I previously reported a problem with my website eMails.
This difficulty has now been resolved and everything is now back to normal.
Month: June 2025
Another eMail Problem
Just when I thought the end of the nightmare was close, I find I have another eMail server problem, with junk eMails apparently being sent from my main address, jiHymas@himivest.com.
The mailServer programme on my “websites” machine has now been turned off until I figure out what is going on.
I have sent an urgent message to my website administrator; until further notice, please use my backup eMail address, jiHymas@himipref.com, which is hosted on another server.
Update, 2025-06-30: This issue has been resolved. I hope.
June 27, 2025
Another new 52-week high in the TXPR Price Index today – it closed at the day’s high of 659.14, up 0.10% on the day, above the previous 52-week high of 658.61 set yesterday.
This was despite the excitment of a Trumper tantrum, this one about the Digital Service Tax:
President Donald Trump said Friday he has put an end to trade talks with Canada and will soon announce a new tariff rate for that country, he said in a Truth Social post on Friday.
The decision to end negotiations, which have been ongoing for several months, came after Canada announced a digital service tax, Trump said, calling it “a direct and blatant attack on our Country.”
“Based on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately. We will let Canada know the Tariff that they will be paying to do business with the United States of America within the next seven day period,” he said.
Trump has taken particular issue with DSTs throughout trade negotiations with other countries, commonly referring to them as “non-tariff trade barriers.” Canada has a new DST that is set to take effect on Monday that will be retroactive to 2022.
Digital services taxes are a way for countries to tax online services, in contrast to taxes on physical products. Countries with these taxes can collect revenue from large companies that operate online — even if the business is unprofitable. American firms, especially Big Tech companies such as Meta, Apple, Google, Amazon and Microsoft, are disproportionately affected by DSTs, according to a report published last year by the nonpartisan Congressional Research Service.
The current status of global DSTs is recorded HERE, which explains:
DST’s are a new class of taxes being implemented to tackle the perceived unfairness of non-resident digital companies to sell across borders without being liable to local corporate income taxes. They are typically a percentage charge of turnover from digital ad’s, content and platform services, with a sales threshold based on in-country and global income.
On 21 February 2025, President Trump ordered DST tariff retaliation review. On 20 January, President Trump withdrew the US from the OECD Pillar 1 negotiations global digital tax reform negotiations.
It is also of interest to peruse the list of US States with DSTs.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
|||||||
| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2011 % | 2,296.1 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2011 % | 4,469.7 |
| Floater | 6.96 % | 6.98 % | 57,025 | 12.60 | 2 | 0.2011 % | 2,575.9 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.3513 % | 3,640.6 |
| SplitShare | 4.80 % | 4.30 % | 48,085 | 0.66 | 8 | -0.3513 % | 4,347.7 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.3513 % | 3,392.2 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0192 % | 2,967.8 |
| Perpetual-Discount | 5.79 % | 5.92 % | 43,658 | 13.97 | 33 | 0.0192 % | 3,236.2 |
| FixedReset Disc | 5.56 % | 6.06 % | 109,761 | 13.15 | 46 | 0.2027 % | 2,925.2 |
| Insurance Straight | 5.74 % | 5.80 % | 50,792 | 14.25 | 20 | -0.0553 % | 3,152.5 |
| FloatingReset | 5.63 % | 5.71 % | 37,913 | 14.32 | 3 | 0.0759 % | 3,656.2 |
| FixedReset Prem | 6.05 % | 5.02 % | 102,271 | 3.03 | 12 | -0.0866 % | 2,622.3 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2027 % | 2,990.1 |
| FixedReset Ins Non | 5.09 % | 5.58 % | 64,801 | 14.36 | 14 | 0.2631 % | 3,026.0 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| CU.PR.F | Perpetual-Discount | -2.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-27 Maturity Price : 18.76 Evaluated at bid price : 18.76 Bid-YTW : 6.07 % |
| PVS.PR.K | SplitShare | -2.63 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 24.39 Bid-YTW : 5.25 % |
| TD.PF.I | FixedReset Prem | -1.88 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2027-10-31 Maturity Price : 25.00 Evaluated at bid price : 26.05 Bid-YTW : 4.87 % |
| SLF.PR.E | Insurance Straight | -1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-27 Maturity Price : 20.01 Evaluated at bid price : 20.01 Bid-YTW : 5.66 % |
