{"id":50079,"date":"2025-09-19T20:44:57","date_gmt":"2025-09-20T00:44:57","guid":{"rendered":"https:\/\/prefblog.com\/?p=50079"},"modified":"2025-09-19T22:05:44","modified_gmt":"2025-09-20T02:05:44","slug":"september-19-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50079","title":{"rendered":"September 19, 2025"},"content":{"rendered":"<p>I have updated the post regarding the <a href=\"https:\/\/prefblog.com\/?p=50072\">GWO new issue<\/a>.<\/p>\n<table border='1'>\n<tr>\n<td colspan='8'><strong>HIMIPref&trade; Preferred Indices<br \/>These values reflect the December 2008 revision of the HIMIPref&trade; Indices<\/strong><br \/>Values are provisional and are finalized monthly<\/td>\n<\/tr>\n<tr>\n<td>Index<\/td>\n<td>Mean<br \/>Current<br \/>Yield<br \/>(at bid)<\/td>\n<td>Median<br \/>YTW<\/td>\n<td>Median<br \/>Average<br \/>Trading<br \/>Value<\/td>\n<td>Median<br \/>Mod Dur<br \/>(YTW)<\/td>\n<td>Issues<\/td>\n<td>Day&#8217;s Perf.<\/td>\n<td>Index Value<\/td>\n<\/tr>\n<tr>\n<td>Ratchet<\/td>\n<td>6.65 %<\/td>\n<td>7.10 %<\/td>\n<td>35,150<\/td>\n<td>13.33<\/td>\n<td>1<\/td>\n<td>0.6098 %<\/td>\n<td>2,465.7<\/td>\n<\/tr>\n<tr>\n<td>FixedFloater<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.1769 %<\/td>\n<td>4,634.8<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>6.22 %<\/td>\n<td>6.50 %<\/td>\n<td>68,082<\/td>\n<td>13.24<\/td>\n<td>3<\/td>\n<td>0.1769 %<\/td>\n<td>2,671.0<\/td>\n<\/tr>\n<tr>\n<td>OpRet<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>-0.1125 %<\/td>\n<td>3,635.5<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>4.82 %<\/td>\n<td>4.57 %<\/td>\n<td>58,681<\/td>\n<td>3.38<\/td>\n<td>6<\/td>\n<td>-0.1125 %<\/td>\n<td>4,341.6<\/td>\n<\/tr>\n<tr>\n<td>Interest-Bearing<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>-0.1125 %<\/td>\n<td>3,387.5<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/td>\n<td>5.49 %<\/td>\n<td>4.92 %<\/td>\n<td>78,743<\/td>\n<td>14.02<\/td>\n<td>3<\/td>\n<td>0.0000 %<\/td>\n<td>3,076.4<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>5.64 %<\/td>\n<td>5.74 %<\/td>\n<td>47,002<\/td>\n<td>14.20<\/td>\n<td>28<\/td>\n<td>0.4075 %<\/td>\n<td>3,333.5<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Disc<\/td>\n<td>5.93 %<\/td>\n<td>6.06 %<\/td>\n<td>121,337<\/td>\n<td>13.66<\/td>\n<td>32<\/td>\n<td>-0.0769 %<\/td>\n<td>3,023.8<\/td>\n<\/tr>\n<tr>\n<td>Insurance Straight<\/td>\n<td>5.57 %<\/td>\n<td>5.59 %<\/td>\n<td>55,898<\/td>\n<td>14.54<\/td>\n<td>18<\/td>\n<td>-0.2091 %<\/td>\n<td>3,250.6<\/td>\n<\/tr>\n<tr>\n<td>FloatingReset<\/td>\n<td>5.04 %<\/td>\n<td>4.57 %<\/td>\n<td>48,717<\/td>\n<td>0.11<\/td>\n<td>1<\/td>\n<td>0.0400 %<\/td>\n<td>3,767.2<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Prem<\/td>\n<td>5.69 %<\/td>\n<td>5.00 %<\/td>\n<td>119,112<\/td>\n<td>2.40<\/td>\n<td>21<\/td>\n<td>0.0130 %<\/td>\n<td>2,617.4<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Bank Non<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>-0.0769 %<\/td>\n<td>3,091.0<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Ins Non<\/td>\n<td>5.27 %<\/td>\n<td>5.50 %<\/td>\n<td>61,257<\/td>\n<td>14.48<\/td>\n<td>15<\/td>\n<td>1.9508 %<\/td>\n<td>3,042.1<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='4'><strong>Performance Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Change<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>BN.PR.T<\/td>\n<td>FixedReset Disc<\/td>\n<td>-5.81 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-09-19<br \/>\nMaturity Price  : 18.80<br \/>\nEvaluated at bid price : 18.80<br \/>\nBid-YTW : 6.62 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.O<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-3.82 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-09-19<br \/>\nMaturity Price  : 23.93<br \/>\nEvaluated at bid price : 24.17<br \/>\nBid-YTW : 6.09 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PR.N<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-3.61 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-09-19<br \/>\nMaturity Price  : 20.00<br \/>\nEvaluated at bid price : 20.00<br \/>\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.S<\/td>\n<td>Insurance Straight<\/td>\n<td>-3.42 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-09-19<br \/>\nMaturity Price  : 22.33<br \/>\nEvaluated at bid price : 22.60<br \/>\nBid-YTW : 5.82 