Market Action

July 11, 2025

The TXPR price index set a new 52-week high today, with today’s high of 667.61 edging the old 52-week high of 667.47 set 2025-7-9.

And five-year Canadas are now at 3.03%

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 -0.4338 % 2,327.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.4338 % 4,530.7
Floater 6.86 % 6.87 % 51,473 12.73 2 -0.4338 % 2,611.1
OpRet 0.00 % 0.00 % 0 0.00 0 -0.2644 % 3,662.2
SplitShare 4.78 % 4.56 % 59,558 2.47 7 -0.2644 % 4,373.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.2644 % 3,412.4
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.4772 % 2,967.9
Perpetual-Discount 5.80 % 5.90 % 46,432 14.08 32 -0.4772 % 3,236.3
FixedReset Disc 5.66 % 6.25 % 120,559 13.18 40 -0.0523 % 2,968.9
Insurance Straight 5.68 % 5.78 % 52,301 14.26 19 0.3852 % 3,189.4
FloatingReset 5.54 % 5.37 % 40,568 14.86 2 1.2069 % 3,673.5
FixedReset Prem 5.77 % 5.10 % 122,585 3.00 16 -0.4154 % 2,608.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0523 % 3,034.8
FixedReset Ins Non 5.26 % 5.67 % 66,596 14.07 14 0.2302 % 3,040.8
Performance Highlights
Issue Index Change Notes
PWF.PR.T FixedReset Disc -7.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 21.96
Evaluated at bid price : 22.35
Bid-YTW : 6.10 %
CU.PR.F Perpetual-Discount -6.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 6.13 %
CU.PR.G Perpetual-Discount -5.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 18.99
Evaluated at bid price : 18.99
Bid-YTW : 6.01 %
BN.PF.I FixedReset Prem -4.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 23.16
Evaluated at bid price : 23.55
Bid-YTW : 7.17 %
POW.PR.D Perpetual-Discount -4.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 5.98 %
ELF.PR.F Perpetual-Discount -4.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 6.05 %
PWF.PR.F Perpetual-Discount -3.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 21.51
Evaluated at bid price : 21.77
Bid-YTW : 6.04 %
GWO.PR.T Insurance Straight -1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 21.54
Evaluated at bid price : 21.85
Bid-YTW : 5.93 %
PVS.PR.L SplitShare -1.40 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-06-30
Maturity Price : 25.00
Evaluated at bid price : 26.01
Bid-YTW : 4.73 %
BN.PR.B Floater -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 12.50
Evaluated at bid price : 12.50
Bid-YTW : 7.01 %
BN.PR.N Perpetual-Discount 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.99 %
BN.PF.B FixedReset Disc 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 22.55
Evaluated at bid price : 23.33
Bid-YTW : 6.22 %
BN.PF.D Perpetual-Discount 1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 6.00 %
GWO.PR.R Insurance Straight 1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 20.91
Evaluated at bid price : 20.91
Bid-YTW : 5.79 %
CU.PR.D Perpetual-Discount 1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 21.13
Evaluated at bid price : 21.13
Bid-YTW : 5.88 %
GWO.PR.H Insurance Straight 2.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 21.33
Evaluated at bid price : 21.60
Bid-YTW : 5.65 %
MFC.PR.J FixedReset Ins Non 2.65 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-03-19
Maturity Price : 25.00
Evaluated at bid price : 25.61
Bid-YTW : 5.36 %
SLF.PR.J FloatingReset 2.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 17.48
Evaluated at bid price : 17.48
Bid-YTW : 5.88 %
CU.PR.J Perpetual-Discount 3.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 5.82 %
GWO.PR.M Insurance Straight 7.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 24.35
Evaluated at bid price : 24.66
Bid-YTW : 5.92 %
Volume Highlights
Issue Index Shares
Traded
Notes
CM.PR.Q FixedReset Disc 500,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-08-30
Maturity Price : 25.00
Evaluated at bid price : 24.96
Bid-YTW : 5.07 %
BMO.PR.Y FixedReset Disc 245,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-08-25
Maturity Price : 25.00
Evaluated at bid price : 25.09
Bid-YTW : 3.28 %
BN.PF.G FixedReset Disc 76,945 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 21.89
Evaluated at bid price : 22.37
Bid-YTW : 6.53 %
ENB.PR.P FixedReset Disc 63,410 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 21.43
Evaluated at bid price : 21.43
Bid-YTW : 6.68 %
CU.PR.I FixedReset Prem 32,901 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-01
Maturity Price : 25.00
Evaluated at bid price : 25.10
Bid-YTW : 4.75 %
BN.PF.A FixedReset Disc 21,008 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 23.28
Evaluated at bid price : 24.82
Bid-YTW : 6.14 %
There were 4 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
CU.PR.F Perpetual-Discount Quote: 18.65 – 21.75
Spot Rate : 3.1000
Average : 1.8747

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 6.13 %

ENB.PR.D FixedReset Disc Quote: 20.33 – 22.98
Spot Rate : 2.6500
Average : 1.5041

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 20.33
Evaluated at bid price : 20.33
Bid-YTW : 6.77 %

PWF.PR.T FixedReset Disc Quote: 22.35 – 24.39
Spot Rate : 2.0400
Average : 1.1536

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 21.96
Evaluated at bid price : 22.35
Bid-YTW : 6.10 %

BN.PF.I FixedReset Prem Quote: 23.55 – 25.00
Spot Rate : 1.4500
Average : 0.8403

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 23.16
Evaluated at bid price : 23.55
Bid-YTW : 7.17 %

MFC.PR.M FixedReset Ins Non Quote: 21.15 – 24.70
Spot Rate : 3.5500
Average : 2.9437

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 6.51 %

CU.PR.G Perpetual-Discount Quote: 18.99 – 20.22
Spot Rate : 1.2300
Average : 0.7286

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-11
Maturity Price : 18.99
Evaluated at bid price : 18.99
Bid-YTW : 6.01 %

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