{"id":48299,"date":"2025-07-17T11:17:09","date_gmt":"2025-07-17T15:17:09","guid":{"rendered":"https:\/\/prefblog.com\/?p=48299"},"modified":"2025-07-17T12:04:54","modified_gmt":"2025-07-17T16:04:54","slug":"july-16-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=48299","title":{"rendered":"July 16, 2025"},"content":{"rendered":"

Another new high for the TXPR price index today. Yawn. A high of 669.04 vs. the previous mark of 668.41 set July 15, 2025.<\/p>\n

PerpetualDiscounts now yield 5.89%, equivalent to 7.66% interest at the standard conversion factor of 1.3x. Long corporates<\/a> now yield 5.10%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now 255bp, a significant narrowing from the 275bp reported July 2<\/a>.<\/p>\n

Sorry this is late! I was busy yesterday evening!<\/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>\n-0.7865 %<\/td>\n2,325.6<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.7865 %<\/td>\n4,527.2<\/td>\n<\/tr>\n
Floater<\/td>\n6.87 %<\/td>\n6.90 %<\/td>\n49,313<\/td>\n12.67<\/td>\n2<\/td>\n-0.7865 %<\/td>\n2,609.0<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1522 %<\/td>\n3,668.9<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.77 %<\/td>\n4.47 %<\/td>\n59,796<\/td>\n2.45<\/td>\n7<\/td>\n0.1522 %<\/td>\n4,381.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1522 %<\/td>\n3,418.5<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0435 %<\/td>\n2,981.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.77 %<\/td>\n5.89 %<\/td>\n46,724<\/td>\n14.10<\/td>\n32<\/td>\n0.0435 %<\/td>\n3,251.3<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.65 %<\/td>\n6.27 %<\/td>\n119,305<\/td>\n13.17<\/td>\n40<\/td>\n-0.1276 %<\/td>\n2,973.1<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.70 %<\/td>\n5.79 %<\/td>\n52,216<\/td>\n14.23<\/td>\n19<\/td>\n-0.5266 %<\/td>\n3,178.7<\/td>\n<\/tr>\n
FloatingReset<\/td>\n5.54 %<\/td>\n5.35 %<\/td>\n40,240<\/td>\n14.88<\/td>\n2<\/td>\n-0.3563 %<\/td>\n3,675.3<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.74 %<\/td>\n5.03 %<\/td>\n117,245<\/td>\n2.61<\/td>\n16<\/td>\n0.1165 %<\/td>\n2,625.6<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1276 %<\/td>\n3,039.1<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.24 %<\/td>\n5.56 %<\/td>\n66,207<\/td>\n14.17<\/td>\n14<\/td>\n0.2388 %<\/td>\n3,052.0<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
IFC.PR.I<\/td>\nInsurance Straight<\/td>\n-10.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-16
\nMaturity Price : 21.40
\nEvaluated at bid price : 21.40
\nBid-YTW : 6.38 %<\/td>\n<\/tr>\n
FFH.PR.G<\/td>\nFixedReset Disc<\/td>\n-3.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-16
\nMaturity Price : 22.58
\nEvaluated at bid price : 23.60
\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n
CU.PR.J<\/td>\nPerpetual-Discount<\/td>\n-2.96 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-16
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 6.03 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nInsurance Straight<\/td>\n-2.81 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-16
\nMaturity Price : 19.05
\nEvaluated at bid price : 19.05
\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n
BN.PF.B<\/td>\nFixedReset Disc<\/td>\n-2.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-16
\nMaturity Price : 22.12
\nEvaluated at bid price : 22.60
\nBid-YTW : 6.45 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\n-1.63 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-16
\nMaturity Price : 21.15
\nEvaluated at bid price : 21.15
\nBid-YTW : 5.99 %<\/td>\n<\/tr>\n
BN.PR.B<\/td>\nFloater<\/td>\n-1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-16
\nMaturity Price : 12.53
\nEvaluated at bid price : 12.53
\nBid-YTW : 7.00 %<\/td>\n<\/tr>\n
ENB.PR.F<\/td>\nFixedReset Disc<\/td>\n-1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-16
\nMaturity Price : 20.40
\nEvaluated at bid price : 20.40
\nBid-YTW : 6.92 %<\/td>\n<\/tr>\n
SLF.PR.J<\/td>\nFloatingReset<\/td>\n-1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-16
\nMaturity Price : 17.40
\nEvaluated at bid price : 17.40
\nBid-YTW : 5.91 %<\/td>\n<\/tr>\n
ENB.PR.Y<\/td>\nFixedReset Disc<\/td>\n-1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-16
\nMaturity Price : 19.64
\nEvaluated at bid price : 19.64
\nBid-YTW : 6.98 %<\/td>\n<\/tr>\n
FFH.PR.K<\/td>\nFixedReset Disc<\/td>\n1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.20
\nBid-YTW : 4.72 %<\/td>\n<\/tr>\n
NA.PR.I<\/td>\nFixedReset Prem<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-05-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.30
\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n
BN.PR.Z<\/td>\nFixedReset Disc<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-16
\nMaturity Price : 22.82
\nEvaluated at bid price : 23.52
\nBid-YTW : 6.43 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nInsurance Straight<\/td>\n1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-16
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 5.41 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-16
\nMaturity Price : 20.05
\nEvaluated at bid price : 20.05
\nBid-YTW : 5.70 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\n3.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-16
\nMaturity Price : 23.03
\nEvaluated at bid price : 24.40
\nBid-YTW : 5.46 %<\/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
BN.PF.I<\/td>\nFixedReset Prem<\/td>\n125,270<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.90
\nBid-YTW : 5.82 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset Disc<\/td>\n106,150<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-16
\nMaturity Price : 23.09
\nEvaluated at bid price : 24.64
\nBid-YTW : 5.21 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset Prem<\/td>\n92,720<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-08-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.96
\nBid-YTW : 5.24 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n77,390<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-16
\nMaturity Price : 18.57
\nEvaluated at bid price : 18.57
\nBid-YTW : 5.96 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nInsurance Straight<\/td>\n76,599<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-16
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 5.41 %<\/td>\n<\/tr>\n
ENB.PF.G<\/td>\nFixedReset Disc<\/td>\n56,987<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-16
\nMaturity Price : 21.05
\nEvaluated at bid price : 21.05
\nBid-YTW : 6.85 %<\/td>\n<\/tr>\n
There were 17 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
IFC.PR.I<\/td>\nInsurance Straight<\/td>\nQuote: 21.40 – 24.00
\nSpot Rate : 2.6000
\nAverage : 1.4815<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-16
\nMaturity Price : 21.40
\nEvaluated at bid price : 21.40
\nBid-YTW : 6.38 %<\/td>\n<\/tr>\n

