PrefBlog

Market Action

CSE.PR.A To Be Extended

Capstone Infrastructure Corporation has announced (on 2026-6-10):

that it does not intend to exercise its right under the terms of its Cumulative 5-Year Rate Reset Preferred Shares, Series A (the “Series A shares”) to redeem all or part of the currently outstanding 3,000,000 Series A shares on July 31, 2026. As a result, subject to certain conditions, the holders of the Series A shares have the right to convert all or part of their Series A shares, on a one-for-one basis, into Cumulative Floating Rate Preferred Shares, Series B (the “Series B shares”) on July 31, 2026 (the “Conversion Date”) in accordance with the terms of the Series A shares.

Holders of Series A shares who do not exercise their right to convert their Series A shares into Series B shares on the Conversion Date will retain their Series A shares, subject to the conditions set out below.

The dividend rate applicable to the Series A shares for the five-year period from July 31, 2026 to but excluding July 31, 2031, and the dividend rate applicable to the Series B shares for the three-month period from July 31, 2026 to October 31, 2026, will be determined and announced by way of a news release on July 2, 2026.

Beneficial owners of Series A shares who wish to exercise their conversion right should communicate with their broker or other nominee to obtain instructions for exercising such right during the conversion period, which runs from July 2, 2026 until July 15, 2026 at 5:00 p.m. (Toronto time).

The foregoing conversion rights are subject to the conditions, as set out in the terms of the Series A shares, that: (i) if Capstone determines that there would remain outstanding on the Conversion Date less than 1,000,000 Series B shares, after having taken into account all Series A shares tendered for conversion into Series B shares, then holders of Series A shares will not be entitled to convert their shares into Series B shares and all holders will continue to hold Series A shares, and (ii) alternatively, if Capstone determines that there would remain outstanding on the Conversion Date less than 1,000,000 Series A shares, after having taken into account all Series A shares tendered for conversion into Series B shares, then all remaining Series A shares will automatically be converted into Series B shares on a one-for-one basis on the Conversion Date and all holders will hold Series B shares. In either case, Capstone will give written notice to that effect to the registered holder of Series A shares no later than July 24, 2026.

CSE.PR.A was issued as a FixedReset, 5.00%+271, that commenced trading 2011-6-30 after being announced 2011-6-13. Notice of extension was provided and it reset to 3.271% in 2016. I recommended against conversion and there was no conversion to FloatingReset. The issue reset to 3.702% in 2021; there was no conversion. The issue is now unrated.

Issue Comments

PIC.PR.A: Capital Unit Split, Preferred Offering

Mulvihill has announced (on 2026-6-23):

Premium Income Corporation (the “Fund”) is pleased to announce its intention to complete a share split of its class A shares (the “Share Split) due to the Fund’s strong performance. The holders of class A shares of record on the close of business on June 29, 2026 will receive 20 additional class A shares for every 100 Class A shares held, pursuant to the Share Split. The Share Split is subject to the approval by the Toronto Stock Exchange (the “TSX”).

As a result of the Share Split, the total dollar amount of distributions to be paid to the holders of Class A shares is expected to increase by approximately 20%.

The Class A shares are expected to commence trading on an ex-split basis at the opening of trading on June 29, 2026. No fractional Class A shares will be issued, and the number of Class A shares each holder shall receive will be rounded down to the nearest whole number. The Share Split is a non-taxable event. The impact of the Share Split will be reflected in the net asset value per Class A share as of July 9, 2026.

For further information, please contact Investor Relations at 416.681.3966, toll free at 1.800.725.7172, email at info@mulvihill.com or visit www.mulvihill.com

This announcement comes hard on the heels of the 2026-5-5 announcement of a 110-new-for-100-old Capital Unit Split.

They have now announced:

Premium Income Corporation (the “Fund”) is pleased to announce that it is undertaking an overnight treasury offering of Preferred Shares (the “Offering”).

