{"id":52630,"date":"2026-09-25T19:59:00","date_gmt":"2026-09-25T23:59:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=52630"},"modified":"2026-09-25T19:59:00","modified_gmt":"2026-09-25T23:59:00","slug":"september-25-2026","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=52630","title":{"rendered":"September 25, 2026"},"content":{"rendered":"

Bond market excitement continued<\/a>:<\/p>\n

US longer-dated Treasury yields rose on Friday, extending their recent sharp move higher after more upbeat economic data reinforced concerns about inflation.<\/p>\n

The 30-year US bond yield hit a fresh 22-year high and the benchmark \u206010-year yield \u200breached a fresh 19-year high.<\/p>\n

Yields have jumped recently on persistent worries about higher inflation.<\/p>\n

New orders for key US manufactured capital goods increased more than expected in August and the previous month\u2019s figures were revised sharply higher, signaling another quarter of robust growth in business spending on equipment \u200bamid an AI buildout.
…<\/b>
The bullish data has driven up expectations for another interest-rate increase by the Federal Reserve. Traders now see a more than 64% chance of another hike when the US central bank next meets in October, according to CME Group\u2019s FedWatch Tool. That expectation was around \u200c55% a \u200bweek ago.
…<\/b>
The yield on the 30-year bond was last up 2.4 basis points at 5.486%. It reached 5.5319%, the \u200chighest since 2004.<\/p>\n

The yield on the benchmark US 10-year Treasury note was last up 0.3 basis point at 5.165%. \u200bIt earlier reached 5.2297%, the highest since 2007.<\/p>\n

A closely watched part of the US Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes, seen as an indicator of economic expectations, was at 30.3 basis points.<\/p>\n

