{"id":51478,"date":"2026-02-04T21:16:28","date_gmt":"2026-02-05T02:16:28","guid":{"rendered":"https:\/\/prefblog.com\/?p=51478"},"modified":"2026-02-05T09:59:18","modified_gmt":"2026-02-05T14:59:18","slug":"february-4-2026","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51478","title":{"rendered":"February 4, 2026"},"content":{"rendered":"

PerpetualDiscounts now yield 5.62%, equivalent to 7.31% interest at the standard conversion factor of 1.3x. Long corporates<\/a> yielded 4.92% on 2026-2-4. 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 January 28<\/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-0.0499 %<\/td>\n2,468.3<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0499 %<\/td>\n4,680.4<\/td>\n<\/tr>\n
Floater<\/td>\n5.84 %<\/td>\n6.08 %<\/td>\n57,121<\/td>\n13.76<\/td>\n3<\/td>\n-0.0499 %<\/td>\n2,697.3<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1731 %<\/td>\n3,672.8<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.75 %<\/td>\n4.54 %<\/td>\n87,447<\/td>\n3.05<\/td>\n5<\/td>\n0.1731 %<\/td>\n4,386.1<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1731 %<\/td>\n3,422.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.66 %<\/td>\n5.55 %<\/td>\n609,317<\/td>\n6.79<\/td>\n7<\/td>\n0.0340 %<\/td>\n3,084.1<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.56 %<\/td>\n5.62 %<\/td>\n50,646<\/td>\n14.43<\/td>\n27<\/td>\n-0.0798 %<\/td>\n3,408.1<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.93 %<\/td>\n5.99 %<\/td>\n112,487<\/td>\n13.73<\/td>\n28<\/td>\n0.3492 %<\/td>\n3,179.7<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.46 %<\/td>\n5.56 %<\/td>\n70,341<\/td>\n14.52<\/td>\n22<\/td>\n-0.0138 %<\/td>\n3,330.4<\/td>\n<\/tr>\n
FloatingReset<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3492 %<\/td>\n3,782.6<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.97 %<\/td>\n4.29 %<\/td>\n85,766<\/td>\n2.53<\/td>\n20<\/td>\n0.1134 %<\/td>\n2,653.8<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3492 %<\/td>\n3,250.3<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.27 %<\/td>\n5.46 %<\/td>\n77,123<\/td>\n14.53<\/td>\n14<\/td>\n0.4430 %<\/td>\n3,135.0<\/td>\n<\/tr>\n<\/table>\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.J<\/td>\nPerpetual-Discount<\/td>\n-3.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-04
\nMaturity Price : 21.01
\nEvaluated at bid price : 21.01
\nBid-YTW : 5.76 %<\/td>\n<\/tr>\n
GWO.PR.L<\/td>\nInsurance Straight<\/td>\n-3.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-04
\nMaturity Price : 23.91
\nEvaluated at bid price : 24.15
\nBid-YTW : 5.92 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n-3.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-04
\nMaturity Price : 23.05
\nEvaluated at bid price : 23.74
\nBid-YTW : 5.83 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n-1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-04
\nMaturity Price : 20.75
\nEvaluated at bid price : 20.75
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-04
\nMaturity Price : 20.45
\nEvaluated at bid price : 20.45
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
IFC.PR.I<\/td>\nInsurance Straight<\/td>\n1.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-04
\nMaturity Price : 24.16
\nEvaluated at bid price : 24.45
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset Ins Non<\/td>\n2.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-04
\nMaturity Price : 23.66
\nEvaluated at bid price : 25.66
\nBid-YTW : 5.19 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n2.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-04
\nMaturity Price : 19.80
\nEvaluated at bid price : 19.80
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetual-Discount<\/td>\n3.75 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-04
\nMaturity Price : 22.97
\nEvaluated at bid price : 23.24
\nBid-YTW : 5.42 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n4.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-04
\nMaturity Price : 23.39
\nEvaluated at bid price : 25.03
\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n5.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-04
\nMaturity Price : 19.00
\nEvaluated at bid price : 19.00
\nBid-YTW : 5.73 %<\/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.Q<\/td>\nFixedReset Ins Non<\/td>\n76,400<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-04
\nMaturity Price : 23.64
\nEvaluated at bid price : 25.42
\nBid-YTW : 5.46 %<\/td>\n<\/tr>\n
BN.PF.M<\/td>\nFixedReset Prem<\/td>\n54,700<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2031-01-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.15
\nBid-YTW : 4.86 %<\/td>\n<\/tr>\n
NA.PR.G<\/td>\nFixedReset Prem<\/td>\n45,700<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2028-11-16
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.58
\nBid-YTW : 4.57 %<\/td>\n<\/tr>\n
BN.PF.F<\/td>\nFixedReset Disc<\/td>\n44,000<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-04
\nMaturity Price : 23.18
\nEvaluated at bid price : 24.71
\nBid-YTW : 5.88 %<\/td>\n<\/tr>\n
ENB.PF.A<\/td>\nFixedReset Disc<\/td>\n38,400<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-04
\nMaturity Price : 22.24
\nEvaluated at bid price : 22.80
\nBid-YTW : 6.26 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n31,100<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-04
\nMaturity Price : 23.05
\nEvaluated at bid price : 23.74
\nBid-YTW : 5.83 %<\/td>\n<\/tr>\n
There were 11 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
BN.PR.Z<\/td>\nFixedReset Disc<\/td>\nQuote: 24.83 – 26.00
\nSpot Rate : 1.1700
\nAverage : 0.6535<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-04
\nMaturity Price : 23.55
\nEvaluated at bid price : 24.83
\nBid-YTW : 5.99 %<\/td>\n<\/tr>\n

GWO.PR.L<\/td>\nInsurance Straight<\/td>\nQuote: 24.15 – 25.11
\nSpot Rate : 0.9600
\nAverage : 0.5671<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-04
\nMaturity Price : 23.91
\nEvaluated at bid price : 24.15
\nBid-YTW : 5.92 %<\/td>\n<\/tr>\n

CU.PR.J<\/td>\nPerpetual-Discount<\/td>\nQuote: 21.01 – 22.08
\nSpot Rate : 1.0700
\nAverage : 0.7263<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-04
\nMaturity Price : 21.01
\nEvaluated at bid price : 21.01
\nBid-YTW : 5.76 %<\/td>\n<\/tr>\n

IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\nQuote: 23.74 – 24.74
\nSpot Rate : 1.0000
\nAverage : 0.8026<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-04
\nMaturity Price : 23.05
\nEvaluated at bid price : 23.74
\nBid-YTW : 5.83 %<\/td>\n<\/tr>\n

CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\nQuote: 21.01 – 21.40
\nSpot Rate : 0.3900
\nAverage : 0.2562<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-04
\nMaturity Price : 21.01
\nEvaluated at bid price : 21.01
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n

BN.PR.R<\/td>\nFixedReset Disc<\/td>\nQuote: 21.80 – 22.25
\nSpot Rate : 0.4500
\nAverage : 0.3755<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-04
\nMaturity Price : 21.48
\nEvaluated at bid price : 21.80
\nBid-YTW : 6.00 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.62%, equivalent to 7.31% interest at the standard conversion factor of 1.3x. Long corporates yielded 4.92% on 2026-2-4. Therefore the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed slightly …<\/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-51478","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51478","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=51478"}],"version-history":[{"count":2,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51478\/revisions"}],"predecessor-version":[{"id":51481,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51478\/revisions\/51481"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}