PrefBlog

Market Action

August PrefLetter Released

The August, 2026, edition of PrefLetter has been released and is now available for purchase as the “Previous edition”. Those who subscribe for a full year receive the “Previous edition” as a bonus.

The August edition contains, as has become usual, the recently developed “Appendix SSC” which provides basic information regarding SplitShare issues as well as the other appendices with data on FixedResets, Straight Perpetuals and market commentary, in addition to the monthly recommendations.

The August edition also contains a special appendix providing composition details and summary statistics for the ETF CPD, with some commentary.

PrefLetter may now be purchased by all Canadian residents.

Until further notice, the “previous” edition will refer to the August, 2026, issue, while the “next” edition will be the September, 2026, issue scheduled to be prepared as of the close September 11, and emailed to subscribers prior to the market-opening on September 14. Prefletter is intended for long term investors seeking issues to buy-and-hold. At least one recommendation from each of the major preferred share sectors is included and discussed.

Note: The prefLetter.com website has seen three recent enhancements:

All the seminar videos are now free for viewing on the site – please visit https://prefletter.com/videoIntroduction.php
eMails of download links to clients with a year’s subscription will now include a note regarding how many issues remain to be delivered in that subscription.
The second download alternative in the eMails with download links has been altered to prevent interference from particularly obnoxious eMail protection systems.

Note: My verbosity has grown by such leaps and bounds that it is no longer possible to deliver PrefLetter as an eMail attachment – it’s just too big for my software! Instead, I have sent passwords – click on the link in your eMail and your copy will download.

Note: There have been problems lately with corporate eMail protection systems that substitute “safe” links for the links sent in the eMails; the problem being that the “safe” links do not work and an error is generated by my software. To avoid possible problems and delays, please subscribe through an eMail account that is not “protected” by such software.

Note: The PrefLetter website has a Subscriber Download Feature. If you have not received your copy, try it!

Note: PrefLetter eMails sometimes runs afoul of spam filters. If you have not received your copy within fifteen minutes of a release notice such as this one, please double check your (company’s) spam filtering policy and your spam repository – there are some hints in the post Sympatico Spam Filters out of Control. If it’s not there, contact me and I’ll get you your copy … somehow!

Note: There have been scattered complaints regarding inability to open PrefLetter in Acrobat Reader, despite my practice of including myself on the subscription list and immediately checking the copy received. I have had the occasional difficulty reading US Government documents, which I was able to resolve by downloading and installing the latest version of Adobe Reader. Also, note that so far, all complaints have been from users of Yahoo Mail. Try saving it to disk first, before attempting to open it.

Note: There have been other scattered complaints that double-clicking on the links in the “PrefLetter Download” email results in a message that the password has already been used. I have been able to reproduce this problem in my own eMail software … the problem is double-clicking. What happens is the first click opens the link and the second click finds that the password has already been used and refuses to work properly. So the moral of the story is: Don’t be a dick! Single Click!

Note: Assiduous Reader DG informs me:

In case you have any other Apple users: you need to install a free App from the apple store called “FileApp”. It comes with it’s own tutorial and allows you to download and save a PDF file.

Data Changes

NPS.PR.A To Be Tracked by HIMIPref™

The fund’s web-page is HERE.

According to the 2026 Annual Information Form:

“Maturity Date” means February 28, 2029, subject to extension for successive terms of up to five years as determined by the Company’s Board of Directors.
…
The investment objectives for the Preferred Shares are to provide their holders with fixed cumulative preferential quarterly cash distributions in the amount of $0.1875 per Preferred Share ($0.75 per annum or 7.5% per annum on the original issue price of $10.00 per Preferred Share) until the Maturity Date and to return the original issue price of $10.00 to holders on the Maturity Date.
…
The policy of the Board of Directors is to pay monthly non-cumulative distributions to the holders of Class A Shares in the amount of $0.18 per Class A Share. Such distributions will be paid on or before the 15th day of the month following the month in respect of which the distribution is declared payable. No distributions will be paid on the Class A Shares if (i) the distributions payable on the Preferred Shares are in arrears, or (ii) in respect of a cash distribution by the Company, the NAV per Unit would be less than $15.00.
…
Preferred Shares may be surrendered at any time to the Registrar and Transfer Agent for retraction but will be retracted only on the applicable Retraction Date. Preferred Shares surrendered for retraction by 5:00 p.m. (Toronto time) on the tenth Business Day prior to the Retraction Date will be retracted on such Retraction Date and the holder will be paid on or before the Retraction Payment Date. If a Shareholder surrenders its Preferred Shares after 5:00 p.m. (Toronto time) on the tenth Business Day immediately preceding a Retraction Date, the Shares will be retracted on the Retraction Date in the following month and the Shareholder will receive payment for the retracted Shares on the Retraction Payment Date in respect of such Retraction Date.