The two-year US Treasury yield, which \u200btypically moves in step with interest rate expectations for the Fed, was down 3.5 basis points at 4.86%.<\/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>\n-0.8657 %<\/td>\n2,762.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.8657 %<\/td>\n5,202.7<\/td>\n<\/tr>\n
Floater<\/td>\n5.23 %<\/td>\n5.31 %<\/td>\n29,502<\/td>\n15.03<\/td>\n3<\/td>\n-0.8657 %<\/td>\n2,998.3<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2389 %<\/td>\n3,620.5<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.67 %<\/td>\n4.81 %<\/td>\n50,052<\/td>\n2.51<\/td>\n4<\/td>\n-0.2389 %<\/td>\n4,323.7<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2389 %<\/td>\n3,373.5<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.81 %<\/td>\n5.85 %<\/td>\n66,713<\/td>\n14.10<\/td>\n9<\/td>\n-0.6553 %<\/td>\n2,987.7<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.82 %<\/td>\n5.90 %<\/td>\n42,146<\/td>\n14.04<\/td>\n21<\/td>\n-0.7478 %<\/td>\n3,250.0<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.67 %<\/td>\n6.23 %<\/td>\n79,504<\/td>\n13.52<\/td>\n21<\/td>\n-0.5567 %<\/td>\n3,361.7<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.70 %<\/td>\n5.79 %<\/td>\n57,609<\/td>\n14.22<\/td>\n19<\/td>\n-0.2397 %<\/td>\n3,159.2<\/td>\n<\/tr>\n
FloatingReset<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.5567 %<\/td>\n4,104.7<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.98 %<\/td>\n4.57 %<\/td>\n77,177<\/td>\n2.10<\/td>\n27<\/td>\n-0.2068 %<\/td>\n2,640.5<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.5567 %<\/td>\n3,436.3<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.23 %<\/td>\n5.45 %<\/td>\n48,922<\/td>\n1.86<\/td>\n14<\/td>\n0.0913 %<\/td>\n3,263.0<\/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\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
BN.PR.T<\/td>\nFixedReset Disc<\/td>\n-3.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-25
\nMaturity Price : 22.31
\nEvaluated at bid price : 23.10
\nBid-YTW : 6.27 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\n-2.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-25
\nMaturity Price : 23.28
\nEvaluated at bid price : 24.60
\nBid-YTW : 5.79 %<\/td>\n<\/tr>\n
ENB.PR.D<\/td>\nFixedReset Disc<\/td>\n-2.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-25
\nMaturity Price : 22.59
\nEvaluated at bid price : 23.01
\nBid-YTW : 6.44 %<\/td>\n<\/tr>\n
BN.PF.A<\/td>\nFixedReset Prem<\/td>\n-2.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-25
\nMaturity Price : 23.61
\nEvaluated at bid price : 25.07
\nBid-YTW : 6.45 %<\/td>\n<\/tr>\n
BN.PR.K<\/td>\nFloater<\/td>\n-1.96 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-25
\nMaturity Price : 14.51
\nEvaluated at bid price : 14.51
\nBid-YTW : 5.40 %<\/td>\n<\/tr>\n
PWF.PR.Z<\/td>\nPerpetual-Discount<\/td>\n-1.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-25
\nMaturity Price : 21.63
\nEvaluated at bid price : 21.88
\nBid-YTW : 5.98 %<\/td>\n<\/tr>\n
POW.PR.A<\/td>\nPerpetual-Discount<\/td>\n-1.61 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-25
\nMaturity Price : 23.49
\nEvaluated at bid price : 23.76
\nBid-YTW : 5.90 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nInsurance Straight<\/td>\n-1.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-25
\nMaturity Price : 20.40
\nEvaluated at bid price : 20.40
\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n-1.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-25
\nMaturity Price : 21.41
\nEvaluated at bid price : 21.68
\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n
CU.PR.J<\/td>\nPerpetual-Discount<\/td>\n-1.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-25
\nMaturity Price : 20.56
\nEvaluated at bid price : 20.56
\nBid-YTW : 5.84 %<\/td>\n<\/tr>\n
BN.PF.G<\/td>\nFixedReset Prem<\/td>\n-1.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2030-07-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.00
\nBid-YTW : 5.67 %<\/td>\n<\/tr>\n
POW.PR.G<\/td>\nPerpetual-Discount<\/td>\n-1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-25
\nMaturity Price : 23.48
\nEvaluated at bid price : 23.75
\nBid-YTW : 5.90 %<\/td>\n<\/tr>\n
BN.PR.X<\/td>\nFixedReset Disc<\/td>\n-1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-25
\nMaturity Price : 21.44
\nEvaluated at bid price : 21.75
\nBid-YTW : 6.13 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n-1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-25
\nMaturity Price : 21.59
\nEvaluated at bid price : 21.90
\nBid-YTW : 5.79 %<\/td>\n<\/tr>\n
BN.PF.D<\/td>\nPerpetual-Discount<\/td>\n-1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-25
\nMaturity Price : 20.15
\nEvaluated at bid price : 20.15
\nBid-YTW : 6.12 %<\/td>\n<\/tr>\n
CU.PR.K<\/td>\nPerpetual-Premium<\/td>\n-1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-25
\nMaturity Price : 23.84
\nEvaluated at bid price : 24.20
\nBid-YTW : 5.84 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nInsurance Straight<\/td>\n-1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-25
\nMaturity Price : 20.35
\nEvaluated at bid price : 20.35
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n
POW.PR.B<\/td>\nPerpetual-Discount<\/td>\n-1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-25
\nMaturity Price : 22.71
\nEvaluated at bid price : 22.95
\nBid-YTW : 5.83 %<\/td>\n<\/tr>\n
PWF.PR.G<\/td>\nPerpetual-Premium<\/td>\n-1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-25
\nMaturity Price : 24.68
\nEvaluated at bid price : 25.00
\nBid-YTW : 5.99 %<\/td>\n<\/tr>\n
GWO.PR.M<\/td>\nInsurance Straight<\/td>\n-1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-25
\nMaturity Price : 24.43
\nEvaluated at bid price : 24.67
\nBid-YTW : 5.90 %<\/td>\n<\/tr>\n
POW.PR.H<\/td>\nPerpetual-Premium<\/td>\n-1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-25
\nMaturity Price : 24.05
\nEvaluated at bid price : 24.43
\nBid-YTW : 5.88 %<\/td>\n<\/tr>\n
PWF.PR.R<\/td>\nPerpetual-Discount<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-25
\nMaturity Price : 23.32
\nEvaluated at bid price : 23.60
\nBid-YTW : 5.92 %<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetual-Discount<\/td>\n-1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-25
\nMaturity Price : 21.34
\nEvaluated at bid price : 21.61
\nBid-YTW : 5.79 %<\/td>\n<\/tr>\n
GWO.PR.Y<\/td>\nInsurance Straight<\/td>\n1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-25
\nMaturity Price : 19.75
\nEvaluated at bid price : 19.75
\nBid-YTW : 5.73 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nInsurance Straight<\/td>\n1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-25
\nMaturity Price : 21.01
\nEvaluated at bid price : 21.01
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nInsurance Straight<\/td>\n1.99 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-25
\nMaturity Price : 20.50
\nEvaluated at bid price : 20.50
\nBid-YTW : 5.52 %<\/td>\n<\/tr>\n
FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\n2.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-25
\nMaturity Price : 21.25
\nEvaluated at bid price : 21.25
\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n
IFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\n6.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2028-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.50
\nBid-YTW : 4.80 %<\/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
BN.PF.A<\/td>\nFixedReset Prem<\/td>\n123,590<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-25
\nMaturity Price : 23.61
\nEvaluated at bid price : 25.07
\nBid-YTW : 6.45 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n102,700<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.12
\nBid-YTW : 5.04 %<\/td>\n<\/tr>\n
MFC.PR.I<\/td>\nFixedReset Ins Non<\/td>\n58,900<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-09-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.36
\nBid-YTW : 4.60 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n35,600<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2026-10-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.99
\nBid-YTW : 5.81 %<\/td>\n<\/tr>\n
GWO.PR.L<\/td>\nInsurance Straight<\/td>\n27,919<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-25
\nMaturity Price : 23.95
\nEvaluated at bid price : 24.20
\nBid-YTW : 5.86 %<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\n25,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-25
\nMaturity Price : 21.75
\nEvaluated at bid price : 22.00
\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n
There were 7 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
POW.PR.B<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.95 – 24.13
\nSpot Rate : 1.1800
\nAverage : 0.7271<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-25
\nMaturity Price : 22.71
\nEvaluated at bid price : 22.95
\nBid-YTW : 5.83 %<\/td>\n<\/tr>\n

