With the new issues from GWO and POW coming out, one has to wonder whether there will be more. But today DBRS rated some sub-debt from Enbridge:
DBRS Limited (Morningstar DBRS) assigned a credit rating of BBB with a Stable trend to Enbridge Inc.’s (Enbridge or the Company) issuance of $1.0 billion, 5.15% Fixed-to-Fixed Rate Subordinated Notes (the Hybrid Notes), due December 17, 2055. Enbridge intends to use the net proceeds from the sale of the Hybrid Notes to repay short-term debt, partially fund capital projects and, if applicable, for other general corporate purposes of the Corporation and its affiliates.
The credit rating assigned to this newly issued debt instrument is based on the credit rating of an already-outstanding debt series of the above-mentioned debt instrument. Please refer to the most recent Morningstar DBRS press release dated June 27, 2025 https://dbrs.morningstar.com/research/457133/ for more information, including all relevant disclosures.
The rating listed above is based on the Final Term Sheet dated September 15, 2025; the Trust Indenture dated October 20, 1997 and information provided by Enbridge to Morningstar DBRS as of September 15, 2025.
Fitch Ratings has assigned a ‘BBB-‘ rating to Enbridge Inc.’s (ENB) offering of CAD-denominated junior subordinated notes. Proceeds from the offering will be used for existing debt repayment and general corporate purposes. Fitch currently rates ENB’s Long-Term Issuer Default Rating (IDR) ‘BBB+’ with a Stable Rating Outlook.
The ratings reflect the Enbridge family’s large size, diversity, and stability and visibility of expected cash flows. The ‘BBB+’ IDR considers Fitch’s view of the constructive regulation supporting ENB’s various franchises, including natural gas distribution (utility), crude oil transportation and natural gas transmission in Canada and the U.S. Leverage is appropriate for the rating, and Fitch expects it to remain comfortably within the boundaries for the rating over the forecast period.
The Stable Outlook reflects expectations for supportive supply/demand fundamentals underlying the vast majority of ENB’s businesses.
Well, we didn’t need any more Enbridge preferreds anyway! Not that we need more GWO/POW preferreds either, but still!
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
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| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 6.70 % | 7.15 % | 34,988 | 13.28 | 1 | -0.6061 % | 2,450.8 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.3275 % | 4,626.6 |
| Floater | 6.24 % | 6.54 % | 67,486 | 13.19 | 3 | -0.3275 % | 2,666.3 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2837 % | 3,639.6 |
| SplitShare | 4.81 % | 4.67 % | 59,740 | 3.39 | 6 | -0.2837 % | 4,346.5 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2837 % | 3,391.3 |
| Perpetual-Premium | 5.49 % | 4.13 % | 79,650 | 0.08 | 3 | -0.3427 % | 3,076.4 |
| Perpetual-Discount | 5.66 % | 5.73 % | 46,462 | 14.21 | 28 | -1.7100 % | 3,320.0 |
| FixedReset Disc | 5.92 % | 6.10 % | 122,054 | 13.66 | 32 | -0.0671 % | 3,026.2 |
| Insurance Straight | 5.55 % | 5.55 % | 55,694 | 14.56 | 18 | -0.8638 % | 3,257.4 |
| FloatingReset | 5.05 % | 4.81 % | 48,233 | 0.11 | 1 | 0.0000 % | 3,765.7 |
| FixedReset Prem | 5.69 % | 5.08 % | 120,035 | 2.40 | 21 | -0.3898 % | 2,617.0 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0671 % | 3,093.4 |
| FixedReset Ins Non | 5.37 % | 5.45 % | 61,940 | 14.46 | 15 | -0.8312 % | 2,983.9 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| CU.PR.G | Perpetual-Discount | -24.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-18 Maturity Price : 15.71 Evaluated at bid price : 15.71 Bid-YTW : 7.25 % |
| GWO.PR.N | FixedReset Ins Non | -9.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-18 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 6.33 % |
| BIP.PR.F | FixedReset Prem | -9.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-18 Maturity Price : 22.35 Evaluated at bid price : 22.90 Bid-YTW : 6.40 % |
| IFC.PR.E | Insurance Straight | -7.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-18 Maturity Price : 21.81 Evaluated at bid price : 22.10 Bid-YTW : 5.90 % |
| BN.PR.M | Perpetual-Discount | -6.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-18 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 6.12 % |
| PWF.PR.K | Perpetual-Discount | -5.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-18 Maturity Price : 21.12 Evaluated at bid price : 21.12 Bid-YTW : 5.96 % |
| BN.PF.C | Perpetual-Discount | -3.94 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-18 Maturity Price : 20.46 Evaluated at bid price : 20.46 Bid-YTW : 5.96 % |
