Category: Market Action

Market Action

July 11, 2025

The TXPR price index set a new 52-week high today, with today’s high of 667.61 edging the old 52-week high of 667.47 set 2025-7-9.

And five-year Canadas are now at 3.03%

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -0.4338 % 2,327.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.4338 % 4,530.7
Floater 6.86 % 6.87 % 51,473 12.73 2 -0.4338 % 2,611.1
OpRet 0.00 % 0.00 % 0 0.00 0 -0.2644 % 3,662.2
SplitShare 4.78 % 4.56 % 59,558 2.47 7 -0.2644 % 4,373.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.2644 % 3,412.4
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.4772 % 2,967.9
Perpetual-Discount 5.80 % 5.90 % 46,432 14.08 32 -0.4772 % 3,236.3
FixedReset Disc 5.66 % 6.25 % 120,559 13.18 40 -0.0523 % 2,968.9
Insurance Straight 5.68 % 5.78 % 52,301 14.26 19 0.3852 % 3,189.4
FloatingReset 5.54 % 5.37 % 40,568 14.86 2 1.2069 % 3,673.5
FixedReset Prem 5.77 % 5.10 % 122,585 3.00 16 -0.4154 % 2,608.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0523 % 3,034.8
FixedReset Ins Non 5.26 % 5.67 % 66,596 14.07 14 0.2302 % 3,040.8
Performance Highlights
Issue Index Change Notes
PWF.PR.T FixedReset Disc -7.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 21.96
Evaluated at bid price : 22.35
Bid-YTW : 6.10 %
CU.PR.F Perpetual-Discount -6.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 6.13 %
CU.PR.G Perpetual-Discount -5.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 18.99
Evaluated at bid price : 18.99
Bid-YTW : 6.01 %
BN.PF.I FixedReset Prem -4.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 23.16
Evaluated at bid price : 23.55
Bid-YTW : 7.17 %
POW.PR.D Perpetual-Discount -4.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 5.98 %
ELF.PR.F Perpetual-Discount -4.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 6.05 %
PWF.PR.F Perpetual-Discount -3.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 21.51
Evaluated at bid price : 21.77
Bid-YTW : 6.04 %
GWO.PR.T Insurance Straight -1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 21.54
Evaluated at bid price : 21.85
Bid-YTW : 5.93 %
PVS.PR.L SplitShare -1.40 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-06-30
Maturity Price : 25.00
Evaluated at bid price : 26.01
Bid-YTW : 4.73 %
BN.PR.B Floater -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 12.50
Evaluated at bid price : 12.50
Bid-YTW : 7.01 %
BN.PR.N Perpetual-Discount 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.99 %
BN.PF.B FixedReset Disc 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 22.55
Evaluated at bid price : 23.33
Bid-YTW : 6.22 %
BN.PF.D Perpetual-Discount 1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 6.00 %
GWO.PR.R Insurance Straight 1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 20.91
Evaluated at bid price : 20.91
Bid-YTW : 5.79 %
CU.PR.D Perpetual-Discount 1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 21.13
Evaluated at bid price : 21.13
Bid-YTW : 5.88 %
GWO.PR.H Insurance Straight 2.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 21.33
Evaluated at bid price : 21.60
Bid-YTW : 5.65 %
MFC.PR.J FixedReset Ins Non 2.65 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-03-19
Maturity Price : 25.00
Evaluated at bid price : 25.61
Bid-YTW : 5.36 %
SLF.PR.J FloatingReset 2.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 17.48
Evaluated at bid price : 17.48
Bid-YTW : 5.88 %
CU.PR.J Perpetual-Discount 3.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 5.82 %
GWO.PR.M Insurance Straight 7.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 24.35
Evaluated at bid price : 24.66
Bid-YTW : 5.92 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CM.PR.Q FixedReset Disc 500,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-08-30
Maturity Price : 25.00
Evaluated at bid price : 24.96
Bid-YTW : 5.07 %
BMO.PR.Y FixedReset Disc 245,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-08-25
Maturity Price : 25.00
Evaluated at bid price : 25.09
Bid-YTW : 3.28 %
BN.PF.G FixedReset Disc 76,945 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 21.89
Evaluated at bid price : 22.37
Bid-YTW : 6.53 %
ENB.PR.P FixedReset Disc 63,410 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 21.43
Evaluated at bid price : 21.43
Bid-YTW : 6.68 %
CU.PR.I FixedReset Prem 32,901 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-01
Maturity Price : 25.00
Evaluated at bid price : 25.10
Bid-YTW : 4.75 %
BN.PF.A FixedReset Disc 21,008 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 23.28
Evaluated at bid price : 24.82
Bid-YTW : 6.14 %
There were 4 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
CU.PR.F Perpetual-Discount Quote: 18.65 – 21.75
Spot Rate : 3.1000
Average : 1.8747

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 6.13 %
ENB.PR.D FixedReset Disc Quote: 20.33 – 22.98
Spot Rate : 2.6500
Average : 1.5041

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 20.33
Evaluated at bid price : 20.33
Bid-YTW : 6.77 %
PWF.PR.T FixedReset Disc Quote: 22.35 – 24.39
Spot Rate : 2.0400
Average : 1.1536

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 21.96
Evaluated at bid price : 22.35
Bid-YTW : 6.10 %
BN.PF.I FixedReset Prem Quote: 23.55 – 25.00
Spot Rate : 1.4500
Average : 0.8403

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 23.16
Evaluated at bid price : 23.55
Bid-YTW : 7.17 %
MFC.PR.M FixedReset Ins Non Quote: 21.15 – 24.70
Spot Rate : 3.5500
Average : 2.9437

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 6.51 %
CU.PR.G Perpetual-Discount Quote: 18.99 – 20.22
Spot Rate : 1.2300
Average : 0.7286

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 18.99
Evaluated at bid price : 18.99
Bid-YTW : 6.01 %
Market Action

July 10, 2025

The Trump news keeps getting more and more bizarre and self-destructive:

Just two weeks after President Donald Trump sent a handwritten letter to Powell demanding lower interest rates, Russell Vought, Trump’s director of the Office of Management and Budget (OMB), accused Powell of breaking the law by failing to comply with government oversight regulations and lying to Congress about details of an approximately $2.5 billion planned renovation of the Fed’s headquarters.

“The President is extremely troubled by your management of the Federal Reserve System,” Vought wrote in a letter he posted to social media Thursday. “Instead of attempting to right the Fed’s fiscal ship, you have plowed ahead with an ostentatious overhaul of your Washington D.C. headquarters.”
…
The latest criticism about the rising costs of the Fed’s headquarters may signal the administration is laying the groundwork to justify firing Powell, said Ed Mills, a policy analyst at Raymond James.

“The Supreme Court has made it very clear in their rulings that they would not support the president firing Powell,” Mills said. “So they can either find a reason to fire him for cause, or you create enough of a negative environment that Powell says, ‘it’s no longer worth it, I’m out.’”

If they actually do follow through with firing Powell, look for market yields to spike 100bp. Mind you, I suspect that this is all bluster that will come to nothing – it’s just to show the base what a he-man Trump is. Or it could all be intended as a distraction from the gutting of the civil service and the ongoing pogrom against migrants. Who knows?

