{"id":51932,"date":"2026-05-20T20:52:37","date_gmt":"2026-05-21T00:52:37","guid":{"rendered":"https:\/\/prefblog.com\/?p=51932"},"modified":"2026-05-20T20:52:37","modified_gmt":"2026-05-21T00:52:37","slug":"may-20-2026","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51932","title":{"rendered":"May 20, 2026"},"content":{"rendered":"

Another day, more confusion<\/a>:<\/p>\n

Oil prices fell 6% on Wednesday after U.S. President Donald Trump said that negotiations with Iran were in the final stages, though investors remain wary about the outcome of \u2060peace talks \u200bas disruption to Middle Eastern supply continues. Brent crude futures fell $6.64, or 5.97%, to $104.64 a barrel by 1:45 p.m. EDT (1745 GMT) and U.S. West Texas Intermediate futures were down $6.49, or 6.23%, at $97.66.<\/p>\n

Trump said that negotiations with Iran were in the final stages but warned of further attacks unless Iran agrees \u200bto a deal. Iranian foreign ministry spokesperson Esmaeil Baghaei said Iran was ready \u200cto develop protocols for safe shipping traffic in cooperation with other coastal states, without providing further details.<\/p>\n

Despite signs of progress, some market participants and analysts remain wary about the outcome of negotiations and global supply tightness that will likely persist even if the U.S. and Iran reach a deal.<\/p>\n

\u201cYou\u2019ve got to take all these pronouncements with a \u200cgrain of salt \u200bthese days, but the market \u200cwas also quick to reward it and price in the hope of a resolution,\u201d said John Kilduff, \u200bpartner at Again Capital.<\/p><\/blockquote>\n

A grain of salt? I need a whole block. <\/p>\n

None the less, the end of the world that was scheduled by the bond market yesterday has been cancelled<\/a>:<\/p>\n

Yields on U.S. Treasuries on Wednesday retraced their previous day\u2019s gains, after President Donald Trump said deal talks with Iran were in their final stage.<\/p>\n

The yield on the benchmark 10-year \u2060Treasury \u200bnote was last down roughly 10 basis points on the day at 4.567%. It reached its highest level since January 2025 on Tuesday, surging to 4.687%.<\/p>\n

The 30-year Treasury bond\u2019s yield, which is seen as a barometer of geopolitical and fiscal risk, was last down roughly 7 bps at 5.113%. It briefly touched 5.197% \u200bon Tuesday, its highest since July 2007 before the global financial \u200ccrisis.<\/p>\n

