{"id":51191,"date":"2025-12-03T22:50:10","date_gmt":"2025-12-04T03:50:10","guid":{"rendered":"https:\/\/prefblog.com\/?p=51191"},"modified":"2025-12-05T09:17:36","modified_gmt":"2025-12-05T14:17:36","slug":"december-3-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51191","title":{"rendered":"December 3, 2025"},"content":{"rendered":"

PerpetualDiscounts now yield 5.59%, equivalent to 7.27% interest at the standard conversion factor of 1.3x. Long corporates<\/a> yielded 4.84% on 2025-12-03, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed sharply to 245bp from the 260bp reported November 26<\/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-0.1279 %<\/td>\n2,407.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1279 %<\/td>\n4,565.8<\/td>\n<\/tr>\n
Floater<\/td>\n5.98 %<\/td>\n6.27 %<\/td>\n62,332<\/td>\n13.44<\/td>\n3<\/td>\n-0.1279 %<\/td>\n2,631.3<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1105 %<\/td>\n3,658.9<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.77 %<\/td>\n4.24 %<\/td>\n70,915<\/td>\n1.20<\/td>\n5<\/td>\n0.1105 %<\/td>\n4,369.6<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1105 %<\/td>\n3,409.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.63 %<\/td>\n-7.64 %<\/td>\n72,615<\/td>\n0.09<\/td>\n7<\/td>\n0.5471 %<\/td>\n3,117.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.48 %<\/td>\n5.59 %<\/td>\n50,020<\/td>\n14.47<\/td>\n28<\/td>\n0.3208 %<\/td>\n3,416.0<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.85 %<\/td>\n5.92 %<\/td>\n102,162<\/td>\n13.74<\/td>\n31<\/td>\n-0.0994 %<\/td>\n3,120.2<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.49 %<\/td>\n5.50 %<\/td>\n61,552<\/td>\n14.69<\/td>\n21<\/td>\n-0.3196 %<\/td>\n3,311.8<\/td>\n<\/tr>\n
FloatingReset<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0994 %<\/td>\n3,711.8<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.91 %<\/td>\n4.67 %<\/td>\n107,611<\/td>\n2.27<\/td>\n20<\/td>\n0.2272 %<\/td>\n2,656.3<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0994 %<\/td>\n3,189.4<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.34 %<\/td>\n5.32 %<\/td>\n76,898<\/td>\n14.66<\/td>\n13<\/td>\n-1.1326 %<\/td>\n3,072.9<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n-15.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-03
\nMaturity Price : 15.46
\nEvaluated at bid price : 15.46
\nBid-YTW : 6.63 %<\/td>\n<\/tr>\n
BN.PF.E<\/td>\nFixedReset Disc<\/td>\n-5.73 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-03
\nMaturity Price : 21.39
\nEvaluated at bid price : 21.70
\nBid-YTW : 6.21 %<\/td>\n<\/tr>\n
ENB.PR.F<\/td>\nFixedReset Disc<\/td>\n-4.99 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-03
\nMaturity Price : 20.75
\nEvaluated at bid price : 20.75
\nBid-YTW : 6.49 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\n-3.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-03
\nMaturity Price : 22.70
\nEvaluated at bid price : 23.73
\nBid-YTW : 5.34 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset Disc<\/td>\n-1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-03
\nMaturity Price : 18.75
\nEvaluated at bid price : 18.75
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n
ENB.PF.C<\/td>\nFixedReset Disc<\/td>\n-1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-03
\nMaturity Price : 21.60
\nEvaluated at bid price : 21.90
\nBid-YTW : 6.25 %<\/td>\n<\/tr>\n
BN.PR.Z<\/td>\nFixedReset Disc<\/td>\n-1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-03
\nMaturity Price : 23.45
\nEvaluated at bid price : 24.70
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n
BN.PR.N<\/td>\nPerpetual-Discount<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-03
\nMaturity Price : 20.78
\nEvaluated at bid price : 20.78
\nBid-YTW : 5.83 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n-1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-03
\nMaturity Price : 20.88
\nEvaluated at bid price : 20.88
\nBid-YTW : 5.43 %<\/td>\n<\/tr>\n
IFC.PR.I<\/td>\nInsurance Straight<\/td>\n1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-03
\nMaturity Price : 24.61
\nEvaluated at bid price : 24.89
\nBid-YTW : 5.51 %<\/td>\n<\/tr>\n
NA.PR.G<\/td>\nFixedReset Prem<\/td>\n1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2028-11-16
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.65
\nBid-YTW : 4.79 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nInsurance Straight<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-03
\nMaturity Price : 22.01
\nEvaluated at bid price : 22.25
\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n
ENB.PF.A<\/td>\nFixedReset Disc<\/td>\n1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-03
\nMaturity Price : 22.28
\nEvaluated at bid price : 22.90
\nBid-YTW : 6.03 %<\/td>\n<\/tr>\n
GWO.PR.M<\/td>\nInsurance Straight<\/td>\n1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2026-01-02
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.65
\nBid-YTW : -28.60 %<\/td>\n<\/tr>\n
BN.PF.J<\/td>\nFixedReset Prem<\/td>\n1.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.90
\nBid-YTW : 4.98 %<\/td>\n<\/tr>\n
PWF.PF.A<\/td>\nPerpetual-Discount<\/td>\n1.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-03
\nMaturity Price : 20.65
\nEvaluated at bid price : 20.65
\nBid-YTW : 5.52 %<\/td>\n<\/tr>\n
PWF.PR.H<\/td>\nPerpetual-Premium<\/td>\n1.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2026-01-02
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.41
\nBid-YTW : -7.64 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n1.70 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-03
\nMaturity Price : 19.69
\nEvaluated at bid price : 19.69
\nBid-YTW : 5.35 %<\/td>\n<\/tr>\n
ENB.PR.J<\/td>\nFixedReset Disc<\/td>\n1.96 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-03
\nMaturity Price : 22.03
\nEvaluated at bid price : 22.41
\nBid-YTW : 6.16 %<\/td>\n<\/tr>\n
FTS.PR.G<\/td>\nFixedReset Disc<\/td>\n2.73 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-03
\nMaturity Price : 23.37
\nEvaluated at bid price : 24.86
\nBid-YTW : 5.10 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n2.93 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-03
\nMaturity Price : 24.27
\nEvaluated at bid price : 24.60
\nBid-YTW : 5.29 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n7.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-03
\nMaturity Price : 21.75
\nEvaluated at bid price : 22.00
\nBid-YTW : 5.51 %<\/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.PR.Z<\/td>\nFixedReset Disc<\/td>\n239,134<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-03
\nMaturity Price : 23.45
\nEvaluated at bid price : 24.70
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n
BN.PF.M<\/td>\nFixedReset Prem<\/td>\n237,301<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2031-01-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.65
\nBid-YTW : 4.87 %<\/td>\n<\/tr>\n
ENB.PF.C<\/td>\nFixedReset Disc<\/td>\n152,771<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-03
\nMaturity Price : 21.60
\nEvaluated at bid price : 21.90
\nBid-YTW : 6.25 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\n126,700<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-03
\nMaturity Price : 22.70
\nEvaluated at bid price : 23.73
\nBid-YTW : 5.34 %<\/td>\n<\/tr>\n
ENB.PF.E<\/td>\nFixedReset Disc<\/td>\n124,200<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-03
\nMaturity Price : 21.90
\nEvaluated at bid price : 22.35
\nBid-YTW : 6.10 %<\/td>\n<\/tr>\n
ENB.PF.G<\/td>\nFixedReset Disc<\/td>\n117,000<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-03
\nMaturity Price : 21.99
\nEvaluated at bid price : 22.50
\nBid-YTW : 6.15 %<\/td>\n<\/tr>\n
There were 20 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.N<\/td>\nFixedReset Ins Non<\/td>\nQuote: 15.46 – 18.44
\nSpot Rate : 2.9800
\nAverage : 1.9953<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-03
\nMaturity Price : 15.46
\nEvaluated at bid price : 15.46
\nBid-YTW : 6.63 %<\/td>\n<\/tr>\n

