Market Action

July 28, 2025

I haven’t had any fun for a while. So I’m going to start a campaign to increase contrast between foreground (text & symbols) and background on websites and applications, in accordance with the Mozilla guidelines thereof:

Type of content Minimum ratio (AA rating) Enhanced ratio (AAA rating)
Body text 4.5 : 1 7 : 1
Large-scale text (120-150% larger than body text) 3 : 1 4.5 : 1
Active user interface components and graphical objects such as icons and graphs 3 : 1 Not defined

…
1.4.11 Non-Text Contrast (AA)
There should be a minimum color contrast ratio of 3 to 1 for user interface components and graphical objects.

and

Note 1
For the sRGB colorspace, the relative luminance of a color is defined as L = 0.2126 * R + 0.7152 * G + 0.0722 * B where R, G and B are defined as:

if RsRGB <= 0.04045 then R = RsRGB/12.92 else R = ((RsRGB+0.055)/1.055) ^ 2.4 if GsRGB <= 0.04045 then G = GsRGB/12.92 else G = ((GsRGB+0.055)/1.055) ^ 2.4 if BsRGB <= 0.04045 then B = BsRGB/12.92 else B = ((BsRGB+0.055)/1.055) ^ 2.4 and RsRGB, GsRGB, and BsRGB are defined as: RsRGB = R8bit/255 GsRGB = G8bit/255 BsRGB = B8bit/255 The "^" character is the exponentiation operator. (Formula taken from [SRGB].)

I swear, there are two programmes that I use regularly – both supplied by external parties – in which the difference between the ‘minimize’ icon and its background is absolutely minimal, as least as far as my poor old eyes are concerned. I end up squinting, guessing, swearing, looking for a popup ‘tooltip’ and finally bringing my face within inches of the screen, just to minimize a damn window.

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 0.0785 % 2,349.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0785 % 4,573.8
Floater 6.80 % 6.89 % 48,319 12.66 2 0.0785 % 2,635.9
OpRet 0.00 % 0.00 % 0 0.00 0 0.1235 % 3,684.8
SplitShare 4.75 % 4.18 % 54,299 2.42 7 0.1235 % 4,400.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1235 % 3,433.4
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.3543 % 3,023.0
Perpetual-Discount 5.69 % 5.80 % 45,964 14.18 32 0.3543 % 3,296.4
FixedReset Disc 5.58 % 6.30 % 125,006 13.16 40 -0.0406 % 3,012.2
Insurance Straight 5.59 % 5.67 % 56,518 14.37 19 -0.5049 % 3,240.4
FloatingReset 5.56 % 5.36 % 38,066 14.85 2 -0.3325 % 3,676.1
FixedReset Prem 5.72 % 4.94 % 107,648 2.58 16 -0.1519 % 2,634.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0406 % 3,079.0
FixedReset Ins Non 5.29 % 5.79 % 70,223 13.87 14 -1.9779 % 3,025.4
Performance Highlights
Issue Index Change Notes
MFC.PR.M FixedReset Ins Non -14.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-28
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 6.58 %
IFC.PR.A FixedReset Ins Non -8.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-28
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 6.01 %
GWO.PR.H Insurance Straight -4.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-28
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 5.80 %
SLF.PR.G FixedReset Ins Non -3.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-28
Maturity Price : 18.05
Evaluated at bid price : 18.05
Bid-YTW : 6.20 %
MFC.PR.B Insurance Straight -3.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-28
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 5.71 %
SLF.PR.E Insurance Straight -2.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-28
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 5.49 %
PWF.PR.S Perpetual-Discount -2.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-28
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 5.82 %
BN.PF.F FixedReset Disc -1.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-28
Maturity Price : 22.24
Evaluated at bid price : 22.85
Bid-YTW : 6.53 %
IFC.PR.F Insurance Straight -1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-28
Maturity Price : 23.41
Evaluated at bid price : 23.66
Bid-YTW : 5.66 %
MFC.PR.F FixedReset Ins Non -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-28
Maturity Price : 18.26
Evaluated at bid price : 18.26
Bid-YTW : 6.05 %
GWO.PR.G Insurance Straight 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-28
Maturity Price : 22.66
Evaluated at bid price : 22.90
Bid-YTW : 5.73 %
IFC.PR.C FixedReset Ins Non 1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-28
Maturity Price : 23.41
Evaluated at bid price : 23.91
Bid-YTW : 5.86 %
CU.PR.J Perpetual-Discount 2.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-28
Maturity Price : 21.08
Evaluated at bid price : 21.08
Bid-YTW : 5.73 %
PWF.PR.F Perpetual-Discount 4.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-28
Maturity Price : 22.82
Evaluated at bid price : 23.10
Bid-YTW : 5.70 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TD.PF.D FixedReset Prem 553,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-08-30
Maturity Price : 25.00
Evaluated at bid price : 24.99
Bid-YTW : 5.86 %
CM.PR.Q FixedReset Disc 308,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-28
Maturity Price : 23.94
Evaluated at bid price : 24.99
Bid-YTW : 5.87 %
BMO.PR.Y FixedReset Disc 209,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-09-24
Maturity Price : 25.00
Evaluated at bid price : 25.12
Bid-YTW : 4.82 %
BN.PR.R FixedReset Disc 118,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-28
Maturity Price : 18.55
Evaluated at bid price : 18.55
Bid-YTW : 7.15 %
SLF.PR.G FixedReset Ins Non 103,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-28
Maturity Price : 18.05
Evaluated at bid price : 18.05
Bid-YTW : 6.20 %
ENB.PF.G FixedReset Disc 102,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-28
Maturity Price : 21.60
Evaluated at bid price : 21.60
Bid-YTW : 6.75 %
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
MFC.PR.M FixedReset Ins Non Quote: 21.15 – 24.88
Spot Rate : 3.7300
Average : 2.0813

