Market Action

June 26, 2025

Another new 52-week high for the TXPR price index today, with today’s high of 658.61 outpacing the previous mark of 656.95 set … um … yesterday. On a roll!

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 -0.2808 % 2,291.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2808 % 4,460.8
Floater 6.97 % 6.98 % 57,832 12.61 2 -0.2808 % 2,570.8
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0049 % 3,653.4
SplitShare 4.79 % 4.49 % 64,692 2.51 8 -0.0049 % 4,363.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0049 % 3,404.2
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.2428 % 2,967.2
Perpetual-Discount 5.79 % 5.92 % 43,500 13.98 33 0.2428 % 3,235.6
FixedReset Disc 5.57 % 6.14 % 112,660 13.11 46 0.0117 % 2,919.2
Insurance Straight 5.74 % 5.80 % 50,692 14.24 20 0.6257 % 3,154.2
FloatingReset 5.64 % 5.71 % 39,311 14.32 3 0.3502 % 3,653.4
FixedReset Prem 6.04 % 5.03 % 114,667 3.03 12 0.0128 % 2,624.6
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0117 % 2,984.0
FixedReset Ins Non 5.11 % 5.64 % 67,136 14.36 14 -0.0760 % 3,018.0
Performance Highlights
Issue Index Change Notes
BN.PR.R FixedReset Disc -6.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-26
Maturity Price : 17.84
Evaluated at bid price : 17.84
Bid-YTW : 7.03 %
CU.PR.J Perpetual-Discount -2.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-26
Maturity Price : 20.11
Evaluated at bid price : 20.11
Bid-YTW : 5.98 %
ENB.PR.H FixedReset Disc -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-26
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 6.29 %
BN.PR.B Floater -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-26
Maturity Price : 12.36
Evaluated at bid price : 12.36
Bid-YTW : 7.06 %
ENB.PR.A Perpetual-Discount 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-26
Maturity Price : 23.19
Evaluated at bid price : 23.49
Bid-YTW : 5.91 %
SLF.PR.J FloatingReset 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-26
Maturity Price : 17.30
Evaluated at bid price : 17.30
Bid-YTW : 5.95 %
IFC.PR.F Insurance Straight 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-26
Maturity Price : 23.32
Evaluated at bid price : 23.58
Bid-YTW : 5.64 %
SLF.PR.E Insurance Straight 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-26
Maturity Price : 20.26
Evaluated at bid price : 20.26
Bid-YTW : 5.59 %
ENB.PR.B FixedReset Disc 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-26
Maturity Price : 19.26
Evaluated at bid price : 19.26
Bid-YTW : 6.87 %
CU.PR.C FixedReset Disc 1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-26
Maturity Price : 22.52
Evaluated at bid price : 22.85
Bid-YTW : 5.76 %
IFC.PR.I Insurance Straight 2.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-26
Maturity Price : 23.32
Evaluated at bid price : 23.59
Bid-YTW : 5.74 %
CU.PR.F Perpetual-Discount 2.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-26
Maturity Price : 19.32
Evaluated at bid price : 19.32
Bid-YTW : 5.89 %
GWO.PR.T Insurance Straight 6.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-26
Maturity Price : 21.59
Evaluated at bid price : 21.90
Bid-YTW : 5.90 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CM.PR.Q FixedReset Disc 120,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-31
Maturity Price : 25.00
Evaluated at bid price : 25.08
Bid-YTW : 4.90 %
IFC.PR.A FixedReset Ins Non 102,577 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-26
Maturity Price : 21.51
Evaluated at bid price : 21.51
Bid-YTW : 5.36 %
FTS.PR.G FixedReset Disc 33,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-26
Maturity Price : 22.35
Evaluated at bid price : 22.89
Bid-YTW : 5.70 %
MFC.PR.C Insurance Straight 23,202 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-26
Maturity Price : 19.95
Evaluated at bid price : 19.95
Bid-YTW : 5.69 %
BN.PR.T FixedReset Disc 20,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-26
Maturity Price : 18.88
Evaluated at bid price : 18.88
Bid-YTW : 6.63 %
BN.PR.Z FixedReset Disc 20,090 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-26
Maturity Price : 22.40
Evaluated at bid price : 22.85
Bid-YTW : 6.40 %
There were 2 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
BN.PR.R FixedReset Disc Quote: 17.84 – 19.25
Spot Rate : 1.4100
Average : 0.9165

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-26
Maturity Price : 17.84
Evaluated at bid price : 17.84
Bid-YTW : 7.03 %
CU.PR.E Perpetual-Discount Quote: 21.16 – 23.54
Spot Rate : 2.3800
Average : 1.9109

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-26
Maturity Price : 21.16
Evaluated at bid price : 21.16
Bid-YTW : 5.86 %
CU.PR.C FixedReset Disc Quote: 22.85 – 25.37
Spot Rate : 2.5200
Average : 2.1582

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-26
Maturity Price : 22.52
Evaluated at bid price : 22.85
Bid-YTW : 5.76 %
MFC.PR.L FixedReset Ins Non Quote: 23.68 – 24.99
Spot Rate : 1.3100
Average : 1.0021

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-26
Maturity Price : 22.71
Evaluated at bid price : 23.68
Bid-YTW : 5.45 %
GWO.PR.L Insurance Straight Quote: 24.10 – 25.00
Spot Rate : 0.9000
Average : 0.6138

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-26
Maturity Price : 23.85
Evaluated at bid price : 24.10
Bid-YTW : 5.89 %
PVS.PR.K SplitShare Quote: 25.05 – 26.05
Spot Rate : 1.0000
Average : 0.7636

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.05
Bid-YTW : 4.49 %
Issue Comments

CM.PR.Q To Be Redeemed

Canadian Imperial Bank of Commerce has announced:

its intention to redeem all of its issued and outstanding Non-cumulative Rate Reset Class A Preferred Shares Series 43 (Non-viability contingent capital (NVCC)) (Series 43 shares) (TSX: CM.PR.Q), for cash. The redemption will occur on July 31, 2025. The redemption price is $25.00 per Series 43 share.

