The TXPR price index set a new 52-week high today of 696.71, a small jump beyond the old mark of 695.87 set 2025-12-30.
PerpetualDiscounts now yield 5.61%, equivalent to 7.29% interest at the standard conversion factor of 1.3x. Long corporates yielded 4.91% on 2026-1-2, while the of price ZLC changed from 15.17 on 2025-12-31 to 15.09 on 2026-1-2, a decline of 53bp in price. Given a “duration” of 12.31 for the ZLC portfolio (BMO does not specify which duration they report; I am assuming Modified), this implies that portfolio yield rose 4bp from 12/31 to 1/2, implying a yield of 4.87% on 2025-12-31. Therefore the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed slightly (and perhaps spuriously) to 240bp from the 245bp reported December 24.
And that’s it for another year! All the best for 2026!
| 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 | -0.1771 % | 2,433.2 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1771 % | 4,613.7 |
| Floater | 5.92 % | 6.13 % | 56,933 | 13.75 | 3 | -0.1771 % | 2,658.9 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2196 % | 3,671.4 |
| SplitShare | 4.76 % | 4.43 % | 65,673 | 2.05 | 5 | -0.2196 % | 4,384.4 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2196 % | 3,420.9 |
| Perpetual-Premium | 5.64 % | 2.81 % | 93,439 | 0.09 | 7 | -0.0281 % | 3,113.6 |
| Perpetual-Discount | 5.56 % | 5.61 % | 49,865 | 14.43 | 26 | -0.7476 % | 3,400.7 |
| FixedReset Disc | 5.77 % | 5.98 % | 98,654 | 13.78 | 31 | 0.0968 % | 3,164.4 |
| Insurance Straight | 5.51 % | 5.51 % | 58,603 | 14.61 | 21 | -0.3087 % | 3,294.7 |
| FloatingReset | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0968 % | 3,764.3 |
| FixedReset Prem | 5.90 % | 4.38 % | 90,034 | 2.50 | 20 | -0.2640 % | 2,660.5 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0968 % | 3,234.6 |
| FixedReset Ins Non | 5.28 % | 5.35 % | 78,293 | 14.28 | 13 | -0.4858 % | 3,108.8 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| CU.PR.G | Perpetual-Discount | -20.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-31 Maturity Price : 16.50 Evaluated at bid price : 16.50 Bid-YTW : 6.92 % |
| GWO.PR.M | Insurance Straight | -4.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-31 Maturity Price : 24.50 Evaluated at bid price : 24.73 Bid-YTW : 5.90 % |
| MFC.PR.M | FixedReset Ins Non | -3.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-31 Maturity Price : 22.86 Evaluated at bid price : 24.00 Bid-YTW : 5.56 % |
| BN.PF.D | Perpetual-Discount | -3.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-31 Maturity Price : 21.02 Evaluated at bid price : 21.02 Bid-YTW : 5.87 % |
| MFC.PR.L | FixedReset Ins Non | -3.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-31 Maturity Price : 22.85 Evaluated at bid price : 23.87 Bid-YTW : 5.48 % |
| CU.PR.C | FixedReset Disc | -2.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-31 Maturity Price : 23.46 Evaluated at bid price : 23.90 Bid-YTW : 5.61 % |
| TD.PF.I | FixedReset Prem | -2.06 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2027-10-31 Maturity Price : 25.00 Evaluated at bid price : 26.13 Bid-YTW : 4.35 % |
| FFH.PR.K | FixedReset Prem | -1.80 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2027-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.05 Bid-YTW : 4.93 % |
| TD.PF.J | FixedReset Prem | -1.33 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2028-04-30 Maturity Price : 25.00 Evaluated at bid price : 26.05 Bid-YTW : 4.31 % |
| ENB.PR.F | FixedReset Disc | -1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-31 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 6.66 % |