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -0.1575 % 2,337.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.1575 % 4,550.5
Floater 6.83 % 6.89 % 52,193 12.70 2 -0.1575 % 2,622.5
OpRet 0.00 % 0.00 % 0 0.00 0 0.2255 % 3,672.0
SplitShare 4.77 % 4.43 % 60,205 0.62 7 0.2255 % 4,385.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2255 % 3,421.4
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.5110 % 2,982.1
Perpetual-Discount 5.77 % 5.88 % 46,557 14.09 32 -0.5110 % 3,251.8
FixedReset Disc 5.66 % 6.19 % 118,150 13.24 40 0.0646 % 2,970.5
Insurance Straight 5.70 % 5.75 % 50,814 14.30 19 -0.0626 % 3,177.2
FloatingReset 5.61 % 5.37 % 42,211 14.86 2 -1.0981 % 3,629.7
FixedReset Prem 5.75 % 5.04 % 123,760 2.63 16 -0.2036 % 2,619.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0646 % 3,036.4
FixedReset Ins Non 5.27 % 5.62 % 65,977 14.15 14 -1.1905 % 3,033.8
Performance Highlights
Issue Index Change Notes
MFC.PR.M FixedReset Ins Non -13.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-10
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 6.44 %
GWO.PR.M Insurance Straight -7.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-10
Maturity Price : 22.66
Evaluated at bid price : 22.90
Bid-YTW : 6.38 %
MFC.PR.F FixedReset Ins Non -3.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-10
Maturity Price : 17.55
Evaluated at bid price : 17.55
Bid-YTW : 6.09 %
CU.PR.J Perpetual-Discount -3.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-10
Maturity Price : 20.05
Evaluated at bid price : 20.05
Bid-YTW : 6.01 %
SLF.PR.J FloatingReset -2.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-10
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 6.04 %
CU.PR.D Perpetual-Discount -2.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-10
Maturity Price : 20.72
Evaluated at bid price : 20.72
Bid-YTW : 6.00 %
PWF.PR.P FixedReset Disc -2.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-10
Maturity Price : 17.61
Evaluated at bid price : 17.61
Bid-YTW : 6.36 %
PWF.PR.K Perpetual-Discount -1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-10
Maturity Price : 20.84
Evaluated at bid price : 20.84
Bid-YTW : 5.96 %
GWO.PR.R Insurance Straight -1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-10
Maturity Price : 20.53
Evaluated at bid price : 20.53
Bid-YTW : 5.90 %
BN.PR.N Perpetual-Discount -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-10
Maturity Price : 19.73
Evaluated at bid price : 19.73
Bid-YTW : 6.08 %
PWF.PR.Z Perpetual-Discount 1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-10
Maturity Price : 21.67
Evaluated at bid price : 22.00
Bid-YTW : 5.85 %
PWF.PR.E Perpetual-Discount 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-10
Maturity Price : 23.20
Evaluated at bid price : 23.50
Bid-YTW : 5.85 %
BN.PR.X FixedReset Disc 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-10
Maturity Price : 19.09
Evaluated at bid price : 19.09
Bid-YTW : 6.27 %
BN.PF.B FixedReset Disc 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-10
Maturity Price : 22.36
Evaluated at bid price : 23.00
Bid-YTW : 6.25 %
BN.PR.M Perpetual-Discount 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-10
Maturity Price : 20.03
Evaluated at bid price : 20.03
Bid-YTW : 5.98 %
GWO.PR.P Insurance Straight 1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-10
Maturity Price : 23.25
Evaluated at bid price : 23.55
Bid-YTW : 5.77 %
PWF.PR.R Perpetual-Discount 1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-10
Maturity Price : 23.03
Evaluated at bid price : 23.30
Bid-YTW : 5.91 %
PVS.PR.L SplitShare 2.05 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-08-09
Maturity Price : 26.00
Evaluated at bid price : 26.38
Bid-YTW : -6.50 %
ENB.PR.H FixedReset Disc 2.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-10
Maturity Price : 21.41
Evaluated at bid price : 21.75
Bid-YTW : 6.17 %
SLF.PR.D Insurance Straight 2.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-10
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 5.46 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BN.PF.A FixedReset Disc 147,402 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-10
Maturity Price : 23.24
Evaluated at bid price : 24.72
Bid-YTW : 6.10 %
TD.PF.D FixedReset Prem 142,500 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-08-30
Maturity Price : 25.00
Evaluated at bid price : 24.95
Bid-YTW : 4.87 %
GWO.PR.N FixedReset Ins Non 107,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-10
Maturity Price : 17.58
Evaluated at bid price : 17.58
Bid-YTW : 5.99 %
ENB.PF.G FixedReset Disc 53,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-10
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 6.80 %
ENB.PF.C FixedReset Disc 38,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-10
Maturity Price : 20.77
Evaluated at bid price : 20.77
Bid-YTW : 6.81 %
BMO.PR.Y FixedReset Disc 27,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-08-25
Maturity Price : 25.00
Evaluated at bid price : 25.10
Bid-YTW : 2.89 %
There were 13 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
MFC.PR.M FixedReset Ins Non Quote: 21.15 – 24.70
Spot Rate : 3.5500
Average : 2.2789

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-10
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 6.44 %
GWO.PR.M Insurance Straight Quote: 22.90 – 24.80
Spot Rate : 1.9000
Average : 1.0520

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-10
Maturity Price : 22.66
Evaluated at bid price : 22.90
Bid-YTW : 6.38 %
BN.PR.T FixedReset Disc Quote: 19.55 – 21.00
Spot Rate : 1.4500
Average : 0.9248

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-10
Maturity Price : 19.55
Evaluated at bid price : 19.55
Bid-YTW : 6.58 %
BN.PF.D Perpetual-Discount Quote: 20.30 – 22.00
Spot Rate : 1.7000
Average : 1.3463

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-10
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 6.09 %
CU.PR.J Perpetual-Discount Quote: 20.05 – 21.10
Spot Rate : 1.0500
Average : 0.7880

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-10
Maturity Price : 20.05
Evaluated at bid price : 20.05
Bid-YTW : 6.01 %
MFC.PR.F FixedReset Ins Non Quote: 17.55 – 18.28
Spot Rate : 0.7300
Average : 0.4939

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-10
Maturity Price : 17.55
Evaluated at bid price : 17.55
Bid-YTW : 6.09 %
Market Action

July 9, 2025

Another new high in the TXPR price index today, with today’s high of 667.47 eclipsing yesterday’s mark of 667.21.

There is startling news from the OSC:

“While it’s clear many bank representatives are prioritizing quality advice, it is also clear that sales pressures and incentivization may be driving concerning behaviours,” OSC chief executive Grant Vingoe said in a statement.

Quick, give ‘im the Nobel Prize! The report is titled Sales Culture Concerns at Five of Canada’s Bank-Affiliated Dealers

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 1.0342 % 2,341.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 1.0342 % 4,557.7
Floater 6.82 % 6.89 % 54,011 12.70 2 1.0342 % 2,626.6
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1632 % 3,663.7
SplitShare 4.78 % 4.39 % 59,853 2.47 7 -0.1632 % 4,375.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1632 % 3,413.7
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.1076 % 2,997.4
Perpetual-Discount 5.74 % 5.88 % 44,297 14.04 32 0.1076 % 3,268.5
FixedReset Disc 5.66 % 6.23 % 114,033 13.17 40 0.2567 % 2,968.5
Insurance Straight 5.70 % 5.78 % 47,864 14.25 19 0.2895 % 3,179.2
FloatingReset 5.54 % 5.37 % 42,072 14.86 2 0.0717 % 3,670.0
FixedReset Prem 5.74 % 5.12 % 125,272 3.00 16 -0.0703 % 2,624.6
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2567 % 3,034.4
FixedReset Ins Non 5.21 % 5.60 % 63,782 14.25 14 0.8454 % 3,070.4
Performance Highlights
Issue Index Change Notes
MFC.PR.L FixedReset Ins Non -2.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-09
Maturity Price : 22.67
Evaluated at bid price : 23.60
Bid-YTW : 5.60 %
ENB.PR.H FixedReset Disc -2.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-09
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 6.35 %
MFC.PR.J FixedReset Ins Non -1.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-09
Maturity Price : 23.42
Evaluated at bid price : 24.95
Bid-YTW : 5.67 %
PWF.PR.R Perpetual-Discount -1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-09
Maturity Price : 22.98
Evaluated at bid price : 23.25
Bid-YTW : 6.03 %
SLF.PR.D Insurance Straight -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-09
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.61 %
NA.PR.K FixedReset Prem -1.06 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-05-01
Maturity Price : 25.00
Evaluated at bid price : 27.90
Bid-YTW : 4.75 %
CU.PR.C FixedReset Disc 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-09
Maturity Price : 23.21
Evaluated at bid price : 23.57
Bid-YTW : 5.72 %
ENB.PR.P FixedReset Disc 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-09
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 6.63 %
PWF.PR.P FixedReset Disc 1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-09
Maturity Price : 18.15
Evaluated at bid price : 18.15
Bid-YTW : 6.23 %
GWO.PR.R Insurance Straight 1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-09
Maturity Price : 20.85
Evaluated at bid price : 20.85
Bid-YTW : 5.81 %
BN.PR.B Floater 1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-09
Maturity Price : 12.70
Evaluated at bid price : 12.70
Bid-YTW : 6.89 %
FFH.PR.G FixedReset Disc 1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-09
Maturity Price : 23.42
Evaluated at bid price : 24.40
Bid-YTW : 5.61 %
FTS.PR.K FixedReset Disc 1.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-09
Maturity Price : 22.12
Evaluated at bid price : 22.60
Bid-YTW : 5.71 %
CU.PR.J Perpetual-Discount 3.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-09
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 5.82 %
SLF.PR.E Insurance Straight 3.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-09
Maturity Price : 20.85
Evaluated at bid price : 20.85
Bid-YTW : 5.44 %
MFC.PR.M FixedReset Ins Non 16.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-09
Maturity Price : 23.04
Evaluated at bid price : 24.55
Bid-YTW : 5.45 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BMO.PR.Y FixedReset Disc 348,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-08-25
Maturity Price : 25.00
Evaluated at bid price : 25.09
Bid-YTW : 3.14 %
TD.PF.J FixedReset Prem 150,600 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-04-30
Maturity Price : 25.00
Evaluated at bid price : 25.70
Bid-YTW : 5.12 %
BN.PF.G FixedReset Disc 77,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-09
Maturity Price : 21.81
Evaluated at bid price : 22.24
Bid-YTW : 6.51 %
FTS.PR.M FixedReset Disc 39,516 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-09
Maturity Price : 22.48
Evaluated at bid price : 23.30
Bid-YTW : 5.89 %
ENB.PF.G FixedReset Disc 28,962 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-09
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 6.86 %
ENB.PF.K FixedReset Disc 28,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-09
Maturity Price : 23.10
Evaluated at bid price : 24.15
Bid-YTW : 6.41 %
There were 14 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
ENB.PR.B FixedReset Disc Quote: 19.45 – 24.00
Spot Rate : 4.5500
Average : 3.6189

