{"id":51183,"date":"2025-12-03T00:07:12","date_gmt":"2025-12-03T05:07:12","guid":{"rendered":"https:\/\/prefblog.com\/?p=51183"},"modified":"2025-12-03T00:07:12","modified_gmt":"2025-12-03T05:07:12","slug":"december-2-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51183","title":{"rendered":"December 2, 2025"},"content":{"rendered":"

Brompton has announced a treasury offering of SBC.PR.A preferreds only; I have updated the post SBC.PR.A: Capital Unit Split<\/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>\n0.7732 %<\/td>\n2,411.0<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.7732 %<\/td>\n4,571.6<\/td>\n<\/tr>\n
Floater<\/td>\n5.98 %<\/td>\n6.25 %<\/td>\n59,872<\/td>\n13.46<\/td>\n3<\/td>\n0.7732 %<\/td>\n2,634.7<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2453 %<\/td>\n3,654.9<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.78 %<\/td>\n4.23 %<\/td>\n70,117<\/td>\n1.20<\/td>\n5<\/td>\n0.2453 %<\/td>\n4,364.7<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2453 %<\/td>\n3,405.5<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.66 %<\/td>\n5.54 %<\/td>\n73,723<\/td>\n6.85<\/td>\n7<\/td>\n-0.0564 %<\/td>\n3,100.7<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.50 %<\/td>\n5.61 %<\/td>\n50,441<\/td>\n14.47<\/td>\n28<\/td>\n0.4537 %<\/td>\n3,405.1<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.84 %<\/td>\n5.88 %<\/td>\n103,393<\/td>\n13.75<\/td>\n31<\/td>\n0.8508 %<\/td>\n3,123.3<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.47 %<\/td>\n5.52 %<\/td>\n56,958<\/td>\n14.52<\/td>\n21<\/td>\n-0.6760 %<\/td>\n3,322.5<\/td>\n<\/tr>\n
FloatingReset<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.8508 %<\/td>\n3,715.5<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.92 %<\/td>\n4.90 %<\/td>\n111,997<\/td>\n2.27<\/td>\n20<\/td>\n0.1524 %<\/td>\n2,650.2<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.8508 %<\/td>\n3,192.6<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.28 %<\/td>\n5.32 %<\/td>\n75,672<\/td>\n14.64<\/td>\n13<\/td>\n2.1337 %<\/td>\n3,108.1<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\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
GWO.PR.T<\/td>\nInsurance Straight<\/td>\n-14.61 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-02
\nMaturity Price : 20.17
\nEvaluated at bid price : 20.17
\nBid-YTW : 6.52 %<\/td>\n<\/tr>\n
GWO.PR.Y<\/td>\nInsurance Straight<\/td>\n-3.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-02
\nMaturity Price : 20.25
\nEvaluated at bid price : 20.25
\nBid-YTW : 5.66 %<\/td>\n<\/tr>\n
FTS.PR.G<\/td>\nFixedReset Disc<\/td>\n-2.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-02
\nMaturity Price : 23.11
\nEvaluated at bid price : 24.20
\nBid-YTW : 5.27 %<\/td>\n<\/tr>\n
POW.PR.B<\/td>\nPerpetual-Discount<\/td>\n-1.68 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-02
\nMaturity Price : 23.69
\nEvaluated at bid price : 24.00
\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n
ENB.PR.J<\/td>\nFixedReset Disc<\/td>\n-1.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-02
\nMaturity Price : 21.72
\nEvaluated at bid price : 21.98
\nBid-YTW : 6.29 %<\/td>\n<\/tr>\n
PWF.PR.H<\/td>\nPerpetual-Premium<\/td>\n-1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-02
\nMaturity Price : 24.68
\nEvaluated at bid price : 25.00
\nBid-YTW : 5.81 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-02
\nMaturity Price : 20.60
\nEvaluated at bid price : 20.60
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n
GWO.PR.R<\/td>\nInsurance Straight<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-02
\nMaturity Price : 21.83
\nEvaluated at bid price : 22.07
\nBid-YTW : 5.52 %<\/td>\n<\/tr>\n
ENB.PR.B<\/td>\nFixedReset Disc<\/td>\n1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-02
\nMaturity Price : 21.16
\nEvaluated at bid price : 21.16
\nBid-YTW : 6.18 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset Disc<\/td>\n1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-02
\nMaturity Price : 22.42
\nEvaluated at bid price : 23.02
\nBid-YTW : 5.40 %<\/td>\n<\/tr>\n
BN.PR.T<\/td>\nFixedReset Disc<\/td>\n1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-02
\nMaturity Price : 20.47
\nEvaluated at bid price : 20.47
\nBid-YTW : 6.19 %<\/td>\n<\/tr>\n
BN.PR.N<\/td>\nPerpetual-Discount<\/td>\n1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-02
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 5.76 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-02
\nMaturity Price : 23.14
\nEvaluated at bid price : 24.72
\nBid-YTW : 5.23 %<\/td>\n<\/tr>\n
ENB.PR.P<\/td>\nFixedReset Disc<\/td>\n1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-02
\nMaturity Price : 21.82
\nEvaluated at bid price : 22.12
\nBid-YTW : 6.16 %<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-02
\nMaturity Price : 22.82
\nEvaluated at bid price : 23.10
\nBid-YTW : 5.57 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n1.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-02
\nMaturity Price : 21.10
\nEvaluated at bid price : 21.10
\nBid-YTW : 5.37 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n1.56 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-02
\nMaturity Price : 13.70
\nEvaluated at bid price : 13.70
\nBid-YTW : 5.74 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset Disc<\/td>\n1.76 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-02
\nMaturity Price : 19.03
\nEvaluated at bid price : 19.03
\nBid-YTW : 5.59 %<\/td>\n<\/tr>\n
BN.PF.E<\/td>\nFixedReset Disc<\/td>\n1.86 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-02
\nMaturity Price : 22.33
\nEvaluated at bid price : 23.02
\nBid-YTW : 5.83 %<\/td>\n<\/tr>\n
PWF.PR.E<\/td>\nPerpetual-Discount<\/td>\n2.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-02
\nMaturity Price : 24.23
\nEvaluated at bid price : 24.52
\nBid-YTW : 5.66 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n2.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-02
\nMaturity Price : 23.48
\nEvaluated at bid price : 23.90
\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n
ENB.PR.D<\/td>\nFixedReset Disc<\/td>\n2.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-02
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 6.24 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n3.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-02
\nMaturity Price : 23.67
\nEvaluated at bid price : 24.25
\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\n3.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-02
\nMaturity Price : 23.06
\nEvaluated at bid price : 24.55
\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetual-Discount<\/td>\n3.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-02
\nMaturity Price : 22.16
\nEvaluated at bid price : 22.44
\nBid-YTW : 5.57 %<\/td>\n<\/tr>\n
POW.PR.A<\/td>\nPerpetual-Discount<\/td>\n4.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-02
\nMaturity Price : 24.64
\nEvaluated at bid price : 24.90
\nBid-YTW : 5.70 %<\/td>\n<\/tr>\n
ENB.PR.F<\/td>\nFixedReset Disc<\/td>\n5.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-02
\nMaturity Price : 21.48
\nEvaluated at bid price : 21.84
\nBid-YTW : 6.14 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\n6.61 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-02
\nMaturity Price : 23.12
\nEvaluated at bid price : 24.52
\nBid-YTW : 5.16 %<\/td>\n<\/tr>\n
BN.PF.G<\/td>\nFixedReset Disc<\/td>\n10.86 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-02
\nMaturity Price : 23.01
\nEvaluated at bid price : 24.50
\nBid-YTW : 5.79 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n18.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-02
\nMaturity Price : 18.35
\nEvaluated at bid price : 18.35
\nBid-YTW : 5.62 %<\/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
BIP.PR.B<\/td>\nFixedReset Disc<\/td>\n200,884<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2026-01-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.94
\nBid-YTW : 5.27 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n128,397<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-02
\nMaturity Price : 18.35
\nEvaluated at bid price : 18.35
\nBid-YTW : 5.62 %<\/td>\n<\/tr>\n
FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\n66,006<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-02
\nMaturity Price : 22.12
\nEvaluated at bid price : 22.40
\nBid-YTW : 5.32 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset Disc<\/td>\n64,800<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-02
\nMaturity Price : 19.03
\nEvaluated at bid price : 19.03
\nBid-YTW : 5.59 %<\/td>\n<\/tr>\n
ENB.PF.G<\/td>\nFixedReset Disc<\/td>\n62,200<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-02
\nMaturity Price : 22.02
\nEvaluated at bid price : 22.55
\nBid-YTW : 6.14 %<\/td>\n<\/tr>\n
BN.PF.M<\/td>\nFixedReset Prem<\/td>\n60,300<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2031-01-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.60
\nBid-YTW : 4.91 %<\/td>\n<\/tr>\n
There were 19 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
GWO.PR.T<\/td>\nInsurance Straight<\/td>\nQuote: 20.17 – 24.00
\nSpot Rate : 3.8300
\nAverage : 2.1645<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-02
\nMaturity Price : 20.17
\nEvaluated at bid price : 20.17
\nBid-YTW : 6.52 %<\/td>\n<\/tr>\n