The $0.196438 quarterly dividend announced on May 29, 2025 will be the final dividend on the Series 43 shares and will be paid on July 28, 2025, covering the period to July 31, 2025, to shareholders of record on June 27, 2025.

Holders of the Series 43 shares should contact the financial institution, broker or other intermediary through which they hold the shares to confirm how they will receive their redemption proceeds.

CM.PR.Q is a FixedReset, 3.60%+279, that commenced trading 2015-3-11 after being announced 2015-2-26. It reset to 3.143% effective 2020-7-31; there was no conversion. The issue is tracked by HIMIPref™ and is assigned to the FixedResets (Discount) subindex.

Thanks to Assiduous Readers TP and niagara for bringing this to my attention!

Market Action

June 25, 2025

Another new 52-week high for TXPR (price index) today; the index gained 0.13%.

PerpetualDiscounts now yield 5.93%, equivalent to 7.71% 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 280bp, a slight (and perhaps spurious) narrowing from the 285bp reported June 18

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 0.2010 % 2,298.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.2010 % 4,473.3
Floater 6.95 % 6.98 % 69,315 12.61 2 0.2010 % 2,578.0
OpRet 0.00 % 0.00 % 0 0.00 0 0.1735 % 3,653.6
SplitShare 4.79 % 4.48 % 64,830 2.51 8 0.1735 % 4,363.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1735 % 3,404.3
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.0686 % 2,960.0
Perpetual-Discount 5.81 % 5.93 % 42,721 13.91 33 0.0686 % 3,227.7
FixedReset Disc 5.57 % 6.09 % 113,286 13.14 46 0.1259 % 2,918.9
Insurance Straight 5.78 % 5.82 % 50,412 14.21 20 0.1718 % 3,134.6
FloatingReset 5.66 % 5.72 % 38,570 14.33 3 0.3361 % 3,640.7
FixedReset Prem 6.05 % 5.08 % 109,761 3.27 12 0.1445 % 2,624.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1259 % 2,983.7
FixedReset Ins Non 5.10 % 5.61 % 65,840 14.34 14 0.4903 % 3,020.3
Performance Highlights
Issue Index Change Notes
CU.PR.F Perpetual-Discount -2.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 6.06 %
ENB.PR.N FixedReset Disc -2.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 22.32
Evaluated at bid price : 22.88
Bid-YTW : 6.34 %
IFC.PR.I Insurance Straight -2.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 22.60
Evaluated at bid price : 23.00
Bid-YTW : 5.88 %
FTS.PR.H FixedReset Disc 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 17.63
Evaluated at bid price : 17.63
Bid-YTW : 6.09 %
CU.PR.J Perpetual-Discount 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 5.85 %
CU.PR.G Perpetual-Discount 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 19.36
Evaluated at bid price : 19.36
Bid-YTW : 5.88 %
BN.PR.T FixedReset Disc 1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.58 %
IFC.PR.F Insurance Straight 1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 22.89
Evaluated at bid price : 23.30
Bid-YTW : 5.70 %
PWF.PR.P FixedReset Disc 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 17.40
Evaluated at bid price : 17.40
Bid-YTW : 6.28 %
GWO.PR.R Insurance Straight 3.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 5.82 %
IFC.PR.A FixedReset Ins Non 6.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 21.34
Evaluated at bid price : 21.65
Bid-YTW : 5.31 %
Volume Highlights
Issue Index Shares
Traded		 Notes
MFC.PR.C Insurance Straight 81,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 19.94
Evaluated at bid price : 19.94
Bid-YTW : 5.69 %
ENB.PR.D FixedReset Disc 53,315 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 19.63
Evaluated at bid price : 19.63
Bid-YTW : 6.75 %
MFC.PR.I FixedReset Ins Non 42,830 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 23.49
Evaluated at bid price : 24.90
Bid-YTW : 5.72 %
ENB.PR.P FixedReset Disc 36,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 6.71 %
BN.PR.N Perpetual-Discount 27,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 6.13 %
BN.PF.C Perpetual-Discount 26,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 19.92
Evaluated at bid price : 19.92
Bid-YTW : 6.13 %
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
CU.PR.C FixedReset Disc Quote: 22.50 – 25.37
Spot Rate : 2.8700
Average : 1.7615

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 22.20
Evaluated at bid price : 22.50
Bid-YTW : 5.85 %
CU.PR.E Perpetual-Discount Quote: 21.16 – 23.54
Spot Rate : 2.3800
Average : 1.3965

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 21.16
Evaluated at bid price : 21.16
Bid-YTW : 5.86 %
MFC.PR.L FixedReset Ins Non Quote: 23.68 – 24.68
Spot Rate : 1.0000
Average : 0.6645

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 22.71
Evaluated at bid price : 23.68
Bid-YTW : 5.45 %
GWO.PR.T Insurance Straight Quote: 20.50 – 22.31
Spot Rate : 1.8100
Average : 1.4949

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.32 %
CU.PR.F Perpetual-Discount Quote: 18.80 – 21.75
Spot Rate : 2.9500
Average : 2.7035

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 6.06 %
PWF.PR.E Perpetual-Discount Quote: 23.57 – 24.53
Spot Rate : 0.9600
Average : 0.7258

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 23.27
Evaluated at bid price : 23.57
Bid-YTW : 5.93 %
Market Action

June 24, 2025

TXPR set a new 52-week high today, with the high of 656.03 replacing the old high of 654.35 set 2025-6-5. Volume remained low.

