Another new high for the TXPR price index today. Yawn. A high of 669.04 vs. the previous mark of 668.41 set July 15, 2025.
PerpetualDiscounts now yield 5.89%, equivalent to 7.66% interest at the standard conversion factor of 1.3x. Long corporates now yield 5.10%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now 255bp, a significant narrowing from the 275bp reported July 2.
Sorry this is late! I was busy yesterday evening!
| 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 | -0.7865 % | 2,325.6 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.7865 % | 4,527.2 |
| Floater | 6.87 % | 6.90 % | 49,313 | 12.67 | 2 | -0.7865 % | 2,609.0 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1522 % | 3,668.9 |
| SplitShare | 4.77 % | 4.47 % | 59,796 | 2.45 | 7 | 0.1522 % | 4,381.4 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1522 % | 3,418.5 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0435 % | 2,981.6 |
| Perpetual-Discount | 5.77 % | 5.89 % | 46,724 | 14.10 | 32 | 0.0435 % | 3,251.3 |
| FixedReset Disc | 5.65 % | 6.27 % | 119,305 | 13.17 | 40 | -0.1276 % | 2,973.1 |
| Insurance Straight | 5.70 % | 5.79 % | 52,216 | 14.23 | 19 | -0.5266 % | 3,178.7 |
| FloatingReset | 5.54 % | 5.35 % | 40,240 | 14.88 | 2 | -0.3563 % | 3,675.3 |
| FixedReset Prem | 5.74 % | 5.03 % | 117,245 | 2.61 | 16 | 0.1165 % | 2,625.6 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1276 % | 3,039.1 |
| FixedReset Ins Non | 5.24 % | 5.56 % | 66,207 | 14.17 | 14 | 0.2388 % | 3,052.0 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| IFC.PR.I | Insurance Straight | -10.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 6.38 % |
| FFH.PR.G | FixedReset Disc | -3.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 22.58 Evaluated at bid price : 23.60 Bid-YTW : 5.89 % |
| CU.PR.J | Perpetual-Discount | -2.96 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.03 % |
| GWO.PR.I | Insurance Straight | -2.81 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 19.05 Evaluated at bid price : 19.05 Bid-YTW : 5.97 % |
| BN.PF.B | FixedReset Disc | -2.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 22.12 Evaluated at bid price : 22.60 Bid-YTW : 6.45 % |
| SLF.PR.H | FixedReset Ins Non | -1.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 21.15 Evaluated at bid price : 21.15 Bid-YTW : 5.99 % |
| BN.PR.B | Floater | -1.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 12.53 Evaluated at bid price : 12.53 Bid-YTW : 7.00 % |
| ENB.PR.F | FixedReset Disc | -1.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 20.40 Evaluated at bid price : 20.40 Bid-YTW : 6.92 % |
| SLF.PR.J | FloatingReset | -1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 17.40 Evaluated at bid price : 17.40 Bid-YTW : 5.91 % |
| ENB.PR.Y | FixedReset Disc | -1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 19.64 Evaluated at bid price : 19.64 Bid-YTW : 6.98 % |
| FFH.PR.K | FixedReset Disc | 1.00 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2027-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.20 Bid-YTW : 4.72 % |
| NA.PR.I | FixedReset Prem | 1.15 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2029-05-01 Maturity Price : 25.00 Evaluated at bid price : 26.30 Bid-YTW : 5.65 % |
| BN.PR.Z | FixedReset Disc | 1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 22.82 Evaluated at bid price : 23.52 Bid-YTW : 6.43 % |
| SLF.PR.E | Insurance Straight | 1.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 5.41 % |
| CU.PR.F | Perpetual-Discount | 1.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 20.05 Evaluated at bid price : 20.05 Bid-YTW : 5.70 % |
| MFC.PR.L | FixedReset Ins Non | 3.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 23.03 Evaluated at bid price : 24.40 Bid-YTW : 5.46 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BN.PF.I | FixedReset Prem | 125,270 | YTW SCENARIO Maturity Type : Call Maturity Date : 2027-03-31 Maturity Price : 25.00 Evaluated at bid price : 24.90 Bid-YTW : 5.82 % |
| TD.PF.A | FixedReset Disc | 106,150 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 23.09 Evaluated at bid price : 24.64 Bid-YTW : 5.21 % |
| TD.PF.D | FixedReset Prem | 92,720 | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-08-30 Maturity Price : 25.00 Evaluated at bid price : 24.96 Bid-YTW : 5.24 % |
| SLF.PR.G | FixedReset Ins Non | 77,390 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 18.57 Evaluated at bid price : 18.57 Bid-YTW : 5.96 % |
| SLF.PR.E | Insurance Straight | 76,599 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 5.41 % |
| ENB.PF.G | FixedReset Disc | 56,987 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-16 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 6.85 % |
| There were 17 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 |
| IFC.PR.I | Insurance Straight | Quote: 21.40 – 24.00 Spot Rate : 2.6000 Average : 1.4815 YTW SCENARIO |
| PVS.PR.L | SplitShare | Quote: 26.03 – 27.90 Spot Rate : 1.8700 Average : 1.3196 YTW SCENARIO |
| FFH.PR.G | FixedReset Disc | Quote: 23.60 – 24.60 Spot Rate : 1.0000 Average : 0.6013 YTW SCENARIO |
| MFC.PR.K | FixedReset Ins Non | Quote: 25.00 – 26.00 Spot Rate : 1.0000 Average : 0.6377 YTW SCENARIO |
| GWO.PR.I | Insurance Straight | Quote: 19.05 – 19.90 Spot Rate : 0.8500 Average : 0.5552 YTW SCENARIO |
| CU.PR.J | Perpetual-Discount | Quote: 20.00 – 21.10 Spot Rate : 1.1000 Average : 0.8058 YTW SCENARIO |
[…] PerpetualDiscounts now yield 5.82%, equivalent to 7.57% interest at the standard conversion factor of 1.3x. Long corporates now yield 5.07%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now 250bp 255bp, a slight (and perhaps spurious) narrowing from the 255bp reported July 16. […]