{"id":49279,"date":"2025-08-13T20:48:10","date_gmt":"2025-08-14T00:48:10","guid":{"rendered":"https:\/\/prefblog.com\/?p=49279"},"modified":"2025-08-14T11:13:24","modified_gmt":"2025-08-14T15:13:24","slug":"august-13-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49279","title":{"rendered":"August 13, 2025"},"content":{"rendered":"

PerpetualDiscounts now yield 5.75%, equivalent to 7.48% interest at the standard conversion factor of 1.3x. Long corporates<\/a> now yield 4.93%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now 255bp, unchanged from that reported August 6<\/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>\n6.87 %<\/td>\n7.32 %<\/td>\n36,910<\/td>\n13.10<\/td>\n1<\/td>\n0.4994 %<\/td>\n2,405.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2032 %<\/td>\n4,593.8<\/td>\n<\/tr>\n
Floater<\/td>\n6.61 %<\/td>\n6.91 %<\/td>\n38,310<\/td>\n12.62<\/td>\n3<\/td>\n-0.2032 %<\/td>\n2,647.5<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0112 %<\/td>\n3,687.9<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.75 %<\/td>\n4.36 %<\/td>\n51,664<\/td>\n2.38<\/td>\n7<\/td>\n0.0112 %<\/td>\n4,404.1<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0112 %<\/td>\n3,436.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.82 %<\/td>\n1.64 %<\/td>\n108,519<\/td>\n0.08<\/td>\n2<\/td>\n-0.5345 %<\/td>\n3,061.1<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.60 %<\/td>\n5.75 %<\/td>\n45,706<\/td>\n14.27<\/td>\n30<\/td>\n-0.1398 %<\/td>\n3,341.4<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.62 %<\/td>\n6.12 %<\/td>\n117,420<\/td>\n13.36<\/td>\n37<\/td>\n-0.6320 %<\/td>\n3,022.5<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.53 %<\/td>\n5.59 %<\/td>\n56,642<\/td>\n14.39<\/td>\n18<\/td>\n-0.0074 %<\/td>\n3,264.0<\/td>\n<\/tr>\n
FloatingReset<\/td>\n5.26 %<\/td>\n5.32 %<\/td>\n36,441<\/td>\n14.89<\/td>\n1<\/td>\n0.2823 %<\/td>\n3,750.6<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.88 %<\/td>\n4.99 %<\/td>\n115,741<\/td>\n2.50<\/td>\n17<\/td>\n-0.1321 %<\/td>\n2,628.4<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.6320 %<\/td>\n3,089.6<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.27 %<\/td>\n5.58 %<\/td>\n71,732<\/td>\n14.19<\/td>\n15<\/td>\n-1.5062 %<\/td>\n3,038.1<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
ENB.PR.B<\/td>\nFixedReset Disc<\/td>\n-19.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-13
\nMaturity Price : 16.70
\nEvaluated at bid price : 16.70
\nBid-YTW : 8.16 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n-10.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-13
\nMaturity Price : 16.50
\nEvaluated at bid price : 16.50
\nBid-YTW : 6.47 %<\/td>\n<\/tr>\n
MFC.PR.Q<\/td>\nFixedReset Ins Non<\/td>\n-9.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-13
\nMaturity Price : 22.46
\nEvaluated at bid price : 23.00
\nBid-YTW : 6.13 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n-2.90 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-13
\nMaturity Price : 20.75
\nEvaluated at bid price : 20.75
\nBid-YTW : 5.84 %<\/td>\n<\/tr>\n
ENB.PR.H<\/td>\nFixedReset Disc<\/td>\n-2.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-13
\nMaturity Price : 21.75
\nEvaluated at bid price : 22.00
\nBid-YTW : 6.10 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\n-1.77 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-13
\nMaturity Price : 23.45
\nEvaluated at bid price : 25.00
\nBid-YTW : 5.66 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\n-1.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-13
\nMaturity Price : 21.43
\nEvaluated at bid price : 21.75
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n
FTS.PR.M<\/td>\nFixedReset Disc<\/td>\n-1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-13
\nMaturity Price : 22.51
\nEvaluated at bid price : 23.35
\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n
BN.PR.T<\/td>\nFixedReset Disc<\/td>\n-1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-13
\nMaturity Price : 20.09
\nEvaluated at bid price : 20.09
\nBid-YTW : 6.40 %<\/td>\n<\/tr>\n
CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\n-1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-13
\nMaturity Price : 20.05
\nEvaluated at bid price : 20.05
\nBid-YTW : 5.76 %<\/td>\n<\/tr>\n
ENB.PR.F<\/td>\nFixedReset Disc<\/td>\n-1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-13
\nMaturity Price : 21.01
\nEvaluated at bid price : 21.01
\nBid-YTW : 6.64 %<\/td>\n<\/tr>\n
ENB.PR.Y<\/td>\nFixedReset Disc<\/td>\n-1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-13
\nMaturity Price : 20.30
\nEvaluated at bid price : 20.30
\nBid-YTW : 6.68 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nInsurance Straight<\/td>\n-1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-13
\nMaturity Price : 21.50
\nEvaluated at bid price : 21.50
\nBid-YTW : 5.31 %<\/td>\n<\/tr>\n
BN.PR.X<\/td>\nFixedReset Disc<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-13
\nMaturity Price : 19.58
\nEvaluated at bid price : 19.58
\nBid-YTW : 6.10 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nInsurance Straight<\/td>\n1.73 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-13
\nMaturity Price : 21.45
\nEvaluated at bid price : 21.71
\nBid-YTW : 5.18 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nInsurance Straight<\/td>\n1.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-13
\nMaturity Price : 21.34
\nEvaluated at bid price : 21.61
\nBid-YTW : 5.27 %<\/td>\n<\/tr>\n
BN.PR.R<\/td>\nFixedReset Disc<\/td>\n6.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-13
\nMaturity Price : 20.27
\nEvaluated at bid price : 20.27
\nBid-YTW : 6.37 %<\/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
RY.PR.M<\/td>\nFixedReset Disc<\/td>\n730,650<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-11-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.87
\nBid-YTW : 4.55 %<\/td>\n<\/tr>\n
BMO.PR.Y<\/td>\nFixedReset Disc<\/td>\n280,958<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-09-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.97
\nBid-YTW : 5.12 %<\/td>\n<\/tr>\n
RY.PR.N<\/td>\nPerpetual-Discount<\/td>\n78,400<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-13
\nMaturity Price : 24.68
\nEvaluated at bid price : 24.95
\nBid-YTW : 4.91 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n75,600<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-13
\nMaturity Price : 23.07
\nEvaluated at bid price : 24.35
\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n
NA.PR.C<\/td>\nFixedReset Prem<\/td>\n51,200<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-11-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.40
\nBid-YTW : 4.41 %<\/td>\n<\/tr>\n
FTS.PR.M<\/td>\nFixedReset Disc<\/td>\n46,888<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-13
\nMaturity Price : 22.51
\nEvaluated at bid price : 23.35
\nBid-YTW : 5.89 %<\/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
ENB.PR.B<\/td>\nFixedReset Disc<\/td>\nQuote: 16.70 – 20.67
\nSpot Rate : 3.9700
\nAverage : 2.8036<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-13
\nMaturity Price : 16.70
\nEvaluated at bid price : 16.70
\nBid-YTW : 8.16 %<\/td>\n<\/tr>\n

MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\nQuote: 16.50 – 19.30
\nSpot Rate : 2.8000
\nAverage : 1.8318<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-13
\nMaturity Price : 16.50
\nEvaluated at bid price : 16.50
\nBid-YTW : 6.47 %<\/td>\n<\/tr>\n

MFC.PR.Q<\/td>\nFixedReset Ins Non<\/td>\nQuote: 23.00 – 25.50
\nSpot Rate : 2.5000
\nAverage : 1.7562<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-13
\nMaturity Price : 22.46
\nEvaluated at bid price : 23.00
\nBid-YTW : 6.13 %<\/td>\n<\/tr>\n

GWO.PR.H<\/td>\nInsurance Straight<\/td>\nQuote: 20.10 – 22.35
\nSpot Rate : 2.2500
\nAverage : 1.8094<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-13
\nMaturity Price : 20.10
\nEvaluated at bid price : 20.10
\nBid-YTW : 6.13 %<\/td>\n<\/tr>\n

CU.PR.D<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.12 – 23.30
\nSpot Rate : 1.1800
\nAverage : 0.8994<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-13
\nMaturity Price : 21.88
\nEvaluated at bid price : 22.12
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n

BIP.PR.E<\/td>\nFixedReset Prem<\/td>\nQuote: 25.00 – 25.75
\nSpot Rate : 0.7500
\nAverage : 0.4860<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-08-13
\nMaturity Price : 23.45
\nEvaluated at bid price : 25.00
\nBid-YTW : 6.07 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.75%, equivalent to 7.48% interest at the standard conversion factor of 1.3x. Long corporates now yield 4.93%, 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-49279","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49279","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=49279"}],"version-history":[{"count":2,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49279\/revisions"}],"predecessor-version":[{"id":49330,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49279\/revisions\/49330"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49279"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49279"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49279"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}