{"id":52620,"date":"2026-09-23T20:54:31","date_gmt":"2026-09-24T00:54:31","guid":{"rendered":"https:\/\/prefblog.com\/?p=52620"},"modified":"2026-09-23T20:54:31","modified_gmt":"2026-09-24T00:54:31","slug":"september-23-2026","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=52620","title":{"rendered":"September 23, 2026"},"content":{"rendered":"

Fun day for bonds<\/a>:<\/p>\n

The world\u2019s most influential bond yield surged decisively above 5 per cent on Wednesday as more signs emerged of growing inflationary pressures in the U.S., sending stocks and fixed income portfolios tumbling.<\/p>\n

The benchmark U.S. 10-year yield briefly rose to near 5.14 per cent, back to where it was in 2007 before the global financial crisis caused yields to crater. In late afternoon trading, it was fetching 5.10 per cent, up 16 basis points for the session.<\/p>\n

That was still a large daily move for the bond market, and had Canadian bond yields surging as well. The Canada five-year yield, closely followed for its impact on fixed mortgage rates and GICs, hit its highest since 2024.<\/p>\n

Bond yields were higher across the curve \u2013 from short-term tenures to long term \u2013 an indication that traders were bracing not only for rate hikes but also for inflationary pressures to linger. That also meant investors widely suffered declines in bond portfolios \u2013 prices move inversely to yields.<\/p>\n

All three major U.S. equity indexes weakened, with losses for Canada\u2019s S&P\/TSX Compositive Index \u2013 heavily weighted towards materials and interest-sensitive stocks that tend to weaken when yields rise \u2013 outpacing Wall Street. It closed down 584.18 points, or 1.6 per cent, marking its biggest one-day decline since June 5.
…<\/b>
Adding to the hawkish tone, Fed Governor Michael Barr said that the central bank took an important step last week to \u201crecalibrate\u201d short-term borrowing costs to bring down inflation, and signaled \u200cthat further rate \u200bhikes will likely be needed.<\/p>\n

Fed funds futures traders are now pricing in a 66 per cent chance of an October rate hike, up from 53 per cent a day earlier.
…<\/b>
The U.S. \u2060Treasury Department also drew very weak demand for a US$70-billion 5-year note auction amid the bond market selloff, with the notes selling at the highest yield \u200bat an auction since 2007.
…<\/b>
The Dow Jones Industrial Average fell 0.68 per cent and the S&P 500 dropped 0.75 per cent. The Nasdaq Composite was down 1.13 per cent, a sharp reversal after hitting a record high on Tuesday.<\/p><\/blockquote>\n

