Category: Market Action

Market Action

July 16, 2025

Another new high for the TXPR price index today. Yawn. A high of 669.04 vs. the previous mark of 668.41 set July 15, 2025.

PerpetualDiscounts now yield 5.89%, equivalent to 7.66% interest at the standard conversion factor of 1.3x. Long corporates now yield 5.10%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now 255bp, a significant narrowing from the 275bp reported July 2.

Sorry this is late! I was busy yesterday evening!

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	-0.7865 %	2,325.6
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.7865 %	4,527.2
Floater	6.87 %	6.90 %	49,313	12.67	2	-0.7865 %	2,609.0
OpRet	0.00 %	0.00 %	0	0.00	0	0.1522 %	3,668.9
SplitShare	4.77 %	4.47 %	59,796	2.45	7	0.1522 %	4,381.4
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1522 %	3,418.5
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	0.0435 %	2,981.6
Perpetual-Discount	5.77 %	5.89 %	46,724	14.10	32	0.0435 %	3,251.3
FixedReset Disc	5.65 %	6.27 %	119,305	13.17	40	-0.1276 %	2,973.1
Insurance Straight	5.70 %	5.79 %	52,216	14.23	19	-0.5266 %	3,178.7
FloatingReset	5.54 %	5.35 %	40,240	14.88	2	-0.3563 %	3,675.3
FixedReset Prem	5.74 %	5.03 %	117,245	2.61	16	0.1165 %	2,625.6
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	-0.1276 %	3,039.1
FixedReset Ins Non	5.24 %	5.56 %	66,207	14.17	14	0.2388 %	3,052.0

Performance Highlights
Issue	Index	Change	Notes
IFC.PR.I	Insurance Straight	-10.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 6.38 %
FFH.PR.G	FixedReset Disc	-3.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 22.58 Evaluated at bid price : 23.60 Bid-YTW : 5.89 %
CU.PR.J	Perpetual-Discount	-2.96 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.03 %
GWO.PR.I	Insurance Straight	-2.81 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 19.05 Evaluated at bid price : 19.05 Bid-YTW : 5.97 %
BN.PF.B	FixedReset Disc	-2.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 22.12 Evaluated at bid price : 22.60 Bid-YTW : 6.45 %
SLF.PR.H	FixedReset Ins Non	-1.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 21.15 Evaluated at bid price : 21.15 Bid-YTW : 5.99 %
BN.PR.B	Floater	-1.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 12.53 Evaluated at bid price : 12.53 Bid-YTW : 7.00 %
ENB.PR.F	FixedReset Disc	-1.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 20.40 Evaluated at bid price : 20.40 Bid-YTW : 6.92 %
SLF.PR.J	FloatingReset	-1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 17.40 Evaluated at bid price : 17.40 Bid-YTW : 5.91 %
ENB.PR.Y	FixedReset Disc	-1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 19.64 Evaluated at bid price : 19.64 Bid-YTW : 6.98 %
FFH.PR.K	FixedReset Disc	1.00 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2027-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.20 Bid-YTW : 4.72 %
NA.PR.I	FixedReset Prem	1.15 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-05-01 Maturity Price : 25.00 Evaluated at bid price : 26.30 Bid-YTW : 5.65 %
BN.PR.Z	FixedReset Disc	1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 22.82 Evaluated at bid price : 23.52 Bid-YTW : 6.43 %
SLF.PR.E	Insurance Straight	1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 5.41 %
CU.PR.F	Perpetual-Discount	1.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 20.05 Evaluated at bid price : 20.05 Bid-YTW : 5.70 %
MFC.PR.L	FixedReset Ins Non	3.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 23.03 Evaluated at bid price : 24.40 Bid-YTW : 5.46 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BN.PF.I	FixedReset Prem	125,270	YTW SCENARIO Maturity Type : Call Maturity Date : 2027-03-31 Maturity Price : 25.00 Evaluated at bid price : 24.90 Bid-YTW : 5.82 %
TD.PF.A	FixedReset Disc	106,150	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 23.09 Evaluated at bid price : 24.64 Bid-YTW : 5.21 %
TD.PF.D	FixedReset Prem	92,720	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-08-30 Maturity Price : 25.00 Evaluated at bid price : 24.96 Bid-YTW : 5.24 %
SLF.PR.G	FixedReset Ins Non	77,390	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 18.57 Evaluated at bid price : 18.57 Bid-YTW : 5.96 %
SLF.PR.E	Insurance Straight	76,599	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 5.41 %
ENB.PF.G	FixedReset Disc	56,987	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 6.85 %
There were 17 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.I	Insurance Straight	Quote: 21.40 – 24.00 Spot Rate : 2.6000 Average : 1.4815 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 6.38 %
PVS.PR.L	SplitShare	Quote: 26.03 – 27.90 Spot Rate : 1.8700 Average : 1.3196 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-06-30 Maturity Price : 25.00 Evaluated at bid price : 26.03 Bid-YTW : 4.72 %
FFH.PR.G	FixedReset Disc	Quote: 23.60 – 24.60 Spot Rate : 1.0000 Average : 0.6013 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 22.58 Evaluated at bid price : 23.60 Bid-YTW : 5.89 %
MFC.PR.K	FixedReset Ins Non	Quote: 25.00 – 26.00 Spot Rate : 1.0000 Average : 0.6377 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 23.35 Evaluated at bid price : 25.00 Bid-YTW : 5.45 %
GWO.PR.I	Insurance Straight	Quote: 19.05 – 19.90 Spot Rate : 0.8500 Average : 0.5552 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 19.05 Evaluated at bid price : 19.05 Bid-YTW : 5.97 %
CU.PR.J	Perpetual-Discount	Quote: 20.00 – 21.10 Spot Rate : 1.1000 Average : 0.8058 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.03 %

Market Action

July 15, 2025

Another new high for the TXPR price index today (this is getting monotonous), as today’s high was 668.41, exceeding the old mark of 668.14 set 2025-7-14.

I found this interesting in view of the fact that bonds got clobbered today – the five year is at 3.14% and the long bond at 3.90%.

The dismal bond results may be due to today’s inflation release:

Canada’s annual inflation rate ticked up to 1.9 per cent in June and underlying price pressures remained sticky, reinforcing expectations that the Bank of Canada will hold off from cutting interest rates this month.

Statistics Canada reported Tuesday that the annual rate rose from 1.7 per cent in May, in line with analysts’ expectations.