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 0.2014 % 2,293.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.2014 % 4,464.4
Floater 6.96 % 7.01 % 70,180 12.58 2 0.2014 % 2,572.8
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0792 % 3,647.3
SplitShare 4.80 % 4.35 % 64,564 2.51 8 -0.0792 % 4,355.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0792 % 3,398.4
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.4884 % 2,958.0
Perpetual-Discount 5.81 % 5.93 % 41,875 13.95 33 0.4884 % 3,225.5
FixedReset Disc 5.58 % 6.15 % 114,521 13.16 46 0.5338 % 2,915.2
Insurance Straight 5.79 % 5.81 % 50,735 14.20 20 0.1674 % 3,129.2
FloatingReset 5.68 % 5.73 % 37,446 14.32 3 0.2144 % 3,628.5
FixedReset Prem 6.05 % 5.02 % 111,456 3.28 12 0.4160 % 2,620.5
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.5338 % 2,979.9
FixedReset Ins Non 5.13 % 5.63 % 65,789 14.33 14 0.5377 % 3,005.6
Performance Highlights
Issue Index Change Notes
GWO.PR.T Insurance Straight -6.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.32 %
GWO.PR.I Insurance Straight -2.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 18.88
Evaluated at bid price : 18.88
Bid-YTW : 6.00 %
CU.PR.G Perpetual-Discount -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 5.96 %
BIP.PR.E FixedReset Disc 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 23.33
Evaluated at bid price : 24.75
Bid-YTW : 6.00 %
GWO.PR.H Insurance Straight 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 21.02
Evaluated at bid price : 21.02
Bid-YTW : 5.80 %
POW.PR.D Perpetual-Discount 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 21.52
Evaluated at bid price : 21.78
Bid-YTW : 5.74 %
TD.PF.I FixedReset Prem 1.07 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 26.33
Bid-YTW : 4.35 %
FTS.PR.H FixedReset Disc 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 17.45
Evaluated at bid price : 17.45
Bid-YTW : 6.15 %
BN.PF.B FixedReset Disc 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 22.01
Evaluated at bid price : 22.45
Bid-YTW : 6.28 %
BN.PF.E FixedReset Disc 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 19.96
Evaluated at bid price : 19.96
Bid-YTW : 6.70 %
POW.PR.B Perpetual-Discount 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 22.60
Evaluated at bid price : 22.85
Bid-YTW : 5.86 %
MFC.PR.Q FixedReset Ins Non 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 23.29
Evaluated at bid price : 24.75
Bid-YTW : 5.50 %
SLF.PR.G FixedReset Ins Non 1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 5.85 %
BN.PR.X FixedReset Disc 1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 18.05
Evaluated at bid price : 18.05
Bid-YTW : 6.44 %
PWF.PR.P FixedReset Disc 2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 17.14
Evaluated at bid price : 17.14
Bid-YTW : 6.38 %
IFC.PR.I Insurance Straight 2.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 23.23
Evaluated at bid price : 23.49
Bid-YTW : 5.77 %
BN.PR.M Perpetual-Discount 5.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 19.56
Evaluated at bid price : 19.56
Bid-YTW : 6.11 %
IFC.PR.F Insurance Straight 5.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 22.71
Evaluated at bid price : 22.97
Bid-YTW : 5.79 %
BN.PR.R FixedReset Disc 6.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 19.05
Evaluated at bid price : 19.05
Bid-YTW : 6.58 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CM.PR.Q FixedReset Disc 586,100 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-31
Maturity Price : 25.00
Evaluated at bid price : 25.11
Bid-YTW : 3.42 %
TD.PF.D FixedReset Disc 416,100 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-31
Maturity Price : 25.00
Evaluated at bid price : 25.11
Bid-YTW : 3.57 %
IFC.PR.A FixedReset Ins Non 108,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 5.68 %
GWO.PR.N FixedReset Ins Non 45,654 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 16.85
Evaluated at bid price : 16.85
Bid-YTW : 6.03 %
ENB.PF.E FixedReset Disc 29,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 20.22
Evaluated at bid price : 20.22
Bid-YTW : 6.83 %
BN.PF.G FixedReset Disc 24,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 6.63 %
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.PF.C FixedReset Disc Quote: 20.26 – 22.00
Spot Rate : 1.7400
Average : 0.9768

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 20.26
Evaluated at bid price : 20.26
Bid-YTW : 6.83 %
GWO.PR.T Insurance Straight Quote: 20.50 – 22.31
Spot Rate : 1.8100
Average : 1.1494

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.32 %
GWO.PR.I Insurance Straight Quote: 18.88 – 19.87
Spot Rate : 0.9900
Average : 0.6184

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 18.88
Evaluated at bid price : 18.88
Bid-YTW : 6.00 %
MFC.PR.M FixedReset Ins Non Quote: 23.40 – 24.40
Spot Rate : 1.0000
Average : 0.6706

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 22.52
Evaluated at bid price : 23.40
Bid-YTW : 5.63 %
GWO.PR.Y Insurance Straight Quote: 19.40 – 21.00
Spot Rate : 1.6000
Average : 1.3513

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 5.83 %
BN.PF.E FixedReset Disc Quote: 19.96 – 20.50
Spot Rate : 0.5400
Average : 0.3373

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 19.96
Evaluated at bid price : 19.96
Bid-YTW : 6.70 %
Issue Comments

TD.PF.D To Be Redeemed

The Toronto-Dominion Bank has announced:

that it will exercise its right to redeem all of its 14 ,000,000 outstanding Non-Cumulative 5-Year Rate Reset Class A First Preferred Shares, Series 7 (Non-Viability Contingent Capital) (the “Series 7 Shares”) on July 31, 2025 at the price of $25.00 per Series 7 Share for an aggregate total of approximately $350 million. The redemption has been approved by the Office of the Superintendent of Financial Institutions.

