{"id":51698,"date":"2026-03-20T21:22:03","date_gmt":"2026-03-21T01:22:03","guid":{"rendered":"https:\/\/prefblog.com\/?p=51698"},"modified":"2026-03-20T21:22:46","modified_gmt":"2026-03-21T01:22:46","slug":"march-20-2026","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51698","title":{"rendered":"March 20, 2026"},"content":{"rendered":"

Bonds got clobbered today<\/a>:<\/p>\n

Short-term bond yields were sharply higher in both the U.S. and Canada. Money markets are now fully pricing in a quarter-point interest rate hike by the Bank of Canada by this July\u2019s policy meeting. Almost three quarter-point rate hikes are priced in by the end of this year. Canada\u2019s 2-year bond yield, sensitive to central bank policy moves, was up 23 basis points by late afternoon to its highest level in more than a year. For the Fed, interest-rate futures were pricing \u2060around a \u200b25% chance of a rate hike by December.
…<\/b>
Government bond yields in the U.S. and Europe spiked on Friday as investor concern intensified over the inflationary impact of the war-driven global energy shock, with expectations the pressure will not ease anytime soon.<\/p>\n

In the U.S., 10-year rates rose to their highest since last summer. Investors, long focused on the prospect of further interest-rate cuts this year, shifted to pricing in a moderate chance that the Fed will be forced to hike later this year.<\/p>\n

British 10-year government borrowing costs also soared, rising to their highest level since the global financial crisis. The 10-year gilt yield pushed above 5 per cent, widely seen as a pressure point reflecting Britain\u2019s economic vulnerability to rising energy costs.<\/p>\n

German 10-year government bond yields hit their highest since the euro zone crisis in 2011. The 10-year yield , a benchmark for European government borrowing costs, hit a high of 3.025 per cent and was last up 7 basis points (bps) on the day. Yields rise as prices fall and vice versa.<\/p>\n

ECB policymakers warned of growing inflation risks on Friday, but stopped short of calling for tighter policy, even as a host of brokerages started penciling in rate hikes from as soon as April.
…<\/b>
About 11am – JH<\/b> Canada\u2019s five-year bond yield is up about 12 basis points to 3.196% and at its highest since June 2024.<\/p>\n

It started this week at about 3.062 per cent.<\/p>\n

If this surge in yields sticks for long, it will undoubtedly result in upward pressure on fixed mortgages rates. It\u2019s also likely to result in higher GIC payouts.<\/p><\/blockquote>\n