| BIP.PR.E | FixedReset Disc | -1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-27 Maturity Price : 23.29 Evaluated at bid price : 24.64 Bid-YTW : 6.03 % |
| GWO.PR.M | Insurance Straight | -1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-27 Maturity Price : 24.19 Evaluated at bid price : 24.45 Bid-YTW : 5.96 % |
| IFC.PR.C | FixedReset Ins Non | 1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-27 Maturity Price : 23.37 Evaluated at bid price : 23.85 Bid-YTW : 5.58 % |
| IFC.PR.A | FixedReset Ins Non | 1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-27 Maturity Price : 21.41 Evaluated at bid price : 21.74 Bid-YTW : 5.28 % |
| FTS.PR.H | FixedReset Disc | 1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-27 Maturity Price : 17.86 Evaluated at bid price : 17.86 Bid-YTW : 6.01 % |
| SLF.PR.G | FixedReset Ins Non | 1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-27 Maturity Price : 18.31 Evaluated at bid price : 18.31 Bid-YTW : 5.81 % |
| BN.PF.A | FixedReset Disc | 1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-27 Maturity Price : 23.11 Evaluated at bid price : 24.39 Bid-YTW : 6.06 % |
| ENB.PR.H | FixedReset Disc | 1.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-27 Maturity Price : 21.21 Evaluated at bid price : 21.21 Bid-YTW : 6.20 % |
| CU.PR.C | FixedReset Disc | 1.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-27 Maturity Price : 22.85 Evaluated at bid price : 23.20 Bid-YTW : 5.67 % |
| ENB.PR.N | FixedReset Disc | 2.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-27 Maturity Price : 22.67 Evaluated at bid price : 23.50 Bid-YTW : 6.15 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| TD.PF.D | FixedReset Disc | 366,200 | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-07-31 Maturity Price : 25.00 Evaluated at bid price : 25.12 Bid-YTW : 3.45 % |
| CM.PR.Q | FixedReset Disc | 168,500 | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-07-31 Maturity Price : 25.00 Evaluated at bid price : 24.93 Bid-YTW : 3.03 % |
| PWF.PR.G | Perpetual-Discount | 55,340 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-27 Maturity Price : 24.64 Evaluated at bid price : 24.90 Bid-YTW : 6.02 % |
| IFC.PR.G | FixedReset Ins Non | 50,800 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-27 Maturity Price : 23.33 Evaluated at bid price : 24.87 Bid-YTW : 5.47 % |
| MFC.PR.Q | FixedReset Ins Non | 50,400 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-27 Maturity Price : 23.34 Evaluated at bid price : 24.87 Bid-YTW : 5.47 % |
| POW.PR.B | Perpetual-Discount | 19,500 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-27 Maturity Price : 22.66 Evaluated at bid price : 22.90 Bid-YTW : 5.85 % |
| There were 5 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible. | ||
| Issue | Index | Quote Data and Yield Notes |
| ELF.PR.F | Perpetual-Discount | Quote: 22.90 – 23.90 Spot Rate : 1.0000 Average : 0.5963 YTW SCENARIO |
| BN.PF.I | FixedReset Disc | Quote: 24.90 – 25.97 Spot Rate : 1.0700 Average : 0.6671 YTW SCENARIO |
| PWF.PR.T | FixedReset Disc | Quote: 23.10 – 24.49 Spot Rate : 1.3900 Average : 0.9880 YTW SCENARIO |
| TD.PF.I | FixedReset Prem | Quote: 26.05 – 26.70 Spot Rate : 0.6500 Average : 0.4033 YTW SCENARIO |
| BN.PR.R | FixedReset Disc | Quote: 17.84 – 19.25 Spot Rate : 1.4100 Average : 1.1746 YTW SCENARIO |
| CU.PR.F | Perpetual-Discount | Quote: 18.76 – 21.75 Spot Rate : 2.9900 Average : 2.7851 YTW SCENARIO |
June 26, 2025
Another new 52-week high for the TXPR price index today, with today’s high of 658.61 outpacing the previous mark of 656.95 set … um … yesterday. On a roll!
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
|||||||
| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2808 % | 2,291.5 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2808 % | 4,460.8 |
| Floater | 6.97 % | 6.98 % | 57,832 | 12.61 | 2 | -0.2808 % | 2,570.8 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0049 % | 3,653.4 |
| SplitShare | 4.79 % | 4.49 % | 64,692 | 2.51 | 8 | -0.0049 % | 4,363.0 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0049 % | 3,404.2 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2428 % | 2,967.2 |
| Perpetual-Discount | 5.79 % | 5.92 % | 43,500 | 13.98 | 33 | 0.2428 % | 3,235.6 |
| FixedReset Disc | 5.57 % | 6.14 % | 112,660 | 13.11 | 46 | 0.0117 % | 2,919.2 |
| Insurance Straight | 5.74 % | 5.80 % | 50,692 | 14.24 | 20 | 0.6257 % | 3,154.2 |
| FloatingReset | 5.64 % | 5.71 % | 39,311 | 14.32 | 3 | 0.3502 % | 3,653.4 |
| FixedReset Prem | 6.04 % | 5.03 % | 114,667 | 3.03 | 12 | 0.0128 % | 2,624.6 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0117 % | 2,984.0 |