The offering is expected to close on or about July 8, 2026, and is subject to certain closing conditions including approval by the Toronto Stock Exchange (“TSX”). The Preferred Shares will be offered at a price of $16.30 per Preferred Share. The trading price on the TSX for the Preferred Shares as at the last trade on June 26, 2026 was $16.56. Since the inception of the Fund, the aggregate dividends declared on the Preferred Shares have been $26.49 per share.

The Fund invests in a portfolio consisting principally of common shares of Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada and The Toronto-Dominion Bank. To generate additional returns above the dividend income earned on the Fund’s portfolio, the Fund will selectively write covered call and put options in respect of some or all of the common shares in the Fund’s portfolio. The manager and investment manager of the Fund is Mulvihill Capital Management Inc.

The Preferred Shares pay fixed cumulative preferential monthly cash distributions in the amount of $0.10625 ($1.275 per annum) per Preferred Share representing a yield of 8.50% on the original issue price of $15.00.

The syndicate of agents for the offering is being led by National Bank Financial Inc.

For further information, please contact Investor Relations at 416.681.3966, toll free at 1.800.725.7172, email at info@mulvihill.com or visit www.mulvihill.com

Market Action

FFN.PR.A : Capital Unit Split, Preferred Offering

Quadravest has announced:

North American Financial 15 Split Corp. (the “Company”) is pleased to announce its intention to complete a share split of its Class A shares (the “Share Split”) due to the Company’s strong performance. The Company is also pleased to announce a Preferred share overnight offering for which the sales period will end at 8:30 a.m. EST on June 26, 2026.

Class A Share Split (TSX: FFN):
The Class A shareholders of record at the close of business on July 3, 2026 will receive 10 additional Class A shares for every 100 Class A shares held, pursuant to the Share Split. The Share Split is subject to approval by the Toronto Stock Exchange (the “TSX”).

Class A shareholders will continue to receive regular monthly cash distributions targeted to be $0.11335 per Class A share following the Share Split, resulting in an increase in total distributions of approximately 10% through the issuance of additional shares. Since inception, Class A shareholders have received cash distributions of $19.22 per share.

The Class A shares are expected to commence trading on an ex-split basis at the opening of trading on July 3, 2026. No fractional Class A shares will be issued, and the number of Class A shares each holder shall receive will be rounded down to the nearest whole number. The Share Split is a non-taxable event.

The impact of the Share Split is expected to be reflected in the net asset value per unit as at July 15, 2026.

Preferred Share Overnight Offering (TSX: FFN.PR.A):
The Company will undertake an overnight offering of Preferred shares of the Company. The offering will be led by National Bank Financial Inc. The sales period of this overnight offering will end at 8:30 a.m. EST on June 26, 2026. The offering is expected to close on or about July 6, 2026 and is subject to certain closing conditions including approval by the TSX.

The Preferred shares will be offered at a price of $10.90 per Preferred share. The closing price on the TSX of the Preferred shares on June 24, 2026 was $11.10.

Since inception of the Company, the aggregate dividends paid on the Preferred shares have been $12.87 per share. All distributions to date have been made in tax advantage eligible Canadian dividends.

The net proceeds of the offering will be used by the Company to invest in an actively managed, high quality portfolio primarily consisting of financial services companies made up of Canadian and U.S. issuers as follows: Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Toronto-Dominion Bank, National Bank of Canada, Manulife Financial Corporation, Sun Life Financial Inc., Great-West Lifeco, Bank of America, Citigroup Inc., Goldman Sachs Group, JP Morgan Chase & Co. and Wells Fargo & Co.

The Company’s Preferred share investment objectives are:
i. effective December 1, 2025, to provide holders of the Preferred shares with fixed, cumulative monthly dividends at an annual rate of 7.50%, as determined annually by the Board of Directors, and subject to a minimum rate of 7.00% until 2029; and
ii. on or about the termination date, currently December 1, 2029 (subject to further 5-year extensions thereafter), to pay the holders of the Preferred shares $10.00 per Preferred share.

