{"id":51309,"date":"2025-12-31T19:26:42","date_gmt":"2026-01-01T00:26:42","guid":{"rendered":"https:\/\/prefblog.com\/?p=51309"},"modified":"2026-01-04T10:48:07","modified_gmt":"2026-01-04T15:48:07","slug":"december-31-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51309","title":{"rendered":"December 31, 2025"},"content":{"rendered":"

The TXPR price index set a new 52-week high today of 696.71, a small jump beyond the old mark of 695.87 set 2025-12-30.<\/p>\n

PerpetualDiscounts now yield 5.61%, equivalent to 7.29% interest at the standard conversion factor of 1.3x. Long corporates<\/a> yielded 4.91% on 2026-1-2, while the of price ZLC changed from 15.17 on 2025-12-31 to 15.09 on 2026-1-2, a decline of 53bp in price. Given a “duration” of 12.31 for the ZLC portfolio (BMO does not specify which duration they report; I am assuming Modified), this implies that portfolio yield rose 4bp from 12\/31 to 1\/2, implying a yield of 4.87% on 2025-12-31. Therefore the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed slightly (and perhaps spuriously) to 240bp from the 245bp reported December 24<\/a>.<\/p>\n

And that’s it for another year! All the best for 2026!<\/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-0.1771 %<\/td>\n2,433.2<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1771 %<\/td>\n4,613.7<\/td>\n<\/tr>\n
Floater<\/td>\n5.92 %<\/td>\n6.13 %<\/td>\n56,933<\/td>\n13.75<\/td>\n3<\/td>\n-0.1771 %<\/td>\n2,658.9<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2196 %<\/td>\n3,671.4<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.76 %<\/td>\n4.43 %<\/td>\n65,673<\/td>\n2.05<\/td>\n5<\/td>\n-0.2196 %<\/td>\n4,384.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2196 %<\/td>\n3,420.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.64 %<\/td>\n2.81 %<\/td>\n93,439<\/td>\n0.09<\/td>\n7<\/td>\n-0.0281 %<\/td>\n3,113.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.56 %<\/td>\n5.61 %<\/td>\n49,865<\/td>\n14.43<\/td>\n26<\/td>\n-0.7476 %<\/td>\n3,400.7<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.77 %<\/td>\n5.98 %<\/td>\n98,654<\/td>\n13.78<\/td>\n31<\/td>\n0.0968 %<\/td>\n3,164.4<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.51 %<\/td>\n5.51 %<\/td>\n58,603<\/td>\n14.61<\/td>\n21<\/td>\n-0.3087 %<\/td>\n3,294.7<\/td>\n<\/tr>\n
FloatingReset<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0968 %<\/td>\n3,764.3<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.90 %<\/td>\n4.38 %<\/td>\n90,034<\/td>\n2.50<\/td>\n20<\/td>\n-0.2640 %<\/td>\n2,660.5<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0968 %<\/td>\n3,234.6<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.28 %<\/td>\n5.35 %<\/td>\n78,293<\/td>\n14.28<\/td>\n13<\/td>\n-0.4858 %<\/td>\n3,108.8<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n-20.90 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-31
\nMaturity Price : 16.50
\nEvaluated at bid price : 16.50
\nBid-YTW : 6.92 %<\/td>\n<\/tr>\n
GWO.PR.M<\/td>\nInsurance Straight<\/td>\n-4.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-31
\nMaturity Price : 24.50
\nEvaluated at bid price : 24.73
\nBid-YTW : 5.90 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\n-3.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-31
\nMaturity Price : 22.86
\nEvaluated at bid price : 24.00
\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n
BN.PF.D<\/td>\nPerpetual-Discount<\/td>\n-3.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-31
\nMaturity Price : 21.02
\nEvaluated at bid price : 21.02
\nBid-YTW : 5.87 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\n-3.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-31
\nMaturity Price : 22.85
\nEvaluated at bid price : 23.87
\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n-2.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-31
\nMaturity Price : 23.46
\nEvaluated at bid price : 23.90
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
TD.PF.I<\/td>\nFixedReset Prem<\/td>\n-2.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.13
\nBid-YTW : 4.35 %<\/td>\n<\/tr>\n
FFH.PR.K<\/td>\nFixedReset Prem<\/td>\n-1.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.05
\nBid-YTW : 4.93 %<\/td>\n<\/tr>\n
TD.PF.J<\/td>\nFixedReset Prem<\/td>\n-1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2028-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.05
\nBid-YTW : 4.31 %<\/td>\n<\/tr>\n
ENB.PR.F<\/td>\nFixedReset Disc<\/td>\n-1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-31
\nMaturity Price : 20.80
\nEvaluated at bid price : 20.80
\nBid-YTW : 6.66 %<\/td>\n<\/tr>\n
BN.PF.B<\/td>\nFixedReset Disc<\/td>\n-1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-31
\nMaturity Price : 22.96
\nEvaluated at bid price : 24.05
\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n
GWO.PR.T<\/td>\nInsurance Straight<\/td>\n-1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-31
\nMaturity Price : 22.74
\nEvaluated at bid price : 23.00
\nBid-YTW : 5.62 %<\/td>\n<\/tr>\n
GWO.PR.P<\/td>\nInsurance Straight<\/td>\n-1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-31
\nMaturity Price : 23.85
\nEvaluated at bid price : 24.10
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n
ENB.PF.A<\/td>\nFixedReset Disc<\/td>\n1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-31
\nMaturity Price : 22.46
\nEvaluated at bid price : 23.20
\nBid-YTW : 6.09 %<\/td>\n<\/tr>\n
ENB.PR.T<\/td>\nFixedReset Disc<\/td>\n1.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-31
\nMaturity Price : 22.62
\nEvaluated at bid price : 23.40
\nBid-YTW : 6.06 %<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetual-Discount<\/td>\n1.88 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-31
\nMaturity Price : 22.56
\nEvaluated at bid price : 22.82
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nInsurance Straight<\/td>\n2.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-31
\nMaturity Price : 21.49
\nEvaluated at bid price : 21.75
\nBid-YTW : 5.19 %<\/td>\n<\/tr>\n
CU.PR.J<\/td>\nPerpetual-Discount<\/td>\n3.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-31
\nMaturity Price : 21.44
\nEvaluated at bid price : 21.74
\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
POW.PR.A<\/td>\nPerpetual-Discount<\/td>\n39,991<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2026-01-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.20
\nBid-YTW : -6.79 %<\/td>\n<\/tr>\n
GWO.PR.P<\/td>\nInsurance Straight<\/td>\n36,636<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-31
\nMaturity Price : 23.85
\nEvaluated at bid price : 24.10
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n
PWF.PF.A<\/td>\nPerpetual-Discount<\/td>\n23,705<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-31
\nMaturity Price : 20.53
\nEvaluated at bid price : 20.53
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n
BN.PF.M<\/td>\nFixedReset Prem<\/td>\n21,200<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2031-01-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.87
\nBid-YTW : 5.01 %<\/td>\n<\/tr>\n
CU.PR.K<\/td>\nPerpetual-Discount<\/td>\n20,100<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-31
\nMaturity Price : 24.72
\nEvaluated at bid price : 25.12
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n13,680<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-31
\nMaturity Price : 18.36
\nEvaluated at bid price : 18.36
\nBid-YTW : 5.80 %<\/td>\n<\/tr>\n
There were 1 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
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\nQuote: 16.50 – 21.21
\nSpot Rate : 4.7100
\nAverage : 2.6345<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-31
\nMaturity Price : 16.50
\nEvaluated at bid price : 16.50
\nBid-YTW : 6.92 %<\/td>\n<\/tr>\n