The Bank of Canada’s preferred core measures of inflation, which strip out volatility in price changes, continued to hover around three per cent, suggesting that underlying price pressures in the economy remain strong.

The United States, meanwhile, reported that annual headline inflation accelerated to 2.7 per cent in June from 2.4 per cent the previous month. The Canadian and U.S. reports both showed signs that higher tariffs are being passed on to consumers in areas such as clothing and home furnishings.

… and in turn:

Market-based probabilities of a further Bank of Canada rate cut on July 30 have shrunk further in the wake of this morning’s inflation report, the last major economic indicator to be released before the bank’s decision.

Money markets now suggest only about a 6% chance of a quarter-point cut on that day after the bank’s next policy meeting, down from about 15% prior to the CPI report. Those probabilities for a rate cut had already been trending down since a surprisingly strong Canadian employment report for June was released earlier this month.

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	0.9528 %	2,344.1
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.9528 %	4,563.0
Floater	6.81 %	6.88 %	49,137	12.70	2	0.9528 %	2,629.7
OpRet	0.00 %	0.00 %	0	0.00	0	-0.0958 %	3,663.3
SplitShare	4.78 %	4.56 %	57,145	2.45	7	-0.0958 %	4,374.7
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.0958 %	3,413.3
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	0.0351 %	2,980.3
Perpetual-Discount	5.77 %	5.87 %	47,184	14.09	32	0.0351 %	3,249.9
FixedReset Disc	5.65 %	6.23 %	118,768	13.20	40	0.0855 %	2,976.9
Insurance Straight	5.67 %	5.79 %	49,781	14.23	19	0.0096 %	3,195.5
FloatingReset	5.52 %	5.36 %	40,252	14.87	2	4.0277 %	3,688.4
FixedReset Prem	5.74 %	4.94 %	116,973	2.61	16	0.4386 %	2,622.5
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.0855 %	3,043.0
FixedReset Ins Non	5.25 %	5.62 %	64,430	14.11	14	-0.0691 %	3,044.7

Performance Highlights
Issue	Index	Change	Notes
MFC.PR.F	FixedReset Ins Non	-3.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-15 Maturity Price : 17.55 Evaluated at bid price : 17.55 Bid-YTW : 6.21 %
PWF.PR.K	Perpetual-Discount	-1.87 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-15 Maturity Price : 20.95 Evaluated at bid price : 20.95 Bid-YTW : 5.93 %
PWF.PF.A	Perpetual-Discount	-1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-15 Maturity Price : 19.40 Evaluated at bid price : 19.40 Bid-YTW : 5.82 %
BN.PF.G	FixedReset Disc	1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-15 Maturity Price : 21.96 Evaluated at bid price : 22.48 Bid-YTW : 6.51 %
BN.PR.B	Floater	1.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-15 Maturity Price : 12.70 Evaluated at bid price : 12.70 Bid-YTW : 6.90 %
SLF.PR.H	FixedReset Ins Non	1.65 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-15 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 5.90 %
BN.PF.I	FixedReset Prem	5.52 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2027-03-31 Maturity Price : 25.00 Evaluated at bid price : 24.85 Bid-YTW : 5.94 %
SLF.PR.J	FloatingReset	10.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-15 Maturity Price : 17.60 Evaluated at bid price : 17.60 Bid-YTW : 5.84 %

Volume Highlights
Issue	Index	Shares Traded	Notes
CM.PR.Q	FixedReset Disc	128,717	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-08-30 Maturity Price : 25.00 Evaluated at bid price : 24.96 Bid-YTW : 5.52 %
CU.PR.G	Perpetual-Discount	37,200	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-15 Maturity Price : 19.90 Evaluated at bid price : 19.90 Bid-YTW : 5.74 %
GWO.PR.R	Insurance Straight	31,395	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-15 Maturity Price : 20.91 Evaluated at bid price : 20.91 Bid-YTW : 5.80 %
BN.PF.B	FixedReset Disc	30,600	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-15 Maturity Price : 22.42 Evaluated at bid price : 23.10 Bid-YTW : 6.30 %
TD.PF.D	FixedReset Prem	30,100	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-08-30 Maturity Price : 25.00 Evaluated at bid price : 24.97 Bid-YTW : 4.80 %
FFH.PR.G	FixedReset Disc	24,205	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-15 Maturity Price : 23.45 Evaluated at bid price : 24.45 Bid-YTW : 5.68 %
There were 8 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
SLF.PR.E	Insurance Straight	Quote: 20.75 – 22.60 Spot Rate : 1.8500 Average : 1.0855 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-15 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 5.47 %
PVS.PR.L	SplitShare	Quote: 26.01 – 27.01 Spot Rate : 1.0000 Average : 0.7161 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-06-30 Maturity Price : 25.00 Evaluated at bid price : 26.01 Bid-YTW : 4.74 %
BN.PR.N	Perpetual-Discount	Quote: 18.48 – 20.13 Spot Rate : 1.6500 Average : 1.3893 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-15 Maturity Price : 18.48 Evaluated at bid price : 18.48 Bid-YTW : 6.50 %
BN.PR.T	FixedReset Disc	Quote: 19.65 – 21.00 Spot Rate : 1.3500 Average : 1.1287 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-15 Maturity Price : 19.65 Evaluated at bid price : 19.65 Bid-YTW : 6.64 %
MFC.PR.F	FixedReset Ins Non	Quote: 17.55 – 18.50 Spot Rate : 0.9500 Average : 0.7359 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-15 Maturity Price : 17.55 Evaluated at bid price : 17.55 Bid-YTW : 6.21 %
PWF.PR.T	FixedReset Disc	Quote: 22.45 – 24.44 Spot Rate : 1.9900 Average : 1.8196 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-15 Maturity Price : 22.03 Evaluated at bid price : 22.45 Bid-YTW : 6.07 %

Market Action

July 14, 2025

The TXPR price index celebrated Bastille Day with another 52-week high, with today’s high and closing value of 668.14 eclipsing the prior mark of 667.61 set 2025-7-11.

