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 %

MAPF

MAPF Performance: June, 2025

Malachite Aggressive Preferred Fund’s Net Asset Value per Unit as of the close June 30, 2025, was $11.4529 after a dividend distribution of $0.160267.

Quotes at June month-end were of fair quality, but now without the occasional howler. The quote for CU.PR.C, for instance, had to be adjusted for fund valuation purposes, with the bid adjusted from 22.06 to 23.59.

Performance was affected by poor performance from MFC.PR.B (+0.54%) and CM.PR.S (+1.29%), more than offset by contributions from CU.PR.C (+11.54% after adjustment); BN.PR.B (+7.88%); and TRP.PR.E (+5.14%) [small holdings are not considered for individual mention here].

FixedResets continue to yield slightly more, in general, than PerpetualDiscounts although the spread narrowed somewhat in June; on June 30, I reported median YTWs of 6.09% and 5.91%, respectively, for these two indices; compare with mean Current Yields of 5.55% and 5.78%, respectively.

Returns to June 30, 2025
Period MAPF TXPR*
Total Return
CPD – according to RBCGAM
One Month +4.38% +2.77% +%
Three Months +6.65% +4.59% N/A
One Year +23.12% +17.17% +%
Two Years (annualized) +26.53% +18.95% N/A
Three Years (annualized) +13.15% +8.80% +%
Four Years (annualized) +7.88% +4.93% N/A
Five Years (annualized) +18.28% +10.62% +%
Six Years (annualized) +11.84% +7.42% N/A
Seven Years (annualized) +7.10% +4.83% N/A
Eight Years (annualized) +7.66% +4.88% N/A
Nine Years (annualized) +9.92% +6.45% N/A
Ten Years (annualized) +7.28% +4.71% +%
Eleven Years (annualized) +5.95% +3.55%  
Twelve Years (annualized) +6.12% +3.54%  
Thirteen Years (annualized) +6.12% +3.46%  
Fourteen Years (annualized) +5.66% +3.50%  
Fifteen Years (annualized) +6.54% +4.01%  
Sixteen Years (annualized) +7.38% +4.36%  
Seventeen Years (annualized) +9.16% +4.10%  
Eighteen Years (annualized) +8.36% +3.50%  
Nineteen Years (annualized) +8.20%    
Twenty Years (annualized) +8.01%    
Twenty-One Years (annualized) +8.10%    
Twenty-Two Years (annualized) +8.63%    
Twenty-Three Years (annualized) +8.56%    
Twenty-Four Years (annualized) +8.84%    
MAPF returns assume reinvestment of distributions, and are shown after expenses but before fees.
The BMO Capital Markets “50” Preferred Share Index is no longer being calculated. The final performance report incorporating this venerable index was published as of December, 2020.
“TXPR” is the S&P/TSX Preferred Share Index. It is calculated without accounting for fees, but does assume reinvestment of dividends.
CPD Returns are for the NAV and are after all fees and expenses. Reinvestment of dividends is assumed.
All fund and ETF returns shown below are after all fees and expenses
Figures for NBI Preferred Equity Income Fund, Series F [NBC780] (formerly Omega Preferred Equity) (which are after all fees and expenses) for 1-, 3- and 12-months are +%, +% and +%, respectively, according to National Bank Investments after all fees & expenses. Three year performance is +%; five year is +%; ten year is +%.

Figures from Morningstar are no longer conveniently available.

Manulife Preferred Income Class Adv has been terminated by Manulife. The performance of this fund was last reported here in March, 2018.
Figures for Horizons Active Preferred Share ETF (HPR) (which are after all fees and expenses) for 1-, 3- and 12-months are +3.10%, +4.95% & +17.11%, respectively. Three year performance is +10.37%, five-year is +12.93%, ten year is +5.61%
Figures for NBI Preferred Equity Fund Series F [NBC710] (formerly Altamira Preferred Equity Fund) are +%, +% and +% for one-, three- and twelve months, respectively. Three year performance is +%; five-year is +%; ten-year is +%

Acccording to the fund’s fact sheet as of June 30, 2016, the fund’s inception date was October 30, 2015. I do not know how they justify this nonsensical statement, but will assume that prior performance is being suppressed in some perfectly legal manner that somebody at National considers ethical.

