{"id":51268,"date":"2025-01-02T11:15:00","date_gmt":"2025-01-02T16:15:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=51268"},"modified":"2025-12-24T11:16:32","modified_gmt":"2025-12-24T16:16:32","slug":"january-2-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51268","title":{"rendered":"January 2, 2025"},"content":{"rendered":"

PerpetualDiscounts now yield 6.10%, equivalent to 7.93% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> yielded 4.63% on 2024-12-31 and since then the closing price of ZLC changed from 15.53 to 15.52, a total return of -0.06%, implying a negligible increase in yields. Therefore, the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has narrowed slightly (and perhaps spuriously) to 330bp from the 335bp reported December 24<\/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>\n0.6039 %<\/td>\n2,284.6<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.6039 %<\/td>\n4,381.8<\/td>\n<\/tr>\n
Floater<\/td>\n7.63 %<\/td>\n7.90 %<\/td>\n36,753<\/td>\n11.52<\/td>\n4<\/td>\n0.6039 %<\/td>\n2,525.3<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0851 %<\/td>\n3,640.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.75 %<\/td>\n4.31 %<\/td>\n54,118<\/td>\n1.12<\/td>\n7<\/td>\n0.0851 %<\/td>\n4,347.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0851 %<\/td>\n3,392.0<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0728 %<\/td>\n2,874.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.97 %<\/td>\n6.10 %<\/td>\n53,005<\/td>\n13.75<\/td>\n32<\/td>\n-0.0728 %<\/td>\n3,134.9<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.33 %<\/td>\n6.53 %<\/td>\n103,794<\/td>\n12.83<\/td>\n53<\/td>\n0.1813 %<\/td>\n2,817.8<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.93 %<\/td>\n6.02 %<\/td>\n63,656<\/td>\n13.88<\/td>\n21<\/td>\n0.0769 %<\/td>\n3,055.0<\/td>\n<\/tr>\n
FloatingReset<\/td>\n6.44 %<\/td>\n6.56 %<\/td>\n36,666<\/td>\n13.10<\/td>\n3<\/td>\n0.5149 %<\/td>\n3,349.2<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n6.16 %<\/td>\n5.48 %<\/td>\n179,698<\/td>\n13.43<\/td>\n8<\/td>\n0.1688 %<\/td>\n2,608.5<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1813 %<\/td>\n2,880.3<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.23 %<\/td>\n5.96 %<\/td>\n76,798<\/td>\n13.83<\/td>\n14<\/td>\n-0.4028 %<\/td>\n2,888.2<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
PWF.PR.Z<\/td>\nPerpetual-Discount<\/td>\n-6.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-02
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 6.57 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n-3.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-02
\nMaturity Price : 21.40
\nEvaluated at bid price : 21.40
\nBid-YTW : 6.37 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n-2.99 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-02
\nMaturity Price : 15.25
\nEvaluated at bid price : 15.25
\nBid-YTW : 6.83 %<\/td>\n<\/tr>\n
POW.PR.C<\/td>\nPerpetual-Discount<\/td>\n-2.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-02
\nMaturity Price : 23.00
\nEvaluated at bid price : 23.27
\nBid-YTW : 6.25 %<\/td>\n<\/tr>\n
BN.PR.T<\/td>\nFixedReset Disc<\/td>\n-2.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-02
\nMaturity Price : 17.65
\nEvaluated at bid price : 17.65
\nBid-YTW : 7.27 %<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nInsurance Straight<\/td>\n-1.87 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-02
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 6.24 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nInsurance Straight<\/td>\n-1.84 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-02
\nMaturity Price : 19.75
\nEvaluated at bid price : 19.75
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n
BIP.PR.E<\/td>\nFixedReset Disc<\/td>\n-1.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-02
\nMaturity Price : 22.75
\nEvaluated at bid price : 23.60
\nBid-YTW : 6.54 %<\/td>\n<\/tr>\n
GWO.PR.R<\/td>\nInsurance Straight<\/td>\n-1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-02
\nMaturity Price : 19.65
\nEvaluated at bid price : 19.65
\nBid-YTW : 6.16 %<\/td>\n<\/tr>\n
BN.PR.M<\/td>\nPerpetual-Discount<\/td>\n-1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-02
\nMaturity Price : 18.52
\nEvaluated at bid price : 18.52
\nBid-YTW : 6.47 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\n-1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-02
\nMaturity Price : 23.16
\nEvaluated at bid price : 24.50
\nBid-YTW : 5.85 %<\/td>\n<\/tr>\n
POW.PR.B<\/td>\nPerpetual-Discount<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-02
\nMaturity Price : 21.75
\nEvaluated at bid price : 22.00
\nBid-YTW : 6.10 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-02
\nMaturity Price : 19.45
\nEvaluated at bid price : 19.45
\nBid-YTW : 5.86 %<\/td>\n<\/tr>\n
BN.PF.G<\/td>\nFixedReset Disc<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-02
\nMaturity Price : 21.17
\nEvaluated at bid price : 21.17
\nBid-YTW : 6.86 %<\/td>\n<\/tr>\n
BN.PF.F<\/td>\nFixedReset Disc<\/td>\n1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-02
\nMaturity Price : 21.36
\nEvaluated at bid price : 21.65
\nBid-YTW : 6.82 %<\/td>\n<\/tr>\n
ENB.PF.K<\/td>\nFixedReset Disc<\/td>\n1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-02
\nMaturity Price : 22.51
\nEvaluated at bid price : 23.16
\nBid-YTW : 6.76 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nInsurance Straight<\/td>\n1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-02
\nMaturity Price : 20.15
\nEvaluated at bid price : 20.15
\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n
FFH.PR.F<\/td>\nFloatingReset<\/td>\n1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-02
\nMaturity Price : 22.04
\nEvaluated at bid price : 22.30
\nBid-YTW : 6.03 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset Disc<\/td>\n1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-02
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 6.25 %<\/td>\n<\/tr>\n
FTS.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-02
\nMaturity Price : 21.50
\nEvaluated at bid price : 21.50
\nBid-YTW : 5.77 %<\/td>\n<\/tr>\n
ENB.PR.D<\/td>\nFixedReset Disc<\/td>\n1.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-02
\nMaturity Price : 18.78
\nEvaluated at bid price : 18.78
\nBid-YTW : 7.30 %<\/td>\n<\/tr>\n
FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\n1.88 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-02
\nMaturity Price : 20.58
\nEvaluated at bid price : 20.58
\nBid-YTW : 5.85 %<\/td>\n<\/tr>\n
RY.PR.O<\/td>\nPerpetual-Discount<\/td>\n2.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-02
\nMaturity Price : 24.23
\nEvaluated at bid price : 24.52
\nBid-YTW : 5.04 %<\/td>\n<\/tr>\n
ENB.PR.F<\/td>\nFixedReset Disc<\/td>\n2.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-02
\nMaturity Price : 19.61
\nEvaluated at bid price : 19.61
\nBid-YTW : 7.17 %<\/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
CM.PR.P<\/td>\nFixedReset Disc<\/td>\n538,400<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-03-02
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.93
\nBid-YTW : 4.72 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset Disc<\/td>\n27,200<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-02
\nMaturity Price : 24.11
\nEvaluated at bid price : 24.70
\nBid-YTW : 5.83 %<\/td>\n<\/tr>\n
GWO.PR.S<\/td>\nInsurance Straight<\/td>\n25,001<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-02
\nMaturity Price : 21.49
\nEvaluated at bid price : 21.75
\nBid-YTW : 6.07 %<\/td>\n<\/tr>\n
CM.PR.S<\/td>\nFixedReset Prem<\/td>\n20,476<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-02
\nMaturity Price : 25.35
\nEvaluated at bid price : 25.35
\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n
ENB.PR.T<\/td>\nFixedReset Disc<\/td>\n15,802<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-02
\nMaturity Price : 21.31
\nEvaluated at bid price : 21.31
\nBid-YTW : 6.86 %<\/td>\n<\/tr>\n
FTS.PR.G<\/td>\nFixedReset Disc<\/td>\n12,700<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-02
\nMaturity Price : 21.94
\nEvaluated at bid price : 22.33
\nBid-YTW : 6.09 %<\/td>\n<\/tr>\n
There were 6 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
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
PWF.PR.Z<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.00 – 22.00
\nSpot Rate : 2.0000
\nAverage : 1.2166<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-02
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 6.57 %<\/td>\n<\/tr>\n