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-09
Maturity Price : 19.45
Evaluated at bid price : 19.45
Bid-YTW : 6.97 %
BN.PF.D Perpetual-Discount Quote: 20.30 – 22.00
Spot Rate : 1.7000
Average : 0.9584

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-09
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 6.09 %
BN.PR.Z FixedReset Disc Quote: 23.25 – 25.00
Spot Rate : 1.7500
Average : 1.0222

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-09
Maturity Price : 22.66
Evaluated at bid price : 23.25
Bid-YTW : 6.43 %
MFC.PR.J FixedReset Ins Non Quote: 24.95 – 26.50
Spot Rate : 1.5500
Average : 0.9253

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-09
Maturity Price : 23.42
Evaluated at bid price : 24.95
Bid-YTW : 5.67 %
MFC.PR.K FixedReset Ins Non Quote: 24.85 – 25.85
Spot Rate : 1.0000
Average : 0.5981

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-09
Maturity Price : 23.30
Evaluated at bid price : 24.85
Bid-YTW : 5.42 %
IFC.PR.C FixedReset Ins Non Quote: 24.20 – 25.00
Spot Rate : 0.8000
Average : 0.4893

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-09
Maturity Price : 23.75
Evaluated at bid price : 24.20
Bid-YTW : 5.64 %
Market Action

July 8, 2025

Another new 52-week high for the TXPR price index today, with today’s close of 667.21 eclipsing the 2025-7-4 mark of 665.49.

I tried to look up when the value was 1,000, but all I could find was the S&P Methodology document stating that on 07/19/2002 the price index value was 975.14. So if the market goes up 50% (in price), we’ll be back where we started!

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -0.3172 % 2,317.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.3172 % 4,511.0
Floater 6.89 % 6.92 % 54,462 12.66 2 -0.3172 % 2,599.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.2709 % 3,669.7
SplitShare 4.77 % 4.09 % 60,511 2.48 7 0.2709 % 4,382.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2709 % 3,419.3
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.3310 % 2,994.2
Perpetual-Discount 5.75 % 5.90 % 44,255 14.06 32 0.3310 % 3,265.0
FixedReset Disc 5.68 % 6.22 % 114,621 13.20 40 -0.1293 % 2,960.9
Insurance Straight 5.71 % 5.78 % 48,348 14.26 19 -0.0314 % 3,170.0
FloatingReset 5.55 % 5.37 % 42,705 14.86 2 0.1196 % 3,667.4
FixedReset Prem 5.73 % 5.08 % 121,183 2.63 16 0.0000 % 2,626.5
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.1293 % 3,026.7
FixedReset Ins Non 5.25 % 5.57 % 64,186 14.25 14 0.1637 % 3,044.6
Performance Highlights
Issue Index Change Notes
BN.PR.R FixedReset Disc -7.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 17.84
Evaluated at bid price : 17.84
Bid-YTW : 7.23 %
FFH.PR.G FixedReset Disc -2.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 23.01
Evaluated at bid price : 24.00
Bid-YTW : 5.70 %
IFC.PR.A FixedReset Ins Non -1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 21.91
Evaluated at bid price : 22.15
Bid-YTW : 5.34 %
GWO.PR.R Insurance Straight -1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 20.53
Evaluated at bid price : 20.53
Bid-YTW : 5.90 %
IFC.PR.E Insurance Straight -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 23.11
Evaluated at bid price : 23.40
Bid-YTW : 5.59 %
SLF.PR.E Insurance Straight -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 5.64 %
SLF.PR.G FixedReset Ins Non 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 5.90 %
PVS.PR.L SplitShare 1.10 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.85
Bid-YTW : 4.86 %
MFC.PR.Q FixedReset Ins Non 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 23.49
Evaluated at bid price : 25.29
Bid-YTW : 5.49 %
CU.PR.D Perpetual-Discount 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 5.85 %
FTS.PR.K FixedReset Disc 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 21.87
Evaluated at bid price : 22.22
Bid-YTW : 5.82 %
SLF.PR.D Insurance Straight 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 5.54 %
BN.PF.E FixedReset Disc 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 20.67
Evaluated at bid price : 20.67
Bid-YTW : 6.61 %
PWF.PR.K Perpetual-Discount 2.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 5.90 %
MFC.PR.F FixedReset Ins Non 3.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 18.15
Evaluated at bid price : 18.15
Bid-YTW : 5.89 %
BN.PR.N Perpetual-Discount 6.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 19.84
Evaluated at bid price : 19.84
Bid-YTW : 6.04 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CM.PR.Q FixedReset Disc 113,900 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-08-30
Maturity Price : 25.00
Evaluated at bid price : 24.95
Bid-YTW : 5.01 %
ENB.PF.K FixedReset Disc 88,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 23.14
Evaluated at bid price : 24.23
Bid-YTW : 6.39 %
BN.PF.G FixedReset Disc 53,049 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 21.79
Evaluated at bid price : 22.22
Bid-YTW : 6.52 %
TD.PF.D FixedReset Prem 51,171 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-08-30
Maturity Price : 25.00
Evaluated at bid price : 25.14
Bid-YTW : 4.95 %
BN.PR.T FixedReset Disc 39,656 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 6.63 %
RY.PR.N Perpetual-Discount 32,960 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 24.67
Evaluated at bid price : 24.93
Bid-YTW : 4.97 %
There were 11 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
PWF.PR.P FixedReset Disc Quote: 17.89 – 24.68
Spot Rate : 6.7900
Average : 3.6300

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 17.89
Evaluated at bid price : 17.89
Bid-YTW : 6.31 %
ENB.PR.B FixedReset Disc Quote: 19.33 – 24.00
Spot Rate : 4.6700
Average : 2.5981

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 19.33
Evaluated at bid price : 19.33
Bid-YTW : 7.02 %
BN.PF.F FixedReset Disc Quote: 22.60 – 24.85
Spot Rate : 2.2500
Average : 1.2280

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 22.08
Evaluated at bid price : 22.60
Bid-YTW : 6.48 %
IFC.PR.I Insurance Straight Quote: 23.70 – 24.99
Spot Rate : 1.2900
Average : 0.8373