Holders of Preferred Shares whose Preferred Shares are surrendered for retraction will be entitled to receive a retraction price per Preferred Share equal to 96% of the lesser of (i) the Net Asset Value per Unit determined as of such Retraction Date, less the cost to the Company of the purchase of a Class A Share for cancellation; and (ii) $10.00. For this purpose, the cost of the purchase of a Class A Share will include the purchase price of the Class A Share, and commissions and such other costs, if any, related to the liquidation of any portion of the Portfolio to fund the purchase of the Class A Share. Any declared and unpaid distributions payable on or before a Retraction Date in respect of Preferred Shares tendered for retraction on such Retraction Date will also be paid on the Retraction Payment Date. With respect to any monthly retraction of Preferred Shares, the Company will purchase for cancellation such number of Class A Shares in the market so that there will be an equal number of Preferred Shares and Class A Shares outstanding at all material times.
…
On a Maturity Date, a holder of Preferred Shares may retract such Preferred Shares. The Company will provide at least 60 days’ notice by way of a press release to holders of Preferred Shares of such right. The Preferred Shares must be surrendered for retraction by 5:00 p.m. (Toronto time) on the last Business Day of the month prior to the Maturity Date. The redemption price payable by the Company for a Preferred Share pursuant to the non-concurrent retraction right will be equal to the lesser of (i) $10.00 plus any accrued and unpaid distributions thereon, and (ii) the Net Asset Value of the Company on the Maturity Date divided by the total number of Preferred Shares then outstanding.

This follows a successful treasury offering that brings the preferred shares outstanding to above 4-million. Big enough to be tradeable, I think.

Issue Comments

NPS.PR.A Gets Bigger

Ninepoint Partners announced yesterday:

Canadian Large Cap Leaders Split Corp. (the “Company”) is pleased to announce its intention to undertake an offering of Preferred Shares and Class A Shares of the Company (the “Offering”). The Offering will be led by National Bank Financial Inc.

The Preferred Shares will be offered at a price of $10.70 per Preferred Share and the Class A Shares will be offered at a price of $14.30 per Class A Share. The consolidated last trade price of each of the Preferred Shares and the Class A Shares on August 13, 2026 was $10.80 and $14.67, respectively.

The sales period of the Offering will end at 8:30 a.m. EST on August 14, 2026. The Offering is expected to close on or about August 21, 2026 and is subject to certain closing conditions including approval by the TSX.

The net proceeds of the Offering will be used to invest, on an approximately equally-weighted basis, in a portfolio comprised primarily of equity securities of Canadian Dividend Growth Companies (as defined below), selected by the portfolio manager, that at the time of investment and immediately following each periodic reconstitution and rebalancing: (i) are listed on a Canadian exchange; (ii) pay a dividend; (iii) generally have a market capitalization of at least $10 billion; (iv) have options in respect of its equity securities that, in the opinion of the portfolio manager, are sufficiently liquid to permit the portfolio manager to write options in respect of such securities; and (v) have a history of dividend growth or, in the portfolio manager’s view have high potential for future dividend growth (“Canadian Dividend Growth Companies”).

The investment objectives of the Preferred Shares are to provide holders with fixed cumulative preferential quarterly cash distributions of $0.1875 per Preferred Share, representing 7.5% per annum on the original issue price of $10.00 per Preferred Share, until February 28, 2029, subject to extension for successive terms of up to five years as determined by the Company’s board of directors (the “Maturity Date”), and return the original issue price to holders on the Maturity Date.

The investment objectives of the Class A Shares are to provide holders with regular monthly non-cumulative cash distributions targeted to be $0.18 per Class A share representing a yield on the issue price of the Class A Shares of 15.1% per annum on the issue price of $14.30 per Class A Share, and the opportunity for growth in the net asset value per Class A Share.

Today, they announced (but not on their website):

Canadian Large Cap Leaders Split Corp. (the “Company”) is pleased to announce that it has completed the overnight marketing of 1,675,300 Preferred Shares and 1,155,300 Class A Shares of the Company for total gross proceeds of $34,446,500 (the “Offering”). The Offering is being led by National Bank Financial Inc. The sale period of this overnight offering has now ended.

The Offering is expected to close on or about August 21, 2026 and is subject to certain closing conditions including approval by the Toronto Stock Exchange (the “TSX”).

The Preferred Shares are being offered at a price of $10.70 per Preferred Share and the Class A Shares are being offered at a price of $14.30 per Class A Share. The consolidated last trade price of each of the Preferred Shares and the Class A Shares on August 13, 2026 was $10.80 and $14.67, respectively.

The net proceeds of the Offering will be used to invest, on an approximately equally-weighted basis, in a portfolio comprised primarily of equity securities of Canadian Dividend Growth Companies (as defined below), selected by the portfolio manager, that at the time of investment and immediately following each periodic reconstitution and rebalancing: (i) are listed on a Canadian exchange; (ii) pay a dividend; (iii) generally have a market capitalization of at least $10 billion; (iv) have options in respect of its equity securities that, in the opinion of the portfolio manager, are sufficiently liquid to permit the portfolio manager to write options in respect of such securities; and (v) have a history of dividend growth or, in the portfolio manager’s view have high potential for future dividend growth (“Canadian Dividend Growth Companies”).

