{"id":50411,"date":"2025-10-20T21:43:20","date_gmt":"2025-10-21T01:43:20","guid":{"rendered":"https:\/\/prefblog.com\/?p=50411"},"modified":"2025-10-20T21:53:13","modified_gmt":"2025-10-21T01:53:13","slug":"october-20-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50411","title":{"rendered":"October 20, 2025"},"content":{"rendered":"

Investment Executive had a piece on the preferred share market<\/a>:<\/p>\n

Since the preferred market is less liquid than some other types of fixed-income, \u201cthe capacity or the potential to outperform the benchmark is higher,\u201d said the Montreal-based [Dynamic Funds\u2019 Marc-Andr\u00e9] Gaudreau [vice-president and senior portfolio manager of Dynamic Active Preferred Shares ETF.], whose ETF is one of the category\u2019s best performers and has a five-star Morningstar rating.<\/p>\n

Other actively managed funds that have outperformed their peer group include Global X Active Preferred, NBI Active Canadian Preferred Shares ETF and TD Active Preferred Share ETF.<\/p>\n

\u201cThe other thing that\u2019s very important is the flexibility in our mandate. We don\u2019t have to be fully invested in the $25-par pref market in Canada,\u201d Gaudreau said. \u201cWe can go to the U.S. We can go to the institutional preferred share market.\u201d LRCNs and hybrids are also held in the Dynamic portfolio.<\/p>\n

For his part, Fiera\u2019s Normandeau is above market weight in rate-reset preferreds versus the fixed-rate perpetuals. Among the rate reset issues, he favours those with low- to mid-reset yields that are trading at discounts. These securities, along with having capital gains potential, are less likely to be called away by issuers.<\/p>\n

The Global X portfolio also emphasizes high credit quality, Normandeau said. \u201cIn this environment right now, you\u2019re not really paid to go to a weaker credit name.\u201d<\/p><\/blockquote>\n

As it happens, I track all four of the active ETFs managed as part of my MAPF performance reporting<\/a> – so you can check out how I did against them as of the end of September.<\/p>\n

