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.
| 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 | -0.6655 % | 2,393.1 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.6655 % | 4,537.7 |
| Floater | 6.02 % | 6.30 % | 58,238 | 13.41 | 3 | -0.6655 % | 2,615.1 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0712 % | 3,647.7 |
| SplitShare | 4.79 % | 4.32 % | 73,587 | 3.24 | 5 | 0.0712 % | 4,356.1 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0712 % | 3,398.8 |
| Perpetual-Premium | 5.68 % | 0.02 % | 73,173 | 0.09 | 7 | -0.1698 % | 3,086.0 |
| Perpetual-Discount | 5.54 % | 5.63 % | 49,520 | 14.43 | 26 | -0.1375 % | 3,377.8 |
| FixedReset Disc | 5.95 % | 5.96 % | 106,690 | 13.64 | 29 | 0.7113 % | 3,065.0 |
| Insurance Straight | 5.50 % | 5.57 % | 59,965 | 14.46 | 21 | -0.0750 % | 3,305.4 |
| FloatingReset | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.7113 % | 3,646.1 |
| FixedReset Prem | 5.86 % | 5.01 % | 109,928 | 2.67 | 22 | 0.4429 % | 2,639.4 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.7113 % | 3,133.0 |
| FixedReset Ins Non | 5.24 % | 5.39 % | 65,151 | 14.53 | 15 | 0.0058 % | 3,057.5 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| PWF.PF.A | Perpetual-Discount | -6.81 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-26 Maturity Price : 19.15 Evaluated at bid price : 19.15 Bid-YTW : 5.95 % |
| PWF.PR.S | Perpetual-Discount | -6.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-26 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 5.93 % |
| MFC.PR.C | Insurance Straight | -6.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-26 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 5.64 % |
| MFC.PR.L | FixedReset Ins Non | -3.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-26 Maturity Price : 22.38 Evaluated at bid price : 23.00 Bid-YTW : 5.53 % |
| POW.PR.G | Perpetual-Premium | -1.81 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-26 Maturity Price : 24.20 Evaluated at bid price : 24.46 Bid-YTW : 5.80 % |
| PWF.PR.E | Perpetual-Discount | -1.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-26 Maturity Price : 23.73 Evaluated at bid price : 24.04 Bid-YTW : 5.77 % |
| PWF.PR.A | Floater | -1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-26 Maturity Price : 13.60 Evaluated at bid price : 13.60 Bid-YTW : 5.78 % |
| PWF.PR.K | Perpetual-Discount | -1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-26 Maturity Price : 21.97 Evaluated at bid price : 22.20 Bid-YTW : 5.63 % |
| MFC.PR.M | FixedReset Ins Non | 1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-26 Maturity Price : 22.94 Evaluated at bid price : 24.22 Bid-YTW : 5.33 % |
| MFC.PR.J | FixedReset Ins Non | 1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-26 Maturity Price : 23.55 Evaluated at bid price : 25.10 Bid-YTW : 5.39 % |
| MFC.PR.N | FixedReset Ins Non | 1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-26 Maturity Price : 22.83 Evaluated at bid price : 24.01 Bid-YTW : 5.24 % |
| ENB.PR.P | FixedReset Disc | 1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-26 Maturity Price : 21.42 Evaluated at bid price : 21.75 Bid-YTW : 6.23 % |
| FFH.PR.K | FixedReset Prem | 1.19 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2027-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.50 Bid-YTW : 4.14 % |
| ENB.PR.N | FixedReset Disc | 1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-26 Maturity Price : 22.90 Evaluated at bid price : 23.84 Bid-YTW : 5.93 % |
| CU.PR.F | Perpetual-Discount | 1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-26 Maturity Price : 20.60 Evaluated at bid price : 20.60 Bid-YTW : 5.49 % |
| SLF.PR.D | Insurance Straight | 1.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-26 Maturity Price : 21.01 Evaluated at bid price : 21.01 Bid-YTW : 5.30 % |
| ENB.PF.E | FixedReset Disc | 1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-26 Maturity Price : 21.44 Evaluated at bid price : 21.71 Bid-YTW : 6.26 % |