The investment objectives of the Preferred Shares are to provide holders with fixed cumulative preferential quarterly cash distributions of $0.1875 per Preferred Share, representing 7.5% per annum on the original issue price of $10.00 per Preferred Share, until February 28, 2029, subject to extension for successive terms of up to five years as determined by the Company’s board of directors (the “Maturity Date”), and return the original issue price to holders on the Maturity Date.

The investment objectives of the Class A Shares are to provide holders with regular monthly non-cumulative cash distributions targeted to be $0.18 per Class A share representing a yield on the issue price of the Class A Shares of 15.1% per annum on the issue price of $14.30 per Class A Share, and the opportunity for growth in the net asset value per Class A Share.

That’s not bad. Another 1.1-million preferred shares, added to the just-over-three-million currently outstanding makes this a fairly respectably sized issue. I will be tracking it on HIMIPref™.

NPS.PR.A was mentioned on PrefBlog when it was downgraded to Pfd-3 from Pfd-3(high) by DBRS.

Thanks to Yomgui for bringing this to my attention!

Market Action

August 14, 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	-0.1637 %	2,640.9
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.1637 %	4,973.2
Floater	5.47 %	5.61 %	33,473	14.46	3	-0.1637 %	2,866.1
OpRet	0.00 %	0.00 %	0	0.00	0	0.0395 %	3,651.2
SplitShare	4.77 %	4.78 %	53,690	2.59	5	0.0395 %	4,360.3
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0395 %	3,402.1
Perpetual-Premium	5.61 %	5.43 %	55,065	6.48	12	0.0297 %	3,092.8
Perpetual-Discount	5.49 %	5.55 %	38,119	14.55	21	0.1067 %	3,437.1
FixedReset Disc	5.53 %	5.89 %	92,979	14.04	17	-0.7869 %	3,397.7
Insurance Straight	5.34 %	5.42 %	44,785	14.70	20	0.0897 %	3,369.6
FloatingReset	0.00 %	0.00 %	0	0.00	0	-0.7869 %	4,148.7
FixedReset Prem	5.89 %	4.38 %	77,919	2.12	31	0.0548 %	2,672.1
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	-0.7869 %	3,473.2
FixedReset Ins Non	5.17 %	4.77 %	50,353	1.95	14	0.2651 %	3,303.2

Performance Highlights
Issue	Index	Change	Notes
ENB.PR.P	FixedReset Disc	-2.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-14 Maturity Price : 23.05 Evaluated at bid price : 24.01 Bid-YTW : 6.02 %
ENB.PR.F	FixedReset Disc	-1.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-14 Maturity Price : 23.38 Evaluated at bid price : 23.75 Bid-YTW : 6.07 %
ENB.PR.Y	FixedReset Disc	-1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-14 Maturity Price : 22.47 Evaluated at bid price : 23.07 Bid-YTW : 6.05 %
GWO.PR.R	Insurance Straight	-1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-14 Maturity Price : 21.78 Evaluated at bid price : 22.02 Bid-YTW : 5.52 %
BN.PF.A	FixedReset Prem	-1.18 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2028-09-30 Maturity Price : 25.00 Evaluated at bid price : 25.90 Bid-YTW : 5.38 %
BN.PR.B	Floater	-1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-14 Maturity Price : 13.84 Evaluated at bid price : 13.84 Bid-YTW : 5.71 %
PWF.PR.L	Perpetual-Discount	1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-14 Maturity Price : 22.88 Evaluated at bid price : 23.15 Bid-YTW : 5.54 %
NA.PR.K	FixedReset Prem	1.06 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-05-01 Maturity Price : 25.00 Evaluated at bid price : 28.60 Bid-YTW : 2.28 %
MFC.PR.B	Insurance Straight	1.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-14 Maturity Price : 22.66 Evaluated at bid price : 22.90 Bid-YTW : 5.14 %
ENB.PF.E	FixedReset Disc	2.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-14 Maturity Price : 23.01 Evaluated at bid price : 24.32 Bid-YTW : 5.93 %
ENB.PF.G	FixedReset Disc	2.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-14 Maturity Price : 23.14 Evaluated at bid price : 24.70 Bid-YTW : 5.89 %
IFC.PR.A	FixedReset Ins Non	2.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-14 Maturity Price : 23.16 Evaluated at bid price : 23.62 Bid-YTW : 5.33 %
BN.PF.G	FixedReset Prem	3.67 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2030-07-01 Maturity Price : 25.00 Evaluated at bid price : 26.00 Bid-YTW : 4.74 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BN.PR.B	Floater	53,642	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-14 Maturity Price : 13.84 Evaluated at bid price : 13.84 Bid-YTW : 5.71 %
TD.PF.I	FixedReset Prem	32,019	YTW SCENARIO Maturity Type : Call Maturity Date : 2027-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.88 Bid-YTW : 3.54 %
NA.PR.C	FixedReset Prem	22,542	YTW SCENARIO Maturity Type : Call Maturity Date : 2027-11-15 Maturity Price : 25.00 Evaluated at bid price : 26.48 Bid-YTW : 2.21 %
NA.PR.G	FixedReset Prem	21,314	YTW SCENARIO Maturity Type : Call Maturity Date : 2028-11-16 Maturity Price : 25.00 Evaluated at bid price : 26.85 Bid-YTW : 3.62 %
BN.PR.R	FixedReset Disc	15,146	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-14 Maturity Price : 22.89 Evaluated at bid price : 24.25 Bid-YTW : 5.72 %
BN.PF.G	FixedReset Prem	15,000	YTW SCENARIO Maturity Type : Call Maturity Date : 2030-07-01 Maturity Price : 25.00 Evaluated at bid price : 26.00 Bid-YTW : 4.74 %
There were 10 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue	Index	Quote Data and Yield Notes
IFC.PR.G	FixedReset Ins Non	Quote: 25.75 – 27.15 Spot Rate : 1.4000 Average : 0.8396 YTW SCENARIO Maturity Type : Call Maturity Date : 2028-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.75 Bid-YTW : 4.77 %
ENB.PR.P	FixedReset Disc	Quote: 24.01 – 24.94 Spot Rate : 0.9300 Average : 0.5189 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-14 Maturity Price : 23.05 Evaluated at bid price : 24.01 Bid-YTW : 6.02 %
ENB.PR.F	FixedReset Disc	Quote: 23.75 – 24.70 Spot Rate : 0.9500 Average : 0.5532 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-14 Maturity Price : 23.38 Evaluated at bid price : 23.75 Bid-YTW : 6.07 %
ENB.PR.Y	FixedReset Disc	Quote: 23.07 – 24.00 Spot Rate : 0.9300 Average : 0.6083 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-14 Maturity Price : 22.47 Evaluated at bid price : 23.07 Bid-YTW : 6.05 %
PWF.PF.A	Perpetual-Discount	Quote: 20.73 – 21.45 Spot Rate : 0.7200 Average : 0.4621 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-14 Maturity Price : 20.73 Evaluated at bid price : 20.73 Bid-YTW : 5.48 %
POW.PR.D	Perpetual-Discount	Quote: 23.23 – 24.87 Spot Rate : 1.6400 Average : 1.3859 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-14 Maturity Price : 22.96 Evaluated at bid price : 23.23 Bid-YTW : 5.43 %

