PerpetualDiscounts now yield 5.49%, equivalent to 7.14% interest at the standard conversion factor of 1.3x. Long corporates yielded 4.72% on 2025-11-12, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has remained at the 240bp reported October 29.
| 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 | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.3307 % | 2,415.9 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.3307 % | 4,581.0 |
| Floater | 5.96 % | 6.26 % | 58,325 | 13.49 | 3 | -0.3307 % | 2,640.0 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1406 % | 3,699.1 |
| SplitShare | 4.72 % | 4.36 % | 66,016 | 3.25 | 5 | 0.1406 % | 4,417.5 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1406 % | 3,446.7 |
| Perpetual-Premium | 5.64 % | -1.67 % | 78,758 | 0.09 | 7 | -0.5593 % | 3,112.6 |
| Perpetual-Discount | 5.42 % | 5.49 % | 46,343 | 14.55 | 25 | -0.1163 % | 3,452.0 |
| FixedReset Disc | 5.72 % | 5.89 % | 110,047 | 13.76 | 30 | -0.2581 % | 3,127.0 |
| Insurance Straight | 5.35 % | 5.40 % | 58,133 | 14.70 | 21 | -0.3281 % | 3,393.2 |
| FloatingReset | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2581 % | 3,719.9 |
| FixedReset Prem | 5.86 % | 4.73 % | 108,912 | 2.32 | 21 | -0.1361 % | 2,645.0 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2581 % | 3,196.4 |
| FixedReset Ins Non | 5.16 % | 5.33 % | 64,800 | 14.50 | 15 | -0.4593 % | 3,105.4 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| PWF.PR.S | Perpetual-Discount | -8.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 5.91 % |
| CIU.PR.A | Perpetual-Discount | -4.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 20.40 Evaluated at bid price : 20.40 Bid-YTW : 5.66 % |
| CU.PR.G | Perpetual-Discount | -2.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 20.94 Evaluated at bid price : 20.94 Bid-YTW : 5.39 % |
| MFC.PR.N | FixedReset Ins Non | -2.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 22.81 Evaluated at bid price : 23.96 Bid-YTW : 5.33 % |
| IFC.PR.F | Insurance Straight | -2.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 23.23 Evaluated at bid price : 23.51 Bid-YTW : 5.71 % |
| ENB.PF.E | FixedReset Disc | -1.87 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 21.66 Evaluated at bid price : 22.00 Bid-YTW : 6.27 % |
| GWO.PR.Y | Insurance Straight | -1.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 21.20 Evaluated at bid price : 21.20 Bid-YTW : 5.38 % |
| POW.PR.G | Perpetual-Premium | -1.52 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-12 Maturity Price : 25.00 Evaluated at bid price : 25.21 Bid-YTW : 0.60 % |
| ENB.PR.B | FixedReset Disc | -1.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 21.02 Evaluated at bid price : 21.02 Bid-YTW : 6.28 % |
| ENB.PR.J | FixedReset Disc | -1.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 22.09 Evaluated at bid price : 22.50 Bid-YTW : 6.20 % |
| NA.PR.S | FixedReset Prem | -1.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 23.52 Evaluated at bid price : 25.66 Bid-YTW : 5.15 % |
| ENB.PR.H | FixedReset Disc | -1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 22.32 Evaluated at bid price : 22.77 Bid-YTW : 5.71 % |
| POW.PR.C | Perpetual-Premium | -1.16 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-12 Maturity Price : 25.00 Evaluated at bid price : 25.60 Bid-YTW : -16.95 % |
| SLF.PR.G | FixedReset Ins Non | -1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 18.78 Evaluated at bid price : 18.78 Bid-YTW : 5.66 % |
| ENB.PR.F | FixedReset Disc | -1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 21.52 Evaluated at bid price : 21.90 Bid-YTW : 6.19 % |
| CU.PR.F | Perpetual-Discount | 1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 21.20 Evaluated at bid price : 21.20 Bid-YTW : 5.32 % |
| ENB.PR.A | Perpetual-Discount | 1.12 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-12 Maturity Price : 25.00 Evaluated at bid price : 25.31 Bid-YTW : 3.66 % |
| BN.PR.Z | FixedReset Disc | 1.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 23.52 Evaluated at bid price : 24.92 Bid-YTW : 5.81 % |
| PWF.PR.R | Perpetual-Discount | 2.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 24.60 Evaluated at bid price : 24.85 Bid-YTW : 5.57 % |
| CU.PR.J | Perpetual-Discount | 10.96 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 21.53 Evaluated at bid price : 21.86 Bid-YTW : 5.43 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| IFC.PR.M | Perpetual-Premium | 546,104 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 24.62 Evaluated at bid price : 25.02 Bid-YTW : 5.51 % |
| BN.PR.K | Floater | 75,769 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 12.65 Evaluated at bid price : 12.65 Bid-YTW : 6.26 % |
| MFC.PR.M | FixedReset Ins Non | 51,800 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 23.07 Evaluated at bid price : 24.55 Bid-YTW : 5.33 % |
| FFH.PR.I | FixedReset Disc | 47,145 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 24.04 Evaluated at bid price : 24.97 Bid-YTW : 5.61 % |
| CIU.PR.A | Perpetual-Discount | 44,512 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 20.40 Evaluated at bid price : 20.40 Bid-YTW : 5.66 % |
| GWO.PR.N | FixedReset Ins Non | 35,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 17.90 Evaluated at bid price : 17.90 Bid-YTW : 5.70 % |
| 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 |
| PWF.PR.S | Perpetual-Discount | Quote: 20.50 – 22.47 Spot Rate : 1.9700 Average : 1.0880 YTW SCENARIO |
| CIU.PR.A | Perpetual-Discount | Quote: 20.40 – 21.40 Spot Rate : 1.0000 Average : 0.6200 YTW SCENARIO |
| MFC.PR.F | FixedReset Ins Non | Quote: 18.20 – 19.25 Spot Rate : 1.0500 Average : 0.6742 YTW SCENARIO |
| CU.PR.G | Perpetual-Discount | Quote: 20.94 – 22.00 Spot Rate : 1.0600 Average : 0.7250 YTW SCENARIO |
| MFC.PR.N | FixedReset Ins Non | Quote: 23.96 – 24.75 Spot Rate : 0.7900 Average : 0.5503 YTW SCENARIO |
| IFC.PR.F | Insurance Straight | Quote: 23.51 – 24.70 Spot Rate : 1.1900 Average : 0.9531 YTW SCENARIO |
New POW perpetual…
Nov. 13, 2025 — Power Corporation of (TSX: POW) announced today that it has agreed to issue 6,000,000 Non-Cumulative First Preferred Shares, Series I in the capital of the Corporation (the “Series I Shares”) on a bought deal basis, for gross proceeds of $150 million. The Series I Shares will be priced at $25.00 per share and will carry an annual dividend yield of 5.65%. Closing is expected on or about November 20, 2025. The issue will be underwritten by a syndicate of underwriters led by BMO Capital Markets, RBC Capital Markets and Scotiabank.
[…] PerpetualDiscounts now yield 5.63%, equivalent to 7.32% interest at the standard conversion factor of 1.3x. Long corporates yielded 4.74% on 2025-11-26, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened sharply to 260bp from the 240bp reported November 12. […]