{"id":50077,"date":"2025-09-18T20:47:02","date_gmt":"2025-09-19T00:47:02","guid":{"rendered":"https:\/\/prefblog.com\/?p=50077"},"modified":"2025-09-18T20:47:02","modified_gmt":"2025-09-19T00:47:02","slug":"september-18-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50077","title":{"rendered":"September 18, 2025"},"content":{"rendered":"

With the new issues from GWO<\/a> and POW<\/a> coming out, one has to wonder whether there will be more. But today DBRS rated some sub-debt from Enbridge<\/a>:<\/p>\n

DBRS Limited (Morningstar DBRS) assigned a credit rating of BBB with a Stable trend to Enbridge Inc.’s (Enbridge or the Company) issuance of $1.0 billion, 5.15% Fixed-to-Fixed Rate Subordinated Notes (the Hybrid Notes), due December 17, 2055. Enbridge intends to use the net proceeds from the sale of the Hybrid Notes to repay short-term debt, partially fund capital projects and, if applicable, for other general corporate purposes of the Corporation and its affiliates.<\/p>\n

The credit rating assigned to this newly issued debt instrument is based on the credit rating of an already-outstanding debt series of the above-mentioned debt instrument. Please refer to the most recent Morningstar DBRS press release dated June 27, 2025 https:\/\/dbrs.morningstar.com\/research\/457133\/ for more information, including all relevant disclosures.<\/p>\n

The rating listed above is based on the Final Term Sheet dated September 15, 2025; the Trust Indenture dated October 20, 1997 and information provided by Enbridge to Morningstar DBRS as of September 15, 2025.<\/p><\/blockquote>\n

Fitch rated it too<\/a>:<\/p>\n

Fitch Ratings has assigned a ‘BBB-‘ rating to Enbridge Inc.’s (ENB) offering of CAD-denominated junior subordinated notes. Proceeds from the offering will be used for existing debt repayment and general corporate purposes. Fitch currently rates ENB’s Long-Term Issuer Default Rating (IDR) ‘BBB+’ with a Stable Rating Outlook.<\/p>\n

The ratings reflect the Enbridge family’s large size, diversity, and stability and visibility of expected cash flows. The ‘BBB+’ IDR considers Fitch’s view of the constructive regulation supporting ENB’s various franchises, including natural gas distribution (utility), crude oil transportation and natural gas transmission in Canada and the U.S. Leverage is appropriate for the rating, and Fitch expects it to remain comfortably within the boundaries for the rating over the forecast period.<\/p>\n

The Stable Outlook reflects expectations for supportive supply\/demand fundamentals underlying the vast majority of ENB’s businesses.<\/p><\/blockquote>\n