Market Action

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

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	5.60 %	5.85 %	21,478	14.66	1	0.0000 %	2,618.5
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.6928 %	4,910.3
Floater	5.54 %	5.64 %	41,484	14.50	3	0.6928 %	2,829.8
OpRet	0.00 %	0.00 %	0	0.00	0	-0.0792 %	3,634.2
SplitShare	4.79 %	4.45 %	53,223	2.73	5	-0.0792 %	4,340.0
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.0792 %	3,386.2
Perpetual-Premium	5.72 %	5.69 %	66,783	14.03	7	-0.0342 %	3,054.1
Perpetual-Discount	5.59 %	5.67 %	39,823	14.39	29	0.0954 %	3,375.0
FixedReset Disc	5.66 %	5.92 %	111,435	13.81	19	-0.2372 %	3,286.4
Insurance Straight	5.51 %	5.55 %	47,448	14.58	22	-0.2008 %	3,270.8
FloatingReset	4.70 %	4.73 %	18,025	16.05	1	0.0000 %	4,023.4
FixedReset Prem	5.93 %	4.68 %	83,542	2.33	29	-0.0589 %	2,649.2
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	-0.2372 %	3,359.4
FixedReset Ins Non	5.39 %	5.35 %	51,703	14.58	14	-1.0308 %	3,169.9

Performance Highlights
Issue	Index	Change	Notes
MFC.PR.K	FixedReset Ins Non	-15.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-24 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 6.41 %
GWO.PR.T	Insurance Straight	-3.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-24 Maturity Price : 22.22 Evaluated at bid price : 22.50 Bid-YTW : 5.74 %
POW.PR.D	Perpetual-Discount	-1.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-24 Maturity Price : 22.17 Evaluated at bid price : 22.45 Bid-YTW : 5.57 %
PWF.PR.A	Floater	1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-24 Maturity Price : 14.48 Evaluated at bid price : 14.48 Bid-YTW : 5.45 %
POW.PR.B	Perpetual-Discount	1.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-24 Maturity Price : 23.31 Evaluated at bid price : 23.59 Bid-YTW : 5.67 %
PWF.PR.S	Perpetual-Discount	1.65 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-24 Maturity Price : 21.33 Evaluated at bid price : 21.60 Bid-YTW : 5.64 %
MFC.PR.J	FixedReset Ins Non	2.18 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2028-03-19 Maturity Price : 25.00 Evaluated at bid price : 25.36 Bid-YTW : 5.37 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BN.PF.E	FixedReset Disc	65,800	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-24 Maturity Price : 22.91 Evaluated at bid price : 24.06 Bid-YTW : 5.71 %
GWO.PF.A	Perpetual-Discount	64,762	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-24 Maturity Price : 24.56 Evaluated at bid price : 24.95 Bid-YTW : 5.73 %
BN.PR.T	FixedReset Disc	48,300	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-24 Maturity Price : 22.08 Evaluated at bid price : 22.71 Bid-YTW : 5.85 %
PWF.PR.R	Perpetual-Discount	39,340	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-24 Maturity Price : 24.19 Evaluated at bid price : 24.45 Bid-YTW : 5.71 %
GWO.PR.R	Insurance Straight	31,295	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-24 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 5.64 %
FTS.PR.M	FixedReset Prem	26,850	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-12-01 Maturity Price : 25.00 Evaluated at bid price : 25.13 Bid-YTW : 5.47 %
There were 8 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue	Index	Quote Data and Yield Notes
MFC.PR.K	FixedReset Ins Non	Quote: 21.50 – 25.60 Spot Rate : 4.1000 Average : 2.2366 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-24 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 6.41 %
GWO.PR.T	Insurance Straight	Quote: 22.50 – 23.75 Spot Rate : 1.2500 Average : 0.9440 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-24 Maturity Price : 22.22 Evaluated at bid price : 22.50 Bid-YTW : 5.74 %
IFC.PR.E	Insurance Straight	Quote: 21.57 – 23.88 Spot Rate : 2.3100 Average : 2.0757 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-24 Maturity Price : 21.30 Evaluated at bid price : 21.57 Bid-YTW : 6.05 %
PWF.PR.T	FixedReset Prem	Quote: 25.12 – 26.12 Spot Rate : 1.0000 Average : 0.8237 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-24 Maturity Price : 23.49 Evaluated at bid price : 25.12 Bid-YTW : 5.45 %
GWO.PR.N	FixedReset Ins Non	Quote: 19.19 – 20.50 Spot Rate : 1.3100 Average : 1.1425 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-24 Maturity Price : 19.19 Evaluated at bid price : 19.19 Bid-YTW : 5.64 %
BIP.PR.E	FixedReset Prem	Quote: 25.95 – 26.50 Spot Rate : 0.5500 Average : 0.3970 YTW SCENARIO Maturity Type : Call Maturity Date : 2028-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.95 Bid-YTW : 4.35 %