GWO.PR.M<\/td>\nInsurance Straight<\/td>\nQuote: 24.73 – 25.92
\nSpot Rate : 1.1900
\nAverage : 0.6807<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-31
\nMaturity Price : 24.50
\nEvaluated at bid price : 24.73
\nBid-YTW : 5.90 %<\/td>\n<\/tr>\n

MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\nQuote: 24.00 – 25.00
\nSpot Rate : 1.0000
\nAverage : 0.5954<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-31
\nMaturity Price : 22.86
\nEvaluated at bid price : 24.00
\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n

MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\nQuote: 23.87 – 24.87
\nSpot Rate : 1.0000
\nAverage : 0.6284<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-31
\nMaturity Price : 22.85
\nEvaluated at bid price : 23.87
\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n

TD.PF.I<\/td>\nFixedReset Prem<\/td>\nQuote: 26.13 – 27.05
\nSpot Rate : 0.9200
\nAverage : 0.5980<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.13
\nBid-YTW : 4.35 %<\/td>\n<\/tr>\n

ENB.PR.F<\/td>\nFixedReset Disc<\/td>\nQuote: 20.80 – 22.25
\nSpot Rate : 1.4500
\nAverage : 1.1287<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-31
\nMaturity Price : 20.80
\nEvaluated at bid price : 20.80
\nBid-YTW : 6.66 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The TXPR price index set a new 52-week high today of 696.71, a small jump beyond the old mark of 695.87 set 2025-12-30. PerpetualDiscounts now yield 5.61%, equivalent to 7.29% interest at the standard conversion …<\/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-51309","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51309","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=51309"}],"version-history":[{"count":3,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51309\/revisions"}],"predecessor-version":[{"id":51331,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51309\/revisions\/51331"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51309"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51309"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}