Category: Market Action

Market Action

July 23, 2025

Another new 52-week high for the TXPR price index, with today’s high of 674.37 (which was the closing value) exceeding the mark of 673.58 set yesterday.

PerpetualDiscounts now yield 5.82%, equivalent to 7.57% interest at the standard conversion factor of 1.3x. Long corporates now yield 5.07%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now 250bp, a slight (and perhaps spurious) narrowing from the 255bp reported July 16.

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 -0.0786 % 2,344.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.0786 % 4,563.0
Floater 6.81 % 6.90 % 75,976 12.67 2 -0.0786 % 2,629.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.0730 % 3,681.2
SplitShare 4.76 % 4.20 % 55,726 2.44 7 0.0730 % 4,396.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0730 % 3,430.1
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.1508 % 3,002.2
Perpetual-Discount 5.73 % 5.82 % 45,608 14.14 32 0.1508 % 3,273.7
FixedReset Disc 5.59 % 6.26 % 116,248 13.26 40 0.3141 % 3,007.9
Insurance Straight 5.60 % 5.69 % 53,501 14.36 19 -0.0756 % 3,233.0
FloatingReset 5.55 % 5.37 % 41,553 14.84 2 0.5488 % 3,691.9
FixedReset Prem 5.71 % 4.98 % 110,556 2.59 16 0.0628 % 2,635.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.3141 % 3,074.6
FixedReset Ins Non 5.21 % 5.57 % 72,600 14.20 14 0.3187 % 3,071.8
Performance Highlights
Issue Index Change Notes
PWF.PR.F Perpetual-Discount -5.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-23
Maturity Price : 21.38
Evaluated at bid price : 21.65
Bid-YTW : 6.08 %
IFC.PR.I Insurance Straight -4.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-23
Maturity Price : 22.60
Evaluated at bid price : 23.00
Bid-YTW : 5.92 %
RY.PR.M FixedReset Disc -1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-23
Maturity Price : 23.68
Evaluated at bid price : 24.50
Bid-YTW : 5.75 %
GWO.PR.Q Insurance Straight -1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-23
Maturity Price : 22.08
Evaluated at bid price : 22.31
Bid-YTW : 5.82 %
ENB.PR.T FixedReset Disc 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-23
Maturity Price : 22.11
Evaluated at bid price : 22.60
Bid-YTW : 6.45 %
PWF.PR.Z Perpetual-Discount 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-23
Maturity Price : 21.66
Evaluated at bid price : 21.98
Bid-YTW : 5.87 %
MFC.PR.M FixedReset Ins Non 1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-23
Maturity Price : 23.11
Evaluated at bid price : 24.72
Bid-YTW : 5.48 %
MFC.PR.L FixedReset Ins Non 2.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-23
Maturity Price : 22.95
Evaluated at bid price : 24.20
Bid-YTW : 5.52 %
MFC.PR.B Insurance Straight 3.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-23
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 5.50 %
PWF.PR.T FixedReset Disc 6.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-23
Maturity Price : 22.95
Evaluated at bid price : 24.10
Bid-YTW : 5.62 %
CU.PR.F Perpetual-Discount 7.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-23
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.72 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CM.PR.Q FixedReset Disc 244,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-23
Maturity Price : 23.97
Evaluated at bid price : 24.98
Bid-YTW : 5.82 %
ENB.PR.Y FixedReset Disc 151,236 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-23
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.86 %
ENB.PF.K FixedReset Disc 136,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-23
Maturity Price : 23.13
Evaluated at bid price : 24.21
Bid-YTW : 6.48 %
ENB.PF.G FixedReset Disc 104,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-23
Maturity Price : 21.37
Evaluated at bid price : 21.37
Bid-YTW : 6.76 %
TD.PF.D FixedReset Prem 40,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-08-30
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 5.43 %
ENB.PR.T FixedReset Disc 36,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-23
Maturity Price : 22.11
Evaluated at bid price : 22.60
Bid-YTW : 6.45 %
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.B Perpetual-Discount Quote: 23.36 – 24.49
Spot Rate : 1.1300
Average : 0.6775