Market Action

August 13, 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	-0.3728 %	2,645.2
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.3728 %	4,981.3
Floater	5.46 %	5.61 %	33,998	14.47	3	-0.3728 %	2,870.8
OpRet	0.00 %	0.00 %	0	0.00	0	-0.0079 %	3,649.7
SplitShare	4.77 %	4.96 %	54,377	2.60	5	-0.0079 %	4,358.6
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.0079 %	3,400.7
Perpetual-Premium	5.61 %	5.49 %	55,222	6.64	12	-0.0099 %	3,091.9
Perpetual-Discount	5.50 %	5.57 %	38,623	14.54	21	-0.1483 %	3,433.5
FixedReset Disc	5.49 %	5.92 %	92,003	13.80	17	0.1730 %	3,424.7
Insurance Straight	5.34 %	5.42 %	45,341	14.72	20	0.1883 %	3,366.6
FloatingReset	0.00 %	0.00 %	0	0.00	0	0.1730 %	4,181.6
FixedReset Prem	5.90 %	4.43 %	78,385	2.20	31	0.0324 %	2,670.7
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.1730 %	3,500.7
FixedReset Ins Non	5.18 %	4.77 %	50,431	3.03	14	0.2746 %	3,294.5

Performance Highlights
Issue	Index	Change	Notes
MFC.PR.B	Insurance Straight	-2.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-13 Maturity Price : 22.22 Evaluated at bid price : 22.50 Bid-YTW : 5.23 %
BN.PF.G	FixedReset Prem	-2.41 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2030-07-01 Maturity Price : 25.00 Evaluated at bid price : 25.08 Bid-YTW : 5.80 %
BN.PR.M	Perpetual-Discount	-1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-13 Maturity Price : 21.44 Evaluated at bid price : 21.44 Bid-YTW : 5.62 %
SLF.PR.H	FixedReset Ins Non	1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-13 Maturity Price : 23.95 Evaluated at bid price : 24.92 Bid-YTW : 5.49 %
GWO.PR.G	Insurance Straight	1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-13 Maturity Price : 24.16 Evaluated at bid price : 24.42 Bid-YTW : 5.39 %
ENB.PR.B	FixedReset Disc	2.86 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-13 Maturity Price : 23.46 Evaluated at bid price : 24.07 Bid-YTW : 6.00 %
GWO.PR.H	Insurance Straight	3.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-13 Maturity Price : 22.39 Evaluated at bid price : 22.65 Bid-YTW : 5.42 %