| FixedReset Ins Non | 5.11 % | 5.64 % | 67,136 | 14.36 | 14 | -0.0760 % | 3,018.0 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BN.PR.R | FixedReset Disc | -6.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-26 Maturity Price : 17.84 Evaluated at bid price : 17.84 Bid-YTW : 7.03 % |
| CU.PR.J | Perpetual-Discount | -2.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-26 Maturity Price : 20.11 Evaluated at bid price : 20.11 Bid-YTW : 5.98 % |
| ENB.PR.H | FixedReset Disc | -1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-26 Maturity Price : 20.90 Evaluated at bid price : 20.90 Bid-YTW : 6.29 % |
| BN.PR.B | Floater | -1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-26 Maturity Price : 12.36 Evaluated at bid price : 12.36 Bid-YTW : 7.06 % |
| ENB.PR.A | Perpetual-Discount | 1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-26 Maturity Price : 23.19 Evaluated at bid price : 23.49 Bid-YTW : 5.91 % |
| SLF.PR.J | FloatingReset | 1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-26 Maturity Price : 17.30 Evaluated at bid price : 17.30 Bid-YTW : 5.95 % |
| IFC.PR.F | Insurance Straight | 1.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-26 Maturity Price : 23.32 Evaluated at bid price : 23.58 Bid-YTW : 5.64 % |
| SLF.PR.E | Insurance Straight | 1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-26 Maturity Price : 20.26 Evaluated at bid price : 20.26 Bid-YTW : 5.59 % |
| ENB.PR.B | FixedReset Disc | 1.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-26 Maturity Price : 19.26 Evaluated at bid price : 19.26 Bid-YTW : 6.87 % |
| CU.PR.C | FixedReset Disc | 1.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-26 Maturity Price : 22.52 Evaluated at bid price : 22.85 Bid-YTW : 5.76 % |
| IFC.PR.I | Insurance Straight | 2.57 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-26 Maturity Price : 23.32 Evaluated at bid price : 23.59 Bid-YTW : 5.74 % |
| CU.PR.F | Perpetual-Discount | 2.77 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-26 Maturity Price : 19.32 Evaluated at bid price : 19.32 Bid-YTW : 5.89 % |
| GWO.PR.T | Insurance Straight | 6.83 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-26 Maturity Price : 21.59 Evaluated at bid price : 21.90 Bid-YTW : 5.90 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| CM.PR.Q | FixedReset Disc | 120,000 | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-07-31 Maturity Price : 25.00 Evaluated at bid price : 25.08 Bid-YTW : 4.90 % |
| IFC.PR.A | FixedReset Ins Non | 102,577 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-26 Maturity Price : 21.51 Evaluated at bid price : 21.51 Bid-YTW : 5.36 % |
| FTS.PR.G | FixedReset Disc | 33,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-26 Maturity Price : 22.35 Evaluated at bid price : 22.89 Bid-YTW : 5.70 % |
| MFC.PR.C | Insurance Straight | 23,202 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-26 Maturity Price : 19.95 Evaluated at bid price : 19.95 Bid-YTW : 5.69 % |
| BN.PR.T | FixedReset Disc | 20,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-26 Maturity Price : 18.88 Evaluated at bid price : 18.88 Bid-YTW : 6.63 % |
| BN.PR.Z | FixedReset Disc | 20,090 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-26 Maturity Price : 22.40 Evaluated at bid price : 22.85 Bid-YTW : 6.40 % |
| There were 2 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible. | ||
| Issue | Index | Quote Data and Yield Notes |
| BN.PR.R | FixedReset Disc | Quote: 17.84 – 19.25 Spot Rate : 1.4100 Average : 0.9165 YTW SCENARIO |
| CU.PR.E | Perpetual-Discount | Quote: 21.16 – 23.54 Spot Rate : 2.3800 Average : 1.9109 YTW SCENARIO |
| CU.PR.C | FixedReset Disc | Quote: 22.85 – 25.37 Spot Rate : 2.5200 Average : 2.1582 YTW SCENARIO |
| MFC.PR.L | FixedReset Ins Non | Quote: 23.68 – 24.99 Spot Rate : 1.3100 Average : 1.0021 YTW SCENARIO |
| GWO.PR.L | Insurance Straight | Quote: 24.10 – 25.00 Spot Rate : 0.9000 Average : 0.6138 YTW SCENARIO |
| PVS.PR.K | SplitShare | Quote: 25.05 – 26.05 Spot Rate : 1.0000 Average : 0.7636 YTW SCENARIO |
CM.PR.Q To Be Redeemed
Canadian Imperial Bank of Commerce has announced:
its intention to redeem all of its issued and outstanding Non-cumulative Rate Reset Class A Preferred Shares Series 43 (Non-viability contingent capital (NVCC)) (Series 43 shares) (TSX: CM.PR.Q), for cash. The redemption will occur on July 31, 2025. The redemption price is $25.00 per Series 43 share.
The $0.196438 quarterly dividend announced on May 29, 2025 will be the final dividend on the Series 43 shares and will be paid on July 28, 2025, covering the period to July 31, 2025, to shareholders of record on June 27, 2025.
Holders of the Series 43 shares should contact the financial institution, broker or other intermediary through which they hold the shares to confirm how they will receive their redemption proceeds.
