{"id":51705,"date":"2026-03-25T20:17:55","date_gmt":"2026-03-26T00:17:55","guid":{"rendered":"https:\/\/prefblog.com\/?p=51705"},"modified":"2026-03-26T11:56:20","modified_gmt":"2026-03-26T15:56:20","slug":"march-26-2026","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51705","title":{"rendered":"March 25, 2026"},"content":{"rendered":"

PerpetualDiscounts now yield 5.75%, equivalent to 7.50% interest at the standard conversion factor of 1.3x. Long corporates<\/a> yielded 5.03% on 2026-3-25. Therefore the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened slightly (and perhaps spuriously) to 245bp from the 240bp reported March 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>\n0.5238 %<\/td>\n2,485.0<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.5238 %<\/td>\n4,711.9<\/td>\n<\/tr>\n
Floater<\/td>\n5.80 %<\/td>\n5.99 %<\/td>\n53,581<\/td>\n13.97<\/td>\n3<\/td>\n0.5238 %<\/td>\n2,715.5<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.4252 %<\/td>\n3,648.8<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.78 %<\/td>\n4.56 %<\/td>\n85,464<\/td>\n2.95<\/td>\n5<\/td>\n-0.4252 %<\/td>\n4,357.5<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.4252 %<\/td>\n3,399.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.73 %<\/td>\n5.80 %<\/td>\n75,834<\/td>\n14.00<\/td>\n7<\/td>\n0.1028 %<\/td>\n3,055.4<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.70 %<\/td>\n5.77 %<\/td>\n45,248<\/td>\n14.13<\/td>\n28<\/td>\n0.2478 %<\/td>\n3,318.3<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.90 %<\/td>\n6.22 %<\/td>\n111,773<\/td>\n13.50<\/td>\n27<\/td>\n-0.0744 %<\/td>\n3,190.9<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.66 %<\/td>\n5.71 %<\/td>\n61,743<\/td>\n14.37<\/td>\n22<\/td>\n-0.1758 %<\/td>\n3,210.7<\/td>\n<\/tr>\n
FloatingReset<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0744 %<\/td>\n3,796.0<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n6.00 %<\/td>\n4.59 %<\/td>\n87,271<\/td>\n2.40<\/td>\n21<\/td>\n-0.0055 %<\/td>\n2,643.9<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0744 %<\/td>\n3,261.8<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.28 %<\/td>\n5.49 %<\/td>\n86,883<\/td>\n14.08<\/td>\n14<\/td>\n0.0983 %<\/td>\n3,129.1<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nInsurance Straight<\/td>\n-4.77 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-25
\nMaturity Price : 21.70
\nEvaluated at bid price : 21.95
\nBid-YTW : 5.94 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n-3.63 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-25
\nMaturity Price : 18.84
\nEvaluated at bid price : 18.84
\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n-3.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-25
\nMaturity Price : 20.75
\nEvaluated at bid price : 20.75
\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n
BN.PR.T<\/td>\nFixedReset Disc<\/td>\n-2.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-25
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 6.46 %<\/td>\n<\/tr>\n
GWO.PR.L<\/td>\nInsurance Straight<\/td>\n-1.87 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-25
\nMaturity Price : 23.91
\nEvaluated at bid price : 24.15
\nBid-YTW : 5.87 %<\/td>\n<\/tr>\n
PVS.PR.L<\/td>\nSplitShare<\/td>\n-1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.83
\nBid-YTW : 4.73 %<\/td>\n<\/tr>\n
CU.PR.D<\/td>\nPerpetual-Discount<\/td>\n-1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-25
\nMaturity Price : 21.40
\nEvaluated at bid price : 21.40
\nBid-YTW : 5.79 %<\/td>\n<\/tr>\n
CU.PR.E<\/td>\nPerpetual-Discount<\/td>\n-1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-25
\nMaturity Price : 21.46
\nEvaluated at bid price : 21.46
\nBid-YTW : 5.77 %<\/td>\n<\/tr>\n
POW.PR.A<\/td>\nPerpetual-Discount<\/td>\n1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-25
\nMaturity Price : 24.46
\nEvaluated at bid price : 24.70
\nBid-YTW : 5.77 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-25
\nMaturity Price : 14.15
\nEvaluated at bid price : 14.15
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n
IFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\n1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2028-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.27
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n
BN.PR.N<\/td>\nPerpetual-Discount<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-25
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n
PWF.PR.Z<\/td>\nPerpetual-Discount<\/td>\n1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-25
\nMaturity Price : 22.12
\nEvaluated at bid price : 22.40
\nBid-YTW : 5.83 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nInsurance Straight<\/td>\n1.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-25
\nMaturity Price : 21.05
\nEvaluated at bid price : 21.05
\nBid-YTW : 5.31 %<\/td>\n<\/tr>\n
CCS.PR.C<\/td>\nInsurance Straight<\/td>\n1.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-25
\nMaturity Price : 22.66
\nEvaluated at bid price : 22.90
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.94 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-25
\nMaturity Price : 19.98
\nEvaluated at bid price : 19.98
\nBid-YTW : 5.70 %<\/td>\n<\/tr>\n
GWO.PR.T<\/td>\nInsurance Straight<\/td>\n2.68 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-25
\nMaturity Price : 21.05
\nEvaluated at bid price : 21.05
\nBid-YTW : 6.15 %<\/td>\n<\/tr>\n
POW.PR.B<\/td>\nPerpetual-Discount<\/td>\n6.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-25
\nMaturity Price : 23.57
\nEvaluated at bid price : 23.84
\nBid-YTW : 5.71 %<\/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>\n175,200<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-25
\nMaturity Price : 18.30
\nEvaluated at bid price : 18.30
\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n
GWO.PR.S<\/td>\nInsurance Straight<\/td>\n113,210<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-25
\nMaturity Price : 21.29
\nEvaluated at bid price : 21.56
\nBid-YTW : 6.11 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\n44,700<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-25
\nMaturity Price : 22.20
\nEvaluated at bid price : 22.90
\nBid-YTW : 5.77 %<\/td>\n<\/tr>\n
GWO.PR.M<\/td>\nInsurance Straight<\/td>\n32,700<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2026-04-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.00
\nBid-YTW : 4.49 %<\/td>\n<\/tr>\n
PVS.PR.K<\/td>\nSplitShare<\/td>\n28,200<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2029-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.99
\nBid-YTW : 4.56 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nInsurance Straight<\/td>\n25,560<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-25
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 5.40 %<\/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: 18.75 – 23.80
\nSpot Rate : 5.0500
\nAverage : 4.0983<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-25
\nMaturity Price : 18.75
\nEvaluated at bid price : 18.75
\nBid-YTW : 6.15 %<\/td>\n<\/tr>\n

