity Price : 22.92
Evaluated at bid price : 24.15
Bid-YTW : 5.17 %
IFC.PR.C FixedReset Ins Non 2.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-26
Maturity Price : 24.16
Evaluated at bid price : 24.73
Bid-YTW : 5.41 %
MFC.PR.M FixedReset Ins Non 2.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-26
Maturity Price : 23.22
Evaluated at bid price : 24.85
Bid-YTW : 5.13 %
CU.PR.F Perpetual-Discount 2.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-26
Maturity Price : 20.51
Evaluated at bid price : 20.51
Bid-YTW : 5.52 %
MFC.PR.B Insurance Straight 3.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-26
Maturity Price : 21.95
Evaluated at bid price : 22.19
Bid-YTW : 5.24 %
CU.PR.H Perpetual-Discount 8.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-26
Maturity Price : 24.05
Evaluated at bid price : 24.30
Bid-YTW : 5.42 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BN.PF.A FixedReset Prem 59,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-26
Maturity Price : 23.74
Evaluated at bid price : 25.93
Bid-YTW : 5.60 %
MFC.PR.N FixedReset Ins Non 21,037 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-26
Maturity Price : 22.92
Evaluated at bid price : 24.15
Bid-YTW : 5.17 %
MFC.PR.J FixedReset Ins Non 20,165 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-03-19
Maturity Price : 25.00
Evaluated at bid price : 25.50
Bid-YTW : 4.98 %
CU.PR.D Perpetual-Discount 18,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-26
Maturity Price : 21.97
Evaluated at bid price : 22.20
Bid-YTW : 5.54 %
GWO.PR.Z Insurance Straight 17,580 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-26
Maturity Price : 24.78
Evaluated at bid price : 25.19
Bid-YTW : 5.74 %
IFC.PR.F Insurance Straight 14,753 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-26
Maturity Price : 23.64
Evaluated at bid price : 23.90
Bid-YTW : 5.63 %
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
ENB.PF.K FixedReset Prem Quote: 25.80 – 26.75
Spot Rate : 0.9500
Average : 0.5569

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-03-01
Maturity Price : 25.00
Evaluated at bid price : 25.80
Bid-YTW : 4.53 %
NA.PR.I FixedReset Prem Quote: 25.64 – 26.64
Spot Rate : 1.0000
Average : 0.6115

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-26
Maturity Price : 23.56
Evaluated at bid price : 25.64
Bid-YTW : 5.55 %
BN.PF.I FixedReset Prem Quote: 25.87 – 26.87
Spot Rate : 1.0000
Average : 0.6166

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.87
Bid-YTW : 2.95 %
NA.PR.C FixedReset Prem Quote: 26.53 – 27.53
Spot Rate : 1.0000
Average : 0.6780

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-11-15
Maturity Price : 25.00
Evaluated at bid price : 26.53
Bid-YTW : 3.50 %
PWF.PR.S Perpetual-Discount Quote: 16.61 – 22.07
Spot Rate : 5.4600
Average : 5.2057

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-26
Maturity Price : 16.61
Evaluated at bid price : 16.61
Bid-YTW : 7.33 %
FTS.PR.H FixedReset Disc Quote: 19.47 – 20.25
Spot Rate : 0.7800
Average : 0.5531

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-26
Maturity Price : 19.47
Evaluated at bid price : 19.47
Bid-YTW : 5.39 %
Market Action

February 25, 2026

PerpetualDiscounts now yield 5.69%, equivalent to 7.40% interest at the standard conversion factor of 1.3x. Long corporates yielded 4.74% on 2026-2-25. Therefore the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened slightly (and perhaps spuriously) to 265bp from the 260bp reported February 18