Well, we didn’t need any more Enbridge preferreds anyway! Not that we need more GWO\/POW preferreds either, but still!<\/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>\n6.70 %<\/td>\n7.15 %<\/td>\n34,988<\/td>\n13.28<\/td>\n1<\/td>\n-0.6061 %<\/td>\n2,450.8<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.3275 %<\/td>\n4,626.6<\/td>\n<\/tr>\n
Floater<\/td>\n6.24 %<\/td>\n6.54 %<\/td>\n67,486<\/td>\n13.19<\/td>\n3<\/td>\n-0.3275 %<\/td>\n2,666.3<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2837 %<\/td>\n3,639.6<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.81 %<\/td>\n4.67 %<\/td>\n59,740<\/td>\n3.39<\/td>\n6<\/td>\n-0.2837 %<\/td>\n4,346.5<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2837 %<\/td>\n3,391.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.49 %<\/td>\n4.13 %<\/td>\n79,650<\/td>\n0.08<\/td>\n3<\/td>\n-0.3427 %<\/td>\n3,076.4<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.66 %<\/td>\n5.73 %<\/td>\n46,462<\/td>\n14.21<\/td>\n28<\/td>\n-1.7100 %<\/td>\n3,320.0<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.92 %<\/td>\n6.10 %<\/td>\n122,054<\/td>\n13.66<\/td>\n32<\/td>\n-0.0671 %<\/td>\n3,026.2<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.55 %<\/td>\n5.55 %<\/td>\n55,694<\/td>\n14.56<\/td>\n18<\/td>\n-0.8638 %<\/td>\n3,257.4<\/td>\n<\/tr>\n
FloatingReset<\/td>\n5.05 %<\/td>\n4.81 %<\/td>\n48,233<\/td>\n0.11<\/td>\n1<\/td>\n0.0000 %<\/td>\n3,765.7<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.69 %<\/td>\n5.08 %<\/td>\n120,035<\/td>\n2.40<\/td>\n21<\/td>\n-0.3898 %<\/td>\n2,617.0<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0671 %<\/td>\n3,093.4<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.37 %<\/td>\n5.45 %<\/td>\n61,940<\/td>\n14.46<\/td>\n15<\/td>\n-0.8312 %<\/td>\n2,983.9<\/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\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
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n-24.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-18
\nMaturity Price : 15.71
\nEvaluated at bid price : 15.71
\nBid-YTW : 7.25 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n-9.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-18
\nMaturity Price : 16.00
\nEvaluated at bid price : 16.00
\nBid-YTW : 6.33 %<\/td>\n<\/tr>\n
BIP.PR.F<\/td>\nFixedReset Prem<\/td>\n-9.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-18
\nMaturity Price : 22.35
\nEvaluated at bid price : 22.90
\nBid-YTW : 6.40 %<\/td>\n<\/tr>\n
IFC.PR.E<\/td>\nInsurance Straight<\/td>\n-7.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-18
\nMaturity Price : 21.81
\nEvaluated at bid price : 22.10
\nBid-YTW : 5.90 %<\/td>\n<\/tr>\n
BN.PR.M<\/td>\nPerpetual-Discount<\/td>\n-6.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-18
\nMaturity Price : 19.50
\nEvaluated at bid price : 19.50
\nBid-YTW : 6.12 %<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetual-Discount<\/td>\n-5.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-18
\nMaturity Price : 21.12
\nEvaluated at bid price : 21.12
\nBid-YTW : 5.96 %<\/td>\n<\/tr>\n
BN.PF.C<\/td>\nPerpetual-Discount<\/td>\n-3.94 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-18
\nMaturity Price : 20.46
\nEvaluated at bid price : 20.46
\nBid-YTW : 5.96 %<\/td>\n<\/tr>\n
BN.PR.Z<\/td>\nFixedReset Disc<\/td>\n-2.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-18
\nMaturity Price : 22.53
\nEvaluated at bid price : 23.00
\nBid-YTW : 6.30 %<\/td>\n<\/tr>\n
GWO.PR.Q<\/td>\nInsurance Straight<\/td>\n-2.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-18
\nMaturity Price : 22.28
\nEvaluated at bid price : 22.55
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset Disc<\/td>\n-2.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-18
\nMaturity Price : 21.90
\nEvaluated at bid price : 22.25
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
BN.PF.G<\/td>\nFixedReset Disc<\/td>\n-2.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-18
\nMaturity Price : 21.92
\nEvaluated at bid price : 22.40
\nBid-YTW : 6.29 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n-2.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-18
\nMaturity Price : 22.72
\nEvaluated at bid price : 23.25
\nBid-YTW : 5.69 %<\/td>\n<\/tr>\n
CU.PR.J<\/td>\nPerpetual-Discount<\/td>\n-2.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-18
\nMaturity Price : 21.50
\nEvaluated at bid price : 21.50
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nInsurance Straight<\/td>\n-1.73 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-18
\nMaturity Price : 21.05
\nEvaluated at bid price : 21.05
\nBid-YTW : 5.31 %<\/td>\n<\/tr>\n
GWO.PR.Y<\/td>\nInsurance Straight<\/td>\n-1.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-18
\nMaturity Price : 20.49
\nEvaluated at bid price : 20.49
\nBid-YTW : 5.52 %<\/td>\n<\/tr>\n
POW.PR.G<\/td>\nPerpetual-Discount<\/td>\n-1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-18
\nMaturity Price : 24.16
\nEvaluated at bid price : 24.41
\nBid-YTW : 5.84 %<\/td>\n<\/tr>\n
PWF.PF.A<\/td>\nPerpetual-Discount<\/td>\n-1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-18
\nMaturity Price : 20.36
\nEvaluated at bid price : 20.36
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
PWF.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-18
\nMaturity Price : 23.03
\nEvaluated at bid price : 23.30
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n-1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-18
\nMaturity Price : 21.45
\nEvaluated at bid price : 21.45
\nBid-YTW : 5.69 %<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetual-Discount<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-18
\nMaturity Price : 22.30
\nEvaluated at bid price : 22.57
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n-1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-18
\nMaturity Price : 14.30
\nEvaluated at bid price : 14.30
\nBid-YTW : 5.83 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n-1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-18
\nMaturity Price : 18.46
\nEvaluated at bid price : 18.46
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n
BN.PF.J<\/td>\nFixedReset Prem<\/td>\n1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-18
\nMaturity Price : 23.52
\nEvaluated at bid price : 25.01
\nBid-YTW : 5.88 %<\/td>\n<\/tr>\n
CU.PR.E<\/td>\nPerpetual-Discount<\/td>\n1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-18
\nMaturity Price : 22.21
\nEvaluated at bid price : 22.49
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n
GWO.PR.M<\/td>\nInsurance Straight<\/td>\n1.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-10-18
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.00
\nBid-YTW : 3.51 %<\/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
FTS.PR.M<\/td>\nFixedReset Disc<\/td>\n98,900<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-18
\nMaturity Price : 22.81
\nEvaluated at bid price : 23.94
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n
PVS.PR.L<\/td>\nSplitShare<\/td>\n47,350<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.80
\nBid-YTW : 4.82 %<\/td>\n<\/tr>\n
FFH.PR.I<\/td>\nFixedReset Disc<\/td>\n40,000<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-18
\nMaturity Price : 24.01
\nEvaluated at bid price : 24.79
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset Disc<\/td>\n36,100<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-18
\nMaturity Price : 23.25
\nEvaluated at bid price : 25.04
\nBid-YTW : 4.96 %<\/td>\n<\/tr>\n
RY.PR.S<\/td>\nFixedReset Prem<\/td>\n32,202<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-02-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.17
\nBid-YTW : 4.55 %<\/td>\n<\/tr>\n
GWO.PR.S<\/td>\nInsurance Straight<\/td>\n31,395<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-18
\nMaturity Price : 23.14
\nEvaluated at bid price : 23.40
\nBid-YTW : 5.62 %<\/td>\n<\/tr>\n
There were 12 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
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\nQuote: 15.71 – 20.80
\nSpot Rate : 5.0900
\nAverage : 2.8203<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-18
\nMaturity Price : 15.71
\nEvaluated at bid price : 15.71
\nBid-YTW : 7.25 %<\/td>\n<\/tr>\n

