Market Action

June 30, 2025

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

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

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

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

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

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

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

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

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.

Market Action

June 27, 2025

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

June 26, 2025

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

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -0.2808 % 2,291.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2808 % 4,460.8
Floater 6.97 % 6.98 % 57,832 12.61 2 -0.2808 % 2,570.8
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0049 % 3,653.4
SplitShare 4.79 % 4.49 % 64,692 2.51 8 -0.0049 % 4,363.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0049 % 3,404.2
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.2428 % 2,967.2
Perpetual-Discount 5.79 % 5.92 % 43,500 13.98 33 0.2428 % 3,235.6
FixedReset Disc 5.57 % 6.14 % 112,660 13.11 46 0.0117 % 2,919.2
Insurance Straight 5.74 % 5.80 % 50,692 14.24 20 0.6257 % 3,154.2
FloatingReset 5.64 % 5.71 % 39,311 14.32 3 0.3502 % 3,653.4
FixedReset Prem 6.04 % 5.03 % 114,667 3.03 12 0.0128 % 2,624.6
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0117 % 2,984.0
FixedReset Ins Non 5.11 % 5.64 % 67,136 14.36 14 -0.0760 % 3,018.0
Performance Highlights
Issue Index Change Notes
BN.PR.R FixedReset Disc -6.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-26
Maturity Price : 17.84
Evaluated at bid price : 17.84
Bid-YTW : 7.03 %
CU.PR.J Perpetual-Discount -2.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-26
Maturity Price : 20.11
Evaluated at bid price : 20.11
Bid-YTW : 5.98 %
ENB.PR.H FixedReset Disc -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-26
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 6.29 %
BN.PR.B Floater -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-26
Maturity Price : 12.36
Evaluated at bid price : 12.36
Bid-YTW : 7.06 %
ENB.PR.A Perpetual-Discount 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-26
Maturity Price : 23.19
Evaluated at bid price : 23.49
Bid-YTW : 5.91 %
SLF.PR.J FloatingReset 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-26
Maturity Price : 17.30
Evaluated at bid price : 17.30
Bid-YTW : 5.95 %
IFC.PR.F Insurance Straight 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-26
Maturity Price : 23.32
Evaluated at bid price : 23.58
Bid-YTW : 5.64 %
SLF.PR.E Insurance Straight 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-26
Maturity Price : 20.26
Evaluated at bid price : 20.26
Bid-YTW : 5.59 %
ENB.PR.B FixedReset Disc 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-26
Maturity Price : 19.26
Evaluated at bid price : 19.26
Bid-YTW : 6.87 %
CU.PR.C FixedReset Disc 1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-26
Maturity Price : 22.52
Evaluated at bid price : 22.85
Bid-YTW : 5.76 %
IFC.PR.I Insurance Straight 2.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-26
Maturity Price : 23.32
Evaluated at bid price : 23.59
Bid-YTW : 5.74 %
CU.PR.F Perpetual-Discount 2.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-26
Maturity Price : 19.32
Evaluated at bid price : 19.32
Bid-YTW : 5.89 %
GWO.PR.T Insurance Straight 6.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-26
Maturity Price : 21.59
Evaluated at bid price : 21.90
Bid-YTW : 5.90 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CM.PR.Q FixedReset Disc 120,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-31
Maturity Price : 25.00
Evaluated at bid price : 25.08
Bid-YTW : 4.90 %
IFC.PR.A FixedReset Ins Non 102,577 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-26
Maturity Price : 21.51
Evaluated at bid price : 21.51
Bid-YTW : 5.36 %
FTS.PR.G FixedReset Disc 33,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-26
Maturity Price : 22.35
Evaluated at bid price : 22.89
Bid-YTW : 5.70 %
MFC.PR.C Insurance Straight 23,202 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-26
Maturity Price : 19.95
Evaluated at bid price : 19.95
Bid-YTW : 5.69 %
BN.PR.T FixedReset Disc 20,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-26
Maturity Price : 18.88
Evaluated at bid price : 18.88
Bid-YTW : 6.63 %
BN.PR.Z FixedReset Disc 20,090 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-26
Maturity Price : 22.40
Evaluated at bid price : 22.85
Bid-YTW : 6.40 %
There were 2 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
BN.PR.R FixedReset Disc Quote: 17.84 – 19.25
Spot Rate : 1.4100
Average : 0.9165

