Market Action

July 8, 2025

Another new 52-week high for the TXPR price index today, with today’s close of 667.21 eclipsing the 2025-7-4 mark of 665.49.

I tried to look up when the value was 1,000, but all I could find was the S&P Methodology document stating that on 07/19/2002 the price index value was 975.14. So if the market goes up 50% (in price), we’ll be back where we started!

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 -0.3172 % 2,317.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.3172 % 4,511.0
Floater 6.89 % 6.92 % 54,462 12.66 2 -0.3172 % 2,599.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.2709 % 3,669.7
SplitShare 4.77 % 4.09 % 60,511 2.48 7 0.2709 % 4,382.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2709 % 3,419.3
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.3310 % 2,994.2
Perpetual-Discount 5.75 % 5.90 % 44,255 14.06 32 0.3310 % 3,265.0
FixedReset Disc 5.68 % 6.22 % 114,621 13.20 40 -0.1293 % 2,960.9
Insurance Straight 5.71 % 5.78 % 48,348 14.26 19 -0.0314 % 3,170.0
FloatingReset 5.55 % 5.37 % 42,705 14.86 2 0.1196 % 3,667.4
FixedReset Prem 5.73 % 5.08 % 121,183 2.63 16 0.0000 % 2,626.5
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.1293 % 3,026.7
FixedReset Ins Non 5.25 % 5.57 % 64,186 14.25 14 0.1637 % 3,044.6
Performance Highlights
Issue Index Change Notes
BN.PR.R FixedReset Disc -7.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 17.84
Evaluated at bid price : 17.84
Bid-YTW : 7.23 %
FFH.PR.G FixedReset Disc -2.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 23.01
Evaluated at bid price : 24.00
Bid-YTW : 5.70 %
IFC.PR.A FixedReset Ins Non -1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 21.91
Evaluated at bid price : 22.15
Bid-YTW : 5.34 %
GWO.PR.R Insurance Straight -1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 20.53
Evaluated at bid price : 20.53
Bid-YTW : 5.90 %
IFC.PR.E Insurance Straight -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 23.11
Evaluated at bid price : 23.40
Bid-YTW : 5.59 %
SLF.PR.E Insurance Straight -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 5.64 %
SLF.PR.G FixedReset Ins Non 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 5.90 %
PVS.PR.L SplitShare 1.10 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.85
Bid-YTW : 4.86 %
MFC.PR.Q FixedReset Ins Non 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 23.49
Evaluated at bid price : 25.29
Bid-YTW : 5.49 %
CU.PR.D Perpetual-Discount 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 5.85 %
FTS.PR.K FixedReset Disc 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 21.87
Evaluated at bid price : 22.22
Bid-YTW : 5.82 %
SLF.PR.D Insurance Straight 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 5.54 %
BN.PF.E FixedReset Disc 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 20.67
Evaluated at bid price : 20.67
Bid-YTW : 6.61 %
PWF.PR.K Perpetual-Discount 2.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 5.90 %
MFC.PR.F FixedReset Ins Non 3.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 18.15
Evaluated at bid price : 18.15
Bid-YTW : 5.89 %
BN.PR.N Perpetual-Discount 6.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 19.84
Evaluated at bid price : 19.84
Bid-YTW : 6.04 %
Volume Highlights
Issue Index Shares
Traded
Notes
CM.PR.Q FixedReset Disc 113,900 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-08-30
Maturity Price : 25.00
Evaluated at bid price : 24.95
Bid-YTW : 5.01 %
ENB.PF.K FixedReset Disc 88,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 23.14
Evaluated at bid price : 24.23
Bid-YTW : 6.39 %
BN.PF.G FixedReset Disc 53,049 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 21.79
Evaluated at bid price : 22.22
Bid-YTW : 6.52 %
TD.PF.D FixedReset Prem 51,171 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-08-30
Maturity Price : 25.00
Evaluated at bid price : 25.14
Bid-YTW : 4.95 %
BN.PR.T FixedReset Disc 39,656 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 6.63 %
RY.PR.N Perpetual-Discount 32,960 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 24.67
Evaluated at bid price : 24.93
Bid-YTW : 4.97 %
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
PWF.PR.P FixedReset Disc Quote: 17.89 – 24.68
Spot Rate : 6.7900
Average : 3.6300

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 17.89
Evaluated at bid price : 17.89
Bid-YTW : 6.31 %

ENB.PR.B FixedReset Disc Quote: 19.33 – 24.00
Spot Rate : 4.6700
Average : 2.5981

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 19.33
Evaluated at bid price : 19.33
Bid-YTW : 7.02 %

BN.PF.F FixedReset Disc Quote: 22.60 – 24.85
Spot Rate : 2.2500
Average : 1.2280

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 22.08
Evaluated at bid price : 22.60
Bid-YTW : 6.48 %

IFC.PR.I Insurance Straight Quote: 23.70 – 24.99
Spot Rate : 1.2900
Average : 0.8373

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 23.33
Evaluated at bid price : 23.70
Bid-YTW : 5.72 %

PWF.PR.E Perpetual-Discount Quote: 23.60 – 24.63
Spot Rate : 1.0300
Average : 0.6192

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 23.32
Evaluated at bid price : 23.60
Bid-YTW : 5.93 %

BN.PR.R FixedReset Disc Quote: 17.84 – 19.80
Spot Rate : 1.9600
Average : 1.6248

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-08
Maturity Price : 17.84
Evaluated at bid price : 17.84
Bid-YTW : 7.23 %

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