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-23
Maturity Price : 23.10
Evaluated at bid price : 23.36
Bid-YTW : 5.76 %
PVS.PR.L SplitShare Quote: 26.06 – 27.99
Spot Rate : 1.9300
Average : 1.5169

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-06-30
Maturity Price : 25.00
Evaluated at bid price : 26.06
Bid-YTW : 4.72 %
IFC.PR.A FixedReset Ins Non Quote: 20.30 – 22.57
Spot Rate : 2.2700
Average : 1.8944

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-23
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 5.95 %
BN.PR.T FixedReset Disc Quote: 19.84 – 21.35
Spot Rate : 1.5100
Average : 1.2663

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-23
Maturity Price : 19.84
Evaluated at bid price : 19.84
Bid-YTW : 6.59 %
RY.PR.M FixedReset Disc Quote: 24.50 – 25.25
Spot Rate : 0.7500
Average : 0.5582

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-23
Maturity Price : 23.68
Evaluated at bid price : 24.50
Bid-YTW : 5.75 %
BN.PF.I FixedReset Prem Quote: 25.01 – 25.56
Spot Rate : 0.5500
Average : 0.3757

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.01
Bid-YTW : 5.61 %
Market Action

July 22, 2025

Another new 52-week high for the TXPR price index, as today’s high of 673.58 (the close was 673.35) eclipsed Friday’s mark of 673.26.

Mohamed El-Erian, the former CEO of bond giant PIMCO, thinks Powell should surrender:

“The attacks on Chair Powell are now extending to the whole institution. The longer Powell stays in power, the more that process will continue, fundamentally threatening the independence of the Fed,” Mohamed El-Erian, the former CEO of bond giant PIMCO, told CNN in a phone interview on Tuesday.

El-Erian, elaborating on a post he made on X, acknowledged his view is outside the consensus and “very unpopular.” But he noted that Powell will effectively become a “lame duck” the moment Trump announces a replacement, something that could happen much earlier than in the past, and that Powell leaving now would spare the Fed from months of attacks.

“The first best is that Powell remains until May when his tenure ends and the administration stops attacking the Fed,” he said in the interview. “But that’s not going to happen. We are nowhere near the world of first bests.”
…
Alan Blinder, the former No. 2 official at the Fed, told CNN that he “couldn’t disagree more vehemently” with El-Erian, who he knows and respects.

“This would be like saying when you’re getting bullied, the best thing to do is cave in,” Blinder said during a phone interview. “I’d much rather see – and this is what I expect – Powell to fight this until the end.”

“If Powell steps aside, it creates a terrible precedent for the future,” said Blinder, now an economics professor at Princeton University.

I’m in Blinder’s camp on this one: surrender would mean that all the administration has to do is huff and puff to get what it wants. In the Frozen North, we went through all this in 1961 with the Coyne Affair, which had a similar beginning with a mostly salutary aftermath:

On the positive side, responsibility for monetary policy was clarified—something demanded by Louis Rasminsky as a condition for assuming the governorship, and which was subsequently endorsed by a Royal Commission (the Porter Commission) into the state of banking and finance in Canada. Legislative changes made it clear that the government was ultimately responsible for monetary policy, with the Bank of Canada responsible for the day-to-day conduct of policy. In the event of an irreconcilable policy disagreement, the government would issue a public directive to the Bank—an act which would cause the governor to resign. The Porter Commission also concluded that the controversial pension increase awarded to Coyne was entirely justified. On the negative side, a chill descended over the Bank’s communications strategy. Governor Rasminsky refrained from speaking publicly on economic issues for two years. As well, according to John Crow, governor of the Bank from 1987-94, the “trauma” suffered by the Bank may have dampened its willingness to fight inflation during the 1960s and 1970s when inflationary pressures began to get out of control, and which later became so costly to subdue.

And, of course, Assiduous Readers will remember my piece In this politicized climate, the Bank of Canada needs to be a lot better at communicating!