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	-0.2376 %	2,321.9
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.2376 %	4,520.0
Floater	6.88 %	6.91 %	50,839	12.67	2	-0.2376 %	2,604.9
OpRet	0.00 %	0.00 %	0	0.00	0	0.1241 %	3,666.8
SplitShare	4.77 %	4.46 %	57,397	2.46	7	0.1241 %	4,378.9
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1241 %	3,416.6
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	0.3836 %	2,979.3
Perpetual-Discount	5.78 %	5.87 %	46,892	14.08	32	0.3836 %	3,248.7
FixedReset Disc	5.65 %	6.26 %	120,187	13.13	40	0.1836 %	2,974.4
Insurance Straight	5.67 %	5.76 %	50,512	14.27	19	0.1799 %	3,195.2
FloatingReset	5.74 %	5.36 %	39,974	14.86	2	-3.4820 %	3,545.6
FixedReset Prem	5.77 %	5.02 %	118,702	2.99	16	0.1025 %	2,611.1
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.1836 %	3,040.4
FixedReset Ins Non	5.25 %	5.62 %	64,015	14.15	14	0.1982 %	3,046.8

Performance Highlights
Issue	Index	Change	Notes
BN.PR.N	Perpetual-Discount	-8.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 6.56 %
SLF.PR.J	FloatingReset	-8.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 6.43 %
GWO.PR.H	Insurance Straight	-2.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 21.15 Evaluated at bid price : 21.15 Bid-YTW : 5.79 %
BN.PF.B	FixedReset Disc	-1.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 22.37 Evaluated at bid price : 23.01 Bid-YTW : 6.32 %
BN.PR.X	FixedReset Disc	1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 19.19 Evaluated at bid price : 19.19 Bid-YTW : 6.33 %
ENB.PF.C	FixedReset Disc	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 20.86 Evaluated at bid price : 20.86 Bid-YTW : 6.85 %
RY.PR.S	FixedReset Prem	1.16 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-02-24 Maturity Price : 25.00 Evaluated at bid price : 26.16 Bid-YTW : 4.75 %
PWF.PR.L	Perpetual-Discount	1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 21.65 Evaluated at bid price : 21.90 Bid-YTW : 5.83 %
ENB.PR.B	FixedReset Disc	1.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 6.96 %
GWO.PR.T	Insurance Straight	1.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 21.87 Evaluated at bid price : 22.20 Bid-YTW : 5.84 %
PWF.PR.K	Perpetual-Discount	1.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 21.35 Evaluated at bid price : 21.35 Bid-YTW : 5.82 %
FTS.PR.G	FixedReset Disc	1.90 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 22.77 Evaluated at bid price : 23.63 Bid-YTW : 5.72 %
MFC.PR.F	FixedReset Ins Non	3.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 18.10 Evaluated at bid price : 18.10 Bid-YTW : 6.02 %
PWF.PR.F	Perpetual-Discount	3.86 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 22.34 Evaluated at bid price : 22.61 Bid-YTW : 5.81 %
POW.PR.D	Perpetual-Discount	4.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 21.71 Evaluated at bid price : 21.96 Bid-YTW : 5.72 %
CU.PR.G	Perpetual-Discount	5.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 5.71 %
CU.PR.F	Perpetual-Discount	5.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 19.66 Evaluated at bid price : 19.66 Bid-YTW : 5.81 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BMO.PR.Y	FixedReset Disc	79,900	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-08-25 Maturity Price : 25.00 Evaluated at bid price : 25.09 Bid-YTW : 3.52 %
BIP.PR.F	FixedReset Disc	70,500	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 23.24 Evaluated at bid price : 24.79 Bid-YTW : 6.11 %
ENB.PF.K	FixedReset Disc	26,300	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 23.12 Evaluated at bid price : 24.19 Bid-YTW : 6.48 %
CM.PR.Q	FixedReset Disc	20,000	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-08-30 Maturity Price : 25.00 Evaluated at bid price : 24.96 Bid-YTW : 5.40 %
PWF.PR.G	Perpetual-Discount	19,100	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 24.34 Evaluated at bid price : 24.65 Bid-YTW : 5.99 %
BN.PR.X	FixedReset Disc	12,400	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 19.19 Evaluated at bid price : 19.19 Bid-YTW : 6.33 %
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
SLF.PR.J	FloatingReset	Quote: 16.00 – 17.78 Spot Rate : 1.7800 Average : 1.0242 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 6.43 %
BN.PR.N	Perpetual-Discount	Quote: 18.30 – 20.15 Spot Rate : 1.8500 Average : 1.1036 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 6.56 %
GWO.PR.H	Insurance Straight	Quote: 21.15 – 22.50 Spot Rate : 1.3500 Average : 0.8564 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 21.15 Evaluated at bid price : 21.15 Bid-YTW : 5.79 %
PWF.PR.T	FixedReset Disc	Quote: 22.35 – 24.42 Spot Rate : 2.0700 Average : 1.6329 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 21.96 Evaluated at bid price : 22.35 Bid-YTW : 6.10 %
BN.PR.T	FixedReset Disc	Quote: 19.72 – 20.95 Spot Rate : 1.2300 Average : 0.8861 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 19.72 Evaluated at bid price : 19.72 Bid-YTW : 6.62 %
PWF.PR.E	Perpetual-Discount	Quote: 23.62 – 24.70 Spot Rate : 1.0800 Average : 0.7559 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-14 Maturity Price : 23.33 Evaluated at bid price : 23.62 Bid-YTW : 5.83 %

Market Action

July 11, 2025

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

And five-year Canadas are now at 3.03%

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	-0.4338 %	2,327.5
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.4338 %	4,530.7
Floater	6.86 %	6.87 %	51,473	12.73	2	-0.4338 %	2,611.1
OpRet	0.00 %	0.00 %	0	0.00	0	-0.2644 %	3,662.2
SplitShare	4.78 %	4.56 %	59,558	2.47	7	-0.2644 %	4,373.5
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.2644 %	3,412.4
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	-0.4772 %	2,967.9
Perpetual-Discount	5.80 %	5.90 %	46,432	14.08	32	-0.4772 %	3,236.3
FixedReset Disc	5.66 %	6.25 %	120,559	13.18	40	-0.0523 %	2,968.9
Insurance Straight	5.68 %	5.78 %	52,301	14.26	19	0.3852 %	3,189.4
FloatingReset	5.54 %	5.37 %	40,568	14.86	2	1.2069 %	3,673.5
FixedReset Prem	5.77 %	5.10 %	122,585	3.00	16	-0.4154 %	2,608.4
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	-0.0523 %	3,034.8
FixedReset Ins Non	5.26 %	5.67 %	66,596	14.07	14	0.2302 %	3,040.8

