PerpetualDiscounts now yield 5.62%, equivalent to 7.31% interest at the standard conversion factor of 1.3x. Long corporates yielded 4.78% on 2025-10-8, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has remained at increased to 255bp from the 245bp reported October 8.
| 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 | 6.64 % | 7.10 % | 23,665 | 13.39 | 1 | 0.0000 % | 2,428.3 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.4082 % | 4,602.0 |
| Floater | 6.27 % | 6.56 % | 54,177 | 13.12 | 3 | 0.4082 % | 2,652.2 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0471 % | 3,675.7 |
| SplitShare | 4.75 % | 4.41 % | 67,310 | 3.32 | 5 | 0.0471 % | 4,389.5 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0471 % | 3,424.9 |
| Perpetual-Premium | 5.49 % | -2.15 % | 76,841 | 0.09 | 7 | 0.3294 % | 3,092.6 |
| Perpetual-Discount | 5.58 % | 5.62 % | 46,216 | 14.49 | 26 | 0.7142 % | 3,378.4 |
| FixedReset Disc | 5.98 % | 6.00 % | 103,127 | 13.66 | 30 | 0.2265 % | 3,051.3 |
| Insurance Straight | 5.48 % | 5.51 % | 54,327 | 14.54 | 22 | 0.7057 % | 3,320.3 |
| FloatingReset | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2265 % | 3,629.9 |
| FixedReset Prem | 5.65 % | 4.79 % | 126,901 | 2.40 | 22 | -0.1348 % | 2,622.7 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2265 % | 3,119.1 |
| FixedReset Ins Non | 5.22 % | 5.40 % | 55,579 | 14.51 | 15 | 1.5289 % | 3,067.6 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| NA.PR.I | FixedReset Prem | -2.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-15 Maturity Price : 23.63 Evaluated at bid price : 26.10 Bid-YTW : 5.54 % |
| BN.PF.A | FixedReset Prem | -2.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-15 Maturity Price : 23.41 Evaluated at bid price : 25.05 Bid-YTW : 5.83 % |
| BN.PR.N | Perpetual-Discount | -1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-15 Maturity Price : 20.12 Evaluated at bid price : 20.12 Bid-YTW : 5.96 % |
| FTS.PR.J | Perpetual-Discount | -1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-15 Maturity Price : 21.97 Evaluated at bid price : 22.20 Bid-YTW : 5.41 % |
| POW.PR.D | Perpetual-Discount | 1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-15 Maturity Price : 22.31 Evaluated at bid price : 22.58 Bid-YTW : 5.56 % |
| CIU.PR.A | Perpetual-Discount | 1.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-15 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 5.61 % |
| FTS.PR.G | FixedReset Disc | 1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-15 Maturity Price : 23.25 Evaluated at bid price : 24.60 Bid-YTW : 5.19 % |
| ENB.PR.H | FixedReset Disc | 1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-15 Maturity Price : 21.97 Evaluated at bid price : 22.28 Bid-YTW : 5.80 % |
| ENB.PR.F | FixedReset Disc | 1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-15 Maturity Price : 21.12 Evaluated at bid price : 21.12 Bid-YTW : 6.40 % |
| PWF.PR.P | FixedReset Disc | 1.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-15 Maturity Price : 18.02 Evaluated at bid price : 18.02 Bid-YTW : 6.00 % |
| PWF.PR.R | Perpetual-Discount | 1.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-15 Maturity Price : 24.06 Evaluated at bid price : 24.32 Bid-YTW : 5.66 % |
| SLF.PR.C | Insurance Straight | 2.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-15 Maturity Price : 21.37 Evaluated at bid price : 21.64 Bid-YTW : 5.17 % |
| BN.PR.M | Perpetual-Discount | 2.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-15 Maturity Price : 20.63 Evaluated at bid price : 20.63 Bid-YTW : 5.81 % |
| CCS.PR.C | Insurance Straight | 3.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-15 Maturity Price : 22.71 Evaluated at bid price : 23.00 Bid-YTW : 5.47 % |
| PWF.PR.E | Perpetual-Discount | 3.96 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-15 Maturity Price : 24.15 Evaluated at bid price : 24.40 Bid-YTW : 5.64 % |
| GWO.PR.H | Insurance Straight | 7.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-15 Maturity Price : 21.49 Evaluated at bid price : 21.75 Bid-YTW : 5.61 % |
| PWF.PR.S | Perpetual-Discount | 7.87 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-15 Maturity Price : 21.26 Evaluated at bid price : 21.53 Bid-YTW : 5.58 % |
| IFC.PR.A | FixedReset Ins Non | 27.94 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-15 Maturity Price : 21.43 Evaluated at bid price : 21.43 Bid-YTW : 5.33 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| RY.PR.M | FixedReset Prem | 176,600 | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-11-24 Maturity Price : 25.00 Evaluated at bid price : 25.11 Bid-YTW : 2.83 % |
| IFC.PR.C | FixedReset Ins Non | 83,887 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-15 Maturity Price : 23.41 Evaluated at bid price : 23.97 Bid-YTW : 5.53 % |
| NA.PR.S | FixedReset Prem | 54,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-15 Maturity Price : 23.48 Evaluated at bid price : 25.56 Bid-YTW : 5.14 % |
| GWO.PR.G | Insurance Straight | 52,433 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-15 Maturity Price : 23.41 Evaluated at bid price : 23.70 Bid-YTW : 5.52 % |
| ENB.PF.G | FixedReset Disc | 47,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-15 Maturity Price : 21.44 Evaluated at bid price : 21.72 Bid-YTW : 6.42 % |
| ENB.PF.A | FixedReset Disc | 43,380 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-15 Maturity Price : 21.63 Evaluated at bid price : 21.93 Bid-YTW : 6.34 % |
| There were 6 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 |
| NA.PR.I | FixedReset Prem | Quote: 26.10 – 26.72 Spot Rate : 0.6200 Average : 0.3912 YTW SCENARIO |
| TD.PF.J | FixedReset Prem | Quote: 25.61 – 26.05 Spot Rate : 0.4400 Average : 0.2811 YTW SCENARIO |
| BN.PF.G | FixedReset Disc | Quote: 23.00 – 23.55 Spot Rate : 0.5500 Average : 0.4014 YTW SCENARIO |
| CU.PR.E | Perpetual-Discount | Quote: 22.43 – 23.60 Spot Rate : 1.1700 Average : 1.0283 YTW SCENARIO |
| BN.PR.N | Perpetual-Discount | Quote: 20.12 – 20.77 Spot Rate : 0.6500 Average : 0.5124 YTW SCENARIO |
| CU.PR.F | Perpetual-Discount | Quote: 20.71 – 21.75 Spot Rate : 1.0400 Average : 0.9039 YTW SCENARIO |
[…] PerpetualDiscounts now yield 5.61%, equivalent to 7.29% interest at the standard conversion factor of 1.3x. Long corporates yielded 4.73% on 2025-10-8, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has remained at the 255bp reported [belatedly] October 15. […]