On May 22, 2025, TD announced that dividends of $0.2000625 per Series 7 Share had been declared as payable on and after July 31, 2025 to shareholders of record at the close of business on July 10, 2025. These will be the final dividends on the Series 7 Shares, and will be paid in the usual manner on July 31, 2025 as previously announced. After July 31, 2025, the Series 7 Shares will cease to be entitled to dividends and the only remaining rights of holders of such shares will be to receive payment of the redemption amount.

Beneficial holders who are not directly the registered holder of Series 7 Shares should contact the financial institution, broker or other intermediary through which they hold these shares to confirm how they will receive their redemption proceeds. Inquiries should be directed to our Registrar and Transfer Agent, TSX Trust Company, at 1-800-387-0825 (or in Toronto 416-682-3860).

TD.PF.D is a FixedReset, 3.60%+279, that commenced trading 2015-3-10 after being announced 2015-2-27. Notice of extension was provided on 2020-6-18. The issue reset at 3.201% effective 2020-7-31 and there was no conversion. The issue is NVCC-compliant, is tracked by HIMIPref™ and is assigned to the FixedReset (Discount) subindex.

Thanks to Assiduous Reader niagara for bringing this to my attention!

Market Action

June 23, 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 0.7302 % 2,288.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.7302 % 4,455.4
Floater 6.98 % 7.02 % 62,068 12.57 2 0.7302 % 2,567.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.1587 % 3,650.2
SplitShare 4.79 % 4.34 % 67,219 2.52 8 0.1587 % 4,359.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1587 % 3,401.1
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.0799 % 2,943.6
Perpetual-Discount 5.84 % 5.96 % 42,021 13.91 33 -0.0799 % 3,209.8
FixedReset Disc 5.61 % 6.13 % 112,625 13.13 46 0.5218 % 2,899.7
Insurance Straight 5.80 % 5.86 % 50,833 14.15 20 0.1467 % 3,124.0
FloatingReset 5.69 % 5.74 % 38,773 14.30 3 -0.5482 % 3,620.7
FixedReset Prem 6.08 % 5.34 % 115,713 3.33 12 0.0678 % 2,609.6
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.5218 % 2,964.1
FixedReset Ins Non 5.16 % 5.68 % 65,849 14.24 14 0.5115 % 2,989.5
Performance Highlights
Issue Index Change Notes
SLF.PR.J FloatingReset -2.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 6.05 %
PWF.PR.P FixedReset Disc -2.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 16.80
Evaluated at bid price : 16.80
Bid-YTW : 6.50 %
GWO.PR.R Insurance Straight -2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 6.01 %
CU.PR.G Perpetual-Discount 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 19.32
Evaluated at bid price : 19.32
Bid-YTW : 5.89 %
GWO.PR.N FixedReset Ins Non 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 16.76
Evaluated at bid price : 16.76
Bid-YTW : 6.06 %
BN.PR.B Floater 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 12.40
Evaluated at bid price : 12.40
Bid-YTW : 7.04 %
BN.PR.T FixedReset Disc 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 6.70 %
ENB.PR.P FixedReset Disc 1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 6.74 %
BN.PR.Z FixedReset Disc 2.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 22.27
Evaluated at bid price : 22.65
Bid-YTW : 6.46 %
PWF.PR.T FixedReset Disc 2.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 22.71
Evaluated at bid price : 23.62
Bid-YTW : 5.64 %
MFC.PR.K FixedReset Ins Non 3.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 23.23
Evaluated at bid price : 24.70
Bid-YTW : 5.32 %
IFC.PR.F Insurance Straight 4.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 21.75
Evaluated at bid price : 21.75
Bid-YTW : 6.13 %
CU.PR.C FixedReset Disc 11.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 21.73
Evaluated at bid price : 22.20
Bid-YTW : 5.92 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BIP.PR.A FixedReset Disc 54,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-30
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 6.04 %
ENB.PF.K FixedReset Disc 27,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 23.09
Evaluated at bid price : 24.15
Bid-YTW : 6.27 %
PWF.PR.R Perpetual-Discount 26,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 23.00
Evaluated at bid price : 23.27
Bid-YTW : 6.00 %
ENB.PF.G FixedReset Disc 26,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 6.82 %
BN.PR.K Floater 21,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 12.43
Evaluated at bid price : 12.43
Bid-YTW : 7.02 %
ENB.PF.E FixedReset Disc 16,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 20.11
Evaluated at bid price : 20.11
Bid-YTW : 6.87 %
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
PWF.PR.R Perpetual-Discount Quote: 23.27 – 24.45
Spot Rate : 1.1800
Average : 0.6753

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 23.00
Evaluated at bid price : 23.27
Bid-YTW : 6.00 %
GWO.PR.R Insurance Straight Quote: 20.10 – 21.10
Spot Rate : 1.0000
Average : 0.6045

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 6.01 %
PWF.PR.E Perpetual-Discount Quote: 23.50 – 24.70
Spot Rate : 1.2000
Average : 0.9064

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 23.20
Evaluated at bid price : 23.50
Bid-YTW : 5.94 %
SLF.PR.E Insurance Straight Quote: 20.08 – 21.00
Spot Rate : 0.9200
Average : 0.6816

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 20.08
Evaluated at bid price : 20.08
Bid-YTW : 5.63 %
SLF.PR.J FloatingReset Quote: 17.00 – 17.79
Spot Rate : 0.7900
Average : 0.5729

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 6.05 %
MFC.PR.B Insurance Straight Quote: 20.37 – 21.10
Spot Rate : 0.7300
Average : 0.5557

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 20.37
Evaluated at bid price : 20.37
Bid-YTW : 5.75 %
Market Action