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-28
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 6.58 %
IFC.PR.A FixedReset Ins Non Quote: 20.30 – 22.57
Spot Rate : 2.2700
Average : 1.5053

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-28
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 6.01 %
CU.PR.E Perpetual-Discount Quote: 21.75 – 23.54
Spot Rate : 1.7900
Average : 1.0520

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-28
Maturity Price : 21.49
Evaluated at bid price : 21.75
Bid-YTW : 5.72 %
IFC.PR.G FixedReset Ins Non Quote: 25.02 – 26.02
Spot Rate : 1.0000
Average : 0.6607

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-28
Maturity Price : 23.40
Evaluated at bid price : 25.02
Bid-YTW : 5.69 %
GWO.PR.H Insurance Straight Quote: 21.15 – 22.20
Spot Rate : 1.0500
Average : 0.7253

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-28
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 5.80 %
SLF.PR.G FixedReset Ins Non Quote: 18.05 – 18.73
Spot Rate : 0.6800
Average : 0.4355

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-28
Maturity Price : 18.05
Evaluated at bid price : 18.05
Bid-YTW : 6.20 %
Market Action

July 25, 2025

Another new high for the TXPR price index today, 674.88 (close: 674.85), outpacing yesterday’s mark of 674.51.

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 0.2361 % 2,347.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.2361 % 4,570.2
Floater 6.80 % 6.89 % 50,204 12.67 2 0.2361 % 2,633.8
OpRet 0.00 % 0.00 % 0 0.00 0 0.0393 % 3,680.2
SplitShare 4.76 % 4.23 % 53,960 2.43 7 0.0393 % 4,395.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0393 % 3,429.1
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.0500 % 3,012.3
Perpetual-Discount 5.71 % 5.83 % 46,426 14.14 32 0.0500 % 3,284.8
FixedReset Disc 5.58 % 6.25 % 126,926 13.24 40 0.1559 % 3,013.4
Insurance Straight 5.56 % 5.67 % 53,820 14.40 19 0.8073 % 3,256.8
FloatingReset 5.55 % 5.36 % 38,475 14.86 2 -0.2370 % 3,688.4
FixedReset Prem 5.71 % 4.82 % 108,027 2.59 16 0.2369 % 2,638.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1559 % 3,080.3
FixedReset Ins Non 5.18 % 5.56 % 73,035 14.21 14 -0.0496 % 3,086.5
Performance Highlights
Issue Index Change Notes
PWF.PR.K Perpetual-Discount -3.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-25
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 5.91 %
IFC.PR.C FixedReset Ins Non -2.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-25
Maturity Price : 23.10
Evaluated at bid price : 23.60
Bid-YTW : 5.88 %
FTS.PR.K FixedReset Disc -1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-25
Maturity Price : 22.16
Evaluated at bid price : 22.65
Bid-YTW : 5.79 %
IFC.PR.G FixedReset Ins Non -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-25
Maturity Price : 23.39
Evaluated at bid price : 25.00
Bid-YTW : 5.65 %
SLF.PR.J FloatingReset -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-25
Maturity Price : 17.40
Evaluated at bid price : 17.40
Bid-YTW : 5.96 %
ENB.PR.A Perpetual-Discount -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-25
Maturity Price : 23.45
Evaluated at bid price : 23.74
Bid-YTW : 5.88 %
BN.PR.M Perpetual-Discount 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-25
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 5.98 %
ENB.PR.H FixedReset Disc 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-25
Maturity Price : 21.89
Evaluated at bid price : 22.20
Bid-YTW : 6.13 %
MFC.PR.F FixedReset Ins Non 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-25
Maturity Price : 18.47
Evaluated at bid price : 18.47
Bid-YTW : 5.91 %
RY.PR.M FixedReset Disc 1.18 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-11-24
Maturity Price : 25.00
Evaluated at bid price : 24.94
Bid-YTW : 2.98 %
SLF.PR.E Insurance Straight 1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-25
Maturity Price : 21.23
Evaluated at bid price : 21.23
Bid-YTW : 5.36 %
CU.PR.C FixedReset Disc 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-25
Maturity Price : 23.48
Evaluated at bid price : 23.83
Bid-YTW : 5.75 %
FFH.PR.G FixedReset Disc 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-25
Maturity Price : 23.73
Evaluated at bid price : 24.70
Bid-YTW : 5.64 %
PWF.PR.F Perpetual-Discount 1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-25
Maturity Price : 21.81
Evaluated at bid price : 22.05
Bid-YTW : 5.98 %
MFC.PR.M FixedReset Ins Non 1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-25
Maturity Price : 23.16
Evaluated at bid price : 24.86
Bid-YTW : 5.45 %
GWO.PR.T Insurance Straight 2.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-25
Maturity Price : 22.23
Evaluated at bid price : 22.60
Bid-YTW : 5.74 %
MFC.PR.B Insurance Straight 3.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-25
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 5.52 %
GWO.PR.H Insurance Straight 4.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-25
Maturity Price : 21.91
Evaluated at bid price : 22.15
Bid-YTW : 5.52 %
Volume Highlights
Issue Index Shares
Traded		 Notes
PWF.PR.P FixedReset Disc 208,950 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-25
Maturity Price : 18.25
Evaluated at bid price : 18.25
Bid-YTW : 6.27 %
SLF.PR.G FixedReset Ins Non 192,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-25
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 5.93 %
ENB.PF.K FixedReset Disc 67,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-25
Maturity Price : 23.13
Evaluated at bid price : 24.21
Bid-YTW : 6.49 %
MFC.PR.F FixedReset Ins Non 52,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-25
Maturity Price : 18.47
Evaluated at bid price : 18.47
Bid-YTW : 5.91 %
BN.PF.B FixedReset Disc 32,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-25
Maturity Price : 22.45
Evaluated at bid price : 23.15
Bid-YTW : 6.29 %
BN.PF.G FixedReset Disc 28,709 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-25
Maturity Price : 21.99
Evaluated at bid price : 22.51
Bid-YTW : 6.51 %
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
PWF.PR.K Perpetual-Discount Quote: 21.05 – 23.25
Spot Rate : 2.2000
Average : 1.3563