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

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

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

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

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

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

CM.PR.Q To Be Redeemed

Canadian Imperial Bank of Commerce has announced:

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

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

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

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

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

Market Action

June 25, 2025

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

PerpetualDiscounts now yield 5.93%, equivalent to 7.71% interest at the standard conversion factor of 1.3x. Long corporates now yield 4.90%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now 280bp, a slight (and perhaps spurious) narrowing from the 285bp reported June 18

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.2010 % 2,298.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.2010 % 4,473.3
Floater 6.95 % 6.98 % 69,315 12.61 2 0.2010 % 2,578.0
OpRet 0.00 % 0.00 % 0 0.00 0 0.1735 % 3,653.6
SplitShare 4.79 % 4.48 % 64,830 2.51 8 0.1735 % 4,363.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1735 % 3,404.3
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.0686 % 2,960.0
Perpetual-Discount 5.81 % 5.93 % 42,721 13.91 33 0.0686 % 3,227.7
FixedReset Disc 5.57 % 6.09 % 113,286 13.14 46 0.1259 % 2,918.9
Insurance Straight 5.78 % 5.82 % 50,412 14.21 20 0.1718 % 3,134.6
FloatingReset 5.66 % 5.72 % 38,570 14.33 3 0.3361 % 3,640.7
FixedReset Prem 6.05 % 5.08 % 109,761 3.27 12 0.1445 % 2,624.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1259 % 2,983.7
FixedReset Ins Non 5.10 % 5.61 % 65,840 14.34 14 0.4903 % 3,020.3
Performance Highlights
Issue Index Change Notes
CU.PR.F Perpetual-Discount -2.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 6.06 %
ENB.PR.N FixedReset Disc -2.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 22.32
Evaluated at bid price : 22.88
Bid-YTW : 6.34 %
IFC.PR.I Insurance Straight -2.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 22.60
Evaluated at bid price : 23.00
Bid-YTW : 5.88 %
FTS.PR.H FixedReset Disc 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 17.63
Evaluated at bid price : 17.63
Bid-YTW : 6.09 %
CU.PR.J Perpetual-Discount 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 5.85 %
CU.PR.G Perpetual-Discount 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 19.36
Evaluated at bid price : 19.36
Bid-YTW : 5.88 %
BN.PR.T FixedReset Disc 1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.58 %
IFC.PR.F Insurance Straight 1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 22.89
Evaluated at bid price : 23.30
Bid-YTW : 5.70 %
PWF.PR.P FixedReset Disc 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 17.40
Evaluated at bid price : 17.40
Bid-YTW : 6.28 %
GWO.PR.R Insurance Straight 3.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 5.82 %
IFC.PR.A FixedReset Ins Non 6.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 21.34
Evaluated at bid price : 21.65
Bid-YTW : 5.31 %
Volume Highlights
Issue Index Shares
Traded		 Notes
MFC.PR.C Insurance Straight 81,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 19.94
Evaluated at bid price : 19.94
Bid-YTW : 5.69 %
ENB.PR.D FixedReset Disc 53,315 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 19.63
Evaluated at bid price : 19.63
Bid-YTW : 6.75 %
MFC.PR.I FixedReset Ins Non 42,830 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 23.49
Evaluated at bid price : 24.90
Bid-YTW : 5.72 %
ENB.PR.P FixedReset Disc 36,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 6.71 %
BN.PR.N Perpetual-Discount 27,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 6.13 %
BN.PF.C Perpetual-Discount 26,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 19.92
Evaluated at bid price : 19.92
Bid-YTW : 6.13 %
There were 11 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
CU.PR.C FixedReset Disc Quote: 22.50 – 25.37
Spot Rate : 2.8700
Average : 1.7615