June 20, 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 0.4073 % 2,272.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.4073 % 4,423.1
Floater 7.03 % 7.03 % 58,007 12.56 2 0.4073 % 2,549.0
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0099 % 3,644.4
SplitShare 4.80 % 4.49 % 68,073 2.52 8 -0.0099 % 4,352.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0099 % 3,395.7
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.0496 % 2,945.9
Perpetual-Discount 5.84 % 5.97 % 42,365 13.85 33 0.0496 % 3,212.4
FixedReset Disc 5.63 % 6.27 % 113,353 12.92 46 -0.0365 % 2,884.7
Insurance Straight 5.80 % 5.86 % 51,466 14.16 20 0.0816 % 3,119.4
FloatingReset 5.67 % 5.76 % 40,363 14.28 3 -0.4246 % 3,640.7
FixedReset Prem 6.08 % 5.20 % 116,521 3.29 12 -0.0226 % 2,607.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0365 % 2,948.7
FixedReset Ins Non 5.18 % 5.82 % 66,756 14.05 14 -0.4579 % 2,974.3
Performance Highlights
Issue Index Change Notes
MFC.PR.K FixedReset Ins Non -2.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-20
Maturity Price : 22.89
Evaluated at bid price : 23.90
Bid-YTW : 5.66 %
MFC.PR.Q FixedReset Ins Non -1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-20
Maturity Price : 23.18
Evaluated at bid price : 24.47
Bid-YTW : 5.69 %
PWF.PR.T FixedReset Disc -1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-20
Maturity Price : 22.34
Evaluated at bid price : 22.95
Bid-YTW : 5.95 %
GWO.PR.N FixedReset Ins Non -1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-20
Maturity Price : 16.56
Evaluated at bid price : 16.56
Bid-YTW : 6.34 %
BIP.PR.E FixedReset Disc -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-20
Maturity Price : 23.23
Evaluated at bid price : 24.50
Bid-YTW : 6.19 %
MFC.PR.J FixedReset Ins Non -1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-20
Maturity Price : 23.33
Evaluated at bid price : 24.75
Bid-YTW : 5.71 %
CCS.PR.C Insurance Straight 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-20
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 5.70 %
PWF.PR.E Perpetual-Discount 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-20
Maturity Price : 23.20
Evaluated at bid price : 23.50
Bid-YTW : 5.94 %
CU.PR.J Perpetual-Discount 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-20
Maturity Price : 20.33
Evaluated at bid price : 20.33
Bid-YTW : 5.91 %
GWO.PR.L Insurance Straight 1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-20
Maturity Price : 23.69
Evaluated at bid price : 24.00
Bid-YTW : 5.90 %
CU.PR.F Perpetual-Discount 3.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-20
Maturity Price : 19.26
Evaluated at bid price : 19.26
Bid-YTW : 5.91 %
Volume Highlights
Issue Index Shares
Traded		 Notes
ENB.PR.T FixedReset Disc 48,067 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-20
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 6.75 %
ENB.PF.E FixedReset Disc 37,355 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-20
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 6.99 %
FTS.PR.M FixedReset Disc 27,859 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-20
Maturity Price : 21.97
Evaluated at bid price : 22.45
Bid-YTW : 6.13 %
CU.PR.E Perpetual-Discount 25,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-20
Maturity Price : 20.97
Evaluated at bid price : 20.97
Bid-YTW : 5.91 %
RY.PR.O Perpetual-Discount 18,971 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-20
Maturity Price : 24.34
Evaluated at bid price : 24.65
Bid-YTW : 5.01 %
TD.PF.A FixedReset Disc 12,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-20
Maturity Price : 22.90
Evaluated at bid price : 24.17
Bid-YTW : 5.34 %
There were 3 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
IFC.PR.F Insurance Straight Quote: 20.90 – 23.87
Spot Rate : 2.9700
Average : 2.4916

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-20
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 6.38 %
CU.PR.C FixedReset Disc Quote: 19.85 – 22.14
Spot Rate : 2.2900
Average : 1.8535

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-20
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 6.81 %
MFC.PR.K FixedReset Ins Non Quote: 23.90 – 24.96
Spot Rate : 1.0600
Average : 0.7398

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-20
Maturity Price : 22.89
Evaluated at bid price : 23.90
Bid-YTW : 5.66 %
IFC.PR.A FixedReset Ins Non Quote: 20.30 – 21.50
Spot Rate : 1.2000
Average : 0.9406

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-20
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 5.84 %
PWF.PR.E Perpetual-Discount Quote: 23.50 – 24.33
Spot Rate : 0.8300
Average : 0.5845

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-20
Maturity Price : 23.20
Evaluated at bid price : 23.50
Bid-YTW : 5.94 %
ELF.PR.H Perpetual-Discount Quote: 23.30 – 23.99
Spot Rate : 0.6900
Average : 0.4612

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-20
Maturity Price : 23.03
Evaluated at bid price : 23.30
Bid-YTW : 6.01 %
Market Action

