{"id":47969,"date":"2025-06-28T00:08:36","date_gmt":"2025-06-28T00:08:36","guid":{"rendered":"https:\/\/prefblog.com\/?p=47969"},"modified":"2025-06-28T00:38:30","modified_gmt":"2025-06-28T00:38:30","slug":"june-27-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=47969","title":{"rendered":"June 27, 2025"},"content":{"rendered":"

Another new 52-week high in the TXPR Price Index today – it closed at the day’s high of 659.14, up 0.10% on the day, above the previous 52-week high of 658.61 set yesterday.<\/p>\n

This was despite the excitment of a Trumper tantrum<\/a>, this one about the Digital Service Tax:<\/p>\n

President Donald Trump said Friday he has put an end to trade talks with Canada and will soon announce a new tariff rate for that country, he said in a Truth Social post on Friday.<\/p>\n

The decision to end negotiations, which have been ongoing for several months, came after Canada announced a digital service tax, Trump said, calling it \u201ca direct and blatant attack on our Country.\u201d<\/p>\n

\u201cBased on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately. We will let Canada know the Tariff that they will be paying to do business with the United States of America within the next seven day period,\u201d he said.<\/p>\n

Trump has taken particular issue with DSTs throughout trade negotiations with other countries, commonly referring to them as \u201cnon-tariff trade barriers.\u201d Canada has a new DST that is set to take effect on Monday that will be retroactive to 2022.<\/p>\n

Digital services taxes are a way for countries to tax online services, in contrast to taxes on physical products. Countries with these taxes can collect revenue from large companies that operate online \u2014 even if the business is unprofitable. American firms, especially Big Tech companies such as Meta, Apple, Google, Amazon and Microsoft, are disproportionately affected by DSTs, according to a report published last year by the nonpartisan Congressional Research Service.<\/p><\/blockquote>\n

The current status of global DSTs is recorded HERE<\/a>, which explains:<\/p>\n

DST\u2019s are a new class of taxes being implemented to tackle the perceived unfairness of non-resident digital companies to sell across borders without being liable to local corporate income taxes. They are typically a percentage charge of turnover from digital ad\u2019s, content and platform services, with a sales threshold based on in-country and global income.<\/p>\n

On 21 February 2025, President Trump ordered DST tariff retaliation review. On 20 January, President Trump withdrew the US from the OECD Pillar 1 negotiations global digital tax reform negotiations.<\/p><\/blockquote>\n