The last time Altamira Preferred Equity Fund’s performance was reported here was April, 2014; performance under the National Bank banner was first reported here May, 2014.

The figures for the NAV of BMO Laddered Preferred Share Index ETF (ZPR) is +18.50% for the past twelve months. Two year performance is +21.01%, three year is +9.87%, five year is +12.93%, ten year is +4.99%

Note that analysis of ZPR shows some doubt as to whether this fund is either "laddered" or an "index fund". However, there was a remarkable improvement in the laddering in the six months following the publication of my analysis.

Figures for Fiera Canadian Preferred Share Class Cg Series F, (formerly Natixis Canadian Preferred Share Class Series F) (formerly NexGen Canadian Preferred Share Tax Managed Fund) are no longer available as the Fund is now the property of Canoe Financial. The last reported performance for the merged fund was May 2020.
Figures for BMO Preferred Share Fund (advisor series) are not available as the fund has been terminated. This is as per an announcement by the bank on 2024-5-28. The last performance report for this awful fund was as of July 31, 2024.
Figures for PowerShares Canadian Preferred Share Index Class, Series F (PPS) are no longer available since the fund has been terminated. Performance was last reported for the fund to month-end, March 2023
Figures for the First Asset Preferred Share Investment Trust (PSF.UN) are no longer available since the fund has merged with First Asset Preferred Share ETF (FPR).

Performance for the fund was last reported here in September, 2016; the first report of unavailability was in October, 2016.

Figures for Lysander-Slater Preferred Share Dividend Fund (Class F) according to the company are -%, +% and +% for the past one, three and twelve months, respectively. Three year performance is +%, five-year is +%.
Figures for the Desjardins Canadian Preferred Share Fund F Class (F Class), as reported by the company are +2.58%, +4.36% and +16.50% for the past one, three and twelve months, respectively. Two year performance is +18.59%, three-year is +8.81%, five-year is +10.62%
Figures for the RBC Canadian Preferred Share ETF (RPF) are reported as -%, +% and +% for the past one, three and twelve months, respectively. Three-year performance is +%, five-year is +%
Figures for the Dynamic Active Preferred Shares ETF (DXP) are -%, +% and +% for the past one, three and twelve months, respectively. Three-year performance is +%; five-year is +%
Figures for the Purpose Canadian Preferred Share Fund (Class F) are +2.68%, +4.59% and +15.33% for the past one, three and twelve months, respectively. Three-year performance is +8.55%; four-year is +5.23%; five-year is +14.18%; seven-year is +4.97%; ten-year is +6.35%.
Figures for the TD Active Preferred Share ETF (TPRF) are +%, +% and +% for the past one, three and twelve months, respectively. Two-year performance is +%, three-year is +%; five-year is +%.

Note that “The TD ETF may also hold common shares, government and corporate bonds, and other income-producing securities. … The TD ETF may invest in foreign securities to an extent that will vary from time to time but is not typically expected to exceed 5% of its assets at the time that foreign securities are purchased.

The non-preferred share components of the portfolio are relatively minor – as of their year-end 2023 report, they had $1.6-million in Canadian Natural Resources Limited common, $1.8-million in RBC common, $1.6-million in SLF common, and $1.75-million in Fortis common, totalling $6.75-million in a $220-million portfolio.

I take the view that the purpose of this mandate is to destroy, or at least deprecate, comparability. Banks hate comparability.

The five-year Canada yield decreased, with the five-year Canada yield (“GOC-5”) moving from 2.83% on June 1 to 2.85% at month-end.

The Seniority Spread (between long-term corporate bonds and interest-equivalent PerpetualDiscounts) was 275bp on 2025-7-2, up sharply from the 295bp on 2025-6-4 (chart end-date 2025-06-13).

