{"id":51630,"date":"2026-03-04T20:06:43","date_gmt":"2026-03-05T01:06:43","guid":{"rendered":"https:\/\/prefblog.com\/?p=51630"},"modified":"2026-03-05T10:11:13","modified_gmt":"2026-03-05T15:11:13","slug":"march-4-2026","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51630","title":{"rendered":"March 4, 2026"},"content":{"rendered":"

PerpetualDiscounts now yield 5.70%, equivalent to 7.41% interest at the standard conversion factor of 1.3x. Long corporates<\/a> yielded 4.82% on 2026-3-4. Therefore the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed slightly (and perhaps spuriously) to 260bp from the 265bp reported February 25<\/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-0.1983 %<\/td>\n2,483.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1983 %<\/td>\n4,708.4<\/td>\n<\/tr>\n
Floater<\/td>\n5.80 %<\/td>\n6.08 %<\/td>\n61,198<\/td>\n13.71<\/td>\n3<\/td>\n-0.1983 %<\/td>\n2,713.5<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2527 %<\/td>\n3,663.0<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.77 %<\/td>\n4.19 %<\/td>\n81,765<\/td>\n3.01<\/td>\n5<\/td>\n0.2527 %<\/td>\n4,374.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2527 %<\/td>\n3,413.1<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.70 %<\/td>\n5.73 %<\/td>\n88,967<\/td>\n14.04<\/td>\n7<\/td>\n-0.3172 %<\/td>\n3,068.8<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.61 %<\/td>\n5.70 %<\/td>\n48,827<\/td>\n14.30<\/td>\n28<\/td>\n-0.1699 %<\/td>\n3,371.0<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.87 %<\/td>\n5.79 %<\/td>\n127,637<\/td>\n13.94<\/td>\n27<\/td>\n0.3846 %<\/td>\n3,207.6<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.56 %<\/td>\n5.56 %<\/td>\n65,323<\/td>\n14.54<\/td>\n22<\/td>\n0.0060 %<\/td>\n3,273.9<\/td>\n<\/tr>\n
FloatingReset<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3846 %<\/td>\n3,815.8<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.95 %<\/td>\n4.36 %<\/td>\n88,947<\/td>\n2.50<\/td>\n21<\/td>\n0.0274 %<\/td>\n2,667.7<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3846 %<\/td>\n3,278.8<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.29 %<\/td>\n5.23 %<\/td>\n99,293<\/td>\n14.65<\/td>\n14<\/td>\n-0.4251 %<\/td>\n3,126.6<\/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
MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\n-3.63 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-04
\nMaturity Price : 22.89
\nEvaluated at bid price : 23.90
\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n
GWO.PR.Y<\/td>\nInsurance Straight<\/td>\n-3.61 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-04
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\n-3.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-04
\nMaturity Price : 23.42
\nEvaluated at bid price : 24.61
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n-2.53 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-04
\nMaturity Price : 21.18
\nEvaluated at bid price : 21.18
\nBid-YTW : 5.74 %<\/td>\n<\/tr>\n
BN.PF.D<\/td>\nPerpetual-Discount<\/td>\n-1.96 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-04
\nMaturity Price : 21.01
\nEvaluated at bid price : 21.01
\nBid-YTW : 5.95 %<\/td>\n<\/tr>\n
PWF.PR.H<\/td>\nPerpetual-Premium<\/td>\n-1.84 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-04
\nMaturity Price : 24.25
\nEvaluated at bid price : 24.55
\nBid-YTW : 5.92 %<\/td>\n<\/tr>\n
CCS.PR.C<\/td>\nInsurance Straight<\/td>\n-1.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-04
\nMaturity Price : 22.71
\nEvaluated at bid price : 22.96
\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n
BN.PR.N<\/td>\nPerpetual-Discount<\/td>\n-1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-04
\nMaturity Price : 20.42
\nEvaluated at bid price : 20.42
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n
ENB.PF.A<\/td>\nFixedReset Disc<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-04
\nMaturity Price : 22.39
\nEvaluated at bid price : 23.04
\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n
ENB.PR.D<\/td>\nFixedReset Disc<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-04
\nMaturity Price : 21.52
\nEvaluated at bid price : 21.89
\nBid-YTW : 5.95 %<\/td>\n<\/tr>\n
IFC.PR.I<\/td>\nInsurance Straight<\/td>\n1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-04
\nMaturity Price : 23.90
\nEvaluated at bid price : 24.20
\nBid-YTW : 5.67 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nInsurance Straight<\/td>\n1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-04
\nMaturity Price : 21.54
\nEvaluated at bid price : 21.80
\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n
GWO.PR.S<\/td>\nInsurance Straight<\/td>\n1.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-04
\nMaturity Price : 23.25
\nEvaluated at bid price : 23.55
\nBid-YTW : 5.57 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n1.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2026-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.91
\nBid-YTW : 5.20 %<\/td>\n<\/tr>\n
GWO.PR.L<\/td>\nInsurance Straight<\/td>\n3.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2026-04-03
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.95
\nBid-YTW : 2.83 %<\/td>\n<\/tr>\n
BN.PR.T<\/td>\nFixedReset Disc<\/td>\n6.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-04
\nMaturity Price : 21.36
\nEvaluated at bid price : 21.65
\nBid-YTW : 5.85 %<\/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.K<\/td>\nFixedReset Disc<\/td>\n164,804<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-04
\nMaturity Price : 22.81
\nEvaluated at bid price : 23.66
\nBid-YTW : 5.21 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n102,600<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-04
\nMaturity Price : 23.39
\nEvaluated at bid price : 24.99
\nBid-YTW : 5.21 %<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetual-Discount<\/td>\n100,300<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-04
\nMaturity Price : 21.81
\nEvaluated at bid price : 22.05
\nBid-YTW : 5.67 %<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\n100,200<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-04
\nMaturity Price : 22.26
\nEvaluated at bid price : 22.53
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n
GWO.PR.Y<\/td>\nInsurance Straight<\/td>\n71,400<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-04
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n
FTS.PR.M<\/td>\nFixedReset Disc<\/td>\n53,458<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-04
\nMaturity Price : 23.19
\nEvaluated at bid price : 24.76
\nBid-YTW : 5.31 %<\/td>\n<\/tr>\n
There were 15 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
GWO.PR.T<\/td>\nInsurance Straight<\/td>\nQuote: 18.67 – 23.50
\nSpot Rate : 4.8300
\nAverage : 3.8877<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-04
\nMaturity Price : 18.67
\nEvaluated at bid price : 18.67
\nBid-YTW : 6.91 %<\/td>\n<\/tr>\n