Performance Highlights
Issue	Index	Change	Notes
PWF.PR.T	FixedReset Disc	-7.84 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 21.96 Evaluated at bid price : 22.35 Bid-YTW : 6.10 %
CU.PR.F	Perpetual-Discount	-6.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 18.65 Evaluated at bid price : 18.65 Bid-YTW : 6.13 %
CU.PR.G	Perpetual-Discount	-5.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 18.99 Evaluated at bid price : 18.99 Bid-YTW : 6.01 %
BN.PF.I	FixedReset Prem	-4.93 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 23.16 Evaluated at bid price : 23.55 Bid-YTW : 7.17 %
POW.PR.D	Perpetual-Discount	-4.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 5.98 %
ELF.PR.F	Perpetual-Discount	-4.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 21.75 Evaluated at bid price : 22.00 Bid-YTW : 6.05 %
PWF.PR.F	Perpetual-Discount	-3.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 21.51 Evaluated at bid price : 21.77 Bid-YTW : 6.04 %
GWO.PR.T	Insurance Straight	-1.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 21.54 Evaluated at bid price : 21.85 Bid-YTW : 5.93 %
PVS.PR.L	SplitShare	-1.40 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-06-30 Maturity Price : 25.00 Evaluated at bid price : 26.01 Bid-YTW : 4.73 %
BN.PR.B	Floater	-1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 12.50 Evaluated at bid price : 12.50 Bid-YTW : 7.01 %
BN.PR.N	Perpetual-Discount	1.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 5.99 %
BN.PF.B	FixedReset Disc	1.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 22.55 Evaluated at bid price : 23.33 Bid-YTW : 6.22 %
BN.PF.D	Perpetual-Discount	1.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 20.60 Evaluated at bid price : 20.60 Bid-YTW : 6.00 %
GWO.PR.R	Insurance Straight	1.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 20.91 Evaluated at bid price : 20.91 Bid-YTW : 5.79 %
CU.PR.D	Perpetual-Discount	1.98 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 21.13 Evaluated at bid price : 21.13 Bid-YTW : 5.88 %
GWO.PR.H	Insurance Straight	2.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 21.33 Evaluated at bid price : 21.60 Bid-YTW : 5.65 %
MFC.PR.J	FixedReset Ins Non	2.65 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2028-03-19 Maturity Price : 25.00 Evaluated at bid price : 25.61 Bid-YTW : 5.36 %
SLF.PR.J	FloatingReset	2.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 17.48 Evaluated at bid price : 17.48 Bid-YTW : 5.88 %
CU.PR.J	Perpetual-Discount	3.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 20.70 Evaluated at bid price : 20.70 Bid-YTW : 5.82 %
GWO.PR.M	Insurance Straight	7.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 24.35 Evaluated at bid price : 24.66 Bid-YTW : 5.92 %

Volume Highlights
Issue	Index	Shares Traded	Notes
CM.PR.Q	FixedReset Disc	500,200	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-08-30 Maturity Price : 25.00 Evaluated at bid price : 24.96 Bid-YTW : 5.07 %
BMO.PR.Y	FixedReset Disc	245,000	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-08-25 Maturity Price : 25.00 Evaluated at bid price : 25.09 Bid-YTW : 3.28 %
BN.PF.G	FixedReset Disc	76,945	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 21.89 Evaluated at bid price : 22.37 Bid-YTW : 6.53 %
ENB.PR.P	FixedReset Disc	63,410	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 21.43 Evaluated at bid price : 21.43 Bid-YTW : 6.68 %
CU.PR.I	FixedReset Prem	32,901	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-01 Maturity Price : 25.00 Evaluated at bid price : 25.10 Bid-YTW : 4.75 %
BN.PF.A	FixedReset Disc	21,008	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 23.28 Evaluated at bid price : 24.82 Bid-YTW : 6.14 %
There were 4 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue	Index	Quote Data and Yield Notes
CU.PR.F	Perpetual-Discount	Quote: 18.65 – 21.75 Spot Rate : 3.1000 Average : 1.8747 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 18.65 Evaluated at bid price : 18.65 Bid-YTW : 6.13 %
ENB.PR.D	FixedReset Disc	Quote: 20.33 – 22.98 Spot Rate : 2.6500 Average : 1.5041 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 20.33 Evaluated at bid price : 20.33 Bid-YTW : 6.77 %
PWF.PR.T	FixedReset Disc	Quote: 22.35 – 24.39 Spot Rate : 2.0400 Average : 1.1536 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 21.96 Evaluated at bid price : 22.35 Bid-YTW : 6.10 %
BN.PF.I	FixedReset Prem	Quote: 23.55 – 25.00 Spot Rate : 1.4500 Average : 0.8403 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 23.16 Evaluated at bid price : 23.55 Bid-YTW : 7.17 %
MFC.PR.M	FixedReset Ins Non	Quote: 21.15 – 24.70 Spot Rate : 3.5500 Average : 2.9437 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 21.15 Evaluated at bid price : 21.15 Bid-YTW : 6.51 %
CU.PR.G	Perpetual-Discount	Quote: 18.99 – 20.22 Spot Rate : 1.2300 Average : 0.7286 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-11 Maturity Price : 18.99 Evaluated at bid price : 18.99 Bid-YTW : 6.01 %

Market Action

July 10, 2025

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

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

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

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

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

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	-0.1575 %	2,337.6
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.1575 %	4,550.5
Floater	6.83 %	6.89 %	52,193	12.70	2	-0.1575 %	2,622.5
OpRet	0.00 %	0.00 %	0	0.00	0	0.2255 %	3,672.0
SplitShare	4.77 %	4.43 %	60,205	0.62	7	0.2255 %	4,385.1
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.2255 %	3,421.4
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	-0.5110 %	2,982.1
Perpetual-Discount	5.77 %	5.88 %	46,557	14.09	32	-0.5110 %	3,251.8
FixedReset Disc	5.66 %	6.19 %	118,150	13.24	40	0.0646 %	2,970.5
Insurance Straight	5.70 %	5.75 %	50,814	14.30	19	-0.0626 %	3,177.2
FloatingReset	5.61 %	5.37 %	42,211	14.86	2	-1.0981 %	3,629.7
FixedReset Prem	5.75 %	5.04 %	123,760	2.63	16	-0.2036 %	2,619.3
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.0646 %	3,036.4
FixedReset Ins Non	5.27 %	5.62 %	65,977	14.15	14	-1.1905 %	3,033.8

