The market’s back to normal, by which I mean there was a new 52-week high for the TXPR price index today, with today’s high of 665.49 eclipsing the mark of 664.37 set on 2025-07-02.
| 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 | 0.2802 % | 2,309.0 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2802 % | 4,494.9 |
| Floater | 6.92 % | 6.92 % | 57,179 | 12.68 | 2 | 0.2802 % | 2,590.4 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0732 % | 3,665.8 |
| SplitShare | 4.78 % | 4.23 % | 57,844 | 2.49 | 7 | -0.0732 % | 4,377.7 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0732 % | 3,415.7 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.4229 % | 2,991.4 |
| Perpetual-Discount | 5.75 % | 5.90 % | 45,589 | 14.05 | 32 | 0.4229 % | 3,261.9 |
| FixedReset Disc | 5.69 % | 6.17 % | 115,683 | 13.24 | 40 | 0.3164 % | 2,953.8 |
| Insurance Straight | 5.69 % | 5.78 % | 49,539 | 14.26 | 19 | -0.0961 % | 3,180.8 |
| FloatingReset | 5.57 % | 5.37 % | 43,012 | 14.84 | 2 | 0.0956 % | 3,669.1 |
| FixedReset Prem | 5.72 % | 5.11 % | 122,422 | 2.98 | 16 | 0.1405 % | 2,631.0 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.3164 % | 3,019.4 |
| FixedReset Ins Non | 5.25 % | 5.58 % | 63,052 | 14.36 | 14 | -0.2819 % | 3,046.1 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| GWO.PR.I | Insurance Straight | -4.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-04 Maturity Price : 18.96 Evaluated at bid price : 18.96 Bid-YTW : 5.98 % |
| MFC.PR.M | FixedReset Ins Non | -4.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-04 Maturity Price : 22.42 Evaluated at bid price : 23.20 Bid-YTW : 5.73 % |
| BN.PR.M | Perpetual-Discount | -1.98 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-04 Maturity Price : 19.85 Evaluated at bid price : 19.85 Bid-YTW : 6.03 % |
| IFC.PR.I | Insurance Straight | -1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-04 Maturity Price : 23.24 Evaluated at bid price : 23.50 Bid-YTW : 5.78 % |
| GWO.PR.Y | Insurance Straight | -1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-04 Maturity Price : 19.60 Evaluated at bid price : 19.60 Bid-YTW : 5.78 % |
| GWO.PR.N | FixedReset Ins Non | 1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-04 Maturity Price : 17.40 Evaluated at bid price : 17.40 Bid-YTW : 5.89 % |
| PWF.PR.L | Perpetual-Discount | 1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-04 Maturity Price : 21.66 Evaluated at bid price : 21.91 Bid-YTW : 5.92 % |
| CU.PR.H | Perpetual-Discount | 1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-04 Maturity Price : 22.88 Evaluated at bid price : 23.15 Bid-YTW : 5.73 % |
| CU.PR.D | Perpetual-Discount | 1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-04 Maturity Price : 21.26 Evaluated at bid price : 21.26 Bid-YTW : 5.84 % |
| ENB.PR.D | FixedReset Disc | 1.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-04 Maturity Price : 20.19 Evaluated at bid price : 20.19 Bid-YTW : 6.61 % |
| NA.PR.C | FixedReset Prem | 1.43 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2027-11-15 Maturity Price : 25.00 Evaluated at bid price : 26.90 Bid-YTW : 4.08 % |
| GWO.PR.R | Insurance Straight | 1.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-04 Maturity Price : 20.83 Evaluated at bid price : 20.83 Bid-YTW : 5.81 % |
| BIP.PR.F | FixedReset Disc | 1.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-04 Maturity Price : 23.34 Evaluated at bid price : 25.10 Bid-YTW : 5.86 % |
| SLF.PR.E | Insurance Straight | 1.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-04 Maturity Price : 20.59 Evaluated at bid price : 20.59 Bid-YTW : 5.50 % |
| PWF.PR.P | FixedReset Disc | 2.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-04 Maturity Price : 17.86 Evaluated at bid price : 17.86 Bid-YTW : 6.17 % |
| POW.PR.D | Perpetual-Discount | 2.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-04 Maturity Price : 21.35 Evaluated at bid price : 21.62 Bid-YTW : 5.79 % |
