{"id":48192,"date":"2025-07-15T19:41:37","date_gmt":"2025-07-15T23:41:37","guid":{"rendered":"https:\/\/prefblog.com\/?p=48192"},"modified":"2025-07-15T19:41:37","modified_gmt":"2025-07-15T23:41:37","slug":"july-15-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=48192","title":{"rendered":"July 15, 2025"},"content":{"rendered":"

Another new high for the TXPR price index today (this is getting monotonous), as today’s high was 668.41, exceeding the old mark of 668.14 set 2025-7-14.<\/p>\n

I found this interesting in view of the fact that bonds got clobbered today – the five year is at 3.14%<\/a> and the long bond at 3.90%. <\/p>\n

The dismal bond results may be due to today’s inflation release<\/a>:<\/p>\n

Canada\u2019s annual inflation rate ticked up to 1.9 per cent in June and underlying price pressures remained sticky, reinforcing expectations that the Bank of Canada will hold off from cutting interest rates this month.<\/p>\n

Statistics Canada reported Tuesday that the annual rate rose from 1.7 per cent in May, in line with analysts\u2019 expectations.<\/p>\n

The Bank of Canada\u2019s preferred core measures of inflation, which strip out volatility in price changes, continued to hover around three per cent, suggesting that underlying price pressures in the economy remain strong.<\/p>\n

The United States, meanwhile, reported that annual headline inflation accelerated to 2.7 per cent in June from 2.4 per cent the previous month. The Canadian and U.S. reports both showed signs that higher tariffs are being passed on to consumers in areas such as clothing and home furnishings.<\/p><\/blockquote>\n

… and in turn<\/a>:<\/p>\n

Market-based probabilities of a further Bank of Canada rate cut on July 30 have shrunk further in the wake of this morning\u2019s inflation report, the last major economic indicator to be released before the bank\u2019s decision.<\/p>\n

Money markets now suggest only about a 6% chance of a quarter-point cut on that day after the bank\u2019s next policy meeting, down from about 15% prior to the CPI report. Those probabilities for a rate cut had already been trending down since a surprisingly strong Canadian employment report for June was released earlier this month.<\/p><\/blockquote>\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>\n0.9528 %<\/td>\n2,344.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.9528 %<\/td>\n4,563.0<\/td>\n<\/tr>\n
Floater<\/td>\n6.81 %<\/td>\n6.88 %<\/td>\n49,137<\/td>\n12.70<\/td>\n2<\/td>\n0.9528 %<\/td>\n2,629.7<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0958 %<\/td>\n3,663.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.78 %<\/td>\n4.56 %<\/td>\n57,145<\/td>\n2.45<\/td>\n7<\/td>\n-0.0958 %<\/td>\n4,374.7<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0958 %<\/td>\n3,413.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0351 %<\/td>\n2,980.3<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.77 %<\/td>\n5.87 %<\/td>\n47,184<\/td>\n14.09<\/td>\n32<\/td>\n0.0351 %<\/td>\n3,249.9<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.65 %<\/td>\n6.23 %<\/td>\n118,768<\/td>\n13.20<\/td>\n40<\/td>\n0.0855 %<\/td>\n2,976.9<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.67 %<\/td>\n5.79 %<\/td>\n49,781<\/td>\n14.23<\/td>\n19<\/td>\n0.0096 %<\/td>\n3,195.5<\/td>\n<\/tr>\n
FloatingReset<\/td>\n5.52 %<\/td>\n5.36 %<\/td>\n40,252<\/td>\n14.87<\/td>\n2<\/td>\n4.0277 %<\/td>\n3,688.4<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.74 %<\/td>\n4.94 %<\/td>\n116,973<\/td>\n2.61<\/td>\n16<\/td>\n0.4386 %<\/td>\n2,622.5<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0855 %<\/td>\n3,043.0<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.25 %<\/td>\n5.62 %<\/td>\n64,430<\/td>\n14.11<\/td>\n14<\/td>\n-0.0691 %<\/td>\n3,044.7<\/td>\n<\/tr>\n<\/table>\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
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n-3.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-15
\nMaturity Price : 17.55
\nEvaluated at bid price : 17.55
\nBid-YTW : 6.21 %<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetual-Discount<\/td>\n-1.87 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-15
\nMaturity Price : 20.95
\nEvaluated at bid price : 20.95
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n
PWF.PF.A<\/td>\nPerpetual-Discount<\/td>\n-1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-15
\nMaturity Price : 19.40
\nEvaluated at bid price : 19.40
\nBid-YTW : 5.82 %<\/td>\n<\/tr>\n
BN.PF.G<\/td>\nFixedReset Disc<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-15
\nMaturity Price : 21.96
\nEvaluated at bid price : 22.48
\nBid-YTW : 6.51 %<\/td>\n<\/tr>\n
BN.PR.B<\/td>\nFloater<\/td>\n1.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-15
\nMaturity Price : 12.70
\nEvaluated at bid price : 12.70
\nBid-YTW : 6.90 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\n1.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-15
\nMaturity Price : 21.50
\nEvaluated at bid price : 21.50
\nBid-YTW : 5.90 %<\/td>\n<\/tr>\n
BN.PF.I<\/td>\nFixedReset Prem<\/td>\n5.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.85
\nBid-YTW : 5.94 %<\/td>\n<\/tr>\n
SLF.PR.J<\/td>\nFloatingReset<\/td>\n10.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-15
\nMaturity Price : 17.60
\nEvaluated at bid price : 17.60
\nBid-YTW : 5.84 %<\/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>\n128,717<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-08-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.96
\nBid-YTW : 5.52 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n37,200<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-15
\nMaturity Price : 19.90
\nEvaluated at bid price : 19.90
\nBid-YTW : 5.74 %<\/td>\n<\/tr>\n
GWO.PR.R<\/td>\nInsurance Straight<\/td>\n31,395<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-15
\nMaturity Price : 20.91
\nEvaluated at bid price : 20.91
\nBid-YTW : 5.80 %<\/td>\n<\/tr>\n
BN.PF.B<\/td>\nFixedReset Disc<\/td>\n30,600<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-15
\nMaturity Price : 22.42
\nEvaluated at bid price : 23.10
\nBid-YTW : 6.30 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset Prem<\/td>\n30,100<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-08-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.97
\nBid-YTW : 4.80 %<\/td>\n<\/tr>\n
FFH.PR.G<\/td>\nFixedReset Disc<\/td>\n24,205<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-15
\nMaturity Price : 23.45
\nEvaluated at bid price : 24.45
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n
There were 8 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
SLF.PR.E<\/td>\nInsurance Straight<\/td>\nQuote: 20.75 – 22.60
\nSpot Rate : 1.8500
\nAverage : 1.0855<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-15
\nMaturity Price : 20.75
\nEvaluated at bid price : 20.75
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n

