The TXPR Price Index set a new 52-week high of 683.50 today, beating the old mark of 682.97 set yesterday.
PerpetualDiscounts now yield 5.61%, equivalent to 7.29% interest at the standard conversion factor of 1.3x. Long corporates yielded 4.73% on 2025-10-22, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has remained at the 255bp reported [belatedly] October 15.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
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| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 6.55 % | 7.01 % | 20,059 | 13.47 | 1 | -0.6061 % | 2,450.8 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0508 % | 4,597.4 |
| Floater | 6.28 % | 6.57 % | 55,631 | 13.09 | 3 | -0.0508 % | 2,649.5 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0000 % | 3,672.5 |
| SplitShare | 4.75 % | 4.32 % | 63,651 | 3.30 | 5 | 0.0000 % | 4,385.8 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0000 % | 3,421.9 |
| Perpetual-Premium | 5.48 % | 1.10 % | 73,656 | 0.08 | 7 | -0.3156 % | 3,096.6 |
| Perpetual-Discount | 5.61 % | 5.61 % | 45,524 | 14.48 | 26 | -1.1694 % | 3,361.5 |
| FixedReset Disc | 5.97 % | 5.89 % | 104,092 | 13.85 | 30 | -0.2623 % | 3,059.9 |
| Insurance Straight | 5.43 % | 5.47 % | 58,123 | 14.68 | 22 | -0.1606 % | 3,350.2 |
| FloatingReset | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2623 % | 3,640.1 |
| FixedReset Prem | 5.64 % | 4.84 % | 123,142 | 2.76 | 22 | -0.0071 % | 2,630.5 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2623 % | 3,127.8 |
| FixedReset Ins Non | 5.24 % | 5.32 % | 57,861 | 14.62 | 15 | -0.4373 % | 3,059.8 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| PWF.PF.A | Perpetual-Discount | -28.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-22 Maturity Price : 14.71 Evaluated at bid price : 14.71 Bid-YTW : 7.70 % |
| PWF.PR.S | Perpetual-Discount | -6.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-22 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 5.89 % |
| MFC.PR.F | FixedReset Ins Non | -3.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-22 Maturity Price : 17.52 Evaluated at bid price : 17.52 Bid-YTW : 5.70 % |
| MFC.PR.C | Insurance Straight | -2.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-22 Maturity Price : 21.16 Evaluated at bid price : 21.16 Bid-YTW : 5.38 % |
| CU.PR.C | FixedReset Disc | -2.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-22 Maturity Price : 23.19 Evaluated at bid price : 23.60 Bid-YTW : 5.40 % |
| GWO.PR.L | Insurance Straight | -2.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-22 Maturity Price : 24.64 Evaluated at bid price : 24.90 Bid-YTW : 5.72 % |
| MFC.PR.J | FixedReset Ins Non | -1.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-22 Maturity Price : 23.42 Evaluated at bid price : 24.80 Bid-YTW : 5.41 % |
| GWO.PR.I | Insurance Straight | -1.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-22 Maturity Price : 20.71 Evaluated at bid price : 20.71 Bid-YTW : 5.49 % |
| ENB.PF.A | FixedReset Disc | -1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-22 Maturity Price : 21.63 Evaluated at bid price : 21.93 Bid-YTW : 6.24 % |
| GWO.PR.M | Insurance Straight | -1.06 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-11-21 Maturity Price : 25.00 Evaluated at bid price : 25.25 Bid-YTW : -2.09 % |
| ELF.PR.H | Perpetual-Discount | 1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-22 Maturity Price : 24.25 Evaluated at bid price : 24.55 Bid-YTW : 5.63 % |
| POW.PR.G | Perpetual-Discount | 1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-22 Maturity Price : 24.51 Evaluated at bid price : 24.76 Bid-YTW : 5.69 % |
| CCS.PR.C | Insurance Straight | 1.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-22 Maturity Price : 22.24 Evaluated at bid price : 22.51 Bid-YTW : 5.60 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BN.PR.R | FixedReset Disc | 322,410 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-22 Maturity Price : 19.90 Evaluated at bid price : 19.90 Bid-YTW : 6.14 % |
| FFH.PR.I | FixedReset Disc | 189,100 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-22 Maturity Price : 24.08 Evaluated at bid price : 24.92 Bid-YTW : 5.47 % |
| ENB.PR.N | FixedReset Disc | 140,812 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-22 Maturity Price : 23.07 Evaluated at bid price : 24.25 Bid-YTW : 5.77 % |
| BIP.PR.E | FixedReset Prem | 113,100 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-22 Maturity Price : 23.54 Evaluated at bid price : 25.15 Bid-YTW : 5.73 % |
| BN.PR.T | FixedReset Disc | 101,400 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-10-22 Maturity Price : 19.83 Evaluated at bid price : 19.83 Bid-YTW : 6.15 % |
| POW.PR.H | Perpetual-Premium | 100,900 | YTW SCENARIO Maturity Type : Call Maturity Date : 2034-10-15 Maturity Price : 25.00 Evaluated at bid price : 25.57 Bid-YTW : 5.53 % |
| 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.PF.A | Perpetual-Discount | Quote: 14.71 – 20.78 Spot Rate : 6.0700 Average : 3.2608 YTW SCENARIO |
| MFC.PR.F | FixedReset Ins Non | Quote: 17.52 – 19.90 Spot Rate : 2.3800 Average : 1.7710 YTW SCENARIO |
| PWF.PR.S | Perpetual-Discount | Quote: 20.50 – 22.00 Spot Rate : 1.5000 Average : 0.9835 YTW SCENARIO |
| GWO.PR.L | Insurance Straight | Quote: 24.90 – 26.10 Spot Rate : 1.2000 Average : 0.7169 YTW SCENARIO |
| BN.PF.J | FixedReset Prem | Quote: 25.01 – 26.01 Spot Rate : 1.0000 Average : 0.5723 YTW SCENARIO |
| MFC.PR.C | Insurance Straight | Quote: 21.16 – 22.25 Spot Rate : 1.0900 Average : 0.6728 YTW SCENARIO |