Market Action

July 14, 2025

The TXPR price index celebrated Bastille Day with another 52-week high, with today’s high and closing value of 668.14 eclipsing the prior mark of 667.61 set 2025-7-11.

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 -0.2376 % 2,321.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2376 % 4,520.0
Floater 6.88 % 6.91 % 50,839 12.67 2 -0.2376 % 2,604.9
OpRet 0.00 % 0.00 % 0 0.00 0 0.1241 % 3,666.8
SplitShare 4.77 % 4.46 % 57,397 2.46 7 0.1241 % 4,378.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1241 % 3,416.6
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.3836 % 2,979.3
Perpetual-Discount 5.78 % 5.87 % 46,892 14.08 32 0.3836 % 3,248.7
FixedReset Disc 5.65 % 6.26 % 120,187 13.13 40 0.1836 % 2,974.4
Insurance Straight 5.67 % 5.76 % 50,512 14.27 19 0.1799 % 3,195.2
FloatingReset 5.74 % 5.36 % 39,974 14.86 2 -3.4820 % 3,545.6
FixedReset Prem 5.77 % 5.02 % 118,702 2.99 16 0.1025 % 2,611.1
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1836 % 3,040.4
FixedReset Ins Non 5.25 % 5.62 % 64,015 14.15 14 0.1982 % 3,046.8
Performance Highlights
Issue Index Change Notes
BN.PR.N Perpetual-Discount -8.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-14
Maturity Price : 18.30
Evaluated at bid price : 18.30
Bid-YTW : 6.56 %
SLF.PR.J FloatingReset -8.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-14
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 6.43 %
GWO.PR.H Insurance Straight -2.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-14
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 5.79 %
BN.PF.B FixedReset Disc -1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-14
Maturity Price : 22.37
Evaluated at bid price : 23.01
Bid-YTW : 6.32 %
BN.PR.X FixedReset Disc 1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-14
Maturity Price : 19.19
Evaluated at bid price : 19.19
Bid-YTW : 6.33 %
ENB.PF.C FixedReset Disc 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-14
Maturity Price : 20.86
Evaluated at bid price : 20.86
Bid-YTW : 6.85 %
RY.PR.S FixedReset Prem 1.16 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-02-24
Maturity Price : 25.00
Evaluated at bid price : 26.16
Bid-YTW : 4.75 %
PWF.PR.L Perpetual-Discount 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-14
Maturity Price : 21.65
Evaluated at bid price : 21.90
Bid-YTW : 5.83 %
ENB.PR.B FixedReset Disc 1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-14
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 6.96 %
GWO.PR.T Insurance Straight 1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-14
Maturity Price : 21.87
Evaluated at bid price : 22.20
Bid-YTW : 5.84 %
PWF.PR.K Perpetual-Discount 1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-14
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 5.82 %
FTS.PR.G FixedReset Disc 1.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-14
Maturity Price : 22.77
Evaluated at bid price : 23.63
Bid-YTW : 5.72 %
MFC.PR.F FixedReset Ins Non 3.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-14
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 6.02 %
PWF.PR.F Perpetual-Discount 3.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-14
Maturity Price : 22.34
Evaluated at bid price : 22.61
Bid-YTW : 5.81 %
POW.PR.D Perpetual-Discount 4.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-14
Maturity Price : 21.71
Evaluated at bid price : 21.96
Bid-YTW : 5.72 %
CU.PR.G Perpetual-Discount 5.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-14
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.71 %
CU.PR.F Perpetual-Discount 5.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-14
Maturity Price : 19.66
Evaluated at bid price : 19.66
Bid-YTW : 5.81 %
Volume Highlights
Issue Index Shares
Traded
Notes
BMO.PR.Y FixedReset Disc 79,900 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-08-25
Maturity Price : 25.00
Evaluated at bid price : 25.09
Bid-YTW : 3.52 %
BIP.PR.F FixedReset Disc 70,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-14
Maturity Price : 23.24
Evaluated at bid price : 24.79
Bid-YTW : 6.11 %
ENB.PF.K FixedReset Disc 26,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-14
Maturity Price : 23.12
Evaluated at bid price : 24.19
Bid-YTW : 6.48 %
CM.PR.Q FixedReset Disc 20,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-08-30
Maturity Price : 25.00
Evaluated at bid price : 24.96
Bid-YTW : 5.40 %
PWF.PR.G Perpetual-Discount 19,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-14
Maturity Price : 24.34
Evaluated at bid price : 24.65
Bid-YTW : 5.99 %
BN.PR.X FixedReset Disc 12,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-14
Maturity Price : 19.19
Evaluated at bid price : 19.19
Bid-YTW : 6.33 %
There were 3 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
SLF.PR.J FloatingReset Quote: 16.00 – 17.78
Spot Rate : 1.7800
Average : 1.0242

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-14
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 6.43 %

BN.PR.N Perpetual-Discount Quote: 18.30 – 20.15
Spot Rate : 1.8500
Average : 1.1036

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-14
Maturity Price : 18.30
Evaluated at bid price : 18.30
Bid-YTW : 6.56 %

GWO.PR.H Insurance Straight Quote: 21.15 – 22.50
Spot Rate : 1.3500
Average : 0.8564

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-14
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 5.79 %

PWF.PR.T FixedReset Disc Quote: 22.35 – 24.42
Spot Rate : 2.0700
Average : 1.6329

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-14
Maturity Price : 21.96
Evaluated at bid price : 22.35
Bid-YTW : 6.10 %

BN.PR.T FixedReset Disc Quote: 19.72 – 20.95
Spot Rate : 1.2300
Average : 0.8861

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-14
Maturity Price : 19.72
Evaluated at bid price : 19.72
Bid-YTW : 6.62 %

PWF.PR.E Perpetual-Discount Quote: 23.62 – 24.70
Spot Rate : 1.0800
Average : 0.7559

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-14
Maturity Price : 23.33
Evaluated at bid price : 23.62
Bid-YTW : 5.83 %

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