{"id":50125,"date":"2025-09-24T21:31:20","date_gmt":"2025-09-25T01:31:20","guid":{"rendered":"https:\/\/prefblog.com\/?p=50125"},"modified":"2025-09-25T10:16:51","modified_gmt":"2025-09-25T14:16:51","slug":"september-24-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50125","title":{"rendered":"September 24, 2025"},"content":{"rendered":"

PerpetualDiscounts now yield 5.71%, equivalent to 7.42% interest at the standard conversion factor of 1.3x. Long corporates<\/a> yielded 4.86% on 2025-9-17, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) remains at the 255bp reported September 17<\/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>\n6.65 %<\/td>\n7.10 %<\/td>\n32,667<\/td>\n13.32<\/td>\n1<\/td>\n-0.3030 %<\/td>\n2,458.2<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1776 %<\/td>\n4,600.9<\/td>\n<\/tr>\n
Floater<\/td>\n6.27 %<\/td>\n6.54 %<\/td>\n63,151<\/td>\n13.18<\/td>\n3<\/td>\n-0.1776 %<\/td>\n2,651.5<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0662 %<\/td>\n3,642.5<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.81 %<\/td>\n4.58 %<\/td>\n63,892<\/td>\n3.37<\/td>\n6<\/td>\n0.0662 %<\/td>\n4,350.0<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0662 %<\/td>\n3,394.0<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.56 %<\/td>\n2.09 %<\/td>\n86,964<\/td>\n0.08<\/td>\n4<\/td>\n-0.1886 %<\/td>\n3,077.0<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.61 %<\/td>\n5.71 %<\/td>\n45,887<\/td>\n14.26<\/td>\n28<\/td>\n0.0584 %<\/td>\n3,347.5<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.93 %<\/td>\n6.00 %<\/td>\n118,416<\/td>\n13.65<\/td>\n32<\/td>\n0.3796 %<\/td>\n3,021.6<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.56 %<\/td>\n5.61 %<\/td>\n55,371<\/td>\n14.50<\/td>\n18<\/td>\n0.1323 %<\/td>\n3,253.3<\/td>\n<\/tr>\n
FloatingReset<\/td>\n5.01 %<\/td>\n5.02 %<\/td>\n47,594<\/td>\n15.48<\/td>\n1<\/td>\n0.0000 %<\/td>\n3,765.7<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.67 %<\/td>\n4.96 %<\/td>\n120,115<\/td>\n2.80<\/td>\n21<\/td>\n-0.0427 %<\/td>\n2,625.0<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3796 %<\/td>\n3,088.7<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.27 %<\/td>\n5.48 %<\/td>\n59,641<\/td>\n14.42<\/td>\n15<\/td>\n0.3113 %<\/td>\n3,040.1<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\n-1.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-24
\nMaturity Price : 23.40
\nEvaluated at bid price : 24.80
\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-24
\nMaturity Price : 20.01
\nEvaluated at bid price : 20.01
\nBid-YTW : 5.69 %<\/td>\n<\/tr>\n
BIP.PR.F<\/td>\nFixedReset Prem<\/td>\n-1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-24
\nMaturity Price : 23.23
\nEvaluated at bid price : 24.69
\nBid-YTW : 5.85 %<\/td>\n<\/tr>\n
FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\n-1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-24
\nMaturity Price : 21.75
\nEvaluated at bid price : 22.00
\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n
BN.PF.F<\/td>\nFixedReset Disc<\/td>\n1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-24
\nMaturity Price : 22.61
\nEvaluated at bid price : 23.50
\nBid-YTW : 6.00 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\n1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-24
\nMaturity Price : 21.43
\nEvaluated at bid price : 21.75
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetual-Discount<\/td>\n1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-24
\nMaturity Price : 21.78
\nEvaluated at bid price : 22.02
\nBid-YTW : 5.70 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n2.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-24
\nMaturity Price : 17.45
\nEvaluated at bid price : 17.45
\nBid-YTW : 5.75 %<\/td>\n<\/tr>\n
BN.PF.C<\/td>\nPerpetual-Discount<\/td>\n2.88 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-24
\nMaturity Price : 21.05
\nEvaluated at bid price : 21.05
\nBid-YTW : 5.80 %<\/td>\n<\/tr>\n
ENB.PR.H<\/td>\nFixedReset Disc<\/td>\n3.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-24
\nMaturity Price : 21.81
\nEvaluated at bid price : 22.07
\nBid-YTW : 5.82 %<\/td>\n<\/tr>\n
GWO.PR.S<\/td>\nInsurance Straight<\/td>\n3.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-24
\nMaturity Price : 23.15
\nEvaluated at bid price : 23.41
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n
IFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\n4.68 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-24
\nMaturity Price : 23.27
\nEvaluated at bid price : 24.60
\nBid-YTW : 5.45 %<\/td>\n<\/tr>\n
ENB.PR.B<\/td>\nFixedReset Disc<\/td>\n4.83 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-24
\nMaturity Price : 20.18
\nEvaluated at bid price : 20.18
\nBid-YTW : 6.45 %<\/td>\n<\/tr>\n
BN.PR.T<\/td>\nFixedReset Disc<\/td>\n5.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-24
\nMaturity Price : 19.80
\nEvaluated at bid price : 19.80
\nBid-YTW : 6.25 %<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetual-Discount<\/td>\n7.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-24
\nMaturity Price : 22.07
\nEvaluated at bid price : 22.30
\nBid-YTW : 5.61 %<\/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
TD.PF.E<\/td>\nFixedReset Prem<\/td>\n284,860<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.12
\nBid-YTW : 3.27 %<\/td>\n<\/tr>\n
FFH.PR.I<\/td>\nFixedReset Disc<\/td>\n145,600<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-24
\nMaturity Price : 24.01
\nEvaluated at bid price : 24.80
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n
POW.PR.H<\/td>\nPerpetual-Premium<\/td>\n81,700<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2034-10-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.20
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n
ENB.PR.B<\/td>\nFixedReset Disc<\/td>\n81,002<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-24
\nMaturity Price : 20.18
\nEvaluated at bid price : 20.18
\nBid-YTW : 6.45 %<\/td>\n<\/tr>\n
FFH.PR.G<\/td>\nFixedReset Prem<\/td>\n54,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-24
\nMaturity Price : 23.95
\nEvaluated at bid price : 24.98
\nBid-YTW : 5.27 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n53,181<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-24
\nMaturity Price : 23.02
\nEvaluated at bid price : 24.22
\nBid-YTW : 5.40 %<\/td>\n<\/tr>\n
There were 13 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.F<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.01 – 21.75
\nSpot Rate : 1.7400
\nAverage : 1.3235<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-24
\nMaturity Price : 20.01
\nEvaluated at bid price : 20.01
\nBid-YTW : 5.69 %<\/td>\n<\/tr>\n

PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.50 – 21.85
\nSpot Rate : 1.3500
\nAverage : 1.0994<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-24
\nMaturity Price : 20.50
\nEvaluated at bid price : 20.50
\nBid-YTW : 5.96 %<\/td>\n<\/tr>\n

GWO.PR.R<\/td>\nInsurance Straight<\/td>\nQuote: 21.41 – 22.19
\nSpot Rate : 0.7800
\nAverage : 0.5613<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-24
\nMaturity Price : 21.41
\nEvaluated at bid price : 21.41
\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n

MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\nQuote: 24.80 – 25.60
\nSpot Rate : 0.8000
\nAverage : 0.5930<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-24
\nMaturity Price : 23.40
\nEvaluated at bid price : 24.80
\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n

ENB.PR.P<\/td>\nFixedReset Disc<\/td>\nQuote: 21.37 – 21.94
\nSpot Rate : 0.5700
\nAverage : 0.3958<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-24
\nMaturity Price : 21.37
\nEvaluated at bid price : 21.37
\nBid-YTW : 6.39 %<\/td>\n<\/tr>\n

ENB.PR.N<\/td>\nFixedReset Disc<\/td>\nQuote: 23.90 – 24.36
\nSpot Rate : 0.4600
\nAverage : 0.2964<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-09-24
\nMaturity Price : 22.90
\nEvaluated at bid price : 23.90
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.71%, equivalent to 7.42% interest at the standard conversion factor of 1.3x. Long corporates yielded 4.86% on 2025-9-17, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) remains at the …<\/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-50125","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50125","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=50125"}],"version-history":[{"count":2,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50125\/revisions"}],"predecessor-version":[{"id":50134,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50125\/revisions\/50134"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50125"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50125"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50125"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}