{"id":51588,"date":"2026-02-26T20:30:55","date_gmt":"2026-02-27T01:30:55","guid":{"rendered":"https:\/\/prefblog.com\/?p=51588"},"modified":"2026-02-26T20:32:15","modified_gmt":"2026-02-27T01:32:15","slug":"february-26-2026","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51588","title":{"rendered":"February 26, 2026"},"content":{"rendered":"<p>For the first time in a long time, the median YTW for PerpetualDiscounts exceeds that of FixedReset Discounts!<\/p>\n<table border='1'>\n<tr>\n<td colspan='8'><strong>HIMIPref&trade; Preferred Indices<br \/>These values reflect the December 2008 revision of the HIMIPref&trade; Indices<\/strong><br \/>Values are provisional and are finalized monthly<\/td>\n<\/tr>\n<tr>\n<td>Index<\/td>\n<td>Mean<br \/>Current<br \/>Yield<br \/>(at bid)<\/td>\n<td>Median<br \/>YTW<\/td>\n<td>Median<br \/>Average<br \/>Trading<br \/>Value<\/td>\n<td>Median<br \/>Mod Dur<br \/>(YTW)<\/td>\n<td>Issues<\/td>\n<td>Day&#8217;s Perf.<\/td>\n<td>Index Value<\/td>\n<\/tr>\n<tr>\n<td>Ratchet<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>-0.2234 %<\/td>\n<td>2,478.8<\/td>\n<\/tr>\n<tr>\n<td>FixedFloater<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>-0.2234 %<\/td>\n<td>4,700.2<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>5.81 %<\/td>\n<td>6.10 %<\/td>\n<td>58,922<\/td>\n<td>13.70<\/td>\n<td>3<\/td>\n<td>-0.2234 %<\/td>\n<td>2,708.8<\/td>\n<\/tr>\n<tr>\n<td>OpRet<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.0633 %<\/td>\n<td>3,648.6<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>4.78 %<\/td>\n<td>4.30 %<\/td>\n<td>73,990<\/td>\n<td>3.02<\/td>\n<td>5<\/td>\n<td>0.0633 %<\/td>\n<td>4,357.2<\/td>\n<\/tr>\n<tr>\n<td>Interest-Bearing<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.0633 %<\/td>\n<td>3,399.6<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/td>\n<td>5.67 %<\/td>\n<td>5.56 %<\/td>\n<td>421,514<\/td>\n<td>14.11<\/td>\n<td>7<\/td>\n<td>0.0510 %<\/td>\n<td>3,080.1<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>5.61 %<\/td>\n<td>5.69 %<\/td>\n<td>50,907<\/td>\n<td>14.32<\/td>\n<td>27<\/td>\n<td>0.5677 %<\/td>\n<td>3,375.1<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Disc<\/td>\n<td>5.88 %<\/td>\n<td>5.68 %<\/td>\n<td>125,755<\/td>\n<td>13.99<\/td>\n<td>28<\/td>\n<td>0.1739 %<\/td>\n<td>3,202.1<\/td>\n<\/tr>\n<tr>\n<td>Insurance Straight<\/td>\n<td>5.44 %<\/td>\n<td>5.56 %<\/td>\n<td>66,325<\/td>\n<td>14.46<\/td>\n<td>22<\/td>\n<td>0.1872 %<\/td>\n<td>3,342.3<\/td>\n<\/tr>\n<tr>\n<td>FloatingReset<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.1739 %<\/td>\n<td>3,809.2<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Prem<\/td>\n<td>5.95 %<\/td>\n<td>4.35 %<\/td>\n<td>92,030<\/td>\n<td>2.48<\/td>\n<td>20<\/td>\n<td>-0.1718 %<\/td>\n<td>2,665.5<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Bank Non<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.1739 %<\/td>\n<td>3,273.2<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Ins Non<\/td>\n<td>5.27 %<\/td>\n<td>5.16 %<\/td>\n<td>89,487<\/td>\n<td>14.84<\/td>\n<td>14<\/td>\n<td>0.5721 %<\/td>\n<td>3,139.7<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='4'><strong>Performance Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Change<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.I<\/td>\n<td>FixedReset Prem<\/td>\n<td>-3.25 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-02-26<br \/>\nMaturity Price  : 23.56<br \/>\nEvaluated at bid price : 25.64<br \/>\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.S<\/td>\n<td>FixedReset Prem<\/td>\n<td>-1.14 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2029-02-24<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.10<br \/>\nBid-YTW : 4.35 %<\/td>\n<\/tr>\n<tr>\n<td>ENB.PF.C<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.15 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-02-26<br \/>\nMaturity Price  : 22.29<br \/>\nEvaluated at bid price : 22.91<br \/>\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.Z<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.29 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-02-26<br \/>\nMaturity Price  : 22.51<br \/>\nEvaluated at bid price : 22.78<br \/>\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PF.D<\/td>\n<td>Perpetual-Discount<\/td>\n<td>2.09 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-02-26<br \/>\nMaturity Price  : 21.51<br \/>\nEvaluated at bid price : 21.51<br \/>\nBid-YTW : 5.80 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.R<\/td>\n<td>Insurance Straight<\/td>\n<td>2.19 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-02-26<br \/>\nMaturity Price  : 21.73<br \/>\nEvaluated at bid price : 21.98<br \/>\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.N<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>2.46 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-02-26<br \/>\nMaturity Price  : 22.92<br \/>\nEvaluated at bid price : 24.15<br \/>\nBid-YTW : 5.17 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.C<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>2.70 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-02-26<br \/>\nMaturity Price  : 24.16<br \/>\nEvaluated at bid price : 24.73<br \/>\nBid-YTW : 5.41 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.M<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>2.77 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-02-26<br \/>\nMaturity Price  : 23.22<br \/>\nEvaluated at bid price : 24.85<br \/>\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.F<\/td>\n<td>Perpetual-Discount<\/td>\n<td>2.81 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-02-26<br \/>\nMaturity Price  : 20.51<br \/>\nEvaluated at bid price : 20.51<br \/>\nBid-YTW : 5.52 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.B<\/td>\n<td>Insurance Straight<\/td>\n<td>3.45 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-02-26<br \/>\nMaturity Price  : 21.95<br \/>\nEvaluated at bid price : 22.19<br \/>\nBid-YTW : 5.24 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.H<\/td>\n<td>Perpetual-Discount<\/td>\n<td>8.48 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-02-26<br \/>\nMaturity Price  : 24.05<br \/>\nEvaluated at bid price : 24.30<br \/>\nBid-YTW : 5.42 %<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='4'><strong>Volume Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Shares<br \/>Traded<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>BN.PF.A<\/td>\n<td>FixedReset Prem<\/td>\n<td>59,800<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-02-26<br \/>\nMaturity Price  : 23.74<br \/>\nEvaluated at bid price : 25.93<br \/>\nBid-YTW : 5.60 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.N<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>21,037<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-02-26<br \/>\nMaturity Price  : 22.92<br \/>\nEvaluated at bid price : 24.15<br \/>\nBid-YTW : 5.17 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.J<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>20,165<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2028-03-19<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.50<br \/>\nBid-YTW : 4.98 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.D<\/td>\n<td>Perpetual-Discount<\/td>\n<td>18,400<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-02-26<br \/>\nMaturity Price  : 21.97<br \/>\nEvaluated at bid price : 22.20<br \/>\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.Z<\/td>\n<td>Insurance Straight<\/td>\n<td>17,580<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-02-26<br \/>\nMaturity Price  : 24.78<br \/>\nEvaluated at bid price : 25.19<br \/>\nBid-YTW : 5.74 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.F<\/td>\n<td>Insurance Straight<\/td>\n<td>14,753<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-02-26<br \/>\nMaturity Price  : 23.64<br \/>\nEvaluated at bid price : 23.90<br \/>\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n<tr>\n<td colspan='4'>There were 5 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='3'><strong>Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan='3'>See <a href='https:\/\/prefblog.com\/?p=13456'>TMX DataLinx: &#8216;Last&#8217; != &#8216;Close&#8217;<\/a> and the posts linked therein for an idea of why these quotes are so horrible.<\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Quote Data and Yield Notes<\/td>\n<\/tr>\n<tr>\n<td>ENB.PF.K<\/td>\n<td>FixedReset Prem<\/td>\n<td>Quote: 25.80 &#8211; 26.75<br \/>\nSpot Rate  :  0.9500<br \/>\nAverage  :  0.5569<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2028-03-01<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.80<br \/>\nBid-YTW : 4.53 %<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.I<\/td>\n<td>FixedReset Prem<\/td>\n<td>Quote: 25.64 &#8211; 26.64<br \/>\nSpot Rate  :  1.0000<br \/>\nAverage  :  0.6115<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-02-26<br \/>\nMaturity Price  : 23.56<br \/>\nEvaluated at bid price : 25.64<br \/>\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PF.I<\/td>\n<td>FixedReset Prem<\/td>\n<td>Quote: 25.87 &#8211; 26.87<br \/>\nSpot Rate  :  1.0000<br \/>\nAverage  :  0.6166<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2027-03-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.87<br \/>\nBid-YTW : 2.95 %<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.C<\/td>\n<td>FixedReset Prem<\/td>\n<td>Quote: 26.53 &#8211; 27.53<br \/>\nSpot Rate  :  1.0000<br \/>\nAverage  :  0.6780<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2027-11-15<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.53<br \/>\nBid-YTW : 3.50 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.S<\/td>\n<td>Perpetual-Discount<\/td>\n<td>Quote: 16.61 &#8211; 22.07<br \/>\nSpot Rate  :  5.4600<br \/>\nAverage  :  5.2057<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-02-26<br \/>\nMaturity Price  : 16.61<br \/>\nEvaluated at bid price : 16.61<br \/>\nBid-YTW : 7.33 %<\/td>\n<\/tr>\n<tr>\n<td>FTS.PR.H<\/td>\n<td>FixedReset Disc<\/td>\n<td>Quote: 19.47 &#8211; 20.25<br \/>\nSpot Rate  :  0.7800<br \/>\nAverage  :  0.5531<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-02-26<br \/>\nMaturity Price  : 19.47<br \/>\nEvaluated at bid price : 19.47<br \/>\nBid-YTW : 5.39 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>For the first time in a long time, the median YTW for PerpetualDiscounts exceeds that of FixedReset Discounts! HIMIPref&trade; Preferred IndicesThese values reflect the December 2008 revision of the HIMIPref&trade; IndicesValues are provisional and are &hellip;<\/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-51588","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51588","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=51588"}],"version-history":[{"count":2,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51588\/revisions"}],"predecessor-version":[{"id":51590,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51588\/revisions\/51590"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51588"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51588"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51588"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}