NA.PR.K<\/td>\nFixedReset Prem<\/td>\nQuote: 28.09 – 29.09
\nSpot Rate : 1.0000
\nAverage : 0.6586<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-05-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 28.09
\nBid-YTW : 3.81 %<\/td>\n<\/tr>\n

GWO.PR.S<\/td>\nInsurance Straight<\/td>\nQuote: 21.56 – 23.80
\nSpot Rate : 2.2400
\nAverage : 1.9345<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-25
\nMaturity Price : 21.29
\nEvaluated at bid price : 21.56
\nBid-YTW : 6.11 %<\/td>\n<\/tr>\n

PVS.PR.J<\/td>\nSplitShare<\/td>\nQuote: 25.03 – 25.94
\nSpot Rate : 0.9100
\nAverage : 0.6053<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2028-02-29
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.03
\nBid-YTW : 4.47 %<\/td>\n<\/tr>\n

PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.75 – 21.60
\nSpot Rate : 0.8500
\nAverage : 0.5456<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-25
\nMaturity Price : 20.75
\nEvaluated at bid price : 20.75
\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n

SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\nQuote: 18.84 – 19.84
\nSpot Rate : 1.0000
\nAverage : 0.6966<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-25
\nMaturity Price : 18.84
\nEvaluated at bid price : 18.84
\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.75%, equivalent to 7.50% interest at the standard conversion factor of 1.3x. Long corporates yielded 5.03% on 2026-3-25. 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-51705","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51705","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=51705"}],"version-history":[{"count":3,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51705\/revisions"}],"predecessor-version":[{"id":51710,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51705\/revisions\/51710"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51705"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51705"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51705"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}