Canada five-years at 3.68%!<\/a> Who’da thunk it?<\/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>\n0.6228 %<\/td>\n2,798.6<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.6228 %<\/td>\n5,270.2<\/td>\n<\/tr>\n
Floater<\/td>\n5.16 %<\/td>\n5.26 %<\/td>\n28,579<\/td>\n15.12<\/td>\n3<\/td>\n0.6228 %<\/td>\n3,037.3<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2979 %<\/td>\n3,628.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.66 %<\/td>\n4.75 %<\/td>\n52,388<\/td>\n2.51<\/td>\n4<\/td>\n-0.2979 %<\/td>\n4,332.7<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2979 %<\/td>\n3,380.6<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.73 %<\/td>\n5.77 %<\/td>\n67,997<\/td>\n14.03<\/td>\n9<\/td>\n-0.3420 %<\/td>\n3,028.4<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.73 %<\/td>\n5.80 %<\/td>\n40,749<\/td>\n14.13<\/td>\n21<\/td>\n-0.5507 %<\/td>\n3,300.3<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.63 %<\/td>\n6.21 %<\/td>\n80,800<\/td>\n13.54<\/td>\n21<\/td>\n-0.3766 %<\/td>\n3,384.7<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.65 %<\/td>\n5.72 %<\/td>\n53,883<\/td>\n14.31<\/td>\n19<\/td>\n-1.2620 %<\/td>\n3,182.7<\/td>\n<\/tr>\n
FloatingReset<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.3766 %<\/td>\n4,132.8<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.95 %<\/td>\n4.55 %<\/td>\n74,996<\/td>\n2.01<\/td>\n27<\/td>\n-0.0559 %<\/td>\n2,650.8<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.3766 %<\/td>\n3,459.9<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.28 %<\/td>\n5.40 %<\/td>\n55,101<\/td>\n2.52<\/td>\n14<\/td>\n-1.5233 %<\/td>\n3,232.6<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
IFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\n-22.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-23
\nMaturity Price : 19.87
\nEvaluated at bid price : 19.87
\nBid-YTW : 7.72 %<\/td>\n<\/tr>\n
CCS.PR.C<\/td>\nInsurance Straight<\/td>\n-4.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-23
\nMaturity Price : 21.50
\nEvaluated at bid price : 21.50
\nBid-YTW : 5.85 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nInsurance Straight<\/td>\n-3.92 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-23
\nMaturity Price : 20.10
\nEvaluated at bid price : 20.10
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n
ENB.PR.Y<\/td>\nFixedReset Disc<\/td>\n-2.63 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-23
\nMaturity Price : 22.15
\nEvaluated at bid price : 22.55
\nBid-YTW : 6.49 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n-2.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-23
\nMaturity Price : 19.51
\nEvaluated at bid price : 19.51
\nBid-YTW : 5.83 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nInsurance Straight<\/td>\n-2.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-23
\nMaturity Price : 19.88
\nEvaluated at bid price : 19.88
\nBid-YTW : 5.69 %<\/td>\n<\/tr>\n
IFC.PR.E<\/td>\nInsurance Straight<\/td>\n-2.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-23
\nMaturity Price : 22.54
\nEvaluated at bid price : 22.79
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nInsurance Straight<\/td>\n-1.91 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-23
\nMaturity Price : 20.50
\nEvaluated at bid price : 20.50
\nBid-YTW : 5.46 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset Disc<\/td>\n-1.61 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-23
\nMaturity Price : 20.76
\nEvaluated at bid price : 20.76
\nBid-YTW : 5.86 %<\/td>\n<\/tr>\n
IFC.PR.M<\/td>\nPerpetual-Premium<\/td>\n-1.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-23
\nMaturity Price : 24.17
\nEvaluated at bid price : 24.55
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nInsurance Straight<\/td>\n-1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-23
\nMaturity Price : 21.05
\nEvaluated at bid price : 21.05
\nBid-YTW : 5.79 %<\/td>\n<\/tr>\n
BN.PR.M<\/td>\nPerpetual-Discount<\/td>\n-1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-23
\nMaturity Price : 19.85
\nEvaluated at bid price : 19.85
\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n
POW.PR.C<\/td>\nPerpetual-Premium<\/td>\n-1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-23
\nMaturity Price : 24.88
\nEvaluated at bid price : 25.11
\nBid-YTW : 5.88 %<\/td>\n<\/tr>\n
GWO.PR.Y<\/td>\nInsurance Straight<\/td>\n-1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-23
\nMaturity Price : 20.04
\nEvaluated at bid price : 20.04
\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n
GWO.PR.R<\/td>\nInsurance Straight<\/td>\n-1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-23
\nMaturity Price : 20.90
\nEvaluated at bid price : 20.90
\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n
ENB.PR.H<\/td>\nFixedReset Disc<\/td>\n-1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-23
\nMaturity Price : 23.43
\nEvaluated at bid price : 23.77
\nBid-YTW : 6.08 %<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nInsurance Straight<\/td>\n-1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-23
\nMaturity Price : 22.49
\nEvaluated at bid price : 22.75
\nBid-YTW : 5.73 %<\/td>\n<\/tr>\n
BN.PF.C<\/td>\nPerpetual-Discount<\/td>\n-1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-23
\nMaturity Price : 20.29
\nEvaluated at bid price : 20.29
\nBid-YTW : 6.01 %<\/td>\n<\/tr>\n
BN.PF.D<\/td>\nPerpetual-Discount<\/td>\n-1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-23
\nMaturity Price : 20.49
\nEvaluated at bid price : 20.49
\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n
ENB.PR.F<\/td>\nFixedReset Disc<\/td>\n-1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-23
\nMaturity Price : 23.27
\nEvaluated at bid price : 23.66
\nBid-YTW : 6.40 %<\/td>\n<\/tr>\n
BN.PR.B<\/td>\nFloater<\/td>\n-1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-23
\nMaturity Price : 14.85
\nEvaluated at bid price : 14.85
\nBid-YTW : 5.27 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-23
\nMaturity Price : 21.04
\nEvaluated at bid price : 21.04
\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n
BN.PR.K<\/td>\nFloater<\/td>\n2.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-23
\nMaturity Price : 14.89
\nEvaluated at bid price : 14.89
\nBid-YTW : 5.26 %<\/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
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n81,900<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2026-10-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.98
\nBid-YTW : 5.90 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n52,575<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-23
\nMaturity Price : 21.04
\nEvaluated at bid price : 21.04
\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n
ENB.PF.E<\/td>\nFixedReset Disc<\/td>\n40,480<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-23
\nMaturity Price : 22.83
\nEvaluated at bid price : 23.88
\nBid-YTW : 6.32 %<\/td>\n<\/tr>\n
BILP.PR.A<\/td>\nFixedReset Prem<\/td>\n22,000<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2031-10-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.10
\nBid-YTW : 5.67 %<\/td>\n<\/tr>\n
NA.PR.S<\/td>\nFixedReset Prem<\/td>\n18,600<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-05-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.20
\nBid-YTW : 4.55 %<\/td>\n<\/tr>\n
GWO.PR.R<\/td>\nInsurance Straight<\/td>\n12,680<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-23
\nMaturity Price : 20.90
\nEvaluated at bid price : 20.90
\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n
There were 1 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
IFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\nQuote: 19.87 – 26.05
\nSpot Rate : 6.1800
\nAverage : 3.3779<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-23
\nMaturity Price : 19.87
\nEvaluated at bid price : 19.87
\nBid-YTW : 7.72 %<\/td>\n<\/tr>\n