ENB.PF.C<\/td>\nFixedReset Disc<\/td>\nQuote: 22.21 – 24.50
\nSpot Rate : 2.2900
\nAverage : 1.3116<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-02
\nMaturity Price : 21.82
\nEvaluated at bid price : 22.21
\nBid-YTW : 6.15 %<\/td>\n<\/tr>\n

CU.PR.J<\/td>\nPerpetual-Discount<\/td>\nQuote: 21.60 – 23.15
\nSpot Rate : 1.5500
\nAverage : 1.1026<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-02
\nMaturity Price : 21.60
\nEvaluated at bid price : 21.60
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n

FTS.PR.G<\/td>\nFixedReset Disc<\/td>\nQuote: 24.20 – 25.09
\nSpot Rate : 0.8900
\nAverage : 0.5244<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-02
\nMaturity Price : 23.11
\nEvaluated at bid price : 24.20
\nBid-YTW : 5.27 %<\/td>\n<\/tr>\n

NA.PR.S<\/td>\nFixedReset Prem<\/td>\nQuote: 25.75 – 26.75
\nSpot Rate : 1.0000
\nAverage : 0.7077<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-02
\nMaturity Price : 23.55
\nEvaluated at bid price : 25.75
\nBid-YTW : 5.17 %<\/td>\n<\/tr>\n

ENB.PR.J<\/td>\nFixedReset Disc<\/td>\nQuote: 21.98 – 22.78
\nSpot Rate : 0.8000
\nAverage : 0.5310<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-02
\nMaturity Price : 21.72
\nEvaluated at bid price : 21.98
\nBid-YTW : 6.29 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Brompton has announced a treasury offering of SBC.PR.A preferreds only; I have updated the post SBC.PR.A: Capital Unit Split. HIMIPref™ Preferred IndicesThese values reflect the December 2008 revision of the HIMIPref™ IndicesValues are provisional and …<\/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-51183","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51183","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=51183"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51183\/revisions"}],"predecessor-version":[{"id":51184,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51183\/revisions\/51184"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51183"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51183"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51183"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}