Issue Comments

BNF.PR.A & BNF.PR.C -> BNN.PR.K, 2005

More preparation for the prefinfo.com relaunch!
The three issues here are:

Ticker	Long Name
BNF.PR.A	Brascan Financial Corp. Fltg Rate Cl ‘I’ Pr A
BNF.PR.C	Brascan Financial Corp. Cl II Pr Series ‘3’
BNN.PR.K	Brascan Corporation Cl ‘A’ Pr Series 13

There was a reorganization effective 2005-01-24 in which both BNF.PR.A & BNF.PR.C were converted in BNN.PR.K. This is described in this document.

The relevant section is on page 12 of the PDF:

Market Action

June 23, 2026

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	5.60 %	5.84 %	22,351	14.67	1	0.6885 %	2,618.5
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.6645 %	4,876.5
Floater	5.58 %	5.66 %	42,897	14.47	3	-0.6645 %	2,810.3
OpRet	0.00 %	0.00 %	0	0.00	0	0.0792 %	3,637.1
SplitShare	4.79 %	4.36 %	53,339	2.74	5	0.0792 %	4,343.4
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0792 %	3,388.9
Perpetual-Premium	5.71 %	5.69 %	69,536	14.02	7	-0.2951 %	3,055.1
Perpetual-Discount	5.60 %	5.68 %	39,006	14.32	29	-0.1814 %	3,371.8
FixedReset Disc	5.65 %	5.89 %	112,459	13.83	19	0.3869 %	3,294.2
Insurance Straight	5.50 %	5.54 %	45,768	14.62	22	0.2791 %	3,277.4
FloatingReset	4.70 %	4.73 %	18,762	16.05	1	0.0000 %	4,023.4
FixedReset Prem	5.93 %	4.68 %	82,591	2.33	29	0.0656 %	2,650.7
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.3869 %	3,367.4
FixedReset Ins Non	5.33 %	5.31 %	52,185	14.58	14	-0.2272 %	3,202.9

