{"id":50440,"date":"2025-10-28T21:07:01","date_gmt":"2025-10-29T01:07:01","guid":{"rendered":"https:\/\/prefblog.com\/?p=50440"},"modified":"2025-10-28T21:07:44","modified_gmt":"2025-10-29T01:07:44","slug":"october-28-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50440","title":{"rendered":"October 28, 2025"},"content":{"rendered":"

The TXPR Price Index set a new 52-week high today of 688.00, beating the prior mark of 686.47 set yesterday.<\/p>\n

A CNN piece on flagjacking<\/a> brought to mind a cultural difference between the US and Canada:<\/p>\n

[Canadian content creator and author Stewart] Reynolds\u2019 offers a broader overview about the differences between Canadian and American travelers abroad, first with a disclaimer, then with a weather analogy.<\/p>\n

\u201cCanada\u2019s got jerks. We\u2019ve got a lot of jerks,\u201d he tells CNN. \u201cBut on the whole, I think that Canadians generally try to find the best for the group, whereas Americans are very much for the individual.\u201d<\/p>\n

That might mean going to the back of the line instead of trying to find a shortcut, and waiting for their turn. Because Canadians value order, he says.<\/p><\/blockquote>\n

This characteristic goes a long way to explaining the productivity difference between the US and Canada that is attracting so much media attention lately.<\/p>\n

My impression of the difference between US and Canadian business lies largely in how decisions get made. At a Canadian brokerage, for example, if you have a new idea for a product (a derivative, say, or a trading strategy) you’ve got to get the signatures of 10 Executive Vice Presidents before anything can happen – Canada operates by consensus and we wouldn’t want to make a mistake, would we? The US idolizes the Lone Hero. At a US brokerage, if you have a similar idea you go to your boss and if he likes it, then you’ve got X-million in firm capital to get the thing running. The deal is: if it works, you get rich. If it doesn’t work, you get fired. And your boss is hoping you’ll come up with something worth backing, because he has access to 10X-million in firm capital and if there’s one biblical incident that Americans are familiar with, it’s the Parable of the Talents<\/a>.<\/p>\n

On another note, Texas is suing over Tylenol<\/a>:<\/p>\n

Texas Attorney General Ken Paxton has filed a lawsuit against the companies Johnson & Johnson and Kenvue, claiming that they \u201cdeceptively\u201d marketed Tylenol to pregnant mothers and that the medication is tied to an increased risk of autism. Kenvue said in a statement that the medication is safe and the company will \u201cvigorously defend\u201d against the claims.<\/p>\n

The lawsuit, dated Monday and filed in the District Court of Panola County, Texas, comes about a month after President Donald Trump publicly claimed that the use of Tylenol during pregnancy can be associated with an increased risk of autism in the child, despite decades of evidence that the medication is safe.<\/p>\n

\u201cBig Pharma betrayed America by profiting off of pain and pushing pills regardless of the risks. These corporations lied for decades, knowingly endangering millions to line their pockets,\u201d Paxton, the state\u2019s Republican attorney general, who is also running for US Senate, said in a news release Tuesday. \u201cBy holding Big Pharma accountable for poisoning our people, we will help Make America Healthy Again.\u201d<\/p>\n

The lawsuit claims that Johnson & Johnson and Kenvue violated the Texas Deceptive Trade Practices-Consumer Protection Act because they knew that acetaminophen, the active ingredient in Tylenol, \u201cis dangerous to unborn children and young children\u201d and \u201cthey hid this danger and deceptively marketed Tylenol as the only safe painkiller for pregnant women,\u201d according to the lawsuit.<\/p><\/blockquote>\n