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 0.4341 % 2,345.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.4341 % 4,566.6
Floater 6.81 % 6.88 % 50,667 12.69 2 0.4341 % 2,631.8
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1290 % 3,678.6
SplitShare 4.76 % 4.24 % 56,499 2.44 7 -0.1290 % 4,393.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1290 % 3,427.6
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.1412 % 2,997.7
Perpetual-Discount 5.74 % 5.82 % 45,865 14.16 32 0.1412 % 3,268.8
FixedReset Disc 5.61 % 6.26 % 117,314 13.25 40 0.2951 % 2,998.4
Insurance Straight 5.60 % 5.68 % 53,409 14.38 19 0.4321 % 3,235.5
FloatingReset 5.58 % 5.38 % 41,541 14.82 2 -0.3329 % 3,671.8
FixedReset Prem 5.72 % 5.09 % 114,710 2.59 16 0.0459 % 2,634.2
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2951 % 3,065.0
FixedReset Ins Non 5.22 % 5.65 % 72,663 14.18 14 -0.7752 % 3,062.1
Performance Highlights
Issue Index Change Notes
IFC.PR.A FixedReset Ins Non -6.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 5.95 %
MFC.PR.L FixedReset Ins Non -3.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 22.72
Evaluated at bid price : 23.70
Bid-YTW : 5.65 %
PWF.PR.Z Perpetual-Discount -1.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 21.39
Evaluated at bid price : 21.70
Bid-YTW : 5.95 %
MFC.PR.B Insurance Straight -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 20.72
Evaluated at bid price : 20.72
Bid-YTW : 5.68 %
PWF.PR.S Perpetual-Discount -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 5.81 %
FTS.PR.J Perpetual-Discount -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 5.70 %
SLF.PR.D Insurance Straight 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 20.92
Evaluated at bid price : 20.92
Bid-YTW : 5.37 %
ENB.PR.N FixedReset Disc 3.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 22.87
Evaluated at bid price : 23.88
Bid-YTW : 6.26 %
IFC.PR.I Insurance Straight 4.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 23.63
Evaluated at bid price : 24.10
Bid-YTW : 5.64 %
PWF.PR.F Perpetual-Discount 5.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 22.55
Evaluated at bid price : 22.80
Bid-YTW : 5.77 %
BN.PR.R FixedReset Disc 8.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 6.63 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TD.PF.D FixedReset Prem 530,578 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-08-30
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 5.29 %
BIP.PR.B FixedReset Prem 222,250 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.12
Bid-YTW : 5.14 %
ENB.PF.K FixedReset Disc 187,159 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 23.12
Evaluated at bid price : 24.19
Bid-YTW : 6.49 %
CM.PR.Q FixedReset Disc 176,486 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 23.96
Evaluated at bid price : 24.97
Bid-YTW : 5.82 %
ENB.PR.T FixedReset Disc 81,350 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 21.94
Evaluated at bid price : 22.35
Bid-YTW : 6.53 %
PWF.PR.P FixedReset Disc 80,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 18.05
Evaluated at bid price : 18.05
Bid-YTW : 6.33 %
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
BN.PF.E FixedReset Disc Quote: 21.07 – 27.00
Spot Rate : 5.9300
Average : 4.6096

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 21.07
Evaluated at bid price : 21.07
Bid-YTW : 6.57 %
IFC.PR.A FixedReset Ins Non Quote: 20.30 – 22.57
Spot Rate : 2.2700
Average : 1.4825

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 5.95 %
BN.PR.T FixedReset Disc Quote: 19.73 – 21.38
Spot Rate : 1.6500
Average : 0.9992

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 19.73
Evaluated at bid price : 19.73
Bid-YTW : 6.62 %
BN.PF.D Perpetual-Discount Quote: 20.41 – 21.90
Spot Rate : 1.4900
Average : 0.9101

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 20.41
Evaluated at bid price : 20.41
Bid-YTW : 6.07 %
MFC.PR.L FixedReset Ins Non Quote: 23.70 – 24.62
Spot Rate : 0.9200
Average : 0.5547