It is also of interest to peruse the list of US States with DSTs<\/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>\n0.2011 %<\/td>\n2,296.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2011 %<\/td>\n4,469.7<\/td>\n<\/tr>\n
Floater<\/td>\n6.96 %<\/td>\n6.98 %<\/td>\n57,025<\/td>\n12.60<\/td>\n2<\/td>\n0.2011 %<\/td>\n2,575.9<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.3513 %<\/td>\n3,640.6<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.80 %<\/td>\n4.30 %<\/td>\n48,085<\/td>\n0.66<\/td>\n8<\/td>\n-0.3513 %<\/td>\n4,347.7<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.3513 %<\/td>\n3,392.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0192 %<\/td>\n2,967.8<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.79 %<\/td>\n5.92 %<\/td>\n43,658<\/td>\n13.97<\/td>\n33<\/td>\n0.0192 %<\/td>\n3,236.2<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.56 %<\/td>\n6.06 %<\/td>\n109,761<\/td>\n13.15<\/td>\n46<\/td>\n0.2027 %<\/td>\n2,925.2<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.74 %<\/td>\n5.80 %<\/td>\n50,792<\/td>\n14.25<\/td>\n20<\/td>\n-0.0553 %<\/td>\n3,152.5<\/td>\n<\/tr>\n
FloatingReset<\/td>\n5.63 %<\/td>\n5.71 %<\/td>\n37,913<\/td>\n14.32<\/td>\n3<\/td>\n0.0759 %<\/td>\n3,656.2<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n6.05 %<\/td>\n5.02 %<\/td>\n102,271<\/td>\n3.03<\/td>\n12<\/td>\n-0.0866 %<\/td>\n2,622.3<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2027 %<\/td>\n2,990.1<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.09 %<\/td>\n5.58 %<\/td>\n64,801<\/td>\n14.36<\/td>\n14<\/td>\n0.2631 %<\/td>\n3,026.0<\/td>\n<\/tr>\n<\/table>\n\n\n\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-2.90 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-27
\nMaturity Price : 18.76
\nEvaluated at bid price : 18.76
\nBid-YTW : 6.07 %<\/td>\n<\/tr>\n
PVS.PR.K<\/td>\nSplitShare<\/td>\n-2.63 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2029-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.39
\nBid-YTW : 5.25 %<\/td>\n<\/tr>\n
TD.PF.I<\/td>\nFixedReset Prem<\/td>\n-1.88 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.05
\nBid-YTW : 4.87 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nInsurance Straight<\/td>\n-1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-27
\nMaturity Price : 20.01
\nEvaluated at bid price : 20.01
\nBid-YTW : 5.66 %<\/td>\n<\/tr>\n
BIP.PR.E<\/td>\nFixedReset Disc<\/td>\n-1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-27
\nMaturity Price : 23.29
\nEvaluated at bid price : 24.64
\nBid-YTW : 6.03 %<\/td>\n<\/tr>\n
GWO.PR.M<\/td>\nInsurance Straight<\/td>\n-1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-27
\nMaturity Price : 24.19
\nEvaluated at bid price : 24.45
\nBid-YTW : 5.96 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-27
\nMaturity Price : 23.37
\nEvaluated at bid price : 23.85
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-27
\nMaturity Price : 21.41
\nEvaluated at bid price : 21.74
\nBid-YTW : 5.28 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset Disc<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-27
\nMaturity Price : 17.86
\nEvaluated at bid price : 17.86
\nBid-YTW : 6.01 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-27
\nMaturity Price : 18.31
\nEvaluated at bid price : 18.31
\nBid-YTW : 5.81 %<\/td>\n<\/tr>\n
BN.PF.A<\/td>\nFixedReset Disc<\/td>\n1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-27
\nMaturity Price : 23.11
\nEvaluated at bid price : 24.39
\nBid-YTW : 6.06 %<\/td>\n<\/tr>\n
ENB.PR.H<\/td>\nFixedReset Disc<\/td>\n1.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-27
\nMaturity Price : 21.21
\nEvaluated at bid price : 21.21
\nBid-YTW : 6.20 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n1.53 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-27
\nMaturity Price : 22.85
\nEvaluated at bid price : 23.20
\nBid-YTW : 5.67 %<\/td>\n<\/tr>\n
ENB.PR.N<\/td>\nFixedReset Disc<\/td>\n2.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-27
\nMaturity Price : 22.67
\nEvaluated at bid price : 23.50
\nBid-YTW : 6.15 %<\/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
TD.PF.D<\/td>\nFixedReset Disc<\/td>\n366,200<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.12
\nBid-YTW : 3.45 %<\/td>\n<\/tr>\n
CM.PR.Q<\/td>\nFixedReset Disc<\/td>\n168,500<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.93
\nBid-YTW : 3.03 %<\/td>\n<\/tr>\n
PWF.PR.G<\/td>\nPerpetual-Discount<\/td>\n55,340<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-27
\nMaturity Price : 24.64
\nEvaluated at bid price : 24.90
\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n
IFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\n50,800<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-27
\nMaturity Price : 23.33
\nEvaluated at bid price : 24.87
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n
MFC.PR.Q<\/td>\nFixedReset Ins Non<\/td>\n50,400<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-27
\nMaturity Price : 23.34
\nEvaluated at bid price : 24.87
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n
POW.PR.B<\/td>\nPerpetual-Discount<\/td>\n19,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-27
\nMaturity Price : 22.66
\nEvaluated at bid price : 22.90
\nBid-YTW : 5.85 %<\/td>\n<\/tr>\n
There were 5 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
ELF.PR.F<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.90 – 23.90
\nSpot Rate : 1.0000
\nAverage : 0.5963<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-27
\nMaturity Price : 22.66
\nEvaluated at bid price : 22.90
\nBid-YTW : 5.90 %<\/td>\n<\/tr>\n

BN.PF.I<\/td>\nFixedReset Disc<\/td>\nQuote: 24.90 – 25.97
\nSpot Rate : 1.0700
\nAverage : 0.6671<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.90
\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n

PWF.PR.T<\/td>\nFixedReset Disc<\/td>\nQuote: 23.10 – 24.49
\nSpot Rate : 1.3900
\nAverage : 0.9880<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-27
\nMaturity Price : 22.43
\nEvaluated at bid price : 23.10
\nBid-YTW : 5.79 %<\/td>\n<\/tr>\n

TD.PF.I<\/td>\nFixedReset Prem<\/td>\nQuote: 26.05 – 26.70
\nSpot Rate : 0.6500
\nAverage : 0.4033<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.05
\nBid-YTW : 4.87 %<\/td>\n<\/tr>\n

BN.PR.R<\/td>\nFixedReset Disc<\/td>\nQuote: 17.84 – 19.25
\nSpot Rate : 1.4100
\nAverage : 1.1746<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-27
\nMaturity Price : 17.84
\nEvaluated at bid price : 17.84
\nBid-YTW : 7.03 %<\/td>\n<\/tr>\n

CU.PR.F<\/td>\nPerpetual-Discount<\/td>\nQuote: 18.76 – 21.75
\nSpot Rate : 2.9900
\nAverage : 2.7851<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-06-27
\nMaturity Price : 18.76
\nEvaluated at bid price : 18.76
\nBid-YTW : 6.07 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Another new 52-week high in the TXPR Price Index today – it closed at the day’s high of 659.14, up 0.10% on the day, above the previous 52-week high of 658.61 set yesterday. This was …<\/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-47969","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/47969","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=47969"}],"version-history":[{"count":2,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/47969\/revisions"}],"predecessor-version":[{"id":47971,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/47969\/revisions\/47971"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=47969"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=47969"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=47969"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}