its intention to redeem all of its issued and outstanding Non-cumulative Rate Reset Class A Preferred Shares Series 43 (Non-viability contingent capital (NVCC)) (Series 43 shares) (TSX: CM.PR.Q), for cash. The redemption will occur on July 31, 2025. The redemption price is $25.00 per Series 43 share.
The $0.196438 quarterly dividend announced on May 29, 2025 will be the final dividend on the Series 43 shares and will be paid on July 28, 2025, covering the period to July 31, 2025, to shareholders of record on June 27, 2025.
Holders of the Series 43 shares should contact the financial institution, broker or other intermediary through which they hold the shares to confirm how they will receive their redemption proceeds.
Another new 52-week high for TXPR (price index) today; the index gained 0.13%.
PerpetualDiscounts now yield 5.93%, equivalent to 7.71% interest at the standard conversion factor of 1.3x. Long corporates now yield 4.90%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now 280bp, a slight (and perhaps spurious) narrowing from the 285bp reported June 18
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
0.2010 %
2,298.0
FixedFloater
0.00 %
0.00 %
0
0.00
0
0.2010 %
4,473.3
Floater
6.95 %
6.98 %
69,315
12.61
2
0.2010 %
2,578.0
OpRet
0.00 %
0.00 %
0
0.00
0
0.1735 %
3,653.6
SplitShare
4.79 %
4.48 %
64,830
2.51
8
0.1735 %
4,363.2
Interest-Bearing
0.00 %
0.00 %
0
0.00
0
0.1735 %
3,404.3
Perpetual-Premium
0.00 %
0.00 %
0
0.00
0
0.0686 %
2,960.0
Perpetual-Discount
5.81 %
5.93 %
42,721
13.91
33
0.0686 %
3,227.7
FixedReset Disc
5.57 %
6.09 %
113,286
13.14
46
0.1259 %
2,918.9
Insurance Straight
5.78 %
5.82 %
50,412
14.21
20
0.1718 %
3,134.6
FloatingReset
5.66 %
5.72 %
38,570
14.33
3
0.3361 %
3,640.7
FixedReset Prem
6.05 %
5.08 %
109,761
3.27
12
0.1445 %
2,624.3
FixedReset Bank Non
0.00 %
0.00 %
0
0.00
0
0.1259 %
2,983.7
FixedReset Ins Non
5.10 %
5.61 %
65,840
14.34
14
0.4903 %
3,020.3
Performance Highlights
Issue
Index
Change
Notes
CU.PR.F
Perpetual-Discount
-2.59 %
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 6.06 %
ENB.PR.N
FixedReset Disc
-2.10 %
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 22.32
Evaluated at bid price : 22.88
Bid-YTW : 6.34 %
IFC.PR.I
Insurance Straight
-2.09 %
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 22.60
Evaluated at bid price : 23.00
Bid-YTW : 5.88 %
FTS.PR.H
FixedReset Disc
1.03 %
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 17.63
Evaluated at bid price : 17.63
Bid-YTW : 6.09 %
CU.PR.J
Perpetual-Discount
1.08 %
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 5.85 %
CU.PR.G
Perpetual-Discount
1.36 %
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 19.36
Evaluated at bid price : 19.36
Bid-YTW : 5.88 %
BN.PR.T
FixedReset Disc
1.39 %
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.58 %
IFC.PR.F
Insurance Straight
1.44 %
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 22.89
Evaluated at bid price : 23.30
Bid-YTW : 5.70 %
PWF.PR.P
FixedReset Disc
1.52 %
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 17.40
Evaluated at bid price : 17.40
Bid-YTW : 6.28 %
GWO.PR.R
Insurance Straight
3.23 %
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 5.82 %
IFC.PR.A
FixedReset Ins Non
6.65 %
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 21.34
Evaluated at bid price : 21.65
Bid-YTW : 5.31 %
Volume Highlights
Issue
Index
Shares Traded
Notes
MFC.PR.C
Insurance Straight
81,100
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 19.94
Evaluated at bid price : 19.94
Bid-YTW : 5.69 %
ENB.PR.D
FixedReset Disc
53,315
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 19.63
Evaluated at bid price : 19.63
Bid-YTW : 6.75 %
MFC.PR.I
FixedReset Ins Non
42,830
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 23.49
Evaluated at bid price : 24.90
Bid-YTW : 5.72 %
ENB.PR.P
FixedReset Disc
36,300
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 6.71 %
BN.PR.N
Perpetual-Discount
27,500
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 6.13 %
BN.PF.C
Perpetual-Discount
26,800
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-06-25
Maturity Price : 19.92
Evaluated at bid price : 19.92
Bid-YTW : 6.13 %
There were 11 other index-included issues trading in excess of 10,000 shares.