CM.PR.Q is a FixedReset, 3.60%+279, that commenced trading 2015-3-11 after being announced 2015-2-26. It reset to 3.143% effective 2020-7-31; there was no conversion. The issue is tracked by HIMIPref™ and is assigned to the FixedResets (Discount) subindex.
Thanks to Assiduous Readers TP and niagara for bringing this to my attention!
June 25, 2025
Another new 52-week high for TXPR (price index) today; the index gained 0.13%.
PerpetualDiscounts now yield 5.93%, equivalent to 7.71% interest at the standard conversion factor of 1.3x. Long corporates now yield 4.90%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now 280bp, a slight (and perhaps spurious) narrowing from the 285bp reported June 18
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
|||||||
| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2010 % | 2,298.0 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2010 % | 4,473.3 |
| Floater | 6.95 % | 6.98 % | 69,315 | 12.61 | 2 | 0.2010 % | 2,578.0 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1735 % | 3,653.6 |
| SplitShare | 4.79 % | 4.48 % | 64,830 | 2.51 | 8 | 0.1735 % | 4,363.2 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1735 % | 3,404.3 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0686 % | 2,960.0 |
| Perpetual-Discount | 5.81 % | 5.93 % | 42,721 | 13.91 | 33 | 0.0686 % | 3,227.7 |
| FixedReset Disc | 5.57 % | 6.09 % | 113,286 | 13.14 | 46 | 0.1259 % | 2,918.9 |
| Insurance Straight | 5.78 % | 5.82 % | 50,412 | 14.21 | 20 | 0.1718 % | 3,134.6 |
| FloatingReset | 5.66 % | 5.72 % | 38,570 | 14.33 | 3 | 0.3361 % | 3,640.7 |
| FixedReset Prem | 6.05 % | 5.08 % | 109,761 | 3.27 | 12 | 0.1445 % | 2,624.3 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1259 % | 2,983.7 |
| FixedReset Ins Non | 5.10 % | 5.61 % | 65,840 | 14.34 | 14 | 0.4903 % | 3,020.3 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| CU.PR.F | Perpetual-Discount | -2.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-25 Maturity Price : 18.80 Evaluated at bid price : 18.80 Bid-YTW : 6.06 % |
| ENB.PR.N | FixedReset Disc | -2.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-25 Maturity Price : 22.32 Evaluated at bid price : 22.88 Bid-YTW : 6.34 % |
| IFC.PR.I | Insurance Straight | -2.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-25 Maturity Price : 22.60 Evaluated at bid price : 23.00 Bid-YTW : 5.88 % |
| FTS.PR.H | FixedReset Disc | 1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-25 Maturity Price : 17.63 Evaluated at bid price : 17.63 Bid-YTW : 6.09 % |
| CU.PR.J | Perpetual-Discount | 1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-25 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 5.85 % |
| CU.PR.G | Perpetual-Discount | 1.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-25 Maturity Price : 19.36 Evaluated at bid price : 19.36 Bid-YTW : 5.88 % |
| BN.PR.T | FixedReset Disc | 1.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-25 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 6.58 % |
| IFC.PR.F | Insurance Straight | 1.44 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-25 Maturity Price : 22.89 Evaluated at bid price : 23.30 Bid-YTW : 5.70 % |
| PWF.PR.P | FixedReset Disc | 1.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-25 Maturity Price : 17.40 Evaluated at bid price : 17.40 Bid-YTW : 6.28 % |
| GWO.PR.R | Insurance Straight | 3.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-25 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 5.82 % |
| IFC.PR.A | FixedReset Ins Non | 6.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-25 Maturity Price : 21.34 Evaluated at bid price : 21.65 Bid-YTW : 5.31 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| MFC.PR.C | Insurance Straight | 81,100 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-25 Maturity Price : 19.94 Evaluated at bid price : 19.94 Bid-YTW : 5.69 % |
| ENB.PR.D | FixedReset Disc | 53,315 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-25 Maturity Price : 19.63 Evaluated at bid price : 19.63 Bid-YTW : 6.75 % |
| MFC.PR.I | FixedReset Ins Non | 42,830 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-25 Maturity Price : 23.49 Evaluated at bid price : 24.90 Bid-YTW : 5.72 % |
| ENB.PR.P | FixedReset Disc | 36,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-25 Maturity Price : 20.65 Evaluated at bid price : 20.65 Bid-YTW : 6.71 % |
| BN.PR.N | Perpetual-Discount | 27,500 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-25 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 6.13 % |