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.C<\/td>\n<td>Insurance Straight<\/td>\n<td>-2.33 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-09-19<br \/>\nMaturity Price  : 21.00<br \/>\nEvaluated at bid price : 21.00<br \/>\nBid-YTW : 5.32 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.J<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-2.33 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-09-19<br \/>\nMaturity Price  : 21.00<br \/>\nEvaluated at bid price : 21.00<br \/>\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n<tr>\n<td>FTS.PR.M<\/td>\n<td>FixedReset Disc<\/td>\n<td>-1.42 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-09-19<br \/>\nMaturity Price  : 22.65<br \/>\nEvaluated at bid price : 23.60<br \/>\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.G<\/td>\n<td>Insurance Straight<\/td>\n<td>-1.23 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-09-19<br \/>\nMaturity Price  : 22.99<br \/>\nEvaluated at bid price : 23.26<br \/>\nBid-YTW : 5.60 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.E<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.07 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-09-19<br \/>\nMaturity Price  : 23.84<br \/>\nEvaluated at bid price : 24.09<br \/>\nBid-YTW : 5.79 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.D<\/td>\n<td>Insurance Straight<\/td>\n<td>1.09 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-09-19<br \/>\nMaturity Price  : 21.28<br \/>\nEvaluated at bid price : 21.28<br \/>\nBid-YTW : 5.25 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.G<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>1.25 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-09-19<br \/>\nMaturity Price  : 18.69<br \/>\nEvaluated at bid price : 18.69<br \/>\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PF.G<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.88 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-09-19<br \/>\nMaturity Price  : 22.18<br \/>\nEvaluated at bid price : 22.82<br \/>\nBid-YTW : 6.16 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.K<\/td>\n<td>Perpetual-Discount<\/td>\n<td>2.18 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-09-19<br \/>\nMaturity Price  : 21.31<br \/>\nEvaluated at bid price : 21.58<br \/>\nBid-YTW : 5.81 %<\/td>\n<\/tr>\n<tr>\n<td>FTS.PR.K<\/td>\n<td>FixedReset Disc<\/td>\n<td>2.25 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-09-19<br \/>\nMaturity Price  : 22.24<br \/>\nEvaluated at bid price : 22.75<br \/>\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.P<\/td>\n<td>Insurance Straight<\/td>\n<td>3.91 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-09-19<br \/>\nMaturity Price  : 23.63<br \/>\nEvaluated at bid price : 23.90<br \/>\nBid-YTW : 5.66 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PR.Z<\/td>\n<td>FixedReset Disc<\/td>\n<td>4.17 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-09-19<br \/>\nMaturity Price  : 23.08<br \/>\nEvaluated at bid price : 23.96<br \/>\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.N<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>9.00 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-09-19<br \/>\nMaturity Price  : 17.44<br \/>\nEvaluated at bid price : 17.44<br \/>\nBid-YTW : 5.81 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.G<\/td>\n<td>Perpetual-Discount<\/td>\n<td>30.17 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-09-19<br \/>\nMaturity Price  : 20.45<br \/>\nEvaluated at bid price : 20.45<br \/>\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.A<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>32.04 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-09-19<br \/>\nMaturity Price  : 21.63<br \/>\nEvaluated at bid price : 22.05<br \/>\nBid-YTW : 5.14 %<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='4'><strong>Volume Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Shares<br \/>Traded<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.S<\/td>\n<td>FixedReset Prem<\/td>\n<td>93,090<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2028-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.70<br \/>\nBid-YTW : 5.00 %<\/td>\n<\/tr>\n<tr>\n<td>FFH.PR.G<\/td>\n<td>FixedReset Prem<\/td>\n<td>74,045<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2025-10-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 