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 0.2488 % 2,484.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.2488 % 4,710.8
Floater 5.80 % 6.07 % 59,603 13.74 3 0.2488 % 2,714.8
OpRet 0.00 % 0.00 % 0 0.00 0 0.1427 % 3,646.2
SplitShare 4.79 % 4.37 % 74,631 3.02 5 0.1427 % 4,354.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1427 % 3,397.5
Perpetual-Premium 5.67 % 5.57 % 436,482 14.12 7 -0.1076 % 3,078.5
Perpetual-Discount 5.65 % 5.69 % 48,731 14.32 27 -0.5694 % 3,356.0
FixedReset Disc 5.89 % 5.71 % 126,146 14.00 28 0.3270 % 3,196.5
Insurance Straight 5.45 % 5.56 % 68,248 14.45 22 -0.2399 % 3,336.1
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.3270 % 3,802.6
FixedReset Prem 5.94 % 4.24 % 89,245 2.48 20 0.1147 % 2,670.1
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.3270 % 3,267.5
FixedReset Ins Non 5.30 % 5.27 % 82,837 14.81 14 -1.4729 % 3,121.8
Performance Highlights
Issue Index Change Notes
CU.PR.H Perpetual-Discount -8.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-25
Maturity Price : 22.12
Evaluated at bid price : 22.40
Bid-YTW : 5.88 %
MFC.PR.M FixedReset Ins Non -3.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-25
Maturity Price : 22.95
Evaluated at bid price : 24.18
Bid-YTW : 5.30 %
IFC.PR.C FixedReset Ins Non -2.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-25
Maturity Price : 23.37
Evaluated at bid price : 24.08
Bid-YTW : 5.54 %
BN.PF.D Perpetual-Discount -2.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-25
Maturity Price : 21.07
Evaluated at bid price : 21.07
Bid-YTW : 5.92 %
CU.PR.F Perpetual-Discount -2.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-25
Maturity Price : 19.95
Evaluated at bid price : 19.95
Bid-YTW : 5.67 %
MFC.PR.N FixedReset Ins Non -2.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-25
Maturity Price : 22.65
Evaluated at bid price : 23.57
Bid-YTW : 5.32 %
MFC.PR.B Insurance Straight -2.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-25
Maturity Price : 21.45
Evaluated at bid price : 21.45
Bid-YTW : 5.43 %
GWO.PR.R Insurance Straight -2.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-25
Maturity Price : 21.51
Evaluated at bid price : 21.51
Bid-YTW : 5.68 %
PWF.PR.Z Perpetual-Discount -1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-25
Maturity Price : 22.21
Evaluated at bid price : 22.49
Bid-YTW : 5.78 %
GWO.PR.H Insurance Straight -1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-25
Maturity Price : 21.57
Evaluated at bid price : 21.83
Bid-YTW : 5.64 %
ENB.PF.E FixedReset Disc 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-25
Maturity Price : 22.14
Evaluated at bid price : 22.70
Bid-YTW : 5.94 %
SLF.PR.E Insurance Straight 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-25
Maturity Price : 21.33
Evaluated at bid price : 21.60
Bid-YTW : 5.19 %
GWO.PR.G Insurance Straight 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-25
Maturity Price : 23.74
Evaluated at bid price : 24.05
Bid-YTW : 5.48 %
MFC.PR.F FixedReset Ins Non 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-25
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 5.48 %
ENB.PR.J FixedReset Disc 2.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-25
Maturity Price : 22.47
Evaluated at bid price : 23.05
Bid-YTW : 5.89 %
GWO.PR.Y Insurance Straight 5.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-25
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.45 %
Volume Highlights
Issue Index Shares
Traded		 Notes
FTS.PR.M FixedReset Disc 54,575 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-25
Maturity Price : 23.18
Evaluated at bid price : 24.73
Bid-YTW : 5.27 %
FTS.PR.K FixedReset Disc 54,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-25
Maturity Price : 22.75
Evaluated at bid price : 23.55
Bid-YTW : 5.18 %
MFC.PR.M FixedReset Ins Non 38,707 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-25
Maturity Price : 22.95
Evaluated at bid price : 24.18
Bid-YTW : 5.30 %
FFH.PR.K FixedReset Prem 30,250 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.51
Bid-YTW : 3.89 %
PWF.PR.K Perpetual-Discount 24,699 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-25
Maturity Price : 21.70
Evaluated at bid price : 21.95
Bid-YTW : 5.69 %
ENB.PR.N FixedReset Disc 22,384 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-25
Maturity Price : 23.29
Evaluated at bid price : 24.65
Bid-YTW : 5.64 %
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
CU.PR.H Perpetual-Discount Quote: 22.40 – 24.40
Spot Rate : 2.0000
Average : 1.1963

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-25
Maturity Price : 22.12
Evaluated at bid price : 22.40
Bid-YTW : 5.88 %
PWF.PR.S Perpetual-Discount Quote: 16.60 – 22.10
Spot Rate : 5.5000
Average : 4.9269

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-25
Maturity Price : 16.60
Evaluated at bid price : 16.60
Bid-YTW : 7.34 %
MFC.PR.M FixedReset Ins Non Quote: 24.18 – 25.30
Spot Rate : 1.1200
Average : 0.6780