| BN.PF.C | Perpetual-Discount | 26,800 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-25 Maturity Price : 19.92 Evaluated at bid price : 19.92 Bid-YTW : 6.13 % |
| There were 11 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible. | ||
| Issue | Index | Quote Data and Yield Notes |
| CU.PR.C | FixedReset Disc | Quote: 22.50 – 25.37 Spot Rate : 2.8700 Average : 1.7615 YTW SCENARIO |
| CU.PR.E | Perpetual-Discount | Quote: 21.16 – 23.54 Spot Rate : 2.3800 Average : 1.3965 YTW SCENARIO |
| MFC.PR.L | FixedReset Ins Non | Quote: 23.68 – 24.68 Spot Rate : 1.0000 Average : 0.6645 YTW SCENARIO |
| GWO.PR.T | Insurance Straight | Quote: 20.50 – 22.31 Spot Rate : 1.8100 Average : 1.4949 YTW SCENARIO |
| CU.PR.F | Perpetual-Discount | Quote: 18.80 – 21.75 Spot Rate : 2.9500 Average : 2.7035 YTW SCENARIO |
| PWF.PR.E | Perpetual-Discount | Quote: 23.57 – 24.53 Spot Rate : 0.9600 Average : 0.7258 YTW SCENARIO |
June 24, 2025
TXPR set a new 52-week high today, with the high of 656.03 replacing the old high of 654.35 set 2025-6-5. Volume remained low.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
|||||||
| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2014 % | 2,293.4 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2014 % | 4,464.4 |
| Floater | 6.96 % | 7.01 % | 70,180 | 12.58 | 2 | 0.2014 % | 2,572.8 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0792 % | 3,647.3 |
| SplitShare | 4.80 % | 4.35 % | 64,564 | 2.51 | 8 | -0.0792 % | 4,355.6 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0792 % | 3,398.4 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.4884 % | 2,958.0 |
| Perpetual-Discount | 5.81 % | 5.93 % | 41,875 | 13.95 | 33 | 0.4884 % | 3,225.5 |
| FixedReset Disc | 5.58 % | 6.15 % | 114,521 | 13.16 | 46 | 0.5338 % | 2,915.2 |
| Insurance Straight | 5.79 % | 5.81 % | 50,735 | 14.20 | 20 | 0.1674 % | 3,129.2 |
| FloatingReset | 5.68 % | 5.73 % | 37,446 | 14.32 | 3 | 0.2144 % | 3,628.5 |
| FixedReset Prem | 6.05 % | 5.02 % | 111,456 | 3.28 | 12 | 0.4160 % | 2,620.5 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.5338 % | 2,979.9 |
| FixedReset Ins Non | 5.13 % | 5.63 % | 65,789 | 14.33 | 14 | 0.5377 % | 3,005.6 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| GWO.PR.T | Insurance Straight | -6.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-24 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 6.32 % |
| GWO.PR.I | Insurance Straight | -2.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-24 Maturity Price : 18.88 Evaluated at bid price : 18.88 Bid-YTW : 6.00 % |
| CU.PR.G | Perpetual-Discount | -1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-24 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 5.96 % |
| BIP.PR.E | FixedReset Disc | 1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-24 Maturity Price : 23.33 Evaluated at bid price : 24.75 Bid-YTW : 6.00 % |
| GWO.PR.H | Insurance Straight | 1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-24 Maturity Price : 21.02 Evaluated at bid price : 21.02 Bid-YTW : 5.80 % |
| POW.PR.D | Perpetual-Discount | 1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-24 Maturity Price : 21.52 Evaluated at bid price : 21.78 Bid-YTW : 5.74 % |
| TD.PF.I | FixedReset Prem | 1.07 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2027-10-31 Maturity Price : 25.00 Evaluated at bid price : 26.33 Bid-YTW : 4.35 % |
| FTS.PR.H | FixedReset Disc | 1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-24 Maturity Price : 17.45 Evaluated at bid price : 17.45 Bid-YTW : 6.15 % |
| BN.PF.B | FixedReset Disc | 1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-24 Maturity Price : 22.01 Evaluated at bid price : 22.45 Bid-YTW : 6.28 % |
| BN.PF.E | FixedReset Disc | 1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-24 Maturity Price : 19.96 Evaluated at bid price : 19.96 Bid-YTW : 6.70 % |
| POW.PR.B | Perpetual-Discount | 1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-24 Maturity Price : 22.60 Evaluated at bid price : 22.85 Bid-YTW : 5.86 % |
| MFC.PR.Q | FixedReset Ins Non | 1.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-24 Maturity Price : 23.29 Evaluated at bid price : 24.75 Bid-YTW : 5.50 % |
| SLF.PR.G | FixedReset Ins Non | 1.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-24 Maturity Price : 18.20 Evaluated at bid price : 18.20 Bid-YTW : 5.85 % |
| BN.PR.X | FixedReset Disc | 1.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-24 Maturity Price : 18.05 Evaluated at bid price : 18.05 Bid-YTW : 6.44 % |