Volume Highlights
Issue	Index	Shares Traded	Notes
NA.PR.E	FixedReset Prem	101,700	YTW SCENARIO Maturity Type : Call Maturity Date : 2028-05-15 Maturity Price : 25.00 Evaluated at bid price : 26.10 Bid-YTW : 3.22 %
MFC.PR.K	FixedReset Ins Non	56,000	YTW SCENARIO Maturity Type : Call Maturity Date : 2028-09-19 Maturity Price : 25.00 Evaluated at bid price : 26.20 Bid-YTW : 4.44 %
FTS.PR.M	FixedReset Prem	26,800	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-12-01 Maturity Price : 25.00 Evaluated at bid price : 25.56 Bid-YTW : 5.14 %
TD.PF.I	FixedReset Prem	22,621	YTW SCENARIO Maturity Type : Call Maturity Date : 2027-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.77 Bid-YTW : 3.90 %
GWO.PF.A	Perpetual-Premium	15,200	YTW SCENARIO Maturity Type : Call Maturity Date : 2035-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.47 Bid-YTW : 5.59 %
NA.PR.S	FixedReset Prem	14,707	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-05-15 Maturity Price : 25.00 Evaluated at bid price : 26.11 Bid-YTW : 4.48 %
There were 3 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue	Index	Quote Data and Yield Notes
POW.PR.D	Perpetual-Discount	Quote: 23.12 – 24.87 Spot Rate : 1.7500 Average : 1.1072 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-13 Maturity Price : 22.84 Evaluated at bid price : 23.12 Bid-YTW : 5.46 %
MFC.PR.B	Insurance Straight	Quote: 22.50 – 23.38 Spot Rate : 0.8800 Average : 0.5622 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-13 Maturity Price : 22.22 Evaluated at bid price : 22.50 Bid-YTW : 5.23 %
BN.PR.B	Floater	Quote: 14.00 – 15.17 Spot Rate : 1.1700 Average : 0.9038 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-13 Maturity Price : 14.00 Evaluated at bid price : 14.00 Bid-YTW : 5.65 %
IFC.PR.C	FixedReset Ins Non	Quote: 25.12 – 25.60 Spot Rate : 0.4800 Average : 0.2733 YTW SCENARIO Maturity Type : Call Maturity Date : 2026-09-30 Maturity Price : 25.00 Evaluated at bid price : 25.12 Bid-YTW : 2.93 %
BN.PF.G	FixedReset Prem	Quote: 25.08 – 26.15 Spot Rate : 1.0700 Average : 0.8696 YTW SCENARIO Maturity Type : Call Maturity Date : 2030-07-01 Maturity Price : 25.00 Evaluated at bid price : 25.08 Bid-YTW : 5.80 %
BN.PF.B	FixedReset Prem	Quote: 25.45 – 26.19 Spot Rate : 0.7400 Average : 0.5399 YTW SCENARIO Maturity Type : Call Maturity Date : 2029-04-01 Maturity Price : 25.00 Evaluated at bid price : 25.45 Bid-YTW : 5.74 %

Market Action

August 12, 2026

PerpetualDiscounts now yield 5.55%, equivalent to 7.22% interest at the standard conversion factor of 1.3x. Long corporates yielded 5.24% on 2026-08-12. Therefore the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed from the 215bp reported August 5 to 200bp.

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	-0.0233 %	2,655.1
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.0233 %	5,000.0
Floater	5.44 %	5.60 %	35,211	14.48	3	-0.0233 %	2,881.5
OpRet	0.00 %	0.00 %	0	0.00	0	-0.0237 %	3,650.0
SplitShare	4.77 %	4.91 %	51,460	2.60	5	-0.0237 %	4,358.9
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.0237 %	3,401.0
Perpetual-Premium	5.61 %	5.42 %	47,949	6.48	12	-0.0033 %	3,092.2
Perpetual-Discount	5.49 %	5.55 %	38,927	14.54	21	0.5483 %	3,438.6
FixedReset Disc	5.50 %	5.92 %	90,480	13.78	17	-0.0642 %	3,418.7
Insurance Straight	5.35 %	5.44 %	45,773	14.67	20	0.3047 %	3,360.3
FloatingReset	0.00 %	0.00 %	0	0.00	0	-0.0642 %	4,174.3
FixedReset Prem	5.90 %	4.51 %	76,527	2.13	31	0.1284 %	2,669.8
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	-0.0642 %	3,494.7
FixedReset Ins Non	5.20 %	4.93 %	50,851	3.03	14	0.3930 %	3,285.5

Performance Highlights
Issue	Index	Change	Notes
CCS.PR.C	Insurance Straight	-2.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-12 Maturity Price : 22.66 Evaluated at bid price : 22.90 Bid-YTW : 5.53 %
ENB.PR.B	FixedReset Disc	-1.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-12 Maturity Price : 22.79 Evaluated at bid price : 23.40 Bid-YTW : 6.17 %
MFC.PR.L	FixedReset Ins Non	-1.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-12 Maturity Price : 23.49 Evaluated at bid price : 25.25 Bid-YTW : 5.48 %
RY.PR.S	FixedReset Prem	1.02 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-02-24 Maturity Price : 25.00 Evaluated at bid price : 26.77 Bid-YTW : 2.90 %
PWF.PR.E	Perpetual-Discount	1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-12 Maturity Price : 24.57 Evaluated at bid price : 24.83 Bid-YTW : 5.57 %
BN.PR.M	Perpetual-Discount	1.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-12 Maturity Price : 21.44 Evaluated at bid price : 21.70 Bid-YTW : 5.54 %
BN.PR.N	Perpetual-Discount	1.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-12 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 5.61 %
BN.PF.G	FixedReset Prem	2.47 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2030-07-01 Maturity Price : 25.00 Evaluated at bid price : 25.70 Bid-YTW : 5.08 %
MIC.PR.A	Perpetual-Discount	5.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-12 Maturity Price : 22.79 Evaluated at bid price : 23.23 Bid-YTW : 5.88 %
GWO.PR.P	Insurance Straight	7.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-12 Maturity Price : 24.50 Evaluated at bid price : 24.75 Bid-YTW : 5.52 %
GWO.PR.N	FixedReset Ins Non	8.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-12 Maturity Price : 21.15 Evaluated at bid price : 21.15 Bid-YTW : 5.37 %