June 19, 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 -0.2033 % 2,262.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2033 % 4,405.1
Floater 7.06 % 7.09 % 58,498 12.49 2 -0.2033 % 2,538.7
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1733 % 3,644.8
SplitShare 4.80 % 3.47 % 46,427 0.68 8 -0.1733 % 4,352.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1733 % 3,396.1
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.0152 % 2,944.5
Perpetual-Discount 5.84 % 5.99 % 42,783 13.85 33 -0.0152 % 3,210.8
FixedReset Disc 5.63 % 6.29 % 114,236 12.93 46 -0.1693 % 2,885.7
Insurance Straight 5.81 % 5.84 % 51,054 14.16 20 -0.3252 % 3,116.9
FloatingReset 5.64 % 5.74 % 39,737 14.32 3 0.0607 % 3,656.2
FixedReset Prem 6.08 % 5.24 % 117,567 3.29 12 -0.0580 % 2,608.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.1693 % 2,949.8
FixedReset Ins Non 5.16 % 5.83 % 69,105 14.13 14 -0.1694 % 2,988.0
Performance Highlights
Issue Index Change Notes
CU.PR.C FixedReset Disc -9.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-19
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 6.81 %
IFC.PR.F Insurance Straight -7.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-19
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 6.38 %
IFC.PR.A FixedReset Ins Non -5.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-19
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 5.84 %
BN.PR.Z FixedReset Disc -3.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-19
Maturity Price : 21.58
Evaluated at bid price : 21.99
Bid-YTW : 6.79 %
CU.PR.J Perpetual-Discount -2.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-19
Maturity Price : 20.05
Evaluated at bid price : 20.05
Bid-YTW : 5.99 %
ENB.PR.P FixedReset Disc -2.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-19
Maturity Price : 20.01
Evaluated at bid price : 20.01
Bid-YTW : 7.07 %
BN.PR.R FixedReset Disc -1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-19
Maturity Price : 17.84
Evaluated at bid price : 17.84
Bid-YTW : 7.21 %
CU.PR.F Perpetual-Discount -1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-19
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 6.10 %
CU.PR.D Perpetual-Discount -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-19
Maturity Price : 21.08
Evaluated at bid price : 21.08
Bid-YTW : 5.87 %
MFC.PR.B Insurance Straight -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-19
Maturity Price : 20.31
Evaluated at bid price : 20.31
Bid-YTW : 5.76 %
GWO.PR.L Insurance Straight 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-19
Maturity Price : 23.36
Evaluated at bid price : 23.65
Bid-YTW : 5.99 %
ENB.PR.N FixedReset Disc 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-19
Maturity Price : 22.56
Evaluated at bid price : 23.30
Bid-YTW : 6.33 %
GWO.PR.N FixedReset Ins Non 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-19
Maturity Price : 16.75
Evaluated at bid price : 16.75
Bid-YTW : 6.27 %
PWF.PR.T FixedReset Disc 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-19
Maturity Price : 22.54
Evaluated at bid price : 23.30
Bid-YTW : 5.85 %
PWF.PR.Z Perpetual-Discount 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-19
Maturity Price : 21.48
Evaluated at bid price : 21.80
Bid-YTW : 5.99 %
MFC.PR.K FixedReset Ins Non 1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-19
Maturity Price : 23.16
Evaluated at bid price : 24.50
Bid-YTW : 5.50 %
CU.PR.E Perpetual-Discount 1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-19
Maturity Price : 21.07
Evaluated at bid price : 21.07
Bid-YTW : 5.88 %
PWF.PR.P FixedReset Disc 2.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-19
Maturity Price : 17.25
Evaluated at bid price : 17.25
Bid-YTW : 6.54 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TD.PF.D FixedReset Disc 100,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-31
Maturity Price : 25.00
Evaluated at bid price : 25.05
Bid-YTW : 5.26 %
SLF.PR.C Insurance Straight 26,833 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-19
Maturity Price : 20.02
Evaluated at bid price : 20.02
Bid-YTW : 5.58 %
ENB.PR.T FixedReset Disc 19,094 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-19
Maturity Price : 21.36
Evaluated at bid price : 21.36
Bid-YTW : 6.75 %
CM.PR.S FixedReset Prem 16,281 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-19
Maturity Price : 25.35
Evaluated at bid price : 25.35
Bid-YTW : 5.51 %
FFH.PR.H FloatingReset 13,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-19
Maturity Price : 23.92
Evaluated at bid price : 24.20
Bid-YTW : 5.43 %
BN.PF.F FixedReset Disc 13,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-19
Maturity Price : 21.52
Evaluated at bid price : 21.80
Bid-YTW : 6.71 %
There were 2 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
IFC.PR.F Insurance Straight Quote: 20.90 – 23.87
Spot Rate : 2.9700
Average : 1.9670

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-19
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 6.38 %
CU.PR.C FixedReset Disc Quote: 19.85 – 22.15
Spot Rate : 2.3000
Average : 1.3749

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-19
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 6.81 %
CU.PR.F Perpetual-Discount Quote: 18.65 – 21.75
Spot Rate : 3.1000
Average : 2.4354

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-19
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 6.10 %
IFC.PR.A FixedReset Ins Non Quote: 20.30 – 21.40
Spot Rate : 1.1000
Average : 0.6562

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-19
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 5.84 %
ENB.PF.E FixedReset Disc Quote: 20.10 – 21.25
Spot Rate : 1.1500
Average : 0.7175

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-19
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 6.99 %
BN.PR.Z FixedReset Disc Quote: 21.99 – 22.69
Spot Rate : 0.7000
Average : 0.4477

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-19
Maturity Price : 21.58
Evaluated at bid price : 21.99
Bid-YTW : 6.79 %
Market Action

June 18, 2025

The FOMC kept things steady today:

Although swings in net exports have affected the data, recent indicators suggest that economic activity has continued to expand at a solid pace. The unemployment rate remains low, and labor market conditions remain solid. Inflation remains somewhat elevated.

The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. Uncertainty about the economic outlook has diminished but remains elevated. The Committee is attentive to the risks to both sides of its dual mandate.

In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 4-1/4 to 4-1/2 percent. In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage‑backed securities. The Committee is strongly committed to supporting maximum employment and returning inflation to its 2 percent objective.

In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals. The Committee’s assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments.

Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michael S. Barr; Michelle W. Bowman; Susan M. Collins; Lisa D. Cook; Austan D. Goolsbee; Philip N. Jefferson; Adriana D. Kugler; Alberto G. Musalem; Jeffrey R. Schmid; and Christopher J. Waller.



The dotplot (page 4 of the Summary of Economic Projections indicated an overall expectation of the policy rate being about maybe 3.00% in the (post 2027) “longer term”).

PerpetualDiscounts now yield 5.97%, equivalent to 7.76% interest at the standard equivalency factor of 1.3x. Long corporates yielded 4.92% on 2025-6-18. Therefore, the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened slightly (and perhaps spuriously) to 285bp from the 280bp calculated but not reported on 2025-6-11.

