{"id":50425,"date":"2025-10-22T20:48:55","date_gmt":"2025-10-23T00:48:55","guid":{"rendered":"https:\/\/prefblog.com\/?p=50425"},"modified":"2025-10-30T09:37:50","modified_gmt":"2025-10-30T13:37:50","slug":"october-22-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50425","title":{"rendered":"October 22, 2025"},"content":{"rendered":"

The TXPR Price Index set a new 52-week high of 683.50 today, beating the old mark of 682.97 set yesterday.<\/p>\n

PerpetualDiscounts now yield 5.61%, equivalent to 7.29% interest at the standard conversion factor of 1.3x. Long corporates<\/a> yielded 4.73% on 2025-10-22, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has remained at the 255bp reported [belatedly]<\/i> October 15<\/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>\n6.55 %<\/td>\n7.01 %<\/td>\n20,059<\/td>\n13.47<\/td>\n1<\/td>\n-0.6061 %<\/td>\n2,450.8<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0508 %<\/td>\n4,597.4<\/td>\n<\/tr>\n
Floater<\/td>\n6.28 %<\/td>\n6.57 %<\/td>\n55,631<\/td>\n13.09<\/td>\n3<\/td>\n-0.0508 %<\/td>\n2,649.5<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0000 %<\/td>\n3,672.5<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.75 %<\/td>\n4.32 %<\/td>\n63,651<\/td>\n3.30<\/td>\n5<\/td>\n0.0000 %<\/td>\n4,385.8<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0000 %<\/td>\n3,421.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.48 %<\/td>\n1.10 %<\/td>\n73,656<\/td>\n0.08<\/td>\n7<\/td>\n-0.3156 %<\/td>\n3,096.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.61 %<\/td>\n5.61 %<\/td>\n45,524<\/td>\n14.48<\/td>\n26<\/td>\n-1.1694 %<\/td>\n3,361.5<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.97 %<\/td>\n5.89 %<\/td>\n104,092<\/td>\n13.85<\/td>\n30<\/td>\n-0.2623 %<\/td>\n3,059.9<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.43 %<\/td>\n5.47 %<\/td>\n58,123<\/td>\n14.68<\/td>\n22<\/td>\n-0.1606 %<\/td>\n3,350.2<\/td>\n<\/tr>\n
FloatingReset<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2623 %<\/td>\n3,640.1<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.64 %<\/td>\n4.84 %<\/td>\n123,142<\/td>\n2.76<\/td>\n22<\/td>\n-0.0071 %<\/td>\n2,630.5<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2623 %<\/td>\n3,127.8<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.24 %<\/td>\n5.32 %<\/td>\n57,861<\/td>\n14.62<\/td>\n15<\/td>\n-0.4373 %<\/td>\n3,059.8<\/td>\n<\/tr>\n<\/table>\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
PWF.PF.A<\/td>\nPerpetual-Discount<\/td>\n-28.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-22
\nMaturity Price : 14.71
\nEvaluated at bid price : 14.71
\nBid-YTW : 7.70 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n-6.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-22
\nMaturity Price : 20.50
\nEvaluated at bid price : 20.50
\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n-3.63 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-22
\nMaturity Price : 17.52
\nEvaluated at bid price : 17.52
\nBid-YTW : 5.70 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nInsurance Straight<\/td>\n-2.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-22
\nMaturity Price : 21.16
\nEvaluated at bid price : 21.16
\nBid-YTW : 5.38 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n-2.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-22
\nMaturity Price : 23.19
\nEvaluated at bid price : 23.60
\nBid-YTW : 5.40 %<\/td>\n<\/tr>\n
GWO.PR.L<\/td>\nInsurance Straight<\/td>\n-2.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-22
\nMaturity Price : 24.64
\nEvaluated at bid price : 24.90
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\n-1.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-22
\nMaturity Price : 23.42
\nEvaluated at bid price : 24.80
\nBid-YTW : 5.41 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nInsurance Straight<\/td>\n-1.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-22
\nMaturity Price : 20.71
\nEvaluated at bid price : 20.71
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n
ENB.PF.A<\/td>\nFixedReset Disc<\/td>\n-1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-22
\nMaturity Price : 21.63
\nEvaluated at bid price : 21.93
\nBid-YTW : 6.24 %<\/td>\n<\/tr>\n
GWO.PR.M<\/td>\nInsurance Straight<\/td>\n-1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-11-21
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.25
\nBid-YTW : -2.09 %<\/td>\n<\/tr>\n
ELF.PR.H<\/td>\nPerpetual-Discount<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-22
\nMaturity Price : 24.25
\nEvaluated at bid price : 24.55
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n
POW.PR.G<\/td>\nPerpetual-Discount<\/td>\n1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-22
\nMaturity Price : 24.51
\nEvaluated at bid price : 24.76
\nBid-YTW : 5.69 %<\/td>\n<\/tr>\n
CCS.PR.C<\/td>\nInsurance Straight<\/td>\n1.86 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-22
\nMaturity Price : 22.24
\nEvaluated at bid price : 22.51
\nBid-YTW : 5.60 %<\/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.PR.R<\/td>\nFixedReset Disc<\/td>\n322,410<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-22
\nMaturity Price : 19.90
\nEvaluated at bid price : 19.90
\nBid-YTW : 6.14 %<\/td>\n<\/tr>\n
FFH.PR.I<\/td>\nFixedReset Disc<\/td>\n189,100<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-22
\nMaturity Price : 24.08
\nEvaluated at bid price : 24.92
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n
ENB.PR.N<\/td>\nFixedReset Disc<\/td>\n140,812<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-22
\nMaturity Price : 23.07
\nEvaluated at bid price : 24.25
\nBid-YTW : 5.77 %<\/td>\n<\/tr>\n
BIP.PR.E<\/td>\nFixedReset Prem<\/td>\n113,100<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-22
\nMaturity Price : 23.54
\nEvaluated at bid price : 25.15
\nBid-YTW : 5.73 %<\/td>\n<\/tr>\n
BN.PR.T<\/td>\nFixedReset Disc<\/td>\n101,400<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-22
\nMaturity Price : 19.83
\nEvaluated at bid price : 19.83
\nBid-YTW : 6.15 %<\/td>\n<\/tr>\n
POW.PR.H<\/td>\nPerpetual-Premium<\/td>\n100,900<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2034-10-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.57
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n
There were 11 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
PWF.PF.A<\/td>\nPerpetual-Discount<\/td>\nQuote: 14.71 – 20.78
\nSpot Rate : 6.0700
\nAverage : 3.2608<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-22
\nMaturity Price : 14.71
\nEvaluated at bid price : 14.71
\nBid-YTW : 7.70 %<\/td>\n<\/tr>\n

MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\nQuote: 17.52 – 19.90
\nSpot Rate : 2.3800
\nAverage : 1.7710<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-22
\nMaturity Price : 17.52
\nEvaluated at bid price : 17.52
\nBid-YTW : 5.70 %<\/td>\n<\/tr>\n

PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.50 – 22.00
\nSpot Rate : 1.5000
\nAverage : 0.9835<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-22
\nMaturity Price : 20.50
\nEvaluated at bid price : 20.50
\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n

GWO.PR.L<\/td>\nInsurance Straight<\/td>\nQuote: 24.90 – 26.10
\nSpot Rate : 1.2000
\nAverage : 0.7169<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-22
\nMaturity Price : 24.64
\nEvaluated at bid price : 24.90
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n

BN.PF.J<\/td>\nFixedReset Prem<\/td>\nQuote: 25.01 – 26.01
\nSpot Rate : 1.0000
\nAverage : 0.5723<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-22
\nMaturity Price : 23.54
\nEvaluated at bid price : 25.01
\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n

MFC.PR.C<\/td>\nInsurance Straight<\/td>\nQuote: 21.16 – 22.25
\nSpot Rate : 1.0900
\nAverage : 0.6728<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-22
\nMaturity Price : 21.16
\nEvaluated at bid price : 21.16
\nBid-YTW : 5.38 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The TXPR Price Index set a new 52-week high of 683.50 today, beating the old mark of 682.97 set yesterday. PerpetualDiscounts now yield 5.61%, equivalent to 7.29% interest at the standard conversion factor of 1.3x. …<\/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-50425","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50425","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=50425"}],"version-history":[{"count":3,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50425\/revisions"}],"predecessor-version":[{"id":50511,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50425\/revisions\/50511"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50425"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50425"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50425"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}