Performance Highlights
Issue	Index	Change	Notes
MFC.PR.M	FixedReset Ins Non	-13.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 21.15 Evaluated at bid price : 21.15 Bid-YTW : 6.44 %
GWO.PR.M	Insurance Straight	-7.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 22.66 Evaluated at bid price : 22.90 Bid-YTW : 6.38 %
MFC.PR.F	FixedReset Ins Non	-3.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 17.55 Evaluated at bid price : 17.55 Bid-YTW : 6.09 %
CU.PR.J	Perpetual-Discount	-3.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 20.05 Evaluated at bid price : 20.05 Bid-YTW : 6.01 %
SLF.PR.J	FloatingReset	-2.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 6.04 %
CU.PR.D	Perpetual-Discount	-2.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 20.72 Evaluated at bid price : 20.72 Bid-YTW : 6.00 %
PWF.PR.P	FixedReset Disc	-2.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 17.61 Evaluated at bid price : 17.61 Bid-YTW : 6.36 %
PWF.PR.K	Perpetual-Discount	-1.86 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 20.84 Evaluated at bid price : 20.84 Bid-YTW : 5.96 %
GWO.PR.R	Insurance Straight	-1.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 20.53 Evaluated at bid price : 20.53 Bid-YTW : 5.90 %
BN.PR.N	Perpetual-Discount	-1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 19.73 Evaluated at bid price : 19.73 Bid-YTW : 6.08 %
PWF.PR.Z	Perpetual-Discount	1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 21.67 Evaluated at bid price : 22.00 Bid-YTW : 5.85 %
PWF.PR.E	Perpetual-Discount	1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 23.20 Evaluated at bid price : 23.50 Bid-YTW : 5.85 %
BN.PR.X	FixedReset Disc	1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 19.09 Evaluated at bid price : 19.09 Bid-YTW : 6.27 %
BN.PF.B	FixedReset Disc	1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 22.36 Evaluated at bid price : 23.00 Bid-YTW : 6.25 %
BN.PR.M	Perpetual-Discount	1.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 20.03 Evaluated at bid price : 20.03 Bid-YTW : 5.98 %
GWO.PR.P	Insurance Straight	1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 23.25 Evaluated at bid price : 23.55 Bid-YTW : 5.77 %
PWF.PR.R	Perpetual-Discount	1.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 23.03 Evaluated at bid price : 23.30 Bid-YTW : 5.91 %
PVS.PR.L	SplitShare	2.05 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-08-09 Maturity Price : 26.00 Evaluated at bid price : 26.38 Bid-YTW : -6.50 %
ENB.PR.H	FixedReset Disc	2.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 21.41 Evaluated at bid price : 21.75 Bid-YTW : 6.17 %
SLF.PR.D	Insurance Straight	2.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 5.46 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BN.PF.A	FixedReset Disc	147,402	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 23.24 Evaluated at bid price : 24.72 Bid-YTW : 6.10 %
TD.PF.D	FixedReset Prem	142,500	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-08-30 Maturity Price : 25.00 Evaluated at bid price : 24.95 Bid-YTW : 4.87 %
GWO.PR.N	FixedReset Ins Non	107,300	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 17.58 Evaluated at bid price : 17.58 Bid-YTW : 5.99 %
ENB.PF.G	FixedReset Disc	53,500	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 20.90 Evaluated at bid price : 20.90 Bid-YTW : 6.80 %
ENB.PF.C	FixedReset Disc	38,900	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 20.77 Evaluated at bid price : 20.77 Bid-YTW : 6.81 %
BMO.PR.Y	FixedReset Disc	27,400	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-08-25 Maturity Price : 25.00 Evaluated at bid price : 25.10 Bid-YTW : 2.89 %
There were 13 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue	Index	Quote Data and Yield Notes
MFC.PR.M	FixedReset Ins Non	Quote: 21.15 – 24.70 Spot Rate : 3.5500 Average : 2.2789 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 21.15 Evaluated at bid price : 21.15 Bid-YTW : 6.44 %
GWO.PR.M	Insurance Straight	Quote: 22.90 – 24.80 Spot Rate : 1.9000 Average : 1.0520 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 22.66 Evaluated at bid price : 22.90 Bid-YTW : 6.38 %
BN.PR.T	FixedReset Disc	Quote: 19.55 – 21.00 Spot Rate : 1.4500 Average : 0.9248 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 19.55 Evaluated at bid price : 19.55 Bid-YTW : 6.58 %
BN.PF.D	Perpetual-Discount	Quote: 20.30 – 22.00 Spot Rate : 1.7000 Average : 1.3463 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 20.30 Evaluated at bid price : 20.30 Bid-YTW : 6.09 %
CU.PR.J	Perpetual-Discount	Quote: 20.05 – 21.10 Spot Rate : 1.0500 Average : 0.7880 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 20.05 Evaluated at bid price : 20.05 Bid-YTW : 6.01 %
MFC.PR.F	FixedReset Ins Non	Quote: 17.55 – 18.28 Spot Rate : 0.7300 Average : 0.4939 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-10 Maturity Price : 17.55 Evaluated at bid price : 17.55 Bid-YTW : 6.09 %

Market Action

July 9, 2025

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

There is startling news from the OSC:

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

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

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	1.0342 %	2,341.3
FixedFloater	0.00 %	0.00 %	0	0.00	0	1.0342 %	4,557.7
Floater	6.82 %	6.89 %	54,011	12.70	2	1.0342 %	2,626.6
OpRet	0.00 %	0.00 %	0	0.00	0	-0.1632 %	3,663.7
SplitShare	4.78 %	4.39 %	59,853	2.47	7	-0.1632 %	4,375.2
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.1632 %	3,413.7
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	0.1076 %	2,997.4
Perpetual-Discount	5.74 %	5.88 %	44,297	14.04	32	0.1076 %	3,268.5
FixedReset Disc	5.66 %	6.23 %	114,033	13.17	40	0.2567 %	2,968.5
Insurance Straight	5.70 %	5.78 %	47,864	14.25	19	0.2895 %	3,179.2
FloatingReset	5.54 %	5.37 %	42,072	14.86	2	0.0717 %	3,670.0
FixedReset Prem	5.74 %	5.12 %	125,272	3.00	16	-0.0703 %	2,624.6
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.2567 %	3,034.4
FixedReset Ins Non	5.21 %	5.60 %	63,782	14.25	14	0.8454 %	3,070.4

