PerpetualDiscounts now yield 5.71%, equivalent to 7.42% interest at the standard conversion factor of 1.3x. Long corporates yielded 4.86% on 2025-9-17, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) remains at the 255bp reported September 17.
| 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 | 6.65 % | 7.10 % | 32,667 | 13.32 | 1 | -0.3030 % | 2,458.2 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1776 % | 4,600.9 |
| Floater | 6.27 % | 6.54 % | 63,151 | 13.18 | 3 | -0.1776 % | 2,651.5 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0662 % | 3,642.5 |
| SplitShare | 4.81 % | 4.58 % | 63,892 | 3.37 | 6 | 0.0662 % | 4,350.0 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0662 % | 3,394.0 |
| Perpetual-Premium | 5.56 % | 2.09 % | 86,964 | 0.08 | 4 | -0.1886 % | 3,077.0 |
| Perpetual-Discount | 5.61 % | 5.71 % | 45,887 | 14.26 | 28 | 0.0584 % | 3,347.5 |
| FixedReset Disc | 5.93 % | 6.00 % | 118,416 | 13.65 | 32 | 0.3796 % | 3,021.6 |
| Insurance Straight | 5.56 % | 5.61 % | 55,371 | 14.50 | 18 | 0.1323 % | 3,253.3 |
| FloatingReset | 5.01 % | 5.02 % | 47,594 | 15.48 | 1 | 0.0000 % | 3,765.7 |
| FixedReset Prem | 5.67 % | 4.96 % | 120,115 | 2.80 | 21 | -0.0427 % | 2,625.0 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.3796 % | 3,088.7 |
| FixedReset Ins Non | 5.27 % | 5.48 % | 59,641 | 14.42 | 15 | 0.3113 % | 3,040.1 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| MFC.PR.J | FixedReset Ins Non | -1.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-24 Maturity Price : 23.40 Evaluated at bid price : 24.80 Bid-YTW : 5.48 % |
| CU.PR.F | Perpetual-Discount | -1.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-24 Maturity Price : 20.01 Evaluated at bid price : 20.01 Bid-YTW : 5.69 % |
| BIP.PR.F | FixedReset Prem | -1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-24 Maturity Price : 23.23 Evaluated at bid price : 24.69 Bid-YTW : 5.85 % |
| FTS.PR.J | Perpetual-Discount | -1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-24 Maturity Price : 21.75 Evaluated at bid price : 22.00 Bid-YTW : 5.44 % |
| BN.PF.F | FixedReset Disc | 1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-24 Maturity Price : 22.61 Evaluated at bid price : 23.50 Bid-YTW : 6.00 % |
| SLF.PR.H | FixedReset Ins Non | 1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-24 Maturity Price : 21.43 Evaluated at bid price : 21.75 Bid-YTW : 5.50 % |
| PWF.PR.K | Perpetual-Discount | 1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-24 Maturity Price : 21.78 Evaluated at bid price : 22.02 Bid-YTW : 5.70 % |
| GWO.PR.N | FixedReset Ins Non | 2.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-24 Maturity Price : 17.45 Evaluated at bid price : 17.45 Bid-YTW : 5.75 % |
| BN.PF.C | Perpetual-Discount | 2.88 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-24 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 5.80 % |
| ENB.PR.H | FixedReset Disc | 3.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-24 Maturity Price : 21.81 Evaluated at bid price : 22.07 Bid-YTW : 5.82 % |
| GWO.PR.S | Insurance Straight | 3.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-24 Maturity Price : 23.15 Evaluated at bid price : 23.41 Bid-YTW : 5.63 % |
| IFC.PR.G | FixedReset Ins Non | 4.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-24 Maturity Price : 23.27 Evaluated at bid price : 24.60 Bid-YTW : 5.45 % |
| ENB.PR.B | FixedReset Disc | 4.83 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-24 Maturity Price : 20.18 Evaluated at bid price : 20.18 Bid-YTW : 6.45 % |
| BN.PR.T | FixedReset Disc | 5.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-24 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 6.25 % |
| POW.PR.D | Perpetual-Discount | 7.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-24 Maturity Price : 22.07 Evaluated at bid price : 22.30 Bid-YTW : 5.61 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| TD.PF.E | FixedReset Prem | 284,860 | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.12 Bid-YTW : 3.27 % |
| FFH.PR.I | FixedReset Disc | 145,600 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-24 Maturity Price : 24.01 Evaluated at bid price : 24.80 Bid-YTW : 5.58 % |
| POW.PR.H | Perpetual-Premium | 81,700 | YTW SCENARIO Maturity Type : Call Maturity Date : 2034-10-15 Maturity Price : 25.00 Evaluated at bid price : 25.20 Bid-YTW : 5.68 % |
| ENB.PR.B | FixedReset Disc | 81,002 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-24 Maturity Price : 20.18 Evaluated at bid price : 20.18 Bid-YTW : 6.45 % |
| FFH.PR.G | FixedReset Prem | 54,500 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-24 Maturity Price : 23.95 Evaluated at bid price : 24.98 Bid-YTW : 5.27 % |
| PWF.PR.T | FixedReset Disc | 53,181 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-09-24 Maturity Price : 23.02 Evaluated at bid price : 24.22 Bid-YTW : 5.40 % |
| There were 13 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.F | Perpetual-Discount | Quote: 20.01 – 21.75 Spot Rate : 1.7400 Average : 1.3235 YTW SCENARIO |
| PWF.PR.S | Perpetual-Discount | Quote: 20.50 – 21.85 Spot Rate : 1.3500 Average : 1.0994 YTW SCENARIO |
| GWO.PR.R | Insurance Straight | Quote: 21.41 – 22.19 Spot Rate : 0.7800 Average : 0.5613 YTW SCENARIO |
| MFC.PR.J | FixedReset Ins Non | Quote: 24.80 – 25.60 Spot Rate : 0.8000 Average : 0.5930 YTW SCENARIO |
| ENB.PR.P | FixedReset Disc | Quote: 21.37 – 21.94 Spot Rate : 0.5700 Average : 0.3958 YTW SCENARIO |
| ENB.PR.N | FixedReset Disc | Quote: 23.90 – 24.36 Spot Rate : 0.4600 Average : 0.2964 YTW SCENARIO |
[…] PerpetualDiscounts now yield 5.69%, equivalent to 7.40% interest at the standard conversion factor of 1.3x. Long corporates yielded 4.84% on 2025-10-1, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) remains at the 255bp reported September 24. […]