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 23.33
Evaluated at bid price : 23.70
Bid-YTW : 5.72 %
PWF.PR.E Perpetual-Discount Quote: 23.60 – 24.63
Spot Rate : 1.0300
Average : 0.6192

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 23.32
Evaluated at bid price : 23.60
Bid-YTW : 5.93 %
BN.PR.R FixedReset Disc Quote: 17.84 – 19.80
Spot Rate : 1.9600
Average : 1.6248

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 17.84
Evaluated at bid price : 17.84
Bid-YTW : 7.23 %
Market Action

July 7, 2025

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.6786 % 2,324.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.6786 % 4,525.4
Floater 6.87 % 6.92 % 55,146 12.67 2 0.6786 % 2,608.0
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1634 % 3,659.8
SplitShare 4.78 % 4.36 % 58,010 2.48 7 -0.1634 % 4,370.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1634 % 3,410.1
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.2351 % 2,984.3
Perpetual-Discount 5.77 % 5.90 % 45,310 14.04 32 -0.2351 % 3,254.3
FixedReset Disc 5.67 % 6.24 % 114,775 13.20 40 0.3725 % 2,964.8
Insurance Straight 5.71 % 5.78 % 49,482 14.26 19 -0.3078 % 3,171.0
FloatingReset 5.55 % 5.40 % 42,914 14.83 2 -0.1671 % 3,663.0
FixedReset Prem 5.73 % 5.08 % 97,901 2.63 16 -0.1717 % 2,626.5
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.3725 % 3,030.6
FixedReset Ins Non 5.26 % 5.57 % 62,813 14.24 14 -0.2105 % 3,039.7
Performance Highlights
Issue Index Change Notes
MFC.PR.M FixedReset Ins Non -8.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-07
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 6.44 %
BN.PR.N Perpetual-Discount -7.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-07
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 6.44 %
CU.PR.J Perpetual-Discount -2.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-07
Maturity Price : 20.05
Evaluated at bid price : 20.05
Bid-YTW : 6.01 %
PWF.PR.K Perpetual-Discount -2.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-07
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 6.07 %
GWO.PR.P Insurance Straight -2.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-07
Maturity Price : 22.78
Evaluated at bid price : 23.06
Bid-YTW : 5.89 %
MFC.PR.F FixedReset Ins Non -2.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-07
Maturity Price : 17.55
Evaluated at bid price : 17.55
Bid-YTW : 6.09 %
GWO.PR.T Insurance Straight -1.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-07
Maturity Price : 21.54
Evaluated at bid price : 21.85
Bid-YTW : 5.93 %
SLF.PR.D Insurance Straight -1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-07
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.61 %
BN.PF.A FixedReset Disc -1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-07
Maturity Price : 23.05
Evaluated at bid price : 24.25
Bid-YTW : 6.24 %
PVS.PR.L SplitShare -1.46 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.57
Bid-YTW : 5.11 %
GWO.PR.S Insurance Straight -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-07
Maturity Price : 22.22
Evaluated at bid price : 22.50
Bid-YTW : 5.87 %
SLF.PR.E Insurance Straight -1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-07
Maturity Price : 20.32
Evaluated at bid price : 20.32
Bid-YTW : 5.58 %
CU.PR.D Perpetual-Discount -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-07
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.92 %
SLF.PR.C Insurance Straight -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-07
Maturity Price : 20.41
Evaluated at bid price : 20.41
Bid-YTW : 5.49 %
PWF.PR.L Perpetual-Discount 1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-07
Maturity Price : 21.89
Evaluated at bid price : 22.13
Bid-YTW : 5.87 %
IFC.PR.A FixedReset Ins Non 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-07
Maturity Price : 22.19
Evaluated at bid price : 22.53
Bid-YTW : 5.24 %
MFC.PR.J FixedReset Ins Non 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-07
Maturity Price : 23.53
Evaluated at bid price : 25.28
Bid-YTW : 5.57 %
BN.PR.B Floater 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-07
Maturity Price : 12.58
Evaluated at bid price : 12.58
Bid-YTW : 6.95 %
POW.PR.D Perpetual-Discount 1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-07
Maturity Price : 21.67
Evaluated at bid price : 21.92
Bid-YTW : 5.72 %
TD.PF.I FixedReset Prem 2.11 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 26.60
Bid-YTW : 3.94 %
ENB.PR.N FixedReset Disc 2.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-07
Maturity Price : 22.81
Evaluated at bid price : 23.76
Bid-YTW : 6.21 %
MFC.PR.L FixedReset Ins Non 2.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-07
Maturity Price : 22.97
Evaluated at bid price : 24.25
Bid-YTW : 5.42 %
PWF.PR.T FixedReset Disc 2.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-07
Maturity Price : 23.03
Evaluated at bid price : 24.30
Bid-YTW : 5.59 %
GWO.PR.I Insurance Straight 3.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-07
Maturity Price : 19.65
Evaluated at bid price : 19.65
Bid-YTW : 5.77 %
BN.PR.R FixedReset Disc 8.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-07
Maturity Price : 19.32
Evaluated at bid price : 19.32
Bid-YTW : 6.68 %
Volume Highlights
Issue Index Shares
Traded		 Notes
RY.PR.M FixedReset Disc 213,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-11-24
Maturity Price : 25.00
Evaluated at bid price : 24.89
Bid-YTW : 5.12 %
BN.PR.X FixedReset Disc 136,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-07
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 6.39 %
BN.PF.G FixedReset Disc 40,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-07
Maturity Price : 21.74
Evaluated at bid price : 22.15
Bid-YTW : 6.54 %
ENB.PF.C FixedReset Disc 27,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-07
Maturity Price : 20.59
Evaluated at bid price : 20.59
Bid-YTW : 6.86 %
TD.PF.D FixedReset Prem 25,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-08-30
Maturity Price : 25.00
Evaluated at bid price : 25.14
Bid-YTW : 4.85 %
ENB.PF.G FixedReset Disc 23,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-07
Maturity Price : 20.59
Evaluated at bid price : 20.59
Bid-YTW : 6.90 %
There were 9 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
MFC.PR.M FixedReset Ins Non Quote: 21.15 – 24.55
Spot Rate : 3.4000
Average : 2.1963

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-07
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 6.44 %
CU.PR.D Perpetual-Discount Quote: 21.00 – 22.55
Spot Rate : 1.5500
Average : 1.0145

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-07
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.92 %
ENB.PF.C FixedReset Disc Quote: 20.59 – 22.00
Spot Rate : 1.4100
Average : 0.8936

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-07
Maturity Price : 20.59
Evaluated at bid price : 20.59
Bid-YTW : 6.86 %
BN.PR.N Perpetual-Discount Quote: 18.60 – 20.00
Spot Rate : 1.4000
Average : 0.8958

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-07
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 6.44 %
PVS.PR.L SplitShare Quote: 25.57 – 26.99
Spot Rate : 1.4200
Average : 1.0650

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.57
Bid-YTW : 5.11 %
PWF.PR.K Perpetual-Discount Quote: 20.80 – 21.60
Spot Rate : 0.8000
Average : 0.4977

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-07
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 6.07 %
Market Action

July 4, 2025

The market’s back to normal, by which I mean there was a new 52-week high for the TXPR price index today, with today’s high of 665.49 eclipsing the mark of 664.37 set on 2025-07-02.

