{"id":47931,"date":"2025-06-26T00:51:45","date_gmt":"2025-06-26T00:51:45","guid":{"rendered":"https:\/\/prefblog.com\/?p=47931"},"modified":"2025-06-26T16:47:35","modified_gmt":"2025-06-26T16:47:35","slug":"june-25-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=47931","title":{"rendered":"June 25, 2025"},"content":{"rendered":"

Another new 52-week high for TXPR (price index) today; the index gained 0.13%.<\/p>\n

PerpetualDiscounts now yield 5.93%, equivalent to 7.71% interest at the standard conversion factor of 1.3x. Long corporates<\/a> 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<\/a><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2010 %<\/td>\n2,298.0<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2010 %<\/td>\n4,473.3<\/td>\n<\/tr>\n
Floater<\/td>\n6.95 %<\/td>\n6.98 %<\/td>\n69,315<\/td>\n12.61<\/td>\n2<\/td>\n0.2010 %<\/td>\n2,578.0<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1735 %<\/td>\n3,653.6<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.79 %<\/td>\n4.48 %<\/td>\n64,830<\/td>\n2.51<\/td>\n8<\/td>\n0.1735 %<\/td>\n4,363.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1735 %<\/td>\n3,404.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0686 %<\/td>\n2,960.0<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.81 %<\/td>\n5.93 %<\/td>\n42,721<\/td>\n13.91<\/td>\n33<\/td>\n0.0686 %<\/td>\n3,227.7<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.57 %<\/td>\n6.09 %<\/td>\n113,286<\/td>\n13.14<\/td>\n46<\/td>\n0.1259 %<\/td>\n2,918.9<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.78 %<\/td>\n5.82 %<\/td>\n50,412<\/td>\n14.21<\/td>\n20<\/td>\n0.1718 %<\/td>\n3,134.6<\/td>\n<\/tr>\n
FloatingReset<\/td>\n5.66 %<\/td>\n5.72 %<\/td>\n38,570<\/td>\n14.33<\/td>\n3<\/td>\n0.3361 %<\/td>\n3,640.7<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n6.05 %<\/td>\n5.08 %<\/td>\n109,761<\/td>\n3.27<\/td>\n12<\/td>\n0.1445 %<\/td>\n2,624.3<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1259 %<\/td>\n2,983.7<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.10 %<\/td>\n5.61 %<\/td>\n65,840<\/td>\n14.34<\/td>\n14<\/td>\n0.4903 %<\/td>\n3,020.3<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n-2.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-25
\nMaturity Price : 18.80
\nEvaluated at bid price : 18.80
\nBid-YTW : 6.06 %<\/td>\n<\/tr>\n
ENB.PR.N<\/td>\nFixedReset Disc<\/td>\n-2.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-25
\nMaturity Price : 22.32
\nEvaluated at bid price : 22.88
\nBid-YTW : 6.34 %<\/td>\n<\/tr>\n
IFC.PR.I<\/td>\nInsurance Straight<\/td>\n-2.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-25
\nMaturity Price : 22.60
\nEvaluated at bid price : 23.00
\nBid-YTW : 5.88 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset Disc<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-25
\nMaturity Price : 17.63
\nEvaluated at bid price : 17.63
\nBid-YTW : 6.09 %<\/td>\n<\/tr>\n
CU.PR.J<\/td>\nPerpetual-Discount<\/td>\n1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-25
\nMaturity Price : 20.55
\nEvaluated at bid price : 20.55
\nBid-YTW : 5.85 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-25
\nMaturity Price : 19.36
\nEvaluated at bid price : 19.36
\nBid-YTW : 5.88 %<\/td>\n<\/tr>\n
BN.PR.T<\/td>\nFixedReset Disc<\/td>\n1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-25
\nMaturity Price : 19.00
\nEvaluated at bid price : 19.00
\nBid-YTW : 6.58 %<\/td>\n<\/tr>\n
IFC.PR.F<\/td>\nInsurance Straight<\/td>\n1.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-25
\nMaturity Price : 22.89
\nEvaluated at bid price : 23.30
\nBid-YTW : 5.70 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n1.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-25
\nMaturity Price : 17.40
\nEvaluated at bid price : 17.40
\nBid-YTW : 6.28 %<\/td>\n<\/tr>\n
GWO.PR.R<\/td>\nInsurance Straight<\/td>\n3.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-25
\nMaturity Price : 20.75
\nEvaluated at bid price : 20.75
\nBid-YTW : 5.82 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n6.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-25
\nMaturity Price : 21.34
\nEvaluated at bid price : 21.65
\nBid-YTW : 5.31 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nInsurance Straight<\/td>\n81,100<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-25
\nMaturity Price : 19.94
\nEvaluated at bid price : 19.94
\nBid-YTW : 5.69 %<\/td>\n<\/tr>\n
ENB.PR.D<\/td>\nFixedReset Disc<\/td>\n53,315<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-25
\nMaturity Price : 19.63
\nEvaluated at bid price : 19.63
\nBid-YTW : 6.75 %<\/td>\n<\/tr>\n
MFC.PR.I<\/td>\nFixedReset Ins Non<\/td>\n42,830<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-25
\nMaturity Price : 23.49
\nEvaluated at bid price : 24.90
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n
ENB.PR.P<\/td>\nFixedReset Disc<\/td>\n36,300<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-25
\nMaturity Price : 20.65
\nEvaluated at bid price : 20.65
\nBid-YTW : 6.71 %<\/td>\n<\/tr>\n
BN.PR.N<\/td>\nPerpetual-Discount<\/td>\n27,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-25
\nMaturity Price : 19.50
\nEvaluated at bid price : 19.50
\nBid-YTW : 6.13 %<\/td>\n<\/tr>\n
BN.PF.C<\/td>\nPerpetual-Discount<\/td>\n26,800<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-25
\nMaturity Price : 19.92
\nEvaluated at bid price : 19.92
\nBid-YTW : 6.13 %<\/td>\n<\/tr>\n
There were 11 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
See TMX DataLinx: ‘Last’ != ‘Close’<\/a> and the posts linked therein for an idea of why these quotes are so horrible.<\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\nQuote: 22.50 – 25.37
\nSpot Rate : 2.8700
\nAverage : 1.7615<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-25
\nMaturity Price : 22.20
\nEvaluated at bid price : 22.50
\nBid-YTW : 5.85 %<\/td>\n<\/tr>\n