| CU.PR.J | Perpetual-Discount | 3.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-04 Maturity Price : 20.66 Evaluated at bid price : 20.66 Bid-YTW : 5.83 % |
| CU.PR.C | FixedReset Disc | 3.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-04 Maturity Price : 22.90 Evaluated at bid price : 23.25 Bid-YTW : 5.69 % |
| CU.PR.G | Perpetual-Discount | 5.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-04 Maturity Price : 19.95 Evaluated at bid price : 19.95 Bid-YTW : 5.71 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| CM.PR.Q | FixedReset Disc | 365,900 | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-08-30 Maturity Price : 25.00 Evaluated at bid price : 24.94 Bid-YTW : 4.85 % |
| MFC.PR.C | Insurance Straight | 102,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-04 Maturity Price : 20.18 Evaluated at bid price : 20.18 Bid-YTW : 5.63 % |
| PWF.PR.P | FixedReset Disc | 62,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-04 Maturity Price : 17.86 Evaluated at bid price : 17.86 Bid-YTW : 6.17 % |
| CU.PR.E | Perpetual-Discount | 50,100 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-04 Maturity Price : 21.36 Evaluated at bid price : 21.36 Bid-YTW : 5.81 % |
| FFH.PR.G | FixedReset Disc | 50,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-04 Maturity Price : 23.38 Evaluated at bid price : 24.35 Bid-YTW : 5.50 % |
| BIP.PR.B | FixedReset Prem | 46,200 | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.12 Bid-YTW : 4.62 % |
| 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.PR.D | FixedReset Disc | Quote: 20.19 – 22.98 Spot Rate : 2.7900 Average : 1.7622 YTW SCENARIO |
| MFC.PR.M | FixedReset Ins Non | Quote: 23.20 – 24.44 Spot Rate : 1.2400 Average : 0.8766 YTW SCENARIO |
| PVS.PR.L | SplitShare | Quote: 25.95 – 26.95 Spot Rate : 1.0000 Average : 0.6758 YTW SCENARIO |
| PVS.PR.H | SplitShare | Quote: 25.33 – 26.33 Spot Rate : 1.0000 Average : 0.6834 YTW SCENARIO |
| BIP.PR.E | FixedReset Disc | Quote: 24.95 – 25.75 Spot Rate : 0.8000 Average : 0.4993 YTW SCENARIO |
| GWO.PR.I | Insurance Straight | Quote: 18.96 – 19.75 Spot Rate : 0.7900 Average : 0.5269 YTW SCENARIO |
I must say, this pref share investing is a game of patience. For all of us who were frustrated with the prices a couple of years ago, our patience has been well rewarded. I was lucky enough to go over weight back then; trimming a bit these days. Take care.
if you dont mind my asking , what are you putting the money from your pref sales into ? thankyou
Prefs have had a fantastic run of late. Probably still further to go, but who knows. It’s been a great run!
My prefs took a beating in the April market selloff but have since recovered and then some to new highs. Tempting to lighten up, but then put the money into what?
i think prefs are responding to the prospects of rates staying much higher than the previous decade. western governments everywhere are just ballooning their deficits. where’s the money going to come from? Canada’s deficit this year is estimated at $70-90B (from what i’ve been reading, if the liberals will ever get around to posting the numbers). Trump in the US is going to add another $5T in debt over the next few years. Germany is going to blow out it’s deficits to finance military spending. Canada has promised 5% of GDP in military spending which amounts to $150-160B? where’s that coming from … ???
In his MAPF Performance Reviews (which we haven’t seen for a long time now due to James’ IT unfortunate IT issues), James publishes a chart titled FR-5YrCanada Spread where we can visualize the yoyo’ing of FR spreads over time. For me, recent FR price improvements are just regular normalization of the spread and, yes, there is a ways to go. Looking forward to the next review!
The June performance review for MAPF is now available!