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-25
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 5.91 %
BN.PR.R FixedReset Disc Quote: 18.50 – 20.45
Spot Rate : 1.9500
Average : 1.5996

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-25
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 7.10 %
IFC.PR.C FixedReset Ins Non Quote: 23.60 – 24.12
Spot Rate : 0.5200
Average : 0.3037

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-25
Maturity Price : 23.10
Evaluated at bid price : 23.60
Bid-YTW : 5.88 %
SLF.PR.J FloatingReset Quote: 17.40 – 18.08
Spot Rate : 0.6800
Average : 0.4742

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-25
Maturity Price : 17.40
Evaluated at bid price : 17.40
Bid-YTW : 5.96 %
NA.PR.K FixedReset Prem Quote: 28.01 – 28.75
Spot Rate : 0.7400
Average : 0.5646

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-05-01
Maturity Price : 25.00
Evaluated at bid price : 28.01
Bid-YTW : 4.17 %
FTS.PR.K FixedReset Disc Quote: 22.65 – 23.00
Spot Rate : 0.3500
Average : 0.2072

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-25
Maturity Price : 22.16
Evaluated at bid price : 22.65
Bid-YTW : 5.79 %
Market Action

July 24, 2025

The TXPR price index managed to eke out another 52-week high today of 674.51 (the close was 674.25), a touch higher than the old mark of 674.37 set yesterday.

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 -0.0786 % 2,342.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.0786 % 4,559.5
Floater 6.82 % 6.91 % 52,212 12.65 2 -0.0786 % 2,627.6
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0673 % 3,678.8
SplitShare 4.76 % 4.25 % 55,868 2.43 7 -0.0673 % 4,393.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0673 % 3,427.8
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.2872 % 3,010.8
Perpetual-Discount 5.71 % 5.81 % 45,501 14.17 32 0.2872 % 3,283.1
FixedReset Disc 5.59 % 6.25 % 116,364 13.22 40 0.0275 % 3,008.7
Insurance Straight 5.61 % 5.70 % 53,461 14.33 19 -0.0710 % 3,230.7
FloatingReset 5.54 % 5.38 % 39,933 14.83 2 0.1424 % 3,697.2
FixedReset Prem 5.72 % 4.85 % 108,981 2.59 16 -0.1231 % 2,632.6
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0275 % 3,075.5
FixedReset Ins Non 5.18 % 5.57 % 73,364 14.20 14 0.5264 % 3,088.0
Performance Highlights
Issue Index Change Notes
BN.PR.R FixedReset Disc -6.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-24
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 7.10 %
GWO.PR.H Insurance Straight -4.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-24
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 5.80 %
MFC.PR.B Insurance Straight -3.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-24
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 5.71 %
MFC.PR.M FixedReset Ins Non -1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-24
Maturity Price : 22.99
Evaluated at bid price : 24.40
Bid-YTW : 5.57 %
CU.PR.C FixedReset Disc -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-24
Maturity Price : 23.15
Evaluated at bid price : 23.51
Bid-YTW : 5.83 %
BN.PF.J FixedReset Disc 1.00 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.25
Bid-YTW : 6.00 %
CU.PR.F Perpetual-Discount 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-24
Maturity Price : 20.21
Evaluated at bid price : 20.21
Bid-YTW : 5.66 %
ENB.PF.A FixedReset Disc 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-24
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 6.78 %
GWO.PR.L Insurance Straight 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-24
Maturity Price : 24.46
Evaluated at bid price : 24.70
Bid-YTW : 5.77 %
BN.PF.D Perpetual-Discount 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-24
Maturity Price : 20.73
Evaluated at bid price : 20.73
Bid-YTW : 5.98 %
RY.PR.M FixedReset Disc 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-24
Maturity Price : 23.87
Evaluated at bid price : 24.65
Bid-YTW : 5.66 %
PWF.PR.Z Perpetual-Discount 1.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-24
Maturity Price : 22.04
Evaluated at bid price : 22.40
Bid-YTW : 5.76 %
GWO.PR.P Insurance Straight 1.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-24
Maturity Price : 23.61
Evaluated at bid price : 23.88
Bid-YTW : 5.70 %
PWF.PR.S Perpetual-Discount 2.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-24
Maturity Price : 21.18
Evaluated at bid price : 21.18
Bid-YTW : 5.70 %
PWF.PR.K Perpetual-Discount 3.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-24
Maturity Price : 21.44
Evaluated at bid price : 21.70
Bid-YTW : 5.72 %
IFC.PR.I Insurance Straight 4.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-24
Maturity Price : 23.51
Evaluated at bid price : 23.94
Bid-YTW : 5.68 %
IFC.PR.A FixedReset Ins Non 10.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-24
Maturity Price : 22.10
Evaluated at bid price : 22.40
Bid-YTW : 5.37 %
Volume Highlights
Issue Index Shares
Traded		 Notes
SLF.PR.G FixedReset Ins Non 159,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-24
Maturity Price : 18.69
Evaluated at bid price : 18.69
Bid-YTW : 5.93 %
BEP.PR.G FixedReset Ins Non 98,144 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.08
Bid-YTW : 4.66 %
BN.PF.H FixedReset Prem 70,300 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.21
Bid-YTW : 3.79 %
BN.PR.R FixedReset Disc 70,152 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-24
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 7.10 %
PWF.PR.P FixedReset Disc 52,470 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-24
Maturity Price : 18.25
Evaluated at bid price : 18.25
Bid-YTW : 6.26 %
TD.PF.D FixedReset Prem 40,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-08-30
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 5.58 %
There were 7 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
MFC.PR.F FixedReset Ins Non Quote: 18.26 – 19.90
Spot Rate : 1.6400
Average : 1.1975