GWO.PR.R<\/td>\nInsurance Straight<\/td>\nQuote: 20.90 – 21.90
\nSpot Rate : 1.0000
\nAverage : 0.6056<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-23
\nMaturity Price : 20.90
\nEvaluated at bid price : 20.90
\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n

SLF.PR.E<\/td>\nInsurance Straight<\/td>\nQuote: 20.10 – 21.20
\nSpot Rate : 1.1000
\nAverage : 0.7493<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-23
\nMaturity Price : 20.10
\nEvaluated at bid price : 20.10
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n

CCS.PR.C<\/td>\nInsurance Straight<\/td>\nQuote: 21.50 – 22.85
\nSpot Rate : 1.3500
\nAverage : 1.0363<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-23
\nMaturity Price : 21.50
\nEvaluated at bid price : 21.50
\nBid-YTW : 5.85 %<\/td>\n<\/tr>\n

ENB.PR.Y<\/td>\nFixedReset Disc<\/td>\nQuote: 22.55 – 23.80
\nSpot Rate : 1.2500
\nAverage : 0.9483<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-23
\nMaturity Price : 22.15
\nEvaluated at bid price : 22.55
\nBid-YTW : 6.49 %<\/td>\n<\/tr>\n

PWF.PR.K<\/td>\nPerpetual-Discount<\/td>\nQuote: 21.65 – 22.36
\nSpot Rate : 0.7100
\nAverage : 0.5003<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-23
\nMaturity Price : 21.38
\nEvaluated at bid price : 21.65
\nBid-YTW : 5.80 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Fun day for bonds: The world\u2019s most influential bond yield surged decisively above 5 per cent on Wednesday as more signs emerged of growing inflationary pressures in the U.S., sending stocks and fixed income portfolios …<\/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-52620","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/52620","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=52620"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/52620\/revisions"}],"predecessor-version":[{"id":52621,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/52620\/revisions\/52621"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52620"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52620"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52620"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}