{"id":50231,"date":"2025-10-08T21:26:38","date_gmt":"2025-10-09T01:26:38","guid":{"rendered":"https:\/\/prefblog.com\/?p=50231"},"modified":"2025-10-09T10:15:22","modified_gmt":"2025-10-09T14:15:22","slug":"october-8-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50231","title":{"rendered":"October 8, 2025"},"content":{"rendered":"

The TXPR Price Index hit a new 52-week high today of 681.80, edging the previous mark of 681.51 set on 2025-9-12.<\/p>\n

PerpetualDiscounts now yield 5.64%, equivalent to 7.33% interest at the standard conversion factor of 1.3x. Long corporates<\/a> yielded 4.86% on 2025-10-8, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed to 245bp from the the 255bp reported October 1<\/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>\n6.66 %<\/td>\n7.10 %<\/td>\n27,627<\/td>\n13.39<\/td>\n1<\/td>\n0.0615 %<\/td>\n2,429.8<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2543 %<\/td>\n4,610.2<\/td>\n<\/tr>\n
Floater<\/td>\n6.26 %<\/td>\n6.55 %<\/td>\n54,427<\/td>\n13.15<\/td>\n3<\/td>\n0.2543 %<\/td>\n2,656.9<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1737 %<\/td>\n3,648.0<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.79 %<\/td>\n4.41 %<\/td>\n65,737<\/td>\n3.33<\/td>\n5<\/td>\n-0.1737 %<\/td>\n4,356.5<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1737 %<\/td>\n3,399.1<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.50 %<\/td>\n3.74 %<\/td>\n82,356<\/td>\n0.08<\/td>\n8<\/td>\n-0.1185 %<\/td>\n3,094.3<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.59 %<\/td>\n5.64 %<\/td>\n45,302<\/td>\n14.44<\/td>\n26<\/td>\n0.0531 %<\/td>\n3,372.0<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.99 %<\/td>\n6.07 %<\/td>\n110,225<\/td>\n13.70<\/td>\n30<\/td>\n-0.1235 %<\/td>\n3,048.9<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.52 %<\/td>\n5.54 %<\/td>\n55,795<\/td>\n14.60<\/td>\n21<\/td>\n-0.4894 %<\/td>\n3,293.7<\/td>\n<\/tr>\n
FloatingReset<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1235 %<\/td>\n3,627.0<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.63 %<\/td>\n4.81 %<\/td>\n127,292<\/td>\n2.80<\/td>\n22<\/td>\n0.0884 %<\/td>\n2,634.6<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1235 %<\/td>\n3,116.6<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.22 %<\/td>\n5.37 %<\/td>\n53,549<\/td>\n14.53<\/td>\n15<\/td>\n0.0261 %<\/td>\n3,070.3<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nInsurance Straight<\/td>\n-7.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-08
\nMaturity Price : 20.20
\nEvaluated at bid price : 20.20
\nBid-YTW : 6.06 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nInsurance Straight<\/td>\n-2.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-08
\nMaturity Price : 21.16
\nEvaluated at bid price : 21.16
\nBid-YTW : 5.37 %<\/td>\n<\/tr>\n
PVS.PR.L<\/td>\nSplitShare<\/td>\n-2.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.40
\nBid-YTW : 5.26 %<\/td>\n<\/tr>\n
ENB.PR.H<\/td>\nFixedReset Disc<\/td>\n-1.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-08
\nMaturity Price : 21.77
\nEvaluated at bid price : 22.01
\nBid-YTW : 5.88 %<\/td>\n<\/tr>\n
BN.PR.N<\/td>\nPerpetual-Discount<\/td>\n-1.76 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-08
\nMaturity Price : 20.14
\nEvaluated at bid price : 20.14
\nBid-YTW : 5.95 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nInsurance Straight<\/td>\n-1.68 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-08
\nMaturity Price : 21.05
\nEvaluated at bid price : 21.05
\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n
GWO.PR.R<\/td>\nInsurance Straight<\/td>\n-1.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-08
\nMaturity Price : 21.50
\nEvaluated at bid price : 21.50
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n
BN.PR.X<\/td>\nFixedReset Disc<\/td>\n-1.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-08
\nMaturity Price : 19.77
\nEvaluated at bid price : 19.77
\nBid-YTW : 5.82 %<\/td>\n<\/tr>\n
POW.PR.C<\/td>\nPerpetual-Premium<\/td>\n-1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-11-07
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.10
\nBid-YTW : -0.42 %<\/td>\n<\/tr>\n
BN.PR.M<\/td>\nPerpetual-Discount<\/td>\n-1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-08
\nMaturity Price : 20.25
\nEvaluated at bid price : 20.25
\nBid-YTW : 5.92 %<\/td>\n<\/tr>\n
ENB.PF.K<\/td>\nFixedReset Disc<\/td>\n-1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-08
\nMaturity Price : 23.34
\nEvaluated at bid price : 24.60
\nBid-YTW : 6.10 %<\/td>\n<\/tr>\n
GWO.PR.L<\/td>\nInsurance Straight<\/td>\n-1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-08
\nMaturity Price : 24.64
\nEvaluated at bid price : 24.90
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n
NA.PR.G<\/td>\nFixedReset Prem<\/td>\n-1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2028-11-16
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.26
\nBid-YTW : 5.06 %<\/td>\n<\/tr>\n
ENB.PR.F<\/td>\nFixedReset Disc<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-08
\nMaturity Price : 21.06
\nEvaluated at bid price : 21.06
\nBid-YTW : 6.41 %<\/td>\n<\/tr>\n
IFC.PR.E<\/td>\nInsurance Straight<\/td>\n1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-08
\nMaturity Price : 23.74
\nEvaluated at bid price : 24.01
\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nInsurance Straight<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-08
\nMaturity Price : 21.49
\nEvaluated at bid price : 21.75
\nBid-YTW : 5.20 %<\/td>\n<\/tr>\n
ELF.PR.F<\/td>\nInsurance Straight<\/td>\n1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-08
\nMaturity Price : 23.25
\nEvaluated at bid price : 23.55
\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n
NA.PR.K<\/td>\nFixedReset Prem<\/td>\n1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-05-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 28.10
\nBid-YTW : 4.34 %<\/td>\n<\/tr>\n
CU.PR.J<\/td>\nPerpetual-Discount<\/td>\n1.77 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-08
\nMaturity Price : 21.51
\nEvaluated at bid price : 21.84
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetual-Discount<\/td>\n2.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-08
\nMaturity Price : 22.35
\nEvaluated at bid price : 22.62
\nBid-YTW : 5.56 %<\/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
ENB.PF.C<\/td>\nFixedReset Disc<\/td>\n63,211<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-08
\nMaturity Price : 21.28
\nEvaluated at bid price : 21.56
\nBid-YTW : 6.37 %<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset Prem<\/td>\n63,000<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-11-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.09
\nBid-YTW : 3.04 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n61,212<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-08
\nMaturity Price : 18.60
\nEvaluated at bid price : 18.60
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n
BN.PF.G<\/td>\nFixedReset Disc<\/td>\n41,730<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-08
\nMaturity Price : 22.40
\nEvaluated at bid price : 23.20
\nBid-YTW : 6.07 %<\/td>\n<\/tr>\n
TD.PF.E<\/td>\nFixedReset Prem<\/td>\n36,918<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-11-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.15
\nBid-YTW : 4.67 %<\/td>\n<\/tr>\n
POW.PR.H<\/td>\nPerpetual-Premium<\/td>\n34,972<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2034-10-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.50
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n
There were 7 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
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\nQuote: 18.00 – 21.25
\nSpot Rate : 3.2500
\nAverage : 2.5066<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-08
\nMaturity Price : 18.00
\nEvaluated at bid price : 18.00
\nBid-YTW : 6.35 %<\/td>\n<\/tr>\n

