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 %

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