GWO.PR.T<\/td>\nInsurance Straight<\/td>\nQuote: 19.84 – 23.55
\nSpot Rate : 3.7100
\nAverage : 2.9728<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-03
\nMaturity Price : 19.84
\nEvaluated at bid price : 19.84
\nBid-YTW : 6.51 %<\/td>\n<\/tr>\n

ENB.PF.C<\/td>\nFixedReset Disc<\/td>\nQuote: 21.90 – 24.50
\nSpot Rate : 2.6000
\nAverage : 1.9855<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-03
\nMaturity Price : 21.60
\nEvaluated at bid price : 21.90
\nBid-YTW : 6.25 %<\/td>\n<\/tr>\n

BN.PF.E<\/td>\nFixedReset Disc<\/td>\nQuote: 21.70 – 23.15
\nSpot Rate : 1.4500
\nAverage : 0.9466<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-03
\nMaturity Price : 21.39
\nEvaluated at bid price : 21.70
\nBid-YTW : 6.21 %<\/td>\n<\/tr>\n

GWO.PR.Y<\/td>\nInsurance Straight<\/td>\nQuote: 19.96 – 21.50
\nSpot Rate : 1.5400
\nAverage : 1.1225<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-03
\nMaturity Price : 19.96
\nEvaluated at bid price : 19.96
\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n

ENB.PR.F<\/td>\nFixedReset Disc<\/td>\nQuote: 20.75 – 21.85
\nSpot Rate : 1.1000
\nAverage : 0.7795<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-03
\nMaturity Price : 20.75
\nEvaluated at bid price : 20.75
\nBid-YTW : 6.49 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.59%, equivalent to 7.27% interest at the standard conversion factor of 1.3x. Long corporates yielded 4.84% on 2025-12-03, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed 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-51191","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51191","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=51191"}],"version-history":[{"count":2,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51191\/revisions"}],"predecessor-version":[{"id":51211,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51191\/revisions\/51211"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51191"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51191"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51191"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}