Performance Highlights
Issue	Index	Change	Notes
PWF.PR.S	Perpetual-Discount	-1.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-23 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 5.75 %
MFC.PR.J	FixedReset Ins Non	-1.86 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-23 Maturity Price : 23.59 Evaluated at bid price : 24.82 Bid-YTW : 5.77 %
POW.PR.B	Perpetual-Discount	-1.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-23 Maturity Price : 22.93 Evaluated at bid price : 23.21 Bid-YTW : 5.76 %
PWF.PR.A	Floater	-1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-23 Maturity Price : 14.30 Evaluated at bid price : 14.30 Bid-YTW : 5.52 %
ENB.PR.A	Perpetual-Discount	1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-23 Maturity Price : 24.83 Evaluated at bid price : 25.05 Bid-YTW : 5.54 %
ENB.PF.A	FixedReset Disc	1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-23 Maturity Price : 22.85 Evaluated at bid price : 23.85 Bid-YTW : 6.02 %
FTS.PR.J	Perpetual-Discount	1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-23 Maturity Price : 22.40 Evaluated at bid price : 22.66 Bid-YTW : 5.28 %
BN.PR.R	FixedReset Disc	1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-23 Maturity Price : 22.53 Evaluated at bid price : 23.47 Bid-YTW : 5.71 %
IFC.PR.M	Perpetual-Premium	1.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-23 Maturity Price : 24.60 Evaluated at bid price : 25.00 Bid-YTW : 5.51 %
NA.PR.K	FixedReset Prem	1.55 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-05-01 Maturity Price : 25.00 Evaluated at bid price : 28.10 Bid-YTW : 3.49 %
BN.PR.T	FixedReset Disc	3.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-23 Maturity Price : 22.06 Evaluated at bid price : 22.68 Bid-YTW : 5.85 %
GWO.PR.T	Insurance Straight	4.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-23 Maturity Price : 23.14 Evaluated at bid price : 23.40 Bid-YTW : 5.52 %

Volume Highlights
Issue	Index	Shares Traded	Notes
FTS.PR.M	FixedReset Prem	795,098	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-12-01 Maturity Price : 25.00 Evaluated at bid price : 25.13 Bid-YTW : 5.47 %
GWO.PF.A	Perpetual-Discount	252,705	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-23 Maturity Price : 24.58 Evaluated at bid price : 24.97 Bid-YTW : 5.73 %
BN.PR.K	Floater	75,619	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-23 Maturity Price : 13.83 Evaluated at bid price : 13.83 Bid-YTW : 5.66 %
POW.PR.I	Perpetual-Premium	20,020	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-23 Maturity Price : 24.41 Evaluated at bid price : 24.80 Bid-YTW : 5.69 %
BN.PR.T	FixedReset Disc	19,644	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-23 Maturity Price : 22.06 Evaluated at bid price : 22.68 Bid-YTW : 5.85 %
MFC.PR.M	FixedReset Ins Non	15,142	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-23 Maturity Price : 23.32 Evaluated at bid price : 25.02 Bid-YTW : 5.40 %
There were 4 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue	Index	Quote Data and Yield Notes
IFC.PR.E	Insurance Straight	Quote: 21.57 – 23.85 Spot Rate : 2.2800 Average : 1.8188 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-23 Maturity Price : 21.30 Evaluated at bid price : 21.57 Bid-YTW : 6.05 %
GWO.PR.N	FixedReset Ins Non	Quote: 19.26 – 20.50 Spot Rate : 1.2400 Average : 0.9587 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-23 Maturity Price : 19.26 Evaluated at bid price : 19.26 Bid-YTW : 5.61 %
GWO.PR.H	Insurance Straight	Quote: 21.65 – 22.49 Spot Rate : 0.8400 Average : 0.5663 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-23 Maturity Price : 21.38 Evaluated at bid price : 21.65 Bid-YTW : 5.62 %
PWF.PF.A	Perpetual-Discount	Quote: 20.41 – 21.20 Spot Rate : 0.7900 Average : 0.5287 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-23 Maturity Price : 20.41 Evaluated at bid price : 20.41 Bid-YTW : 5.61 %
POW.PR.B	Perpetual-Discount	Quote: 23.21 – 23.88 Spot Rate : 0.6700 Average : 0.4413 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-23 Maturity Price : 22.93 Evaluated at bid price : 23.21 Bid-YTW : 5.76 %
MFC.PR.J	FixedReset Ins Non	Quote: 24.82 – 25.99 Spot Rate : 1.1700 Average : 0.9494 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-23 Maturity Price : 23.59 Evaluated at bid price : 24.82 Bid-YTW : 5.77 %