24.98<br \/>\nBid-YTW : 4.66 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PF.B<\/td>\n<td>FixedReset Disc<\/td>\n<td>44,915<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-09-19<br \/>\nMaturity Price  : 22.64<br \/>\nEvaluated at bid price : 23.47<br \/>\nBid-YTW : 5.92 %<\/td>\n<\/tr>\n<tr>\n<td>PVS.PR.M<\/td>\n<td>SplitShare<\/td>\n<td>35,800<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2031-03-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.11<br \/>\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.M<\/td>\n<td>FixedReset Disc<\/td>\n<td>32,200<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2025-11-24<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.05<br \/>\nBid-YTW : 3.05 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.H<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>30,200<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-09-19<br \/>\nMaturity Price  : 21.51<br \/>\nEvaluated at bid price : 21.51<br \/>\nBid-YTW : 5.62 %<\/td>\n<\/tr>\n<tr>\n<td colspan='4'>There were 7 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='3'><strong>Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan='3'>See <a href='https:\/\/prefblog.com\/?p=13456'>TMX DataLinx: &#8216;Last&#8217; != &#8216;Close&#8217;<\/a> and the posts linked therein for an idea of why these quotes are so horrible.<\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Quote Data and Yield Notes<\/td>\n<\/tr>\n<tr>\n<td>BN.PR.T<\/td>\n<td>FixedReset Disc<\/td>\n<td>Quote: 18.80 &#8211; 20.70<br \/>\nSpot Rate  :  1.9000<br \/>\nAverage  :  1.2001<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-09-19<br \/>\nMaturity Price  : 18.80<br \/>\nEvaluated at bid price : 18.80<br \/>\nBid-YTW : 6.62 %<\/td>\n<\/tr>\n<tr>\n<td>BIP.PR.F<\/td>\n<td>FixedReset Prem<\/td>\n<td>Quote: 22.90 &#8211; 25.44<br \/>\nSpot Rate  :  2.5400<br \/>\nAverage  :  1.9627<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-09-19<br \/>\nMaturity Price  : 22.35<br \/>\nEvaluated at bid price : 22.90<br \/>\nBid-YTW : 6.40 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.H<\/td>\n<td>Perpetual-Discount<\/td>\n<td>Quote: 22.88 &#8211; 26.58<br \/>\nSpot Rate  :  3.7000<br \/>\nAverage  :  3.1784<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-09-19<br \/>\nMaturity Price  : 22.63<br \/>\nEvaluated at bid price : 22.88<br \/>\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.S<\/td>\n<td>Insurance Straight<\/td>\n<td>Quote: 22.60 &#8211; 23.80<br \/>\nSpot Rate  :  1.2000<br \/>\nAverage  :  0.7236<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-09-19<br \/>\nMaturity Price  : 22.33<br \/>\nEvaluated at bid price : 22.60<br \/>\nBid-YTW : 5.82 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.O<\/td>\n<td>Perpetual-Discount<\/td>\n<td>Quote: 24.17 &#8211; 25.30<br \/>\nSpot Rate  :  1.1300<br \/>\nAverage  :  0.6622<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-09-19<br \/>\nMaturity Price  : 23.93<br \/>\nEvaluated at bid price : 24.17<br \/>\nBid-YTW : 6.09 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.C<\/td>\n<td>Insurance Straight<\/td>\n<td>Quote: 21.00 &#8211; 22.00<br \/>\nSpot Rate  :  1.0000<br \/>\nAverage  :  0.6425<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-09-19<br \/>\nMaturity Price  : 21.00<br \/>\nEvaluated at bid price : 21.00<br \/>\nBid-YTW : 5.32 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>I have updated the post regarding the GWO new issue. HIMIPref&trade; Preferred IndicesThese values reflect the December 2008 revision of the HIMIPref&trade; IndicesValues are provisional and are finalized monthly Index MeanCurrentYield(at bid) MedianYTW MedianAverageTradingValue MedianMod &hellip;<\/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-50079","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50079","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=50079"}],"version-history":[{"count":2,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50079\/revisions"}],"predecessor-version":[{"id":50109,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50079\/revisions\/50109"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50079"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50079"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50079"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}