| BN.PR.Z | FixedReset Disc | -2.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-18 Maturity Price : 22.53 Evaluated at bid price : 23.00 Bid-YTW : 6.30 % |
| GWO.PR.Q | Insurance Straight | -2.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-18 Maturity Price : 22.28 Evaluated at bid price : 22.55 Bid-YTW : 5.72 % |
| FTS.PR.K | FixedReset Disc | -2.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-18 Maturity Price : 21.90 Evaluated at bid price : 22.25 Bid-YTW : 5.61 % |
| BN.PF.G | FixedReset Disc | -2.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-18 Maturity Price : 21.92 Evaluated at bid price : 22.40 Bid-YTW : 6.29 % |
| IFC.PR.C | FixedReset Ins Non | -2.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-18 Maturity Price : 22.72 Evaluated at bid price : 23.25 Bid-YTW : 5.69 % |
| CU.PR.J | Perpetual-Discount | -2.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-18 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 5.58 % |
| SLF.PR.D | Insurance Straight | -1.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-18 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 5.31 % |
| GWO.PR.Y | Insurance Straight | -1.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-18 Maturity Price : 20.49 Evaluated at bid price : 20.49 Bid-YTW : 5.52 % |
| POW.PR.G | Perpetual-Discount | -1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-18 Maturity Price : 24.16 Evaluated at bid price : 24.41 Bid-YTW : 5.84 % |
| PWF.PF.A | Perpetual-Discount | -1.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-18 Maturity Price : 20.36 Evaluated at bid price : 20.36 Bid-YTW : 5.61 % |
| PWF.PR.F | Perpetual-Discount | -1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-18 Maturity Price : 23.03 Evaluated at bid price : 23.30 Bid-YTW : 5.71 % |
| PWF.PR.S | Perpetual-Discount | -1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-18 Maturity Price : 21.45 Evaluated at bid price : 21.45 Bid-YTW : 5.69 % |
| POW.PR.D | Perpetual-Discount | -1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-18 Maturity Price : 22.30 Evaluated at bid price : 22.57 Bid-YTW : 5.63 % |
| PWF.PR.A | Floater | -1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-18 Maturity Price : 14.30 Evaluated at bid price : 14.30 Bid-YTW : 5.83 % |
| SLF.PR.G | FixedReset Ins Non | -1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-18 Maturity Price : 18.46 Evaluated at bid price : 18.46 Bid-YTW : 5.71 % |
| BN.PF.J | FixedReset Prem | 1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-18 Maturity Price : 23.52 Evaluated at bid price : 25.01 Bid-YTW : 5.88 % |
| CU.PR.E | Perpetual-Discount | 1.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-18 Maturity Price : 22.21 Evaluated at bid price : 22.49 Bid-YTW : 5.49 % |
| GWO.PR.M | Insurance Straight | 1.46 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-10-18 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 3.51 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| FTS.PR.M | FixedReset Disc | 98,900 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-18 Maturity Price : 22.81 Evaluated at bid price : 23.94 Bid-YTW : 5.54 % |
| PVS.PR.L | SplitShare | 47,350 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.80 Bid-YTW : 4.82 % |
| FFH.PR.I | FixedReset Disc | 40,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-18 Maturity Price : 24.01 Evaluated at bid price : 24.79 Bid-YTW : 5.61 % |
| TD.PF.A | FixedReset Disc | 36,100 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-18 Maturity Price : 23.25 Evaluated at bid price : 25.04 Bid-YTW : 4.96 % |
| RY.PR.S | FixedReset Prem | 32,202 | YTW SCENARIO Maturity Type : Call Maturity Date : 2029-02-24 Maturity Price : 25.00 Evaluated at bid price : 26.17 Bid-YTW : 4.55 % |
| GWO.PR.S | Insurance Straight | 31,395 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-18 Maturity Price : 23.14 Evaluated at bid price : 23.40 Bid-YTW : 5.62 % |
| There were 12 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.G | Perpetual-Discount | Quote: 15.71 – 20.80 Spot Rate : 5.0900 Average : 2.8203 YTW SCENARIO |
| CU.PR.H | Perpetual-Discount | Quote: 22.88 – 26.58 Spot Rate : 3.7000 Average : 2.6064 YTW SCENARIO |
| IFC.PR.A | FixedReset Ins Non | Quote: 16.70 – 22.60 Spot Rate : 5.9000 Average : 4.8439 YTW SCENARIO |
| BIP.PR.F | FixedReset Prem | Quote: 22.90 – 25.28 Spot Rate : 2.3800 Average : 1.3297 YTW SCENARIO |
| IFC.PR.E | Insurance Straight | Quote: 22.10 – 24.25 Spot Rate : 2.1500 Average : 1.4151 YTW SCENARIO |
| GWO.PR.N | FixedReset Ins Non | Quote: 16.00 – 17.89 Spot Rate : 1.8900 Average : 1.1617 YTW SCENARIO |