{"id":48029,"date":"2025-07-02T20:32:10","date_gmt":"2025-07-03T00:32:10","guid":{"rendered":"https:\/\/prefblog.com\/?p=48029"},"modified":"2025-07-03T10:07:02","modified_gmt":"2025-07-03T14:07:02","slug":"july-2-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=48029","title":{"rendered":"July 2, 2025"},"content":{"rendered":"

Another 52-week high, with the TXPR price index up 0.31% on the day. It is of interest to note that the YTW spread between FixedReset (Discounts) and PerpetualDiscounts is now only 10bp.<\/p>\n

PerpetualDiscounts now yield 5.90%, equivalent to 7.67% 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 275bp, a slight (and perhaps spurious) narrowing from the 280bp reported June 25<\/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>\n0.8000 %<\/td>\n2,322.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.8000 %<\/td>\n4,521.8<\/td>\n<\/tr>\n
Floater<\/td>\n6.88 %<\/td>\n6.94 %<\/td>\n56,682<\/td>\n12.66<\/td>\n2<\/td>\n0.8000 %<\/td>\n2,605.9<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1435 %<\/td>\n3,659.6<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.78 %<\/td>\n4.22 %<\/td>\n59,211<\/td>\n2.49<\/td>\n8<\/td>\n0.1435 %<\/td>\n4,370.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1435 %<\/td>\n3,409.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0027 %<\/td>\n2,973.0<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.78 %<\/td>\n5.90 %<\/td>\n43,117<\/td>\n13.98<\/td>\n33<\/td>\n0.0027 %<\/td>\n3,241.9<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.56 %<\/td>\n6.00 %<\/td>\n111,081<\/td>\n13.23<\/td>\n45<\/td>\n0.5160 %<\/td>\n2,942.9<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.71 %<\/td>\n5.75 %<\/td>\n50,947<\/td>\n14.29<\/td>\n20<\/td>\n0.3769 %<\/td>\n3,172.7<\/td>\n<\/tr>\n
FloatingReset<\/td>\n5.64 %<\/td>\n5.72 %<\/td>\n36,005<\/td>\n14.30<\/td>\n3<\/td>\n-0.0758 %<\/td>\n3,654.0<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n6.03 %<\/td>\n5.05 %<\/td>\n100,584<\/td>\n3.02<\/td>\n12<\/td>\n0.2275 %<\/td>\n2,632.5<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.5160 %<\/td>\n3,008.3<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.08 %<\/td>\n5.58 %<\/td>\n63,758<\/td>\n14.35<\/td>\n14<\/td>\n0.4112 %<\/td>\n3,037.5<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\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
BN.PR.N<\/td>\nPerpetual-Discount<\/td>\n-5.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-02
\nMaturity Price : 18.60
\nEvaluated at bid price : 18.60
\nBid-YTW : 6.44 %<\/td>\n<\/tr>\n
CU.PR.J<\/td>\nPerpetual-Discount<\/td>\n-1.76 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-02
\nMaturity Price : 20.05
\nEvaluated at bid price : 20.05
\nBid-YTW : 6.00 %<\/td>\n<\/tr>\n
ENB.PR.J<\/td>\nFixedReset Disc<\/td>\n-1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-02
\nMaturity Price : 21.20
\nEvaluated at bid price : 21.20
\nBid-YTW : 6.66 %<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetual-Discount<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-02
\nMaturity Price : 21.70
\nEvaluated at bid price : 21.95
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n
CU.PR.D<\/td>\nPerpetual-Discount<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-02
\nMaturity Price : 21.33
\nEvaluated at bid price : 21.33
\nBid-YTW : 5.82 %<\/td>\n<\/tr>\n
MFC.PR.I<\/td>\nFixedReset Ins Non<\/td>\n1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-09-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.26
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
BN.PR.X<\/td>\nFixedReset Disc<\/td>\n1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-02
\nMaturity Price : 18.50
\nEvaluated at bid price : 18.50
\nBid-YTW : 6.33 %<\/td>\n<\/tr>\n
ENB.PF.C<\/td>\nFixedReset Disc<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-02
\nMaturity Price : 20.61
\nEvaluated at bid price : 20.61
\nBid-YTW : 6.75 %<\/td>\n<\/tr>\n
ENB.PF.G<\/td>\nFixedReset Disc<\/td>\n1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-02
\nMaturity Price : 20.59
\nEvaluated at bid price : 20.59
\nBid-YTW : 6.75 %<\/td>\n<\/tr>\n
ENB.PR.T<\/td>\nFixedReset Disc<\/td>\n1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-02
\nMaturity Price : 21.73
\nEvaluated at bid price : 22.06
\nBid-YTW : 6.42 %<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\n1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-02
\nMaturity Price : 21.82
\nEvaluated at bid price : 22.06
\nBid-YTW : 5.88 %<\/td>\n<\/tr>\n
ENB.PR.P<\/td>\nFixedReset Disc<\/td>\n1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-02
\nMaturity Price : 21.05
\nEvaluated at bid price : 21.05
\nBid-YTW : 6.62 %<\/td>\n<\/tr>\n
NA.PR.G<\/td>\nFixedReset Prem<\/td>\n1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2028-11-16
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.80
\nBid-YTW : 5.04 %<\/td>\n<\/tr>\n
FTS.PR.M<\/td>\nFixedReset Disc<\/td>\n1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-02
\nMaturity Price : 22.41
\nEvaluated at bid price : 23.18
\nBid-YTW : 5.83 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-02
\nMaturity Price : 19.80
\nEvaluated at bid price : 19.80
\nBid-YTW : 5.76 %<\/td>\n<\/tr>\n
BN.PF.F<\/td>\nFixedReset Disc<\/td>\n1.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-02
\nMaturity Price : 21.98
\nEvaluated at bid price : 22.45
\nBid-YTW : 6.43 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\n1.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-02
\nMaturity Price : 22.63
\nEvaluated at bid price : 23.60
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
BN.PR.T<\/td>\nFixedReset Disc<\/td>\n1.74 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-02
\nMaturity Price : 19.25
\nEvaluated at bid price : 19.25
\nBid-YTW : 6.54 %<\/td>\n<\/tr>\n
GWO.PR.R<\/td>\nInsurance Straight<\/td>\n2.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-02
\nMaturity Price : 20.53
\nEvaluated at bid price : 20.53
\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset Disc<\/td>\n2.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-02
\nMaturity Price : 18.21
\nEvaluated at bid price : 18.21
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nInsurance Straight<\/td>\n3.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-02
\nMaturity Price : 19.75
\nEvaluated at bid price : 19.75
\nBid-YTW : 5.74 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n7.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-02
\nMaturity Price : 23.29
\nEvaluated at bid price : 23.64
\nBid-YTW : 5.60 %<\/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
CM.PR.Q<\/td>\nFixedReset Disc<\/td>\n210,700<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-08-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.94
\nBid-YTW : 4.69 %<\/td>\n<\/tr>\n
ENB.PF.E<\/td>\nFixedReset Disc<\/td>\n91,807<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-02
\nMaturity Price : 20.50
\nEvaluated at bid price : 20.50
\nBid-YTW : 6.77 %<\/td>\n<\/tr>\n
ENB.PF.G<\/td>\nFixedReset Disc<\/td>\n23,111<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-02
\nMaturity Price : 20.59
\nEvaluated at bid price : 20.59
\nBid-YTW : 6.75 %<\/td>\n<\/tr>\n
BN.PR.X<\/td>\nFixedReset Disc<\/td>\n13,322<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-02
\nMaturity Price : 18.50
\nEvaluated at bid price : 18.50
\nBid-YTW : 6.33 %<\/td>\n<\/tr>\n
PWF.PR.G<\/td>\nPerpetual-Discount<\/td>\n13,112<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-02
\nMaturity Price : 24.85
\nEvaluated at bid price : 25.06
\nBid-YTW : 5.99 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset Disc<\/td>\n12,899<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-08-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.13
\nBid-YTW : 4.73 %<\/td>\n<\/tr>\n
There were 6 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
FTS.PR.H<\/td>\nFixedReset Disc<\/td>\nQuote: 18.21 – 23.80
\nSpot Rate : 5.5900
\nAverage : 2.9945<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-02
\nMaturity Price : 18.21
\nEvaluated at bid price : 18.21
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n