I’ll post more about my hiatus eventually. For now, I’m too busy trying to replace things!

I apologize for the formatting of this post. The twelve-year-olds who are in charge of wordpress are helping me with helpful formatting additions to my posts.
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
IndexMean
Current
Yield
(at bid)		Median
YTW		Median
Average
Trading
Value		Median
Mod Dur
(YTW)		IssuesDay’s Perf.Index Value
Ratchet0.00 %0.00 %00.0000.3672 %2,267.6
FixedFloater0.00 %0.00 %00.0000.3672 %4,414.1
Floater7.04 %7.09 %60,38912.5020.3672 %2,543.9
OpRet0.00 %0.00 %00.0000.2382 %3,651.1
SplitShare4.79 %4.40 %67,9672.5380.2382 %4,360.2
Interest-Bearing0.00 %0.00 %00.0000.2382 %3,402.0
Perpetual-Premium0.00 %0.00 %00.000-0.1721 %2,944.9
Perpetual-Discount5.84 %5.97 %44,15613.8633-0.1721 %3,211.3
FixedReset Disc5.62 %6.29 %114,69512.9246-0.0453 %2,890.6
Insurance Straight5.79 %5.87 %51,84814.1420-0.0232 %3,127.1
FloatingReset5.65 %5.71 %41,11914.3630.1063 %3,654.0
FixedReset Prem6.08 %5.10 %115,6133.29120.1065 %2,610.0
FixedReset Bank Non0.00 %0.00 %00.000-0.0453 %2,954.8
FixedReset Ins Non5.15 %5.82 %68,95414.12140.1890 %2,993.1
Performance Highlights
IssueIndexChangeNotes
CU.PR.FPerpetual-Discount-3.81 %YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 18.96 Evaluated at bid price : 18.96 Bid-YTW : 6.00 %
CU.PR.GPerpetual-Discount-2.55 %YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 5.95 %
IFC.PR.FInsurance Straight-2.29 %YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 22.13 Evaluated at bid price : 22.57 Bid-YTW : 5.87 %
GWO.PR.LInsurance Straight-2.09 %YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 23.14 Evaluated at bid price : 23.40 Bid-YTW : 6.05 %
MFC.PR.KFixedReset Ins Non-1.83 %YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 23.01 Evaluated at bid price : 24.15 Bid-YTW : 5.59 %
BIP.PR.FFixedReset Disc-1.69 %YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 23.07 Evaluated at bid price : 24.38 Bid-YTW : 6.14 %
PWF.PR.ZPerpetual-Discount-1.60 %YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 6.09 %
IFC.PR.IInsurance Straight-1.50 %YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 22.60 Evaluated at bid price : 23.00 Bid-YTW : 5.88 %
BIP.PR.EFixedReset Disc-1.29 %YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 23.24 Evaluated at bid price : 24.53 Bid-YTW : 6.18 %
CU.PR.EPerpetual-Discount-1.28 %YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 5.97 %
GWO.PR.IInsurance Straight1.19 %YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 19.48 Evaluated at bid price : 19.48 Bid-YTW : 5.80 %
CU.PR.DPerpetual-Discount1.38 %YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 21.35 Evaluated at bid price : 21.35 Bid-YTW : 5.80 %
MFC.PR.BInsurance Straight1.43 %YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 20.54 Evaluated at bid price : 20.54 Bid-YTW : 5.70 %
IFC.PR.EInsurance Straight1.44 %YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 22.96 Evaluated at bid price : 23.25 Bid-YTW : 5.60 %
SLF.PR.HFixedReset Ins Non1.59 %YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 21.15 Evaluated at bid price : 21.15 Bid-YTW : 5.89 %
GWO.PR.HInsurance Straight1.62 %YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 20.73 Evaluated at bid price : 20.73 Bid-YTW : 5.88 %
MFC.PR.MFixedReset Ins Non1.94 %YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 22.38 Evaluated at bid price : 23.14 Bid-YTW : 5.82 %
BN.PR.RFixedReset Disc2.02 %YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 18.20 Evaluated at bid price : 18.20 Bid-YTW : 7.07 %
CU.PR.JPerpetual-Discount2.54 %YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 20.56 Evaluated at bid price : 20.56 Bid-YTW : 5.84 %
SLF.PR.GFixedReset Ins Non2.56 %YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 18.05 Evaluated at bid price : 18.05 Bid-YTW : 6.10 %
Volume Highlights
IssueIndexShares
Traded		Notes
MFC.PR.QFixedReset Ins Non40,400YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 23.26 Evaluated at bid price : 24.68 Bid-YTW : 5.64 %
IFC.PR.AFixedReset Ins Non40,205YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 21.38 Evaluated at bid price : 21.38 Bid-YTW : 5.54 %
PWF.PR.KPerpetual-Discount35,363YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 5.99 %
MFC.PR.FFixedReset Ins Non18,472YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 6.10 %
FTS.PR.KFixedReset Disc13,800YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 21.59 Evaluated at bid price : 21.85 Bid-YTW : 5.91 %
PWF.PF.APerpetual-Discount13,800YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 19.27 Evaluated at bid price : 19.27 Bid-YTW : 5.94 %
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.
IssueIndexQuote Data and Yield Notes
CU.PR.EPerpetual-DiscountQuote: 20.75 – 23.54 Spot Rate : 2.7900 Average : 1.6380 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 5.97 %
CU.PR.FPerpetual-DiscountQuote: 18.96 – 21.75 Spot Rate : 2.7900 Average : 1.7067 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 18.96 Evaluated at bid price : 18.96 Bid-YTW : 6.00 %
GWO.PR.LInsurance StraightQuote: 23.40 – 25.00 Spot Rate : 1.6000 Average : 0.9310 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 23.14 Evaluated at bid price : 23.40 Bid-YTW : 6.05 %
IFC.PR.FInsurance StraightQuote: 22.57 – 23.87 Spot Rate : 1.3000 Average : 0.8673 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 22.13 Evaluated at bid price : 22.57 Bid-YTW : 5.87 %
GWO.PR.YInsurance StraightQuote: 19.30 – 21.00 Spot Rate : 1.7000 Average : 1.3066 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 5.86 %
CU.PR.GPerpetual-DiscountQuote: 19.10 – 20.20 Spot Rate : 1.1000 Average : 0.7137 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 5.95 %