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 22.72
Evaluated at bid price : 23.70
Bid-YTW : 5.65 %
PWF.PR.Z Perpetual-Discount Quote: 21.70 – 22.50
Spot Rate : 0.8000
Average : 0.5309

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 21.39
Evaluated at bid price : 21.70
Bid-YTW : 5.95 %
Market Action

July 21, 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 -0.0394 % 2,335.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.0394 % 4,546.9
Floater 6.84 % 6.88 % 52,637 12.69 2 -0.0394 % 2,620.4
OpRet 0.00 % 0.00 % 0 0.00 0 0.2699 % 3,683.3
SplitShare 4.75 % 3.98 % 56,369 0.59 7 0.2699 % 4,398.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2699 % 3,432.0
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.4508 % 2,993.4
Perpetual-Discount 5.75 % 5.84 % 47,733 14.13 32 0.4508 % 3,264.2
FixedReset Disc 5.62 % 6.30 % 131,338 13.17 40 0.3293 % 2,989.6
Insurance Straight 5.62 % 5.69 % 53,603 14.38 19 0.2786 % 3,221.6
FloatingReset 5.56 % 5.36 % 41,483 14.85 2 -0.0238 % 3,684.0
FixedReset Prem 5.72 % 4.93 % 115,844 2.60 16 0.0895 % 2,633.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.3293 % 3,056.0
FixedReset Ins Non 5.18 % 5.58 % 71,862 14.19 14 -0.1888 % 3,086.0
Performance Highlights
Issue Index Change Notes
ENB.PR.N FixedReset Disc -2.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 22.49
Evaluated at bid price : 23.15
Bid-YTW : 6.48 %
MFC.PR.J FixedReset Ins Non -2.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 23.44
Evaluated at bid price : 25.00
Bid-YTW : 5.73 %
IFC.PR.I Insurance Straight -2.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 22.60
Evaluated at bid price : 23.00
Bid-YTW : 5.91 %
NA.PR.I FixedReset Prem -1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 23.58
Evaluated at bid price : 26.01
Bid-YTW : 5.81 %
IFC.PR.A FixedReset Ins Non -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 21.41
Evaluated at bid price : 21.75
Bid-YTW : 5.52 %
NA.PR.C FixedReset Prem 1.06 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-11-15
Maturity Price : 25.00
Evaluated at bid price : 26.75
Bid-YTW : 3.66 %
ENB.PF.E FixedReset Disc 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 20.82
Evaluated at bid price : 20.82
Bid-YTW : 6.85 %
BN.PF.D Perpetual-Discount 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 20.49
Evaluated at bid price : 20.49
Bid-YTW : 6.05 %
MFC.PR.C Insurance Straight 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.42 %
BN.PF.J FixedReset Disc 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 23.48
Evaluated at bid price : 25.00
Bid-YTW : 6.15 %
BN.PF.F FixedReset Disc 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 22.40
Evaluated at bid price : 23.13
Bid-YTW : 6.40 %
PWF.PR.P FixedReset Disc 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 6.35 %
SLF.PR.C Insurance Straight 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 21.07
Evaluated at bid price : 21.07
Bid-YTW : 5.33 %
CU.PR.C FixedReset Disc 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 23.51
Evaluated at bid price : 23.86
Bid-YTW : 5.74 %
PWF.PR.S Perpetual-Discount 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 21.03
Evaluated at bid price : 21.03
Bid-YTW : 5.74 %
PWF.PF.A Perpetual-Discount 1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 5.70 %
BN.PR.R FixedReset Disc 2.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 18.30
Evaluated at bid price : 18.30
Bid-YTW : 7.17 %
BN.PF.A FixedReset Disc 2.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 23.30
Evaluated at bid price : 24.85
Bid-YTW : 6.15 %
GWO.PR.H Insurance Straight 2.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 21.49
Evaluated at bid price : 21.75
Bid-YTW : 5.62 %
BN.PR.N Perpetual-Discount 8.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.01 %
Volume Highlights
Issue Index Shares
Traded		 Notes
FFH.PR.I FixedReset Disc 146,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 24.00
Evaluated at bid price : 24.68
Bid-YTW : 5.91 %
BN.PR.X FixedReset Disc 60,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 19.30
Evaluated at bid price : 19.30
Bid-YTW : 6.30 %
FTS.PR.M FixedReset Disc 39,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 22.67
Evaluated at bid price : 23.67
Bid-YTW : 5.87 %
FFH.PR.G FixedReset Disc 35,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 23.37
Evaluated at bid price : 24.40
Bid-YTW : 5.70 %
MFC.PR.C Insurance Straight 24,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.42 %
TD.PF.D FixedReset Prem 20,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-08-30
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 5.16 %
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
BN.PF.E FixedReset Disc Quote: 21.15 – 27.00
Spot Rate : 5.8500
Average : 3.1619