The situation with FixedResets is interesting, with the spread between GOC-5 and the interest-adjusted FixedReset (Discount) rate widening significantly (despite recent narrowing) from its 2021-11-10 low of 344bp to a level of 489bp (as of 2025-7-2) … (chart end-date 2025-6-13):

…while at the same time the interest-equivalent spread between FixedReset (Discounts) and PerpetualDiscounts has narrowed to -13bp (as of 2025-07-02) from its 2021-7-28 level of +170bp (chart end-date 2025-6-13:

There is a correlation between the Issue Reset Spread and 1-month performance for discounted FixedResets for the Pfd-2 Group (21%) but not for Pfd-3 Group issues.

There is a correlation for the Pfd-2 group (15%) but not for the Pfd-3 group between the Issue Reset Spread and 3-month performance for discounted FixedResets.

There is no significant correlation for either the Pfd-2 Group or the Pfd-3 Group for 1-Month performance against term-to-reset:

… while the three-month returns vs. Term to Reset, shows no correlations for either the Pfd-2 Group or the Pfd-3 Group:

It should be noted that to some extent a dependence (of performance on term-to-reset) can be justified as the nearer-term issues will receive the benefit (adverse effects) of higher (lower) projected dividend rates sooner as a result of higher GOC-5 yields and therefore, perhaps, for longer. Equations for the relationship between correlation slope and change in GOC-5 were derived in the August 2022 PrefLetter.

Upward-sloping correlations of Performance vs. Term are to be expected when GOC-5 declines.

I keep talking about ‘Sustainable Income’ and it still exceeds – by a much smaller margin than previously – dividends that are currently being distributed. This is because Sustainable Income is the average yield-to-worst (YTW) of the portfolio when the YTW is calculated to perpetuity (or to redemption, of course, if the yield to redemption is lower), including resets at the current GOC-5 rate. The sharp increase in GOC-5 in the past few years has caused the difference between YTW and Current Yield to skyrocket, but one way or another I expect that these two values will become much closer – slowly at first, but quickening in the fairly near future. We have to wait for the reset date of the MAPF portfolio securities before we see a change in actual cash receipts – and, of course, there is no guarantee whatsoever that the rate used for estimation purposes now will be used for the actual calculation in the future (chart prepared as of 2025-6-13).

I will note that the fund’s current holdings of FixedResets are now paying dividends based on their previous reset at an average GOC-5 rate of 2.55% (weighted by shares held)

