Market Action

July 17, 2025

Another new 52-week high for the TXPR price index, as it closed at the day’s high of 609.72 compared to the old mark of 609.04 set yesterday. BOR-RING!

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 0.8720 % 2,345.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.8720 % 4,566.6
Floater 6.81 % 6.88 % 78,776 12.70 2 0.8720 % 2,631.8
OpRet 0.00 % 0.00 % 0 0.00 0 0.1407 % 3,674.0
SplitShare 4.76 % 4.31 % 59,050 2.45 7 0.1407 % 4,387.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1407 % 3,423.3
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.1811 % 2,987.0
Perpetual-Discount 5.76 % 5.84 % 46,726 14.12 32 0.1811 % 3,257.2
FixedReset Disc 5.65 % 6.30 % 129,018 13.15 40 0.1022 % 2,976.1
Insurance Straight 5.66 % 5.79 % 50,170 14.22 19 0.7291 % 3,201.8
FloatingReset 5.52 % 5.36 % 38,861 14.87 2 0.3099 % 3,686.7
FixedReset Prem 5.74 % 4.98 % 112,743 2.61 16 -0.0145 % 2,625.2
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1022 % 3,042.2
FixedReset Ins Non 5.24 % 5.54 % 66,579 14.17 14 0.0125 % 3,052.4
Performance Highlights
Issue Index Change Notes
CU.PR.F Perpetual-Discount -6.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 6.13 %
ENB.PR.H FixedReset Disc -2.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 6.44 %
GWO.PR.P Insurance Straight -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 22.93
Evaluated at bid price : 23.21
Bid-YTW : 5.86 %
NA.PR.I FixedReset Prem -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 23.57
Evaluated at bid price : 26.01
Bid-YTW : 5.81 %
ENB.PR.J FixedReset Disc -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 21.61
Evaluated at bid price : 21.87
Bid-YTW : 6.62 %
IFC.PR.E Insurance Straight 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 23.51
Evaluated at bid price : 23.80
Bid-YTW : 5.50 %
MFC.PR.C Insurance Straight 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 5.50 %
IFC.PR.F Insurance Straight 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 23.44
Evaluated at bid price : 23.85
Bid-YTW : 5.59 %
PWF.PR.K Perpetual-Discount 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 21.32
Evaluated at bid price : 21.32
Bid-YTW : 5.83 %
BN.PR.B Floater 1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 12.75
Evaluated at bid price : 12.75
Bid-YTW : 6.88 %
BN.PF.B FixedReset Disc 2.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 22.43
Evaluated at bid price : 23.11
Bid-YTW : 6.30 %
FFH.PR.G FixedReset Disc 3.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 23.36
Evaluated at bid price : 24.38
Bid-YTW : 5.70 %
GWO.PR.I Insurance Straight 3.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 19.72
Evaluated at bid price : 19.72
Bid-YTW : 5.76 %
CU.PR.J Perpetual-Discount 4.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 5.80 %
ELF.PR.F Perpetual-Discount 4.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 22.72
Evaluated at bid price : 23.01
Bid-YTW : 5.78 %
IFC.PR.I Insurance Straight 7.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 22.61
Evaluated at bid price : 23.01
Bid-YTW : 5.91 %
Volume Highlights
Issue Index Shares
Traded
Notes
TD.PF.D FixedReset Prem 500,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-08-30
Maturity Price : 25.00
Evaluated at bid price : 24.96
Bid-YTW : 5.37 %
FTS.PR.K FixedReset Disc 135,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 22.31
Evaluated at bid price : 22.90
Bid-YTW : 5.71 %
BN.PR.R FixedReset Disc 126,429 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 17.84
Evaluated at bid price : 17.84
Bid-YTW : 7.34 %
FTS.PR.G FixedReset Disc 105,845 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 22.84
Evaluated at bid price : 23.75
Bid-YTW : 5.69 %
SLF.PR.G FixedReset Ins Non 88,964 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 5.95 %
FFH.PR.G FixedReset Disc 41,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 23.36
Evaluated at bid price : 24.38
Bid-YTW : 5.70 %
There were 14 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.D Perpetual-Discount Quote: 21.35 – 23.30
Spot Rate : 1.9500
Average : 1.1307

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 5.83 %

CU.PR.E Perpetual-Discount Quote: 21.30 – 22.85
Spot Rate : 1.5500
Average : 0.8745

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 5.84 %

CU.PR.F Perpetual-Discount Quote: 18.65 – 21.75
Spot Rate : 3.1000
Average : 2.4967

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 6.13 %

GWO.PR.H Insurance Straight Quote: 21.15 – 22.80
Spot Rate : 1.6500
Average : 1.1705

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 5.79 %

PVS.PR.L SplitShare Quote: 26.03 – 27.95
Spot Rate : 1.9200
Average : 1.6336

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-06-30
Maturity Price : 25.00
Evaluated at bid price : 26.03
Bid-YTW : 4.73 %

ENB.PR.H FixedReset Disc Quote: 21.20 – 21.83
Spot Rate : 0.6300
Average : 0.3719

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-17
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 6.44 %

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