But a relatively strong 20-year Japanese bond auction prompted yields to retrace their gains. Yields solidified their retreat later on Wednesday following President Donald Trump\u2019s comments that deal talks with Iran were in their final stages.
…<\/b>
Investors are now pricing in a 41.4% chance the Fed \u2060could raise rates in December, and an 89.6% chance it maintains current rates at its next meeting in June, according to the CME FedWatch tool.<\/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>\n0.4347 %<\/td>\n2,555.2<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.4347 %<\/td>\n4,845.0<\/td>\n<\/tr>\n
Floater<\/td>\n5.62 %<\/td>\n5.84 %<\/td>\n44,098<\/td>\n14.10<\/td>\n3<\/td>\n0.4347 %<\/td>\n2,792.2<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0628 %<\/td>\n3,668.2<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.75 %<\/td>\n4.47 %<\/td>\n53,303<\/td>\n2.80<\/td>\n5<\/td>\n0.0628 %<\/td>\n4,380.6<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0628 %<\/td>\n3,417.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.76 %<\/td>\n4.79 %<\/td>\n54,643<\/td>\n0.08<\/td>\n3<\/td>\n0.0793 %<\/td>\n3,049.7<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.62 %<\/td>\n5.67 %<\/td>\n52,883<\/td>\n14.34<\/td>\n30<\/td>\n0.2126 %<\/td>\n3,351.4<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.61 %<\/td>\n6.01 %<\/td>\n101,466<\/td>\n13.68<\/td>\n24<\/td>\n0.6520 %<\/td>\n3,322.3<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.47 %<\/td>\n5.59 %<\/td>\n52,436<\/td>\n14.42<\/td>\n22<\/td>\n0.3629 %<\/td>\n3,297.9<\/td>\n<\/tr>\n
FloatingReset<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.6520 %<\/td>\n3,952.2<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.98 %<\/td>\n4.47 %<\/td>\n84,551<\/td>\n2.29<\/td>\n24<\/td>\n0.0434 %<\/td>\n2,653.0<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.6520 %<\/td>\n3,396.1<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.04 %<\/td>\n5.37 %<\/td>\n74,799<\/td>\n2.15<\/td>\n14<\/td>\n0.5004 %<\/td>\n3,277.0<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
TD.PF.I<\/td>\nFixedReset Prem<\/td>\n-1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.76
\nBid-YTW : 4.38 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nInsurance Straight<\/td>\n-1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-05-20
\nMaturity Price : 21.33
\nEvaluated at bid price : 21.60
\nBid-YTW : 5.69 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nInsurance Straight<\/td>\n1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-05-20
\nMaturity Price : 21.47
\nEvaluated at bid price : 21.73
\nBid-YTW : 5.25 %<\/td>\n<\/tr>\n
BN.PF.A<\/td>\nFixedReset Prem<\/td>\n1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2028-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.81
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n
FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\n1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-05-20
\nMaturity Price : 22.17
\nEvaluated at bid price : 22.45
\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nInsurance Straight<\/td>\n1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-05-20
\nMaturity Price : 22.12
\nEvaluated at bid price : 22.40
\nBid-YTW : 5.26 %<\/td>\n<\/tr>\n
POW.PR.B<\/td>\nPerpetual-Discount<\/td>\n1.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-05-20
\nMaturity Price : 23.70
\nEvaluated at bid price : 23.97
\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n
PWF.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-05-20
\nMaturity Price : 23.14
\nEvaluated at bid price : 23.44
\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n
MFC.PR.I<\/td>\nFixedReset Ins Non<\/td>\n1.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-09-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.98
\nBid-YTW : 3.74 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nInsurance Straight<\/td>\n1.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-05-20
\nMaturity Price : 21.47
\nEvaluated at bid price : 21.73
\nBid-YTW : 5.18 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nInsurance Straight<\/td>\n1.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-05-20
\nMaturity Price : 21.54
\nEvaluated at bid price : 21.80
\nBid-YTW : 5.17 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n1.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-05-20
\nMaturity Price : 21.30
\nEvaluated at bid price : 21.30
\nBid-YTW : 5.52 %<\/td>\n<\/tr>\n
ENB.PF.C<\/td>\nFixedReset Disc<\/td>\n1.74 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-05-20
\nMaturity Price : 22.58
\nEvaluated at bid price : 23.40
\nBid-YTW : 6.27 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\n2.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-06-20
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.55
\nBid-YTW : 5.37 %<\/td>\n<\/tr>\n
ENB.PF.E<\/td>\nFixedReset Disc<\/td>\n2.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-05-20
\nMaturity Price : 22.64
\nEvaluated at bid price : 23.55
\nBid-YTW : 6.21 %<\/td>\n<\/tr>\n
ENB.PR.J<\/td>\nFixedReset Disc<\/td>\n2.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-05-20
\nMaturity Price : 23.11
\nEvaluated at bid price : 24.23
\nBid-YTW : 6.11 %<\/td>\n<\/tr>\n
BN.PR.X<\/td>\nFixedReset Disc<\/td>\n2.95 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-05-20
\nMaturity Price : 21.33
\nEvaluated at bid price : 21.62
\nBid-YTW : 6.00 %<\/td>\n<\/tr>\n
ENB.PR.F<\/td>\nFixedReset Disc<\/td>\n3.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-05-20
\nMaturity Price : 23.37
\nEvaluated at bid price : 23.70
\nBid-YTW : 6.16 %<\/td>\n<\/tr>\n
BN.PR.T<\/td>\nFixedReset Disc<\/td>\n3.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-05-20
\nMaturity Price : 22.16
\nEvaluated at bid price : 22.86
\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
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n65,000<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.06
\nBid-YTW : 4.82 %<\/td>\n<\/tr>\n
ENB.PR.D<\/td>\nFixedReset Disc<\/td>\n35,700<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-05-20
\nMaturity Price : 22.65
\nEvaluated at bid price : 23.01
\nBid-YTW : 6.20 %<\/td>\n<\/tr>\n
BN.PF.I<\/td>\nFixedReset Prem<\/td>\n35,100<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.40
\nBid-YTW : 4.39 %<\/td>\n<\/tr>\n
FTS.PR.M<\/td>\nFixedReset Prem<\/td>\n30,800<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-12-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.21
\nBid-YTW : 5.21 %<\/td>\n<\/tr>\n
PWF.PR.H<\/td>\nPerpetual-Discount<\/td>\n26,031<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-05-20
\nMaturity Price : 24.66
\nEvaluated at bid price : 24.92
\nBid-YTW : 5.82 %<\/td>\n<\/tr>\n
BN.PF.J<\/td>\nFixedReset Prem<\/td>\n25,011<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.90
\nBid-YTW : 4.47 %<\/td>\n<\/tr>\n
There were 10 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: 22.90 – 25.00
\nSpot Rate : 2.1000
\nAverage : 1.4680<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-05-20
\nMaturity Price : 22.65
\nEvaluated at bid price : 22.90
\nBid-YTW : 5.70 %<\/td>\n<\/tr>\n

PWF.PR.P<\/td>\nFixedReset Disc<\/td>\nQuote: 20.84 – 21.54
\nSpot Rate : 0.7000
\nAverage : 0.4236<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-05-20
\nMaturity Price : 20.84
\nEvaluated at bid price : 20.84
\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n

GWO.PR.H<\/td>\nInsurance Straight<\/td>\nQuote: 21.60 – 22.20
\nSpot Rate : 0.6000
\nAverage : 0.4139<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-05-20
\nMaturity Price : 21.33
\nEvaluated at bid price : 21.60
\nBid-YTW : 5.69 %<\/td>\n<\/tr>\n

TD.PF.I<\/td>\nFixedReset Prem<\/td>\nQuote: 25.76 – 26.10
\nSpot Rate : 0.3400
\nAverage : 0.2075<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.76
\nBid-YTW : 4.38 %<\/td>\n<\/tr>\n

BN.PF.C<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.96 – 21.39
\nSpot Rate : 0.4300
\nAverage : 0.3204<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-05-20
\nMaturity Price : 20.96
\nEvaluated at bid price : 20.96
\nBid-YTW : 5.88 %<\/td>\n<\/tr>\n

BN.PF.G<\/td>\nFixedReset Disc<\/td>\nQuote: 24.97 – 25.25
\nSpot Rate : 0.2800
\nAverage : 0.1715<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2030-07-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.97
\nBid-YTW : 5.94 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Another day, more confusion: Oil prices fell 6% on Wednesday after U.S. President Donald Trump said that negotiations with Iran were in the final stages, though investors remain wary about the outcome of \u2060peace talks …<\/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-51932","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51932","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=51932"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51932\/revisions"}],"predecessor-version":[{"id":51933,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51932\/revisions\/51933"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51932"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51932"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51932"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}