{"id":51212,"date":"2025-12-05T22:28:26","date_gmt":"2025-12-06T03:28:26","guid":{"rendered":"https:\/\/prefblog.com\/?p=51212"},"modified":"2025-12-05T22:28:42","modified_gmt":"2025-12-06T03:28:42","slug":"december-5-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51212","title":{"rendered":"December 5, 2025"},"content":{"rendered":"

Jobs, jobs, jobs<\/a>!<\/p>\n

Canadian employment surged in November for the third consecutive month as young people picked up tens of thousands of positions, with the results easily outperforming tepid predictions from economists.<\/p>\n

The country\u2019s unemployment rate fell to 6.5 per cent in November from 6.9 per cent in October, Statistics Canada reported Friday in its Labour Force Survey. The decrease was fuelled by growth in part-time jobs, and a corresponding decline in the youth unemployment rate, which reached a four-year peak in September of this year.<\/p>\n

Over all, the economy added 54,000 jobs in November, bringing the cumulative increase in jobs for September through November to 181,000.
…<\/b>
Employment grew by 50,000 among youth aged 15 to 24 but was relatively unchanged for core-aged people (25 to 54) and older workers. The youth unemployment rate dropped to 12.8 per cent, from 14.1 per cent in October, the lowest it has been in nearly 20 months.
…<\/b>
That said, the country\u2019s job growth over the past three months has been primarily concentrated in part-time work, which has increased at a significantly faster rate (2.7 per cent) than full-time employment (0.5 per cent). Employment in November was also driven by an increase in jobs in health care, social assistance, accommodation and food services \u2013 sectors that tend to hire workers on a part-time and contract basis.<\/p><\/blockquote>\n

