{"id":51281,"date":"2025-01-08T11:35:00","date_gmt":"2025-01-08T16:35:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=51281"},"modified":"2025-12-24T11:36:45","modified_gmt":"2025-12-24T16:36:45","slug":"january-8-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51281","title":{"rendered":"January 8, 2025"},"content":{"rendered":"

I have to give a shout-out here to Bu\u00f1uelos de Viento<\/a>, a Mexican dessert snack thingy. I’ve discovered these wonderful confections at a new Mexican cafe near me on the south side of Dundas between Jane & Runnymede (3421 Dundas St. W., I think) – just a small place on the second level of a small building, just a handwritten sign in the window. Anyway, this particular kind of bu\u00f1uelos is a very thin, very crispy piece of deep-fried batter that looks like its been made on a waffle iron (but wasn’t) and liberally topped with sugar and cinnamon. Delicious! Why have I not known about these things all my life? <\/p>\n

The Canadian preferred share market only scored a double today, with TXPR and ZPR hitting new 52-week highs and CPD gaining overall, but falling short of a new high. The market appears to made the bulk of its gains in the last ten minutes of continuous trading.<\/p>\n

PerpetualDiscounts now yield 6.06%, equivalent to 7.88% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> yielded 4.62% on 2025-1-7 and since then the closing price of ZLC changed from 15.41 to 15.365, a total return of -0.29%, implying an increase in yields (assuming that the “Duration” reported by BMO is Modified Duration) of about 2bp to 4.64. Therefore, the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has narrowed slightly (and perhaps spuriously) to 325bp from the 330bp reported January 2<\/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-0.4374 %<\/td>\n2,289.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.4374 %<\/td>\n4,390.6<\/td>\n<\/tr>\n
Floater<\/td>\n7.62 %<\/td>\n7.90 %<\/td>\n35,084<\/td>\n11.51<\/td>\n4<\/td>\n-0.4374 %<\/td>\n2,530.3<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0448 %<\/td>\n3,632.7<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.76 %<\/td>\n4.48 %<\/td>\n49,493<\/td>\n0.79<\/td>\n8<\/td>\n-0.0448 %<\/td>\n4,338.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0448 %<\/td>\n3,384.8<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0114 %<\/td>\n2,925.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.87 %<\/td>\n6.06 %<\/td>\n52,729<\/td>\n13.80<\/td>\n32<\/td>\n-0.0114 %<\/td>\n3,190.2<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.32 %<\/td>\n6.37 %<\/td>\n98,702<\/td>\n12.97<\/td>\n50<\/td>\n0.3735 %<\/td>\n2,858.0<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.83 %<\/td>\n5.93 %<\/td>\n63,065<\/td>\n13.98<\/td>\n21<\/td>\n-0.3121 %<\/td>\n3,107.2<\/td>\n<\/tr>\n
FloatingReset<\/td>\n6.28 %<\/td>\n6.35 %<\/td>\n36,478<\/td>\n13.39<\/td>\n3<\/td>\n0.6311 %<\/td>\n3,420.1<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.67 %<\/td>\n5.44 %<\/td>\n166,599<\/td>\n3.38<\/td>\n12<\/td>\n0.1242 %<\/td>\n2,602.1<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3735 %<\/td>\n2,921.4<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.13 %<\/td>\n5.88 %<\/td>\n72,336<\/td>\n13.96<\/td>\n14<\/td>\n0.5701 %<\/td>\n2,945.8<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n-2.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-08
\nMaturity Price : 19.95
\nEvaluated at bid price : 19.95
\nBid-YTW : 6.14 %<\/td>\n<\/tr>\n
GWO.PR.Q<\/td>\nInsurance Straight<\/td>\n-2.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-08
\nMaturity Price : 21.22
\nEvaluated at bid price : 21.22
\nBid-YTW : 6.12 %<\/td>\n<\/tr>\n
GWO.PR.T<\/td>\nInsurance Straight<\/td>\n-2.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-08
\nMaturity Price : 21.30
\nEvaluated at bid price : 21.30
\nBid-YTW : 6.10 %<\/td>\n<\/tr>\n
FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\n-1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-08
\nMaturity Price : 20.92
\nEvaluated at bid price : 20.92
\nBid-YTW : 5.76 %<\/td>\n<\/tr>\n
FTS.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-08
\nMaturity Price : 21.78
\nEvaluated at bid price : 22.02
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset Disc<\/td>\n-1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-08
\nMaturity Price : 21.16
\nEvaluated at bid price : 21.16
\nBid-YTW : 6.19 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nInsurance Straight<\/td>\n-1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-08
\nMaturity Price : 20.40
\nEvaluated at bid price : 20.40