I’m more or less pleased to see this, although it betrays lamentable governance. It will be lots of fun to see this thrashed out in a court of law, where all of the bluster of Trump & Kennedy will be shut down and a judge will be in a position to ask a relatively rare question nowadays: “What evidence do you have for this claim?”. I can just imagine the witnesses for the defence – I’m sure big names in medicine will be lined up for miles to testify on this.<\/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>\n6.54 %<\/td>\n7.00 %<\/td>\n19,821<\/td>\n13.48<\/td>\n1<\/td>\n-0.9662 %<\/td>\n2,450.8<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3836 %<\/td>\n4,589.2<\/td>\n<\/tr>\n
Floater<\/td>\n6.29 %<\/td>\n6.57 %<\/td>\n54,372<\/td>\n13.09<\/td>\n3<\/td>\n0.3836 %<\/td>\n2,644.8<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0079 %<\/td>\n3,671.4<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.76 %<\/td>\n4.58 %<\/td>\n67,083<\/td>\n3.28<\/td>\n5<\/td>\n0.0079 %<\/td>\n4,384.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0079 %<\/td>\n3,420.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.47 %<\/td>\n0.30 %<\/td>\n72,347<\/td>\n0.08<\/td>\n7<\/td>\n-0.0451 %<\/td>\n3,102.4<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.50 %<\/td>\n5.55 %<\/td>\n44,148<\/td>\n14.54<\/td>\n26<\/td>\n0.3125 %<\/td>\n3,428.4<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.92 %<\/td>\n5.88 %<\/td>\n106,301<\/td>\n13.83<\/td>\n30<\/td>\n0.1716 %<\/td>\n3,086.4<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.39 %<\/td>\n5.45 %<\/td>\n54,386<\/td>\n14.65<\/td>\n22<\/td>\n0.2734 %<\/td>\n3,374.4<\/td>\n<\/tr>\n
FloatingReset<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1716 %<\/td>\n3,671.6<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.63 %<\/td>\n4.73 %<\/td>\n117,522<\/td>\n2.75<\/td>\n22<\/td>\n0.0195 %<\/td>\n2,633.1<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1716 %<\/td>\n3,154.9<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.25 %<\/td>\n5.27 %<\/td>\n59,090<\/td>\n14.59<\/td>\n15<\/td>\n-0.5306 %<\/td>\n3,053.6<\/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\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n-8.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-28
\nMaturity Price : 20.01
\nEvaluated at bid price : 20.01
\nBid-YTW : 5.60 %<\/td>\n<\/tr>\n
ENB.PF.E<\/td>\nFixedReset Disc<\/td>\n-2.74 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-28
\nMaturity Price : 21.30
\nEvaluated at bid price : 21.30
\nBid-YTW : 6.38 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n-2.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-28
\nMaturity Price : 22.83
\nEvaluated at bid price : 23.40
\nBid-YTW : 5.57 %<\/td>\n<\/tr>\n
TD.PF.I<\/td>\nFixedReset Prem<\/td>\n-2.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.56
\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nInsurance Straight<\/td>\n-1.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-28
\nMaturity Price : 23.20
\nEvaluated at bid price : 23.50
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n
GWO.PR.P<\/td>\nInsurance Straight<\/td>\n-1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-28
\nMaturity Price : 23.92
\nEvaluated at bid price : 24.16
\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n
BN.PR.Z<\/td>\nFixedReset Disc<\/td>\n-1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-28
\nMaturity Price : 23.21
\nEvaluated at bid price : 24.20
\nBid-YTW : 5.88 %<\/td>\n<\/tr>\n
BN.PF.E<\/td>\nFixedReset Disc<\/td>\n-1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-28
\nMaturity Price : 21.47
\nEvaluated at bid price : 21.74
\nBid-YTW : 6.03 %<\/td>\n<\/tr>\n
PWF.PR.E<\/td>\nPerpetual-Discount<\/td>\n-1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-28
\nMaturity Price : 24.23
\nEvaluated at bid price : 24.53
\nBid-YTW : 5.62 %<\/td>\n<\/tr>\n
GWO.PR.R<\/td>\nInsurance Straight<\/td>\n-1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-28
\nMaturity Price : 21.59
\nEvaluated at bid price : 21.85
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n
BN.PF.B<\/td>\nFixedReset Disc<\/td>\n-1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-28
\nMaturity Price : 22.64
\nEvaluated at bid price : 23.44
\nBid-YTW : 5.86 %<\/td>\n<\/tr>\n
BN.PR.M<\/td>\nPerpetual-Discount<\/td>\n1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-28
\nMaturity Price : 21.21
\nEvaluated at bid price : 21.21
\nBid-YTW : 5.67 %<\/td>\n<\/tr>\n
GWO.PR.M<\/td>\nInsurance Straight<\/td>\n1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-11-27
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.25
\nBid-YTW : -0.95 %<\/td>\n<\/tr>\n
ENB.PR.N<\/td>\nFixedReset Disc<\/td>\n1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-28
\nMaturity Price : 23.21
\nEvaluated at bid price : 24.57
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nInsurance Straight<\/td>\n1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-28
\nMaturity Price : 21.44
\nEvaluated at bid price : 21.70
\nBid-YTW : 5.17 %<\/td>\n<\/tr>\n
PWF.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-28
\nMaturity Price : 23.59
\nEvaluated at bid price : 23.86
\nBid-YTW : 5.52 %<\/td>\n<\/tr>\n
BN.PF.C<\/td>\nPerpetual-Discount<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-28
\nMaturity Price : 21.28
\nEvaluated at bid price : 21.55
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n
ENB.PF.A<\/td>\nFixedReset Disc<\/td>\n1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-28
\nMaturity Price : 21.93
\nEvaluated at bid price : 22.35
\nBid-YTW : 6.13 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n2.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-28
\nMaturity Price : 23.72
\nEvaluated at bid price : 24.10
\nBid-YTW : 5.31 %<\/td>\n<\/tr>\n
ENB.PR.H<\/td>\nFixedReset Disc<\/td>\n2.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-28
\nMaturity Price : 22.14
\nEvaluated at bid price : 22.52
\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nInsurance Straight<\/td>\n2.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-28
\nMaturity Price : 22.48
\nEvaluated at bid price : 22.74
\nBid-YTW : 5.16 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\n2.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-28
\nMaturity Price : 23.64
\nEvaluated at bid price : 25.43
\nBid-YTW : 5.27 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nInsurance Straight<\/td>\n2.75 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-28
\nMaturity Price : 21.27
\nEvaluated at bid price : 21.27
\nBid-YTW : 5.35 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n2.83 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-28
\nMaturity Price : 21.08
\nEvaluated at bid price : 21.08
\nBid-YTW : 5.73 %<\/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.T<\/td>\nFixedReset Disc<\/td>\n75,600<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-28
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 6.12 %<\/td>\n<\/tr>\n
FFH.PR.I<\/td>\nFixedReset Disc<\/td>\n75,200<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-28
\nMaturity Price : 24.08
\nEvaluated at bid price : 24.94
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset Prem<\/td>\n52,643<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-12-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.95
\nBid-YTW : 4.09 %<\/td>\n<\/tr>\n
ENB.PF.K<\/td>\nFixedReset Disc<\/td>\n40,200<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-28
\nMaturity Price : 23.54
\nEvaluated at bid price : 25.10
\nBid-YTW : 5.88 %<\/td>\n<\/tr>\n
BN.PR.X<\/td>\nFixedReset Disc<\/td>\n33,225<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-28
\nMaturity Price : 20.18
\nEvaluated at bid price : 20.18
\nBid-YTW : 5.59 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n30,300<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-28
\nMaturity Price : 13.85
\nEvaluated at bid price : 13.85
\nBid-YTW : 5.96 %<\/td>\n<\/tr>\n
There were 4 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
ENB.PF.C<\/td>\nFixedReset Disc<\/td>\nQuote: 22.00 – 24.60
\nSpot Rate : 2.6000
\nAverage : 1.5007<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-28
\nMaturity Price : 21.67
\nEvaluated at bid price : 22.00
\nBid-YTW : 6.16 %<\/td>\n<\/tr>\n

