{"id":48636,"date":"2025-07-23T21:17:07","date_gmt":"2025-07-24T01:17:07","guid":{"rendered":"https:\/\/prefblog.com\/?p=48636"},"modified":"2025-07-31T13:42:30","modified_gmt":"2025-07-31T17:42:30","slug":"july-23-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=48636","title":{"rendered":"July 23, 2025"},"content":{"rendered":"

Another new 52-week high for the TXPR price index, with today’s high of 674.37 (which was the closing value) exceeding the mark of 673.58 set yesterday.<\/p>\n

PerpetualDiscounts now yield 5.82%, equivalent to 7.57% interest at the standard conversion factor of 1.3x. Long corporates<\/a> now yield 5.07%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now 250bp, a slight (and perhaps spurious) narrowing from the 255bp reported July 16<\/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>\n-0.0786 %<\/td>\n2,344.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0786 %<\/td>\n4,563.0<\/td>\n<\/tr>\n
Floater<\/td>\n6.81 %<\/td>\n6.90 %<\/td>\n75,976<\/td>\n12.67<\/td>\n2<\/td>\n-0.0786 %<\/td>\n2,629.7<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0730 %<\/td>\n3,681.2<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.76 %<\/td>\n4.20 %<\/td>\n55,726<\/td>\n2.44<\/td>\n7<\/td>\n0.0730 %<\/td>\n4,396.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0730 %<\/td>\n3,430.1<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1508 %<\/td>\n3,002.2<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.73 %<\/td>\n5.82 %<\/td>\n45,608<\/td>\n14.14<\/td>\n32<\/td>\n0.1508 %<\/td>\n3,273.7<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.59 %<\/td>\n6.26 %<\/td>\n116,248<\/td>\n13.26<\/td>\n40<\/td>\n0.3141 %<\/td>\n3,007.9<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.60 %<\/td>\n5.69 %<\/td>\n53,501<\/td>\n14.36<\/td>\n19<\/td>\n-0.0756 %<\/td>\n3,233.0<\/td>\n<\/tr>\n
FloatingReset<\/td>\n5.55 %<\/td>\n5.37 %<\/td>\n41,553<\/td>\n14.84<\/td>\n2<\/td>\n0.5488 %<\/td>\n3,691.9<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.71 %<\/td>\n4.98 %<\/td>\n110,556<\/td>\n2.59<\/td>\n16<\/td>\n0.0628 %<\/td>\n2,635.9<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3141 %<\/td>\n3,074.6<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.21 %<\/td>\n5.57 %<\/td>\n72,600<\/td>\n14.20<\/td>\n14<\/td>\n0.3187 %<\/td>\n3,071.8<\/td>\n<\/tr>\n<\/table>\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
PWF.PR.F<\/td>\nPerpetual-Discount<\/td>\n-5.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-23
\nMaturity Price : 21.38
\nEvaluated at bid price : 21.65
\nBid-YTW : 6.08 %<\/td>\n<\/tr>\n
IFC.PR.I<\/td>\nInsurance Straight<\/td>\n-4.56 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-23
\nMaturity Price : 22.60
\nEvaluated at bid price : 23.00
\nBid-YTW : 5.92 %<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset Disc<\/td>\n-1.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-23
\nMaturity Price : 23.68
\nEvaluated at bid price : 24.50
\nBid-YTW : 5.75 %<\/td>\n<\/tr>\n
GWO.PR.Q<\/td>\nInsurance Straight<\/td>\n-1.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-23
\nMaturity Price : 22.08
\nEvaluated at bid price : 22.31
\nBid-YTW : 5.82 %<\/td>\n<\/tr>\n
ENB.PR.T<\/td>\nFixedReset Disc<\/td>\n1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-23
\nMaturity Price : 22.11
\nEvaluated at bid price : 22.60
\nBid-YTW : 6.45 %<\/td>\n<\/tr>\n
PWF.PR.Z<\/td>\nPerpetual-Discount<\/td>\n1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-23
\nMaturity Price : 21.66
\nEvaluated at bid price : 21.98
\nBid-YTW : 5.87 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\n1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-23
\nMaturity Price : 23.11
\nEvaluated at bid price : 24.72
\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\n2.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-23
\nMaturity Price : 22.95
\nEvaluated at bid price : 24.20
\nBid-YTW : 5.52 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nInsurance Straight<\/td>\n3.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-23
\nMaturity Price : 21.40
\nEvaluated at bid price : 21.40
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n6.87 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-23
\nMaturity Price : 22.95
\nEvaluated at bid price : 24.10
\nBid-YTW : 5.62 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n7.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-23
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 5.72 %<\/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>\n244,200<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-23
\nMaturity Price : 23.97
\nEvaluated at bid price : 24.98
\nBid-YTW : 5.82 %<\/td>\n<\/tr>\n
ENB.PR.Y<\/td>\nFixedReset Disc<\/td>\n151,236<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-23
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 6.86 %<\/td>\n<\/tr>\n
ENB.PF.K<\/td>\nFixedReset Disc<\/td>\n136,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-23
\nMaturity Price : 23.13
\nEvaluated at bid price : 24.21
\nBid-YTW : 6.48 %<\/td>\n<\/tr>\n
ENB.PF.G<\/td>\nFixedReset Disc<\/td>\n104,400<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-23
\nMaturity Price : 21.37
\nEvaluated at bid price : 21.37
\nBid-YTW : 6.76 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset Prem<\/td>\n40,000<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-08-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.98
\nBid-YTW : 5.43 %<\/td>\n<\/tr>\n
ENB.PR.T<\/td>\nFixedReset Disc<\/td>\n36,900<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-23
\nMaturity Price : 22.11
\nEvaluated at bid price : 22.60
\nBid-YTW : 6.45 %<\/td>\n<\/tr>\n
There were 12 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
POW.PR.B<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.36 – 24.49
\nSpot Rate : 1.1300
\nAverage : 0.6775<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-23
\nMaturity Price : 23.10
\nEvaluated at bid price : 23.36
\nBid-YTW : 5.76 %<\/td>\n<\/tr>\n