BN.PR.Z<\/td>\nFixedReset Disc<\/td>\nQuote: 23.50 – 25.38
\nSpot Rate : 1.8800
\nAverage : 1.5019<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-25
\nMaturity Price : 23.02
\nEvaluated at bid price : 23.50
\nBid-YTW : 6.91 %<\/td>\n<\/tr>\n

BN.PR.T<\/td>\nFixedReset Disc<\/td>\nQuote: 23.10 – 24.19
\nSpot Rate : 1.0900
\nAverage : 0.7433<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-25
\nMaturity Price : 22.31
\nEvaluated at bid price : 23.10
\nBid-YTW : 6.27 %<\/td>\n<\/tr>\n

MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\nQuote: 24.60 – 25.60
\nSpot Rate : 1.0000
\nAverage : 0.6628<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-25
\nMaturity Price : 23.28
\nEvaluated at bid price : 24.60
\nBid-YTW : 5.79 %<\/td>\n<\/tr>\n

IFC.PR.E<\/td>\nInsurance Straight<\/td>\nQuote: 22.60 – 23.75
\nSpot Rate : 1.1500
\nAverage : 0.8229<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-25
\nMaturity Price : 22.33
\nEvaluated at bid price : 22.60
\nBid-YTW : 5.77 %<\/td>\n<\/tr>\n

BN.PF.A<\/td>\nFixedReset Prem<\/td>\nQuote: 25.07 – 26.14
\nSpot Rate : 1.0700
\nAverage : 0.7585<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-09-25
\nMaturity Price : 23.61
\nEvaluated at bid price : 25.07
\nBid-YTW : 6.45 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Bond market excitement continued: US longer-dated Treasury yields rose on Friday, extending their recent sharp move higher after more upbeat economic data reinforced concerns about inflation. The 30-year US bond yield hit a fresh 22-year …<\/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-52630","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/52630","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=52630"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/52630\/revisions"}],"predecessor-version":[{"id":52631,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/52630\/revisions\/52631"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52630"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52630"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52630"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}