GWO.PR.H<\/td>\nInsurance Straight<\/td>\nQuote: 20.20 – 22.45
\nSpot Rate : 2.2500
\nAverage : 1.6612<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-08
\nMaturity Price : 20.20
\nEvaluated at bid price : 20.20
\nBid-YTW : 6.06 %<\/td>\n<\/tr>\n

ENB.PF.E<\/td>\nFixedReset Disc<\/td>\nQuote: 21.38 – 23.00
\nSpot Rate : 1.6200
\nAverage : 1.0668<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-08
\nMaturity Price : 21.38
\nEvaluated at bid price : 21.38
\nBid-YTW : 6.43 %<\/td>\n<\/tr>\n

PVS.PR.H<\/td>\nSplitShare<\/td>\nQuote: 25.22 – 26.22
\nSpot Rate : 1.0000
\nAverage : 0.5583<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2026-02-28
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.22
\nBid-YTW : 3.48 %<\/td>\n<\/tr>\n

BN.PR.N<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.14 – 21.30
\nSpot Rate : 1.1600
\nAverage : 0.7528<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-08
\nMaturity Price : 20.14
\nEvaluated at bid price : 20.14
\nBid-YTW : 5.95 %<\/td>\n<\/tr>\n

CU.PR.E<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.50 – 23.60
\nSpot Rate : 1.1000
\nAverage : 0.7211<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-08
\nMaturity Price : 22.22
\nEvaluated at bid price : 22.50
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The TXPR Price Index hit a new 52-week high today of 681.80, edging the previous mark of 681.51 set on 2025-9-12. PerpetualDiscounts now yield 5.64%, equivalent to 7.33% interest at the standard conversion factor of …<\/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-50231","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50231","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=50231"}],"version-history":[{"count":2,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50231\/revisions"}],"predecessor-version":[{"id":50234,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50231\/revisions\/50234"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50231"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50231"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50231"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}