Market Action

June 17, 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 -0.1629 % 2,259.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.1629 % 4,398.0
Floater 7.07 % 7.11 % 74,138 12.47 2 -0.1629 % 2,534.6
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1784 % 3,642.4
SplitShare 4.80 % 4.47 % 70,763 2.53 8 -0.1784 % 4,349.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1784 % 3,393.9
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.2663 % 2,950.0
Perpetual-Discount 5.83 % 5.97 % 43,232 13.87 33 -0.2663 % 3,216.8
FixedReset Disc 5.62 % 6.17 % 116,409 12.94 46 0.0394 % 2,891.9
Insurance Straight 5.79 % 5.84 % 52,028 14.18 20 0.0070 % 3,127.8
FloatingReset 5.65 % 5.72 % 41,675 14.34 3 -0.1214 % 3,650.1
FixedReset Prem 6.08 % 5.26 % 115,495 3.05 12 -0.0484 % 2,607.2
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0394 % 2,956.2
FixedReset Ins Non 5.16 % 5.85 % 68,566 14.16 14 0.4569 % 2,987.4
Performance Highlights
Issue Index Change Notes
FTS.PR.J Perpetual-Discount -2.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-17
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 5.77 %
PWF.PR.E Perpetual-Discount -1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-17
Maturity Price : 22.84
Evaluated at bid price : 23.12
Bid-YTW : 6.03 %
MFC.PR.B Insurance Straight -1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-17
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 5.78 %
CU.PR.G Perpetual-Discount -1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-17
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 5.80 %
CU.PR.F Perpetual-Discount -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-17
Maturity Price : 19.71
Evaluated at bid price : 19.71
Bid-YTW : 5.77 %
GWO.PR.N FixedReset Ins Non 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-17
Maturity Price : 16.68
Evaluated at bid price : 16.68
Bid-YTW : 6.30 %
BN.PR.T FixedReset Disc 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-17
Maturity Price : 18.52
Evaluated at bid price : 18.52
Bid-YTW : 6.92 %
GWO.PR.M Insurance Straight 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-17
Maturity Price : 24.00
Evaluated at bid price : 24.25
Bid-YTW : 6.00 %
IFC.PR.I Insurance Straight 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-17
Maturity Price : 22.90
Evaluated at bid price : 23.35
Bid-YTW : 5.78 %
PWF.PR.L Perpetual-Discount 1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-17
Maturity Price : 21.33
Evaluated at bid price : 21.60
Bid-YTW : 5.99 %
MFC.PR.J FixedReset Ins Non 2.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-17
Maturity Price : 23.45
Evaluated at bid price : 25.07
Bid-YTW : 5.62 %
MFC.PR.L FixedReset Ins Non 2.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-17
Maturity Price : 22.59
Evaluated at bid price : 23.45
Bid-YTW : 5.63 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CM.PR.Q FixedReset Disc 220,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-31
Maturity Price : 25.00
Evaluated at bid price : 25.04
Bid-YTW : 5.24 %
CU.PR.E Perpetual-Discount 75,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-17
Maturity Price : 21.02
Evaluated at bid price : 21.02
Bid-YTW : 5.89 %
TD.PF.D FixedReset Disc 50,700 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-31
Maturity Price : 25.00
Evaluated at bid price : 25.05
Bid-YTW : 5.02 %
MFC.PR.Q FixedReset Ins Non 41,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-17
Maturity Price : 23.27
Evaluated at bid price : 24.71
Bid-YTW : 5.63 %
BIP.PR.A FixedReset Disc 31,600 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-30
Maturity Price : 25.00
Evaluated at bid price : 24.97
Bid-YTW : 5.64 %
PWF.PR.H Perpetual-Discount 31,220 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-17
Maturity Price : 23.95
Evaluated at bid price : 24.20
Bid-YTW : 6.03 %
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
PWF.PR.P FixedReset Disc Quote: 16.75 – 17.90
Spot Rate : 1.1500
Average : 0.8612

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-17
Maturity Price : 16.75
Evaluated at bid price : 16.75
Bid-YTW : 6.73 %
IFC.PR.G FixedReset Ins Non Quote: 24.40 – 25.00
Spot Rate : 0.6000
Average : 0.3756

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-17
Maturity Price : 23.15
Evaluated at bid price : 24.40
Bid-YTW : 5.71 %
CU.PR.H Perpetual-Discount Quote: 23.02 – 23.83
Spot Rate : 0.8100
Average : 0.5967

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-17
Maturity Price : 22.73
Evaluated at bid price : 23.02
Bid-YTW : 5.74 %
SLF.PR.G FixedReset Ins Non Quote: 17.60 – 18.30
Spot Rate : 0.7000
Average : 0.5114

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-17
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 6.25 %
MFC.PR.F FixedReset Ins Non Quote: 17.45 – 18.50
Spot Rate : 1.0500
Average : 0.8788

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-17
Maturity Price : 17.45
Evaluated at bid price : 17.45
Bid-YTW : 6.11 %
TD.PF.I FixedReset Prem Quote: 26.05 – 26.47
Spot Rate : 0.4200
Average : 0.2578

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 26.05
Bid-YTW : 4.81 %