| TD.PF.J | FixedReset Prem | 1.60 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2028-04-30 Maturity Price : 25.00 Evaluated at bid price : 26.06 Bid-YTW : 4.11 % |
| ENB.PF.C | FixedReset Disc | 1.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-26 Maturity Price : 21.52 Evaluated at bid price : 21.79 Bid-YTW : 6.25 % |
| ENB.PF.A | FixedReset Disc | 1.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-26 Maturity Price : 21.96 Evaluated at bid price : 22.40 Bid-YTW : 6.14 % |
| NA.PR.K | FixedReset Prem | 1.85 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2029-05-01 Maturity Price : 25.00 Evaluated at bid price : 28.15 Bid-YTW : 3.90 % |
| CU.PR.J | Perpetual-Discount | 2.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-26 Maturity Price : 21.54 Evaluated at bid price : 21.54 Bid-YTW : 5.55 % |
| FTS.PR.J | Perpetual-Discount | 2.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-26 Maturity Price : 22.40 Evaluated at bid price : 22.66 Bid-YTW : 5.26 % |
| BN.PF.E | FixedReset Disc | 3.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-26 Maturity Price : 21.96 Evaluated at bid price : 22.43 Bid-YTW : 5.96 % |
| BN.PF.D | Perpetual-Discount | 3.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-26 Maturity Price : 21.30 Evaluated at bid price : 21.30 Bid-YTW : 5.86 % |
| PWF.PR.P | FixedReset Disc | 4.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-26 Maturity Price : 18.36 Evaluated at bid price : 18.36 Bid-YTW : 5.95 % |
| MFC.PR.B | Insurance Straight | 6.75 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-26 Maturity Price : 21.44 Evaluated at bid price : 21.70 Bid-YTW : 5.35 % |
| GWO.PR.N | FixedReset Ins Non | 16.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-26 Maturity Price : 18.03 Evaluated at bid price : 18.03 Bid-YTW : 5.67 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BN.PF.M | FixedReset Prem | 819,110 | YTW SCENARIO Maturity Type : Call Maturity Date : 2031-01-01 Maturity Price : 25.00 Evaluated at bid price : 25.30 Bid-YTW : 5.16 % |
| FTS.PR.J | Perpetual-Discount | 85,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-26 Maturity Price : 22.40 Evaluated at bid price : 22.66 Bid-YTW : 5.26 % |
| BMO.PR.E | FixedReset Prem | 81,290 | YTW SCENARIO Maturity Type : Call Maturity Date : 2028-11-25 Maturity Price : 25.00 Evaluated at bid price : 26.60 Bid-YTW : 4.55 % |
| CM.PR.S | FixedReset Prem | 71,546 | YTW SCENARIO Maturity Type : Call Maturity Date : 2028-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.86 Bid-YTW : 4.44 % |
| POW.PR.I | Perpetual-Discount | 51,700 | YTW SCENARIO Maturity Type : Option Certainty Maturity Date : 2055-11-26 Maturity Price : 25.00 Evaluated at bid price : 25.01 Bid-YTW : 5.69 % |
| FFH.PR.I | FixedReset Disc | 50,200 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-26 Maturity Price : 23.97 Evaluated at bid price : 25.00 Bid-YTW : 5.62 % |
| 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 |
| MFC.PR.C | Insurance Straight | Quote: 20.00 – 22.00 Spot Rate : 2.0000 Average : 1.1678 YTW SCENARIO |
| PWF.PR.S | Perpetual-Discount | Quote: 20.50 – 22.00 Spot Rate : 1.5000 Average : 1.0580 YTW SCENARIO |
| PWF.PF.A | Perpetual-Discount | Quote: 19.15 – 20.70 Spot Rate : 1.5500 Average : 1.1195 YTW SCENARIO |
| MFC.PR.L | FixedReset Ins Non | Quote: 23.00 – 24.35 Spot Rate : 1.3500 Average : 0.9725 YTW SCENARIO |
| ENB.PF.E | FixedReset Disc | Quote: 21.71 – 22.80 Spot Rate : 1.0900 Average : 0.7869 YTW SCENARIO |
| GWO.PR.R | Insurance Straight | Quote: 21.66 – 22.60 Spot Rate : 0.9400 Average : 0.6847 YTW SCENARIO |
[…] Seniority Spread (between long-term corporate bonds and interest-equivalent PerpetualDiscounts) was 260bp on 2025-11-26 widening dramatically from the 240bp on 2025-10-29 and giving back the narrowing experienced last […]
[…] PerpetualDiscounts now yield 5.59%, equivalent to 7.27% interest at the standard conversion factor of 1.3x. Long corporates yielded 4.84% on 2025-12-03, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed sharply to 245bp from the 260bp reported November 26. […]