{"id":51393,"date":"2026-01-13T21:33:55","date_gmt":"2026-01-14T02:33:55","guid":{"rendered":"https:\/\/prefblog.com\/?p=51393"},"modified":"2026-01-13T21:33:55","modified_gmt":"2026-01-14T02:33:55","slug":"january-13-2026","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51393","title":{"rendered":"January 13, 2026"},"content":{"rendered":"

Central bankers have united behind Powell<\/a> in his defence of central bank independence:<\/p>\n

We stand in full solidarity with the Federal Reserve System and its Chair Jerome H. Powell. The independence of central banks is a cornerstone of price, financial and economic stability in the interest of the citizens that we serve. It is therefore critical to preserve that independence, with full respect for the rule of law and democratic accountability. Chair Powell has served with integrity, focused on his mandate and an unwavering commitment to the public interest. To us, he is a respected colleague who is held in the highest regard by all who have worked with him.<\/p>\n

Christine Lagarde, President of the European Central Bank on behalf of the ECB Governing Council<\/p>\n

Andrew Bailey, Governor of the Bank of England<\/p>\n

Erik Thed\u00e9en, Governor of Sveriges Riksbank<\/p>\n

Christian Kettel Thomsen, Chairman of the Board of Governors of the Danmarks Nationalbank<\/p>\n

Martin Schlegel, Chairman of the Governing Board of the Swiss National Bank<\/p>\n

Ida Wolden Bache, Governor of Norges Bank<\/p>\n

Michele Bullock, Governor of the Reserve Bank of Australia<\/p>\n

Tiff Macklem, Governor of the Bank of Canada<\/p>\n

Chang Yong Rhee, Governor of the Bank of Korea<\/p>\n

Gabriel Gal\u00edpolo, Governor of the Banco Central do Brasil<\/p>\n

Fran\u00e7ois Villeroy de Galhau, Chair of the Board of Directors of the Bank for International Settlements<\/p>\n

Pablo Hern\u00e1ndez de Cos, General Manager of the Bank for International Settlements<\/p>\n

Note: Other central banks may be added to the list of signatories later on.<\/p><\/blockquote>\n

CI Financial is buying Invesco Canada:<\/p>\n

CI Financial Corp.\u2019s N\/A
\n asset management arm is taking over Invesco Ltd.\u2019s Canadian fund business, acquiring control of about 100 mutual funds and exchange-traded funds (ETFs).<\/p>\n

CI Global Asset Management is buying the management agreements for Invesco\u2019s Canadian funds, which oversee a combined $26-billion of assets, expanding the lineup of products it can offer to clients.<\/p>\n

Financial terms of the deal were not disclosed.<\/p>\n

The two companies are also entering a long-term pact to have Invesco\u2019s affiliates help manage 63 funds with $13-billion under management, providing portfolio management services.
…<\/b>
CI Financial was itself acquired by Abu Dhabi-based Mubadala Capital in a $4.7-billion privatization deal late in 2024, following an audacious U.S. expansion led by chief executive officer Kurt MacAlpine through which the asset manager took on billions of dollars of debt.<\/p>\n

The privatization of CI came at a time when the company was under pressure from shareholders to take its U.S. arm public and show it had a plan to manage its heavy debt load.<\/p>\n

This latest deal with Invesco \u201chighlights how operating as a private company allows us to unlock new opportunities to create meaningful long-term value for CI and our clients,\u201d Mr. MacAlpine said in a news release.<\/p><\/blockquote>\n