PVS.PR.L<\/td>\nSplitShare<\/td>\nQuote: 26.06 – 27.99
\nSpot Rate : 1.9300
\nAverage : 1.5169<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.06
\nBid-YTW : 4.72 %<\/td>\n<\/tr>\n

IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\nQuote: 20.30 – 22.57
\nSpot Rate : 2.2700
\nAverage : 1.8944<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-23
\nMaturity Price : 20.30
\nEvaluated at bid price : 20.30
\nBid-YTW : 5.95 %<\/td>\n<\/tr>\n

BN.PR.T<\/td>\nFixedReset Disc<\/td>\nQuote: 19.84 – 21.35
\nSpot Rate : 1.5100
\nAverage : 1.2663<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-23
\nMaturity Price : 19.84
\nEvaluated at bid price : 19.84
\nBid-YTW : 6.59 %<\/td>\n<\/tr>\n

RY.PR.M<\/td>\nFixedReset Disc<\/td>\nQuote: 24.50 – 25.25
\nSpot Rate : 0.7500
\nAverage : 0.5582<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-07-23
\nMaturity Price : 23.68
\nEvaluated at bid price : 24.50
\nBid-YTW : 5.75 %<\/td>\n<\/tr>\n

BN.PF.I<\/td>\nFixedReset Prem<\/td>\nQuote: 25.01 – 25.56
\nSpot Rate : 0.5500
\nAverage : 0.3757<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.01
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Another new 52-week high for the TXPR price index, with today’s high of 674.37 (which was the closing value) exceeding the mark of 673.58 set yesterday. PerpetualDiscounts now yield 5.82%, equivalent to 7.57% interest at …<\/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-48636","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48636","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=48636"}],"version-history":[{"count":3,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48636\/revisions"}],"predecessor-version":[{"id":48927,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48636\/revisions\/48927"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48636"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48636"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48636"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}