Performance Highlights
Issue	Index	Change	Notes
MFC.PR.L	FixedReset Ins Non	-2.88 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-09 Maturity Price : 22.67 Evaluated at bid price : 23.60 Bid-YTW : 5.60 %
ENB.PR.H	FixedReset Disc	-2.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-09 Maturity Price : 21.20 Evaluated at bid price : 21.20 Bid-YTW : 6.35 %
MFC.PR.J	FixedReset Ins Non	-1.96 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-09 Maturity Price : 23.42 Evaluated at bid price : 24.95 Bid-YTW : 5.67 %
PWF.PR.R	Perpetual-Discount	-1.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-09 Maturity Price : 22.98 Evaluated at bid price : 23.25 Bid-YTW : 6.03 %
SLF.PR.D	Insurance Straight	-1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-09 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 5.61 %
NA.PR.K	FixedReset Prem	-1.06 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-05-01 Maturity Price : 25.00 Evaluated at bid price : 27.90 Bid-YTW : 4.75 %
CU.PR.C	FixedReset Disc	1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-09 Maturity Price : 23.21 Evaluated at bid price : 23.57 Bid-YTW : 5.72 %
ENB.PR.P	FixedReset Disc	1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-09 Maturity Price : 21.35 Evaluated at bid price : 21.35 Bid-YTW : 6.63 %
PWF.PR.P	FixedReset Disc	1.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-09 Maturity Price : 18.15 Evaluated at bid price : 18.15 Bid-YTW : 6.23 %
GWO.PR.R	Insurance Straight	1.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-09 Maturity Price : 20.85 Evaluated at bid price : 20.85 Bid-YTW : 5.81 %
BN.PR.B	Floater	1.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-09 Maturity Price : 12.70 Evaluated at bid price : 12.70 Bid-YTW : 6.89 %
FFH.PR.G	FixedReset Disc	1.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-09 Maturity Price : 23.42 Evaluated at bid price : 24.40 Bid-YTW : 5.61 %
FTS.PR.K	FixedReset Disc	1.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-09 Maturity Price : 22.12 Evaluated at bid price : 22.60 Bid-YTW : 5.71 %
CU.PR.J	Perpetual-Discount	3.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-09 Maturity Price : 20.70 Evaluated at bid price : 20.70 Bid-YTW : 5.82 %
SLF.PR.E	Insurance Straight	3.73 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-09 Maturity Price : 20.85 Evaluated at bid price : 20.85 Bid-YTW : 5.44 %
MFC.PR.M	FixedReset Ins Non	16.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-09 Maturity Price : 23.04 Evaluated at bid price : 24.55 Bid-YTW : 5.45 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BMO.PR.Y	FixedReset Disc	348,400	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-08-25 Maturity Price : 25.00 Evaluated at bid price : 25.09 Bid-YTW : 3.14 %
TD.PF.J	FixedReset Prem	150,600	YTW SCENARIO Maturity Type : Call Maturity Date : 2028-04-30 Maturity Price : 25.00 Evaluated at bid price : 25.70 Bid-YTW : 5.12 %
BN.PF.G	FixedReset Disc	77,600	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-09 Maturity Price : 21.81 Evaluated at bid price : 22.24 Bid-YTW : 6.51 %
FTS.PR.M	FixedReset Disc	39,516	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-09 Maturity Price : 22.48 Evaluated at bid price : 23.30 Bid-YTW : 5.89 %
ENB.PF.G	FixedReset Disc	28,962	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-09 Maturity Price : 20.70 Evaluated at bid price : 20.70 Bid-YTW : 6.86 %
ENB.PF.K	FixedReset Disc	28,400	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-09 Maturity Price : 23.10 Evaluated at bid price : 24.15 Bid-YTW : 6.41 %
There were 14 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue	Index	Quote Data and Yield Notes
ENB.PR.B	FixedReset Disc	Quote: 19.45 – 24.00 Spot Rate : 4.5500 Average : 3.6189 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-09 Maturity Price : 19.45 Evaluated at bid price : 19.45 Bid-YTW : 6.97 %
BN.PF.D	Perpetual-Discount	Quote: 20.30 – 22.00 Spot Rate : 1.7000 Average : 0.9584 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-09 Maturity Price : 20.30 Evaluated at bid price : 20.30 Bid-YTW : 6.09 %
BN.PR.Z	FixedReset Disc	Quote: 23.25 – 25.00 Spot Rate : 1.7500 Average : 1.0222 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-09 Maturity Price : 22.66 Evaluated at bid price : 23.25 Bid-YTW : 6.43 %
MFC.PR.J	FixedReset Ins Non	Quote: 24.95 – 26.50 Spot Rate : 1.5500 Average : 0.9253 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-09 Maturity Price : 23.42 Evaluated at bid price : 24.95 Bid-YTW : 5.67 %
MFC.PR.K	FixedReset Ins Non	Quote: 24.85 – 25.85 Spot Rate : 1.0000 Average : 0.5981 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-09 Maturity Price : 23.30 Evaluated at bid price : 24.85 Bid-YTW : 5.42 %
IFC.PR.C	FixedReset Ins Non	Quote: 24.20 – 25.00 Spot Rate : 0.8000 Average : 0.4893 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-09 Maturity Price : 23.75 Evaluated at bid price : 24.20 Bid-YTW : 5.64 %

Market Action

July 8, 2025

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

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

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	-0.3172 %	2,317.3
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.3172 %	4,511.0
Floater	6.89 %	6.92 %	54,462	12.66	2	-0.3172 %	2,599.7
OpRet	0.00 %	0.00 %	0	0.00	0	0.2709 %	3,669.7
SplitShare	4.77 %	4.09 %	60,511	2.48	7	0.2709 %	4,382.4
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.2709 %	3,419.3
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	0.3310 %	2,994.2
Perpetual-Discount	5.75 %	5.90 %	44,255	14.06	32	0.3310 %	3,265.0
FixedReset Disc	5.68 %	6.22 %	114,621	13.20	40	-0.1293 %	2,960.9
Insurance Straight	5.71 %	5.78 %	48,348	14.26	19	-0.0314 %	3,170.0
FloatingReset	5.55 %	5.37 %	42,705	14.86	2	0.1196 %	3,667.4
FixedReset Prem	5.73 %	5.08 %	121,183	2.63	16	0.0000 %	2,626.5
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	-0.1293 %	3,026.7
FixedReset Ins Non	5.25 %	5.57 %	64,186	14.25	14	0.1637 %	3,044.6