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	5.59 %	5.79 %	21,393	14.75	1	0.1709 %	2,622.9
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.1194 %	4,882.3
Floater	5.57 %	5.68 %	37,259	14.42	3	0.1194 %	2,813.7
OpRet	0.00 %	0.00 %	0	0.00	0	0.0318 %	3,627.3
SplitShare	4.80 %	4.95 %	60,370	2.71	5	0.0318 %	4,331.7
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0318 %	3,379.8
Perpetual-Premium	5.70 %	5.57 %	61,691	14.02	7	-0.1021 %	3,064.2
Perpetual-Discount	5.59 %	5.67 %	39,029	14.38	29	-0.0710 %	3,376.9
FixedReset Disc	5.63 %	5.81 %	110,471	13.93	19	0.4108 %	3,305.0
Insurance Straight	5.49 %	5.52 %	47,460	14.60	22	-0.0456 %	3,281.9
FloatingReset	4.75 %	4.77 %	17,243	15.95	1	0.0000 %	3,976.3
FixedReset Prem	5.92 %	4.65 %	78,458	2.21	29	0.1083 %	2,654.9
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.4108 %	3,378.4
FixedReset Ins Non	5.32 %	5.25 %	49,877	14.64	14	-0.0299 %	3,210.8

Performance Highlights
Issue	Index	Change	Notes
GWO.PR.P	Insurance Straight	-3.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-30 Maturity Price : 22.76 Evaluated at bid price : 23.04 Bid-YTW : 5.89 %
MFC.PR.J	FixedReset Ins Non	-1.86 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-30 Maturity Price : 23.59 Evaluated at bid price : 24.82 Bid-YTW : 5.71 %
FTS.PR.F	Perpetual-Discount	-1.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-30 Maturity Price : 22.88 Evaluated at bid price : 23.15 Bid-YTW : 5.34 %
POW.PR.C	Perpetual-Premium	-1.37 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2026-07-30 Maturity Price : 25.00 Evaluated at bid price : 25.25 Bid-YTW : -9.01 %
MFC.PR.B	Insurance Straight	-1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-30 Maturity Price : 22.07 Evaluated at bid price : 22.30 Bid-YTW : 5.24 %
FTS.PR.J	Perpetual-Discount	-1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-30 Maturity Price : 22.28 Evaluated at bid price : 22.55 Bid-YTW : 5.31 %
SLF.PR.G	FixedReset Ins Non	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-30 Maturity Price : 20.76 Evaluated at bid price : 20.76 Bid-YTW : 5.30 %
ENB.PR.D	FixedReset Disc	1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-30 Maturity Price : 22.30 Evaluated at bid price : 22.65 Bid-YTW : 6.00 %
ENB.PR.F	FixedReset Disc	1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-30 Maturity Price : 23.12 Evaluated at bid price : 23.47 Bid-YTW : 5.94 %
PWF.PR.P	FixedReset Disc	1.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-30 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 5.65 %
CCS.PR.C	Insurance Straight	1.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-30 Maturity Price : 22.33 Evaluated at bid price : 22.60 Bid-YTW : 5.55 %
GWO.PR.Q	Insurance Straight	2.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-30 Maturity Price : 22.88 Evaluated at bid price : 23.15 Bid-YTW : 5.58 %

Volume Highlights
Issue	Index	Shares Traded	Notes
ENB.PR.D	FixedReset Disc	46,730	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-30 Maturity Price : 22.30 Evaluated at bid price : 22.65 Bid-YTW : 6.00 %
GWO.PF.A	Perpetual-Discount	41,700	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-30 Maturity Price : 24.62 Evaluated at bid price : 25.02 Bid-YTW : 5.72 %
CM.PR.S	FixedReset Prem	30,992	YTW SCENARIO Maturity Type : Call Maturity Date : 2028-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.71 Bid-YTW : 3.71 %
MFC.PR.B	Insurance Straight	21,098	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-30 Maturity Price : 22.07 Evaluated at bid price : 22.30 Bid-YTW : 5.24 %
ENB.PR.F	FixedReset Disc	20,710	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-30 Maturity Price : 23.12 Evaluated at bid price : 23.47 Bid-YTW : 5.94 %
RY.PR.S	FixedReset Prem	17,883	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-02-24 Maturity Price : 25.00 Evaluated at bid price : 26.67 Bid-YTW : 3.48 %
There were 4 other index-included issues trading in excess of 10,000 shares.