that it will exercise its right to redeem all of its 14 ,000,000 outstanding Non-Cumulative 5-Year Rate Reset Class A First Preferred Shares, Series 7 (Non-Viability Contingent Capital) (the “Series 7 Shares”) on July 31, 2025 at the price of $25.00 per Series 7 Share for an aggregate total of approximately $350 million. The redemption has been approved by the Office of the Superintendent of Financial Institutions.
On May 22, 2025, TD announced that dividends of $0.2000625 per Series 7 Share had been declared as payable on and after July 31, 2025 to shareholders of record at the close of business on July 10, 2025. These will be the final dividends on the Series 7 Shares, and will be paid in the usual manner on July 31, 2025 as previously announced. After July 31, 2025, the Series 7 Shares will cease to be entitled to dividends and the only remaining rights of holders of such shares will be to receive payment of the redemption amount.
Beneficial holders who are not directly the registered holder of Series 7 Shares should contact the financial institution, broker or other intermediary through which they hold these shares to confirm how they will receive their redemption proceeds. Inquiries should be directed to our Registrar and Transfer Agent, TSX Trust Company, at 1-800-387-0825 (or in Toronto 416-682-3860).
Although swings in net exports have affected the data, recent indicators suggest that economic activity has continued to expand at a solid pace. The unemployment rate remains low, and labor market conditions remain solid. Inflation remains somewhat elevated.
The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. Uncertainty about the economic outlook has diminished but remains elevated. The Committee is attentive to the risks to both sides of its dual mandate.
In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 4-1/4 to 4-1/2 percent. In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage‑backed securities. The Committee is strongly committed to supporting maximum employment and returning inflation to its 2 percent objective.
In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals. The Committee’s assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments.
Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michael S. Barr; Michelle W. Bowman; Susan M. Collins; Lisa D. Cook; Austan D. Goolsbee; Philip N. Jefferson; Adriana D. Kugler; Alberto G. Musalem; Jeffrey R. Schmid; and Christopher J. Waller.
The dotplot (page 4 of the Summary of Economic Projections indicated an overall expectation of the policy rate being about maybe 3.00% in the (post 2027) “longer term”).
PerpetualDiscounts now yield 5.97%, equivalent to 7.76% interest at the standard equivalency factor of 1.3x. Long corporates yielded 4.92% on 2025-6-18. Therefore, the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened slightly (and perhaps spuriously) to 285bp from the 280bp calculated but not reported on 2025-6-11.
I’ll post more about my hiatus eventually. For now, I’m too busy trying to replace things!
I apologize for the formatting of this post. The twelve-year-olds who are in charge of wordpress are helping me with helpful formatting additions to my posts.