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

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

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

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

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

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

June 24, 2025

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

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.2014 % 2,293.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.2014 % 4,464.4
Floater 6.96 % 7.01 % 70,180 12.58 2 0.2014 % 2,572.8
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0792 % 3,647.3
SplitShare 4.80 % 4.35 % 64,564 2.51 8 -0.0792 % 4,355.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0792 % 3,398.4
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.4884 % 2,958.0
Perpetual-Discount 5.81 % 5.93 % 41,875 13.95 33 0.4884 % 3,225.5
FixedReset Disc 5.58 % 6.15 % 114,521 13.16 46 0.5338 % 2,915.2
Insurance Straight 5.79 % 5.81 % 50,735 14.20 20 0.1674 % 3,129.2
FloatingReset 5.68 % 5.73 % 37,446 14.32 3 0.2144 % 3,628.5
FixedReset Prem 6.05 % 5.02 % 111,456 3.28 12 0.4160 % 2,620.5
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.5338 % 2,979.9
FixedReset Ins Non 5.13 % 5.63 % 65,789 14.33 14 0.5377 % 3,005.6
Performance Highlights
Issue Index Change Notes
GWO.PR.T Insurance Straight -6.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.32 %
GWO.PR.I Insurance Straight -2.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 18.88
Evaluated at bid price : 18.88
Bid-YTW : 6.00 %
CU.PR.G Perpetual-Discount -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 5.96 %
BIP.PR.E FixedReset Disc 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 23.33
Evaluated at bid price : 24.75
Bid-YTW : 6.00 %
GWO.PR.H Insurance Straight 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 21.02
Evaluated at bid price : 21.02
Bid-YTW : 5.80 %
POW.PR.D Perpetual-Discount 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 21.52
Evaluated at bid price : 21.78
Bid-YTW : 5.74 %
TD.PF.I FixedReset Prem 1.07 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 26.33
Bid-YTW : 4.35 %
FTS.PR.H FixedReset Disc 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 17.45
Evaluated at bid price : 17.45
Bid-YTW : 6.15 %
BN.PF.B FixedReset Disc 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 22.01
Evaluated at bid price : 22.45
Bid-YTW : 6.28 %
BN.PF.E FixedReset Disc 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 19.96
Evaluated at bid price : 19.96
Bid-YTW : 6.70 %
POW.PR.B Perpetual-Discount 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 22.60
Evaluated at bid price : 22.85
Bid-YTW : 5.86 %
MFC.PR.Q FixedReset Ins Non 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 23.29
Evaluated at bid price : 24.75
Bid-YTW : 5.50 %
SLF.PR.G FixedReset Ins Non 1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 5.85 %
BN.PR.X FixedReset Disc 1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 18.05
Evaluated at bid price : 18.05
Bid-YTW : 6.44 %
PWF.PR.P FixedReset Disc 2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 17.14
Evaluated at bid price : 17.14
Bid-YTW : 6.38 %
IFC.PR.I Insurance Straight 2.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 23.23
Evaluated at bid price : 23.49
Bid-YTW : 5.77 %
BN.PR.M Perpetual-Discount 5.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 19.56
Evaluated at bid price : 19.56
Bid-YTW : 6.11 %
IFC.PR.F Insurance Straight 5.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 22.71
Evaluated at bid price : 22.97
Bid-YTW : 5.79 %
BN.PR.R FixedReset Disc 6.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 19.05
Evaluated at bid price : 19.05
Bid-YTW : 6.58 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CM.PR.Q FixedReset Disc 586,100 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-31
Maturity Price : 25.00
Evaluated at bid price : 25.11
Bid-YTW : 3.42 %
TD.PF.D FixedReset Disc 416,100 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-31
Maturity Price : 25.00
Evaluated at bid price : 25.11
Bid-YTW : 3.57 %
IFC.PR.A FixedReset Ins Non 108,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 5.68 %
GWO.PR.N FixedReset Ins Non 45,654 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 16.85
Evaluated at bid price : 16.85
Bid-YTW : 6.03 %
ENB.PF.E FixedReset Disc 29,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 20.22
Evaluated at bid price : 20.22
Bid-YTW : 6.83 %
BN.PF.G FixedReset Disc 24,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-24
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 6.63 %
There were 13 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
ENB.PF.C FixedReset Disc Quote: 20.26 – 22.00
Spot Rate : 1.7400
Average : 0.9768

