Category: Market Action

Market Action

July 7, 2025

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

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

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

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

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

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

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

July 4, 2025

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

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

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

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

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

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

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

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

July 3, 2025

Alas, no new high on TXPR today!

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

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

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

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

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

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

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

July 2, 2025

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

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

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

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

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

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

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

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

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

June 30, 2025

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

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

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

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

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

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

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

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

June 27, 2025

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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