{"id":51299,"date":"2025-12-24T18:22:27","date_gmt":"2025-12-24T23:22:27","guid":{"rendered":"https:\/\/prefblog.com\/?p=51299"},"modified":"2025-12-29T19:57:09","modified_gmt":"2025-12-30T00:57:09","slug":"december-24-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51299","title":{"rendered":"December 24, 2025"},"content":{"rendered":"<p>The TXPR price index set a new 52-week high today of 694.48, edging the old mark of 694.34 set yesterday.<\/p>\n<p>PerpetualDiscounts now yield 5.63%, equivalent to 7.32% interest at the standard conversion factor of 1.3x. <a href=\"https:\/\/www.bmogam.com\/ca-en\/products\/exchange-traded-fund\/bmo-long-corporate-bond-index-etf-zlc#fund-details\">Long corporates<\/a> yielded 4.88% on 2025-12-24. Therefore the pre-tax interest-equivalent spread (in this context, the &#8220;Seniority Spread&#8221;) has widened to 245bp from the 235bp reported <a href=\"https:\/\/prefblog.com\/?p=51241\">December 17<\/a>.<\/p>\n<p>Merry Christmas!<\/p>\n<table border='1'>\n<tr>\n<td colspan='8'><strong>HIMIPref&trade; Preferred Indices<br \/>These values reflect the December 2008 revision of the HIMIPref&trade; Indices<\/strong><br \/>Values are provisional and are finalized monthly<\/td>\n<\/tr>\n<tr>\n<td>Index<\/td>\n<td>Mean<br \/>Current<br \/>Yield<br \/>(at bid)<\/td>\n<td>Median<br \/>YTW<\/td>\n<td>Median<br \/>Average<br \/>Trading<br \/>Value<\/td>\n<td>Median<br \/>Mod Dur<br \/>(YTW)<\/td>\n<td>Issues<\/td>\n<td>Day&#8217;s Perf.<\/td>\n<td>Index Value<\/td>\n<\/tr>\n<tr>\n<td>Ratchet<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.2791 %<\/td>\n<td>2,436.9<\/td>\n<\/tr>\n<tr>\n<td>FixedFloater<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.2791 %<\/td>\n<td>4,620.7<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>5.91 %<\/td>\n<td>6.11 %<\/td>\n<td>56,796<\/td>\n<td>13.78<\/td>\n<td>3<\/td>\n<td>0.2791 %<\/td>\n<td>2,663.0<\/td>\n<\/tr>\n<tr>\n<td>OpRet<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.6055 %<\/td>\n<td>3,691.6<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>4.73 %<\/td>\n<td>4.08 %<\/td>\n<td>71,167<\/td>\n<td>1.14<\/td>\n<td>5<\/td>\n<td>0.6055 %<\/td>\n<td>4,408.5<\/td>\n<\/tr>\n<tr>\n<td>Interest-Bearing<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.6055 %<\/td>\n<td>3,439.7<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/td>\n<td>5.64 %<\/td>\n<td>0.51 %<\/td>\n<td>87,003<\/td>\n<td>0.09<\/td>\n<td>7<\/td>\n<td>-0.0674 %<\/td>\n<td>3,113.8<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>5.54 %<\/td>\n<td>5.63 %<\/td>\n<td>49,577<\/td>\n<td>14.42<\/td>\n<td>26<\/td>\n<td>-0.4466 %<\/td>\n<td>3,412.7<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Disc<\/td>\n<td>5.78 %<\/td>\n<td>6.07 %<\/td>\n<td>101,821<\/td>\n<td>13.63<\/td>\n<td>31<\/td>\n<td>0.2536 %<\/td>\n<td>3,156.8<\/td>\n<\/tr>\n<tr>\n<td>Insurance Straight<\/td>\n<td>5.46 %<\/td>\n<td>5.48 %<\/td>\n<td>61,241<\/td>\n<td>14.65<\/td>\n<td>21<\/td>\n<td>2.0081 %<\/td>\n<td>3,327.2<\/td>\n<\/tr>\n<tr>\n<td>FloatingReset<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.2536 %<\/td>\n<td>3,755.3<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Prem<\/td>\n<td>5.90 %<\/td>\n<td>4.20 %<\/td>\n<td>94,420<\/td>\n<td>2.60<\/td>\n<td>20<\/td>\n<td>-0.1227 %<\/td>\n<td>2,659.6<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Bank Non<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.2536 %<\/td>\n<td>3,226.9<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Ins Non<\/td>\n<td>5.23 %<\/td>\n<td>5.40 %<\/td>\n<td>77,803<\/td>\n<td>14.36<\/td>\n<td>13<\/td>\n<td>0.2477 %<\/td>\n<td>3,133.4<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='4'><strong>Performance Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Change<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>BN.PF.D<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-3.55 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-24<br \/>\nMaturity Price  : 20.89<br \/>\nEvaluated at bid price : 20.89<br \/>\nBid-YTW : 5.90 %<\/td>\n<\/tr>\n<tr>\n<td>ENB.PR.B<\/td>\n<td>FixedReset Disc<\/td>\n<td>-2.10 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-24<br \/>\nMaturity