Thanks to Assiduous Reader A for bringing this to my attention!<\/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>\n6.63 %<\/td>\n7.09 %<\/td>\n20,992<\/td>\n13.39<\/td>\n1<\/td>\n-0.9146 %<\/td>\n2,428.3<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1018 %<\/td>\n4,599.7<\/td>\n<\/tr>\n
Floater<\/td>\n6.27 %<\/td>\n6.57 %<\/td>\n55,814<\/td>\n13.10<\/td>\n3<\/td>\n0.1018 %<\/td>\n2,650.8<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1413 %<\/td>\n3,670.2<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.76 %<\/td>\n4.46 %<\/td>\n64,684<\/td>\n3.30<\/td>\n5<\/td>\n-0.1413 %<\/td>\n4,383.0<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1413 %<\/td>\n3,419.8<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.48 %<\/td>\n4.93 %<\/td>\n74,600<\/td>\n6.97<\/td>\n7<\/td>\n0.0283 %<\/td>\n3,096.2<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.57 %<\/td>\n5.62 %<\/td>\n45,893<\/td>\n14.44<\/td>\n26<\/td>\n0.2874 %<\/td>\n3,383.8<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.98 %<\/td>\n5.90 %<\/td>\n108,421<\/td>\n13.82<\/td>\n30<\/td>\n0.0798 %<\/td>\n3,055.0<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.45 %<\/td>\n5.46 %<\/td>\n54,908<\/td>\n14.57<\/td>\n22<\/td>\n0.5045 %<\/td>\n3,338.8<\/td>\n<\/tr>\n
FloatingReset<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0798 %<\/td>\n3,634.3<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.65 %<\/td>\n4.83 %<\/td>\n128,935<\/td>\n2.77<\/td>\n22<\/td>\n0.0461 %<\/td>\n2,625.9<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0798 %<\/td>\n3,122.8<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.22 %<\/td>\n5.29 %<\/td>\n58,545<\/td>\n14.66<\/td>\n15<\/td>\n1.6541 %<\/td>\n3,068.7<\/td>\n<\/tr>\n<\/table>\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
PWF.PR.K<\/td>\nPerpetual-Discount<\/td>\n-1.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-20
\nMaturity Price : 21.38
\nEvaluated at bid price : 21.65
\nBid-YTW : 5.73 %<\/td>\n<\/tr>\n
PWF.PF.A<\/td>\nPerpetual-Discount<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-20
\nMaturity Price : 20.51
\nEvaluated at bid price : 20.51
\nBid-YTW : 5.51 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset Disc<\/td>\n1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-20
\nMaturity Price : 18.70
\nEvaluated at bid price : 18.70
\nBid-YTW : 5.57 %<\/td>\n<\/tr>\n
MFC.PR.Q<\/td>\nFixedReset Ins Non<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-20
\nMaturity Price : 23.54
\nEvaluated at bid price : 25.29
\nBid-YTW : 5.20 %<\/td>\n<\/tr>\n
IFC.PR.E<\/td>\nInsurance Straight<\/td>\n1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-20
\nMaturity Price : 23.79
\nEvaluated at bid price : 24.06
\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n
GWO.PR.Y<\/td>\nInsurance Straight<\/td>\n1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-20
\nMaturity Price : 20.90
\nEvaluated at bid price : 20.90
\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n
IFC.PR.F<\/td>\nInsurance Straight<\/td>\n1.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-20
\nMaturity Price : 23.70
\nEvaluated at bid price : 24.00
\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n
POW.PR.B<\/td>\nPerpetual-Discount<\/td>\n1.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-20
\nMaturity Price : 23.53
\nEvaluated at bid price : 23.80
\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n
BN.PR.N<\/td>\nPerpetual-Discount<\/td>\n1.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-20
\nMaturity Price : 20.79
\nEvaluated at bid price : 20.79
\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n
BN.PR.Z<\/td>\nFixedReset Disc<\/td>\n1.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-20
\nMaturity Price : 23.44
\nEvaluated at bid price : 24.75
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n
GWO.PR.R<\/td>\nInsurance Straight<\/td>\n2.93 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-20
\nMaturity Price : 21.55
\nEvaluated at bid price : 21.81
\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n
BN.PR.M<\/td>\nPerpetual-Discount<\/td>\n3.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-20
\nMaturity Price : 20.81
\nEvaluated at bid price : 20.81
\nBid-YTW : 5.77 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n29.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-20
\nMaturity Price : 21.36
\nEvaluated at bid price : 21.68
\nBid-YTW : 5.11 %<\/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.H<\/td>\nFixedReset Disc<\/td>\n90,174<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-20
\nMaturity Price : 18.70
\nEvaluated at bid price : 18.70
\nBid-YTW : 5.57 %<\/td>\n<\/tr>\n
GWO.PR.Z<\/td>\nInsurance Straight<\/td>\n50,500<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2034-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.52
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n
NA.PR.C<\/td>\nFixedReset Prem<\/td>\n35,200<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-11-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.16
\nBid-YTW : 4.44 %<\/td>\n<\/tr>\n
IFC.PR.F<\/td>\nInsurance Straight<\/td>\n30,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-20
\nMaturity Price : 23.70
\nEvaluated at bid price : 24.00
\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n
POW.PR.H<\/td>\nPerpetual-Premium<\/td>\n17,400<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2034-10-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.54
\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n
BN.PF.C<\/td>\nPerpetual-Discount<\/td>\n14,842<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-20
\nMaturity Price : 20.91
\nEvaluated at bid price : 20.91
\nBid-YTW : 5.86 %<\/td>\n<\/tr>\n
There were 9 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
ENB.PF.E<\/td>\nFixedReset Disc<\/td>\nQuote: 21.55 – 22.90
\nSpot Rate : 1.3500
\nAverage : 0.9033<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-20
\nMaturity Price : 21.55
\nEvaluated at bid price : 21.55
\nBid-YTW : 6.28 %<\/td>\n<\/tr>\n

PWF.PR.K<\/td>\nPerpetual-Discount<\/td>\nQuote: 21.65 – 23.00
\nSpot Rate : 1.3500
\nAverage : 1.0081<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-20
\nMaturity Price : 21.38
\nEvaluated at bid price : 21.65
\nBid-YTW : 5.73 %<\/td>\n<\/tr>\n

BIP.PR.E<\/td>\nFixedReset Prem<\/td>\nQuote: 25.11 – 26.11
\nSpot Rate : 1.0000
\nAverage : 0.6688<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-20
\nMaturity Price : 23.52
\nEvaluated at bid price : 25.11
\nBid-YTW : 5.74 %<\/td>\n<\/tr>\n

ELF.PR.F<\/td>\nInsurance Straight<\/td>\nQuote: 23.50 – 24.30
\nSpot Rate : 0.8000
\nAverage : 0.5310<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-20
\nMaturity Price : 23.20
\nEvaluated at bid price : 23.50
\nBid-YTW : 5.66 %<\/td>\n<\/tr>\n

IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\nQuote: 23.96 – 25.00
\nSpot Rate : 1.0400
\nAverage : 0.8445<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-20
\nMaturity Price : 23.40
\nEvaluated at bid price : 23.96
\nBid-YTW : 5.41 %<\/td>\n<\/tr>\n

TD.PF.J<\/td>\nFixedReset Prem<\/td>\nQuote: 25.46 – 26.05
\nSpot Rate : 0.5900
\nAverage : 0.4366<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2028-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.46
\nBid-YTW : 4.93 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Investment Executive had a piece on the preferred share market: Since the preferred market is less liquid than some other types of fixed-income, \u201cthe capacity or the potential to outperform the benchmark is higher,\u201d said …<\/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-50411","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50411","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=50411"}],"version-history":[{"count":3,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50411\/revisions"}],"predecessor-version":[{"id":50414,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50411\/revisions\/50414"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50411"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50411"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50411"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}