CU.PR.H<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.88 – 26.58
\nSpot Rate : 3.7000
\nAverage : 2.6064<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-18
\nMaturity Price : 22.63
\nEvaluated at bid price : 22.88
\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n

IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\nQuote: 16.70 – 22.60
\nSpot Rate : 5.9000
\nAverage : 4.8439<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-18
\nMaturity Price : 16.70
\nEvaluated at bid price : 16.70
\nBid-YTW : 6.85 %<\/td>\n<\/tr>\n

BIP.PR.F<\/td>\nFixedReset Prem<\/td>\nQuote: 22.90 – 25.28
\nSpot Rate : 2.3800
\nAverage : 1.3297<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-18
\nMaturity Price : 22.35
\nEvaluated at bid price : 22.90
\nBid-YTW : 6.40 %<\/td>\n<\/tr>\n

IFC.PR.E<\/td>\nInsurance Straight<\/td>\nQuote: 22.10 – 24.25
\nSpot Rate : 2.1500
\nAverage : 1.4151<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-18
\nMaturity Price : 21.81
\nEvaluated at bid price : 22.10
\nBid-YTW : 5.90 %<\/td>\n<\/tr>\n

GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\nQuote: 16.00 – 17.89
\nSpot Rate : 1.8900
\nAverage : 1.1617<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-18
\nMaturity Price : 16.00
\nEvaluated at bid price : 16.00
\nBid-YTW : 6.33 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

With the new issues from GWO and POW coming out, one has to wonder whether there will be more. But today DBRS rated some sub-debt from Enbridge: DBRS Limited (Morningstar DBRS) assigned a credit rating …<\/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-50077","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50077","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=50077"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50077\/revisions"}],"predecessor-version":[{"id":50078,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50077\/revisions\/50078"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50077"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50077"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50077"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}