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.
| 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 | 0.1520 % | 2,437.5 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1520 % | 4,621.9 |
| Floater | 5.91 % | 6.12 % | 53,075 | 13.75 | 3 | 0.1520 % | 2,663.6 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1725 % | 3,685.8 |
| SplitShare | 4.74 % | 4.19 % | 73,521 | 1.10 | 5 | 0.1725 % | 4,401.6 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1725 % | 3,434.3 |
| Perpetual-Premium | 5.62 % | 5.53 % | 95,668 | 6.87 | 9 | -0.2535 % | 3,110.4 |
| Perpetual-Discount | 5.49 % | 5.55 % | 47,351 | 14.43 | 25 | 0.9929 % | 3,441.9 |
| FixedReset Disc | 5.87 % | 6.01 % | 101,464 | 13.81 | 29 | -0.0813 % | 3,166.7 |
| Insurance Straight | 5.45 % | 5.49 % | 54,578 | 14.62 | 22 | -0.0689 % | 3,338.6 |
| FloatingReset | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0813 % | 3,767.1 |
| FixedReset Prem | 5.94 % | 4.35 % | 88,662 | 2.21 | 19 | 0.0080 % | 2,663.5 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0813 % | 3,237.0 |
| FixedReset Ins Non | 5.28 % | 5.46 % | 76,056 | 14.44 | 14 | -0.1530 % | 3,132.5 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| IFC.PR.C | FixedReset Ins Non | -3.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-07 Maturity Price : 23.35 Evaluated at bid price : 24.00 Bid-YTW : 5.74 % |
| GWO.PR.Y | Insurance Straight | -3.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-07 Maturity Price : 20.13 Evaluated at bid price : 20.13 Bid-YTW : 5.64 % |
| ENB.PF.A | FixedReset Disc | -3.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-07 Maturity Price : 21.90 Evaluated at bid price : 22.30 Bid-YTW : 6.39 % |
| IFC.PR.G | FixedReset Ins Non | -1.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-07 Maturity Price : 23.51 Evaluated at bid price : 25.10 Bid-YTW : 5.52 % |
| POW.PR.A | Perpetual-Premium | -1.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-07 Maturity Price : 24.64 Evaluated at bid price : 24.90 Bid-YTW : 5.64 % |
| SLF.PR.D | Insurance Straight | -1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-07 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 5.22 % |
| SLF.PR.G | FixedReset Ins Non | 1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-07 Maturity Price : 19.95 Evaluated at bid price : 19.95 Bid-YTW : 5.46 % |
| PVS.PR.L | SplitShare | 1.15 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2026-02-06 Maturity Price : 26.00 Evaluated at bid price : 26.50 Bid-YTW : -12.10 % |
| ENB.PR.J | FixedReset Disc | 1.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-07 Maturity Price : 22.25 Evaluated at bid price : 22.72 Bid-YTW : 6.26 % |
| GWO.PR.I | Insurance Straight | 1.95 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-07 Maturity Price : 20.95 Evaluated at bid price : 20.95 Bid-YTW : 5.41 % |
| SLF.PR.H | FixedReset Ins Non | 2.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-07 Maturity Price : 22.08 Evaluated at bid price : 22.72 Bid-YTW : 5.52 % |
| PWF.PR.P | FixedReset Disc | 3.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-07 Maturity Price : 20.11 Evaluated at bid price : 20.11 Bid-YTW : 5.71 % |
| PWF.PR.S | Perpetual-Discount | 32.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-07 Maturity Price : 21.75 Evaluated at bid price : 22.00 Bid-YTW : 5.55 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BN.PF.M | FixedReset Prem | 61,488 | YTW SCENARIO Maturity Type : Call Maturity Date : 2031-01-01 Maturity Price : 25.00 Evaluated at bid price : 26.30 Bid-YTW : 4.64 % |
| PVS.PR.J | SplitShare | 53,041 | YTW SCENARIO Maturity Type : Call Maturity Date : 2027-02-28 Maturity Price : 25.00 Evaluated at bid price : 25.11 Bid-YTW : 4.37 % |
| FFH.PR.K | FixedReset Prem | 52,200 | YTW SCENARIO Maturity Type : Call Maturity Date : 2027-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.52 Bid-YTW : 3.42 % |
| MFC.PR.L | FixedReset Ins Non | 43,305 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-07 Maturity Price : 23.24 Evaluated at bid price : 24.80 Bid-YTW : 5.26 % |
| SLF.PR.D | Insurance Straight | 30,938 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-07 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 5.22 % |
| PWF.PR.H | Perpetual-Premium | 24,100 | YTW SCENARIO Maturity Type : Call Maturity Date : 2026-02-06 Maturity Price : 25.00 Evaluated at bid price : 25.29 Bid-YTW : 4.33 % |
| There were 12 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 |
| IFC.PR.C | FixedReset Ins Non | Quote: 24.00 – 25.00 Spot Rate : 1.0000 Average : 0.5699 YTW SCENARIO |
| GWO.PR.Y | Insurance Straight | Quote: 20.13 – 21.13 Spot Rate : 1.0000 Average : 0.7258 YTW SCENARIO |
| ENB.PF.A | FixedReset Disc | Quote: 22.30 – 23.15 Spot Rate : 0.8500 Average : 0.5768 YTW SCENARIO |
| IFC.PR.G | FixedReset Ins Non | Quote: 25.10 – 25.90 Spot Rate : 0.8000 Average : 0.5714 YTW SCENARIO |
| BN.PR.Z | FixedReset Disc | Quote: 25.00 – 25.75 Spot Rate : 0.7500 Average : 0.5350 YTW SCENARIO |
| TD.PF.J | FixedReset Prem | Quote: 26.05 – 26.60 Spot Rate : 0.5500 Average : 0.3684 YTW SCENARIO |