Calculation of MAPF Sustainable Income Per Unit
Month NAVPU Portfolio
Average
YTW
Leverage
Divisor
Securities
Average
YTW
Capital
Gains
Multiplier
Sustainable
Income
per
current
Unit
June, 2007 9.3114 5.16% 1.03 5.01% 1.3240 0.3524
September 9.1489 5.35% 0.98 5.46% 1.3240 0.3773
December, 2007 9.0070 5.53% 0.942 5.87% 1.3240 0.3993
March, 2008 8.8512 6.17% 1.047 5.89% 1.3240 0.3938
June 8.3419 6.034% 0.952 6.338% 1.3240 $0.3993
September 8.1886 7.108% 0.969 7.335% 1.3240 $0.4537
December, 2008 8.0464 9.24% 1.008 9.166% 1.3240 $0.5571
March 2009 $8.8317 8.60% 0.995 8.802% 1.3240 $0.5872
June 10.9846 7.05% 0.999 7.057% 1.3240 $0.5855
September 12.3462 6.03% 0.998 6.042% 1.3240 $0.5634
December 2009 10.5662 5.74% 0.981 5.851% 1.1141 $0.5549
March 2010 10.2497 6.03% 0.992 6.079% 1.1141 $0.5593
June 10.5770 5.96% 0.996 5.984% 1.1141 $0.5681
September 11.3901 5.43% 0.980 5.540% 1.1141 $0.5664
December 2010 10.7659 5.37% 0.993 5.408% 1.0298 $0.5654
March, 2011 11.0560 6.00% 0.994 5.964% 1.0298 $0.6403
June 11.1194 5.87% 1.018 5.976% 1.0298 $0.6453
September 10.2709 6.10%
Note
1.001 6.106% 1.0298 $0.6090
December, 2011 10.0793 5.63%
Note
1.031 5.805% 1.0000 $0.5851
March, 2012 10.3944 5.13%
Note
0.996 5.109% 1.0000 $0.5310
June 10.2151 5.32%
Note
1.012 5.384% 1.0000 $0.5500
September 10.6703 4.61%
Note
0.997 4.624% 1.0000 $0.4934
December, 2012 10.8307 4.24% 0.989 4.287% 1.0000 $0.4643
March, 2013 10.9033 3.87% 0.996 3.886% 1.0000 $0.4237
June 10.3261 4.81% 0.998 4.80% 1.0000 $0.4957
September 10.0296 5.62% 0.996 5.643% 1.0000 $0.5660
December, 2013 9.8717 6.02% 1.008 5.972% 1.0000 $0.5895
March, 2014 10.2233 5.55% 0.998 5.561% 1.0000 $0.5685
June 10.5877 5.09% 0.998 5.100% 1.0000 $0.5395
September 10.4601 5.28% 0.997 5.296% 1.0000 $0.5540
December, 2014 10.5701 4.83% 1.009 4.787% 1.0000 $0.5060
March, 2015 9.9573 4.99% 1.001 4.985% 1.0000 $0.4964
June, 2015 9.4181 5.55% 1.002 5.539% 1.0000 $0.5217
September 7.8140 6.98% 0.999 6.987% 1.0000 $0.5460
December, 2015 8.1379 6.85% 0.997 6.871% 1.0000 $0.5592
March, 2016 7.4416 7.79% 0.998 7.805% 1.0000 $0.5808
June 7.6704 7.67% 1.011 7.587% 1.0000 $0.5819
September 8.0590 7.35% 0.993 7.402% 1.0000 $0.5965
December, 2016 8.5844 7.24% 0.990 7.313% 1.0000 $0.6278
March, 2017 9.3984 6.26% 0.994 6.298% 1.0000 $0.5919
June 9.5313 6.41% 0.998 6.423% 1.0000 $0.6122
September 9.7129 6.56% 0.998 6.573% 1.0000 $0.6384
December, 2017 10.0566 6.06% 1.004 6.036% 1.0000 $0.6070
March, 2018 10.2701 6.22% 1.007 6.177% 1.0000 $0.6344
June 10.2518 6.22% 0.995 6.251% 1.0000 $0.6408
September 10.2965 6.62% 1.018 6.503% 1.0000 $0.6696
December, 2018 8.6875 7.16% 0.997 7.182% 1.0000 $0.6240
March, 2019 8.4778 7.09% 1.007 7.041% 1.0000 $0.5969
June 8.0896 7.33% 0.996 7.359% 1.0000 $0.5953
September 7.7948 7.96% 0.998 7.976% 1.0000 $0.6217
December, 2019 8.0900 6.03% 0.995 6.060% 1.0000 $0.4903
March 5.5596 7.04% 1.006 6.998% 1.0000 $0.3891
June 6.3568 6.10% 0.9900 6.162% 1.0000 $0.3917
September 7.2852 5.32% 1.00 5.320% 1.0000 $0.3876