Long Canada yields were up 9bp on the day<\/a>, while five-years were up an incredible 18bp to 3.23%.<\/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>\n0.0751 %<\/td>\n2,465.3<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0751 %<\/td>\n4,674.5<\/td>\n<\/tr>\n
Floater<\/td>\n5.84 %<\/td>\n6.02 %<\/td>\n54,028<\/td>\n13.93<\/td>\n3<\/td>\n0.0751 %<\/td>\n2,694.0<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.3528 %<\/td>\n3,667.9<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.76 %<\/td>\n4.33 %<\/td>\n77,734<\/td>\n0.92<\/td>\n5<\/td>\n-0.3528 %<\/td>\n4,380.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.3528 %<\/td>\n3,417.6<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.73 %<\/td>\n5.83 %<\/td>\n77,060<\/td>\n14.01<\/td>\n7<\/td>\n-0.4039 %<\/td>\n3,053.1<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.71 %<\/td>\n5.76 %<\/td>\n46,292<\/td>\n14.18<\/td>\n28<\/td>\n-0.8536 %<\/td>\n3,313.1<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.92 %<\/td>\n6.04 %<\/td>\n116,898<\/td>\n13.69<\/td>\n27<\/td>\n-0.3074 %<\/td>\n3,181.7<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.64 %<\/td>\n5.66 %<\/td>\n61,986<\/td>\n14.44<\/td>\n22<\/td>\n-0.7341 %<\/td>\n3,227.2<\/td>\n<\/tr>\n
FloatingReset<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.3074 %<\/td>\n3,784.9<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n6.01 %<\/td>\n4.72 %<\/td>\n88,621<\/td>\n2.45<\/td>\n21<\/td>\n-0.4473 %<\/td>\n2,640.8<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.3074 %<\/td>\n3,252.3<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.34 %<\/td>\n5.60 %<\/td>\n84,149<\/td>\n14.26<\/td>\n14<\/td>\n-0.8390 %<\/td>\n3,098.3<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
GWO.PR.T<\/td>\nInsurance Straight<\/td>\n-10.87 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-20
\nMaturity Price : 20.50
\nEvaluated at bid price : 20.50
\nBid-YTW : 6.31 %<\/td>\n<\/tr>\n
BN.PR.N<\/td>\nPerpetual-Discount<\/td>\n-6.73 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-20
\nMaturity Price : 18.71
\nEvaluated at bid price : 18.71
\nBid-YTW : 6.38 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nInsurance Straight<\/td>\n-5.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-20
\nMaturity Price : 19.90
\nEvaluated at bid price : 19.90
\nBid-YTW : 5.62 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n-4.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-20
\nMaturity Price : 22.97
\nEvaluated at bid price : 23.72
\nBid-YTW : 5.95 %<\/td>\n<\/tr>\n
IFC.PR.K<\/td>\nInsurance Straight<\/td>\n-3.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-20
\nMaturity Price : 22.57
\nEvaluated at bid price : 22.90
\nBid-YTW : 5.74 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n-3.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-20
\nMaturity Price : 18.75
\nEvaluated at bid price : 18.75
\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n
ENB.PF.C<\/td>\nFixedReset Disc<\/td>\n-3.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-20
\nMaturity Price : 21.83
\nEvaluated at bid price : 22.20
\nBid-YTW : 6.42 %<\/td>\n<\/tr>\n
IFC.PR.F<\/td>\nInsurance Straight<\/td>\n-3.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-20
\nMaturity Price : 22.63
\nEvaluated at bid price : 22.90
\nBid-YTW : 5.80 %<\/td>\n<\/tr>\n
BN.PF.C<\/td>\nPerpetual-Discount<\/td>\n-2.77 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-20
\nMaturity Price : 20.01
\nEvaluated at bid price : 20.01
\nBid-YTW : 6.09 %<\/td>\n<\/tr>\n
IFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\n-1.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-20
\nMaturity Price : 23.44
\nEvaluated at bid price : 24.80
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n
PWF.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.75 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-20
\nMaturity Price : 22.22
\nEvaluated at bid price : 22.50
\nBid-YTW : 5.92 %<\/td>\n<\/tr>\n
BN.PF.D<\/td>\nPerpetual-Discount<\/td>\n-1.73 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-20
\nMaturity Price : 20.50
\nEvaluated at bid price : 20.50
\nBid-YTW : 6.01 %<\/td>\n<\/tr>\n
FTS.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-20
\nMaturity Price : 21.75
\nEvaluated at bid price : 22.00
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
BN.PF.M<\/td>\nFixedReset Prem<\/td>\n-1.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2031-01-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.85
\nBid-YTW : 4.83 %<\/td>\n<\/tr>\n
TD.PF.I<\/td>\nFixedReset Prem<\/td>\n-1.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.91
\nBid-YTW : 4.52 %<\/td>\n<\/tr>\n
ENB.PR.H<\/td>\nFixedReset Disc<\/td>\n-1.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-20
\nMaturity Price : 22.55
\nEvaluated at bid price : 23.06
\nBid-YTW : 5.82 %<\/td>\n<\/tr>\n
BN.PR.M<\/td>\nPerpetual-Discount<\/td>\n-1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-20
\nMaturity Price : 19.86
\nEvaluated at bid price : 19.86
\nBid-YTW : 6.01 %<\/td>\n<\/tr>\n
PWF.PR.R<\/td>\nPerpetual-Discount<\/td>\n-1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-20
\nMaturity Price : 23.57
\nEvaluated at bid price : 23.84
\nBid-YTW : 5.85 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n-1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-20
\nMaturity Price : 23.20
\nEvaluated at bid price : 24.48
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nInsurance Straight<\/td>\n-1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-20
\nMaturity Price : 21.45
\nEvaluated at bid price : 21.45
\nBid-YTW : 5.46 %<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetual-Discount<\/td>\n-1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-20
\nMaturity Price : 22.07
\nEvaluated at bid price : 22.30
\nBid-YTW : 5.70 %<\/td>\n<\/tr>\n
BN.PR.X<\/td>\nFixedReset Disc<\/td>\n-1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-20
\nMaturity Price : 19.60
\nEvaluated at bid price : 19.60
\nBid-YTW : 6.22 %<\/td>\n<\/tr>\n
FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\n-1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-20
\nMaturity Price : 21.52
\nEvaluated at bid price : 21.78
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n
BN.PR.R<\/td>\nFixedReset Disc<\/td>\n1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-20
\nMaturity Price : 21.70
\nEvaluated at bid price : 22.10
\nBid-YTW : 6.04 %<\/td>\n<\/tr>\n
GWO.PR.S<\/td>\nInsurance Straight<\/td>\n4.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-20
\nMaturity Price : 22.71
\nEvaluated at bid price : 22.95
\nBid-YTW : 5.73 %<\/td>\n<\/tr>\n
GWO.PR.M<\/td>\nInsurance Straight<\/td>\n5.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2026-04-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.20
\nBid-YTW : -6.13 %<\/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
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n37,225<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-20
\nMaturity Price : 18.20
\nEvaluated at bid price : 18.20
\nBid-YTW : 5.92 %<\/td>\n<\/tr>\n
ENB.PR.T<\/td>\nFixedReset Disc<\/td>\n33,526<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-20
\nMaturity Price : 22.80
\nEvaluated at bid price : 23.70
\nBid-YTW : 6.06 %<\/td>\n<\/tr>\n
NA.PR.S<\/td>\nFixedReset Prem<\/td>\n24,800<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-05-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.18
\nBid-YTW : 4.80 %<\/td>\n<\/tr>\n
BN.PF.J<\/td>\nFixedReset Prem<\/td>\n23,111<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.29
\nBid-YTW : 5.46 %<\/td>\n<\/tr>\n
POW.PR.G<\/td>\nPerpetual-Discount<\/td>\n22,750<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-20
\nMaturity Price : 24.45
\nEvaluated at bid price : 24.69
\nBid-YTW : 5.77 %<\/td>\n<\/tr>\n
ENB.PR.H<\/td>\nFixedReset Disc<\/td>\n16,018<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-20
\nMaturity Price : 22.55
\nEvaluated at bid price : 23.06
\nBid-YTW : 5.82 %<\/td>\n<\/tr>\n
There were 14 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: 20.50 – 23.00
\nSpot Rate : 2.5000
\nAverage : 1.4365<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-20
\nMaturity Price : 20.50
\nEvaluated at bid price : 20.50
\nBid-YTW : 6.31 %<\/td>\n<\/tr>\n