\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n
BN.PF.E<\/td>\nFixedReset Disc<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-08
\nMaturity Price : 20.66
\nEvaluated at bid price : 20.66
\nBid-YTW : 6.73 %<\/td>\n<\/tr>\n
BN.PR.M<\/td>\nPerpetual-Discount<\/td>\n1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-08
\nMaturity Price : 19.20
\nEvaluated at bid price : 19.20
\nBid-YTW : 6.24 %<\/td>\n<\/tr>\n
FFH.PR.H<\/td>\nFloatingReset<\/td>\n1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-08
\nMaturity Price : 22.40
\nEvaluated at bid price : 22.70
\nBid-YTW : 6.35 %<\/td>\n<\/tr>\n
BN.PR.R<\/td>\nFixedReset Disc<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-08
\nMaturity Price : 18.46
\nEvaluated at bid price : 18.46
\nBid-YTW : 6.93 %<\/td>\n<\/tr>\n
GWO.PR.Y<\/td>\nInsurance Straight<\/td>\n1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-08
\nMaturity Price : 19.35
\nEvaluated at bid price : 19.35
\nBid-YTW : 5.87 %<\/td>\n<\/tr>\n
ENB.PR.B<\/td>\nFixedReset Disc<\/td>\n1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-08
\nMaturity Price : 19.09
\nEvaluated at bid price : 19.09
\nBid-YTW : 7.14 %<\/td>\n<\/tr>\n
FFH.PR.I<\/td>\nFixedReset Disc<\/td>\n1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-08
\nMaturity Price : 22.84
\nEvaluated at bid price : 23.40
\nBid-YTW : 6.08 %<\/td>\n<\/tr>\n
RY.PR.N<\/td>\nPerpetual-Discount<\/td>\n1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-08
\nMaturity Price : 24.34
\nEvaluated at bid price : 24.65
\nBid-YTW : 5.02 %<\/td>\n<\/tr>\n
BN.PR.T<\/td>\nFixedReset Disc<\/td>\n1.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-08
\nMaturity Price : 18.46
\nEvaluated at bid price : 18.46
\nBid-YTW : 6.93 %<\/td>\n<\/tr>\n
ENB.PF.K<\/td>\nFixedReset Disc<\/td>\n1.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-08
\nMaturity Price : 23.12
\nEvaluated at bid price : 24.38
\nBid-YTW : 6.37 %<\/td>\n<\/tr>\n
BN.PR.X<\/td>\nFixedReset Disc<\/td>\n1.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-08
\nMaturity Price : 17.27
\nEvaluated at bid price : 17.27
\nBid-YTW : 6.96 %<\/td>\n<\/tr>\n
BN.PF.F<\/td>\nFixedReset Disc<\/td>\n1.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-08
\nMaturity Price : 21.65
\nEvaluated at bid price : 22.00
\nBid-YTW : 6.69 %<\/td>\n<\/tr>\n
PWF.PR.R<\/td>\nPerpetual-Discount<\/td>\n1.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-08
\nMaturity Price : 22.80
\nEvaluated at bid price : 23.08
\nBid-YTW : 6.07 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n2.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-08
\nMaturity Price : 21.27
\nEvaluated at bid price : 21.56
\nBid-YTW : 5.52 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n2.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-08
\nMaturity Price : 21.80
\nEvaluated at bid price : 22.30
\nBid-YTW : 6.07 %<\/td>\n<\/tr>\n
MFC.PR.I<\/td>\nFixedReset Ins Non<\/td>\n3.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-08
\nMaturity Price : 23.41
\nEvaluated at bid price : 24.94
\nBid-YTW : 5.88 %<\/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
RY.PR.S<\/td>\nFixedReset Prem<\/td>\n160,730<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-08
\nMaturity Price : 23.45
\nEvaluated at bid price : 25.68
\nBid-YTW : 5.31 %<\/td>\n<\/tr>\n
NA.PR.W<\/td>\nFixedReset Prem<\/td>\n109,250<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-02-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.90
\nBid-YTW : 3.89 %<\/td>\n<\/tr>\n
BMO.PR.Y<\/td>\nFixedReset Disc<\/td>\n101,840<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-08-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.77
\nBid-YTW : 5.20 %<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nFixedReset Disc<\/td>\n65,360<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-03-02
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.94
\nBid-YTW : 4.96 %<\/td>\n<\/tr>\n
CU.PR.I<\/td>\nFixedReset Disc<\/td>\n56,970<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-12-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.95
\nBid-YTW : 5.31 %<\/td>\n<\/tr>\n
BN.PR.B<\/td>\nFloater<\/td>\n55,034<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-08
\nMaturity Price : 12.17
\nEvaluated at bid price : 12.17
\nBid-YTW : 7.93 %<\/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
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\nQuote: 22.95 – 24.50
\nSpot Rate : 1.5500
\nAverage : 1.0753<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-08
\nMaturity Price : 22.31
\nEvaluated at bid price : 22.95
\nBid-YTW : 6.00 %<\/td>\n<\/tr>\n