| PWF.PR.P | FixedReset Disc | 2.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-24 Maturity Price : 17.14 Evaluated at bid price : 17.14 Bid-YTW : 6.38 % |
| IFC.PR.I | Insurance Straight | 2.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-24 Maturity Price : 23.23 Evaluated at bid price : 23.49 Bid-YTW : 5.77 % |
| BN.PR.M | Perpetual-Discount | 5.44 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-24 Maturity Price : 19.56 Evaluated at bid price : 19.56 Bid-YTW : 6.11 % |
| IFC.PR.F | Insurance Straight | 5.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-24 Maturity Price : 22.71 Evaluated at bid price : 22.97 Bid-YTW : 5.79 % |
| BN.PR.R | FixedReset Disc | 6.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-24 Maturity Price : 19.05 Evaluated at bid price : 19.05 Bid-YTW : 6.58 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| CM.PR.Q | FixedReset Disc | 586,100 | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-07-31 Maturity Price : 25.00 Evaluated at bid price : 25.11 Bid-YTW : 3.42 % |
| TD.PF.D | FixedReset Disc | 416,100 | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-07-31 Maturity Price : 25.00 Evaluated at bid price : 25.11 Bid-YTW : 3.57 % |
| IFC.PR.A | FixedReset Ins Non | 108,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-24 Maturity Price : 20.30 Evaluated at bid price : 20.30 Bid-YTW : 5.68 % |
| GWO.PR.N | FixedReset Ins Non | 45,654 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-24 Maturity Price : 16.85 Evaluated at bid price : 16.85 Bid-YTW : 6.03 % |
| ENB.PF.E | FixedReset Disc | 29,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-24 Maturity Price : 20.22 Evaluated at bid price : 20.22 Bid-YTW : 6.83 % |
| BN.PF.G | FixedReset Disc | 24,500 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-24 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 6.63 % |
| There were 13 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible. | ||
| Issue | Index | Quote Data and Yield Notes |
| ENB.PF.C | FixedReset Disc | Quote: 20.26 – 22.00 Spot Rate : 1.7400 Average : 0.9768 YTW SCENARIO |
| GWO.PR.T | Insurance Straight | Quote: 20.50 – 22.31 Spot Rate : 1.8100 Average : 1.1494 YTW SCENARIO |
| GWO.PR.I | Insurance Straight | Quote: 18.88 – 19.87 Spot Rate : 0.9900 Average : 0.6184 YTW SCENARIO |
| MFC.PR.M | FixedReset Ins Non | Quote: 23.40 – 24.40 Spot Rate : 1.0000 Average : 0.6706 YTW SCENARIO |
| GWO.PR.Y | Insurance Straight | Quote: 19.40 – 21.00 Spot Rate : 1.6000 Average : 1.3513 YTW SCENARIO |
| BN.PF.E | FixedReset Disc | Quote: 19.96 – 20.50 Spot Rate : 0.5400 Average : 0.3373 YTW SCENARIO |
TD.PF.D To Be Redeemed
The Toronto-Dominion Bank has announced:
that it will exercise its right to redeem all of its 14 ,000,000 outstanding Non-Cumulative 5-Year Rate Reset Class A First Preferred Shares, Series 7 (Non-Viability Contingent Capital) (the “Series 7 Shares”) on July 31, 2025 at the price of $25.00 per Series 7 Share for an aggregate total of approximately $350 million. The redemption has been approved by the Office of the Superintendent of Financial Institutions.
On May 22, 2025, TD announced that dividends of $0.2000625 per Series 7 Share had been declared as payable on and after July 31, 2025 to shareholders of record at the close of business on July 10, 2025. These will be the final dividends on the Series 7 Shares, and will be paid in the usual manner on July 31, 2025 as previously announced. After July 31, 2025, the Series 7 Shares will cease to be entitled to dividends and the only remaining rights of holders of such shares will be to receive payment of the redemption amount.
Beneficial holders who are not directly the registered holder of Series 7 Shares should contact the financial institution, broker or other intermediary through which they hold these shares to confirm how they will receive their redemption proceeds. Inquiries should be directed to our Registrar and Transfer Agent, TSX Trust Company, at 1-800-387-0825 (or in Toronto 416-682-3860).
TD.PF.D is a FixedReset, 3.60%+279, that commenced trading 2015-3-10 after being announced 2015-2-27. Notice of extension was provided on 2020-6-18. The issue reset at 3.201% effective 2020-7-31 and there was no conversion. The issue is NVCC-compliant, is tracked by HIMIPref™ and is assigned to the FixedReset (Discount) subindex.
Thanks to Assiduous Reader niagara for bringing this to my attention!