December, 2020 8.3947 4.46% 0.999 4.464% 1.0000 $0.3747
March, 2021 9.6473 4.48% 0.996 4.498% 1.0000 $0.4339
June 10.3712 3.92% 0.985 3.980% 1.0000 $0.4127
September 10.7572 4.08% 1.017 4.012% 1.0000 $0.4316
December, 2021 10.7432 4.31% 0.999 4.314% 1.0000 $0.4635
March, 2022 10.5040 5.53% 1.004 5.508% 1.0000 $0.5786
June 9.3115 7.04% 0.993 7.090% 1.0000 $0.6672
September 8.4093 8.10% 0.997 8.124% 1.0000 $0.6916
December, 2022 7.9921 8.47% 0.996 8.504% 1.0000 $0.6796
March, 2023 8.0788 7.90% 0.997 7.924% 1.0000 $0.6401
June 30 8.0197 9.19% 1.003 9.163% 1.0000 $0.7348
September 29 7.9922 9.86% 0.997 9.890% 1.0000 $0.7904
Decenber 29, 2023 8.4715 8.14% 1.002 8.124% 1.0000 $0.6882
March 28,2024 9.5892 7.60% 1.006 7.555% 1.0000 $0.7244
June 28 9.8516 7.32% 0.999 7.327% 1.0000 $0.7219
September 30 10.3641 6.55% 0.990 6.616% 1.0000 $0.6857
December 31,2024 11.0142 6.44% 0.992 6.492% 1.0000 $0.7150
March 31,2025 10.8891 6.22% 0.993 6.264% 1.0000 $0.6821
June 30,2025 11.4529 6.10% 0.997 6.118% 1.0000 $0.7007
NAVPU is shown after quarterly distributions of dividend income and annual distribution of capital gains.
Portfolio YTW includes cash (or margin borrowing), with an assumed interest rate of 0.00%
The Leverage Divisor indicates the level of cash in the account: if the portfolio is 1% in cash, the Leverage Divisor will be 0.99
Securities YTW divides “Portfolio YTW” by the “Leverage Divisor” to show the average YTW on the securities held; this assumes that the cash is invested in (or raised from) all securities held, in proportion to their holdings.
The Capital Gains Multiplier adjusts for the effects of Capital Gains Dividends. On 2009-12-31, there was a capital gains distribution of $1.989262 which is assumed for this purpose to have been reinvested at the final price of $10.5662. Thus, a holder of one unit pre-distribution would have held 1.1883 units post-distribution; the CG Multiplier reflects this to make the time-series comparable. Note that Dividend Distributions are not assumed to be reinvested.
Sustainable Income is the resultant estimate of the fund’s dividend income per current unit, before fees and expenses. Note that a “current unit” includes reinvestment of prior capital gains; a unitholder would have had the calculated sustainable income with only, say, 0.9 units in the past which, with reinvestment of capital gains, would become 1.0 current units.
DeemedRetractibles are comprised of all Straight Perpetuals (both PerpetualDiscount and PerpetualPremium) issued by BMO, BNS, CM, ELF, GWO, HSB, IAG, MFC, NA, RY, SLF and TD, which are not exchangable into common at the option of the company or the regulator (definition refined in May, 2011). These issues are analyzed as if their prospectuses included a requirement to redeem at par on or prior to 2022-1-31 (banks) or the Deemed Maturity date for insurers and insurance holding companies (see below)), in addition to the call schedule explicitly defined. See the Deemed Retractible Review: September 2016 for the rationale behind this analysis.

