{"id":50268,"date":"2025-10-15T20:53:07","date_gmt":"2025-10-16T00:53:07","guid":{"rendered":"https:\/\/prefblog.com\/?p=50268"},"modified":"2025-10-23T12:04:11","modified_gmt":"2025-10-23T16:04:11","slug":"october-15-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50268","title":{"rendered":"October 15, 2025"},"content":{"rendered":"

PerpetualDiscounts now yield 5.62%, equivalent to 7.31% interest at the standard conversion factor of 1.3x. Long corporates<\/a> yielded 4.78% on 2025-10-8, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has remained at<\/s> increased to 255bp from<\/i> the 245bp reported October 8<\/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>\n6.64 %<\/td>\n7.10 %<\/td>\n23,665<\/td>\n13.39<\/td>\n1<\/td>\n0.0000 %<\/td>\n2,428.3<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.4082 %<\/td>\n4,602.0<\/td>\n<\/tr>\n
Floater<\/td>\n6.27 %<\/td>\n6.56 %<\/td>\n54,177<\/td>\n13.12<\/td>\n3<\/td>\n0.4082 %<\/td>\n2,652.2<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0471 %<\/td>\n3,675.7<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.75 %<\/td>\n4.41 %<\/td>\n67,310<\/td>\n3.32<\/td>\n5<\/td>\n0.0471 %<\/td>\n4,389.5<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0471 %<\/td>\n3,424.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.49 %<\/td>\n-2.15 %<\/td>\n76,841<\/td>\n0.09<\/td>\n7<\/td>\n0.3294 %<\/td>\n3,092.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.58 %<\/td>\n5.62 %<\/td>\n46,216<\/td>\n14.49<\/td>\n26<\/td>\n0.7142 %<\/td>\n3,378.4<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.98 %<\/td>\n6.00 %<\/td>\n103,127<\/td>\n13.66<\/td>\n30<\/td>\n0.2265 %<\/td>\n3,051.3<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.48 %<\/td>\n5.51 %<\/td>\n54,327<\/td>\n14.54<\/td>\n22<\/td>\n0.7057 %<\/td>\n3,320.3<\/td>\n<\/tr>\n
FloatingReset<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2265 %<\/td>\n3,629.9<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.65 %<\/td>\n4.79 %<\/td>\n126,901<\/td>\n2.40<\/td>\n22<\/td>\n-0.1348 %<\/td>\n2,622.7<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2265 %<\/td>\n3,119.1<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.22 %<\/td>\n5.40 %<\/td>\n55,579<\/td>\n14.51<\/td>\n15<\/td>\n1.5289 %<\/td>\n3,067.6<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
NA.PR.I<\/td>\nFixedReset Prem<\/td>\n-2.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-15
\nMaturity Price : 23.63
\nEvaluated at bid price : 26.10
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n
BN.PF.A<\/td>\nFixedReset Prem<\/td>\n-2.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-15
\nMaturity Price : 23.41
\nEvaluated at bid price : 25.05
\nBid-YTW : 5.83 %<\/td>\n<\/tr>\n
BN.PR.N<\/td>\nPerpetual-Discount<\/td>\n-1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-15
\nMaturity Price : 20.12
\nEvaluated at bid price : 20.12
\nBid-YTW : 5.96 %<\/td>\n<\/tr>\n
FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\n-1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-15
\nMaturity Price : 21.97
\nEvaluated at bid price : 22.20
\nBid-YTW : 5.41 %<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetual-Discount<\/td>\n1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-15
\nMaturity Price : 22.31
\nEvaluated at bid price : 22.58
\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n
CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\n1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-15
\nMaturity Price : 20.80
\nEvaluated at bid price : 20.80
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
FTS.PR.G<\/td>\nFixedReset Disc<\/td>\n1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-15
\nMaturity Price : 23.25
\nEvaluated at bid price : 24.60
\nBid-YTW : 5.19 %<\/td>\n<\/tr>\n
ENB.PR.H<\/td>\nFixedReset Disc<\/td>\n1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-15
\nMaturity Price : 21.97
\nEvaluated at bid price : 22.28
\nBid-YTW : 5.80 %<\/td>\n<\/tr>\n
ENB.PR.F<\/td>\nFixedReset Disc<\/td>\n1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-15
\nMaturity Price : 21.12
\nEvaluated at bid price : 21.12
\nBid-YTW : 6.40 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n1.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-15
\nMaturity Price : 18.02
\nEvaluated at bid price : 18.02
\nBid-YTW : 6.00 %<\/td>\n<\/tr>\n
PWF.PR.R<\/td>\nPerpetual-Discount<\/td>\n1.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-15
\nMaturity Price : 24.06
\nEvaluated at bid price : 24.32
\nBid-YTW : 5.66 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nInsurance Straight<\/td>\n2.56 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-15
\nMaturity Price : 21.37
\nEvaluated at bid price : 21.64
\nBid-YTW : 5.17 %<\/td>\n<\/tr>\n
BN.PR.M<\/td>\nPerpetual-Discount<\/td>\n2.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-15
\nMaturity Price : 20.63
\nEvaluated at bid price : 20.63
\nBid-YTW : 5.81 %<\/td>\n<\/tr>\n
CCS.PR.C<\/td>\nInsurance Straight<\/td>\n3.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-15
\nMaturity Price : 22.71
\nEvaluated at bid price : 23.00
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n
PWF.PR.E<\/td>\nPerpetual-Discount<\/td>\n3.96 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-15
\nMaturity Price : 24.15
\nEvaluated at bid price : 24.40
\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nInsurance Straight<\/td>\n7.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-15
\nMaturity Price : 21.49
\nEvaluated at bid price : 21.75
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n7.87 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-15
\nMaturity Price : 21.26
\nEvaluated at bid price : 21.53
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n27.94 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-15
\nMaturity Price : 21.43
\nEvaluated at bid price : 21.43
\nBid-YTW : 5.33 %<\/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 Prem<\/td>\n176,600<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-11-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.11
\nBid-YTW : 2.83 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n83,887<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-15
\nMaturity Price : 23.41
\nEvaluated at bid price : 23.97
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n
NA.PR.S<\/td>\nFixedReset Prem<\/td>\n54,700<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-15
\nMaturity Price : 23.48
\nEvaluated at bid price : 25.56
\nBid-YTW : 5.14 %<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nInsurance Straight<\/td>\n52,433<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-15
\nMaturity Price : 23.41
\nEvaluated at bid price : 23.70
\nBid-YTW : 5.52 %<\/td>\n<\/tr>\n
ENB.PF.G<\/td>\nFixedReset Disc<\/td>\n47,700<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-15
\nMaturity Price : 21.44
\nEvaluated at bid price : 21.72
\nBid-YTW : 6.42 %<\/td>\n<\/tr>\n
ENB.PF.A<\/td>\nFixedReset Disc<\/td>\n43,380<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-15
\nMaturity Price : 21.63
\nEvaluated at bid price : 21.93
\nBid-YTW : 6.34 %<\/td>\n<\/tr>\n
There were 6 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
NA.PR.I<\/td>\nFixedReset Prem<\/td>\nQuote: 26.10 – 26.72
\nSpot Rate : 0.6200
\nAverage : 0.3912<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-15
\nMaturity Price : 23.63
\nEvaluated at bid price : 26.10
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n

