{"id":50652,"date":"2025-11-12T21:17:27","date_gmt":"2025-11-13T02:17:27","guid":{"rendered":"https:\/\/prefblog.com\/?p=50652"},"modified":"2025-11-13T10:04:07","modified_gmt":"2025-11-13T15:04:07","slug":"november-12-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50652","title":{"rendered":"November 12, 2025"},"content":{"rendered":"

PerpetualDiscounts now yield 5.49%, equivalent to 7.14% interest at the standard conversion factor of 1.3x. Long corporates<\/a> yielded 4.72% on 2025-11-12, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has remained at the 240bp reported October 29<\/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>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.3307 %<\/td>\n2,415.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.3307 %<\/td>\n4,581.0<\/td>\n<\/tr>\n
Floater<\/td>\n5.96 %<\/td>\n6.26 %<\/td>\n58,325<\/td>\n13.49<\/td>\n3<\/td>\n-0.3307 %<\/td>\n2,640.0<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1406 %<\/td>\n3,699.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.72 %<\/td>\n4.36 %<\/td>\n66,016<\/td>\n3.25<\/td>\n5<\/td>\n0.1406 %<\/td>\n4,417.5<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1406 %<\/td>\n3,446.7<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.64 %<\/td>\n-1.67 %<\/td>\n78,758<\/td>\n0.09<\/td>\n7<\/td>\n-0.5593 %<\/td>\n3,112.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.42 %<\/td>\n5.49 %<\/td>\n46,343<\/td>\n14.55<\/td>\n25<\/td>\n-0.1163 %<\/td>\n3,452.0<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.72 %<\/td>\n5.89 %<\/td>\n110,047<\/td>\n13.76<\/td>\n30<\/td>\n-0.2581 %<\/td>\n3,127.0<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.35 %<\/td>\n5.40 %<\/td>\n58,133<\/td>\n14.70<\/td>\n21<\/td>\n-0.3281 %<\/td>\n3,393.2<\/td>\n<\/tr>\n
FloatingReset<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2581 %<\/td>\n3,719.9<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.86 %<\/td>\n4.73 %<\/td>\n108,912<\/td>\n2.32<\/td>\n21<\/td>\n-0.1361 %<\/td>\n2,645.0<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2581 %<\/td>\n3,196.4<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.16 %<\/td>\n5.33 %<\/td>\n64,800<\/td>\n14.50<\/td>\n15<\/td>\n-0.4593 %<\/td>\n3,105.4<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n-8.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-12
\nMaturity Price : 20.50
\nEvaluated at bid price : 20.50
\nBid-YTW : 5.91 %<\/td>\n<\/tr>\n
CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\n-4.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-12
\nMaturity Price : 20.40
\nEvaluated at bid price : 20.40
\nBid-YTW : 5.66 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n-2.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-12
\nMaturity Price : 20.94
\nEvaluated at bid price : 20.94
\nBid-YTW : 5.39 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\n-2.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-12
\nMaturity Price : 22.81
\nEvaluated at bid price : 23.96
\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n
IFC.PR.F<\/td>\nInsurance Straight<\/td>\n-2.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-12
\nMaturity Price : 23.23
\nEvaluated at bid price : 23.51
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n
ENB.PF.E<\/td>\nFixedReset Disc<\/td>\n-1.87 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-12
\nMaturity Price : 21.66
\nEvaluated at bid price : 22.00
\nBid-YTW : 6.27 %<\/td>\n<\/tr>\n
GWO.PR.Y<\/td>\nInsurance Straight<\/td>\n-1.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-12
\nMaturity Price : 21.20
\nEvaluated at bid price : 21.20
\nBid-YTW : 5.38 %<\/td>\n<\/tr>\n
POW.PR.G<\/td>\nPerpetual-Premium<\/td>\n-1.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-12-12
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.21
\nBid-YTW : 0.60 %<\/td>\n<\/tr>\n
ENB.PR.B<\/td>\nFixedReset Disc<\/td>\n-1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-12
\nMaturity Price : 21.02
\nEvaluated at bid price : 21.02
\nBid-YTW : 6.28 %<\/td>\n<\/tr>\n
ENB.PR.J<\/td>\nFixedReset Disc<\/td>\n-1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-12
\nMaturity Price : 22.09
\nEvaluated at bid price : 22.50
\nBid-YTW : 6.20 %<\/td>\n<\/tr>\n
NA.PR.S<\/td>\nFixedReset Prem<\/td>\n-1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-12
\nMaturity Price : 23.52
\nEvaluated at bid price : 25.66
\nBid-YTW : 5.15 %<\/td>\n<\/tr>\n
ENB.PR.H<\/td>\nFixedReset Disc<\/td>\n-1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-12
\nMaturity Price : 22.32
\nEvaluated at bid price : 22.77
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n
POW.PR.C<\/td>\nPerpetual-Premium<\/td>\n-1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-12-12
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.60
\nBid-YTW : -16.95 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n-1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-12
\nMaturity Price : 18.78
\nEvaluated at bid price : 18.78
\nBid-YTW : 5.66 %<\/td>\n<\/tr>\n
ENB.PR.F<\/td>\nFixedReset Disc<\/td>\n-1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-12
\nMaturity Price : 21.52
\nEvaluated at bid price : 21.90
\nBid-YTW : 6.19 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-12
\nMaturity Price : 21.20
\nEvaluated at bid price : 21.20
\nBid-YTW : 5.32 %<\/td>\n<\/tr>\n
ENB.PR.A<\/td>\nPerpetual-Discount<\/td>\n1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-12-12
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.31
\nBid-YTW : 3.66 %<\/td>\n<\/tr>\n
BN.PR.Z<\/td>\nFixedReset Disc<\/td>\n1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-12
\nMaturity Price : 23.52
\nEvaluated at bid price : 24.92
\nBid-YTW : 5.81 %<\/td>\n<\/tr>\n
PWF.PR.R<\/td>\nPerpetual-Discount<\/td>\n2.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-12
\nMaturity Price : 24.60
\nEvaluated at bid price : 24.85
\nBid-YTW : 5.57 %<\/td>\n<\/tr>\n
CU.PR.J<\/td>\nPerpetual-Discount<\/td>\n10.96 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-12
\nMaturity Price : 21.53
\nEvaluated at bid price : 21.86
\nBid-YTW : 5.43 %<\/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
IFC.PR.M<\/td>\nPerpetual-Premium<\/td>\n546,104<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-12
\nMaturity Price : 24.62
\nEvaluated at bid price : 25.02
\nBid-YTW : 5.51 %<\/td>\n<\/tr>\n
BN.PR.K<\/td>\nFloater<\/td>\n75,769<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-12
\nMaturity Price : 12.65
\nEvaluated at bid price : 12.65
\nBid-YTW : 6.26 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\n51,800<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-12
\nMaturity Price : 23.07
\nEvaluated at bid price : 24.55
\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n
FFH.PR.I<\/td>\nFixedReset Disc<\/td>\n47,145<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-12
\nMaturity Price : 24.04
\nEvaluated at bid price : 24.97
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\n44,512<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-12
\nMaturity Price : 20.40
\nEvaluated at bid price : 20.40
\nBid-YTW : 5.66 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n35,700<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-12
\nMaturity Price : 17.90
\nEvaluated at bid price : 17.90
\nBid-YTW : 5.70 %<\/td>\n<\/tr>\n
There were 10 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
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.50 – 22.47
\nSpot Rate : 1.9700
\nAverage : 1.0880<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-12
\nMaturity Price : 20.50
\nEvaluated at bid price : 20.50
\nBid-YTW : 5.91 %<\/td>\n<\/tr>\n

CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.40 – 21.40
\nSpot Rate : 1.0000
\nAverage : 0.6200<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-12
\nMaturity Price : 20.40
\nEvaluated at bid price : 20.40
\nBid-YTW : 5.66 %<\/td>\n<\/tr>\n

MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\nQuote: 18.20 – 19.25
\nSpot Rate : 1.0500
\nAverage : 0.6742<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-12
\nMaturity Price : 18.20
\nEvaluated at bid price : 18.20
\nBid-YTW : 5.70 %<\/td>\n<\/tr>\n

CU.PR.G<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.94 – 22.00
\nSpot Rate : 1.0600
\nAverage : 0.7250<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-12
\nMaturity Price : 20.94
\nEvaluated at bid price : 20.94
\nBid-YTW : 5.39 %<\/td>\n<\/tr>\n

MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\nQuote: 23.96 – 24.75
\nSpot Rate : 0.7900
\nAverage : 0.5503<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-12
\nMaturity Price : 22.81
\nEvaluated at bid price : 23.96
\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n

IFC.PR.F<\/td>\nInsurance Straight<\/td>\nQuote: 23.51 – 24.70
\nSpot Rate : 1.1900
\nAverage : 0.9531<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-12
\nMaturity Price : 23.23
\nEvaluated at bid price : 23.51
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.49%, equivalent to 7.14% interest at the standard conversion factor of 1.3x. Long corporates yielded 4.72% on 2025-11-12, 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-50652","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50652","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=50652"}],"version-history":[{"count":2,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50652\/revisions"}],"predecessor-version":[{"id":50659,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50652\/revisions\/50659"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50652"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50652"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50652"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}