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.2802 % 2,309.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.2802 % 4,494.9
Floater 6.92 % 6.92 % 57,179 12.68 2 0.2802 % 2,590.4
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0732 % 3,665.8
SplitShare 4.78 % 4.23 % 57,844 2.49 7 -0.0732 % 4,377.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0732 % 3,415.7
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.4229 % 2,991.4
Perpetual-Discount 5.75 % 5.90 % 45,589 14.05 32 0.4229 % 3,261.9
FixedReset Disc 5.69 % 6.17 % 115,683 13.24 40 0.3164 % 2,953.8
Insurance Straight 5.69 % 5.78 % 49,539 14.26 19 -0.0961 % 3,180.8
FloatingReset 5.57 % 5.37 % 43,012 14.84 2 0.0956 % 3,669.1
FixedReset Prem 5.72 % 5.11 % 122,422 2.98 16 0.1405 % 2,631.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.3164 % 3,019.4
FixedReset Ins Non 5.25 % 5.58 % 63,052 14.36 14 -0.2819 % 3,046.1
Performance Highlights
Issue Index Change Notes
GWO.PR.I Insurance Straight -4.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-04
Maturity Price : 18.96
Evaluated at bid price : 18.96
Bid-YTW : 5.98 %
MFC.PR.M FixedReset Ins Non -4.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-04
Maturity Price : 22.42
Evaluated at bid price : 23.20
Bid-YTW : 5.73 %
BN.PR.M Perpetual-Discount -1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-04
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 6.03 %
IFC.PR.I Insurance Straight -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-04
Maturity Price : 23.24
Evaluated at bid price : 23.50
Bid-YTW : 5.78 %
GWO.PR.Y Insurance Straight -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-04
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 5.78 %
GWO.PR.N FixedReset Ins Non 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-04
Maturity Price : 17.40
Evaluated at bid price : 17.40
Bid-YTW : 5.89 %
PWF.PR.L Perpetual-Discount 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-04
Maturity Price : 21.66
Evaluated at bid price : 21.91
Bid-YTW : 5.92 %
CU.PR.H Perpetual-Discount 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-04
Maturity Price : 22.88
Evaluated at bid price : 23.15
Bid-YTW : 5.73 %
CU.PR.D Perpetual-Discount 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-04
Maturity Price : 21.26
Evaluated at bid price : 21.26
Bid-YTW : 5.84 %
ENB.PR.D FixedReset Disc 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-04
Maturity Price : 20.19
Evaluated at bid price : 20.19
Bid-YTW : 6.61 %
NA.PR.C FixedReset Prem 1.43 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-11-15
Maturity Price : 25.00
Evaluated at bid price : 26.90
Bid-YTW : 4.08 %
GWO.PR.R Insurance Straight 1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-04
Maturity Price : 20.83
Evaluated at bid price : 20.83
Bid-YTW : 5.81 %
BIP.PR.F FixedReset Disc 1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-04
Maturity Price : 23.34
Evaluated at bid price : 25.10
Bid-YTW : 5.86 %
SLF.PR.E Insurance Straight 1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-04
Maturity Price : 20.59
Evaluated at bid price : 20.59
Bid-YTW : 5.50 %
PWF.PR.P FixedReset Disc 2.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-04
Maturity Price : 17.86
Evaluated at bid price : 17.86
Bid-YTW : 6.17 %
POW.PR.D Perpetual-Discount 2.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-04
Maturity Price : 21.35
Evaluated at bid price : 21.62
Bid-YTW : 5.79 %
CU.PR.J Perpetual-Discount 3.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-04
Maturity Price : 20.66
Evaluated at bid price : 20.66
Bid-YTW : 5.83 %
CU.PR.C FixedReset Disc 3.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-04
Maturity Price : 22.90
Evaluated at bid price : 23.25
Bid-YTW : 5.69 %
CU.PR.G Perpetual-Discount 5.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-04
Maturity Price : 19.95
Evaluated at bid price : 19.95
Bid-YTW : 5.71 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CM.PR.Q FixedReset Disc 365,900 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-08-30
Maturity Price : 25.00
Evaluated at bid price : 24.94
Bid-YTW : 4.85 %
MFC.PR.C Insurance Straight 102,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-04
Maturity Price : 20.18
Evaluated at bid price : 20.18
Bid-YTW : 5.63 %
PWF.PR.P FixedReset Disc 62,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-04
Maturity Price : 17.86
Evaluated at bid price : 17.86
Bid-YTW : 6.17 %
CU.PR.E Perpetual-Discount 50,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-04
Maturity Price : 21.36
Evaluated at bid price : 21.36
Bid-YTW : 5.81 %
FFH.PR.G FixedReset Disc 50,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-04
Maturity Price : 23.38
Evaluated at bid price : 24.35
Bid-YTW : 5.50 %
BIP.PR.B FixedReset Prem 46,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.12
Bid-YTW : 4.62 %
There were 13 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
ENB.PR.D FixedReset Disc Quote: 20.19 – 22.98
Spot Rate : 2.7900
Average : 1.7622

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-04
Maturity Price : 20.19
Evaluated at bid price : 20.19
Bid-YTW : 6.61 %
MFC.PR.M FixedReset Ins Non Quote: 23.20 – 24.44
Spot Rate : 1.2400
Average : 0.8766

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-04
Maturity Price : 22.42
Evaluated at bid price : 23.20
Bid-YTW : 5.73 %
PVS.PR.L SplitShare Quote: 25.95 – 26.95
Spot Rate : 1.0000
Average : 0.6758

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.95
Bid-YTW : 4.76 %
PVS.PR.H SplitShare Quote: 25.33 – 26.33
Spot Rate : 1.0000
Average : 0.6834

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-02-28
Maturity Price : 25.00
Evaluated at bid price : 25.33
Bid-YTW : 3.20 %
BIP.PR.E FixedReset Disc Quote: 24.95 – 25.75
Spot Rate : 0.8000
Average : 0.4993

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-04
Maturity Price : 23.41
Evaluated at bid price : 24.95
Bid-YTW : 5.98 %
GWO.PR.I Insurance Straight Quote: 18.96 – 19.75
Spot Rate : 0.7900
Average : 0.5269

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-04
Maturity Price : 18.96
Evaluated at bid price : 18.96
Bid-YTW : 5.98 %
Market Action

July 3, 2025

Alas, no new high on TXPR today!