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-25
Maturity Price : 22.95
Evaluated at bid price : 24.18
Bid-YTW : 5.30 %
CU.PR.C FixedReset Disc Quote: 24.71 – 25.71
Spot Rate : 1.0000
Average : 0.5764

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-25
Maturity Price : 24.36
Evaluated at bid price : 24.71
Bid-YTW : 5.19 %
IFC.PR.C FixedReset Ins Non Quote: 24.08 – 25.08
Spot Rate : 1.0000
Average : 0.6044

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-25
Maturity Price : 23.37
Evaluated at bid price : 24.08
Bid-YTW : 5.54 %
MFC.PR.N FixedReset Ins Non Quote: 23.57 – 24.48
Spot Rate : 0.9100
Average : 0.5798

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-25
Maturity Price : 22.65
Evaluated at bid price : 23.57
Bid-YTW : 5.32 %
Market Action

February 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 0.0249 % 2,478.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0249 % 4,699.1
Floater 5.81 % 6.08 % 57,215 13.72 3 0.0249 % 2,708.1
OpRet 0.00 % 0.00 % 0 0.00 0 0.0238 % 3,641.1
SplitShare 4.79 % 4.56 % 74,671 3.03 5 0.0238 % 4,348.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0238 % 3,392.6
Perpetual-Premium 5.66 % 5.56 % 453,061 14.12 7 0.0453 % 3,081.9
Perpetual-Discount 5.61 % 5.67 % 48,349 14.35 27 0.1219 % 3,375.2
FixedReset Disc 5.91 % 5.71 % 127,687 13.99 28 0.0031 % 3,186.1
Insurance Straight 5.44 % 5.56 % 69,035 14.46 22 -0.1512 % 3,344.1
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.0031 % 3,790.2
FixedReset Prem 5.94 % 4.38 % 88,453 2.48 20 -0.0745 % 2,667.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0031 % 3,256.8
FixedReset Ins Non 5.22 % 5.17 % 83,177 14.79 14 0.3436 % 3,168.5
Performance Highlights
Issue Index Change Notes
GWO.PR.Y Insurance Straight -3.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-24
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.73 %
ENB.PR.J FixedReset Disc -2.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-24
Maturity Price : 22.12
Evaluated at bid price : 22.51
Bid-YTW : 6.04 %
GWO.PR.T Insurance Straight -1.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-24
Maturity Price : 23.12
Evaluated at bid price : 23.40
Bid-YTW : 5.58 %
GWO.PR.S Insurance Straight -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-24
Maturity Price : 23.48
Evaluated at bid price : 23.75
Bid-YTW : 5.61 %
PWF.PR.Z Perpetual-Discount 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-24
Maturity Price : 22.64
Evaluated at bid price : 22.90
Bid-YTW : 5.67 %
ENB.PR.H FixedReset Disc 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-24
Maturity Price : 22.66
Evaluated at bid price : 23.26
Bid-YTW : 5.41 %
BN.PF.D Perpetual-Discount 2.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-24
Maturity Price : 21.40
Evaluated at bid price : 21.67
Bid-YTW : 5.74 %
CCS.PR.C Insurance Straight 3.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-24
Maturity Price : 23.15
Evaluated at bid price : 23.45
Bid-YTW : 5.40 %
MFC.PR.F FixedReset Ins Non 3.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-24
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 5.56 %
Volume Highlights
Issue Index Shares
Traded		 Notes
PWF.PR.P FixedReset Disc 54,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-24
Maturity Price : 19.95
Evaluated at bid price : 19.95
Bid-YTW : 5.58 %
MFC.PR.I FixedReset Ins Non 51,653 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-09-19
Maturity Price : 25.00
Evaluated at bid price : 25.72
Bid-YTW : 4.82 %
IFC.PR.G FixedReset Ins Non 43,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-24
Maturity Price : 23.59
Evaluated at bid price : 25.25
Bid-YTW : 5.33 %
SLF.PR.E Insurance Straight 30,397 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-24
Maturity Price : 21.37
Evaluated at bid price : 21.64
Bid-YTW : 5.27 %
ENB.PR.T FixedReset Disc 27,807 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-24
Maturity Price : 22.72
Evaluated at bid price : 23.55
Bid-YTW : 5.77 %
GWO.PR.N FixedReset Ins Non 27,267 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-24
Maturity Price : 18.45
Evaluated at bid price : 18.45
Bid-YTW : 5.57 %
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
PWF.PR.S Perpetual-Discount Quote: 16.60 – 22.10
Spot Rate : 5.5000
Average : 4.2986

