Market Action

June 16, 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 0.5735 % 2,262.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.5735 % 4,405.1
Floater 7.06 % 7.08 % 75,117 12.50 2 0.5735 % 2,538.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.0595 % 3,648.9
SplitShare 4.79 % 4.43 % 71,798 2.53 8 0.0595 % 4,357.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0595 % 3,400.0
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.0247 % 2,957.9
Perpetual-Discount 5.81 % 5.97 % 44,766 13.90 33 -0.0247 % 3,225.4
FixedReset Disc 5.62 % 6.17 % 120,998 12.91 46 0.4697 % 2,890.8
Insurance Straight 5.79 % 5.87 % 51,357 14.16 20 -0.3656 % 3,127.6
FloatingReset 5.65 % 5.71 % 43,349 14.36 3 0.0152 % 3,654.5
FixedReset Prem 6.08 % 5.09 % 120,228 3.30 12 0.0743 % 2,608.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.4697 % 2,955.0
FixedReset Ins Non 5.18 % 5.86 % 63,428 14.00 14 0.2775 % 2,973.8
Performance Highlights
Issue Index Change Notes
BN.PR.M Perpetual-Discount -5.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 18.55
Evaluated at bid price : 18.55
Bid-YTW : 6.43 %
PWF.PR.P FixedReset Disc -3.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 16.75
Evaluated at bid price : 16.75
Bid-YTW : 6.73 %
GWO.PR.M Insurance Straight -2.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 23.68
Evaluated at bid price : 23.95
Bid-YTW : 6.07 %
IFC.PR.E Insurance Straight -1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 22.67
Evaluated at bid price : 22.92
Bid-YTW : 5.68 %
PWF.PR.L Perpetual-Discount -1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 6.10 %
BN.PR.T FixedReset Disc -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 18.32
Evaluated at bid price : 18.32
Bid-YTW : 6.99 %
POW.PR.C Perpetual-Discount 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 24.45
Evaluated at bid price : 24.69
Bid-YTW : 5.98 %
BN.PR.K Floater 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 12.25
Evaluated at bid price : 12.25
Bid-YTW : 7.11 %
GWO.PR.T Insurance Straight 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 21.49
Evaluated at bid price : 21.80
Bid-YTW : 5.91 %
PWF.PR.K Perpetual-Discount 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 21.04
Evaluated at bid price : 21.04
Bid-YTW : 5.98 %
ENB.PR.D FixedReset Disc 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 6.94 %
RY.PR.S FixedReset Prem 1.38 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-02-24
Maturity Price : 25.00
Evaluated at bid price : 25.79
Bid-YTW : 5.07 %
CU.PR.D Perpetual-Discount 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 5.89 %
IFC.PR.A FixedReset Ins Non 1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 5.50 %
PWF.PR.T FixedReset Disc 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 22.37
Evaluated at bid price : 23.00
Bid-YTW : 5.93 %
MFC.PR.Q FixedReset Ins Non 1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 23.22
Evaluated at bid price : 24.58
Bid-YTW : 5.66 %
GWO.PR.H Insurance Straight 1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 5.97 %
IFC.PR.C FixedReset Ins Non 1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 22.76
Evaluated at bid price : 23.23
Bid-YTW : 5.86 %
ENB.PR.J FixedReset Disc 1.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 6.91 %
SLF.PR.H FixedReset Ins Non 1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.93 %
ENB.PR.B FixedReset Disc 3.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 7.12 %
CU.PR.C FixedReset Disc 10.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 21.56
Evaluated at bid price : 21.95
Bid-YTW : 6.13 %
Volume Highlights
Issue Index Shares
Traded
Notes
CM.PR.Q FixedReset Disc 50,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-31
Maturity Price : 25.00
Evaluated at bid price : 25.04
Bid-YTW : 5.12 %
RY.PR.O Perpetual-Discount 30,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 24.25
Evaluated at bid price : 24.55
Bid-YTW : 5.02 %
ENB.PF.K FixedReset Disc 25,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 23.08
Evaluated at bid price : 24.14
Bid-YTW : 6.39 %
ENB.PR.T FixedReset Disc 24,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 6.73 %
FTS.PR.H FixedReset Disc 21,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 17.15
Evaluated at bid price : 17.15
Bid-YTW : 6.40 %
TD.PF.A FixedReset Disc 19,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 22.88
Evaluated at bid price : 24.14
Bid-YTW : 5.34 %
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
BN.PF.G FixedReset Disc Quote: 21.22 – 23.00
Spot Rate : 1.7800
Average : 1.3026

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 21.22
Evaluated at bid price : 21.22
Bid-YTW : 6.88 %

BN.PR.M Perpetual-Discount Quote: 18.55 – 20.15
Spot Rate : 1.6000
Average : 1.2163

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 18.55
Evaluated at bid price : 18.55
Bid-YTW : 6.43 %

IFC.PR.I Insurance Straight Quote: 23.00 – 25.99
Spot Rate : 2.9900
Average : 2.6663

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 22.60
Evaluated at bid price : 23.00
Bid-YTW : 5.87 %

BN.PR.R FixedReset Disc Quote: 17.84 – 19.50
Spot Rate : 1.6600
Average : 1.4004

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 17.84
Evaluated at bid price : 17.84
Bid-YTW : 7.20 %

BN.PF.I FixedReset Disc Quote: 25.00 – 26.00
Spot Rate : 1.0000
Average : 0.7655

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.00
Bid-YTW : 5.30 %

BN.PR.T FixedReset Disc Quote: 18.32 – 18.98
Spot Rate : 0.6600
Average : 0.4571

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-16
Maturity Price : 18.32
Evaluated at bid price : 18.32
Bid-YTW : 6.99 %

Leave a Reply