{"id":50515,"date":"2025-10-31T21:18:22","date_gmt":"2025-11-01T01:18:22","guid":{"rendered":"https:\/\/prefblog.com\/?p=50515"},"modified":"2025-10-31T21:29:00","modified_gmt":"2025-11-01T01:29:00","slug":"october-31-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50515","title":{"rendered":"October 31, 2025"},"content":{"rendered":"
<\/a><\/div>\n

TXPR closed at 693.26<\/a>, up 0.72% on the day. The close was a new 52-week high, smashing the old mark of 689.37 set yesterday. Volume today was 1.14-million, near the median of the past 21 trading days. Today’s run-up was probably due to reinvestment of proceeds from the TD.PF.E redemption<\/a>.<\/p>\n

CPD closed at 13.74<\/a>, up 0.44% on the day. Volume was 49,350, near the median of the past 21 trading days.<\/p>\n

ZPR closed at 12.08<\/a>, up 0.17% on the day. Volume was 145,110, third-highest of the past 21 trading days.<\/p>\n

Five-year Canada yields were down a bit to 2.70%<\/a>.<\/p>\n

The New York Fed published its Household Debt and Credit Report (25Q2)<\/a>:<\/p>\n

Household Debt Reaches $18.39 Trillion in the Second Quarter; Auto Loan Originations Increase<\/p>\n