NA.PR.G<\/td>\nFixedReset Prem<\/td>\nQuote: 26.75 – 27.99
\nSpot Rate : 1.2400
\nAverage : 0.7124<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2028-11-16
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.75
\nBid-YTW : 4.45 %<\/td>\n<\/tr>\n

GWO.PR.G<\/td>\nInsurance Straight<\/td>\nQuote: 23.50 – 24.87
\nSpot Rate : 1.3700
\nAverage : 0.8570<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-04
\nMaturity Price : 23.20
\nEvaluated at bid price : 23.50
\nBid-YTW : 5.52 %<\/td>\n<\/tr>\n

MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\nQuote: 24.61 – 26.15
\nSpot Rate : 1.5400
\nAverage : 1.0567<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-04
\nMaturity Price : 23.42
\nEvaluated at bid price : 24.61
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n

MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\nQuote: 23.90 – 24.90
\nSpot Rate : 1.0000
\nAverage : 0.5861<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-04
\nMaturity Price : 22.89
\nEvaluated at bid price : 23.90
\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n

GWO.PR.Y<\/td>\nInsurance Straight<\/td>\nQuote: 20.00 – 21.13
\nSpot Rate : 1.1300
\nAverage : 0.7242<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-04
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.70%, equivalent to 7.41% interest at the standard conversion factor of 1.3x. Long corporates yielded 4.82% on 2026-3-4. 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-51630","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51630","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=51630"}],"version-history":[{"count":2,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51630\/revisions"}],"predecessor-version":[{"id":51633,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51630\/revisions\/51633"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51630"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51630"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51630"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}