TD.PF.J<\/td>\nFixedReset Prem<\/td>\nQuote: 25.61 – 26.05
\nSpot Rate : 0.4400
\nAverage : 0.2811<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2028-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.61
\nBid-YTW : 4.65 %<\/td>\n<\/tr>\n

BN.PF.G<\/td>\nFixedReset Disc<\/td>\nQuote: 23.00 – 23.55
\nSpot Rate : 0.5500
\nAverage : 0.4014<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-15
\nMaturity Price : 22.29
\nEvaluated at bid price : 23.00
\nBid-YTW : 6.13 %<\/td>\n<\/tr>\n

CU.PR.E<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.43 – 23.60
\nSpot Rate : 1.1700
\nAverage : 1.0283<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-15
\nMaturity Price : 22.15
\nEvaluated at bid price : 22.43
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n

BN.PR.N<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.12 – 20.77
\nSpot Rate : 0.6500
\nAverage : 0.5124<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-15
\nMaturity Price : 20.12
\nEvaluated at bid price : 20.12
\nBid-YTW : 5.96 %<\/td>\n<\/tr>\n

CU.PR.F<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.71 – 21.75
\nSpot Rate : 1.0400
\nAverage : 0.9039<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-15
\nMaturity Price : 20.71
\nEvaluated at bid price : 20.71
\nBid-YTW : 5.51 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.62%, equivalent to 7.31% interest at the standard conversion factor of 1.3x. Long corporates yielded 4.78% on 2025-10-8, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has remained at …<\/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-50268","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50268","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=50268"}],"version-history":[{"count":4,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50268\/revisions"}],"predecessor-version":[{"id":50429,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50268\/revisions\/50429"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50268"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50268"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50268"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}