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

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

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

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

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

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

TD.PF.D To Be Redeemed

The Toronto-Dominion Bank has announced:

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

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

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

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

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

Market Action

June 23, 2025

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.7302 % 2,288.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.7302 % 4,455.4
Floater 6.98 % 7.02 % 62,068 12.57 2 0.7302 % 2,567.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.1587 % 3,650.2
SplitShare 4.79 % 4.34 % 67,219 2.52 8 0.1587 % 4,359.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1587 % 3,401.1
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.0799 % 2,943.6
Perpetual-Discount 5.84 % 5.96 % 42,021 13.91 33 -0.0799 % 3,209.8
FixedReset Disc 5.61 % 6.13 % 112,625 13.13 46 0.5218 % 2,899.7
Insurance Straight 5.80 % 5.86 % 50,833 14.15 20 0.1467 % 3,124.0
FloatingReset 5.69 % 5.74 % 38,773 14.30 3 -0.5482 % 3,620.7
FixedReset Prem 6.08 % 5.34 % 115,713 3.33 12 0.0678 % 2,609.6
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.5218 % 2,964.1
FixedReset Ins Non 5.16 % 5.68 % 65,849 14.24 14 0.5115 % 2,989.5
Performance Highlights
Issue Index Change Notes
SLF.PR.J FloatingReset -2.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 6.05 %
PWF.PR.P FixedReset Disc -2.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 16.80
Evaluated at bid price : 16.80
Bid-YTW : 6.50 %
GWO.PR.R Insurance Straight -2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 6.01 %
CU.PR.G Perpetual-Discount 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 19.32
Evaluated at bid price : 19.32
Bid-YTW : 5.89 %
GWO.PR.N FixedReset Ins Non 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 16.76
Evaluated at bid price : 16.76
Bid-YTW : 6.06 %
BN.PR.B Floater 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 12.40
Evaluated at bid price : 12.40
Bid-YTW : 7.04 %
BN.PR.T FixedReset Disc 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 6.70 %
ENB.PR.P FixedReset Disc 1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 6.74 %
BN.PR.Z FixedReset Disc 2.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 22.27
Evaluated at bid price : 22.65
Bid-YTW : 6.46 %
PWF.PR.T FixedReset Disc 2.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 22.71
Evaluated at bid price : 23.62
Bid-YTW : 5.64 %
MFC.PR.K FixedReset Ins Non 3.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 23.23
Evaluated at bid price : 24.70
Bid-YTW : 5.32 %
IFC.PR.F Insurance Straight 4.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 21.75
Evaluated at bid price : 21.75
Bid-YTW : 6.13 %
CU.PR.C FixedReset Disc 11.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 21.73
Evaluated at bid price : 22.20
Bid-YTW : 5.92 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BIP.PR.A FixedReset Disc 54,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-30
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 6.04 %
ENB.PF.K FixedReset Disc 27,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 23.09
Evaluated at bid price : 24.15
Bid-YTW : 6.27 %
PWF.PR.R Perpetual-Discount 26,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 23.00
Evaluated at bid price : 23.27
Bid-YTW : 6.00 %
ENB.PF.G FixedReset Disc 26,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 6.82 %
BN.PR.K Floater 21,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 12.43
Evaluated at bid price : 12.43
Bid-YTW : 7.02 %
ENB.PF.E FixedReset Disc 16,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-23
Maturity Price : 20.11
Evaluated at bid price : 20.11
Bid-YTW : 6.87 %
There were 4 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible.
Issue Index Quote Data and Yield Notes
PWF.PR.R Perpetual-Discount Quote: 23.27 – 24.45
Spot Rate : 1.1800
Average : 0.6753

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

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

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

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

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

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