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-24
Maturity Price : 16.60
Evaluated at bid price : 16.60
Bid-YTW : 7.34 %
NA.PR.C FixedReset Prem Quote: 26.55 – 27.55
Spot Rate : 1.0000
Average : 0.5715

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-11-15
Maturity Price : 25.00
Evaluated at bid price : 26.55
Bid-YTW : 3.44 %
MFC.PR.I FixedReset Ins Non Quote: 25.72 – 26.72
Spot Rate : 1.0000
Average : 0.5787

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-09-19
Maturity Price : 25.00
Evaluated at bid price : 25.72
Bid-YTW : 4.82 %
GWO.PR.Y Insurance Straight Quote: 20.00 – 21.04
Spot Rate : 1.0400
Average : 0.6675

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-24
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.73 %
GWO.PR.S Insurance Straight Quote: 23.75 – 24.75
Spot Rate : 1.0000
Average : 0.7320

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-24
Maturity Price : 23.48
Evaluated at bid price : 23.75
Bid-YTW : 5.61 %
ENB.PR.J FixedReset Disc Quote: 22.51 – 23.20
Spot Rate : 0.6900
Average : 0.4821

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-24
Maturity Price : 22.12
Evaluated at bid price : 22.51
Bid-YTW : 6.04 %
Market Action

February 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 -0.1739 % 2,477.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.1739 % 4,697.9
Floater 5.81 % 6.09 % 58,001 13.72 3 -0.1739 % 2,707.4
OpRet 0.00 % 0.00 % 0 0.00 0 0.2225 % 3,640.2
SplitShare 4.80 % 4.66 % 74,817 3.03 5 0.2225 % 4,347.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2225 % 3,391.8
Perpetual-Premium 5.66 % 5.57 % 469,644 14.11 7 -0.0962 % 3,080.5
Perpetual-Discount 5.62 % 5.69 % 47,586 14.34 27 -0.8738 % 3,371.1
FixedReset Disc 5.91 % 5.71 % 126,882 14.00 28 0.0966 % 3,186.0
Insurance Straight 5.43 % 5.54 % 68,809 14.50 22 -0.2487 % 3,349.1
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.0966 % 3,790.1
FixedReset Prem 5.94 % 4.27 % 85,744 2.36 20 -0.0477 % 2,669.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0966 % 3,256.7
FixedReset Ins Non 5.24 % 5.17 % 82,352 14.76 14 0.0243 % 3,157.7
Performance Highlights
Issue Index Change Notes
PWF.PR.S Perpetual-Discount -24.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-23
Maturity Price : 16.60
Evaluated at bid price : 16.60
Bid-YTW : 7.33 %
CCS.PR.C Insurance Straight -3.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-23
Maturity Price : 22.49
Evaluated at bid price : 22.75
Bid-YTW : 5.57 %
BN.PF.D Perpetual-Discount -1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-23
Maturity Price : 21.07
Evaluated at bid price : 21.07
Bid-YTW : 5.92 %
MFC.PR.B Insurance Straight -1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-23
Maturity Price : 22.05
Evaluated at bid price : 22.28
Bid-YTW : 5.30 %
BN.PF.F FixedReset Disc 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-23
Maturity Price : 23.25
Evaluated at bid price : 24.88
Bid-YTW : 5.68 %
PVS.PR.K SplitShare 1.17 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.05
Bid-YTW : 4.36 %
ENB.PR.J FixedReset Disc 2.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-23
Maturity Price : 22.48
Evaluated at bid price : 23.07
Bid-YTW : 5.88 %
Volume Highlights
Issue Index Shares
Traded		 Notes
GWO.PR.N FixedReset Ins Non 62,095 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-23
Maturity Price : 18.45
Evaluated at bid price : 18.45
Bid-YTW : 5.57 %
BN.PF.C Perpetual-Discount 41,086 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-23
Maturity Price : 21.27
Evaluated at bid price : 21.27
Bid-YTW : 5.80 %
GWO.PR.R Insurance Straight 40,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-23
Maturity Price : 21.73
Evaluated at bid price : 21.98
Bid-YTW : 5.54 %
GWO.PR.P Insurance Straight 34,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-23
Maturity Price : 24.05
Evaluated at bid price : 24.30
Bid-YTW : 5.64 %
BN.PR.X FixedReset Disc 22,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-23
Maturity Price : 19.45
Evaluated at bid price : 19.45
Bid-YTW : 5.93 %
CU.PR.K Perpetual-Premium 21,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-23
Maturity Price : 24.43
Evaluated at bid price : 24.82
Bid-YTW : 5.65 %
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
PWF.PR.S Perpetual-Discount Quote: 16.60 – 22.06
Spot Rate : 5.4600
Average : 2.9813

