{"id":52460,"date":"2026-08-18T22:06:38","date_gmt":"2026-08-19T02:06:38","guid":{"rendered":"https:\/\/prefblog.com\/?p=52460"},"modified":"2026-08-18T22:06:38","modified_gmt":"2026-08-19T02:06:38","slug":"august-18-2026","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=52460","title":{"rendered":"August 18, 2026"},"content":{"rendered":"

Bond markets are getting indigestion<\/a>:<\/p>\n

Long-term borrowing costs from the U.S. to Germany and Japan hit their highest in decades on Tuesday due to \u200bballooning government debt and geopolitics, raising borrowing costs for companies and households and complicating \u200cpolicy.<\/p>\n

Bond markets are entering an era where the inflation and interest rate outlook is more uncertain and the upside risks are greater, as U.S. President Donald Trump\u2019s policies \u2014 from tariffs to war \u2014 upend the global order.<\/p>\n

Debt levels in developed countries are reaching thresholds that look increasingly unsustainable, with the U.S. debt pile nearing US$40-trillion. The war in Iran is dragging on, \u2060pushing up \u200boil prices and inflation and hitting global growth.<\/p>\n

In addition, massive borrowing by technology companies to fund a buildout of artificial intelligence infrastructure is competing with demand for government bonds.
…<\/b>
Thirty-year bond yields in the United States, the world\u2019s deepest \u200band most systemically crucial government bond market, hit their highest since 2007 as oil prices rose back above $90, \u200cfanning inflation worries as U.S.-Iran peace hopes faded.<\/p>\n

Their yields pulled back in early afternoon trading with U.S. 30-year yields last down 2.4 basis points at 5.286 per cent.<\/p>\n

In Japan, inflation angst and expectations that the central bank could hike interest rates as early as September pushed 10-year borrowing costs to a three-decade high just under 3 per cent..<\/p>\n

In Europe, Germany\u2019s 10-year Bund yield touched its highest since 2011, French yields were at their highest since 2008 and Britain\u2019s 30-year borrowing costs neared peaks hit in May that marked the highest levels since 1998.<\/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>\n0.3060 %<\/td>\n2,636.5<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3060 %<\/td>\n4,965.0<\/td>\n<\/tr>\n
Floater<\/td>\n5.48 %<\/td>\n5.61 %<\/td>\n31,972<\/td>\n14.45<\/td>\n3<\/td>\n0.3060 %<\/td>\n2,861.4<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0394 %<\/td>\n3,653.2<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.77 %<\/td>\n4.93 %<\/td>\n55,249<\/td>\n2.58<\/td>\n5<\/td>\n-0.0394 %<\/td>\n4,362.7<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0394 %<\/td>\n3,403.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.64 %<\/td>\n5.55 %<\/td>\n55,730<\/td>\n6.77<\/td>\n12<\/td>\n-0.2212 %<\/td>\n3,079.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.49 %<\/td>\n5.55 %<\/td>\n37,900<\/td>\n14.55<\/td>\n21<\/td>\n-0.0355 %<\/td>\n3,437.0<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.52 %<\/td>\n5.86 %<\/td>\n94,803<\/td>\n14.04<\/td>\n17<\/td>\n-0.1858 %<\/td>\n3,403.8<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.36 %<\/td>\n5.42 %<\/td>\n43,836<\/td>\n14.65<\/td>\n20<\/td>\n-0.1667 %<\/td>\n3,357.8<\/td>\n<\/tr>\n
FloatingReset<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1858 %<\/td>\n4,156.1<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.90 %<\/td>\n4.29 %<\/td>\n77,067<\/td>\n2.11<\/td>\n31<\/td>\n-0.0883 %<\/td>\n2,669.8<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1858 %<\/td>\n3,479.4<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.19 %<\/td>\n4.80 %<\/td>\n49,342<\/td>\n3.02<\/td>\n14<\/td>\n-0.1312 %<\/td>\n3,287.7<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
ENB.PF.C<\/td>\nFixedReset Disc<\/td>\n-2.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-18
\nMaturity Price : 22.74
\nEvaluated at bid price : 23.65
\nBid-YTW : 6.14 %<\/td>\n<\/tr>\n
ENB.PR.Y<\/td>\nFixedReset Disc<\/td>\n-2.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-18
\nMaturity Price : 22.48
\nEvaluated at bid price : 23.07
\nBid-YTW : 6.05 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nInsurance Straight<\/td>\n-2.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-18
\nMaturity Price : 21.35
\nEvaluated at bid price : 21.62
\nBid-YTW : 5.21 %<\/td>\n<\/tr>\n
ENB.PR.T<\/td>\nFixedReset Prem<\/td>\n-2.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-18
\nMaturity Price : 23.25
\nEvaluated at bid price : 24.55
\nBid-YTW : 5.95 %<\/td>\n<\/tr>\n
MFC.PR.Q<\/td>\nFixedReset Ins Non<\/td>\n-2.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-18
\nMaturity Price : 23.68
\nEvaluated at bid price : 25.14
\nBid-YTW : 5.85 %<\/td>\n<\/tr>\n
POW.PR.A<\/td>\nPerpetual-Premium<\/td>\n-2.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-18
\nMaturity Price : 24.21
\nEvaluated at bid price : 24.50
\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n
ENB.PF.E<\/td>\nFixedReset Disc<\/td>\n-1.73 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-18
\nMaturity Price : 22.80
\nEvaluated at bid price : 23.83
\nBid-YTW : 6.07 %<\/td>\n<\/tr>\n
NA.PR.C<\/td>\nFixedReset Prem<\/td>\n-1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-11-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.27
\nBid-YTW : 2.90 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nInsurance Straight<\/td>\n-1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-18
\nMaturity Price : 22.66
\nEvaluated at bid price : 22.90
\nBid-YTW : 5.15 %<\/td>\n<\/tr>\n
BN.PF.C<\/td>\nPerpetual-Discount<\/td>\n-1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-18
\nMaturity Price : 21.31
\nEvaluated at bid price : 21.58
\nBid-YTW : 5.69 %<\/td>\n<\/tr>\n
GWO.PR.Y<\/td>\nInsurance Straight<\/td>\n-1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-18
\nMaturity Price : 21.15
\nEvaluated at bid price : 21.15
\nBid-YTW : 5.40 %<\/td>\n<\/tr>\n
BN.PR.T<\/td>\nFixedReset Disc<\/td>\n-1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-18
\nMaturity Price : 23.12
\nEvaluated at bid price : 23.83
\nBid-YTW : 5.83 %<\/td>\n<\/tr>\n
BN.PF.A<\/td>\nFixedReset Prem<\/td>\n-1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2028-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.90
\nBid-YTW : 5.41 %<\/td>\n<\/tr>\n
ENB.PR.H<\/td>\nFixedReset Disc<\/td>\n-1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-18
\nMaturity Price : 23.28
\nEvaluated at bid price : 23.61
\nBid-YTW : 5.83 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-18
\nMaturity Price : 21.84
\nEvaluated at bid price : 22.25
\nBid-YTW : 5.42 %<\/td>\n<\/tr>\n
BN.PR.X<\/td>\nFixedReset Disc<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-18
\nMaturity Price : 21.58
\nEvaluated at bid price : 21.95
\nBid-YTW : 5.82 %<\/td>\n<\/tr>\n
BN.PF.G<\/td>\nFixedReset Prem<\/td>\n1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2030-07-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.35
\nBid-YTW : 4.37 %<\/td>\n<\/tr>\n
CCS.PR.C<\/td>\nInsurance Straight<\/td>\n1.53 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-18
\nMaturity Price : 23.03
\nEvaluated at bid price : 23.30
\nBid-YTW : 5.43 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nInsurance Straight<\/td>\n1.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-18
\nMaturity Price : 21.38
\nEvaluated at bid price : 21.65
\nBid-YTW : 5.26 %<\/td>\n<\/tr>\n
ENB.PR.F<\/td>\nFixedReset Disc<\/td>\n2.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-18
\nMaturity Price : 23.92
\nEvaluated at bid price : 24.25
\nBid-YTW : 5.95 %<\/td>\n<\/tr>\n<\/table>\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
BN.PF.F<\/td>\nFixedReset Prem<\/td>\n212,549<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-10-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.64
\nBid-YTW : 5.24 %<\/td>\n<\/tr>\n
FTS.PR.G<\/td>\nFixedReset Prem<\/td>\n16,850<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2028-09-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.90
\nBid-YTW : 4.95 %<\/td>\n<\/tr>\n
BMO.PR.E<\/td>\nFixedReset Prem<\/td>\n13,201<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2028-11-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.50
\nBid-YTW : 3.99 %<\/td>\n<\/tr>\n
NA.PR.K<\/td>\nFixedReset Prem<\/td>\n12,575<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-05-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 28.10
\nBid-YTW : 3.01 %<\/td>\n<\/tr>\n
There were 0 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
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\nQuote: 22.25 – 23.49
\nSpot Rate : 1.2400
\nAverage : 0.8059<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-18
\nMaturity Price : 21.84
\nEvaluated at bid price : 22.25
\nBid-YTW : 5.42 %<\/td>\n<\/tr>\n