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-24
Maturity Price : 18.26
Evaluated at bid price : 18.26
Bid-YTW : 5.98 %
BN.PR.R FixedReset Disc Quote: 18.50 – 20.14
Spot Rate : 1.6400
Average : 1.2154

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-24
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 7.10 %
GWO.PR.H Insurance Straight Quote: 21.15 – 22.15
Spot Rate : 1.0000
Average : 0.6426

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-24
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 5.80 %
MFC.PR.B Insurance Straight Quote: 20.65 – 21.50
Spot Rate : 0.8500
Average : 0.6034

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-24
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 5.71 %
ENB.PF.E FixedReset Disc Quote: 20.86 – 21.50
Spot Rate : 0.6400
Average : 0.4110

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-24
Maturity Price : 20.86
Evaluated at bid price : 20.86
Bid-YTW : 6.84 %
RY.PR.N Perpetual-Discount Quote: 24.76 – 25.35
Spot Rate : 0.5900
Average : 0.3681

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-24
Maturity Price : 24.51
Evaluated at bid price : 24.76
Bid-YTW : 4.94 %
Market Action

July 23, 2025

Another new 52-week high for the TXPR price index, with today’s high of 674.37 (which was the closing value) exceeding the mark of 673.58 set yesterday.

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, a slight (and perhaps spurious) narrowing from the 255bp reported July 16.

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 -0.0786 % 2,344.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.0786 % 4,563.0
Floater 6.81 % 6.90 % 75,976 12.67 2 -0.0786 % 2,629.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.0730 % 3,681.2
SplitShare 4.76 % 4.20 % 55,726 2.44 7 0.0730 % 4,396.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0730 % 3,430.1
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.1508 % 3,002.2
Perpetual-Discount 5.73 % 5.82 % 45,608 14.14 32 0.1508 % 3,273.7
FixedReset Disc 5.59 % 6.26 % 116,248 13.26 40 0.3141 % 3,007.9
Insurance Straight 5.60 % 5.69 % 53,501 14.36 19 -0.0756 % 3,233.0
FloatingReset 5.55 % 5.37 % 41,553 14.84 2 0.5488 % 3,691.9
FixedReset Prem 5.71 % 4.98 % 110,556 2.59 16 0.0628 % 2,635.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.3141 % 3,074.6
FixedReset Ins Non 5.21 % 5.57 % 72,600 14.20 14 0.3187 % 3,071.8
Performance Highlights
Issue Index Change Notes
PWF.PR.F Perpetual-Discount -5.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-23
Maturity Price : 21.38
Evaluated at bid price : 21.65
Bid-YTW : 6.08 %
IFC.PR.I Insurance Straight -4.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-23
Maturity Price : 22.60
Evaluated at bid price : 23.00
Bid-YTW : 5.92 %
RY.PR.M FixedReset Disc -1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-23
Maturity Price : 23.68
Evaluated at bid price : 24.50
Bid-YTW : 5.75 %
GWO.PR.Q Insurance Straight -1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-23
Maturity Price : 22.08
Evaluated at bid price : 22.31
Bid-YTW : 5.82 %
ENB.PR.T FixedReset Disc 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-23
Maturity Price : 22.11
Evaluated at bid price : 22.60
Bid-YTW : 6.45 %
PWF.PR.Z Perpetual-Discount 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-23
Maturity Price : 21.66
Evaluated at bid price : 21.98
Bid-YTW : 5.87 %
MFC.PR.M FixedReset Ins Non 1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-23
Maturity Price : 23.11
Evaluated at bid price : 24.72
Bid-YTW : 5.48 %
MFC.PR.L FixedReset Ins Non 2.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-23
Maturity Price : 22.95
Evaluated at bid price : 24.20
Bid-YTW : 5.52 %
MFC.PR.B Insurance Straight 3.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-23
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 5.50 %
PWF.PR.T FixedReset Disc 6.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-23
Maturity Price : 22.95
Evaluated at bid price : 24.10
Bid-YTW : 5.62 %
CU.PR.F Perpetual-Discount 7.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-23
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.72 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CM.PR.Q FixedReset Disc 244,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-23
Maturity Price : 23.97
Evaluated at bid price : 24.98
Bid-YTW : 5.82 %
ENB.PR.Y FixedReset Disc 151,236 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-23
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.86 %
ENB.PF.K FixedReset Disc 136,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-23
Maturity Price : 23.13
Evaluated at bid price : 24.21
Bid-YTW : 6.48 %
ENB.PF.G FixedReset Disc 104,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-23
Maturity Price : 21.37
Evaluated at bid price : 21.37
Bid-YTW : 6.76 %
TD.PF.D FixedReset Prem 40,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-08-30
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 5.43 %
ENB.PR.T FixedReset Disc 36,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-23
Maturity Price : 22.11
Evaluated at bid price : 22.60
Bid-YTW : 6.45 %
There were 12 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
POW.PR.B Perpetual-Discount Quote: 23.36 – 24.49
Spot Rate : 1.1300
Average : 0.6775

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-23
Maturity Price : 23.10
Evaluated at bid price : 23.36
Bid-YTW : 5.76 %
PVS.PR.L SplitShare Quote: 26.06 – 27.99
Spot Rate : 1.9300
Average : 1.5169

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-06-30
Maturity Price : 25.00
Evaluated at bid price : 26.06
Bid-YTW : 4.72 %
IFC.PR.A FixedReset Ins Non Quote: 20.30 – 22.57
Spot Rate : 2.2700
Average : 1.8944

