{"id":51018,"date":"2025-11-26T20:07:06","date_gmt":"2025-11-27T01:07:06","guid":{"rendered":"https:\/\/prefblog.com\/?p=51018"},"modified":"2025-11-27T12:31:45","modified_gmt":"2025-11-27T17:31:45","slug":"november-26-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51018","title":{"rendered":"November 26, 2025"},"content":{"rendered":"

PerpetualDiscounts now yield 5.63%, equivalent to 7.32% interest at the standard conversion factor of 1.3x. Long corporates<\/a> yielded 4.74% on 2025-11-26, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened sharply to 260bp from the 240bp reported November 12<\/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-0.6655 %<\/td>\n2,393.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.6655 %<\/td>\n4,537.7<\/td>\n<\/tr>\n
Floater<\/td>\n6.02 %<\/td>\n6.30 %<\/td>\n58,238<\/td>\n13.41<\/td>\n3<\/td>\n-0.6655 %<\/td>\n2,615.1<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0712 %<\/td>\n3,647.7<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.79 %<\/td>\n4.32 %<\/td>\n73,587<\/td>\n3.24<\/td>\n5<\/td>\n0.0712 %<\/td>\n4,356.1<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0712 %<\/td>\n3,398.8<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.68 %<\/td>\n0.02 %<\/td>\n73,173<\/td>\n0.09<\/td>\n7<\/td>\n-0.1698 %<\/td>\n3,086.0<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.54 %<\/td>\n5.63 %<\/td>\n49,520<\/td>\n14.43<\/td>\n26<\/td>\n-0.1375 %<\/td>\n3,377.8<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.95 %<\/td>\n5.96 %<\/td>\n106,690<\/td>\n13.64<\/td>\n29<\/td>\n0.7113 %<\/td>\n3,065.0<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.50 %<\/td>\n5.57 %<\/td>\n59,965<\/td>\n14.46<\/td>\n21<\/td>\n-0.0750 %<\/td>\n3,305.4<\/td>\n<\/tr>\n
FloatingReset<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.7113 %<\/td>\n3,646.1<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.86 %<\/td>\n5.01 %<\/td>\n109,928<\/td>\n2.67<\/td>\n22<\/td>\n0.4429 %<\/td>\n2,639.4<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.7113 %<\/td>\n3,133.0<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.24 %<\/td>\n5.39 %<\/td>\n65,151<\/td>\n14.53<\/td>\n15<\/td>\n0.0058 %<\/td>\n3,057.5<\/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\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.PF.A<\/td>\nPerpetual-Discount<\/td>\n-6.81 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-26
\nMaturity Price : 19.15
\nEvaluated at bid price : 19.15
\nBid-YTW : 5.95 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n-6.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-26
\nMaturity Price : 20.50
\nEvaluated at bid price : 20.50
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nInsurance Straight<\/td>\n-6.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-26
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\n-3.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-26
\nMaturity Price : 22.38
\nEvaluated at bid price : 23.00
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n
POW.PR.G<\/td>\nPerpetual-Premium<\/td>\n-1.81 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-26
\nMaturity Price : 24.20
\nEvaluated at bid price : 24.46
\nBid-YTW : 5.80 %<\/td>\n<\/tr>\n
PWF.PR.E<\/td>\nPerpetual-Discount<\/td>\n-1.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-26
\nMaturity Price : 23.73
\nEvaluated at bid price : 24.04
\nBid-YTW : 5.77 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n-1.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-26
\nMaturity Price : 13.60
\nEvaluated at bid price : 13.60
\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetual-Discount<\/td>\n-1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-26
\nMaturity Price : 21.97
\nEvaluated at bid price : 22.20
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-26
\nMaturity Price : 22.94
\nEvaluated at bid price : 24.22
\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-26
\nMaturity Price : 23.55
\nEvaluated at bid price : 25.10
\nBid-YTW : 5.39 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-26
\nMaturity Price : 22.83
\nEvaluated at bid price : 24.01
\nBid-YTW : 5.24 %<\/td>\n<\/tr>\n
ENB.PR.P<\/td>\nFixedReset Disc<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-26
\nMaturity Price : 21.42
\nEvaluated at bid price : 21.75
\nBid-YTW : 6.23 %<\/td>\n<\/tr>\n
FFH.PR.K<\/td>\nFixedReset Prem<\/td>\n1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.50
\nBid-YTW : 4.14 %<\/td>\n<\/tr>\n
ENB.PR.N<\/td>\nFixedReset Disc<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-26
\nMaturity Price : 22.90
\nEvaluated at bid price : 23.84
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-26
\nMaturity Price : 20.60
\nEvaluated at bid price : 20.60
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nInsurance Straight<\/td>\n1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-26
\nMaturity Price : 21.01
\nEvaluated at bid price : 21.01
\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n
ENB.PF.E<\/td>\nFixedReset Disc<\/td>\n1.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-26
\nMaturity Price : 21.44
\nEvaluated at bid price : 21.71
\nBid-YTW : 6.26 %<\/td>\n<\/tr>\n
TD.PF.J<\/td>\nFixedReset Prem<\/td>\n1.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2028-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.06
\nBid-YTW : 4.11 %<\/td>\n<\/tr>\n
ENB.PF.C<\/td>\nFixedReset Disc<\/td>\n1.68 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-26
\nMaturity Price : 21.52
\nEvaluated at bid price : 21.79
\nBid-YTW : 6.25 %<\/td>\n<\/tr>\n
ENB.PF.A<\/td>\nFixedReset Disc<\/td>\n1.73 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-26
\nMaturity Price : 21.96
\nEvaluated at bid price : 22.40
\nBid-YTW : 6.14 %<\/td>\n<\/tr>\n
NA.PR.K<\/td>\nFixedReset Prem<\/td>\n1.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-05-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 28.15
\nBid-YTW : 3.90 %<\/td>\n<\/tr>\n
CU.PR.J<\/td>\nPerpetual-Discount<\/td>\n2.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-26
\nMaturity Price : 21.54
\nEvaluated at bid price : 21.54
\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n
FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\n2.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-26
\nMaturity Price : 22.40
\nEvaluated at bid price : 22.66
\nBid-YTW : 5.26 %<\/td>\n<\/tr>\n
BN.PF.E<\/td>\nFixedReset Disc<\/td>\n3.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-26
\nMaturity Price : 21.96
\nEvaluated at bid price : 22.43
\nBid-YTW : 5.96 %<\/td>\n<\/tr>\n
BN.PF.D<\/td>\nPerpetual-Discount<\/td>\n3.90 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-26
\nMaturity Price : 21.30
\nEvaluated at bid price : 21.30
\nBid-YTW : 5.86 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n4.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-26
\nMaturity Price : 18.36
\nEvaluated at bid price : 18.36
\nBid-YTW : 5.95 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nInsurance Straight<\/td>\n6.75 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-26
\nMaturity Price : 21.44
\nEvaluated at bid price : 21.70
\nBid-YTW : 5.35 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n16.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-26
\nMaturity Price : 18.03
\nEvaluated at bid price : 18.03
\nBid-YTW : 5.67 %<\/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
BN.PF.M<\/td>\nFixedReset Prem<\/td>\n819,110<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2031-01-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.30
\nBid-YTW : 5.16 %<\/td>\n<\/tr>\n
FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\n85,700<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-26
\nMaturity Price : 22.40
\nEvaluated at bid price : 22.66
\nBid-YTW : 5.26 %<\/td>\n<\/tr>\n
BMO.PR.E<\/td>\nFixedReset Prem<\/td>\n81,290<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2028-11-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.60
\nBid-YTW : 4.55 %<\/td>\n<\/tr>\n
CM.PR.S<\/td>\nFixedReset Prem<\/td>\n71,546<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2028-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.86
\nBid-YTW : 4.44 %<\/td>\n<\/tr>\n
POW.PR.I<\/td>\nPerpetual-Discount<\/td>\n51,700<\/td>\nYTW SCENARIO
\nMaturity Type : Option Certainty
\nMaturity Date\t: 2055-11-26
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.01
\nBid-YTW : 5.69 %<\/td>\n<\/tr>\n
FFH.PR.I<\/td>\nFixedReset Disc<\/td>\n50,200<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-26
\nMaturity Price : 23.97
\nEvaluated at bid price : 25.00
\nBid-YTW : 5.62 %<\/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
MFC.PR.C<\/td>\nInsurance Straight<\/td>\nQuote: 20.00 – 22.00
\nSpot Rate : 2.0000
\nAverage : 1.1678<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-26
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n

PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.50 – 22.00
\nSpot Rate : 1.5000
\nAverage : 1.0580<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-26
\nMaturity Price : 20.50
\nEvaluated at bid price : 20.50
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n

PWF.PF.A<\/td>\nPerpetual-Discount<\/td>\nQuote: 19.15 – 20.70
\nSpot Rate : 1.5500
\nAverage : 1.1195<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-26
\nMaturity Price : 19.15
\nEvaluated at bid price : 19.15
\nBid-YTW : 5.95 %<\/td>\n<\/tr>\n

MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\nQuote: 23.00 – 24.35
\nSpot Rate : 1.3500
\nAverage : 0.9725<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-26
\nMaturity Price : 22.38
\nEvaluated at bid price : 23.00
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n

ENB.PF.E<\/td>\nFixedReset Disc<\/td>\nQuote: 21.71 – 22.80
\nSpot Rate : 1.0900
\nAverage : 0.7869<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-26
\nMaturity Price : 21.44
\nEvaluated at bid price : 21.71
\nBid-YTW : 6.26 %<\/td>\n<\/tr>\n

GWO.PR.R<\/td>\nInsurance Straight<\/td>\nQuote: 21.66 – 22.60
\nSpot Rate : 0.9400
\nAverage : 0.6847<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-26
\nMaturity Price : 21.39
\nEvaluated at bid price : 21.66
\nBid-YTW : 5.62 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.63%, equivalent to 7.32% interest at the standard conversion factor of 1.3x. Long corporates yielded 4.74% on 2025-11-26, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened sharply …<\/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-51018","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51018","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=51018"}],"version-history":[{"count":2,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51018\/revisions"}],"predecessor-version":[{"id":51093,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51018\/revisions\/51093"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51018"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51018"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51018"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}