ENB.PF.C<\/td>\nFixedReset Disc<\/td>\nQuote: 23.65 – 24.65
\nSpot Rate : 1.0000
\nAverage : 0.6449<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-18
\nMaturity Price : 22.74
\nEvaluated at bid price : 23.65
\nBid-YTW : 6.14 %<\/td>\n<\/tr>\n

MFC.PR.Q<\/td>\nFixedReset Ins Non<\/td>\nQuote: 25.14 – 26.14
\nSpot Rate : 1.0000
\nAverage : 0.6919<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-18
\nMaturity Price : 23.68
\nEvaluated at bid price : 25.14
\nBid-YTW : 5.85 %<\/td>\n<\/tr>\n

ENB.PR.Y<\/td>\nFixedReset Disc<\/td>\nQuote: 23.07 – 24.00
\nSpot Rate : 0.9300
\nAverage : 0.6398<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-18
\nMaturity Price : 22.48
\nEvaluated at bid price : 23.07
\nBid-YTW : 6.05 %<\/td>\n<\/tr>\n

POW.PR.A<\/td>\nPerpetual-Premium<\/td>\nQuote: 24.50 – 25.23
\nSpot Rate : 0.7300
\nAverage : 0.4565<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-18
\nMaturity Price : 24.21
\nEvaluated at bid price : 24.50
\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n

GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\nQuote: 19.50 – 21.33
\nSpot Rate : 1.8300
\nAverage : 1.5780<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-08-18
\nMaturity Price : 19.50
\nEvaluated at bid price : 19.50
\nBid-YTW : 5.79 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Bond markets are getting indigestion: Long-term borrowing costs from the U.S. to Germany and Japan hit their highest in decades on Tuesday due to \u200bballooning government debt and geopolitics, raising borrowing costs for companies and …<\/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-52460","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/52460","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=52460"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/52460\/revisions"}],"predecessor-version":[{"id":52461,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/52460\/revisions\/52461"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}