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-23
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 5.95 %
BN.PR.T FixedReset Disc Quote: 19.84 – 21.35
Spot Rate : 1.5100
Average : 1.2663

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-23
Maturity Price : 19.84
Evaluated at bid price : 19.84
Bid-YTW : 6.59 %
RY.PR.M FixedReset Disc Quote: 24.50 – 25.25
Spot Rate : 0.7500
Average : 0.5582

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-23
Maturity Price : 23.68
Evaluated at bid price : 24.50
Bid-YTW : 5.75 %
BN.PF.I FixedReset Prem Quote: 25.01 – 25.56
Spot Rate : 0.5500
Average : 0.3757

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.01
Bid-YTW : 5.61 %
Issue Comments

INE.PR.A, INE.PR.C Acquired by La Caisse; Delisted

Innergex Renewable Energy Inc. has announced:

the completion of its previously announced acquisition by La Caisse by way of a plan of arrangement under the provisions of the Canada Business Corporations Act (the “Arrangement”).

Pursuant to the terms of the Arrangement, La Caisse has acquired all of the issued and outstanding common shares of Innergex (other than those held by La Caisse and certain members of senior management rolling over (the “Rollover Shareholders”)) for a price of $13.75 per common share in cash. All of the issued and outstanding preferred shares Series A and Series C of Innergex were also acquired by La Caisse for $25.00 per preferred share in cash (plus all accrued and unpaid dividends and, in the case of the Series A preferred shares, an amount in cash per Series A preferred share equal to the dividends that would have been payable in respect of such share until January 15, 2026, which is the next available redemption date). All of the outstanding 4.65% subordinated unsecured convertible debentures of Innergex have been repaid in full upon completion of the Arrangement, including as to principal and accrued and unpaid interest thereon.

As previously announced, La Caisse has syndicated approximately 20% of its invested capital to bring in like-minded investors who share its vision for the next chapter of Innergex’s growth.

As part of the Arrangement, certain members of senior management of Innergex, including Mr. Michel Letellier, Innergex’s President and Chief Executive Officer, and Mr. Jean Trudel, Innergex’s Chief Financial Officer, have rolled over a portion of their common shares and reinvested in the privatized Innergex.

La Caisse has caused to be delivered to Computershare Investor Services Inc. (“Computershare”), the depositary for the Arrangement, sufficient funds to enable it to make payments to Innergex shareholders (other than the Rollover Shareholders) pursuant to the terms of the Arrangement. In accordance with the Arrangement, payment will be made by Computershare to Innergex shareholders (other than the Rollover Shareholders) as soon as practicable following the date hereof.

Letters of transmittal have been mailed to registered shareholders and are also available under the profile of Innergex at www.sedarplus.ca. The letters of transmittal explain how registered shareholders can deposit and obtain payment for their shares. Registered shareholders must return their duly completed letters of transmittal to Computershare in order to receive the consideration to which they are entitled for their shares.

As a result of the completion of the Arrangement, it is expected that the common shares, preferred shares Series A and Series C and the 4.65% subordinated unsecured convertible debentures of Innergex will be delisted from the Toronto Stock Exchange on or about July 22, 2025. Innergex has applied to cease to be a reporting issuer under the securities legislation of each province of Canada where Innergex is currently a reporting issuer.

La Caisse is a trademark owned by Caisse de dépôt et placement du Québec.

INE was issued as a FixedReset 5.00%+279 that commenced trading 2010-9-14 after being announced 2010-8-23. Notice of exension was provided in December, 2015 and the issue reset to 3.608%. I recommended against conversion and none occurred. The issue reset to 3.244% in early 2021.

INE.PR.C is a Straight Perpetual, 5.75%, that commenced trading 2012-12-11 after being announced 2012-11-21.

Issue Comments

BMO.PR.Y To Be Redeemed

Bank of Montreal has announced (on 2025-7-8):

its intention to redeem all of its 8,000,000 outstanding Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 33 (Non-Viability Contingent Capital (NVCC)) (the “Preferred Shares Series 33”) (TSX: BMO.PR.Y) for an aggregate total of $200 million on August 25, 2025. The redemption has been approved by the Office of the Superintendent of Financial Institutions.

The Preferred Shares Series 33 are redeemable at the Bank’s option on August 25, 2025 (the “Redemption Date”) at a redemption price of $25.00 per share. Payment of the redemption price will be made by the Bank on the Redemption Date.

Separately from the payment of the redemption price, the final quarterly dividend of $0.190875 per share for the Preferred Shares Series 33 announced by the Bank on May 28, 2025 will be paid in the usual manner on August 25, 2025, to shareholders of record on July 30, 2025.

Notice will be delivered to holders of the Preferred Shares Series 33 in accordance with the terms thereof.

BMO.PR.Y was issued as a FixedReset, 3.80%+271, that commenced trading 2015-6-5 after being announced 2015-5-27. Notice of extension was published 2020-6-29 and the issue reset to 3.054%. The issue is tracked by HIMIPref™ and is assigned to the FixedReset (Discount) subindex.

Thanks to Assiduous Reader niagara for bringing this to my attention!

Market Action

July 22, 2025

Another new 52-week high for the TXPR price index, as today’s high of 673.58 (the close was 673.35) eclipsed Friday’s mark of 673.26.

Mohamed El-Erian, the former CEO of bond giant PIMCO, thinks Powell should surrender:

“The attacks on Chair Powell are now extending to the whole institution. The longer Powell stays in power, the more that process will continue, fundamentally threatening the independence of the Fed,” Mohamed El-Erian, the former CEO of bond giant PIMCO, told CNN in a phone interview on Tuesday.

El-Erian, elaborating on a post he made on X, acknowledged his view is outside the consensus and “very unpopular.” But he noted that Powell will effectively become a “lame duck” the moment Trump announces a replacement, something that could happen much earlier than in the past, and that Powell leaving now would spare the Fed from months of attacks.