PVS.PR.L<\/td>\nSplitShare<\/td>\nQuote: 26.03 – 27.90
\nSpot Rate : 1.8700
\nAverage : 1.3196<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.03
\nBid-YTW : 4.72 %<\/td>\n<\/tr>\n

FFH.PR.G<\/td>\nFixedReset Disc<\/td>\nQuote: 23.60 – 24.60
\nSpot Rate : 1.0000
\nAverage : 0.6013<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-16
\nMaturity Price : 22.58
\nEvaluated at bid price : 23.60
\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n

MFC.PR.K<\/td>\nFixedReset Ins Non<\/td>\nQuote: 25.00 – 26.00
\nSpot Rate : 1.0000
\nAverage : 0.6377<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-16
\nMaturity Price : 23.35
\nEvaluated at bid price : 25.00
\nBid-YTW : 5.45 %<\/td>\n<\/tr>\n

GWO.PR.I<\/td>\nInsurance Straight<\/td>\nQuote: 19.05 – 19.90
\nSpot Rate : 0.8500
\nAverage : 0.5552<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-16
\nMaturity Price : 19.05
\nEvaluated at bid price : 19.05
\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n

CU.PR.J<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.00 – 21.10
\nSpot Rate : 1.1000
\nAverage : 0.8058<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-16
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 6.03 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Another new high for the TXPR price index today. Yawn. A high of 669.04 vs. the previous mark of 668.41 set July 15, 2025. PerpetualDiscounts now yield 5.89%, equivalent to 7.66% interest at the standard …<\/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-48299","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48299","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=48299"}],"version-history":[{"count":2,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48299\/revisions"}],"predecessor-version":[{"id":48324,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48299\/revisions\/48324"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48299"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48299"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48299"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}