{"id":51689,"date":"2026-03-19T20:22:57","date_gmt":"2026-03-20T00:22:57","guid":{"rendered":"https:\/\/prefblog.com\/?p=51689"},"modified":"2026-04-22T21:20:54","modified_gmt":"2026-04-23T01:20:54","slug":"march-19-2026","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51689","title":{"rendered":"March 19, 2026"},"content":{"rendered":"

There has been a 10% net conversion of TA.PR.E into TA.PR.D<\/a>. I have updated the linked post regarding the reset rate with this information.<\/p>\n

DBRS has released a commentary titled Private Credit Default Momentum Increasingly Tied to Distressed Debt Exchanges<\/a> and I have tucked away a copy HERE<\/a>:<\/p>\n

Key highlights from this commentary include:
\n— Distressed exchange transactions now dominate default activity, primarily driven by increased use of interest deferrals as a late-stage tactic among borrowers after less severe capital support measures were attempted and were unsuccessful.
\n— We attribute the rise in distressed exchange situations to borrowers still struggling with declining revenue, weak operating margins, and a significant debt burden.
\n— We expect the recent accelerated pace of default to continue into 2026, following a 78% year-over-year increase of default events in 2025. We expect a high proportion of borrowers currently rated in the CCC through C categories to weaken further, particularly those that have relied on waivers or amendments that loosened covenant thresholds or required external capital support.<\/p><\/blockquote>\n

<\/a><\/div>\n
<\/a><\/div>\n
<\/a><\/div>\n

Real housing prices have been flat for about nine years<\/a>:<\/p>\n

In real, or inflation-adjusted terms, the benchmark national home price has fallen by close to 30 per cent from its peak, bringing home prices back to the inflation-adjusted level of nine years ago.
…<\/b>
As is often said, there is no national housing market, and the differences that exist between some Canadian markets are even more extreme in real terms. Prices in Quebec in February, for instance, hit an all-time high.<\/p>\n

Meanwhile, in Alberta the inflation-adjusted benchmark price sat roughly where it was a decade earlier, having generally flatlined for most of that time. The typical home in Greater Vancouver has also endured a lost decade after accounting for the corrosive effect of inflation on prices.<\/p>\n

