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 |
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| 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 |