Performance Highlights
Issue	Index	Change	Notes
BN.PR.R	FixedReset Disc	-7.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-08 Maturity Price : 17.84 Evaluated at bid price : 17.84 Bid-YTW : 7.23 %
FFH.PR.G	FixedReset Disc	-2.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-08 Maturity Price : 23.01 Evaluated at bid price : 24.00 Bid-YTW : 5.70 %
IFC.PR.A	FixedReset Ins Non	-1.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-08 Maturity Price : 21.91 Evaluated at bid price : 22.15 Bid-YTW : 5.34 %
GWO.PR.R	Insurance Straight	-1.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-08 Maturity Price : 20.53 Evaluated at bid price : 20.53 Bid-YTW : 5.90 %
IFC.PR.E	Insurance Straight	-1.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-08 Maturity Price : 23.11 Evaluated at bid price : 23.40 Bid-YTW : 5.59 %
SLF.PR.E	Insurance Straight	-1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-08 Maturity Price : 20.10 Evaluated at bid price : 20.10 Bid-YTW : 5.64 %
SLF.PR.G	FixedReset Ins Non	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-08 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 5.90 %
PVS.PR.L	SplitShare	1.10 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.85 Bid-YTW : 4.86 %
MFC.PR.Q	FixedReset Ins Non	1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-08 Maturity Price : 23.49 Evaluated at bid price : 25.29 Bid-YTW : 5.49 %
CU.PR.D	Perpetual-Discount	1.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-08 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 5.85 %
FTS.PR.K	FixedReset Disc	1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-08 Maturity Price : 21.87 Evaluated at bid price : 22.22 Bid-YTW : 5.82 %
SLF.PR.D	Insurance Straight	1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-08 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 5.54 %
BN.PF.E	FixedReset Disc	1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-08 Maturity Price : 20.67 Evaluated at bid price : 20.67 Bid-YTW : 6.61 %
PWF.PR.K	Perpetual-Discount	2.88 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-08 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 5.90 %
MFC.PR.F	FixedReset Ins Non	3.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-08 Maturity Price : 18.15 Evaluated at bid price : 18.15 Bid-YTW : 5.89 %
BN.PR.N	Perpetual-Discount	6.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-08 Maturity Price : 19.84 Evaluated at bid price : 19.84 Bid-YTW : 6.04 %

Volume Highlights
Issue	Index	Shares Traded	Notes
CM.PR.Q	FixedReset Disc	113,900	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-08-30 Maturity Price : 25.00 Evaluated at bid price : 24.95 Bid-YTW : 5.01 %
ENB.PF.K	FixedReset Disc	88,100	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-08 Maturity Price : 23.14 Evaluated at bid price : 24.23 Bid-YTW : 6.39 %
BN.PF.G	FixedReset Disc	53,049	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-08 Maturity Price : 21.79 Evaluated at bid price : 22.22 Bid-YTW : 6.52 %
TD.PF.D	FixedReset Prem	51,171	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-08-30 Maturity Price : 25.00 Evaluated at bid price : 25.14 Bid-YTW : 4.95 %
BN.PR.T	FixedReset Disc	39,656	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-08 Maturity Price : 19.40 Evaluated at bid price : 19.40 Bid-YTW : 6.63 %
RY.PR.N	Perpetual-Discount	32,960	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-08 Maturity Price : 24.67 Evaluated at bid price : 24.93 Bid-YTW : 4.97 %
There were 11 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue	Index	Quote Data and Yield Notes
PWF.PR.P	FixedReset Disc	Quote: 17.89 – 24.68 Spot Rate : 6.7900 Average : 3.6300 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-08 Maturity Price : 17.89 Evaluated at bid price : 17.89 Bid-YTW : 6.31 %
ENB.PR.B	FixedReset Disc	Quote: 19.33 – 24.00 Spot Rate : 4.6700 Average : 2.5981 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-08 Maturity Price : 19.33 Evaluated at bid price : 19.33 Bid-YTW : 7.02 %
BN.PF.F	FixedReset Disc	Quote: 22.60 – 24.85 Spot Rate : 2.2500 Average : 1.2280 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-08 Maturity Price : 22.08 Evaluated at bid price : 22.60 Bid-YTW : 6.48 %
IFC.PR.I	Insurance Straight	Quote: 23.70 – 24.99 Spot Rate : 1.2900 Average : 0.8373 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-08 Maturity Price : 23.33 Evaluated at bid price : 23.70 Bid-YTW : 5.72 %
PWF.PR.E	Perpetual-Discount	Quote: 23.60 – 24.63 Spot Rate : 1.0300 Average : 0.6192 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-08 Maturity Price : 23.32 Evaluated at bid price : 23.60 Bid-YTW : 5.93 %
BN.PR.R	FixedReset Disc	Quote: 17.84 – 19.80 Spot Rate : 1.9600 Average : 1.6248 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-08 Maturity Price : 17.84 Evaluated at bid price : 17.84 Bid-YTW : 7.23 %

Market Action

July 7, 2025

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	0.6786 %	2,324.7
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.6786 %	4,525.4
Floater	6.87 %	6.92 %	55,146	12.67	2	0.6786 %	2,608.0
OpRet	0.00 %	0.00 %	0	0.00	0	-0.1634 %	3,659.8
SplitShare	4.78 %	4.36 %	58,010	2.48	7	-0.1634 %	4,370.5
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.1634 %	3,410.1
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	-0.2351 %	2,984.3
Perpetual-Discount	5.77 %	5.90 %	45,310	14.04	32	-0.2351 %	3,254.3
FixedReset Disc	5.67 %	6.24 %	114,775	13.20	40	0.3725 %	2,964.8
Insurance Straight	5.71 %	5.78 %	49,482	14.26	19	-0.3078 %	3,171.0
FloatingReset	5.55 %	5.40 %	42,914	14.83	2	-0.1671 %	3,663.0
FixedReset Prem	5.73 %	5.08 %	97,901	2.63	16	-0.1717 %	2,626.5
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.3725 %	3,030.6
FixedReset Ins Non	5.26 %	5.57 %	62,813	14.24	14	-0.2105 %	3,039.7

