{"id":51395,"date":"2026-01-14T20:25:26","date_gmt":"2026-01-15T01:25:26","guid":{"rendered":"https:\/\/prefblog.com\/?p=51395"},"modified":"2026-01-15T10:28:17","modified_gmt":"2026-01-15T15:28:17","slug":"january-14-2026","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51395","title":{"rendered":"January 14, 2026"},"content":{"rendered":"

PerpetualDiscounts now yield 5.57%, equivalent to 7.24% interest at the standard conversion factor of 1.3x. Long corporates<\/a> yielded 4.92% on 2026-1-7. Therefore the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has remained steady at the 230bp reported January 7<\/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>\n0.1514 %<\/td>\n2,448.0<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1514 %<\/td>\n4,641.8<\/td>\n<\/tr>\n
Floater<\/td>\n5.88 %<\/td>\n6.10 %<\/td>\n55,368<\/td>\n13.77<\/td>\n3<\/td>\n0.1514 %<\/td>\n2,675.1<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2272 %<\/td>\n3,674.5<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.75 %<\/td>\n4.23 %<\/td>\n77,577<\/td>\n2.01<\/td>\n5<\/td>\n-0.2272 %<\/td>\n4,388.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2272 %<\/td>\n3,423.8<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.65 %<\/td>\n5.58 %<\/td>\n88,971<\/td>\n6.86<\/td>\n9<\/td>\n-0.3861 %<\/td>\n3,093.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.52 %<\/td>\n5.57 %<\/td>\n48,662<\/td>\n14.58<\/td>\n25<\/td>\n-0.2255 %<\/td>\n3,422.1<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.85 %<\/td>\n5.98 %<\/td>\n108,038<\/td>\n13.84<\/td>\n29<\/td>\n0.2589 %<\/td>\n3,178.0<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.49 %<\/td>\n5.54 %<\/td>\n55,461<\/td>\n14.57<\/td>\n22<\/td>\n-0.4442 %<\/td>\n3,316.1<\/td>\n<\/tr>\n
FloatingReset<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2589 %<\/td>\n3,780.5<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.93 %<\/td>\n4.18 %<\/td>\n87,484<\/td>\n2.19<\/td>\n19<\/td>\n0.0080 %<\/td>\n2,664.4<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2589 %<\/td>\n3,248.5<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.27 %<\/td>\n5.34 %<\/td>\n77,404<\/td>\n14.49<\/td>\n14<\/td>\n-0.3753 %<\/td>\n3,135.8<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nInsurance Straight<\/td>\n-10.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-14
\nMaturity Price : 19.44
\nEvaluated at bid price : 19.44
\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n-3.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-14
\nMaturity Price : 23.45
\nEvaluated at bid price : 24.10
\nBid-YTW : 5.70 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nInsurance Straight<\/td>\n-2.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-14
\nMaturity Price : 21.50
\nEvaluated at bid price : 21.76
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
BN.PF.D<\/td>\nPerpetual-Discount<\/td>\n-2.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-14
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n
BN.PF.B<\/td>\nFixedReset Disc<\/td>\n-1.94 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-14
\nMaturity Price : 22.86
\nEvaluated at bid price : 23.81
\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nInsurance Straight<\/td>\n-1.91 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-14
\nMaturity Price : 21.29
\nEvaluated at bid price : 21.56
\nBid-YTW : 5.19 %<\/td>\n<\/tr>\n
MFC.PR.Q<\/td>\nFixedReset Ins Non<\/td>\n-1.68 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-14
\nMaturity Price : 23.52
\nEvaluated at bid price : 25.10
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nInsurance Straight<\/td>\n-1.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-14
\nMaturity Price : 21.33
\nEvaluated at bid price : 21.60
\nBid-YTW : 5.25 %<\/td>\n<\/tr>\n
GWO.PR.R<\/td>\nInsurance Straight<\/td>\n-1.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-14
\nMaturity Price : 21.54
\nEvaluated at bid price : 21.80
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n
PWF.PR.O<\/td>\nPerpetual-Premium<\/td>\n-1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2026-02-13
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.95
\nBid-YTW : 4.81 %<\/td>\n<\/tr>\n
PWF.PR.R<\/td>\nPerpetual-Discount<\/td>\n-1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-14
\nMaturity Price : 24.05
\nEvaluated at bid price : 24.30
\nBid-YTW : 5.67 %<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetual-Discount<\/td>\n-1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-14
\nMaturity Price : 22.43
\nEvaluated at bid price : 22.69
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n
IFC.PR.F<\/td>\nInsurance Straight<\/td>\n-1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-14
\nMaturity Price : 23.48
\nEvaluated at bid price : 23.75
\nBid-YTW : 5.62 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nInsurance Straight<\/td>\n-1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-14
\nMaturity Price : 20.64
\nEvaluated at bid price : 20.64
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n
BN.PR.Z<\/td>\nFixedReset Disc<\/td>\n2.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-14
\nMaturity Price : 23.60
\nEvaluated at bid price : 25.00
\nBid-YTW : 5.90 %<\/td>\n<\/tr>\n
ENB.PR.F<\/td>\nFixedReset Disc<\/td>\n2.92 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-14
\nMaturity Price : 21.94
\nEvaluated at bid price : 22.18
\nBid-YTW : 6.23 %<\/td>\n<\/tr>\n
GWO.PR.T<\/td>\nInsurance Straight<\/td>\n3.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-14
\nMaturity Price : 23.45
\nEvaluated at bid price : 23.74
\nBid-YTW : 5.46 %<\/td>\n<\/tr>\n
BN.PR.X<\/td>\nFixedReset Disc<\/td>\n5.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-14
\nMaturity Price : 19.89
\nEvaluated at bid price : 19.89
\nBid-YTW : 5.98 %<\/td>\n<\/tr>\n
IFC.PR.I<\/td>\nInsurance Straight<\/td>\n7.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-14
\nMaturity Price : 23.84
\nEvaluated at bid price : 24.13
\nBid-YTW : 5.63 %<\/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
MFC.PR.C<\/td>\nInsurance Straight<\/td>\n61,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-14
\nMaturity Price : 21.33
\nEvaluated at bid price : 21.60
\nBid-YTW : 5.25 %<\/td>\n<\/tr>\n
ENB.PR.P<\/td>\nFixedReset Disc<\/td>\n51,136<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-14
\nMaturity Price : 22.10
\nEvaluated at bid price : 22.50
\nBid-YTW : 6.22 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nInsurance Straight<\/td>\n31,684<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-14
\nMaturity Price : 20.64
\nEvaluated at bid price : 20.64
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n
BN.PF.D<\/td>\nPerpetual-Discount<\/td>\n30,361<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-14
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n
GWO.PR.R<\/td>\nInsurance Straight<\/td>\n24,864<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-14
\nMaturity Price : 21.54
\nEvaluated at bid price : 21.80
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset Ins Non<\/td>\n23,900<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-14
\nMaturity Price : 23.51
\nEvaluated at bid price : 25.21
\nBid-YTW : 5.27 %<\/td>\n<\/tr>\n
There were 12 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
SLF.PR.D<\/td>\nInsurance Straight<\/td>\nQuote: 19.44 – 21.62
\nSpot Rate : 2.1800
\nAverage : 1.2322<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-14
\nMaturity Price : 19.44
\nEvaluated at bid price : 19.44
\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n

PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.05 – 23.75
\nSpot Rate : 1.7000
\nAverage : 1.0782<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-14
\nMaturity Price : 21.81
\nEvaluated at bid price : 22.05
\nBid-YTW : 5.45 %<\/td>\n<\/tr>\n

IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\nQuote: 24.10 – 25.10
\nSpot Rate : 1.0000
\nAverage : 0.6362<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-14
\nMaturity Price : 23.45
\nEvaluated at bid price : 24.10
\nBid-YTW : 5.70 %<\/td>\n<\/tr>\n

GWO.PR.H<\/td>\nInsurance Straight<\/td>\nQuote: 21.76 – 22.50
\nSpot Rate : 0.7400
\nAverage : 0.4446<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-14
\nMaturity Price : 21.50
\nEvaluated at bid price : 21.76
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n

BN.PF.B<\/td>\nFixedReset Disc<\/td>\nQuote: 23.81 – 24.42
\nSpot Rate : 0.6100
\nAverage : 0.3653<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-14
\nMaturity Price : 22.86
\nEvaluated at bid price : 23.81
\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n

MFC.PR.C<\/td>\nInsurance Straight<\/td>\nQuote: 21.60 – 22.20
\nSpot Rate : 0.6000
\nAverage : 0.3627<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-01-14
\nMaturity Price : 21.33
\nEvaluated at bid price : 21.60
\nBid-YTW : 5.25 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.57%, equivalent to 7.24% interest at the standard conversion factor of 1.3x. Long corporates yielded 4.92% on 2026-1-7. Therefore the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has remained steady …<\/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-51395","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51395","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=51395"}],"version-history":[{"count":2,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51395\/revisions"}],"predecessor-version":[{"id":51398,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51395\/revisions\/51398"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51395"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51395"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51395"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}