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-23
Maturity Price : 16.60
Evaluated at bid price : 16.60
Bid-YTW : 7.33 %
MFC.PR.B Insurance Straight Quote: 22.28 – 23.50
Spot Rate : 1.2200
Average : 0.8010

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-23
Maturity Price : 22.05
Evaluated at bid price : 22.28
Bid-YTW : 5.30 %
ENB.PR.H FixedReset Disc Quote: 22.98 – 23.87
Spot Rate : 0.8900
Average : 0.5425

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-23
Maturity Price : 22.49
Evaluated at bid price : 22.98
Bid-YTW : 5.49 %
GWO.PR.T Insurance Straight Quote: 23.75 – 24.50
Spot Rate : 0.7500
Average : 0.4971

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-23
Maturity Price : 23.48
Evaluated at bid price : 23.75
Bid-YTW : 5.50 %
CCS.PR.C Insurance Straight Quote: 22.75 – 23.69
Spot Rate : 0.9400
Average : 0.6998

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-23
Maturity Price : 22.49
Evaluated at bid price : 22.75
Bid-YTW : 5.57 %
BN.PF.D Perpetual-Discount Quote: 21.07 – 21.87
Spot Rate : 0.8000
Average : 0.5756

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-23
Maturity Price : 21.07
Evaluated at bid price : 21.07
Bid-YTW : 5.92 %
Market Action

February 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 -0.3219 % 2,481.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.3219 % 4,706.1
Floater 5.80 % 6.05 % 57,998 13.77 3 -0.3219 % 2,712.1
OpRet 0.00 % 0.00 % 0 0.00 0 -1.2009 % 3,632.1
SplitShare 4.81 % 5.11 % 77,363 3.00 5 -1.2009 % 4,337.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -1.2009 % 3,384.3
Perpetual-Premium 5.66 % 5.58 % 477,279 6.74 7 0.0963 % 3,083.4
Perpetual-Discount 5.57 % 5.62 % 47,821 14.40 27 0.2161 % 3,400.9
FixedReset Disc 5.92 % 5.78 % 126,318 13.93 28 0.1389 % 3,182.9
Insurance Straight 5.42 % 5.53 % 66,460 14.53 22 0.3518 % 3,357.5
FloatingReset 0.00 % 0.00 % 0 0.00 0 0.1389 % 3,786.4
FixedReset Prem 5.94 % 4.25 % 86,488 2.37 20 0.1989 % 2,670.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1389 % 3,253.6
FixedReset Ins Non 5.24 % 5.22 % 82,998 14.68 14 0.1127 % 3,156.9
Performance Highlights
Issue Index Change Notes
PVS.PR.K SplitShare -1.79 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 24.76
Bid-YTW : 5.11 %
PVS.PR.L SplitShare -1.50 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.65
Bid-YTW : 5.16 %
PVS.PR.M SplitShare -1.36 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2031-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.37
Bid-YTW : 5.09 %
PWF.PR.R Perpetual-Discount -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-20
Maturity Price : 23.95
Evaluated at bid price : 24.20
Bid-YTW : 5.73 %
BN.PR.M Perpetual-Discount -1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-20
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 5.82 %
BN.PF.I FixedReset Prem 1.06 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.77
Bid-YTW : 3.27 %
BN.PF.A FixedReset Prem 1.12 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-09-30
Maturity Price : 25.00
Evaluated at bid price : 26.22
Bid-YTW : 5.16 %
CU.PR.F Perpetual-Discount 2.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-20
Maturity Price : 20.53
Evaluated at bid price : 20.53
Bid-YTW : 5.51 %
MFC.PR.B Insurance Straight 2.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-20
Maturity Price : 22.33
Evaluated at bid price : 22.60
Bid-YTW : 5.22 %
ENB.PF.G FixedReset Disc 3.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-20
Maturity Price : 22.24
Evaluated at bid price : 22.89
Bid-YTW : 6.01 %
CCS.PR.C Insurance Straight 3.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-20
Maturity Price : 23.32
Evaluated at bid price : 23.60
Bid-YTW : 5.37 %
PWF.PR.Z Perpetual-Discount 8.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-20
Maturity Price : 22.38
Evaluated at bid price : 22.65
Bid-YTW : 5.73 %
Volume Highlights
Issue Index Shares
Traded		 Notes
GWO.PR.N FixedReset Ins Non 217,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-20
Maturity Price : 18.46
Evaluated at bid price : 18.46
Bid-YTW : 5.62 %
ENB.PR.B FixedReset Disc 76,235 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-20
Maturity Price : 21.47
Evaluated at bid price : 21.47
Bid-YTW : 6.07 %
GWO.PR.L Insurance Straight 55,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-20
Maturity Price : 24.80
Evaluated at bid price : 25.02
Bid-YTW : 5.73 %
PWF.PR.K Perpetual-Discount 45,160 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-20
Maturity Price : 21.86
Evaluated at bid price : 22.10
Bid-YTW : 5.65 %
ENB.PR.D FixedReset Disc 43,053 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-20
Maturity Price : 21.31
Evaluated at bid price : 21.60
Bid-YTW : 6.02 %
TD.PF.I FixedReset Prem 41,500 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 26.15
Bid-YTW : 3.72 %
There were 21 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.I FixedReset Prem Quote: 25.77 – 26.77
Spot Rate : 1.0000
Average : 0.7542