BIP.PR.E<\/td>\nFixedReset Prem<\/td>\nQuote: 25.30 – 27.85
\nSpot Rate : 2.5500
\nAverage : 1.5346<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-28
\nMaturity Price : 23.59
\nEvaluated at bid price : 25.30
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n

IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\nQuote: 20.01 – 22.00
\nSpot Rate : 1.9900
\nAverage : 1.1304<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-28
\nMaturity Price : 20.01
\nEvaluated at bid price : 20.01
\nBid-YTW : 5.60 %<\/td>\n<\/tr>\n

GWO.PR.R<\/td>\nInsurance Straight<\/td>\nQuote: 21.85 – 23.40
\nSpot Rate : 1.5500
\nAverage : 0.9800<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-28
\nMaturity Price : 21.59
\nEvaluated at bid price : 21.85
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n

POW.PR.H<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.75 – 27.30
\nSpot Rate : 1.5500
\nAverage : 1.0821<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2034-10-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.75
\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n

GWO.PR.T<\/td>\nInsurance Straight<\/td>\nQuote: 23.28 – 24.76
\nSpot Rate : 1.4800
\nAverage : 1.1029<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-28
\nMaturity Price : 23.01
\nEvaluated at bid price : 23.28
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The TXPR Price Index set a new 52-week high today of 688.00, beating the prior mark of 686.47 set yesterday. A CNN piece on flagjacking brought to mind a cultural difference between the US and …<\/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-50440","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50440","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=50440"}],"version-history":[{"count":2,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50440\/revisions"}],"predecessor-version":[{"id":50442,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50440\/revisions\/50442"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50440"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50440"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50440"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}