Invesco used to have a Canadian preferred share ETF, used as a comparator for my MAPF, but they closed it. The last performance comparison was for March, 2023<\/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>\n0.1769 %<\/td>\n2,444.3<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1769 %<\/td>\n4,634.8<\/td>\n<\/tr>\n
Floater<\/td>\n5.89 %<\/td>\n6.12 %<\/td>\n52,857<\/td>\n13.74<\/td>\n3<\/td>\n0.1769 %<\/td>\n2,671.0<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2592 %<\/td>\n3,682.9<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.74 %<\/td>\n4.17 %<\/td>\n78,559<\/td>\n2.01<\/td>\n5<\/td>\n0.2592 %<\/td>\n4,398.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2592 %<\/td>\n3,431.6<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.63 %<\/td>\n2.80 %<\/td>\n88,201<\/td>\n0.09<\/td>\n9<\/td>\n-0.0263 %<\/td>\n3,105.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.51 %<\/td>\n5.55 %<\/td>\n47,377<\/td>\n14.56<\/td>\n25<\/td>\n-0.0352 %<\/td>\n3,429.8<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.86 %<\/td>\n5.97 %<\/td>\n108,409<\/td>\n13.68<\/td>\n29<\/td>\n-0.1848 %<\/td>\n3,169.8<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.46 %<\/td>\n5.50 %<\/td>\n51,962<\/td>\n14.63<\/td>\n22<\/td>\n-0.1931 %<\/td>\n3,330.9<\/td>\n<\/tr>\n
FloatingReset<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1848 %<\/td>\n3,770.8<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.93 %<\/td>\n4.18 %<\/td>\n87,497<\/td>\n2.19<\/td>\n19<\/td>\n-0.1807 %<\/td>\n2,664.2<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1848 %<\/td>\n3,240.1<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.25 %<\/td>\n5.28 %<\/td>\n77,059<\/td>\n14.47<\/td>\n14<\/td>\n0.1069 %<\/td>\n3,147.6<\/td>\n<\/tr>\n<\/table>\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.I<\/td>\nInsurance Straight<\/td>\n-8.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-13
\nMaturity Price : 22.03
\nEvaluated at bid price : 22.40
\nBid-YTW : 6.07 %<\/td>\n<\/tr>\n
PWF.PF.A<\/td>\nPerpetual-Discount<\/td>\n-5.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-13
\nMaturity Price : 19.25
\nEvaluated at bid price : 19.25
\nBid-YTW : 5.87 %<\/td>\n<\/tr>\n
BN.PR.X<\/td>\nFixedReset Disc<\/td>\n-5.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-13
\nMaturity Price : 18.90
\nEvaluated at bid price : 18.90
\nBid-YTW : 6.29 %<\/td>\n<\/tr>\n
ENB.PR.B<\/td>\nFixedReset Disc<\/td>\n-2.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-13
\nMaturity Price : 21.10
\nEvaluated at bid price : 21.10
\nBid-YTW : 6.40 %<\/td>\n<\/tr>\n
BN.PR.Z<\/td>\nFixedReset Disc<\/td>\n-2.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-13
\nMaturity Price : 23.40
\nEvaluated at bid price : 24.50
\nBid-YTW : 6.04 %<\/td>\n<\/tr>\n
BN.PF.J<\/td>\nFixedReset Prem<\/td>\n-1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.57
\nBid-YTW : 5.16 %<\/td>\n<\/tr>\n
FTS.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-13
\nMaturity Price : 23.69
\nEvaluated at bid price : 23.99
\nBid-YTW : 5.16 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-13
\nMaturity Price : 21.24
\nEvaluated at bid price : 21.24
\nBid-YTW : 5.38 %<\/td>\n<\/tr>\n
PWF.PR.R<\/td>\nPerpetual-Discount<\/td>\n1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-13
\nMaturity Price : 24.29
\nEvaluated at bid price : 24.59
\nBid-YTW : 5.60 %<\/td>\n<\/tr>\n
PVS.PR.L<\/td>\nSplitShare<\/td>\n1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2026-02-12
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.26
\nBid-YTW : -0.36 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\n1.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-13
\nMaturity Price : 22.96
\nEvaluated at bid price : 24.28
\nBid-YTW : 5.35 %<\/td>\n<\/tr>\n
CCS.PR.C<\/td>\nInsurance Straight<\/td>\n2.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-13
\nMaturity Price : 22.71
\nEvaluated at bid price : 23.00
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n
GWO.PR.P<\/td>\nInsurance Straight<\/td>\n3.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-13
\nMaturity Price : 24.25
\nEvaluated at bid price : 24.55
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n4.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-13
\nMaturity Price : 23.28
\nEvaluated at bid price : 24.75
\nBid-YTW : 5.34 %<\/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
ENB.PR.J<\/td>\nFixedReset Disc<\/td>\n66,204<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-13
\nMaturity Price : 22.30
\nEvaluated at bid price : 22.80
\nBid-YTW : 6.21 %<\/td>\n<\/tr>\n
BN.PF.G<\/td>\nFixedReset Disc<\/td>\n51,800<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-13
\nMaturity Price : 23.10
\nEvaluated at bid price : 24.70
\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n40,901<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-13
\nMaturity Price : 19.84
\nEvaluated at bid price : 19.84
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n39,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-13
\nMaturity Price : 21.36
\nEvaluated at bid price : 21.63
\nBid-YTW : 5.26 %<\/td>\n<\/tr>\n
ENB.PR.P<\/td>\nFixedReset Disc<\/td>\n31,931<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-13
\nMaturity Price : 22.10
\nEvaluated at bid price : 22.50
\nBid-YTW : 6.22 %<\/td>\n<\/tr>\n
ENB.PR.T<\/td>\nFixedReset Disc<\/td>\n31,578<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-13
\nMaturity Price : 22.64
\nEvaluated at bid price : 23.43
\nBid-YTW : 6.06 %<\/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\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.I<\/td>\nInsurance Straight<\/td>\nQuote: 22.40 – 24.65
\nSpot Rate : 2.2500
\nAverage : 1.5858<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-13
\nMaturity Price : 22.03
\nEvaluated at bid price : 22.40
\nBid-YTW : 6.07 %<\/td>\n<\/tr>\n

PWF.PF.A<\/td>\nPerpetual-Discount<\/td>\nQuote: 19.25 – 20.54
\nSpot Rate : 1.2900
\nAverage : 0.7989<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-13
\nMaturity Price : 19.25
\nEvaluated at bid price : 19.25
\nBid-YTW : 5.87 %<\/td>\n<\/tr>\n

BN.PR.X<\/td>\nFixedReset Disc<\/td>\nQuote: 18.90 – 19.90
\nSpot Rate : 1.0000
\nAverage : 0.5673<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-13
\nMaturity Price : 18.90
\nEvaluated at bid price : 18.90
\nBid-YTW : 6.29 %<\/td>\n<\/tr>\n

SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\nQuote: 22.63 – 24.50
\nSpot Rate : 1.8700
\nAverage : 1.5227<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-13
\nMaturity Price : 22.03
\nEvaluated at bid price : 22.63
\nBid-YTW : 5.52 %<\/td>\n<\/tr>\n

BIP.PR.E<\/td>\nFixedReset Prem<\/td>\nQuote: 25.75 – 26.50
\nSpot Rate : 0.7500
\nAverage : 0.4833<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2028-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.75
\nBid-YTW : 5.35 %<\/td>\n<\/tr>\n

GWO.PR.Z<\/td>\nInsurance Straight<\/td>\nQuote: 25.33 – 26.33
\nSpot Rate : 1.0000
\nAverage : 0.7818<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2034-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.33
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Central bankers have united behind Powell in his defence of central bank independence: We stand in full solidarity with the Federal Reserve System and its Chair Jerome H. Powell. The independence of central banks is …<\/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-51393","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51393","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=51393"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51393\/revisions"}],"predecessor-version":[{"id":51394,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51393\/revisions\/51394"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51393"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51393"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51393"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}