PerpetualDiscounts now yield 5.75%, equivalent to 7.50% interest at the standard conversion factor of 1.3x. Long corporates yielded 5.03% on 2026-3-25. Therefore the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened slightly (and perhaps spuriously) to 245bp from the 240bp reported March 18.
| 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 | 0.5238 % | 2,485.0 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.5238 % | 4,711.9 |
| Floater | 5.80 % | 5.99 % | 53,581 | 13.97 | 3 | 0.5238 % | 2,715.5 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.4252 % | 3,648.8 |
| SplitShare | 4.78 % | 4.56 % | 85,464 | 2.95 | 5 | -0.4252 % | 4,357.5 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.4252 % | 3,399.9 |
| Perpetual-Premium | 5.73 % | 5.80 % | 75,834 | 14.00 | 7 | 0.1028 % | 3,055.4 |
| Perpetual-Discount | 5.70 % | 5.77 % | 45,248 | 14.13 | 28 | 0.2478 % | 3,318.3 |
| FixedReset Disc | 5.90 % | 6.22 % | 111,773 | 13.50 | 27 | -0.0744 % | 3,190.9 |
| Insurance Straight | 5.66 % | 5.71 % | 61,743 | 14.37 | 22 | -0.1758 % | 3,210.7 |
| FloatingReset | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0744 % | 3,796.0 |
| FixedReset Prem | 6.00 % | 4.59 % | 87,271 | 2.40 | 21 | -0.0055 % | 2,643.9 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0744 % | 3,261.8 |
| FixedReset Ins Non | 5.28 % | 5.49 % | 86,883 | 14.08 | 14 | 0.0983 % | 3,129.1 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| GWO.PR.G | Insurance Straight | -4.77 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-25 Maturity Price : 21.70 Evaluated at bid price : 21.95 Bid-YTW : 5.94 % |
| SLF.PR.G | FixedReset Ins Non | -3.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-25 Maturity Price : 18.84 Evaluated at bid price : 18.84 Bid-YTW : 6.02 % |
| PWF.PR.S | Perpetual-Discount | -3.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-25 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 5.89 % |
| BN.PR.T | FixedReset Disc | -2.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-25 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 6.46 % |
| GWO.PR.L | Insurance Straight | -1.87 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-25 Maturity Price : 23.91 Evaluated at bid price : 24.15 Bid-YTW : 5.87 % |
| PVS.PR.L | SplitShare | -1.22 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.83 Bid-YTW : 4.73 % |
| CU.PR.D | Perpetual-Discount | -1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-25 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 5.79 % |
| CU.PR.E | Perpetual-Discount | -1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-25 Maturity Price : 21.46 Evaluated at bid price : 21.46 Bid-YTW : 5.77 % |
| POW.PR.A | Perpetual-Discount | 1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-25 Maturity Price : 24.46 Evaluated at bid price : 24.70 Bid-YTW : 5.77 % |
| PWF.PR.A | Floater | 1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-25 Maturity Price : 14.15 Evaluated at bid price : 14.15 Bid-YTW : 5.58 % |
| IFC.PR.G | FixedReset Ins Non | 1.08 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2028-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.27 Bid-YTW : 5.49 % |
| BN.PR.N | Perpetual-Discount | 1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-25 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 5.97 % |
| PWF.PR.Z | Perpetual-Discount | 1.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-25 Maturity Price : 22.12 Evaluated at bid price : 22.40 Bid-YTW : 5.83 % |
| SLF.PR.C | Insurance Straight | 1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-25 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 5.31 % |
| CCS.PR.C | Insurance Straight | 1.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-25 Maturity Price : 22.66 Evaluated at bid price : 22.90 Bid-YTW : 5.47 % |
| CU.PR.F | Perpetual-Discount | 1.94 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-25 Maturity Price : 19.98 Evaluated at bid price : 19.98 Bid-YTW : 5.70 % |
| GWO.PR.T | Insurance Straight | 2.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-25 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 6.15 % |
| POW.PR.B | Perpetual-Discount | 6.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-25 Maturity Price : 23.57 Evaluated at bid price : 23.84 Bid-YTW : 5.71 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| GWO.PR.N | FixedReset Ins Non | 175,200 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-25 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 6.02 % |
| GWO.PR.S | Insurance Straight | 113,210 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-25 Maturity Price : 21.29 Evaluated at bid price : 21.56 Bid-YTW : 6.11 % |
| SLF.PR.H | FixedReset Ins Non | 44,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-25 Maturity Price : 22.20 Evaluated at bid price : 22.90 Bid-YTW : 5.77 % |
| GWO.PR.M | Insurance Straight | 32,700 | YTW SCENARIO Maturity Type : Call Maturity Date : 2026-04-24 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 4.49 % |
| PVS.PR.K | SplitShare | 28,200 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 24.99 Bid-YTW : 4.56 % |
| MFC.PR.C | Insurance Straight | 25,560 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-25 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 5.40 % |
| There were 9 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.F | FixedReset Ins Non | Quote: 18.75 – 23.80 Spot Rate : 5.0500 Average : 4.0983 YTW SCENARIO |
| NA.PR.K | FixedReset Prem | Quote: 28.09 – 29.09 Spot Rate : 1.0000 Average : 0.6586 YTW SCENARIO |
| GWO.PR.S | Insurance Straight | Quote: 21.56 – 23.80 Spot Rate : 2.2400 Average : 1.9345 YTW SCENARIO |
| PVS.PR.J | SplitShare | Quote: 25.03 – 25.94 Spot Rate : 0.9100 Average : 0.6053 YTW SCENARIO |
| PWF.PR.S | Perpetual-Discount | Quote: 20.75 – 21.60 Spot Rate : 0.8500 Average : 0.5456 YTW SCENARIO |
| SLF.PR.G | FixedReset Ins Non | Quote: 18.84 – 19.84 Spot Rate : 1.0000 Average : 0.6966 YTW SCENARIO |