| BN.PF.B | FixedReset Disc | -1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-31 Maturity Price : 22.96 Evaluated at bid price : 24.05 Bid-YTW : 5.89 % |
| GWO.PR.T | Insurance Straight | -1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-31 Maturity Price : 22.74 Evaluated at bid price : 23.00 Bid-YTW : 5.62 % |
| GWO.PR.P | Insurance Straight | -1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-31 Maturity Price : 23.85 Evaluated at bid price : 24.10 Bid-YTW : 5.63 % |
| ENB.PF.A | FixedReset Disc | 1.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-31 Maturity Price : 22.46 Evaluated at bid price : 23.20 Bid-YTW : 6.09 % |
| ENB.PR.T | FixedReset Disc | 1.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-31 Maturity Price : 22.62 Evaluated at bid price : 23.40 Bid-YTW : 6.06 % |
| POW.PR.D | Perpetual-Discount | 1.88 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-31 Maturity Price : 22.56 Evaluated at bid price : 22.82 Bid-YTW : 5.49 % |
| SLF.PR.E | Insurance Straight | 2.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-31 Maturity Price : 21.49 Evaluated at bid price : 21.75 Bid-YTW : 5.19 % |
| CU.PR.J | Perpetual-Discount | 3.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-31 Maturity Price : 21.44 Evaluated at bid price : 21.74 Bid-YTW : 5.51 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| POW.PR.A | Perpetual-Discount | 39,991 | YTW SCENARIO Maturity Type : Call Maturity Date : 2026-01-30 Maturity Price : 25.00 Evaluated at bid price : 25.20 Bid-YTW : -6.79 % |
| GWO.PR.P | Insurance Straight | 36,636 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-31 Maturity Price : 23.85 Evaluated at bid price : 24.10 Bid-YTW : 5.63 % |
| PWF.PF.A | Perpetual-Discount | 23,705 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-31 Maturity Price : 20.53 Evaluated at bid price : 20.53 Bid-YTW : 5.58 % |
| BN.PF.M | FixedReset Prem | 21,200 | YTW SCENARIO Maturity Type : Call Maturity Date : 2031-01-01 Maturity Price : 25.00 Evaluated at bid price : 25.87 Bid-YTW : 5.01 % |
| CU.PR.K | Perpetual-Discount | 20,100 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-31 Maturity Price : 24.72 Evaluated at bid price : 25.12 Bid-YTW : 5.63 % |
| GWO.PR.N | FixedReset Ins Non | 13,680 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-12-31 Maturity Price : 18.36 Evaluated at bid price : 18.36 Bid-YTW : 5.80 % |
| There were 1 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: 16.50 – 21.21 Spot Rate : 4.7100 Average : 2.6345 YTW SCENARIO |
| GWO.PR.M | Insurance Straight | Quote: 24.73 – 25.92 Spot Rate : 1.1900 Average : 0.6807 YTW SCENARIO |
| MFC.PR.M | FixedReset Ins Non | Quote: 24.00 – 25.00 Spot Rate : 1.0000 Average : 0.5954 YTW SCENARIO |
| MFC.PR.L | FixedReset Ins Non | Quote: 23.87 – 24.87 Spot Rate : 1.0000 Average : 0.6284 YTW SCENARIO |
| TD.PF.I | FixedReset Prem | Quote: 26.13 – 27.05 Spot Rate : 0.9200 Average : 0.5980 YTW SCENARIO |
| ENB.PR.F | FixedReset Disc | Quote: 20.80 – 22.25 Spot Rate : 1.4500 Average : 1.1287 YTW SCENARIO |
[…] continue to yield slightly more, in general, than PerpetualDiscounts; on December 31, I reported median YTWs of 5.98% and 5.61%, respectively, for these two indices; compare with mean […]
[…] PerpetualDiscounts now yield 5.55%, equivalent to 7.22% interest at the standard conversion factor of 1.3x. Long corporates yielded 4.91% on 2026-1-7. Therefore the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed to 230bp from the 240bp reported December 31. […]