{"id":49955,"date":"2025-09-03T21:06:58","date_gmt":"2025-09-04T01:06:58","guid":{"rendered":"https:\/\/prefblog.com\/?p=49955"},"modified":"2025-09-04T12:32:22","modified_gmt":"2025-09-04T16:32:22","slug":"september-3-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49955","title":{"rendered":"September 3, 2025"},"content":{"rendered":"

PerpetualDiscounts now yield 5.68%, equivalent to 7.38% interest at the standard conversion factor of 1.3x. Long corporates<\/a> yield 5.10%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now 230bp, a slight (and perhaps spurious) narrowing from the 235bp reported August 27<\/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>\n6.72 %<\/td>\n7.14 %<\/td>\n37,850<\/td>\n13.31<\/td>\n1<\/td>\n0.3058 %<\/td>\n2,450.8<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.6827 %<\/td>\n4,655.8<\/td>\n<\/tr>\n
Floater<\/td>\n6.53 %<\/td>\n6.85 %<\/td>\n45,367<\/td>\n12.65<\/td>\n3<\/td>\n0.6827 %<\/td>\n2,683.2<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.6393 %<\/td>\n3,630.2<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.83 %<\/td>\n4.39 %<\/td>\n57,958<\/td>\n3.43<\/td>\n6<\/td>\n-0.6393 %<\/td>\n4,335.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.6393 %<\/td>\n3,382.6<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.49 %<\/td>\n2.84 %<\/td>\n69,143<\/td>\n0.08<\/td>\n3<\/td>\n0.5057 %<\/td>\n3,073.1<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.58 %<\/td>\n5.68 %<\/td>\n44,365<\/td>\n14.26<\/td>\n28<\/td>\n0.3783 %<\/td>\n3,365.2<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.90 %<\/td>\n6.18 %<\/td>\n123,194<\/td>\n13.39<\/td>\n32<\/td>\n0.0572 %<\/td>\n3,034.6<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.50 %<\/td>\n5.50 %<\/td>\n53,350<\/td>\n14.65<\/td>\n18<\/td>\n0.0864 %<\/td>\n3,288.2<\/td>\n<\/tr>\n
FloatingReset<\/td>\n5.16 %<\/td>\n4.44 %<\/td>\n44,869<\/td>\n0.15<\/td>\n1<\/td>\n0.0000 %<\/td>\n3,809.5<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.66 %<\/td>\n5.06 %<\/td>\n121,013<\/td>\n2.44<\/td>\n21<\/td>\n0.1729 %<\/td>\n2,627.9<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0572 %<\/td>\n3,102.0<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.28 %<\/td>\n5.57 %<\/td>\n71,406<\/td>\n14.34<\/td>\n15<\/td>\n0.2585 %<\/td>\n3,037.5<\/td>\n<\/tr>\n<\/table>\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
IFC.PR.I<\/td>\nInsurance Straight<\/td>\n-5.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-03
\nMaturity Price : 22.59
\nEvaluated at bid price : 23.00
\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n
PVS.PR.M<\/td>\nSplitShare<\/td>\n-3.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2031-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.65
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nInsurance Straight<\/td>\n-1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-03
\nMaturity Price : 22.98
\nEvaluated at bid price : 23.25
\nBid-YTW : 5.59 %<\/td>\n<\/tr>\n
BN.PF.E<\/td>\nFixedReset Disc<\/td>\n-1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-03
\nMaturity Price : 21.55
\nEvaluated at bid price : 21.55
\nBid-YTW : 6.39 %<\/td>\n<\/tr>\n
POW.PR.C<\/td>\nPerpetual-Premium<\/td>\n1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-10-03
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.28
\nBid-YTW : 1.82 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nInsurance Straight<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-03
\nMaturity Price : 21.70
\nEvaluated at bid price : 21.95
\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n
BN.PF.G<\/td>\nFixedReset Disc<\/td>\n1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-03
\nMaturity Price : 22.34
\nEvaluated at bid price : 23.09
\nBid-YTW : 6.19 %<\/td>\n<\/tr>\n
CU.PR.D<\/td>\nPerpetual-Discount<\/td>\n1.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-03
\nMaturity Price : 21.75
\nEvaluated at bid price : 22.00
\nBid-YTW : 5.59 %<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\n1.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-03
\nMaturity Price : 22.01
\nEvaluated at bid price : 22.25
\nBid-YTW : 5.79 %<\/td>\n<\/tr>\n
ENB.PR.N<\/td>\nFixedReset Disc<\/td>\n1.91 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-03
\nMaturity Price : 22.92
\nEvaluated at bid price : 23.95
\nBid-YTW : 6.07 %<\/td>\n<\/tr>\n
NA.PR.I<\/td>\nFixedReset Prem<\/td>\n2.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-05-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.15
\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n
FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\n2.91 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-03
\nMaturity Price : 22.71
\nEvaluated at bid price : 22.95
\nBid-YTW : 5.19 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n3.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-03
\nMaturity Price : 18.07
\nEvaluated at bid price : 18.07
\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n
GWO.PR.P<\/td>\nInsurance Straight<\/td>\n4.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-03
\nMaturity Price : 23.85
\nEvaluated at bid price : 24.10
\nBid-YTW : 5.60 %<\/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
GWO.PR.G<\/td>\nInsurance Straight<\/td>\n150,300<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-03
\nMaturity Price : 22.98
\nEvaluated at bid price : 23.25
\nBid-YTW : 5.59 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\n90,000<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-03
\nMaturity Price : 22.59
\nEvaluated at bid price : 23.53
\nBid-YTW : 5.51 %<\/td>\n<\/tr>\n
BN.PR.M<\/td>\nPerpetual-Discount<\/td>\n62,930<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-03
\nMaturity Price : 20.61
\nEvaluated at bid price : 20.61
\nBid-YTW : 5.88 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nInsurance Straight<\/td>\n57,400<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-03
\nMaturity Price : 21.47
\nEvaluated at bid price : 21.47
\nBid-YTW : 5.19 %<\/td>\n<\/tr>\n
ENB.PF.K<\/td>\nFixedReset Disc<\/td>\n54,900<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-03
\nMaturity Price : 23.46
\nEvaluated at bid price : 24.95
\nBid-YTW : 6.11 %<\/td>\n<\/tr>\n
BN.PR.T<\/td>\nFixedReset Disc<\/td>\n50,000<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-03
\nMaturity Price : 20.06
\nEvaluated at bid price : 20.06
\nBid-YTW : 6.45 %<\/td>\n<\/tr>\n
There were 11 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
IFC.PR.I<\/td>\nInsurance Straight<\/td>\nQuote: 23.00 – 24.94
\nSpot Rate : 1.9400
\nAverage : 1.1661<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-03
\nMaturity Price : 22.59
\nEvaluated at bid price : 23.00
\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n