The Canadian bond market<\/a> got crushed: five-year Canadas jumped about 19bp (!!!) to 3.01% and the long bond to 3.86%.<\/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-0.0767 %<\/td>\n2,408.5<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0767 %<\/td>\n4,567.0<\/td>\n<\/tr>\n
Floater<\/td>\n5.98 %<\/td>\n6.29 %<\/td>\n62,307<\/td>\n13.41<\/td>\n3<\/td>\n-0.0767 %<\/td>\n2,632.0<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2518 %<\/td>\n3,676.8<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.75 %<\/td>\n4.25 %<\/td>\n65,898<\/td>\n1.19<\/td>\n5<\/td>\n0.2518 %<\/td>\n4,390.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2518 %<\/td>\n3,426.0<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.69 %<\/td>\n5.67 %<\/td>\n71,311<\/td>\n14.01<\/td>\n7<\/td>\n-0.7928 %<\/td>\n3,085.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.52 %<\/td>\n5.62 %<\/td>\n50,057<\/td>\n14.44<\/td>\n28<\/td>\n-0.7898 %<\/td>\n3,390.5<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.87 %<\/td>\n5.93 %<\/td>\n102,103<\/td>\n13.73<\/td>\n31<\/td>\n-0.5167 %<\/td>\n3,109.1<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.51 %<\/td>\n5.49 %<\/td>\n60,761<\/td>\n14.64<\/td>\n21<\/td>\n-0.6672 %<\/td>\n3,294.7<\/td>\n<\/tr>\n
FloatingReset<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.5167 %<\/td>\n3,698.6<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.91 %<\/td>\n4.85 %<\/td>\n103,130<\/td>\n2.65<\/td>\n20<\/td>\n-0.0769 %<\/td>\n2,653.9<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.5167 %<\/td>\n3,178.2<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.28 %<\/td>\n5.32 %<\/td>\n83,534<\/td>\n14.68<\/td>\n13<\/td>\n-0.0166 %<\/td>\n3,103.7<\/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
IFC.PR.F<\/td>\nInsurance Straight<\/td>\n-10.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-05
\nMaturity Price : 21.61
\nEvaluated at bid price : 21.90
\nBid-YTW : 6.16 %<\/td>\n<\/tr>\n
POW.PR.A<\/td>\nPerpetual-Discount<\/td>\n-4.97 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-05
\nMaturity Price : 23.63
\nEvaluated at bid price : 23.90
\nBid-YTW : 5.95 %<\/td>\n<\/tr>\n
ENB.PR.F<\/td>\nFixedReset Disc<\/td>\n-4.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-05
\nMaturity Price : 20.85
\nEvaluated at bid price : 20.85
\nBid-YTW : 6.46 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n-3.76 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-05
\nMaturity Price : 22.98
\nEvaluated at bid price : 24.06
\nBid-YTW : 5.46 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\n-3.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-05
\nMaturity Price : 23.28
\nEvaluated at bid price : 24.41
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
CU.PR.J<\/td>\nPerpetual-Discount<\/td>\n-3.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-05
\nMaturity Price : 21.10
\nEvaluated at bid price : 21.10
\nBid-YTW : 5.67 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n-2.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-05
\nMaturity Price : 18.90
\nEvaluated at bid price : 18.90
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n
BN.PF.B<\/td>\nFixedReset Disc<\/td>\n-2.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-05
\nMaturity Price : 22.79
\nEvaluated at bid price : 23.70
\nBid-YTW : 5.96 %<\/td>\n<\/tr>\n
POW.PR.C<\/td>\nPerpetual-Premium<\/td>\n-2.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-05
\nMaturity Price : 24.83
\nEvaluated at bid price : 25.05
\nBid-YTW : 5.88 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n-2.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-05
\nMaturity Price : 20.50
\nEvaluated at bid price : 20.50
\nBid-YTW : 5.94 %<\/td>\n<\/tr>\n
POW.PR.B<\/td>\nPerpetual-Discount<\/td>\n-2.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-05
\nMaturity Price : 23.69
\nEvaluated at bid price : 24.00
\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n
PWF.PR.H<\/td>\nPerpetual-Premium<\/td>\n-1.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-05
\nMaturity Price : 24.68
\nEvaluated at bid price : 25.00
\nBid-YTW : 5.81 %<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\n-1.81 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-05
\nMaturity Price : 22.56
\nEvaluated at bid price : 22.82
\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.81 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-05
\nMaturity Price : 20.67
\nEvaluated at bid price : 20.67
\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset Disc<\/td>\n-1.74 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-05
\nMaturity Price : 18.67
\nEvaluated at bid price : 18.67
\nBid-YTW : 5.70 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n-1.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-05
\nMaturity Price : 20.57
\nEvaluated at bid price : 20.57
\nBid-YTW : 5.51 %<\/td>\n<\/tr>\n
ENB.PF.C<\/td>\nFixedReset Disc<\/td>\n-1.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-05
\nMaturity Price : 21.60
\nEvaluated at bid price : 21.90
\nBid-YTW : 6.25 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n-1.53 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-05
\nMaturity Price : 18.08
\nEvaluated at bid price : 18.08
\nBid-YTW : 5.67 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset Disc<\/td>\n-1.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-05
\nMaturity Price : 22.22
\nEvaluated at bid price : 22.70
\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n
PWF.PF.A<\/td>\nPerpetual-Discount<\/td>\n-1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-05
\nMaturity Price : 20.38
\nEvaluated at bid price : 20.38
\nBid-YTW : 5.59 %<\/td>\n<\/tr>\n
BN.PF.F<\/td>\nFixedReset Disc<\/td>\n-1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-05
\nMaturity Price : 23.01
\nEvaluated at bid price : 24.32
\nBid-YTW : 5.91 %<\/td>\n<\/tr>\n
FFH.PR.K<\/td>\nFixedReset Prem<\/td>\n-1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.30
\nBid-YTW : 4.85 %<\/td>\n<\/tr>\n
ENB.PF.G<\/td>\nFixedReset Disc<\/td>\n-1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-05
\nMaturity Price : 21.82
\nEvaluated at bid price : 22.25
\nBid-YTW : 6.23 %<\/td>\n<\/tr>\n
ENB.PR.H<\/td>\nFixedReset Disc<\/td>\n1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-05
\nMaturity Price : 22.22
\nEvaluated at bid price : 22.62
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n
PVS.PR.L<\/td>\nSplitShare<\/td>\n1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2026-01-04
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.50
\nBid-YTW : -17.46 %<\/td>\n<\/tr>\n
POW.PR.G<\/td>\nPerpetual-Discount<\/td>\n1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-05
\nMaturity Price : 24.55
\nEvaluated at bid price : 24.80
\nBid-YTW : 5.73 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n2.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-05
\nMaturity Price : 18.95
\nEvaluated at bid price : 18.95
\nBid-YTW : 5.82 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n6.74 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-05
\nMaturity Price : 18.70
\nEvaluated at bid price : 18.70
\nBid-YTW : 5.56 %<\/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
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n349,977<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-05
\nMaturity Price : 18.95
\nEvaluated at bid price : 18.95
\nBid-YTW : 5.82 %<\/td>\n<\/tr>\n
POW.PR.I<\/td>\nPerpetual-Premium<\/td>\n51,525<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-05
\nMaturity Price : 24.68
\nEvaluated at bid price : 25.08
\nBid-YTW : 5.67 %<\/td>\n<\/tr>\n
BN.PF.I<\/td>\nFixedReset Prem<\/td>\n43,700<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.55
\nBid-YTW : 4.45 %<\/td>\n<\/tr>\n
FFH.PR.I<\/td>\nFixedReset Disc<\/td>\n40,100<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2026-01-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.15
\nBid-YTW : 4.66 %<\/td>\n<\/tr>\n
BN.PR.X<\/td>\nFixedReset Disc<\/td>\n35,600<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-05
\nMaturity Price : 19.82
\nEvaluated at bid price : 19.82
\nBid-YTW : 5.91 %<\/td>\n<\/tr>\n
CU.PR.K<\/td>\nPerpetual-Discount<\/td>\n31,700<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-05
\nMaturity Price : 24.62
\nEvaluated at bid price : 25.01
\nBid-YTW : 5.62 %<\/td>\n<\/tr>\n
There were 11 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
IFC.PR.F<\/td>\nInsurance Straight<\/td>\nQuote: 21.90 – 24.55
\nSpot Rate : 2.6500
\nAverage : 1.6193<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-05
\nMaturity Price : 21.61
\nEvaluated at bid price : 21.90
\nBid-YTW : 6.16 %<\/td>\n<\/tr>\n