CU.PR.E<\/td>\nPerpetual-Discount<\/td>\nQuote: 21.16 – 23.54
\nSpot Rate : 2.3800
\nAverage : 1.3965<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-25
\nMaturity Price : 21.16
\nEvaluated at bid price : 21.16
\nBid-YTW : 5.86 %<\/td>\n<\/tr>\n

MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\nQuote: 23.68 – 24.68
\nSpot Rate : 1.0000
\nAverage : 0.6645<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-25
\nMaturity Price : 22.71
\nEvaluated at bid price : 23.68
\nBid-YTW : 5.45 %<\/td>\n<\/tr>\n

GWO.PR.T<\/td>\nInsurance Straight<\/td>\nQuote: 20.50 – 22.31
\nSpot Rate : 1.8100
\nAverage : 1.4949<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-25
\nMaturity Price : 20.50
\nEvaluated at bid price : 20.50
\nBid-YTW : 6.32 %<\/td>\n<\/tr>\n

CU.PR.F<\/td>\nPerpetual-Discount<\/td>\nQuote: 18.80 – 21.75
\nSpot Rate : 2.9500
\nAverage : 2.7035<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-25
\nMaturity Price : 18.80
\nEvaluated at bid price : 18.80
\nBid-YTW : 6.06 %<\/td>\n<\/tr>\n

PWF.PR.E<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.57 – 24.53
\nSpot Rate : 0.9600
\nAverage : 0.7258<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-25
\nMaturity Price : 23.27
\nEvaluated at bid price : 23.57
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

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 …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-47931","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/47931","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=47931"}],"version-history":[{"count":2,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/47931\/revisions"}],"predecessor-version":[{"id":47945,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/47931\/revisions\/47945"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=47931"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=47931"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=47931"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}