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 6.54 %
GWO.PR.G Insurance Straight Quote: 22.54 – 25.00
Spot Rate : 2.4600
Average : 1.3536

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 22.27
Evaluated at bid price : 22.54
Bid-YTW : 5.82 %
PWF.PR.F Perpetual-Discount Quote: 21.65 – 23.90
Spot Rate : 2.2500
Average : 1.6063

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 21.38
Evaluated at bid price : 21.65
Bid-YTW : 6.08 %
CU.PR.D Perpetual-Discount Quote: 21.50 – 23.30
Spot Rate : 1.8000
Average : 1.2436

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 5.79 %
IFC.PR.E Insurance Straight Quote: 23.94 – 24.99
Spot Rate : 1.0500
Average : 0.6650

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 23.64
Evaluated at bid price : 23.94
Bid-YTW : 5.47 %
ENB.PR.N FixedReset Disc Quote: 23.15 – 23.95
Spot Rate : 0.8000
Average : 0.4974

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 22.49
Evaluated at bid price : 23.15
Bid-YTW : 6.48 %
Market Action

July 18, 2025

Yet another 52-week high for the TXPR price index, with today’s high of 673.26 overpowering the mark of 669.72 set yesterday.

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 -0.3929 % 2,336.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.3929 % 4,548.7
Floater 6.83 % 6.89 % 53,330 12.69 2 -0.3929 % 2,621.4
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0169 % 3,673.4
SplitShare 4.77 % 4.30 % 58,275 2.45 7 -0.0169 % 4,386.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0169 % 3,422.8
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.2340 % 2,980.0
Perpetual-Discount 5.77 % 5.84 % 49,677 14.09 32 -0.2340 % 3,249.6
FixedReset Disc 5.64 % 6.30 % 131,722 13.12 40 0.1232 % 2,979.8
Insurance Straight 5.64 % 5.74 % 54,212 14.30 19 0.3368 % 3,212.6
FloatingReset 5.52 % 5.33 % 42,005 14.92 2 -0.0475 % 3,684.9
FixedReset Prem 5.73 % 5.00 % 117,281 2.60 16 0.2084 % 2,630.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1232 % 3,046.0
FixedReset Ins Non 5.17 % 5.56 % 72,037 14.21 14 1.2915 % 3,091.8
Performance Highlights
Issue Index Change Notes
PWF.PR.F Perpetual-Discount -3.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 21.38
Evaluated at bid price : 21.65
Bid-YTW : 6.08 %
BN.PF.A FixedReset Disc -2.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 23.03
Evaluated at bid price : 24.18
Bid-YTW : 6.34 %
BN.PF.D Perpetual-Discount -2.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 6.12 %
IFC.PR.A FixedReset Ins Non -1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 21.60
Evaluated at bid price : 22.01
Bid-YTW : 5.45 %
PWF.PR.K Perpetual-Discount -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 5.92 %
BN.PR.B Floater -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 12.62
Evaluated at bid price : 12.62
Bid-YTW : 6.95 %
NA.PR.K FixedReset Prem 1.08 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-05-01
Maturity Price : 25.00
Evaluated at bid price : 28.10
Bid-YTW : 4.57 %
FTS.PR.M FixedReset Disc 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 22.74
Evaluated at bid price : 23.81
Bid-YTW : 5.82 %
GWO.PR.I Insurance Straight 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 19.95
Evaluated at bid price : 19.95
Bid-YTW : 5.70 %
IFC.PR.C FixedReset Ins Non 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 23.97
Evaluated at bid price : 24.40
Bid-YTW : 5.69 %
NA.PR.I FixedReset Prem 1.31 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-05-01
Maturity Price : 25.00
Evaluated at bid price : 26.35
Bid-YTW : 5.60 %
ENB.PR.J FixedReset Disc 1.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 21.85
Evaluated at bid price : 22.20
Bid-YTW : 6.52 %
IFC.PR.I Insurance Straight 2.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 23.24
Evaluated at bid price : 23.50
Bid-YTW : 5.79 %
ENB.PR.H FixedReset Disc 2.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 21.38
Evaluated at bid price : 21.70
Bid-YTW : 6.27 %
MFC.PR.F FixedReset Ins Non 3.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 18.25
Evaluated at bid price : 18.25
Bid-YTW : 5.97 %
MFC.PR.M FixedReset Ins Non 15.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 22.99
Evaluated at bid price : 24.40
Bid-YTW : 5.56 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TD.PF.A FixedReset Disc 324,533 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 23.13
Evaluated at bid price : 24.74
Bid-YTW : 5.19 %
GWO.PR.S Insurance Straight 268,716 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 22.33
Evaluated at bid price : 22.60
Bid-YTW : 5.85 %
BN.PR.X FixedReset Disc 177,808 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 19.28
Evaluated at bid price : 19.28
Bid-YTW : 6.30 %
ENB.PR.Y FixedReset Disc 61,445 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 19.90
Evaluated at bid price : 19.90
Bid-YTW : 6.89 %
ENB.PF.G FixedReset Disc 61,180 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 6.77 %
SLF.PR.G FixedReset Ins Non 60,406 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 5.95 %
There were 84 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.F FixedReset Ins Non Quote: 18.25 – 23.80
Spot Rate : 5.5500
Average : 3.3123

