{"id":48039,"date":"2025-07-04T19:48:15","date_gmt":"2025-07-04T23:48:15","guid":{"rendered":"https:\/\/prefblog.com\/?p=48039"},"modified":"2025-07-04T19:48:15","modified_gmt":"2025-07-04T23:48:15","slug":"july-4-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=48039","title":{"rendered":"July 4, 2025"},"content":{"rendered":"<p>The market&#8217;s back to normal, by which I mean there was a new 52-week high for the TXPR price index today, with today&#8217;s high of 665.49 eclipsing the mark of 664.37 set on 2025-07-02.<\/p>\n<table border='1'>\n<tr>\n<td colspan='8'><strong>HIMIPref&trade; Preferred Indices<br \/>These values reflect the December 2008 revision of the HIMIPref&trade; Indices<\/strong><br \/>Values are provisional and are finalized monthly<\/td>\n<\/tr>\n<tr>\n<td>Index<\/td>\n<td>Mean<br \/>Current<br \/>Yield<br \/>(at bid)<\/td>\n<td>Median<br \/>YTW<\/td>\n<td>Median<br \/>Average<br \/>Trading<br \/>Value<\/td>\n<td>Median<br \/>Mod Dur<br \/>(YTW)<\/td>\n<td>Issues<\/td>\n<td>Day&#8217;s Perf.<\/td>\n<td>Index Value<\/td>\n<\/tr>\n<tr>\n<td>Ratchet<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.2802 %<\/td>\n<td>2,309.0<\/td>\n<\/tr>\n<tr>\n<td>FixedFloater<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.2802 %<\/td>\n<td>4,494.9<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>6.92 %<\/td>\n<td>6.92 %<\/td>\n<td>57,179<\/td>\n<td>12.68<\/td>\n<td>2<\/td>\n<td>0.2802 %<\/td>\n<td>2,590.4<\/td>\n<\/tr>\n<tr>\n<td>OpRet<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>-0.0732 %<\/td>\n<td>3,665.8<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>4.78 %<\/td>\n<td>4.23 %<\/td>\n<td>57,844<\/td>\n<td>2.49<\/td>\n<td>7<\/td>\n<td>-0.0732 %<\/td>\n<td>4,377.7<\/td>\n<\/tr>\n<tr>\n<td>Interest-Bearing<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>-0.0732 %<\/td>\n<td>3,415.7<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.4229 %<\/td>\n<td>2,991.4<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>5.75 %<\/td>\n<td>5.90 %<\/td>\n<td>45,589<\/td>\n<td>14.05<\/td>\n<td>32<\/td>\n<td>0.4229 %<\/td>\n<td>3,261.9<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Disc<\/td>\n<td>5.69 %<\/td>\n<td>6.17 %<\/td>\n<td>115,683<\/td>\n<td>13.24<\/td>\n<td>40<\/td>\n<td>0.3164 %<\/td>\n<td>2,953.8<\/td>\n<\/tr>\n<tr>\n<td>Insurance Straight<\/td>\n<td>5.69 %<\/td>\n<td>5.78 %<\/td>\n<td>49,539<\/td>\n<td>14.26<\/td>\n<td>19<\/td>\n<td>-0.0961 %<\/td>\n<td>3,180.8<\/td>\n<\/tr>\n<tr>\n<td>FloatingReset<\/td>\n<td>5.57 %<\/td>\n<td>5.37 %<\/td>\n<td>43,012<\/td>\n<td>14.84<\/td>\n<td>2<\/td>\n<td>0.0956 %<\/td>\n<td>3,669.1<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Prem<\/td>\n<td>5.72 %<\/td>\n<td>5.11 %<\/td>\n<td>122,422<\/td>\n<td>2.98<\/td>\n<td>16<\/td>\n<td>0.1405 %<\/td>\n<td>2,631.0<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Bank Non<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.3164 %<\/td>\n<td>3,019.4<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Ins Non<\/td>\n<td>5.25 %<\/td>\n<td>5.58 %<\/td>\n<td>63,052<\/td>\n<td>14.36<\/td>\n<td>14<\/td>\n<td>-0.2819 %<\/td>\n<td>3,046.1<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='4'><strong>Performance Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Change<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.I<\/td>\n<td>Insurance Straight<\/td>\n<td>-4.39 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-07-04<br \/>\nMaturity Price  : 18.96<br \/>\nEvaluated at bid price : 18.96<br \/>\nBid-YTW : 5.98 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.M<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>-4.33 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-07-04<br \/>\nMaturity Price  : 22.42<br \/>\nEvaluated at bid price : 23.20<br \/>\nBid-YTW : 5.73 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PR.M<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.98 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-07-04<br \/>\nMaturity Price  : 19.85<br \/>\nEvaluated at bid price : 19.85<br \/>\nBid-YTW : 6.03 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.I<\/td>\n<td>Insurance Straight<\/td>\n<td>-1.05 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-07-04<br \/>\nMaturity Price  : 23.24<br \/>\nEvaluated at bid price : 23.50<br \/>\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.Y<\/td>\n<td>Insurance Straight<\/td>\n<td>-1.01 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-07-04<br \/>\nMaturity Price  : 19.60<br \/>\nEvaluated at bid price : 19.60<br \/>\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.N<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>1.10 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-07-04<br \/>\nMaturity Price  : 17.40<br \/>\nEvaluated at bid price : 17.40<br \/>\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.L<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.15 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-07-04<br \/>\nMaturity Price  : 21.66<br \/>\nEvaluated at bid price : 21.91<br \/>\nBid-YTW : 5.92 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.H<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.18 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-07-04<br \/>\nMaturity Price  : 22.88<br \/>\nEvaluated at bid price : 23.15<br \/>\nBid-YTW : 5.73 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.D<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.24 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-07-04<br \/>\nMaturity Price  : 21.26<br \/>\nEvaluated at bid price : 21.26<br \/>\nBid-YTW : 5.84 %<\/td>\n<\/tr>\n<tr>\n<td>ENB.PR.D<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.30 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-07-04<br \/>\nMaturity Price  : 20.19<br \/>\nEvaluated at bid price : 20.19<br \/>\nBid-YTW : 6.61 %<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.C<\/td>\n<td>FixedReset Prem<\/td>\n<td>1.43 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2027-11-15<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.90<br \/>\nBid-YTW : 4.08 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.R<\/td>\n<td>Insurance Straight<\/td>\n<td>1.46 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-07-04<br \/>\nMaturity Price  : 20.83<br \/>\nEvaluated at bid price : 20.83<br \/>\nBid-YTW : 5.81 %<\/td>\n<\/tr>\n<tr>\n<td>BIP.PR.F<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.62 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-07-04<br \/>\nMaturity Price  : 23.34<br \/>\nEvaluated at bid price : 25.10<br \/>\nBid-YTW : 5.86 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.E<\/td>\n<td>Insurance Straight<\/td>\n<td>1.63 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-07-04<br \/>\nMaturity Price  : 20.59<br \/>\nEvaluated at bid price : 20.59<br \/>\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.P<\/td>\n<td>FixedReset Disc<\/td>\n<td>2.64 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-07-04<br \/>\nMaturity Price  : 17.86<br \/>\nEvaluated at bid price : 17.86<br \/>\nBid-YTW : 6.17 %<\/td>\n<\/tr>\n<tr>\n<td>POW.PR.D<\/td>\n<td>Perpetual-Discount<\/td>\n<td>2.71 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-07-04<br \/>\nMaturity Price  : 21.35<br \/>\nEvaluated at bid price : 21.62<br \/>\nBid-YTW : 5.79 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.J<\/td>\n<td>Perpetual-Discount<\/td>\n<td>3.04 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-07-04<br \/>\nMaturity Price  : 20.66<br \/>\nEvaluated at bid price : 20.66<br \/>\nBid-YTW : 5.83 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.C<\/td>\n<td>FixedReset Disc<\/td>\n<td>3.56 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-07-04<br \/>\nMaturity Price  : 22.90<br \/>\nEvaluated at bid price : 23.25<br \/>\nBid-YTW : 5.69 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.G<\/td>\n<td>Perpetual-Discount<\/td>\n<td>5.06 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-07-04<br \/>\nMaturity Price  : 19.95<br \/>\nEvaluated at bid price : 19.95<br \/>\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='4'><strong>Volume Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Shares<br \/>Traded<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.Q<\/td>\n<td>FixedReset Disc<\/td>\n<td>365,900<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2025-08-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 24.94<br \/>\nBid-YTW : 4.85 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.C<\/td>\n<td>Insurance Straight<\/td>\n<td>102,300<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-07-04<br \/>\nMaturity Price  : 20.18<br \/>\nEvaluated at bid price : 20.18<br \/>\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.P<\/td>\n<td>FixedReset Disc<\/td>\n<td>62,700<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-07-04<br \/>\nMaturity Price  : 17.86<br \/>\nEvaluated at bid price : 17.86<br \/>\nBid-YTW : 6.17 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.E<\/td>\n<td>Perpetual-Discount<\/td>\n<td>50,100<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-07-04<br \/>\nMaturity Price  : 21.36<br \/>\nEvaluated at bid price : 21.36<br \/>\nBid-YTW : 5.81 %<\/td>\n<\/tr>\n<tr>\n<td>FFH.PR.G<\/td>\n<td>FixedReset Disc<\/td>\n<td>50,000<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-07-04<br \/>\nMaturity Price  : 23.38<br \/>\nEvaluated at bid price : 24.35<br \/>\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n<tr>\n<td>BIP.PR.B<\/td>\n<td>FixedReset Prem<\/td>\n<td>46,200<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2025-12-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.12<br \/>\nBid-YTW : 4.62 %<\/td>\n<\/tr>\n<tr>\n<td colspan='4'>There were 13 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='3'><strong>Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan='3'>See <a href='https:\/\/prefblog.com\/?p=13456'>TMX DataLinx: &#8216;Last&#8217; != &#8216;Close&#8217;<\/a> and the posts linked therein for an idea of why these quotes are so horrible.<\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Quote Data and Yield Notes<\/td>\n<\/tr>\n<tr>\n<td>ENB.PR.D<\/td>\n<td>FixedReset Disc<\/td>\n<td>Quote: 20.19 &#8211; 22.98<br \/>\nSpot Rate  :  2.7900<br \/>\nAverage  :  1.7622<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-07-04<br \/>\nMaturity Price  : 20.19<br \/>\nEvaluated at bid price : 20.19<br \/>\nBid-YTW : 6.61 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.M<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>Quote: 23.20 &#8211; 24.44<br \/>\nSpot Rate  :  1.2400<br \/>\nAverage  :  0.8766<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-07-04<br \/>\nMaturity Price  : 22.42<br \/>\nEvaluated at bid price : 23.20<br \/>\nBid-YTW : 5.73 %<\/td>\n<\/tr>\n<tr>\n<td>PVS.PR.L<\/td>\n<td>SplitShare<\/td>\n<td>Quote: 25.95 &#8211; 26.95<br \/>\nSpot Rate  :  1.0000<br \/>\nAverage  :  0.6758<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2030-06-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.95<br \/>\nBid-YTW : 4.76 %<\/td>\n<\/tr>\n<tr>\n<td>PVS.PR.H<\/td>\n<td>SplitShare<\/td>\n<td>Quote: 25.33 &#8211; 26.33<br \/>\nSpot Rate  :  1.0000<br \/>\nAverage  :  0.6834<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2026-02-28<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.33<br \/>\nBid-YTW : 3.20 %<\/td>\n<\/tr>\n<tr>\n<td>BIP.PR.E<\/td>\n<td>FixedReset Disc<\/td>\n<td>Quote: 24.95 &#8211; 25.75<br \/>\nSpot Rate  :  0.8000<br \/>\nAverage  :  0.4993<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-07-04<br \/>\nMaturity Price  : 23.41<br \/>\nEvaluated at bid price : 24.95<br \/>\nBid-YTW : 5.98 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.I<\/td>\n<td>Insurance Straight<\/td>\n<td>Quote: 18.96 &#8211; 19.75<br \/>\nSpot Rate  :  0.7900<br \/>\nAverage  :  0.5269<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2055-07-04<br \/>\nMaturity Price  : 18.96<br \/>\nEvaluated at bid price : 18.96<br \/>\nBid-YTW : 5.98 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>The market&#8217;s back to normal, by which I mean there was a new 52-week high for the TXPR price index today, with today&#8217;s high of 665.49 eclipsing the mark of 664.37 set on 2025-07-02. HIMIPref&trade; &hellip;<\/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-48039","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48039","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=48039"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48039\/revisions"}],"predecessor-version":[{"id":48040,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48039\/revisions\/48040"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48039"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48039"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48039"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}