{"id":49123,"date":"2025-08-06T22:36:41","date_gmt":"2025-08-07T02:36:41","guid":{"rendered":"https:\/\/prefblog.com\/?p=49123"},"modified":"2025-08-07T18:23:42","modified_gmt":"2025-08-07T22:23:42","slug":"august-6-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49123","title":{"rendered":"August 6, 2025"},"content":{"rendered":"

PerpetualDiscounts now yield 5.74%, equivalent to 7.46% interest at the standard conversion factor of 1.3x. Long corporates<\/a> now yield 4.89%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now 255bp, unchanged from that reported July 30<\/a>.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n6.90 %<\/td>\n7.35 %<\/td>\n36,313<\/td>\n13.08<\/td>\n1<\/td>\n1.5823 %<\/td>\n2,398.4<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2798 %<\/td>\n4,609.0<\/td>\n<\/tr>\n
Floater<\/td>\n6.59 %<\/td>\n6.88 %<\/td>\n43,636<\/td>\n12.66<\/td>\n3<\/td>\n0.2798 %<\/td>\n2,656.2<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0392 %<\/td>\n3,686.8<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.75 %<\/td>\n4.15 %<\/td>\n50,745<\/td>\n0.55<\/td>\n7<\/td>\n-0.0392 %<\/td>\n4,402.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0392 %<\/td>\n3,435.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.84 %<\/td>\n1.23 %<\/td>\n116,842<\/td>\n0.08<\/td>\n2<\/td>\n0.0200 %<\/td>\n3,053.8<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.60 %<\/td>\n5.74 %<\/td>\n44,363<\/td>\n14.25<\/td>\n30<\/td>\n0.3564 %<\/td>\n3,341.3<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.58 %<\/td>\n6.16 %<\/td>\n116,547<\/td>\n13.35<\/td>\n37<\/td>\n0.6481 %<\/td>\n3,041.4<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.57 %<\/td>\n5.68 %<\/td>\n57,494<\/td>\n14.35<\/td>\n18<\/td>\n0.7220 %<\/td>\n3,241.8<\/td>\n<\/tr>\n
FloatingReset<\/td>\n5.28 %<\/td>\n5.34 %<\/td>\n36,345<\/td>\n14.87<\/td>\n1<\/td>\n0.2024 %<\/td>\n3,732.6<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.87 %<\/td>\n4.95 %<\/td>\n115,172<\/td>\n2.55<\/td>\n17<\/td>\n-0.0182 %<\/td>\n2,635.4<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.6481 %<\/td>\n3,108.9<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.22 %<\/td>\n5.62 %<\/td>\n72,797<\/td>\n14.28<\/td>\n15<\/td>\n-0.3269 %<\/td>\n3,067.1<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\n-3.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-06
\nMaturity Price : 22.43
\nEvaluated at bid price : 23.24
\nBid-YTW : 5.66 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n-2.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-06
\nMaturity Price : 22.84
\nEvaluated at bid price : 23.35
\nBid-YTW : 5.86 %<\/td>\n<\/tr>\n
RY.PR.S<\/td>\nFixedReset Prem<\/td>\n-1.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-02-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.07
\nBid-YTW : 4.50 %<\/td>\n<\/tr>\n
BN.PF.B<\/td>\nFixedReset Disc<\/td>\n-1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-06
\nMaturity Price : 22.46
\nEvaluated at bid price : 23.15
\nBid-YTW : 6.22 %<\/td>\n<\/tr>\n
NA.PR.C<\/td>\nFixedReset Prem<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-11-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.87
\nBid-YTW : 3.53 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-06
\nMaturity Price : 20.81
\nEvaluated at bid price : 20.81
\nBid-YTW : 5.51 %<\/td>\n<\/tr>\n
CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\n1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-06
\nMaturity Price : 20.50
\nEvaluated at bid price : 20.50
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n
CU.PR.E<\/td>\nPerpetual-Discount<\/td>\n1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-06
\nMaturity Price : 22.06
\nEvaluated at bid price : 22.29
\nBid-YTW : 5.59 %<\/td>\n<\/tr>\n
PWF.PR.O<\/td>\nPerpetual-Discount<\/td>\n1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-06
\nMaturity Price : 24.68
\nEvaluated at bid price : 24.99
\nBid-YTW : 5.83 %<\/td>\n<\/tr>\n
ENB.PR.J<\/td>\nFixedReset Disc<\/td>\n1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-06
\nMaturity Price : 22.17
\nEvaluated at bid price : 22.67
\nBid-YTW : 6.31 %<\/td>\n<\/tr>\n
BN.PF.K<\/td>\nRatchet<\/td>\n1.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-06
\nMaturity Price : 22.00
\nEvaluated at bid price : 16.05
\nBid-YTW : 7.35 %<\/td>\n<\/tr>\n
GWO.PR.P<\/td>\nInsurance Straight<\/td>\n2.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-06
\nMaturity Price : 23.68
\nEvaluated at bid price : 23.95
\nBid-YTW : 5.70 %<\/td>\n<\/tr>\n
BN.PR.N<\/td>\nPerpetual-Discount<\/td>\n2.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-06
\nMaturity Price : 20.94
\nEvaluated at bid price : 20.94
\nBid-YTW : 5.75 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nInsurance Straight<\/td>\n3.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-06
\nMaturity Price : 21.40
\nEvaluated at bid price : 21.40
\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n
IFC.PR.I<\/td>\nInsurance Straight<\/td>\n5.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-06
\nMaturity Price : 23.67
\nEvaluated at bid price : 24.15
\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n
BN.PR.R<\/td>\nFixedReset Disc<\/td>\n6.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-06
\nMaturity Price : 20.34
\nEvaluated at bid price : 20.34
\nBid-YTW : 6.36 %<\/td>\n<\/tr>\n
ENB.PR.H<\/td>\nFixedReset Disc<\/td>\n7.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-06
\nMaturity Price : 22.17
\nEvaluated at bid price : 22.60
\nBid-YTW : 5.94 %<\/td>\n<\/tr>\n
BIP.PR.F<\/td>\nFixedReset Disc<\/td>\n9.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-06
\nMaturity Price : 23.32
\nEvaluated at bid price : 25.00
\nBid-YTW : 6.00 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
BN.PF.H<\/td>\nFixedReset Prem<\/td>\n225,200<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.18
\nBid-YTW : 4.43 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n123,600<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-06
\nMaturity Price : 18.60
\nEvaluated at bid price : 18.60
\nBid-YTW : 5.88 %<\/td>\n<\/tr>\n
ENB.PF.C<\/td>\nFixedReset Disc<\/td>\n111,661<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-06
\nMaturity Price : 21.35
\nEvaluated at bid price : 21.35
\nBid-YTW : 6.64 %<\/td>\n<\/tr>\n
ENB.PF.G<\/td>\nFixedReset Disc<\/td>\n52,730<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-06
\nMaturity Price : 21.56
\nEvaluated at bid price : 21.90
\nBid-YTW : 6.48 %<\/td>\n<\/tr>\n
BEP.PR.G<\/td>\nFixedReset Ins Non<\/td>\n52,100<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2026-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.12
\nBid-YTW : 4.67 %<\/td>\n<\/tr>\n
CU.PR.I<\/td>\nFixedReset Prem<\/td>\n50,612<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-12-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.35
\nBid-YTW : 2.65 %<\/td>\n<\/tr>\n
There were 16 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
See TMX DataLinx: ‘Last’ != ‘Close’<\/a> and the posts linked therein for an idea of why these quotes are so horrible.<\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
BN.PF.E<\/td>\nFixedReset Disc<\/td>\nQuote: 21.80 – 25.00
\nSpot Rate : 3.2000
\nAverage : 1.7703<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-06
\nMaturity Price : 21.51
\nEvaluated at bid price : 21.80
\nBid-YTW : 6.27 %<\/td>\n<\/tr>\n