Performance Highlights
Issue	Index	Change	Notes
MFC.PR.M	FixedReset Ins Non	-8.84 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-07 Maturity Price : 21.15 Evaluated at bid price : 21.15 Bid-YTW : 6.44 %
BN.PR.N	Perpetual-Discount	-7.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-07 Maturity Price : 18.60 Evaluated at bid price : 18.60 Bid-YTW : 6.44 %
CU.PR.J	Perpetual-Discount	-2.95 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-07 Maturity Price : 20.05 Evaluated at bid price : 20.05 Bid-YTW : 6.01 %
PWF.PR.K	Perpetual-Discount	-2.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-07 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 6.07 %
GWO.PR.P	Insurance Straight	-2.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-07 Maturity Price : 22.78 Evaluated at bid price : 23.06 Bid-YTW : 5.89 %
MFC.PR.F	FixedReset Ins Non	-2.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-07 Maturity Price : 17.55 Evaluated at bid price : 17.55 Bid-YTW : 6.09 %
GWO.PR.T	Insurance Straight	-1.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-07 Maturity Price : 21.54 Evaluated at bid price : 21.85 Bid-YTW : 5.93 %
SLF.PR.D	Insurance Straight	-1.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-07 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 5.61 %
BN.PF.A	FixedReset Disc	-1.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-07 Maturity Price : 23.05 Evaluated at bid price : 24.25 Bid-YTW : 6.24 %
PVS.PR.L	SplitShare	-1.46 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.57 Bid-YTW : 5.11 %
GWO.PR.S	Insurance Straight	-1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-07 Maturity Price : 22.22 Evaluated at bid price : 22.50 Bid-YTW : 5.87 %
SLF.PR.E	Insurance Straight	-1.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-07 Maturity Price : 20.32 Evaluated at bid price : 20.32 Bid-YTW : 5.58 %
CU.PR.D	Perpetual-Discount	-1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-07 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 5.92 %
SLF.PR.C	Insurance Straight	-1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-07 Maturity Price : 20.41 Evaluated at bid price : 20.41 Bid-YTW : 5.49 %
PWF.PR.L	Perpetual-Discount	1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-07 Maturity Price : 21.89 Evaluated at bid price : 22.13 Bid-YTW : 5.87 %
IFC.PR.A	FixedReset Ins Non	1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-07 Maturity Price : 22.19 Evaluated at bid price : 22.53 Bid-YTW : 5.24 %
MFC.PR.J	FixedReset Ins Non	1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-07 Maturity Price : 23.53 Evaluated at bid price : 25.28 Bid-YTW : 5.57 %
BN.PR.B	Floater	1.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-07 Maturity Price : 12.58 Evaluated at bid price : 12.58 Bid-YTW : 6.95 %
POW.PR.D	Perpetual-Discount	1.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-07 Maturity Price : 21.67 Evaluated at bid price : 21.92 Bid-YTW : 5.72 %
TD.PF.I	FixedReset Prem	2.11 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2027-10-31 Maturity Price : 25.00 Evaluated at bid price : 26.60 Bid-YTW : 3.94 %
ENB.PR.N	FixedReset Disc	2.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-07 Maturity Price : 22.81 Evaluated at bid price : 23.76 Bid-YTW : 6.21 %
MFC.PR.L	FixedReset Ins Non	2.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-07 Maturity Price : 22.97 Evaluated at bid price : 24.25 Bid-YTW : 5.42 %
PWF.PR.T	FixedReset Disc	2.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-07 Maturity Price : 23.03 Evaluated at bid price : 24.30 Bid-YTW : 5.59 %
GWO.PR.I	Insurance Straight	3.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-07 Maturity Price : 19.65 Evaluated at bid price : 19.65 Bid-YTW : 5.77 %
BN.PR.R	FixedReset Disc	8.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-07 Maturity Price : 19.32 Evaluated at bid price : 19.32 Bid-YTW : 6.68 %

Volume Highlights
Issue	Index	Shares Traded	Notes
RY.PR.M	FixedReset Disc	213,000	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-11-24 Maturity Price : 25.00 Evaluated at bid price : 24.89 Bid-YTW : 5.12 %
BN.PR.X	FixedReset Disc	136,000	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-07 Maturity Price : 18.70 Evaluated at bid price : 18.70 Bid-YTW : 6.39 %
BN.PF.G	FixedReset Disc	40,200	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-07 Maturity Price : 21.74 Evaluated at bid price : 22.15 Bid-YTW : 6.54 %
ENB.PF.C	FixedReset Disc	27,100	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-07 Maturity Price : 20.59 Evaluated at bid price : 20.59 Bid-YTW : 6.86 %
TD.PF.D	FixedReset Prem	25,000	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-08-30 Maturity Price : 25.00 Evaluated at bid price : 25.14 Bid-YTW : 4.85 %
ENB.PF.G	FixedReset Disc	23,700	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-07 Maturity Price : 20.59 Evaluated at bid price : 20.59 Bid-YTW : 6.90 %
There were 9 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue	Index	Quote Data and Yield Notes
MFC.PR.M	FixedReset Ins Non	Quote: 21.15 – 24.55 Spot Rate : 3.4000 Average : 2.1963 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-07 Maturity Price : 21.15 Evaluated at bid price : 21.15 Bid-YTW : 6.44 %
CU.PR.D	Perpetual-Discount	Quote: 21.00 – 22.55 Spot Rate : 1.5500 Average : 1.0145 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-07 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 5.92 %
ENB.PF.C	FixedReset Disc	Quote: 20.59 – 22.00 Spot Rate : 1.4100 Average : 0.8936 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-07 Maturity Price : 20.59 Evaluated at bid price : 20.59 Bid-YTW : 6.86 %
BN.PR.N	Perpetual-Discount	Quote: 18.60 – 20.00 Spot Rate : 1.4000 Average : 0.8958 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-07 Maturity Price : 18.60 Evaluated at bid price : 18.60 Bid-YTW : 6.44 %
PVS.PR.L	SplitShare	Quote: 25.57 – 26.99 Spot Rate : 1.4200 Average : 1.0650 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.57 Bid-YTW : 5.11 %
PWF.PR.K	Perpetual-Discount	Quote: 20.80 – 21.60 Spot Rate : 0.8000 Average : 0.4977 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-07 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 6.07 %

PrefBlog

Category: Market Action

July 18, 2025

July 17, 2025

July 16, 2025

July 15, 2025

July 14, 2025

July 11, 2025

July 10, 2025

July 9, 2025

July 8, 2025

July 7, 2025

Archives

Of Interest