Volume Highlights
Issue	Index	Shares Traded	Notes
ENB.PF.C	FixedReset Disc	100,062	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-12 Maturity Price : 23.16 Evaluated at bid price : 24.61 Bid-YTW : 5.99 %
POW.PR.G	Perpetual-Premium	85,457	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-12 Maturity Price : 24.68 Evaluated at bid price : 25.00 Bid-YTW : 5.65 %
BIP.PR.E	FixedReset Prem	64,220	YTW SCENARIO Maturity Type : Call Maturity Date : 2028-03-31 Maturity Price : 25.00 Evaluated at bid price : 26.32 Bid-YTW : 3.80 %
FTS.PR.H	FixedReset Disc	63,940	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-12 Maturity Price : 20.36 Evaluated at bid price : 20.36 Bid-YTW : 5.80 %
BN.PR.B	Floater	55,500	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-12 Maturity Price : 14.10 Evaluated at bid price : 14.10 Bid-YTW : 5.61 %
IFC.PR.C	FixedReset Ins Non	44,216	YTW SCENARIO Maturity Type : Call Maturity Date : 2026-09-30 Maturity Price : 25.00 Evaluated at bid price : 25.10 Bid-YTW : 3.47 %
There were 10 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue	Index	Quote Data and Yield Notes
BN.PR.B	Floater	Quote: 14.10 – 15.17 Spot Rate : 1.0700 Average : 0.6119 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-12 Maturity Price : 14.10 Evaluated at bid price : 14.10 Bid-YTW : 5.61 %
MFC.PR.M	FixedReset Ins Non	Quote: 25.87 – 26.80 Spot Rate : 0.9300 Average : 0.6238 YTW SCENARIO Maturity Type : Call Maturity Date : 2029-12-20 Maturity Price : 25.00 Evaluated at bid price : 25.87 Bid-YTW : 4.70 %
CCS.PR.C	Insurance Straight	Quote: 22.90 – 23.69 Spot Rate : 0.7900 Average : 0.5875 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-12 Maturity Price : 22.66 Evaluated at bid price : 22.90 Bid-YTW : 5.53 %
ENB.PR.B	FixedReset Disc	Quote: 23.40 – 24.15 Spot Rate : 0.7500 Average : 0.5493 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-12 Maturity Price : 22.79 Evaluated at bid price : 23.40 Bid-YTW : 6.17 %
CM.PR.S	FixedReset Prem	Quote: 25.83 – 26.23 Spot Rate : 0.4000 Average : 0.2466 YTW SCENARIO Maturity Type : Call Maturity Date : 2028-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.83 Bid-YTW : 3.69 %
MFC.PR.L	FixedReset Ins Non	Quote: 25.25 – 25.75 Spot Rate : 0.5000 Average : 0.3510 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-12 Maturity Price : 23.49 Evaluated at bid price : 25.25 Bid-YTW : 5.48 %

Issue Comments

DGS.PR.A Gets Bigger

Brompton Group announced (on 2026-8-11):

Dividend Growth Split Corp. (the “Fund”) is pleased to announce it is undertaking a treasury offering of class A and preferred shares (the “Class A Shares” and “Preferred Shares”, respectively) (the “Offering”).

The sales period for the Offering will end on Wednesday, August 12, 2026. The Offering is expected to close on or about August 19, 2026 and is subject to certain closing conditions including approval by the Toronto Stock Exchange (“TSX”).

The Class A Shares will be offered at a price of $8.75 per Class A Share for a distribution rate of 13.7% on the issue price.(1)(2) The Preferred Shares will be offered at a price of $10.75 per Preferred Share to yield 6.3%.(2) The closing price on the TSX for each of the Class A Shares and Preferred Shares on August 10, 2026 were $8.77 and $10.88, respectively. The Class A Share and Preferred Share Offering prices were determined so as to be non-dilutive to the most recently calculated net asset value (“NAV”) per unit of the Fund (calculated as at August 6, 2026), as adjusted for dividends and certain expenses to be accrued prior to or upon settlement of the Offering. The Offering is being led by RBC Capital Markets.

The investment objectives for the Class A Shares are to provide holders with regular monthly non-cumulative cash distributions targeted to be at least $0.10 per Class A Share and to provide holders of Class A Shares with the opportunity for growth in the net asset value per Class A Share. Over the past 10 years, the Class A Share has generated a 19.2% per annum return, significantly outperforming the S&P/TSX Composite Total Return Index by 6.7% per annum.(2)

The investment objectives for the Preferred Shares are to provide holders with fixed cumulative preferential quarterly cash distributions, currently in the amount of $0.16875 per Preferred Share (6.75% per annum on the original $10.00 issue price), and to return the original issue price to holders of Preferred Shares on August 30, 2029.