ENB.PF.G<\/td>\nFixedReset Disc<\/td>\nQuote: 22.25 – 24.00
\nSpot Rate : 1.7500
\nAverage : 1.0210<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-05
\nMaturity Price : 21.82
\nEvaluated at bid price : 22.25
\nBid-YTW : 6.23 %<\/td>\n<\/tr>\n

PWF.PR.T<\/td>\nFixedReset Disc<\/td>\nQuote: 24.06 – 25.06
\nSpot Rate : 1.0000
\nAverage : 0.6075<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-05
\nMaturity Price : 22.98
\nEvaluated at bid price : 24.06
\nBid-YTW : 5.46 %<\/td>\n<\/tr>\n

BN.PR.T<\/td>\nFixedReset Disc<\/td>\nQuote: 20.52 – 21.65
\nSpot Rate : 1.1300
\nAverage : 0.7812<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-05
\nMaturity Price : 20.52
\nEvaluated at bid price : 20.52
\nBid-YTW : 6.18 %<\/td>\n<\/tr>\n

MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\nQuote: 24.41 – 25.40
\nSpot Rate : 0.9900
\nAverage : 0.6709<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-05
\nMaturity Price : 23.28
\nEvaluated at bid price : 24.41
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n

POW.PR.C<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.05 – 25.75
\nSpot Rate : 0.7000
\nAverage : 0.4236<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-05
\nMaturity Price : 24.83
\nEvaluated at bid price : 25.05
\nBid-YTW : 5.88 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Jobs, jobs, jobs! Canadian employment surged in November for the third consecutive month as young people picked up tens of thousands of positions, with the results easily outperforming tepid predictions from economists. The country\u2019s unemployment …<\/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-51212","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51212","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=51212"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51212\/revisions"}],"predecessor-version":[{"id":51215,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51212\/revisions\/51215"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51212"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51212"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51212"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}