“The first best is that Powell remains until May when his tenure ends and the administration stops attacking the Fed,” he said in the interview. “But that’s not going to happen. We are nowhere near the world of first bests.”
…
Alan Blinder, the former No. 2 official at the Fed, told CNN that he “couldn’t disagree more vehemently” with El-Erian, who he knows and respects.

“This would be like saying when you’re getting bullied, the best thing to do is cave in,” Blinder said during a phone interview. “I’d much rather see – and this is what I expect – Powell to fight this until the end.”

“If Powell steps aside, it creates a terrible precedent for the future,” said Blinder, now an economics professor at Princeton University.

I’m in Blinder’s camp on this one: surrender would mean that all the administration has to do is huff and puff to get what it wants. In the Frozen North, we went through all this in 1961 with the Coyne Affair, which had a similar beginning with a mostly salutary aftermath:

On the positive side, responsibility for monetary policy was clarified—something demanded by Louis Rasminsky as a condition for assuming the governorship, and which was subsequently endorsed by a Royal Commission (the Porter Commission) into the state of banking and finance in Canada. Legislative changes made it clear that the government was ultimately responsible for monetary policy, with the Bank of Canada responsible for the day-to-day conduct of policy. In the event of an irreconcilable policy disagreement, the government would issue a public directive to the Bank—an act which would cause the governor to resign. The Porter Commission also concluded that the controversial pension increase awarded to Coyne was entirely justified. On the negative side, a chill descended over the Bank’s communications strategy. Governor Rasminsky refrained from speaking publicly on economic issues for two years. As well, according to John Crow, governor of the Bank from 1987-94, the “trauma” suffered by the Bank may have dampened its willingness to fight inflation during the 1960s and 1970s when inflationary pressures began to get out of control, and which later became so costly to subdue.

And, of course, Assiduous Readers will remember my piece In this politicized climate, the Bank of Canada needs to be a lot better at communicating!

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 0.4341 % 2,345.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.4341 % 4,566.6
Floater 6.81 % 6.88 % 50,667 12.69 2 0.4341 % 2,631.8
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1290 % 3,678.6
SplitShare 4.76 % 4.24 % 56,499 2.44 7 -0.1290 % 4,393.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1290 % 3,427.6
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.1412 % 2,997.7
Perpetual-Discount 5.74 % 5.82 % 45,865 14.16 32 0.1412 % 3,268.8
FixedReset Disc 5.61 % 6.26 % 117,314 13.25 40 0.2951 % 2,998.4
Insurance Straight 5.60 % 5.68 % 53,409 14.38 19 0.4321 % 3,235.5
FloatingReset 5.58 % 5.38 % 41,541 14.82 2 -0.3329 % 3,671.8
FixedReset Prem 5.72 % 5.09 % 114,710 2.59 16 0.0459 % 2,634.2
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2951 % 3,065.0
FixedReset Ins Non 5.22 % 5.65 % 72,663 14.18 14 -0.7752 % 3,062.1
Performance Highlights
Issue Index Change Notes
IFC.PR.A FixedReset Ins Non -6.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 5.95 %
MFC.PR.L FixedReset Ins Non -3.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 22.72
Evaluated at bid price : 23.70
Bid-YTW : 5.65 %
PWF.PR.Z Perpetual-Discount -1.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 21.39
Evaluated at bid price : 21.70
Bid-YTW : 5.95 %
MFC.PR.B Insurance Straight -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 20.72
Evaluated at bid price : 20.72
Bid-YTW : 5.68 %
PWF.PR.S Perpetual-Discount -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 5.81 %
FTS.PR.J Perpetual-Discount -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 5.70 %
SLF.PR.D Insurance Straight 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 20.92
Evaluated at bid price : 20.92
Bid-YTW : 5.37 %
ENB.PR.N FixedReset Disc 3.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 22.87
Evaluated at bid price : 23.88
Bid-YTW : 6.26 %
IFC.PR.I Insurance Straight 4.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 23.63
Evaluated at bid price : 24.10
Bid-YTW : 5.64 %
PWF.PR.F Perpetual-Discount 5.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 22.55
Evaluated at bid price : 22.80
Bid-YTW : 5.77 %
BN.PR.R FixedReset Disc 8.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 6.63 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TD.PF.D FixedReset Prem 530,578 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-08-30
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 5.29 %
BIP.PR.B FixedReset Prem 222,250 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.12
Bid-YTW : 5.14 %
ENB.PF.K FixedReset Disc 187,159 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 23.12
Evaluated at bid price : 24.19
Bid-YTW : 6.49 %
CM.PR.Q FixedReset Disc 176,486 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 23.96
Evaluated at bid price : 24.97
Bid-YTW : 5.82 %
ENB.PR.T FixedReset Disc 81,350 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 21.94
Evaluated at bid price : 22.35
Bid-YTW : 6.53 %
PWF.PR.P FixedReset Disc 80,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 18.05
Evaluated at bid price : 18.05
Bid-YTW : 6.33 %
There were 13 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
BN.PF.E FixedReset Disc Quote: 21.07 – 27.00
Spot Rate : 5.9300
Average : 4.6096

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 21.07
Evaluated at bid price : 21.07
Bid-YTW : 6.57 %
IFC.PR.A FixedReset Ins Non Quote: 20.30 – 22.57
Spot Rate : 2.2700
Average : 1.4825

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 5.95 %
BN.PR.T FixedReset Disc Quote: 19.73 – 21.38
Spot Rate : 1.6500
Average : 0.9992

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 19.73
Evaluated at bid price : 19.73
Bid-YTW : 6.62 %
BN.PF.D Perpetual-Discount Quote: 20.41 – 21.90
Spot Rate : 1.4900
Average : 0.9101