Over the last 10 years, the Preferred Share has generated a 5.8% per annum return.(2) Purchasers of Preferred Shares in this Offering will be eligible to receive the full August 2026 quarterly dividend of $0.16875 per Preferred Share when the dividend is declared.

The Fund invests in a portfolio (the “Portfolio”) consisting primarily of equity securities of Canadian dividend growth companies. In addition, the Company may hold up to 20% of the total assets of the Portfolio in global dividend growth companies for diversification and improved return potential, at the discretion of Brompton Funds Limited (“Brompton”). In order to qualify for inclusion in the Portfolio, at the time of investment, each dividend growth company included in the Portfolio must have (i) a market capitalization of at least CDN$2.0 billion; and (ii) a history of dividend growth or, in Brompton’s view, have high potential for future dividend growth.

Today they further announced:

Dividend Growth Split Corp. (the “Fund”) is pleased to announce a successful overnight treasury offering of class A shares and preferred shares (the “Class A Shares” and “Preferred Shares”, respectively). Gross proceeds of the offering are expected to be approximately $101.5 million. The offering is expected to close on or about August 19, 2026 and is subject to certain closing conditions. The Fund has granted the Agents (as defined below) an over-allotment option, exercisable for 30 days following the closing date of the offering, to purchase additional Class A Shares and Preferred Shares up to such number as is equal to 15% of the number of Class A Shares issued at the closing of the offering.

The Class A Shares were offered at a price of $8.75 per Class A Share for a distribution rate of 13.7%(1)(2) on the issue price, and the Preferred Shares were offered at a price of $10.75 per Preferred Share to yield 6.3%.(2)

The syndicate of agents for the offering was led by RBC Capital Markets, CIBC Capital Markets, National Bank Financial Inc., and Scotiabank and included Hampton Securities Limited, Canaccord Genuity Corp., BMO Capital Markets, Raymond James Ltd., TD Securities Inc., iA Private Wealth Inc., CI Investment Services Inc., Manulife Wealth Inc., Research Capital Corporation, Ventum Financial Corp., and Wellington-Altus Private Wealth Inc.

The Fund invests in a portfolio (the “Portfolio”) consisting primarily of equity securities of Canadian dividend growth companies. In addition, the Company may hold up to 20% of the total assets of the Portfolio in global dividend growth companies for diversification and improved return potential, at the discretion of Brompton Funds Limited (“Brompton”). In order to qualify for inclusion in the Portfolio, at the time of investment, each dividend growth company included in the Portfolio must have (i) a market capitalization of at least CDN$2.0 billion; and (ii) a history of dividend growth or, in Brompton’s view, have high potential for future dividend growth.

DGS.PR.A pays 6.75% on its $10 par value. It is scheduled to mature at par on 2029-8-30.

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

Market Action

August 11, 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	-0.0233 %	2,655.7
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.0233 %	5,001.1
Floater	5.44 %	5.58 %	36,400	14.51	3	-0.0233 %	2,882.2
OpRet	0.00 %	0.00 %	0	0.00	0	-0.0079 %	3,650.9
SplitShare	4.77 %	4.92 %	53,481	2.60	5	-0.0079 %	4,359.9
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.0079 %	3,401.8
Perpetual-Premium	5.61 %	5.42 %	51,490	6.48	12	-0.0231 %	3,092.3
Perpetual-Discount	5.52 %	5.58 %	37,562	14.53	21	-0.2034 %	3,419.8
FixedReset Disc	5.49 %	5.93 %	91,316	13.78	17	0.3992 %	3,420.9
Insurance Straight	5.37 %	5.42 %	43,784	14.69	20	-0.3358 %	3,350.1
FloatingReset	0.00 %	0.00 %	0	0.00	0	0.3992 %	4,177.0
FixedReset Prem	5.91 %	4.57 %	75,948	2.20	31	-0.0735 %	2,666.4
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.3992 %	3,496.9
FixedReset Ins Non	5.22 %	5.08 %	51,638	2.60	14	0.0646 %	3,272.6

Performance Highlights
Issue	Index	Change	Notes
GWO.PR.P	Insurance Straight	-7.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-11 Maturity Price : 22.77 Evaluated at bid price : 23.05 Bid-YTW : 5.93 %
MIC.PR.A	Perpetual-Discount	-7.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-11 Maturity Price : 21.71 Evaluated at bid price : 22.00 Bid-YTW : 6.22 %
GWO.PR.I	Insurance Straight	-1.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-11 Maturity Price : 21.27 Evaluated at bid price : 21.27 Bid-YTW : 5.36 %
RY.PR.S	FixedReset Prem	-1.01 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-02-24 Maturity Price : 25.00 Evaluated at bid price : 26.50 Bid-YTW : 3.33 %
MFC.PR.M	FixedReset Ins Non	1.25 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-12-20 Maturity Price : 25.00 Evaluated at bid price : 25.85 Bid-YTW : 4.72 %
ENB.PF.C	FixedReset Disc	2.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-11 Maturity Price : 23.12 Evaluated at bid price : 24.50 Bid-YTW : 6.02 %
BN.PR.T	FixedReset Disc	2.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-11 Maturity Price : 22.91 Evaluated at bid price : 23.60 Bid-YTW : 5.92 %
CCS.PR.C	Insurance Straight	2.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-11 Maturity Price : 23.14 Evaluated at bid price : 23.40 Bid-YTW : 5.40 %