Price  : 21.00<br \/>\nEvaluated at bid price : 21.00<br \/>\nBid-YTW : 6.49 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.F<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.70 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-24<br \/>\nMaturity Price  : 20.79<br \/>\nEvaluated at bid price : 20.79<br \/>\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.B<\/td>\n<td>Insurance Straight<\/td>\n<td>-1.35 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-24<br \/>\nMaturity Price  : 21.65<br \/>\nEvaluated at bid price : 21.90<br \/>\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PF.I<\/td>\n<td>FixedReset Prem<\/td>\n<td>-1.20 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2027-10-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.38<br \/>\nBid-YTW : 3.74 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.G<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.15 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-24<br \/>\nMaturity Price  : 20.61<br \/>\nEvaluated at bid price : 20.61<br \/>\nBid-YTW : 5.52 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.C<\/td>\n<td>Insurance Straight<\/td>\n<td>-1.13 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-24<br \/>\nMaturity Price  : 21.54<br \/>\nEvaluated at bid price : 21.80<br \/>\nBid-YTW : 5.11 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.T<\/td>\n<td>Insurance Straight<\/td>\n<td>-1.12 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-24<br \/>\nMaturity Price  : 22.66<br \/>\nEvaluated at bid price : 22.92<br \/>\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n<tr>\n<td>POW.PR.C<\/td>\n<td>Perpetual-Premium<\/td>\n<td>1.01 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2026-01-23<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.90<br \/>\nBid-YTW : -37.49 %<\/td>\n<\/tr>\n<tr>\n<td>ENB.PF.C<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.08 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-24<br \/>\nMaturity Price  : 22.05<br \/>\nEvaluated at bid price : 22.55<br \/>\nBid-YTW : 6.26 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.Y<\/td>\n<td>Insurance Straight<\/td>\n<td>1.21 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-24<br \/>\nMaturity Price  : 20.95<br \/>\nEvaluated at bid price : 20.95<br \/>\nBid-YTW : 5.40 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.H<\/td>\n<td>Perpetual-Premium<\/td>\n<td>1.28 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2026-01-23<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.32<br \/>\nBid-YTW : 0.51 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.C<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>1.39 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2026-09-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 24.85<br \/>\nBid-YTW : 4.20 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.E<\/td>\n<td>Insurance Straight<\/td>\n<td>1.53 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-24<br \/>\nMaturity Price  : 23.53<br \/>\nEvaluated at bid price : 23.83<br \/>\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n<tr>\n<td>PVS.PR.L<\/td>\n<td>SplitShare<\/td>\n<td>2.09 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2026-01-23<br \/>\nMaturity Price  : 26.00<br \/>\nEvaluated at bid price : 26.38<br \/>\nBid-YTW : -9.19 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PR.R<\/td>\n<td>FixedReset Disc<\/td>\n<td>2.22 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-24<br \/>\nMaturity Price  : 21.20<br \/>\nEvaluated at bid price : 21.20<br \/>\nBid-YTW : 6.20 %<\/td>\n<\/tr>\n<tr>\n<td>ENB.PR.F<\/td>\n<td>FixedReset Disc<\/td>\n<td>4.37 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-24<br \/>\nMaturity Price  : 21.57<br \/>\nEvaluated at bid price : 21.97<br \/>\nBid-YTW : 6.33 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.L<\/td>\n<td>Insurance Straight<\/td>\n<td>62.00 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2026-01-23<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.11<br \/>\nBid-YTW : -1.02 %<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='4'><strong>Volume Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Shares<br \/>Traded<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>FFH.PR.I<\/td>\n<td>FixedReset Disc<\/td>\n<td>569,100<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2026-01-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 24.98<br \/>\nBid-YTW : 5.60 %<\/td>\n<\/tr>\n<tr>\n<td>BIP.PR.B<\/td>\n<td>FixedReset Disc<\/td>\n<td>33,178<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2026-01-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 24.98<br \/>\nBid-YTW : 7.00 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PF.H<\/td>\n<td>FixedReset Prem<\/td>\n<td>27,300<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2026-01-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 24.98<br \/>\nBid-YTW : 6.70 %<\/td>\n<\/tr>\n<tr>\n<td>ENB.PR.B<\/td>\n<td>FixedReset Disc<\/td>\n<td>16,082<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-24<br \/>\nMaturity Price  : 21.00<br \/>\nEvaluated at bid price : 21.00<br \/>\nBid-YTW : 6.49 %<\/td>\n<\/tr>\n<tr>\n<td colspan='4'>There were 0 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='3'><strong>Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan='3'>See <a href='https:\/\/prefblog.com\/?p=13456'>TMX DataLinx: &#8216;Last&#8217; != &#8216;Close&#8217;<\/a> and the posts linked therein for an idea of why these quotes are so horrible.<\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Quote Data and Yield Notes<\/td>\n<\/tr>\n<tr>\n<td>BN.PF.D<\/td>\n<td>Perpetual-Discount<\/td>\n<td>Quote: 20.89 &#8211; 21.99<br \/>\nSpot Rate  :  1.1000<br \/>\nAverage  :  0.6846<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-24<br \/>\nMaturity Price  : 20.89<br \/>\nEvaluated at bid price : 20.89<br \/>\nBid-YTW : 5.90 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PF.J<\/td>\n<td>FixedReset Prem<\/td>\n<td>Quote: 26.00 &#8211; 27.00<br \/>\nSpot Rate  :  1.0000<br \/>\nAverage  :  0.7107<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2027-12-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.00<br \/>\nBid-YTW : 4.12 %<\/td>\n<\/tr>\n<tr>\n<td>ENB.PF.C<\/td>\n<td>FixedReset Disc<\/td>\n<td>Quote: 22.55 &#8211; 23.50<br \/>\nSpot Rate  :  0.9500<br \/>\nAverage  :  0.7226<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-24<br \/>\nMaturity Price  : 22.05<br \/>\nEvaluated at bid price : 22.55<br \/>\nBid-YTW : 6.26 %<\/td>\n<\/tr>\n<tr>\n<td>ENB.PR.Y<\/td>\n<td>FixedReset Disc<\/td>\n<td>Quote: 21.40 &#8211; 21.90<br \/>\nSpot Rate  :  0.5000<br \/>\nAverage  :  0.3254<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-24<br \/>\nMaturity Price  : 21.40<br \/>\nEvaluated at bid price : 21.40<br \/>\nBid-YTW : 6.34 %<\/td>\n<\/tr>\n<tr>\n<td>POW.PR.B<\/td>\n<td>Perpetual-Discount<\/td>\n<td>Quote: 24.15 &#8211; 24.65<br \/>\nSpot Rate  :  0.5000<br \/>\nAverage  :  0.3356<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-12-24<br \/>\nMaturity Price  : 23.91<br \/>\nEvaluated at bid price : 24.15<br \/>\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PF.I<\/td>\n<td>FixedReset Prem<\/td>\n<td>Quote: 26.38 &#8211; 26.89<br \/>\nSpot Rate  :  0.5100<br \/>\nAverage  :  0.3524<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2027-10-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.38<br \/>\nBid-YTW : 3.74 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>The TXPR price index set a new 52-week high today of 694.48, edging the old mark of 694.34 set yesterday. PerpetualDiscounts now yield 5.63%, equivalent to 7.32% interest at the standard conversion factor of 1.3x. &hellip;<\/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-51299","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51299","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=51299"}],"version-history":[{"count":4,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51299\/revisions"}],"predecessor-version":[{"id":51304,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51299\/revisions\/51304"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51299"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51299"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51299"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}