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
0.3672 %
2,267.6
FixedFloater
0.00 %
0.00 %
0
0.00
0
0.3672 %
4,414.1
Floater
7.04 %
7.09 %
60,389
12.50
2
0.3672 %
2,543.9
OpRet
0.00 %
0.00 %
0
0.00
0
0.2382 %
3,651.1
SplitShare
4.79 %
4.40 %
67,967
2.53
8
0.2382 %
4,360.2
Interest-Bearing
0.00 %
0.00 %
0
0.00
0
0.2382 %
3,402.0
Perpetual-Premium
0.00 %
0.00 %
0
0.00
0
-0.1721 %
2,944.9
Perpetual-Discount
5.84 %
5.97 %
44,156
13.86
33
-0.1721 %
3,211.3
FixedReset Disc
5.62 %
6.29 %
114,695
12.92
46
-0.0453 %
2,890.6
Insurance Straight
5.79 %
5.87 %
51,848
14.14
20
-0.0232 %
3,127.1
FloatingReset
5.65 %
5.71 %
41,119
14.36
3
0.1063 %
3,654.0
FixedReset Prem
6.08 %
5.10 %
115,613
3.29
12
0.1065 %
2,610.0
FixedReset Bank Non
0.00 %
0.00 %
0
0.00
0
-0.0453 %
2,954.8
FixedReset Ins Non
5.15 %
5.82 %
68,954
14.12
14
0.1890 %
2,993.1
Performance Highlights
Issue
Index
Change
Notes
CU.PR.F
Perpetual-Discount
-3.81 %
YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 18.96 Evaluated at bid price : 18.96 Bid-YTW : 6.00 %
CU.PR.G
Perpetual-Discount
-2.55 %
YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 5.95 %
IFC.PR.F
Insurance Straight
-2.29 %
YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 22.13 Evaluated at bid price : 22.57 Bid-YTW : 5.87 %
GWO.PR.L
Insurance Straight
-2.09 %
YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 23.14 Evaluated at bid price : 23.40 Bid-YTW : 6.05 %
MFC.PR.K
FixedReset Ins Non
-1.83 %
YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 23.01 Evaluated at bid price : 24.15 Bid-YTW : 5.59 %
BIP.PR.F
FixedReset Disc
-1.69 %
YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 23.07 Evaluated at bid price : 24.38 Bid-YTW : 6.14 %
PWF.PR.Z
Perpetual-Discount
-1.60 %
YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 6.09 %
IFC.PR.I
Insurance Straight
-1.50 %
YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 22.60 Evaluated at bid price : 23.00 Bid-YTW : 5.88 %
BIP.PR.E
FixedReset Disc
-1.29 %
YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 23.24 Evaluated at bid price : 24.53 Bid-YTW : 6.18 %
CU.PR.E
Perpetual-Discount
-1.28 %
YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 5.97 %
GWO.PR.I
Insurance Straight
1.19 %
YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 19.48 Evaluated at bid price : 19.48 Bid-YTW : 5.80 %
CU.PR.D
Perpetual-Discount
1.38 %
YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 21.35 Evaluated at bid price : 21.35 Bid-YTW : 5.80 %
MFC.PR.B
Insurance Straight
1.43 %
YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 20.54 Evaluated at bid price : 20.54 Bid-YTW : 5.70 %
IFC.PR.E
Insurance Straight
1.44 %
YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 22.96 Evaluated at bid price : 23.25 Bid-YTW : 5.60 %
SLF.PR.H
FixedReset Ins Non
1.59 %
YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 21.15 Evaluated at bid price : 21.15 Bid-YTW : 5.89 %
GWO.PR.H
Insurance Straight
1.62 %
YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 20.73 Evaluated at bid price : 20.73 Bid-YTW : 5.88 %
MFC.PR.M
FixedReset Ins Non
1.94 %
YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 22.38 Evaluated at bid price : 23.14 Bid-YTW : 5.82 %
BN.PR.R
FixedReset Disc
2.02 %
YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 18.20 Evaluated at bid price : 18.20 Bid-YTW : 7.07 %
CU.PR.J
Perpetual-Discount
2.54 %
YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 20.56 Evaluated at bid price : 20.56 Bid-YTW : 5.84 %
SLF.PR.G
FixedReset Ins Non
2.56 %
YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 18.05 Evaluated at bid price : 18.05 Bid-YTW : 6.10 %
Volume Highlights
Issue
Index
Shares Traded
Notes
MFC.PR.Q
FixedReset Ins Non
40,400
YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 23.26 Evaluated at bid price : 24.68 Bid-YTW : 5.64 %
IFC.PR.A
FixedReset Ins Non
40,205
YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 21.38 Evaluated at bid price : 21.38 Bid-YTW : 5.54 %
PWF.PR.K
Perpetual-Discount
35,363
YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 5.99 %
MFC.PR.F
FixedReset Ins Non
18,472
YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 6.10 %
FTS.PR.K
FixedReset Disc
13,800
YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 21.59 Evaluated at bid price : 21.85 Bid-YTW : 5.91 %
PWF.PF.A
Perpetual-Discount
13,800
YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-06-18 Maturity Price : 19.27 Evaluated at bid price : 19.27 Bid-YTW : 5.94 %
There were 5 other index-included issues trading in excess of 10,000 shares.