Ontario home prices have suffered some of the steepest real declines from the 2022 peak, however, even if prices haven\u2019t touched decade-ago lows, with the typical home in Greater Toronto shedding more than one-third of its value since the peak.<\/p><\/blockquote>\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-0.6960 %<\/td>\n2,463.4<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.6960 %<\/td>\n4,671.0<\/td>\n<\/tr>\n
Floater<\/td>\n5.85 %<\/td>\n6.02 %<\/td>\n53,122<\/td>\n13.93<\/td>\n3<\/td>\n-0.6960 %<\/td>\n2,691.9<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0000 %<\/td>\n3,680.9<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.74 %<\/td>\n3.48 %<\/td>\n80,010<\/td>\n0.92<\/td>\n5<\/td>\n0.0000 %<\/td>\n4,395.7<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0000 %<\/td>\n3,429.7<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.71 %<\/td>\n5.81 %<\/td>\n72,495<\/td>\n14.06<\/td>\n7<\/td>\n-0.1704 %<\/td>\n3,065.5<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.66 %<\/td>\n5.75 %<\/td>\n45,047<\/td>\n14.23<\/td>\n28<\/td>\n-0.7469 %<\/td>\n3,341.6<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.90 %<\/td>\n6.05 %<\/td>\n118,365<\/td>\n13.77<\/td>\n27<\/td>\n-0.4237 %<\/td>\n3,191.5<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.59 %<\/td>\n5.63 %<\/td>\n62,433<\/td>\n14.50<\/td>\n22<\/td>\n-0.7467 %<\/td>\n3,251.1<\/td>\n<\/tr>\n
FloatingReset<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.4237 %<\/td>\n3,796.6<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.98 %<\/td>\n4.68 %<\/td>\n87,439<\/td>\n2.42<\/td>\n21<\/td>\n-0.0733 %<\/td>\n2,652.6<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.4237 %<\/td>\n3,262.3<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.29 %<\/td>\n5.47 %<\/td>\n87,545<\/td>\n14.26<\/td>\n14<\/td>\n-0.0614 %<\/td>\n3,124.5<\/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\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.F<\/td>\nPerpetual-Discount<\/td>\n-3.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-19
\nMaturity Price : 19.70
\nEvaluated at bid price : 19.70
\nBid-YTW : 5.77 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nInsurance Straight<\/td>\n-2.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-19
\nMaturity Price : 21.06
\nEvaluated at bid price : 21.06
\nBid-YTW : 5.38 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n-2.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-19
\nMaturity Price : 21.25
\nEvaluated at bid price : 21.25
\nBid-YTW : 5.74 %<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetual-Discount<\/td>\n-2.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-19
\nMaturity Price : 22.28
\nEvaluated at bid price : 22.55
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nInsurance Straight<\/td>\n-1.87 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-19
\nMaturity Price : 22.77
\nEvaluated at bid price : 23.05
\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nInsurance Straight<\/td>\n-1.86 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-19
\nMaturity Price : 21.14
\nEvaluated at bid price : 21.14
\nBid-YTW : 5.34 %<\/td>\n<\/tr>\n
BN.PR.B<\/td>\nFloater<\/td>\n-1.84 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-19
\nMaturity Price : 12.81
\nEvaluated at bid price : 12.81
\nBid-YTW : 6.11 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nInsurance Straight<\/td>\n-1.81 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-19
\nMaturity Price : 21.11
\nEvaluated at bid price : 21.11
\nBid-YTW : 5.29 %<\/td>\n<\/tr>\n
ENB.PF.G<\/td>\nFixedReset Disc<\/td>\n-1.76 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-19
\nMaturity Price : 22.24
\nEvaluated at bid price : 22.89
\nBid-YTW : 6.28 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nInsurance Straight<\/td>\n-1.74 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-19
\nMaturity Price : 20.95
\nEvaluated at bid price : 20.95
\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n
GWO.PR.L<\/td>\nInsurance Straight<\/td>\n-1.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-19
\nMaturity Price : 24.23
\nEvaluated at bid price : 24.52
\nBid-YTW : 5.77 %<\/td>\n<\/tr>\n
BN.PF.E<\/td>\nFixedReset Disc<\/td>\n-1.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-19
\nMaturity Price : 22.49
\nEvaluated at bid price : 23.26
\nBid-YTW : 5.91 %<\/td>\n<\/tr>\n
GWO.PR.R<\/td>\nInsurance Straight<\/td>\n-1.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-19
\nMaturity Price : 21.36
\nEvaluated at bid price : 21.36
\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n
ENB.PR.F<\/td>\nFixedReset Disc<\/td>\n-1.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-19
\nMaturity Price : 22.16
\nEvaluated at bid price : 22.44
\nBid-YTW : 6.26 %<\/td>\n<\/tr>\n
BN.PR.N<\/td>\nPerpetual-Discount<\/td>\n-1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-19
\nMaturity Price : 20.06
\nEvaluated at bid price : 20.06
\nBid-YTW : 5.95 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nInsurance Straight<\/td>\n-1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-19
\nMaturity Price : 20.43
\nEvaluated at bid price : 20.43
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n
PWF.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-19
\nMaturity Price : 22.66
\nEvaluated at bid price : 22.90
\nBid-YTW : 5.81 %<\/td>\n<\/tr>\n
ENB.PR.J<\/td>\nFixedReset Disc<\/td>\n-1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-19
\nMaturity Price : 22.56
\nEvaluated at bid price : 23.20
\nBid-YTW : 6.19 %<\/td>\n<\/tr>\n
GWO.PR.P<\/td>\nInsurance Straight<\/td>\n-1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-19
\nMaturity Price : 23.33
\nEvaluated at bid price : 23.62
\nBid-YTW : 5.73 %<\/td>\n<\/tr>\n
ENB.PR.Y<\/td>\nFixedReset Disc<\/td>\n-1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-19
\nMaturity Price : 21.34
\nEvaluated at bid price : 21.65
\nBid-YTW : 6.30 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nInsurance Straight<\/td>\n-1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-19
\nMaturity Price : 21.44
\nEvaluated at bid price : 21.70
\nBid-YTW : 5.38 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nInsurance Straight<\/td>\n-1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-19
\nMaturity Price : 21.47
\nEvaluated at bid price : 21.47
\nBid-YTW : 5.67 %<\/td>\n<\/tr>\n
BN.PF.B<\/td>\nFixedReset Disc<\/td>\n-1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-19
\nMaturity Price : 23.19
\nEvaluated at bid price : 24.50
\nBid-YTW : 5.86 %<\/td>\n<\/tr>\n
CU.PR.J<\/td>\nPerpetual-Discount<\/td>\n-1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-19
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n
CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\n1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-19
\nMaturity Price : 20.55
\nEvaluated at bid price : 20.55
\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n
GWO.PR.S<\/td>\nInsurance Straight<\/td>\n2.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-19
\nMaturity Price : 21.81
\nEvaluated at bid price : 22.05
\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n
ENB.PF.C<\/td>\nFixedReset Disc<\/td>\n3.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-19
\nMaturity Price : 22.29
\nEvaluated at bid price : 22.90
\nBid-YTW : 6.21 %<\/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
ENB.PR.P<\/td>\nFixedReset Disc<\/td>\n293,462<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-19
\nMaturity Price : 22.56
\nEvaluated at bid price : 23.20
\nBid-YTW : 6.11 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nInsurance Straight<\/td>\n142,582<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-19
\nMaturity Price : 21.47
\nEvaluated at bid price : 21.47
\nBid-YTW : 5.67 %<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetual-Discount<\/td>\n48,875<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-19
\nMaturity Price : 22.28
\nEvaluated at bid price : 22.55
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nInsurance Straight<\/td>\n46,610<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-19
\nMaturity Price : 21.11
\nEvaluated at bid price : 21.11
\nBid-YTW : 5.29 %<\/td>\n<\/tr>\n
BN.PF.J<\/td>\nFixedReset Prem<\/td>\n43,325<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.50
\nBid-YTW : 4.95 %<\/td>\n<\/tr>\n
BN.PF.M<\/td>\nFixedReset Prem<\/td>\n28,740<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2031-01-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.25
\nBid-YTW : 4.46 %<\/td>\n<\/tr>\n
There were 9 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
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\nQuote: 19.35 – 23.80
\nSpot Rate : 4.4500
\nAverage : 2.4140<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-19
\nMaturity Price : 19.35
\nEvaluated at bid price : 19.35
\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n