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.77
Bid-YTW : 3.27 %
CU.PR.H Perpetual-Discount Quote: 24.24 – 25.00
Spot Rate : 0.7600
Average : 0.5227

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-20
Maturity Price : 23.99
Evaluated at bid price : 24.24
Bid-YTW : 5.43 %
PVS.PR.K SplitShare Quote: 24.76 – 25.50
Spot Rate : 0.7400
Average : 0.5092

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 24.76
Bid-YTW : 5.11 %
PVS.PR.L SplitShare Quote: 25.65 – 26.25
Spot Rate : 0.6000
Average : 0.4190

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.65
Bid-YTW : 5.16 %
BN.PF.E FixedReset Disc Quote: 23.35 – 23.98
Spot Rate : 0.6300
Average : 0.4783

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-02-20
Maturity Price : 22.53
Evaluated at bid price : 23.35
Bid-YTW : 5.72 %
GWO.PR.M Insurance Straight Quote: 25.52 – 25.94
Spot Rate : 0.4200
Average : 0.2904

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-03-22
Maturity Price : 25.00
Evaluated at bid price : 25.52
Bid-YTW : -9.28 %
Issue Comments

FN.PR.A, FN.PR.B To Be Redeemed

First National Financial Corporation has announced (although not yet on their website):

that it intends to redeem for cash all of its outstanding Class A Preference Shares, Series 1 (the “Series 1 Preference Shares”) and outstanding Class A Preferences Shares, Series 2 (the “Series 2 Preference Shares” and together with the Series 1 Preference Shares, the “Preferred Shares”) on March 31, 2026 at a redemption price equal to $25.00 per share, together with all accrued and unpaid dividends up to but excluding the date of redemption (collectively, the “Aggregate Redemption Price”), less any tax required to be deducted and withheld by the Company. The Company also announced today that shareholders of record at the close of business on March 16, 2026 will be entitled to receive the final quarterly dividend payable on March 31, 2026 of $0.180938 per Series 1 Preference Share and $0.264329 per Series 2 Preference Share.

Formal notice will be delivered to the registered holders of the Preferred Shares in accordance with the terms of the Preferred Shares contained in the Company’s articles. Non-registered holders of Preferred Shares should contact their broker or other intermediary for information regarding the redemption process for the Preferred Shares in which they hold a beneficial interest.

After the Preferred Shares are redeemed, holders of Preferred Shares will cease to be entitled to dividends and will not be entitled to exercise any rights as holders other than to receive the Aggregate Redemption Price.

Following the redemption on March 31, 2026, the Preferred Shares will be delisted from and no longer trade on the Toronto Stock Exchange (“TSX”).

The market was surprised by the news, with FN.PR.A up 7.3% today and FN.PR.B up 6.0%.

FN.PR.A is a FixedReset, 4.65%+207, that commenced trading 2011-1-25 after being announced 2011-1-17. Notice of extension was given in February, 2016 and the issue reset to 2.79%. I recommended against conversion, but there was 28% conversion to the FloatingReset, FN.PR.B. Notice of the second extension was given in February, 2021. The issue reset at 2.895% in 2021 and there was a 2% net conversion to the FixedReset.

FN.PR.B is a FloatingReset, Bills+207, that arose via a partial conversion from the FixedReset, FN.PR.A, in 2016.

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