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -0.8730 % 2,302.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.8730 % 4,482.3
Floater 6.94 % 6.94 % 57,375 12.65 2 -0.8730 % 2,583.2
OpRet 0.00 % 0.00 % 0 0.00 0 0.2421 % 3,668.4
SplitShare 4.77 % 4.23 % 60,019 2.49 8 0.2421 % 4,380.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2421 % 3,418.2
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.1953 % 2,978.8
Perpetual-Discount 5.77 % 5.90 % 42,665 14.01 33 0.1953 % 3,248.2
FixedReset Disc 5.62 % 6.00 % 119,334 13.19 45 0.0515 % 2,944.5
Insurance Straight 5.69 % 5.72 % 49,271 14.32 20 0.3503 % 3,183.9
FloatingReset 5.62 % 5.71 % 34,607 14.30 3 0.3186 % 3,665.6
FixedReset Prem 6.04 % 5.13 % 99,951 3.01 12 -0.1982 % 2,627.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0515 % 3,009.8
FixedReset Ins Non 5.24 % 5.56 % 63,344 14.36 14 0.5670 % 3,054.7
Performance Highlights
Issue Index Change Notes
CU.PR.C FixedReset Disc -5.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-03
Maturity Price : 22.15
Evaluated at bid price : 22.45
Bid-YTW : 5.90 %
POW.PR.D Perpetual-Discount -4.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-03
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 5.97 %
TD.PF.I FixedReset Prem -2.36 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 26.05
Bid-YTW : 4.91 %
PWF.PR.L Perpetual-Discount -1.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-03
Maturity Price : 21.39
Evaluated at bid price : 21.66
Bid-YTW : 5.99 %
ENB.PR.N FixedReset Disc -1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-03
Maturity Price : 22.57
Evaluated at bid price : 23.30
Bid-YTW : 6.25 %
BN.PR.B Floater -1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-03
Maturity Price : 12.39
Evaluated at bid price : 12.39
Bid-YTW : 7.06 %
CU.PR.D Perpetual-Discount -1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-03
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.91 %
NA.PR.G FixedReset Prem -1.27 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-11-16
Maturity Price : 25.00
Evaluated at bid price : 26.46
Bid-YTW : 5.48 %
ENB.PR.D FixedReset Disc 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-03
Maturity Price : 19.93
Evaluated at bid price : 19.93
Bid-YTW : 6.69 %
GWO.PR.M Insurance Straight 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-03
Maturity Price : 24.54
Evaluated at bid price : 24.79
Bid-YTW : 5.88 %
SLF.PR.E Insurance Straight 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-03
Maturity Price : 20.26
Evaluated at bid price : 20.26
Bid-YTW : 5.59 %
MFC.PR.F FixedReset Ins Non 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-03
Maturity Price : 17.94
Evaluated at bid price : 17.94
Bid-YTW : 5.81 %
PVS.PR.L SplitShare 1.48 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.97
Bid-YTW : 4.74 %
FTS.PR.J Perpetual-Discount 1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-03
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 5.67 %
ENB.PR.J FixedReset Disc 1.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-03
Maturity Price : 21.28
Evaluated at bid price : 21.56
Bid-YTW : 6.53 %
GWO.PR.N FixedReset Ins Non 1.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-03
Maturity Price : 17.21
Evaluated at bid price : 17.21
Bid-YTW : 5.95 %
SLF.PR.G FixedReset Ins Non 2.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-03
Maturity Price : 18.48
Evaluated at bid price : 18.48
Bid-YTW : 5.79 %
BN.PR.M Perpetual-Discount 2.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-03
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 5.91 %
MFC.PR.M FixedReset Ins Non 2.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-03
Maturity Price : 22.92
Evaluated at bid price : 24.25
Bid-YTW : 5.44 %
IFC.PR.E Insurance Straight 3.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-03
Maturity Price : 23.36
Evaluated at bid price : 23.66
Bid-YTW : 5.52 %
BN.PR.N Perpetual-Discount 7.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-03
Maturity Price : 20.06
Evaluated at bid price : 20.06
Bid-YTW : 5.97 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CM.PR.Q FixedReset Disc 213,900 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-08-30
Maturity Price : 25.00
Evaluated at bid price : 24.94
Bid-YTW : 4.77 %
FFH.PR.I FixedReset Disc 196,435 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-03
Maturity Price : 23.79
Evaluated at bid price : 24.49
Bid-YTW : 5.74 %
BN.PF.F FixedReset Disc 51,250 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-03
Maturity Price : 22.02
Evaluated at bid price : 22.50
Bid-YTW : 6.41 %
BN.PR.X FixedReset Disc 30,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-03
Maturity Price : 18.45
Evaluated at bid price : 18.45
Bid-YTW : 6.35 %
BN.PF.B FixedReset Disc 26,450 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-03
Maturity Price : 22.08
Evaluated at bid price : 22.55
Bid-YTW : 6.28 %
RY.PR.S FixedReset Prem 23,760 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-02-24
Maturity Price : 25.00
Evaluated at bid price : 25.80
Bid-YTW : 5.13 %
There were 12 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
POW.PR.D Perpetual-Discount Quote: 21.05 – 22.11
Spot Rate : 1.0600
Average : 0.6271

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-03
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 5.97 %
CU.PR.E Perpetual-Discount Quote: 21.28 – 23.54
Spot Rate : 2.2600
Average : 1.8890

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-03
Maturity Price : 21.28
Evaluated at bid price : 21.28
Bid-YTW : 5.83 %
CU.PR.C FixedReset Disc Quote: 22.45 – 24.00
Spot Rate : 1.5500
Average : 1.2516

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-03
Maturity Price : 22.15
Evaluated at bid price : 22.45
Bid-YTW : 5.90 %
ENB.PF.E FixedReset Disc Quote: 20.60 – 21.25
Spot Rate : 0.6500
Average : 0.4028

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-03
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 6.74 %
TD.PF.I FixedReset Prem Quote: 26.05 – 26.65
Spot Rate : 0.6000
Average : 0.3756

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 26.05
Bid-YTW : 4.91 %
SLF.PR.C Insurance Straight Quote: 20.60 – 21.15
Spot Rate : 0.5500
Average : 0.3576

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-03
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 5.44 %
Market Action

July 2, 2025

Another 52-week high, with the TXPR price index up 0.31% on the day. It is of interest to note that the YTW spread between FixedReset (Discounts) and PerpetualDiscounts is now only 10bp.

PerpetualDiscounts now yield 5.90%, equivalent to 7.67% interest at the standard conversion factor of 1.3x. Long corporates now yield 4.90%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now 275bp, a slight (and perhaps spurious) narrowing from the 280bp reported June 25

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.8000 % 2,322.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.8000 % 4,521.8
Floater 6.88 % 6.94 % 56,682 12.66 2 0.8000 % 2,605.9
OpRet 0.00 % 0.00 % 0 0.00 0 0.1435 % 3,659.6
SplitShare 4.78 % 4.22 % 59,211 2.49 8 0.1435 % 4,370.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1435 % 3,409.9
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.0027 % 2,973.0
Perpetual-Discount 5.78 % 5.90 % 43,117 13.98 33 0.0027 % 3,241.9
FixedReset Disc 5.56 % 6.00 % 111,081 13.23 45 0.5160 % 2,942.9
Insurance Straight 5.71 % 5.75 % 50,947 14.29 20 0.3769 % 3,172.7
FloatingReset 5.64 % 5.72 % 36,005 14.30 3 -0.0758 % 3,654.0
FixedReset Prem 6.03 % 5.05 % 100,584 3.02 12 0.2275 % 2,632.5
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.5160 % 3,008.3
FixedReset Ins Non 5.08 % 5.58 % 63,758 14.35 14 0.4112 % 3,037.5
Performance Highlights
Issue Index Change Notes
BN.PR.N Perpetual-Discount -5.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-02
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 6.44 %
CU.PR.J Perpetual-Discount -1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-02
Maturity Price : 20.05
Evaluated at bid price : 20.05
Bid-YTW : 6.00 %
ENB.PR.J FixedReset Disc -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-02
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 6.66 %
POW.PR.D Perpetual-Discount 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-02
Maturity Price : 21.70
Evaluated at bid price : 21.95
Bid-YTW : 5.71 %
CU.PR.D Perpetual-Discount 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-02
Maturity Price : 21.33
Evaluated at bid price : 21.33
Bid-YTW : 5.82 %
MFC.PR.I FixedReset Ins Non 1.08 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-09-19
Maturity Price : 25.00
Evaluated at bid price : 25.26
Bid-YTW : 5.61 %
BN.PR.X FixedReset Disc 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-02
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 6.33 %
ENB.PF.C FixedReset Disc 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-02
Maturity Price : 20.61
Evaluated at bid price : 20.61
Bid-YTW : 6.75 %
ENB.PF.G FixedReset Disc 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-02
Maturity Price : 20.59
Evaluated at bid price : 20.59
Bid-YTW : 6.75 %
ENB.PR.T FixedReset Disc 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-02
Maturity Price : 21.73
Evaluated at bid price : 22.06
Bid-YTW : 6.42 %
PWF.PR.L Perpetual-Discount 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-02
Maturity Price : 21.82
Evaluated at bid price : 22.06
Bid-YTW : 5.88 %
ENB.PR.P FixedReset Disc 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-02
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 6.62 %
NA.PR.G FixedReset Prem 1.28 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-11-16
Maturity Price : 25.00
Evaluated at bid price : 26.80
Bid-YTW : 5.04 %
FTS.PR.M FixedReset Disc 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-02
Maturity Price : 22.41
Evaluated at bid price : 23.18
Bid-YTW : 5.83 %
CU.PR.F Perpetual-Discount 1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-02
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 5.76 %
BN.PF.F FixedReset Disc 1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-02
Maturity Price : 21.98
Evaluated at bid price : 22.45
Bid-YTW : 6.43 %
MFC.PR.M FixedReset Ins Non 1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-02
Maturity Price : 22.63
Evaluated at bid price : 23.60
Bid-YTW : 5.61 %
BN.PR.T FixedReset Disc 1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-02
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 6.54 %
GWO.PR.R Insurance Straight 2.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-02
Maturity Price : 20.53
Evaluated at bid price : 20.53
Bid-YTW : 5.89 %
FTS.PR.H FixedReset Disc 2.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-02
Maturity Price : 18.21
Evaluated at bid price : 18.21
Bid-YTW : 5.93 %
GWO.PR.I Insurance Straight 3.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-02
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 5.74 %
CU.PR.C FixedReset Disc 7.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-02
Maturity Price : 23.29
Evaluated at bid price : 23.64
Bid-YTW : 5.60 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CM.PR.Q FixedReset Disc 210,700 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-08-30
Maturity Price : 25.00
Evaluated at bid price : 24.94
Bid-YTW : 4.69 %
ENB.PF.E FixedReset Disc 91,807 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-02
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.77 %
ENB.PF.G FixedReset Disc 23,111 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-02
Maturity Price : 20.59
Evaluated at bid price : 20.59
Bid-YTW : 6.75 %
BN.PR.X FixedReset Disc 13,322 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-02
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 6.33 %
PWF.PR.G Perpetual-Discount 13,112 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-02
Maturity Price : 24.85
Evaluated at bid price : 25.06
Bid-YTW : 5.99 %
TD.PF.D FixedReset Disc 12,899 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-08-30
Maturity Price : 25.00
Evaluated at bid price : 25.13
Bid-YTW : 4.73 %
There were 6 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
FTS.PR.H FixedReset Disc Quote: 18.21 – 23.80
Spot Rate : 5.5900
Average : 2.9945