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 18.25
Evaluated at bid price : 18.25
Bid-YTW : 5.97 %
ENB.PR.D FixedReset Disc Quote: 20.33 – 23.90
Spot Rate : 3.5700
Average : 1.9621

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 20.33
Evaluated at bid price : 20.33
Bid-YTW : 6.78 %
CU.PR.E Perpetual-Discount Quote: 21.30 – 23.54
Spot Rate : 2.2400
Average : 1.5886

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 5.84 %
PWF.PR.F Perpetual-Discount Quote: 21.65 – 23.00
Spot Rate : 1.3500
Average : 0.9005

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 21.38
Evaluated at bid price : 21.65
Bid-YTW : 6.08 %
IFC.PR.G FixedReset Ins Non Quote: 25.25 – 26.25
Spot Rate : 1.0000
Average : 0.5762

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 23.47
Evaluated at bid price : 25.25
Bid-YTW : 5.58 %
FTS.PR.M FixedReset Disc Quote: 23.81 – 24.81
Spot Rate : 1.0000
Average : 0.5771

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 22.74
Evaluated at bid price : 23.81
Bid-YTW : 5.82 %
Market Action

July 17, 2025

Another new 52-week high for the TXPR price index, as it closed at the day’s high of 609.72 compared to the old mark of 609.04 set yesterday. BOR-RING!