The same reasoning is also applied to FixedResets from these issuers, other than explicitly defined NVCC from banks.

In November, 2019, the assumption of DeemedRetraction for insurance issues was cancelled in the wake of the IAIS decision included in ICS 2.0. This resulted in a large drop in the yield calculated for these issues

The Deemed Maturity date for insurers was set at 2022-1-31 at the commencement of the process in February, 2011. It was extended to 2025-1-31 in April, 2013 and to 2030-1-31 in December, 2018. In November, 2019, the assumption of DeemedRetraction was cancelled in the wake of the IAIS decision included in ICS 2.0.
Yields for September, 2011, to January, 2012, were calculated by imposing a cap of 10% on the yields of YLO issues held, in order to avoid their extremely high calculated yields distorting the calculation and to reflect the uncertainty in the marketplace that these yields will be realized. From February to September 2012, yields on these issues have been set to zero. All YLO issues held were sold in October 2012.

These calculations were performed assuming constant contemporary GOC-5 and 3-Month Bill rates, as follows:

Canada Yields Assumed in Calculations
Month-end GOC-5 3-Month Bill
September, 2015 0.78% 0.40%
December, 2015 0.71% 0.46%
March, 2016 0.70% 0.44%
June 0.57% 0.47%
September 0.58% 0.53%
December, 2016 1.16% 0.47%
March, 2017 1.08% 0.55%
June 1.35% 0.69%
September 1.79% 0.97%
December, 2017 1.83% 1.00%
March, 2018 2.06% 1.08%
June 1.95% 1.22%
September 2.33% 1.55%
December, 2018 1.88% 1.65%
March, 2019 1.46% 1.66%
June 1.34% 1.66%
September 1.41% 1.66%
December, 2019 1.68% 1.68%
March, 2020 0.57% 0.21%
June 0.37% 0.21%
September 0.35% 0.14%
December, 2020 0.42% 0.08%
March, 2021 0.94% 0.09%
June 0.93% 0.13%
September 1.07% 0.13%
December, 2021 1.31% 0.16%
March, 2022 2.44% 0.53%
June 3.24% 2.11%
September 3.45% 3.60%
December, 2022 3.37% 4.35%
March, 2023 2.93% 4.44%
June 3.74% 5.00%
September 4.31% 5.21%
December, 2023 3.21% 5.13%
March, 2024 3.55% 5.06%
June 3.41% 4.71%
September 2.74% 3.94%
December, 2024 3.02% 3.19%
March, 2025 2.64% 2.66%
June, 2025 2.85% 2.68%
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 %

MAPF

MAPF Portfolio Composition: June, 2025

Turnover remained very low at 2% in June.

Sectoral distribution of the MAPF portfolio on June 30, 2025, was:

MAPF Sectoral Analysis 2025-06-30
HIMI Indices Sector Weighting YTW ModDur
Ratchet 0% N/A N/A
FixFloat 0% N/A N/A
Floater 11.2% 6.99% 12.59
OpRet 0% N/A N/A
SplitShare 0% N/A N/A
Interest Rearing 0% N/A N/A
PerpetualPremium 0% N/A N/A
PerpetualDiscount 6.1% 5.82% 14.16
Fixed-Reset Discount 29.4% 6.27% 13.46
Insurance – Straight 22.5% 5.65% 14.47
FloatingReset 0% N/A N/A
FixedReset Premium 8.6% 5.31% 14.94
FixedReset Bank non-NVCC 0% N/A N/A
FixedReset Insurance non-NVCC 9.2% 5.60% 14.75
Scraps – Ratchet 1.2% 7.51% 12.91
Scraps – FixedFloater 0% N/A N/A
Scraps – Floater 0% N/A N/A
Scraps – OpRet 0% N/A N/A
Scraps – SplitShare 0% N/A N/A
Scraps – PerpPrem 0% N/A N/A
Scraps – PerpDisc 0% N/A N/A
Scraps – FR Discount 9.7% 7.05% 12.80
Scraps – Insurance Straight 0% N/A N/A
Scraps – FloatingReset 0% N/A N/A
Scraps – FR Premium 0% N/A N/A
Scraps – Bank non-NVCC 0% N/A N/A
Scraps – Ins non-NVCC 0% N/A N/A
Cash 0.3% 0.00% 0.00
Total 100% 6.10% 13.67
Totals and changes will not add precisely due to rounding. Cash is included in totals with duration and yield both equal to zero.
The various “Scraps” indices include issues with a DBRS rating of Pfd-3(high) or lower and issues with an Average Trading Value (calculated with HIMIPref™ methodology, which is relatively complex) of less than $25,000. The issues considered “Scraps” are subdivided into indices which reflect those of the main indices.
DeemedRetractibles were comprised of all Straight Perpetuals (both PerpetualDiscount and PerpetualPremium) issued by BMO, BNS, CM, ELF, GWO, HSB, IAG, MFC, NA, RY, SLF and TD, which are not exchangable into common at the option of the company or the regulator. These issues are analyzed as if their prospectuses included a requirement to redeem at par on or prior to 2022-1-31 in the case of banks or normally in the case of insurers and insurance holding companies, in addition to the call schedule explicitly defined. See the Deemed Retractible Review: September 2016 for the rationale behind this analysis and IAIS Says No To DeemedRetractions for the recent change in policy with respect to insurers.