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 20.41
Evaluated at bid price : 20.41
Bid-YTW : 6.07 %
MFC.PR.L FixedReset Ins Non Quote: 23.70 – 24.62
Spot Rate : 0.9200
Average : 0.5547

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 22.72
Evaluated at bid price : 23.70
Bid-YTW : 5.65 %
PWF.PR.Z Perpetual-Discount Quote: 21.70 – 22.50
Spot Rate : 0.8000
Average : 0.5309

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-22
Maturity Price : 21.39
Evaluated at bid price : 21.70
Bid-YTW : 5.95 %
Market Action

July 21, 2025

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 -0.0394 % 2,335.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.0394 % 4,546.9
Floater 6.84 % 6.88 % 52,637 12.69 2 -0.0394 % 2,620.4
OpRet 0.00 % 0.00 % 0 0.00 0 0.2699 % 3,683.3
SplitShare 4.75 % 3.98 % 56,369 0.59 7 0.2699 % 4,398.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2699 % 3,432.0
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.4508 % 2,993.4
Perpetual-Discount 5.75 % 5.84 % 47,733 14.13 32 0.4508 % 3,264.2
FixedReset Disc 5.62 % 6.30 % 131,338 13.17 40 0.3293 % 2,989.6
Insurance Straight 5.62 % 5.69 % 53,603 14.38 19 0.2786 % 3,221.6
FloatingReset 5.56 % 5.36 % 41,483 14.85 2 -0.0238 % 3,684.0
FixedReset Prem 5.72 % 4.93 % 115,844 2.60 16 0.0895 % 2,633.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.3293 % 3,056.0
FixedReset Ins Non 5.18 % 5.58 % 71,862 14.19 14 -0.1888 % 3,086.0
Performance Highlights
Issue Index Change Notes
ENB.PR.N FixedReset Disc -2.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 22.49
Evaluated at bid price : 23.15
Bid-YTW : 6.48 %
MFC.PR.J FixedReset Ins Non -2.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 23.44
Evaluated at bid price : 25.00
Bid-YTW : 5.73 %
IFC.PR.I Insurance Straight -2.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 22.60
Evaluated at bid price : 23.00
Bid-YTW : 5.91 %
NA.PR.I FixedReset Prem -1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 23.58
Evaluated at bid price : 26.01
Bid-YTW : 5.81 %
IFC.PR.A FixedReset Ins Non -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 21.41
Evaluated at bid price : 21.75
Bid-YTW : 5.52 %
NA.PR.C FixedReset Prem 1.06 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-11-15
Maturity Price : 25.00
Evaluated at bid price : 26.75
Bid-YTW : 3.66 %
ENB.PF.E FixedReset Disc 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 20.82
Evaluated at bid price : 20.82
Bid-YTW : 6.85 %
BN.PF.D Perpetual-Discount 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 20.49
Evaluated at bid price : 20.49
Bid-YTW : 6.05 %
MFC.PR.C Insurance Straight 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.42 %
BN.PF.J FixedReset Disc 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 23.48
Evaluated at bid price : 25.00
Bid-YTW : 6.15 %
BN.PF.F FixedReset Disc 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 22.40
Evaluated at bid price : 23.13
Bid-YTW : 6.40 %
PWF.PR.P FixedReset Disc 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 6.35 %
SLF.PR.C Insurance Straight 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 21.07
Evaluated at bid price : 21.07
Bid-YTW : 5.33 %
CU.PR.C FixedReset Disc 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 23.51
Evaluated at bid price : 23.86
Bid-YTW : 5.74 %
PWF.PR.S Perpetual-Discount 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 21.03
Evaluated at bid price : 21.03
Bid-YTW : 5.74 %
PWF.PF.A Perpetual-Discount 1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 5.70 %
BN.PR.R FixedReset Disc 2.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 18.30
Evaluated at bid price : 18.30
Bid-YTW : 7.17 %
BN.PF.A FixedReset Disc 2.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 23.30
Evaluated at bid price : 24.85
Bid-YTW : 6.15 %
GWO.PR.H Insurance Straight 2.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 21.49
Evaluated at bid price : 21.75
Bid-YTW : 5.62 %
BN.PR.N Perpetual-Discount 8.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.01 %
Volume Highlights
Issue Index Shares
Traded		 Notes
FFH.PR.I FixedReset Disc 146,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 24.00
Evaluated at bid price : 24.68
Bid-YTW : 5.91 %
BN.PR.X FixedReset Disc 60,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 19.30
Evaluated at bid price : 19.30
Bid-YTW : 6.30 %
FTS.PR.M FixedReset Disc 39,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 22.67
Evaluated at bid price : 23.67
Bid-YTW : 5.87 %
FFH.PR.G FixedReset Disc 35,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 23.37
Evaluated at bid price : 24.40
Bid-YTW : 5.70 %
MFC.PR.C Insurance Straight 24,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.42 %
TD.PF.D FixedReset Prem 20,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-08-30
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 5.16 %
There were 4 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
BN.PF.E FixedReset Disc Quote: 21.15 – 27.00
Spot Rate : 5.8500
Average : 3.1619

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 6.54 %
GWO.PR.G Insurance Straight Quote: 22.54 – 25.00
Spot Rate : 2.4600
Average : 1.3536

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 22.27
Evaluated at bid price : 22.54
Bid-YTW : 5.82 %
PWF.PR.F Perpetual-Discount Quote: 21.65 – 23.90
Spot Rate : 2.2500
Average : 1.6063

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 21.38
Evaluated at bid price : 21.65
Bid-YTW : 6.08 %
CU.PR.D Perpetual-Discount Quote: 21.50 – 23.30
Spot Rate : 1.8000
Average : 1.2436

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 5.79 %
IFC.PR.E Insurance Straight Quote: 23.94 – 24.99
Spot Rate : 1.0500
Average : 0.6650

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 23.64
Evaluated at bid price : 23.94
Bid-YTW : 5.47 %
ENB.PR.N FixedReset Disc Quote: 23.15 – 23.95
Spot Rate : 0.8000
Average : 0.4974

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-21
Maturity Price : 22.49
Evaluated at bid price : 23.15
Bid-YTW : 6.48 %
Market Action

July 18, 2025

Yet another 52-week high for the TXPR price index, with today’s high of 673.26 overpowering the mark of 669.72 set yesterday.