MFC.PR.K<\/td>\nFixedReset Ins Non<\/td>\nQuote: 24.25 – 25.88
\nSpot Rate : 1.6300
\nAverage : 0.9963<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-02
\nMaturity Price : 22.99
\nEvaluated at bid price : 24.25
\nBid-YTW : 5.66 %<\/td>\n<\/tr>\n

BN.PR.R<\/td>\nFixedReset Disc<\/td>\nQuote: 17.86 – 20.00
\nSpot Rate : 2.1400
\nAverage : 1.5316<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-02
\nMaturity Price : 17.86
\nEvaluated at bid price : 17.86
\nBid-YTW : 7.18 %<\/td>\n<\/tr>\n

IFC.PR.F<\/td>\nInsurance Straight<\/td>\nQuote: 22.20 – 24.99
\nSpot Rate : 2.7900
\nAverage : 2.2193<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-02
\nMaturity Price : 21.74
\nEvaluated at bid price : 22.20
\nBid-YTW : 5.99 %<\/td>\n<\/tr>\n

IFC.PR.E<\/td>\nInsurance Straight<\/td>\nQuote: 21.05 – 23.25
\nSpot Rate : 2.2000
\nAverage : 1.6917<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-02
\nMaturity Price : 21.05
\nEvaluated at bid price : 21.05
\nBid-YTW : 6.23 %<\/td>\n<\/tr>\n

CU.PR.H<\/td>\nPerpetual-Discount<\/td>\nQuote: 21.50 – 23.12
\nSpot Rate : 1.6200
\nAverage : 1.1405<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-02
\nMaturity Price : 21.50
\nEvaluated at bid price : 21.50
\nBid-YTW : 6.19 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 6.10%, equivalent to 7.93% interest at the standard equivalency factor of 1.3x. Long corporates yielded 4.63% on 2024-12-31 and since then the closing price of ZLC changed from 15.53 to 15.52, a …<\/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-51268","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51268","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=51268"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51268\/revisions"}],"predecessor-version":[{"id":51269,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51268\/revisions\/51269"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51268"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51268"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51268"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}