ENB.PR.B<\/td>\nFixedReset Disc<\/td>\nQuote: 19.46 – 24.00
\nSpot Rate : 4.5400
\nAverage : 2.4341<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-02
\nMaturity Price : 19.46
\nEvaluated at bid price : 19.46
\nBid-YTW : 6.84 %<\/td>\n<\/tr>\n

CU.PR.E<\/td>\nPerpetual-Discount<\/td>\nQuote: 21.25 – 23.54
\nSpot Rate : 2.2900
\nAverage : 1.4822<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-02
\nMaturity Price : 21.25
\nEvaluated at bid price : 21.25
\nBid-YTW : 5.84 %<\/td>\n<\/tr>\n

BN.PR.N<\/td>\nPerpetual-Discount<\/td>\nQuote: 18.60 – 20.45
\nSpot Rate : 1.8500
\nAverage : 1.0440<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-02
\nMaturity Price : 18.60
\nEvaluated at bid price : 18.60
\nBid-YTW : 6.44 %<\/td>\n<\/tr>\n

PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.73 – 21.75
\nSpot Rate : 1.0200
\nAverage : 0.6172<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-02
\nMaturity Price : 20.73
\nEvaluated at bid price : 20.73
\nBid-YTW : 5.90 %<\/td>\n<\/tr>\n

BN.PR.R<\/td>\nFixedReset Disc<\/td>\nQuote: 17.84 – 19.95
\nSpot Rate : 2.1100
\nAverage : 1.7225<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-02
\nMaturity Price : 17.84
\nEvaluated at bid price : 17.84
\nBid-YTW : 7.08 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Another 52-week high, with the TXPR price index up 0.31% on the day. It is of interest to note that the YTW spread between FixedReset (Discounts) and PerpetualDiscounts is now only 10bp. PerpetualDiscounts now yield …<\/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-48029","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48029","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=48029"}],"version-history":[{"count":3,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48029\/revisions"}],"predecessor-version":[{"id":48033,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48029\/revisions\/48033"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48029"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48029"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48029"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}