June 23, 2025
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
|||||||
| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.7302 % | 2,288.8 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.7302 % | 4,455.4 |
| Floater | 6.98 % | 7.02 % | 62,068 | 12.57 | 2 | 0.7302 % | 2,567.7 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1587 % | 3,650.2 |
| SplitShare | 4.79 % | 4.34 % | 67,219 | 2.52 | 8 | 0.1587 % | 4,359.1 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1587 % | 3,401.1 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0799 % | 2,943.6 |
| Perpetual-Discount | 5.84 % | 5.96 % | 42,021 | 13.91 | 33 | -0.0799 % | 3,209.8 |
| FixedReset Disc | 5.61 % | 6.13 % | 112,625 | 13.13 | 46 | 0.5218 % | 2,899.7 |
| Insurance Straight | 5.80 % | 5.86 % | 50,833 | 14.15 | 20 | 0.1467 % | 3,124.0 |
| FloatingReset | 5.69 % | 5.74 % | 38,773 | 14.30 | 3 | -0.5482 % | 3,620.7 |
| FixedReset Prem | 6.08 % | 5.34 % | 115,713 | 3.33 | 12 | 0.0678 % | 2,609.6 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.5218 % | 2,964.1 |
| FixedReset Ins Non | 5.16 % | 5.68 % | 65,849 | 14.24 | 14 | 0.5115 % | 2,989.5 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| SLF.PR.J | FloatingReset | -2.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-23 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 6.05 % |
| PWF.PR.P | FixedReset Disc | -2.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-23 Maturity Price : 16.80 Evaluated at bid price : 16.80 Bid-YTW : 6.50 % |
| GWO.PR.R | Insurance Straight | -2.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-23 Maturity Price : 20.10 Evaluated at bid price : 20.10 Bid-YTW : 6.01 % |
| CU.PR.G | Perpetual-Discount | 1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-23 Maturity Price : 19.32 Evaluated at bid price : 19.32 Bid-YTW : 5.89 % |
| GWO.PR.N | FixedReset Ins Non | 1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-23 Maturity Price : 16.76 Evaluated at bid price : 16.76 Bid-YTW : 6.06 % |
| BN.PR.B | Floater | 1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-23 Maturity Price : 12.40 Evaluated at bid price : 12.40 Bid-YTW : 7.04 % |
| BN.PR.T | FixedReset Disc | 1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-23 Maturity Price : 18.65 Evaluated at bid price : 18.65 Bid-YTW : 6.70 % |
| ENB.PR.P | FixedReset Disc | 1.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-23 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 6.74 % |
| BN.PR.Z | FixedReset Disc | 2.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-23 Maturity Price : 22.27 Evaluated at bid price : 22.65 Bid-YTW : 6.46 % |
| PWF.PR.T | FixedReset Disc | 2.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-23 Maturity Price : 22.71 Evaluated at bid price : 23.62 Bid-YTW : 5.64 % |
| MFC.PR.K | FixedReset Ins Non | 3.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-23 Maturity Price : 23.23 Evaluated at bid price : 24.70 Bid-YTW : 5.32 % |
| IFC.PR.F | Insurance Straight | 4.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-23 Maturity Price : 21.75 Evaluated at bid price : 21.75 Bid-YTW : 6.13 % |
| CU.PR.C | FixedReset Disc | 11.84 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-23 Maturity Price : 21.73 Evaluated at bid price : 22.20 Bid-YTW : 5.92 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BIP.PR.A | FixedReset Disc | 54,000 | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-07-30 Maturity Price : 25.00 Evaluated at bid price : 24.98 Bid-YTW : 6.04 % |
| ENB.PF.K | FixedReset Disc | 27,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-23 Maturity Price : 23.09 Evaluated at bid price : 24.15 Bid-YTW : 6.27 % |
| PWF.PR.R | Perpetual-Discount | 26,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-23 Maturity Price : 23.00 Evaluated at bid price : 23.27 Bid-YTW : 6.00 % |
| ENB.PF.G | FixedReset Disc | 26,400 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-23 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 6.82 % |
| BN.PR.K | Floater | 21,800 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-23 Maturity Price : 12.43 Evaluated at bid price : 12.43 Bid-YTW : 7.02 % |
| ENB.PF.E | FixedReset Disc | 16,400 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-23 Maturity Price : 20.11 Evaluated at bid price : 20.11 Bid-YTW : 6.87 % |
| There were 4 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible. | ||
| Issue | Index | Quote Data and Yield Notes |
| PWF.PR.R | Perpetual-Discount | Quote: 23.27 – 24.45 Spot Rate : 1.1800 Average : 0.6753 YTW SCENARIO |
| GWO.PR.R | Insurance Straight | Quote: 20.10 – 21.10 Spot Rate : 1.0000 Average : 0.6045 YTW SCENARIO |
| PWF.PR.E | Perpetual-Discount | Quote: 23.50 – 24.70 Spot Rate : 1.2000 Average : 0.9064 YTW SCENARIO |
| SLF.PR.E | Insurance Straight | Quote: 20.08 – 21.00 Spot Rate : 0.9200 Average : 0.6816 YTW SCENARIO |
| SLF.PR.J | FloatingReset | Quote: 17.00 – 17.79 Spot Rate : 0.7900 Average : 0.5729 YTW SCENARIO |