Volume Highlights
Issue	Index	Shares Traded	Notes
FTS.PR.H	FixedReset Disc	138,105	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-11 Maturity Price : 20.35 Evaluated at bid price : 20.35 Bid-YTW : 5.80 %
IFC.PR.C	FixedReset Ins Non	62,900	YTW SCENARIO Maturity Type : Call Maturity Date : 2026-09-30 Maturity Price : 25.00 Evaluated at bid price : 25.12 Bid-YTW : 2.81 %
GWO.PF.A	Perpetual-Premium	40,840	YTW SCENARIO Maturity Type : Call Maturity Date : 2035-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.46 Bid-YTW : 5.59 %
ENB.PR.H	FixedReset Disc	21,956	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-11 Maturity Price : 23.35 Evaluated at bid price : 24.45 Bid-YTW : 5.72 %
MFC.PR.N	FixedReset Ins Non	13,900	YTW SCENARIO Maturity Type : Call Maturity Date : 2030-03-20 Maturity Price : 25.00 Evaluated at bid price : 25.04 Bid-YTW : 5.38 %
FTS.PR.J	Perpetual-Discount	12,923	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-11 Maturity Price : 22.53 Evaluated at bid price : 22.78 Bid-YTW : 5.30 %
There were 0 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue	Index	Quote Data and Yield Notes
GWO.PR.P	Insurance Straight	Quote: 23.05 – 25.00 Spot Rate : 1.9500 Average : 1.1124 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-11 Maturity Price : 22.77 Evaluated at bid price : 23.05 Bid-YTW : 5.93 %
MIC.PR.A	Perpetual-Discount	Quote: 22.00 – 23.92 Spot Rate : 1.9200 Average : 1.1331 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-11 Maturity Price : 21.71 Evaluated at bid price : 22.00 Bid-YTW : 6.22 %
BN.PR.Z	FixedReset Prem	Quote: 25.67 – 27.00 Spot Rate : 1.3300 Average : 1.0724 YTW SCENARIO Maturity Type : Call Maturity Date : 2027-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.67 Bid-YTW : 4.62 %
GWO.PR.Y	Insurance Straight	Quote: 21.08 – 22.40 Spot Rate : 1.3200 Average : 1.0660 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-11 Maturity Price : 21.08 Evaluated at bid price : 21.08 Bid-YTW : 5.41 %
MFC.PR.Q	FixedReset Ins Non	Quote: 25.67 – 26.32 Spot Rate : 0.6500 Average : 0.5076 YTW SCENARIO Maturity Type : Call Maturity Date : 2028-06-19 Maturity Price : 25.00 Evaluated at bid price : 25.67 Bid-YTW : 4.94 %
TD.PF.I	FixedReset Prem	Quote: 25.85 – 26.35 Spot Rate : 0.5000 Average : 0.3633 YTW SCENARIO Maturity Type : Call Maturity Date : 2027-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.85 Bid-YTW : 3.61 %

Volume Highlights
Issue	Index	Shares Traded	Notes
GWO.PR.N	FixedReset Ins Non	96,100	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-17 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 5.79 %
BN.PF.G	FixedReset Prem	32,600	YTW SCENARIO Maturity Type : Call Maturity Date : 2030-07-01 Maturity Price : 25.00 Evaluated at bid price : 26.00 Bid-YTW : 4.76 %
ENB.PR.D	FixedReset Disc	28,200	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-08-17 Maturity Price : 23.60 Evaluated at bid price : 24.00 Bid-YTW : 5.87 %
BN.PF.M	FixedReset Prem	23,200	YTW SCENARIO Maturity Type : Call Maturity Date : 2031-01-01 Maturity Price : 25.00 Evaluated at bid price : 26.25 Bid-YTW : 4.59 %
GWO.PR.Z	Insurance Straight	21,000	YTW SCENARIO Maturity Type : Call Maturity Date : 2034-09-30 Maturity Price : 25.00 Evaluated at bid price : 25.37 Bid-YTW : 5.63 %
GWO.PF.A	Perpetual-Premium	20,900	YTW SCENARIO Maturity Type : Call Maturity Date : 2035-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.42 Bid-YTW : 5.63 %
There were 5 other index-included issues trading in excess of 10,000 shares.

PrefBlog

PrefBlog

August 18, 2026

August 17, 2026

August PrefLetter Released

NPS.PR.A To Be Tracked by HIMIPref™

NPS.PR.A Gets Bigger

August 14, 2026

August 13, 2026

August 12, 2026

DGS.PR.A Gets Bigger

August 11, 2026

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