{"id":51733,"date":"2026-04-01T22:38:46","date_gmt":"2026-04-02T02:38:46","guid":{"rendered":"https:\/\/prefblog.com\/?p=51733"},"modified":"2026-04-02T10:14:39","modified_gmt":"2026-04-02T14:14:39","slug":"april-1-2026","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51733","title":{"rendered":"April 1, 2026"},"content":{"rendered":"<p>PerpetualDiscounts now yield 5.81%, equivalent to 7.55% interest at the standard conversion factor of 1.3x. <a href=\"https:\/\/www.bmogam.com\/ca-en\/products\/exchange-traded-fund\/bmo-long-corporate-bond-index-etf-zlc#fund-details\">Long corporates<\/a> yielded 5.07% on 2026-4-1. Therefore the pre-tax interest-equivalent spread (in this context, the &#8220;Seniority Spread&#8221;) has widened slightly (and perhaps spuriously) to 250bp from the 245bp reported <a href=\"https:\/\/prefblog.com\/?p=51705\">March 25<\/a>.<\/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>0.0989 %<\/td>\n<td>2,497.3<\/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>0.0989 %<\/td>\n<td>4,735.3<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>5.77 %<\/td>\n<td>5.97 %<\/td>\n<td>58,484<\/td>\n<td>13.99<\/td>\n<td>3<\/td>\n<td>0.0989 %<\/td>\n<td>2,729.0<\/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>-0.2209 %<\/td>\n<td>3,649.7<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>4.78 %<\/td>\n<td>4.54 %<\/td>\n<td>72,753<\/td>\n<td>2.93<\/td>\n<td>5<\/td>\n<td>-0.2209 %<\/td>\n<td>4,358.5<\/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>-0.2209 %<\/td>\n<td>3,400.7<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/td>\n<td>5.76 %<\/td>\n<td>5.86 %<\/td>\n<td>71,071<\/td>\n<td>13.94<\/td>\n<td>7<\/td>\n<td>0.4556 %<\/td>\n<td>3,037.0<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>5.77 %<\/td>\n<td>5.81 %<\/td>\n<td>45,662<\/td>\n<td>14.12<\/td>\n<td>28<\/td>\n<td>0.0327 %<\/td>\n<td>3,280.8<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Disc<\/td>\n<td>5.89 %<\/td>\n<td>6.14 %<\/td>\n<td>107,459<\/td>\n<td>13.65<\/td>\n<td>27<\/td>\n<td>0.4694 %<\/td>\n<td>3,194.2<\/td>\n<\/tr>\n<tr>\n<td>Insurance Straight<\/td>\n<td>5.71 %<\/td>\n<td>5.78 %<\/td>\n<td>65,611<\/td>\n<td>14.23<\/td>\n<td>22<\/td>\n<td>0.3874 %<\/td>\n<td>3,186.2<\/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>0.4694 %<\/td>\n<td>3,799.8<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Prem<\/td>\n<td>6.00 %<\/td>\n<td>4.73 %<\/td>\n<td>87,972<\/td>\n<td>2.38<\/td>\n<td>21<\/td>\n<td>0.0442 %<\/td>\n<td>2,643.9<\/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>0.4694 %<\/td>\n<td>3,265.1<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Ins Non<\/td>\n<td>5.27 %<\/td>\n<td>5.55 %<\/td>\n<td>83,541<\/td>\n<td>14.26<\/td>\n<td>14<\/td>\n<td>-0.2228 %<\/td>\n<td>3,139.1<\/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>SLF.PR.D<\/td>\n<td>Insurance Straight<\/td>\n<td>-5.28 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-04-01<br \/>\nMaturity Price  : 19.20<br \/>\nEvaluated at bid price : 19.20<br \/>\nBid-YTW : 5.84 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.R<\/td>\n<td>Insurance Straight<\/td>\n<td>-5.12 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-04-01<br \/>\nMaturity Price  : 20.00<br \/>\nEvaluated at bid price : 20.00<br \/>\nBid-YTW : 6.05 %<\/td>\n<\/tr>\n<tr>\n<td>POW.PR.B<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-4.78 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-04-01<br \/>\nMaturity Price  : 21.87<br \/>\nEvaluated at bid price : 22.11<br \/>\nBid-YTW : 6.07 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.G<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>-4.31 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-04-01<br \/>\nMaturity Price  : 18.85<br \/>\nEvaluated at bid price : 18.85<br \/>\nBid-YTW : 5.96 %<\/td>\n<\/tr>\n<tr>\n<td>POW.PR.D<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-3.44 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-04-01<br \/>\nMaturity Price  : 21.05<br \/>\nEvaluated at bid price : 21.05<br \/>\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.T<\/td>\n<td>Insurance Straight<\/td>\n<td>-2.99 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-04-01<br \/>\nMaturity Price  : 21.50<br \/>\nEvaluated at bid price : 21.76<br \/>\nBid-YTW : 5.95 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.A<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>-2.58 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-04-01<br \/>\nMaturity Price  : 21.53<br \/>\nEvaluated at bid price : 21.90<br \/>\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.J<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-2.32 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-04-01<br \/>\nMaturity Price  : 20.20<br \/>\nEvaluated at bid price : 20.20<br \/>\nBid-YTW : 5.96 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.F<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>-1.85 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-04-01<br \/>\nMaturity Price  : 19.60<br \/>\nEvaluated at bid price : 19.60<br \/>\nBid-YTW : 5.80 %<\/td>\n<\/tr>\n<tr>\n<td>ENB.PR.T<\/td>\n<td>FixedReset Disc<\/td>\n<td>-1.15 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-04-01<br \/>\nMaturity Price  : 22.55<br \/>\nEvaluated at bid price : 23.23<br \/>\nBid-YTW : 6.27 %<\/td>\n<\/tr>\n<tr>\n<td>FTS.PR.H<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.02 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-04-01<br \/>\nMaturity Price  : 19.90<br \/>\nEvaluated at bid price : 19.90<br \/>\nBid-YTW : 5.70 %<\/td>\n<\/tr>\n<tr>\n<td>ENB.PR.B<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.03 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-04-01<br \/>\nMaturity Price  : 21.35<br \/>\nEvaluated at bid price : 21.65<br \/>\nBid-YTW : 6.43 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.C<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.03 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-04-01<br \/>\nMaturity Price  : 24.20<br \/>\nEvaluated at bid price : 24.60<br \/>\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.B<\/td>\n<td>Insurance Straight<\/td>\n<td>1.03 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-04-01<br \/>\nMaturity Price  : 21.49<br \/>\nEvaluated at bid price : 21.49<br \/>\nBid-YTW : 5.46 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PR.M<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.06 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-04-01<br \/>\nMaturity Price  : 20.03<br \/>\nEvaluated at bid price : 20.03<br \/>\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.F<\/td>\n<td>Insurance Straight<\/td>\n<td>1.18 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-04-01<br \/>\nMaturity Price  : 22.94<br \/>\nEvaluated at bid price : 23.20<br \/>\nBid-YTW : 5.74 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.F<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.25 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-04-01<br \/>\nMaturity Price  : 20.25<br \/>\nEvaluated at bid price : 20.25<br \/>\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n<tr>\n<td>ENB.PR.D<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.26 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-04-01<br \/>\nMaturity Price  : 21.42<br \/>\nEvaluated at bid price : 21.75<br \/>\nBid-YTW : 6.38 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PR.T<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.31 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-04-01<br \/>\nMaturity Price  : 21.32<br \/>\nEvaluated at bid price : 21.60<br \/>\nBid-YTW : 6.20 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PR.N<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.42 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-04-01<br \/>\nMaturity Price  : 20.05<br \/>\nEvaluated at bid price : 20.05<br \/>\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n<tr>\n<td>FTS.PR.G<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.43 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-04-01<br \/>\nMaturity Price  : 23.43<br \/>\nEvaluated at bid price : 24.85<br \/>\nBid-YTW : 5.42 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.M<\/td>\n<td>Perpetual-Premium<\/td>\n<td>1.48 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-04-01<br \/>\nMaturity Price  : 24.23<br \/>\nEvaluated at bid price : 24.61<br \/>\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.G<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>1.56 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2028-06-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.45<br \/>\nBid-YTW : 5.20 %<\/td>\n<\/tr>\n<tr>\n<td>ELF.PR.H<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.71 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-04-01<br \/>\nMaturity Price  : 23.53<br \/>\nEvaluated at bid price : 23.80<br \/>\nBid-YTW : 5.79 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.E<\/td>\n<td>Insurance Straight<\/td>\n<td>1.86 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-04-01<br \/>\nMaturity Price  : 20.85<br \/>\nEvaluated at bid price : 20.85<br \/>\nBid-YTW : 5.43 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.P<\/td>\n<td>Insurance Straight<\/td>\n<td>2.22 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-04-01<br \/>\nMaturity Price  : 23.16<br \/>\nEvaluated at bid price : 23.46<br \/>\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PR.R<\/td>\n<td>FixedReset Disc<\/td>\n<td>2.35 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-04-01<br \/>\nMaturity Price  : 22.05<br \/>\nEvaluated at bid price : 22.63<br \/>\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PF.E<\/td>\n<td>FixedReset Disc<\/td>\n<td>2.39 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-04-01<br \/>\nMaturity Price  : 22.67<br \/>\nEvaluated at bid price : 23.60<br \/>\nBid-YTW : 5.88 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.G<\/td>\n<td>Insurance Straight<\/td>\n<td>3.92 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-04-01<br \/>\nMaturity Price  : 22.26<br \/>\nEvaluated at bid price : 22.53<br \/>\nBid-YTW : 5.80 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.I<\/td>\n<td>Insurance Straight<\/td>\n<td>3.98 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-04-01<br \/>\nMaturity Price  : 20.10<br \/>\nEvaluated at bid price : 20.10<br \/>\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.H<\/td>\n<td>Insurance Straight<\/td>\n<td>5.40 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-04-01<br \/>\nMaturity Price  : 21.08<br \/>\nEvaluated at bid price : 21.08<br \/>\nBid-YTW : 5.79 %<\/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>MFC.PR.F<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>58,000<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-04-01<br \/>\nMaturity Price  : 19.60<br \/>\nEvaluated at bid price : 19.60<br \/>\nBid-YTW : 5.80 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PF.M<\/td>\n<td>FixedReset Prem<\/td>\n<td>43,400<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2031-01-01<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.00<br \/>\nBid-YTW : 4.73 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.G<\/td>\n<td>Insurance Straight<\/td>\n<td>38,796<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-04-01<br \/>\nMaturity Price  : 22.26<br \/>\nEvaluated at bid price : 22.53<br \/>\nBid-YTW : 5.80 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.M<\/td>\n<td>Insurance Straight<\/td>\n<td>35,600<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-04-01<br \/>\nMaturity Price  : 24.62<br \/>\nEvaluated at bid price : 24.88<br \/>\nBid-YTW : 5.86 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.A<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>28,980<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-04-01<br \/>\nMaturity Price  : 21.53<br \/>\nEvaluated at bid price : 21.90<br \/>\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n<tr>\n<td>FTS.PR.M<\/td>\n<td>FixedReset Disc<\/td>\n<td>28,600<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-04-01<br \/>\nMaturity Price  : 23.16<br \/>\nEvaluated at bid price : 24.64<br \/>\nBid-YTW : 5.66 %<\/td>\n<\/tr>\n<tr>\n<td colspan='4'>There were 9 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>POW.PR.D<\/td>\n<td>Perpetual-Discount<\/td>\n<td>Quote: 21.05 &#8211; 22.80<br \/>\nSpot Rate  :  1.7500<br \/>\nAverage  :  1.1549<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-04-01<br \/>\nMaturity Price  : 21.05<br \/>\nEvaluated at bid price : 21.05<br \/>\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.D<\/td>\n<td>Insurance Straight<\/td>\n<td>Quote: 19.20 &#8211; 20.85<br \/>\nSpot Rate  :  1.6500<br \/>\nAverage  :  1.1050<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-04-01<br \/>\nMaturity Price  : 19.20<br \/>\nEvaluated at bid price : 19.20<br \/>\nBid-YTW : 5.84 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.K<\/td>\n<td>Perpetual-Discount<\/td>\n<td>Quote: 21.37 &#8211; 22.50<br \/>\nSpot Rate  :  1.1300<br \/>\nAverage  :  0.6452<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-04-01<br \/>\nMaturity Price  : 21.37<br \/>\nEvaluated at bid price : 21.37<br \/>\nBid-YTW : 5.90 %<\/td>\n<\/tr>\n<tr>\n<td>POW.PR.B<\/td>\n<td>Perpetual-Discount<\/td>\n<td>Quote: 22.11 &#8211; 23.70<br \/>\nSpot Rate  :  1.5900<br \/>\nAverage  :  1.1562<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-04-01<br \/>\nMaturity Price  : 21.87<br \/>\nEvaluated at bid price : 22.11<br \/>\nBid-YTW : 6.07 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.G<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>Quote: 18.85 &#8211; 19.85<br \/>\nSpot Rate  :  1.0000<br \/>\nAverage  :  0.6183<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-04-01<br \/>\nMaturity Price  : 18.85<br \/>\nEvaluated at bid price : 18.85<br \/>\nBid-YTW : 5.96 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.A<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>Quote: 21.90 &#8211; 22.69<br \/>\nSpot Rate  :  0.7900<br \/>\nAverage  :  0.5212<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2056-04-01<br \/>\nMaturity Price  : 21.53<br \/>\nEvaluated at bid price : 21.90<br \/>\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>PerpetualDiscounts now yield 5.81%, equivalent to 7.55% interest at the standard conversion factor of 1.3x. Long corporates yielded 5.07% on 2026-4-1. Therefore the pre-tax interest-equivalent spread (in this context, the &#8220;Seniority Spread&#8221;) has widened slightly &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-51733","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51733","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=51733"}],"version-history":[{"count":2,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51733\/revisions"}],"predecessor-version":[{"id":51736,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51733\/revisions\/51736"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51733"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51733"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51733"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}