PVS.PR.L<\/td>\nSplitShare<\/td>\nQuote: 26.01 – 27.01
\nSpot Rate : 1.0000
\nAverage : 0.7161<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.01
\nBid-YTW : 4.74 %<\/td>\n<\/tr>\n

BN.PR.N<\/td>\nPerpetual-Discount<\/td>\nQuote: 18.48 – 20.13
\nSpot Rate : 1.6500
\nAverage : 1.3893<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-15
\nMaturity Price : 18.48
\nEvaluated at bid price : 18.48
\nBid-YTW : 6.50 %<\/td>\n<\/tr>\n

BN.PR.T<\/td>\nFixedReset Disc<\/td>\nQuote: 19.65 – 21.00
\nSpot Rate : 1.3500
\nAverage : 1.1287<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-15
\nMaturity Price : 19.65
\nEvaluated at bid price : 19.65
\nBid-YTW : 6.64 %<\/td>\n<\/tr>\n

MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\nQuote: 17.55 – 18.50
\nSpot Rate : 0.9500
\nAverage : 0.7359<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-15
\nMaturity Price : 17.55
\nEvaluated at bid price : 17.55
\nBid-YTW : 6.21 %<\/td>\n<\/tr>\n

PWF.PR.T<\/td>\nFixedReset Disc<\/td>\nQuote: 22.45 – 24.44
\nSpot Rate : 1.9900
\nAverage : 1.8196<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-15
\nMaturity Price : 22.03
\nEvaluated at bid price : 22.45
\nBid-YTW : 6.07 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Another new high for the TXPR price index today (this is getting monotonous), as today’s high was 668.41, exceeding the old mark of 668.14 set 2025-7-14. I found this interesting in view of the fact …<\/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-48192","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48192","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=48192"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48192\/revisions"}],"predecessor-version":[{"id":48193,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48192\/revisions\/48193"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48192"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48192"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48192"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}