GWO.PR.M<\/td>\nInsurance Straight<\/td>\nQuote: 23.90 – 25.50
\nSpot Rate : 1.6000
\nAverage : 1.2809<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-19
\nMaturity Price : 23.63
\nEvaluated at bid price : 23.90
\nBid-YTW : 6.08 %<\/td>\n<\/tr>\n

MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\nQuote: 25.46 – 26.15
\nSpot Rate : 0.6900
\nAverage : 0.4324<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2028-03-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.46
\nBid-YTW : 5.21 %<\/td>\n<\/tr>\n

CU.PR.F<\/td>\nPerpetual-Discount<\/td>\nQuote: 19.70 – 20.70
\nSpot Rate : 1.0000
\nAverage : 0.7771<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-19
\nMaturity Price : 19.70
\nEvaluated at bid price : 19.70
\nBid-YTW : 5.77 %<\/td>\n<\/tr>\n

GWO.PR.L<\/td>\nInsurance Straight<\/td>\nQuote: 24.52 – 25.05
\nSpot Rate : 0.5300
\nAverage : 0.3265<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-19
\nMaturity Price : 24.23
\nEvaluated at bid price : 24.52
\nBid-YTW : 5.77 %<\/td>\n<\/tr>\n

PVS.PR.J<\/td>\nSplitShare<\/td>\nQuote: 25.25 – 26.00
\nSpot Rate : 0.7500
\nAverage : 0.5499<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-02-28
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.25
\nBid-YTW : 3.48 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

There has been a 10% net conversion of TA.PR.E into TA.PR.D. I have updated the linked post regarding the reset rate with this information. DBRS has released a commentary titled Private Credit Default Momentum Increasingly …<\/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-51689","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51689","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=51689"}],"version-history":[{"count":5,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51689\/revisions"}],"predecessor-version":[{"id":51825,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51689\/revisions\/51825"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51689"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51689"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51689"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}