BN.PR.R<\/td>\nFixedReset Disc<\/td>\nQuote: 18.46 – 19.50
\nSpot Rate : 1.0400
\nAverage : 0.7055<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-08
\nMaturity Price : 18.46
\nEvaluated at bid price : 18.46
\nBid-YTW : 6.93 %<\/td>\n<\/tr>\n

GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\nQuote: 16.23 – 17.50
\nSpot Rate : 1.2700
\nAverage : 0.9996<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-08
\nMaturity Price : 16.23
\nEvaluated at bid price : 16.23
\nBid-YTW : 6.39 %<\/td>\n<\/tr>\n

ENB.PF.G<\/td>\nFixedReset Disc<\/td>\nQuote: 19.35 – 19.90
\nSpot Rate : 0.5500
\nAverage : 0.3664<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-08
\nMaturity Price : 19.35
\nEvaluated at bid price : 19.35
\nBid-YTW : 7.25 %<\/td>\n<\/tr>\n

PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\nQuote: 19.95 – 20.55
\nSpot Rate : 0.6000
\nAverage : 0.4233<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-08
\nMaturity Price : 19.95
\nEvaluated at bid price : 19.95
\nBid-YTW : 6.14 %<\/td>\n<\/tr>\n

GWO.PR.Q<\/td>\nInsurance Straight<\/td>\nQuote: 21.22 – 21.80
\nSpot Rate : 0.5800
\nAverage : 0.4096<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-08
\nMaturity Price : 21.22
\nEvaluated at bid price : 21.22
\nBid-YTW : 6.12 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

I have to give a shout-out here to Bu\u00f1uelos de Viento, a Mexican dessert snack thingy. I’ve discovered these wonderful confections at a new Mexican cafe near me on the south side of Dundas between …<\/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-51281","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51281","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=51281"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51281\/revisions"}],"predecessor-version":[{"id":51282,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51281\/revisions\/51282"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51281"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51281"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51281"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}