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-02
Maturity Price : 18.21
Evaluated at bid price : 18.21
Bid-YTW : 5.93 %
ENB.PR.B FixedReset Disc Quote: 19.46 – 24.00
Spot Rate : 4.5400
Average : 2.4341

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-02
Maturity Price : 19.46
Evaluated at bid price : 19.46
Bid-YTW : 6.84 %
CU.PR.E Perpetual-Discount Quote: 21.25 – 23.54
Spot Rate : 2.2900
Average : 1.4822

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-02
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 5.84 %
BN.PR.N Perpetual-Discount Quote: 18.60 – 20.45
Spot Rate : 1.8500
Average : 1.0440

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-02
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 6.44 %
PWF.PR.S Perpetual-Discount Quote: 20.73 – 21.75
Spot Rate : 1.0200
Average : 0.6172

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-02
Maturity Price : 20.73
Evaluated at bid price : 20.73
Bid-YTW : 5.90 %
BN.PR.R FixedReset Disc Quote: 17.84 – 19.95
Spot Rate : 2.1100
Average : 1.7225

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-02
Maturity Price : 17.84
Evaluated at bid price : 17.84
Bid-YTW : 7.08 %
Market Action

June 30, 2025

TXPR (price index) closed at yet another 52-week high of 662.30, compared to the old 52-week high, set Friday, of 659.14.

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.3613 % 2,304.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.3613 % 4,485.9
Floater 6.93 % 6.99 % 57,057 12.59 2 0.3613 % 2,585.2
OpRet 0.00 % 0.00 % 0 0.00 0 0.3774 % 3,654.3
SplitShare 4.79 % 4.56 % 61,641 2.50 8 0.3774 % 4,364.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.3774 % 3,405.0
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.1724 % 2,972.9
Perpetual-Discount 5.78 % 5.91 % 44,551 14.02 33 0.1724 % 3,241.8
FixedReset Disc 5.55 % 6.09 % 110,127 13.22 46 0.0914 % 2,927.8
Insurance Straight 5.73 % 5.76 % 51,619 14.29 20 0.2650 % 3,160.8
FloatingReset 5.63 % 5.70 % 36,433 14.32 3 0.0152 % 3,656.8
FixedReset Prem 6.04 % 5.21 % 116,696 3.02 12 0.1604 % 2,626.5
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0914 % 2,992.8
FixedReset Ins Non 5.10 % 5.56 % 64,679 14.32 14 -0.0316 % 3,025.0
Performance Highlights
Issue Index Change Notes
CU.PR.C FixedReset Disc -4.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-30
Maturity Price : 21.64
Evaluated at bid price : 22.06
Bid-YTW : 6.00 %
GWO.PR.R Insurance Straight -2.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-30
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 6.01 %
SLF.PR.G FixedReset Ins Non -2.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-30
Maturity Price : 17.93
Evaluated at bid price : 17.93
Bid-YTW : 5.98 %
CU.PR.G Perpetual-Discount -2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-30
Maturity Price : 19.11
Evaluated at bid price : 19.11
Bid-YTW : 5.96 %
IFC.PR.E Insurance Straight -1.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-30
Maturity Price : 22.68
Evaluated at bid price : 22.92
Bid-YTW : 5.70 %
GWO.PR.N FixedReset Ins Non -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-30
Maturity Price : 16.80
Evaluated at bid price : 16.80
Bid-YTW : 6.09 %
ELF.PR.H Perpetual-Discount 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-30
Maturity Price : 23.14
Evaluated at bid price : 23.40
Bid-YTW : 5.89 %
CU.PR.J Perpetual-Discount 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-30
Maturity Price : 20.41
Evaluated at bid price : 20.41
Bid-YTW : 5.89 %
ENB.PR.N FixedReset Disc 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-30
Maturity Price : 22.80
Evaluated at bid price : 23.75
Bid-YTW : 6.11 %
ENB.PR.J FixedReset Disc 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-30
Maturity Price : 21.47
Evaluated at bid price : 21.47
Bid-YTW : 6.57 %
SLF.PR.D Insurance Straight 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-30
Maturity Price : 20.26
Evaluated at bid price : 20.26
Bid-YTW : 5.53 %
ELF.PR.F Perpetual-Discount 1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-30
Maturity Price : 22.66
Evaluated at bid price : 22.90
Bid-YTW : 5.79 %
GWO.PR.I Insurance Straight 1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-30
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 5.93 %
GWO.PR.T Insurance Straight 1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-30
Maturity Price : 21.88
Evaluated at bid price : 22.21
Bid-YTW : 5.82 %
GWO.PR.P Insurance Straight 1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-30
Maturity Price : 23.30
Evaluated at bid price : 23.58
Bid-YTW : 5.75 %
PWF.PR.T FixedReset Disc 1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-30
Maturity Price : 22.65
Evaluated at bid price : 23.50
Bid-YTW : 5.71 %
IFC.PR.A FixedReset Ins Non 1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-30
Maturity Price : 21.67
Evaluated at bid price : 22.12
Bid-YTW : 5.22 %
TD.PF.I FixedReset Prem 2.07 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 26.59
Bid-YTW : 3.92 %
PVS.PR.K SplitShare 2.50 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.00
Bid-YTW : 4.56 %
CU.PR.F Perpetual-Discount 3.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-30
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 5.84 %
Volume Highlights
Issue Index Shares
Traded		 Notes
GWO.PR.Q Insurance Straight 40,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-30
Maturity Price : 21.86
Evaluated at bid price : 22.10
Bid-YTW : 5.85 %
FTS.PR.H FixedReset Disc 27,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-30
Maturity Price : 17.81
Evaluated at bid price : 17.81
Bid-YTW : 6.06 %
PWF.PR.G Perpetual-Discount 16,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-30
Maturity Price : 24.68
Evaluated at bid price : 25.00
Bid-YTW : 6.00 %
FTS.PR.G FixedReset Disc 14,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-30
Maturity Price : 22.37
Evaluated at bid price : 22.92
Bid-YTW : 5.73 %
ENB.PF.C FixedReset Disc 14,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-30
Maturity Price : 20.38
Evaluated at bid price : 20.38
Bid-YTW : 6.83 %
SLF.PR.C Insurance Straight 12,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-30
Maturity Price : 20.41
Evaluated at bid price : 20.41
Bid-YTW : 5.49 %
There were 6 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
ENB.PR.D FixedReset Disc Quote: 19.84 – 22.98
Spot Rate : 3.1400
Average : 1.7470

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-30
Maturity Price : 19.84
Evaluated at bid price : 19.84
Bid-YTW : 6.72 %
ENB.PF.C FixedReset Disc Quote: 20.38 – 22.00
Spot Rate : 1.6200
Average : 0.9536

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-30
Maturity Price : 20.38
Evaluated at bid price : 20.38
Bid-YTW : 6.83 %
ENB.PF.A FixedReset Disc Quote: 20.72 – 21.95
Spot Rate : 1.2300
Average : 0.7375

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-30
Maturity Price : 20.72
Evaluated at bid price : 20.72
Bid-YTW : 6.80 %
BN.PR.T FixedReset Disc Quote: 18.92 – 19.92
Spot Rate : 1.0000
Average : 0.5931

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-30
Maturity Price : 18.92
Evaluated at bid price : 18.92
Bid-YTW : 6.65 %
CU.PR.G Perpetual-Discount Quote: 19.11 – 20.20
Spot Rate : 1.0900
Average : 0.6846

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-30
Maturity Price : 19.11
Evaluated at bid price : 19.11
Bid-YTW : 5.96 %
CU.PR.C FixedReset Disc Quote: 22.06 – 24.00
Spot Rate : 1.9400
Average : 1.5431

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-30
Maturity Price : 21.64
Evaluated at bid price : 22.06
Bid-YTW : 6.00 %
Market Action

June 27, 2025

Another new 52-week high in the TXPR Price Index today – it closed at the day’s high of 659.14, up 0.10% on the day, above the previous 52-week high of 658.61 set yesterday.