Total household debt increased by $185 billion to hit $18.39 trillion in the second quarter, according to the latest Quarterly Report on Household Debt and Credit. Mortgage balances grew by $131 billion and totaled $12.94 trillion at the end of June. Auto loan balances also increased, rising by $13 billion to reach $1.66 trillion. The pace of mortgage originations increased slightly, with $458 billion in newly originated mortgages in the second quarter. HELOC balances rose by $9 billion to $411 billion, representing the thirteenth consecutive quarterly increase. Student loan balances edged up by $7 billion and stood at $1.64 trillion, with student loans seeing another uptick in the rate at which balances moved from current to delinquent due to the resumption of reporting of delinquent student loans. Aggregate delinquency rates remained elevated in the second quarter, with 4.4 percent of outstanding debt in some stage of delinquency.
…<\/b>
Mortgage balances shown on consumer credit reports grew by $131 billion during the second quarter of 2025 and totaled $12.94 trillion at the end of June. Balances on home equity lines of credit (HELOC) rose by $9 billion, the thirteenth consecutive quarterly increase. There is now $411 billion in outstanding HELOC balances, $94 billion above the low reached in the first quarter of 2022. Credit card balances rose by $27 billion during the second quarter and now total $1.21 trillion outstanding and are 5.87% above the level a year ago. Auto loan balances rose by $13 billion, and now stand at $1.66 trillion. Other balances, which include retail cards and consumer finance loans, were roughly unchanged at $540 billion. Student loan balances edged up by $7 billion and now stand at $1.64 trillion. In total, non-housing balances increased by $45 billion, a 0.9% increase from 2025Q1.<\/p><\/blockquote>\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>\n6.60 %<\/td>\n7.04 %<\/td>\n19,409<\/td>\n13.51<\/td>\n1<\/td>\n-1.2195 %<\/td>\n2,420.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1020 %<\/td>\n4,590.3<\/td>\n<\/tr>\n
Floater<\/td>\n5.95 %<\/td>\n6.22 %<\/td>\n58,126<\/td>\n13.57<\/td>\n3<\/td>\n0.1020 %<\/td>\n2,645.4<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2113 %<\/td>\n3,678.9<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.75 %<\/td>\n4.47 %<\/td>\n68,374<\/td>\n3.27<\/td>\n5<\/td>\n-0.2113 %<\/td>\n4,393.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2113 %<\/td>\n3,427.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.46 %<\/td>\n-10.88 %<\/td>\n71,997<\/td>\n0.09<\/td>\n7<\/td>\n0.1692 %<\/td>\n3,108.5<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.48 %<\/td>\n5.56 %<\/td>\n44,265<\/td>\n14.54<\/td>\n26<\/td>\n0.4417 %<\/td>\n3,438.9<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.88 %<\/td>\n5.87 %<\/td>\n106,522<\/td>\n13.82<\/td>\n30<\/td>\n0.0015 %<\/td>\n3,102.7<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.38 %<\/td>\n5.47 %<\/td>\n54,386<\/td>\n14.66<\/td>\n22<\/td>\n-0.2037 %<\/td>\n3,381.1<\/td>\n<\/tr>\n
FloatingReset<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0015 %<\/td>\n3,691.0<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.62 %<\/td>\n4.49 %<\/td>\n115,208<\/td>\n2.75<\/td>\n22<\/td>\n0.1396 %<\/td>\n2,638.0<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0015 %<\/td>\n3,171.6<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.25 %<\/td>\n5.30 %<\/td>\n58,612<\/td>\n14.63<\/td>\n15<\/td>\n-0.3080 %<\/td>\n3,053.3<\/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\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
MFC.PR.I<\/td>\nFixedReset Ins Non<\/td>\n-10.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-31
\nMaturity Price : 22.56
\nEvaluated at bid price : 22.90
\nBid-YTW : 6.16 %<\/td>\n<\/tr>\n
BN.PR.T<\/td>\nFixedReset Disc<\/td>\n-4.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-31
\nMaturity Price : 19.20
\nEvaluated at bid price : 19.20
\nBid-YTW : 6.38 %<\/td>\n<\/tr>\n
ENB.PF.G<\/td>\nFixedReset Disc<\/td>\n-2.74 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-31
\nMaturity Price : 21.36
\nEvaluated at bid price : 21.65
\nBid-YTW : 6.37 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n-2.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-31
\nMaturity Price : 22.82
\nEvaluated at bid price : 23.40
\nBid-YTW : 5.57 %<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nInsurance Straight<\/td>\n-2.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-31
\nMaturity Price : 23.32
\nEvaluated at bid price : 23.60
\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n
PWF.PR.R<\/td>\nPerpetual-Discount<\/td>\n-1.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-31
\nMaturity Price : 24.09
\nEvaluated at bid price : 24.35
\nBid-YTW : 5.67 %<\/td>\n<\/tr>\n
NA.PR.K<\/td>\nFixedReset Prem<\/td>\n-1.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-05-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.70
\nBid-YTW : 4.33 %<\/td>\n<\/tr>\n
GWO.PR.Z<\/td>\nInsurance Straight<\/td>\n-1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2034-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.41
\nBid-YTW : 5.59 %<\/td>\n<\/tr>\n
BN.PR.R<\/td>\nFixedReset Disc<\/td>\n-1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-31
\nMaturity Price : 19.81
\nEvaluated at bid price : 19.81
\nBid-YTW : 6.21 %<\/td>\n<\/tr>\n
ENB.PR.B<\/td>\nFixedReset Disc<\/td>\n-1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-31
\nMaturity Price : 20.70
\nEvaluated at bid price : 20.70
\nBid-YTW : 6.23 %<\/td>\n<\/tr>\n
GWO.PR.R<\/td>\nInsurance Straight<\/td>\n-1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-31
\nMaturity Price : 21.91
\nEvaluated at bid price : 22.15
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n
PWF.PR.E<\/td>\nPerpetual-Discount<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-31
\nMaturity Price : 24.23
\nEvaluated at bid price : 24.53
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-31
\nMaturity Price : 23.27
\nEvaluated at bid price : 24.80
\nBid-YTW : 5.11 %<\/td>\n<\/tr>\n
POW.PR.B<\/td>\nPerpetual-Discount<\/td>\n1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-31
\nMaturity Price : 23.88
\nEvaluated at bid price : 24.13
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n
BN.PF.E<\/td>\nFixedReset Disc<\/td>\n1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-31
\nMaturity Price : 21.73
\nEvaluated at bid price : 22.10
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n
BN.PF.I<\/td>\nFixedReset Prem<\/td>\n1.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.43
\nBid-YTW : 4.49 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nInsurance Straight<\/td>\n2.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-31
\nMaturity Price : 22.08
\nEvaluated at bid price : 22.31
\nBid-YTW : 5.03 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n2.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-31
\nMaturity Price : 17.96
\nEvaluated at bid price : 17.96
\nBid-YTW : 5.60 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n5.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-31
\nMaturity Price : 21.10
\nEvaluated at bid price : 21.10
\nBid-YTW : 5.43 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n7.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-31
\nMaturity Price : 21.50
\nEvaluated at bid price : 21.50
\nBid-YTW : 5.21 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n7.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-31
\nMaturity Price : 21.78
\nEvaluated at bid price : 22.03
\nBid-YTW : 5.47 %<\/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
MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\n54,550<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-31
\nMaturity Price : 23.62
\nEvaluated at bid price : 25.35
\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n
BN.PF.G<\/td>\nFixedReset Disc<\/td>\n31,541<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-31
\nMaturity Price : 22.56
\nEvaluated at bid price : 23.50
\nBid-YTW : 5.91 %<\/td>\n<\/tr>\n
FTS.PR.M<\/td>\nFixedReset Disc<\/td>\n24,310<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-31
\nMaturity Price : 22.93
\nEvaluated at bid price : 24.20
\nBid-YTW : 5.41 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n22,074<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-31
\nMaturity Price : 18.79
\nEvaluated at bid price : 18.79
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n
ENB.PR.T<\/td>\nFixedReset Disc<\/td>\n19,944<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-31
\nMaturity Price : 22.48
\nEvaluated at bid price : 23.18
\nBid-YTW : 5.92 %<\/td>\n<\/tr>\n
PWF.PR.H<\/td>\nPerpetual-Premium<\/td>\n17,790<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-11-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.35
\nBid-YTW : -10.88 %<\/td>\n<\/tr>\n
There were 10 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
MFC.PR.I<\/td>\nFixedReset Ins Non<\/td>\nQuote: 22.90 – 25.85
\nSpot Rate : 2.9500
\nAverage : 1.7142<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-31
\nMaturity Price : 22.56
\nEvaluated at bid price : 22.90
\nBid-YTW : 6.16 %<\/td>\n<\/tr>\n