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 0.8720 % 2,345.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.8720 % 4,566.6
Floater 6.81 % 6.88 % 78,776 12.70 2 0.8720 % 2,631.8
OpRet 0.00 % 0.00 % 0 0.00 0 0.1407 % 3,674.0
SplitShare 4.76 % 4.31 % 59,050 2.45 7 0.1407 % 4,387.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1407 % 3,423.3
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.1811 % 2,987.0
Perpetual-Discount 5.76 % 5.84 % 46,726 14.12 32 0.1811 % 3,257.2
FixedReset Disc 5.65 % 6.30 % 129,018 13.15 40 0.1022 % 2,976.1
Insurance Straight 5.66 % 5.79 % 50,170 14.22 19 0.7291 % 3,201.8
FloatingReset 5.52 % 5.36 % 38,861 14.87 2 0.3099 % 3,686.7
FixedReset Prem 5.74 % 4.98 % 112,743 2.61 16 -0.0145 % 2,625.2
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1022 % 3,042.2
FixedReset Ins Non 5.24 % 5.54 % 66,579 14.17 14 0.0125 % 3,052.4
Performance Highlights
Issue Index Change Notes
CU.PR.F Perpetual-Discount -6.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 6.13 %
ENB.PR.H FixedReset Disc -2.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 6.44 %
GWO.PR.P Insurance Straight -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 22.93
Evaluated at bid price : 23.21
Bid-YTW : 5.86 %
NA.PR.I FixedReset Prem -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 23.57
Evaluated at bid price : 26.01
Bid-YTW : 5.81 %
ENB.PR.J FixedReset Disc -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 21.61
Evaluated at bid price : 21.87
Bid-YTW : 6.62 %
IFC.PR.E Insurance Straight 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 23.51
Evaluated at bid price : 23.80
Bid-YTW : 5.50 %
MFC.PR.C Insurance Straight 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 5.50 %
IFC.PR.F Insurance Straight 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 23.44
Evaluated at bid price : 23.85
Bid-YTW : 5.59 %
PWF.PR.K Perpetual-Discount 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 21.32
Evaluated at bid price : 21.32
Bid-YTW : 5.83 %
BN.PR.B Floater 1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 12.75
Evaluated at bid price : 12.75
Bid-YTW : 6.88 %
BN.PF.B FixedReset Disc 2.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 22.43
Evaluated at bid price : 23.11
Bid-YTW : 6.30 %
FFH.PR.G FixedReset Disc 3.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 23.36
Evaluated at bid price : 24.38
Bid-YTW : 5.70 %
GWO.PR.I Insurance Straight 3.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 19.72
Evaluated at bid price : 19.72
Bid-YTW : 5.76 %
CU.PR.J Perpetual-Discount 4.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 5.80 %
ELF.PR.F Perpetual-Discount 4.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 22.72
Evaluated at bid price : 23.01
Bid-YTW : 5.78 %
IFC.PR.I Insurance Straight 7.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 22.61
Evaluated at bid price : 23.01
Bid-YTW : 5.91 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TD.PF.D FixedReset Prem 500,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-08-30
Maturity Price : 25.00
Evaluated at bid price : 24.96
Bid-YTW : 5.37 %
FTS.PR.K FixedReset Disc 135,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 22.31
Evaluated at bid price : 22.90
Bid-YTW : 5.71 %
BN.PR.R FixedReset Disc 126,429 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 17.84
Evaluated at bid price : 17.84
Bid-YTW : 7.34 %
FTS.PR.G FixedReset Disc 105,845 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 22.84
Evaluated at bid price : 23.75
Bid-YTW : 5.69 %
SLF.PR.G FixedReset Ins Non 88,964 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 5.95 %
FFH.PR.G FixedReset Disc 41,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 23.36
Evaluated at bid price : 24.38
Bid-YTW : 5.70 %
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
CU.PR.D Perpetual-Discount Quote: 21.35 – 23.30
Spot Rate : 1.9500
Average : 1.1307

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 5.83 %
CU.PR.E Perpetual-Discount Quote: 21.30 – 22.85
Spot Rate : 1.5500
Average : 0.8745

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 5.84 %
CU.PR.F Perpetual-Discount Quote: 18.65 – 21.75
Spot Rate : 3.1000
Average : 2.4967

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 6.13 %
GWO.PR.H Insurance Straight Quote: 21.15 – 22.80
Spot Rate : 1.6500
Average : 1.1705

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 5.79 %
PVS.PR.L SplitShare Quote: 26.03 – 27.95
Spot Rate : 1.9200
Average : 1.6336

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-06-30
Maturity Price : 25.00
Evaluated at bid price : 26.03
Bid-YTW : 4.73 %
ENB.PR.H FixedReset Disc Quote: 21.20 – 21.83
Spot Rate : 0.6300
Average : 0.3719

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 6.44 %
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 %