This was despite the excitment of a Trumper tantrum, this one about the Digital Service Tax:

President Donald Trump said Friday he has put an end to trade talks with Canada and will soon announce a new tariff rate for that country, he said in a Truth Social post on Friday.

The decision to end negotiations, which have been ongoing for several months, came after Canada announced a digital service tax, Trump said, calling it “a direct and blatant attack on our Country.”

“Based on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately. We will let Canada know the Tariff that they will be paying to do business with the United States of America within the next seven day period,” he said.

Trump has taken particular issue with DSTs throughout trade negotiations with other countries, commonly referring to them as “non-tariff trade barriers.” Canada has a new DST that is set to take effect on Monday that will be retroactive to 2022.

Digital services taxes are a way for countries to tax online services, in contrast to taxes on physical products. Countries with these taxes can collect revenue from large companies that operate online — even if the business is unprofitable. American firms, especially Big Tech companies such as Meta, Apple, Google, Amazon and Microsoft, are disproportionately affected by DSTs, according to a report published last year by the nonpartisan Congressional Research Service.

The current status of global DSTs is recorded HERE, which explains:

DST’s are a new class of taxes being implemented to tackle the perceived unfairness of non-resident digital companies to sell across borders without being liable to local corporate income taxes. They are typically a percentage charge of turnover from digital ad’s, content and platform services, with a sales threshold based on in-country and global income.

On 21 February 2025, President Trump ordered DST tariff retaliation review. On 20 January, President Trump withdrew the US from the OECD Pillar 1 negotiations global digital tax reform negotiations.

It is also of interest to peruse the list of US States with DSTs.

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.2011 % 2,296.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.2011 % 4,469.7
Floater 6.96 % 6.98 % 57,025 12.60 2 0.2011 % 2,575.9
OpRet 0.00 % 0.00 % 0 0.00 0 -0.3513 % 3,640.6
SplitShare 4.80 % 4.30 % 48,085 0.66 8 -0.3513 % 4,347.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.3513 % 3,392.2
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.0192 % 2,967.8
Perpetual-Discount 5.79 % 5.92 % 43,658 13.97 33 0.0192 % 3,236.2
FixedReset Disc 5.56 % 6.06 % 109,761 13.15 46 0.2027 % 2,925.2
Insurance Straight 5.74 % 5.80 % 50,792 14.25 20 -0.0553 % 3,152.5
FloatingReset 5.63 % 5.71 % 37,913 14.32 3 0.0759 % 3,656.2
FixedReset Prem 6.05 % 5.02 % 102,271 3.03 12 -0.0866 % 2,622.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2027 % 2,990.1
FixedReset Ins Non 5.09 % 5.58 % 64,801 14.36 14 0.2631 % 3,026.0
Performance Highlights
Issue Index Change Notes
CU.PR.F Perpetual-Discount -2.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-27
Maturity Price : 18.76
Evaluated at bid price : 18.76
Bid-YTW : 6.07 %
PVS.PR.K SplitShare -2.63 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 24.39
Bid-YTW : 5.25 %
TD.PF.I FixedReset Prem -1.88 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 26.05
Bid-YTW : 4.87 %
SLF.PR.E Insurance Straight -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-27
Maturity Price : 20.01
Evaluated at bid price : 20.01
Bid-YTW : 5.66 %
BIP.PR.E FixedReset Disc -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-27
Maturity Price : 23.29
Evaluated at bid price : 24.64
Bid-YTW : 6.03 %
GWO.PR.M Insurance Straight -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-27
Maturity Price : 24.19
Evaluated at bid price : 24.45
Bid-YTW : 5.96 %
IFC.PR.C FixedReset Ins Non 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-27
Maturity Price : 23.37
Evaluated at bid price : 23.85
Bid-YTW : 5.58 %
IFC.PR.A FixedReset Ins Non 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-27
Maturity Price : 21.41
Evaluated at bid price : 21.74
Bid-YTW : 5.28 %
FTS.PR.H FixedReset Disc 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-27
Maturity Price : 17.86
Evaluated at bid price : 17.86
Bid-YTW : 6.01 %
SLF.PR.G FixedReset Ins Non 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-27
Maturity Price : 18.31
Evaluated at bid price : 18.31
Bid-YTW : 5.81 %
BN.PF.A FixedReset Disc 1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-27
Maturity Price : 23.11
Evaluated at bid price : 24.39
Bid-YTW : 6.06 %
ENB.PR.H FixedReset Disc 1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-27
Maturity Price : 21.21
Evaluated at bid price : 21.21
Bid-YTW : 6.20 %
CU.PR.C FixedReset Disc 1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-27
Maturity Price : 22.85
Evaluated at bid price : 23.20
Bid-YTW : 5.67 %
ENB.PR.N FixedReset Disc 2.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-27
Maturity Price : 22.67
Evaluated at bid price : 23.50
Bid-YTW : 6.15 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TD.PF.D FixedReset Disc 366,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-31
Maturity Price : 25.00
Evaluated at bid price : 25.12
Bid-YTW : 3.45 %
CM.PR.Q FixedReset Disc 168,500 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-31
Maturity Price : 25.00
Evaluated at bid price : 24.93
Bid-YTW : 3.03 %
PWF.PR.G Perpetual-Discount 55,340 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-27
Maturity Price : 24.64
Evaluated at bid price : 24.90
Bid-YTW : 6.02 %
IFC.PR.G FixedReset Ins Non 50,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-27
Maturity Price : 23.33
Evaluated at bid price : 24.87
Bid-YTW : 5.47 %
MFC.PR.Q FixedReset Ins Non 50,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-27
Maturity Price : 23.34
Evaluated at bid price : 24.87
Bid-YTW : 5.47 %
POW.PR.B Perpetual-Discount 19,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-27
Maturity Price : 22.66
Evaluated at bid price : 22.90
Bid-YTW : 5.85 %
There were 5 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
ELF.PR.F Perpetual-Discount Quote: 22.90 – 23.90
Spot Rate : 1.0000
Average : 0.5963

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-27
Maturity Price : 22.66
Evaluated at bid price : 22.90
Bid-YTW : 5.90 %
BN.PF.I FixedReset Disc Quote: 24.90 – 25.97
Spot Rate : 1.0700
Average : 0.6671

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 24.90
Bid-YTW : 5.64 %
PWF.PR.T FixedReset Disc Quote: 23.10 – 24.49
Spot Rate : 1.3900
Average : 0.9880

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-27
Maturity Price : 22.43
Evaluated at bid price : 23.10
Bid-YTW : 5.79 %
TD.PF.I FixedReset Prem Quote: 26.05 – 26.70
Spot Rate : 0.6500
Average : 0.4033

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 26.05
Bid-YTW : 4.87 %
BN.PR.R FixedReset Disc Quote: 17.84 – 19.25
Spot Rate : 1.4100
Average : 1.1746

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-27
Maturity Price : 17.84
Evaluated at bid price : 17.84
Bid-YTW : 7.03 %
CU.PR.F Perpetual-Discount Quote: 18.76 – 21.75
Spot Rate : 2.9900
Average : 2.7851

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-27
Maturity Price : 18.76
Evaluated at bid price : 18.76
Bid-YTW : 6.07 %