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 -0.3929 % 2,336.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.3929 % 4,548.7
Floater 6.83 % 6.89 % 53,330 12.69 2 -0.3929 % 2,621.4
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0169 % 3,673.4
SplitShare 4.77 % 4.30 % 58,275 2.45 7 -0.0169 % 4,386.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0169 % 3,422.8
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.2340 % 2,980.0
Perpetual-Discount 5.77 % 5.84 % 49,677 14.09 32 -0.2340 % 3,249.6
FixedReset Disc 5.64 % 6.30 % 131,722 13.12 40 0.1232 % 2,979.8
Insurance Straight 5.64 % 5.74 % 54,212 14.30 19 0.3368 % 3,212.6
FloatingReset 5.52 % 5.33 % 42,005 14.92 2 -0.0475 % 3,684.9
FixedReset Prem 5.73 % 5.00 % 117,281 2.60 16 0.2084 % 2,630.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1232 % 3,046.0
FixedReset Ins Non 5.17 % 5.56 % 72,037 14.21 14 1.2915 % 3,091.8
Performance Highlights
Issue Index Change Notes
PWF.PR.F Perpetual-Discount -3.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 21.38
Evaluated at bid price : 21.65
Bid-YTW : 6.08 %
BN.PF.A FixedReset Disc -2.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 23.03
Evaluated at bid price : 24.18
Bid-YTW : 6.34 %
BN.PF.D Perpetual-Discount -2.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 6.12 %
IFC.PR.A FixedReset Ins Non -1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 21.60
Evaluated at bid price : 22.01
Bid-YTW : 5.45 %
PWF.PR.K Perpetual-Discount -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 5.92 %
BN.PR.B Floater -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 12.62
Evaluated at bid price : 12.62
Bid-YTW : 6.95 %
NA.PR.K FixedReset Prem 1.08 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-05-01
Maturity Price : 25.00
Evaluated at bid price : 28.10
Bid-YTW : 4.57 %
FTS.PR.M FixedReset Disc 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 22.74
Evaluated at bid price : 23.81
Bid-YTW : 5.82 %
GWO.PR.I Insurance Straight 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 19.95
Evaluated at bid price : 19.95
Bid-YTW : 5.70 %
IFC.PR.C FixedReset Ins Non 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 23.97
Evaluated at bid price : 24.40
Bid-YTW : 5.69 %
NA.PR.I FixedReset Prem 1.31 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-05-01
Maturity Price : 25.00
Evaluated at bid price : 26.35
Bid-YTW : 5.60 %
ENB.PR.J FixedReset Disc 1.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 21.85
Evaluated at bid price : 22.20
Bid-YTW : 6.52 %
IFC.PR.I Insurance Straight 2.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 23.24
Evaluated at bid price : 23.50
Bid-YTW : 5.79 %
ENB.PR.H FixedReset Disc 2.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 21.38
Evaluated at bid price : 21.70
Bid-YTW : 6.27 %
MFC.PR.F FixedReset Ins Non 3.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 18.25
Evaluated at bid price : 18.25
Bid-YTW : 5.97 %
MFC.PR.M FixedReset Ins Non 15.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 22.99
Evaluated at bid price : 24.40
Bid-YTW : 5.56 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TD.PF.A FixedReset Disc 324,533 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 23.13
Evaluated at bid price : 24.74
Bid-YTW : 5.19 %
GWO.PR.S Insurance Straight 268,716 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 22.33
Evaluated at bid price : 22.60
Bid-YTW : 5.85 %
BN.PR.X FixedReset Disc 177,808 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 19.28
Evaluated at bid price : 19.28
Bid-YTW : 6.30 %
ENB.PR.Y FixedReset Disc 61,445 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 19.90
Evaluated at bid price : 19.90
Bid-YTW : 6.89 %
ENB.PF.G FixedReset Disc 61,180 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 6.77 %
SLF.PR.G FixedReset Ins Non 60,406 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 5.95 %
There were 84 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
MFC.PR.F FixedReset Ins Non Quote: 18.25 – 23.80
Spot Rate : 5.5500
Average : 3.3123

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 18.25
Evaluated at bid price : 18.25
Bid-YTW : 5.97 %
ENB.PR.D FixedReset Disc Quote: 20.33 – 23.90
Spot Rate : 3.5700
Average : 1.9621

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 20.33
Evaluated at bid price : 20.33
Bid-YTW : 6.78 %
CU.PR.E Perpetual-Discount Quote: 21.30 – 23.54
Spot Rate : 2.2400
Average : 1.5886

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 5.84 %
PWF.PR.F Perpetual-Discount Quote: 21.65 – 23.00
Spot Rate : 1.3500
Average : 0.9005

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 21.38
Evaluated at bid price : 21.65
Bid-YTW : 6.08 %
IFC.PR.G FixedReset Ins Non Quote: 25.25 – 26.25
Spot Rate : 1.0000
Average : 0.5762

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 23.47
Evaluated at bid price : 25.25
Bid-YTW : 5.58 %
FTS.PR.M FixedReset Disc Quote: 23.81 – 24.81
Spot Rate : 1.0000
Average : 0.5771

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-07-18
Maturity Price : 22.74
Evaluated at bid price : 23.81
Bid-YTW : 5.82 %
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 %