Note that the estimate for the time this will become effective for insurers and insurance holding companies was extended by three years in April 2013, due to the delays in OSFI’s providing clarity on the issue and by a further five years in December, 2018; the estimate was eliminated in November. However, the distinctions are being kept because it is useful to distinguish insurance issues from others.

The name of this subindex has been changed to “Insurance Straight” as of November, 2020

Calculations of yield and related attributes of resettable instruments are performed assuming a constant GOC-5 rate of XXX%, a constant 3-Month Bill rate of XXX% and a constant Canada Prime Rate of XXX%

The “total” reflects the un-leveraged total portfolio (i.e., cash is included in the portfolio calculations and is deemed to have a duration and yield of 0.00.). MAPF will often have relatively large cash balances, both credit and debit, to facilitate trading. Figures presented in the table have been rounded to the indicated precision.

Credit distribution is:

MAPF Credit Analysis 2025-06-30
DBRS Rating MAPF Weighting
Pfd-1 0
Pfd-1(low) 0
Pfd-2(high) 35.6%
Pfd-2 32.6%
Pfd-2(low) 19.6%
Pfd-3(high) 7.5%
Pfd-3 2.2%
Pfd-3(low) 2.2%
Pfd-4(high) 0%
Pfd-4 0%
Pfd-4(low) 0%
Pfd-5(high) 0%
Pfd-5 0%
Cash 0.3%
Totals will not add precisely due to rounding.

Liquidity Distribution is:

MAPF Liquidity Analysis 2025-06-30
Average Daily Trading MAPF Weighting
<$50,000 3.4%
$50,000 – $100,000 48.0%
$100,000 – $200,000 27.7%
$200,000 – $300,000 7.0%
>$300,000 13.7%
Cash 0.3%
Totals will not add precisely due to rounding.

The distribution of Issue Reset Spreads is:

Range MAPF Weight
<100bp 0%
100-149bp 0.9%
150-199bp 1.4%
200-249bp 40.8%
250-299bp 11.6%
300-349bp 0.4%
350-399bp 1.8%
400-449bp 0%
450-499bp 0%
500-549bp 0%
550-599bp 0%
>= 600bp 0%
Undefined 43.0%

Distribution of Floating Rate Start Dates is shown in the table below. This is the date of the next adjustment to the dividend rate, if the issue is currently paying a fixed rate for a limited time; which in practice is successive terms of 5 years. Issues that adjust quarterly are considered “Currently Floating”.

Range MAPF Weight
Currently Floating 12.3%
0-1 Year 0.9%
1-2 Years 24.2%
2-3 Years 8.6%
3-4 Years 0%
4-5 Years 23.3%
5-6 Years 0%
>6 Years 0%
Not Floating Rate 30.7%

MAPF is, of course, Malachite Aggressive Preferred Fund, a “unit trust” managed by Hymas Investment Management Inc. Further information and links to performance, audited financials and subscription information are available the fund’s web page. The fund may be purchased directly from Hymas Investment Management. A “unit trust” is like a regular mutual fund, but are not sold with a prospectus This is cheaper, but means subscription is restricted to “accredited investors” (as defined by the Ontario Securities Commission). Fund past performances are not a guarantee of future performance. You can lose money investing in MAPF or any other fund.

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 %

Administration

Another eMail Problem

Just when I thought the end of the nightmare was close, I find I have another eMail server problem, with junk eMails apparently being sent from my main address, jiHymas@himivest.com.

The mailServer programme on my “websites” machine has now been turned off until I figure out what is going on.

I have sent an urgent message to my website administrator; until further notice, please use my backup eMail address, jiHymas@himipref.com, which is hosted on another server.

Update, 2025-06-30: This issue has been resolved. I hope.

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 %