| MFC.PR.B | Insurance Straight | Quote: 20.37 – 21.10 Spot Rate : 0.7300 Average : 0.5557 YTW SCENARIO |
June 20, 2025
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
|||||||
| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.4073 % | 2,272.2 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.4073 % | 4,423.1 |
| Floater | 7.03 % | 7.03 % | 58,007 | 12.56 | 2 | 0.4073 % | 2,549.0 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0099 % | 3,644.4 |
| SplitShare | 4.80 % | 4.49 % | 68,073 | 2.52 | 8 | -0.0099 % | 4,352.2 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0099 % | 3,395.7 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0496 % | 2,945.9 |
| Perpetual-Discount | 5.84 % | 5.97 % | 42,365 | 13.85 | 33 | 0.0496 % | 3,212.4 |
| FixedReset Disc | 5.63 % | 6.27 % | 113,353 | 12.92 | 46 | -0.0365 % | 2,884.7 |
| Insurance Straight | 5.80 % | 5.86 % | 51,466 | 14.16 | 20 | 0.0816 % | 3,119.4 |
| FloatingReset | 5.67 % | 5.76 % | 40,363 | 14.28 | 3 | -0.4246 % | 3,640.7 |
| FixedReset Prem | 6.08 % | 5.20 % | 116,521 | 3.29 | 12 | -0.0226 % | 2,607.9 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0365 % | 2,948.7 |
| FixedReset Ins Non | 5.18 % | 5.82 % | 66,756 | 14.05 | 14 | -0.4579 % | 2,974.3 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| MFC.PR.K | FixedReset Ins Non | -2.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-20 Maturity Price : 22.89 Evaluated at bid price : 23.90 Bid-YTW : 5.66 % |
| MFC.PR.Q | FixedReset Ins Non | -1.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-20 Maturity Price : 23.18 Evaluated at bid price : 24.47 Bid-YTW : 5.69 % |
| PWF.PR.T | FixedReset Disc | -1.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-20 Maturity Price : 22.34 Evaluated at bid price : 22.95 Bid-YTW : 5.95 % |
| GWO.PR.N | FixedReset Ins Non | -1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-20 Maturity Price : 16.56 Evaluated at bid price : 16.56 Bid-YTW : 6.34 % |
| BIP.PR.E | FixedReset Disc | -1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-20 Maturity Price : 23.23 Evaluated at bid price : 24.50 Bid-YTW : 6.19 % |
| MFC.PR.J | FixedReset Ins Non | -1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-20 Maturity Price : 23.33 Evaluated at bid price : 24.75 Bid-YTW : 5.71 % |
| CCS.PR.C | Insurance Straight | 1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-20 Maturity Price : 21.75 Evaluated at bid price : 22.00 Bid-YTW : 5.70 % |
| PWF.PR.E | Perpetual-Discount | 1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-20 Maturity Price : 23.20 Evaluated at bid price : 23.50 Bid-YTW : 5.94 % |
| CU.PR.J | Perpetual-Discount | 1.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-20 Maturity Price : 20.33 Evaluated at bid price : 20.33 Bid-YTW : 5.91 % |
| GWO.PR.L | Insurance Straight | 1.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-20 Maturity Price : 23.69 Evaluated at bid price : 24.00 Bid-YTW : 5.90 % |
| CU.PR.F | Perpetual-Discount | 3.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-20 Maturity Price : 19.26 Evaluated at bid price : 19.26 Bid-YTW : 5.91 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| ENB.PR.T | FixedReset Disc | 48,067 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-20 Maturity Price : 21.35 Evaluated at bid price : 21.35 Bid-YTW : 6.75 % |
| ENB.PF.E | FixedReset Disc | 37,355 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-20 Maturity Price : 20.10 Evaluated at bid price : 20.10 Bid-YTW : 6.99 % |
| FTS.PR.M | FixedReset Disc | 27,859 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-20 Maturity Price : 21.97 Evaluated at bid price : 22.45 Bid-YTW : 6.13 % |
| CU.PR.E | Perpetual-Discount | 25,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-20 Maturity Price : 20.97 Evaluated at bid price : 20.97 Bid-YTW : 5.91 % |
| RY.PR.O | Perpetual-Discount | 18,971 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-20 Maturity Price : 24.34 Evaluated at bid price : 24.65 Bid-YTW : 5.01 % |
| TD.PF.A | FixedReset Disc | 12,900 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-20 Maturity Price : 22.90 Evaluated at bid price : 24.17 Bid-YTW : 5.34 % |
| There were 3 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible. | ||
| Issue | Index | Quote Data and Yield Notes |
| IFC.PR.F | Insurance Straight | Quote: 20.90 – 23.87 Spot Rate : 2.9700 Average : 2.4916 YTW SCENARIO |
| CU.PR.C | FixedReset Disc | Quote: 19.85 – 22.14 Spot Rate : 2.2900 Average : 1.8535 YTW SCENARIO |
| MFC.PR.K | FixedReset Ins Non | Quote: 23.90 – 24.96 Spot Rate : 1.0600 Average : 0.7398 YTW SCENARIO |
| IFC.PR.A | FixedReset Ins Non | Quote: 20.30 – 21.50 Spot Rate : 1.2000 Average : 0.9406 YTW SCENARIO |
| PWF.PR.E | Perpetual-Discount | Quote: 23.50 – 24.33 Spot Rate : 0.8300 Average : 0.5845 YTW SCENARIO |
| ELF.PR.H | Perpetual-Discount | Quote: 23.30 – 23.99 Spot Rate : 0.6900 Average : 0.4612 YTW SCENARIO |