ENB.PR.B<\/td>\nFixedReset Disc<\/td>\nQuote: 20.67 – 24.00
\nSpot Rate : 3.3300
\nAverage : 1.9547<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-06
\nMaturity Price : 20.67
\nEvaluated at bid price : 20.67
\nBid-YTW : 6.58 %<\/td>\n<\/tr>\n

CU.PR.G<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.69 – 22.30
\nSpot Rate : 1.6100
\nAverage : 0.9983<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-06
\nMaturity Price : 20.69
\nEvaluated at bid price : 20.69
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n

IFC.PR.E<\/td>\nInsurance Straight<\/td>\nQuote: 23.94 – 24.99
\nSpot Rate : 1.0500
\nAverage : 0.5941<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-06
\nMaturity Price : 23.65
\nEvaluated at bid price : 23.94
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n

GWO.PR.H<\/td>\nInsurance Straight<\/td>\nQuote: 20.10 – 22.38
\nSpot Rate : 2.2800
\nAverage : 1.8395<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-06
\nMaturity Price : 20.10
\nEvaluated at bid price : 20.10
\nBid-YTW : 6.12 %<\/td>\n<\/tr>\n

BN.PR.Z<\/td>\nFixedReset Disc<\/td>\nQuote: 23.75 – 24.80
\nSpot Rate : 1.0500
\nAverage : 0.6217<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-06
\nMaturity Price : 22.95
\nEvaluated at bid price : 23.75
\nBid-YTW : 6.30 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.74%, equivalent to 7.46% interest at the standard conversion factor of 1.3x. Long corporates now yield 4.89%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now 255bp, unchanged …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-49123","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49123","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=49123"}],"version-history":[{"count":2,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49123\/revisions"}],"predecessor-version":[{"id":49126,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49123\/revisions\/49126"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49123"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49123"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49123"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}