ENB.PF.C<\/td>\nFixedReset Disc<\/td>\nQuote: 22.15 – 24.60
\nSpot Rate : 2.4500
\nAverage : 1.5867<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-31
\nMaturity Price : 21.77
\nEvaluated at bid price : 22.15
\nBid-YTW : 6.12 %<\/td>\n<\/tr>\n

ENB.PR.B<\/td>\nFixedReset Disc<\/td>\nQuote: 20.70 – 22.40
\nSpot Rate : 1.7000
\nAverage : 1.0414<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-31
\nMaturity Price : 20.70
\nEvaluated at bid price : 20.70
\nBid-YTW : 6.23 %<\/td>\n<\/tr>\n

SLF.PR.C<\/td>\nInsurance Straight<\/td>\nQuote: 22.31 – 23.99
\nSpot Rate : 1.6800
\nAverage : 1.1106<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-31
\nMaturity Price : 22.08
\nEvaluated at bid price : 22.31
\nBid-YTW : 5.03 %<\/td>\n<\/tr>\n

MFC.PR.B<\/td>\nInsurance Straight<\/td>\nQuote: 22.50 – 23.50
\nSpot Rate : 1.0000
\nAverage : 0.5746<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-31
\nMaturity Price : 22.22
\nEvaluated at bid price : 22.50
\nBid-YTW : 5.22 %<\/td>\n<\/tr>\n

BN.PR.T<\/td>\nFixedReset Disc<\/td>\nQuote: 19.20 – 20.74
\nSpot Rate : 1.5400
\nAverage : 1.1176<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-10-31
\nMaturity Price : 19.20
\nEvaluated at bid price : 19.20
\nBid-YTW : 6.38 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

TXPR closed at 693.26, up 0.72% on the day. The close was a new 52-week high, smashing the old mark of 689.37 set yesterday. Volume today was 1.14-million, near the median of the past 21 …<\/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-50515","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50515","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=50515"}],"version-history":[{"count":2,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50515\/revisions"}],"predecessor-version":[{"id":50521,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50515\/revisions\/50521"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50515"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50515"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50515"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}