{"id":51584,"date":"2026-02-25T21:26:41","date_gmt":"2026-02-26T02:26:41","guid":{"rendered":"https:\/\/prefblog.com\/?p=51584"},"modified":"2026-02-26T09:45:34","modified_gmt":"2026-02-26T14:45:34","slug":"february-25-2026","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51584","title":{"rendered":"February 25, 2026"},"content":{"rendered":"

PerpetualDiscounts now yield 5.69%, equivalent to 7.40% interest at the standard conversion factor of 1.3x. Long corporates<\/a> yielded 4.74% on 2026-2-25. Therefore the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened slightly (and perhaps spuriously) to 265bp from the 260bp reported February 18<\/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>\n0.2488 %<\/td>\n2,484.4<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2488 %<\/td>\n4,710.8<\/td>\n<\/tr>\n
Floater<\/td>\n5.80 %<\/td>\n6.07 %<\/td>\n59,603<\/td>\n13.74<\/td>\n3<\/td>\n0.2488 %<\/td>\n2,714.8<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1427 %<\/td>\n3,646.2<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.79 %<\/td>\n4.37 %<\/td>\n74,631<\/td>\n3.02<\/td>\n5<\/td>\n0.1427 %<\/td>\n4,354.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1427 %<\/td>\n3,397.5<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.67 %<\/td>\n5.57 %<\/td>\n436,482<\/td>\n14.12<\/td>\n7<\/td>\n-0.1076 %<\/td>\n3,078.5<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.65 %<\/td>\n5.69 %<\/td>\n48,731<\/td>\n14.32<\/td>\n27<\/td>\n-0.5694 %<\/td>\n3,356.0<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.89 %<\/td>\n5.71 %<\/td>\n126,146<\/td>\n14.00<\/td>\n28<\/td>\n0.3270 %<\/td>\n3,196.5<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.45 %<\/td>\n5.56 %<\/td>\n68,248<\/td>\n14.45<\/td>\n22<\/td>\n-0.2399 %<\/td>\n3,336.1<\/td>\n<\/tr>\n
FloatingReset<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3270 %<\/td>\n3,802.6<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.94 %<\/td>\n4.24 %<\/td>\n89,245<\/td>\n2.48<\/td>\n20<\/td>\n0.1147 %<\/td>\n2,670.1<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3270 %<\/td>\n3,267.5<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.30 %<\/td>\n5.27 %<\/td>\n82,837<\/td>\n14.81<\/td>\n14<\/td>\n-1.4729 %<\/td>\n3,121.8<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
CU.PR.H<\/td>\nPerpetual-Discount<\/td>\n-8.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-25
\nMaturity Price : 22.12
\nEvaluated at bid price : 22.40
\nBid-YTW : 5.88 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\n-3.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-25
\nMaturity Price : 22.95
\nEvaluated at bid price : 24.18
\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n-2.90 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-25
\nMaturity Price : 23.37
\nEvaluated at bid price : 24.08
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n
BN.PF.D<\/td>\nPerpetual-Discount<\/td>\n-2.77 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-25
\nMaturity Price : 21.07
\nEvaluated at bid price : 21.07
\nBid-YTW : 5.92 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n-2.68 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-25
\nMaturity Price : 19.95
\nEvaluated at bid price : 19.95
\nBid-YTW : 5.67 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\n-2.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-25
\nMaturity Price : 22.65
\nEvaluated at bid price : 23.57
\nBid-YTW : 5.32 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nInsurance Straight<\/td>\n-2.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-25
\nMaturity Price : 21.45
\nEvaluated at bid price : 21.45
\nBid-YTW : 5.43 %<\/td>\n<\/tr>\n
GWO.PR.R<\/td>\nInsurance Straight<\/td>\n-2.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-25
\nMaturity Price : 21.51
\nEvaluated at bid price : 21.51
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n
PWF.PR.Z<\/td>\nPerpetual-Discount<\/td>\n-1.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-25
\nMaturity Price : 22.21
\nEvaluated at bid price : 22.49
\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nInsurance Straight<\/td>\n-1.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-25
\nMaturity Price : 21.57
\nEvaluated at bid price : 21.83
\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n
ENB.PF.E<\/td>\nFixedReset Disc<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-25
\nMaturity Price : 22.14
\nEvaluated at bid price : 22.70
\nBid-YTW : 5.94 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nInsurance Straight<\/td>\n1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-25
\nMaturity Price : 21.33
\nEvaluated at bid price : 21.60
\nBid-YTW : 5.19 %<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nInsurance Straight<\/td>\n1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-25
\nMaturity Price : 23.74
\nEvaluated at bid price : 24.05
\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-25
\nMaturity Price : 18.75
\nEvaluated at bid price : 18.75
\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n
ENB.PR.J<\/td>\nFixedReset Disc<\/td>\n2.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-25
\nMaturity Price : 22.47
\nEvaluated at bid price : 23.05
\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n
GWO.PR.Y<\/td>\nInsurance Straight<\/td>\n5.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-25
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 5.45 %<\/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
FTS.PR.M<\/td>\nFixedReset Disc<\/td>\n54,575<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-25
\nMaturity Price : 23.18
\nEvaluated at bid price : 24.73
\nBid-YTW : 5.27 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset Disc<\/td>\n54,200<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-25
\nMaturity Price : 22.75
\nEvaluated at bid price : 23.55
\nBid-YTW : 5.18 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\n38,707<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-25
\nMaturity Price : 22.95
\nEvaluated at bid price : 24.18
\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n
FFH.PR.K<\/td>\nFixedReset Prem<\/td>\n30,250<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.51
\nBid-YTW : 3.89 %<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetual-Discount<\/td>\n24,699<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-25
\nMaturity Price : 21.70
\nEvaluated at bid price : 21.95
\nBid-YTW : 5.69 %<\/td>\n<\/tr>\n
ENB.PR.N<\/td>\nFixedReset Disc<\/td>\n22,384<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-25
\nMaturity Price : 23.29
\nEvaluated at bid price : 24.65
\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n
There were 8 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.H<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.40 – 24.40
\nSpot Rate : 2.0000
\nAverage : 1.1963<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-25
\nMaturity Price : 22.12
\nEvaluated at bid price : 22.40
\nBid-YTW : 5.88 %<\/td>\n<\/tr>\n

PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\nQuote: 16.60 – 22.10
\nSpot Rate : 5.5000
\nAverage : 4.9269<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-25
\nMaturity Price : 16.60
\nEvaluated at bid price : 16.60
\nBid-YTW : 7.34 %<\/td>\n<\/tr>\n

MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\nQuote: 24.18 – 25.30
\nSpot Rate : 1.1200
\nAverage : 0.6780<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-25
\nMaturity Price : 22.95
\nEvaluated at bid price : 24.18
\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n

CU.PR.C<\/td>\nFixedReset Disc<\/td>\nQuote: 24.71 – 25.71
\nSpot Rate : 1.0000
\nAverage : 0.5764<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-25
\nMaturity Price : 24.36
\nEvaluated at bid price : 24.71
\nBid-YTW : 5.19 %<\/td>\n<\/tr>\n

IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\nQuote: 24.08 – 25.08
\nSpot Rate : 1.0000
\nAverage : 0.6044<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-25
\nMaturity Price : 23.37
\nEvaluated at bid price : 24.08
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n

MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\nQuote: 23.57 – 24.48
\nSpot Rate : 0.9100
\nAverage : 0.5798<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-02-25
\nMaturity Price : 22.65
\nEvaluated at bid price : 23.57
\nBid-YTW : 5.32 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.69%, equivalent to 7.40% interest at the standard conversion factor of 1.3x. Long corporates yielded 4.74% on 2026-2-25. Therefore the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened 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-51584","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51584","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=51584"}],"version-history":[{"count":2,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51584\/revisions"}],"predecessor-version":[{"id":51587,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51584\/revisions\/51587"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51584"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51584"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51584"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}