BN.PF.E<\/td>\nFixedReset Disc<\/td>\nQuote: 21.55 – 25.00
\nSpot Rate : 3.4500
\nAverage : 2.7626<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-03
\nMaturity Price : 21.55
\nEvaluated at bid price : 21.55
\nBid-YTW : 6.39 %<\/td>\n<\/tr>\n

GWO.PR.Q<\/td>\nInsurance Straight<\/td>\nQuote: 22.55 – 24.36
\nSpot Rate : 1.8100
\nAverage : 1.3811<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-03
\nMaturity Price : 22.28
\nEvaluated at bid price : 22.55
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n

PVS.PR.M<\/td>\nSplitShare<\/td>\nQuote: 24.65 – 25.65
\nSpot Rate : 1.0000
\nAverage : 0.5899<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2031-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.65
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n

CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.70 – 22.00
\nSpot Rate : 1.3000
\nAverage : 0.9585<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-03
\nMaturity Price : 20.70
\nEvaluated at bid price : 20.70
\nBid-YTW : 5.60 %<\/td>\n<\/tr>\n

GWO.PR.S<\/td>\nInsurance Straight<\/td>\nQuote: 23.39 – 24.15
\nSpot Rate : 0.7600
\nAverage : 0.4713<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-03
\nMaturity Price : 23.13
\nEvaluated at bid price : 23.39
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.68%, equivalent to 7.38% interest at the standard conversion factor of 1.3x. Long corporates yield 5.10%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now 230bp, a slight …<\/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-49955","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49955","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=49955"}],"version-history":[{"count":2,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49955\/revisions"}],"predecessor-version":[{"id":49962,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49955\/revisions\/49962"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49955"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49955"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49955"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}