GWO.PR.G<\/td>\nInsurance Straight<\/td>\nQuote: 23.10 – 24.87
\nSpot Rate : 1.7700
\nAverage : 1.0724<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-20
\nMaturity Price : 22.82
\nEvaluated at bid price : 23.10
\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n

BN.PR.N<\/td>\nPerpetual-Discount<\/td>\nQuote: 18.71 – 20.20
\nSpot Rate : 1.4900
\nAverage : 0.9089<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-20
\nMaturity Price : 18.71
\nEvaluated at bid price : 18.71
\nBid-YTW : 6.38 %<\/td>\n<\/tr>\n

IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\nQuote: 23.72 – 24.88
\nSpot Rate : 1.1600
\nAverage : 0.6631<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-20
\nMaturity Price : 22.97
\nEvaluated at bid price : 23.72
\nBid-YTW : 5.95 %<\/td>\n<\/tr>\n

SLF.PR.D<\/td>\nInsurance Straight<\/td>\nQuote: 19.90 – 20.90
\nSpot Rate : 1.0000
\nAverage : 0.6395<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-20
\nMaturity Price : 19.90
\nEvaluated at bid price : 19.90
\nBid-YTW : 5.62 %<\/td>\n<\/tr>\n

GWO.PR.R<\/td>\nInsurance Straight<\/td>\nQuote: 21.27 – 22.09
\nSpot Rate : 0.8200
\nAverage : 0.5484<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-20
\nMaturity Price : 21.27
\nEvaluated at bid price : 21.27
\nBid-YTW : 5.67 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Bonds got clobbered today: Short-term bond yields were sharply higher in both the U.S. and Canada. Money markets are now fully pricing in a quarter-point interest rate hike by the Bank of Canada by this …<\/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-51698","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51698","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=51698"}],"version-history":[{"count":2,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51698\/revisions"}],"predecessor-version":[{"id":51700,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51698\/revisions\/51700"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51698"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51698"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51698"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}