Performance Highlights
Issue	Index	Change	Notes
BN.PR.K	Floater	-2.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-29 Maturity Price : 13.56 Evaluated at bid price : 13.56 Bid-YTW : 5.78 %
PWF.PR.E	Perpetual-Discount	-1.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-29 Maturity Price : 23.95 Evaluated at bid price : 24.20 Bid-YTW : 5.77 %
FTS.PR.H	FixedReset Disc	-1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-29 Maturity Price : 20.20 Evaluated at bid price : 20.20 Bid-YTW : 5.50 %
CCS.PR.C	Insurance Straight	-1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-29 Maturity Price : 22.01 Evaluated at bid price : 22.25 Bid-YTW : 5.64 %
FTS.PR.J	Perpetual-Discount	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-29 Maturity Price : 22.58 Evaluated at bid price : 22.83 Bid-YTW : 5.25 %
ENB.PF.E	FixedReset Disc	1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-29 Maturity Price : 22.65 Evaluated at bid price : 23.55 Bid-YTW : 5.97 %
MFC.PR.C	Insurance Straight	1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-29 Maturity Price : 21.55 Evaluated at bid price : 21.81 Bid-YTW : 5.18 %
MIC.PR.A	Perpetual-Discount	1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-29 Maturity Price : 22.60 Evaluated at bid price : 23.00 Bid-YTW : 5.89 %
POW.PR.C	Perpetual-Premium	1.39 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2026-07-29 Maturity Price : 25.00 Evaluated at bid price : 25.60 Bid-YTW : -24.53 %
PWF.PR.S	Perpetual-Discount	1.65 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-29 Maturity Price : 21.33 Evaluated at bid price : 21.60 Bid-YTW : 5.64 %
IFC.PR.A	FixedReset Ins Non	3.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-29 Maturity Price : 22.32 Evaluated at bid price : 22.70 Bid-YTW : 5.23 %

Volume Highlights
Issue	Index	Shares Traded	Notes
GWO.PF.A	Perpetual-Discount	78,800	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-29 Maturity Price : 24.62 Evaluated at bid price : 25.02 Bid-YTW : 5.72 %
PWF.PR.P	FixedReset Disc	36,600	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-29 Maturity Price : 20.47 Evaluated at bid price : 20.47 Bid-YTW : 5.73 %
TD.PF.I	FixedReset Prem	17,600	YTW SCENARIO Maturity Type : Call Maturity Date : 2027-10-31 Maturity Price : 25.00 Evaluated at bid price : 26.01 Bid-YTW : 3.99 %
ENB.PR.P	FixedReset Disc	14,300	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-29 Maturity Price : 23.03 Evaluated at bid price : 24.00 Bid-YTW : 5.84 %
POW.PR.I	Perpetual-Premium	12,800	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-29 Maturity Price : 24.50 Evaluated at bid price : 24.90 Bid-YTW : 5.67 %
ENB.PR.N	FixedReset Prem	12,600	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-29 Maturity Price : 23.50 Evaluated at bid price : 25.05 Bid-YTW : 5.81 %
There were 1 other index-included issues trading in excess of 10,000 shares.

PrefBlog

PrefBlog

June 30, 2026

CSE.PR.A To Be Extended

PIC.PR.A: Capital Unit Split, Preferred Offering

June 29, 2026

June 26, 2026

June 25, 2026

FFN.PR.A : Capital Unit Split, Preferred Offering

June 24, 2026

BNF.PR.A & BNF.PR.C -> BNN.PR.K, 2005

June 23, 2026

Archives

Of Interest