{"id":50927,"date":"2025-11-24T20:47:48","date_gmt":"2025-11-25T01:47:48","guid":{"rendered":"https:\/\/prefblog.com\/?p=50927"},"modified":"2025-11-24T21:41:11","modified_gmt":"2025-11-25T02:41:11","slug":"november-24-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50927","title":{"rendered":"November 24, 2025"},"content":{"rendered":"
<\/a><\/div>\n

TXPR closed at 683.28<\/a>, up 0.81% on the day. Volume today was 1.47-million, well above the median of the past 21 trading days.<\/p>\n

CPD closed at 13.54<\/a>, up 0.82% on the day. Volume was 48,090, well above the median of the past 21 trading days.<\/p>\n

ZPR closed at 12.00<\/a>, up 0.76% on the day. Volume was 109,310, below the median of the past 21 trading days.<\/p>\n

Five-year Canada yields were down a bit to 2.75%<\/a>.<\/p>\n

TXPR’s fine performance was probably due to reinvestment of the RY.PR.M redemption money<\/a>, although I’m sure the big bounce in equity prices<\/a> today helped!<\/p>\n

U.S. and Canadian stocks closed higher on Monday, extending Friday\u2019s rally as increased odds that the U.S. Federal Reserve will lower its Fed funds target rate in December helped investors look past concerns about inflated tech valuations.<\/p>\n

U.S. indexes embarked on the holiday-shortened week with solid gains, with strength in the \u201cMagnificent Seven\u201d group of artificial-intelligence-related momentum stocks putting the tech-heavy Nasdaq out front. The technology sector also led gainers in Canada, with the S&P\/TSX Composite Index closing at its highest level since its last record high on Nov. 12.<\/p>\n

A spate of U.S. economic reports, belatedly released after the recent six-week government shutdown, hinted at labour market weakness and stubbornly elevated inflation, which has bolstered investor optimism that the Fed will implement its third and final interest rate cut of 2025 at the conclusion of its December monetary meeting.<\/p>\n

Dovish commentary from Fed Governor Christopher Waller, New York Fed President John Williams, and San Francisco Fed President Mary Daly lent some support to that optimism, although other policymakers voiced dissenting opinions.
…<\/b>
The Dow Jones Industrial Average rose 202.86 points, or 0.44%, to 46,448.27, the S&P 500 gained 102.13 points, or 1.55%, to 6,705.12 and the Nasdaq Composite gained 598.92 points, or 2.69%, to 22,872.01.<\/p>\n

The S&P\/TSX composite index ended up 443.70 points, or 1.47%, at 30,604.35.<\/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>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.4888 %<\/td>\n2,408.5<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.4888 %<\/td>\n4,567.0<\/td>\n<\/tr>\n
Floater<\/td>\n5.98 %<\/td>\n6.27 %<\/td>\n58,645<\/td>\n13.45<\/td>\n3<\/td>\n0.4888 %<\/td>\n2,632.0<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.6067 %<\/td>\n3,639.9<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.80 %<\/td>\n4.54 %<\/td>\n72,100<\/td>\n3.24<\/td>\n5<\/td>\n-0.6067 %<\/td>\n4,346.8<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.6067 %<\/td>\n3,391.6<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.69 %<\/td>\n5.55 %<\/td>\n77,196<\/td>\n6.86<\/td>\n7<\/td>\n3.1034 %<\/td>\n3,080.7<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.57 %<\/td>\n5.68 %<\/td>\n49,722<\/td>\n14.36<\/td>\n26<\/td>\n-0.4696 %<\/td>\n3,357.7<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.88 %<\/td>\n6.05 %<\/td>\n111,700<\/td>\n13.59<\/td>\n30<\/td>\n0.7961 %<\/td>\n3,044.9<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.48 %<\/td>\n5.57 %<\/td>\n57,314<\/td>\n14.44<\/td>\n21<\/td>\n0.2857 %<\/td>\n3,315.6<\/td>\n<\/tr>\n
FloatingReset<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.7961 %<\/td>\n3,622.2<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.90 %<\/td>\n5.12 %<\/td>\n107,768<\/td>\n2.72<\/td>\n21<\/td>\n0.5801 %<\/td>\n2,625.7<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.7961 %<\/td>\n3,112.5<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.22 %<\/td>\n5.43 %<\/td>\n65,826<\/td>\n14.40<\/td>\n15<\/td>\n-0.0637 %<\/td>\n3,072.1<\/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\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-5.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-24
\nMaturity Price : 19.15
\nEvaluated at bid price : 19.15
\nBid-YTW : 5.94 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n-2.88 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-24
\nMaturity Price : 22.21
\nEvaluated at bid price : 22.95
\nBid-YTW : 5.82 %<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetual-Discount<\/td>\n-2.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-24
\nMaturity Price : 21.38
\nEvaluated at bid price : 21.65
\nBid-YTW : 5.77 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n-2.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-24
\nMaturity Price : 22.93
\nEvaluated at bid price : 23.35
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n
CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\n-2.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-24
\nMaturity Price : 20.10
\nEvaluated at bid price : 20.10
\nBid-YTW : 5.76 %<\/td>\n<\/tr>\n
PWF.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.75 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-24
\nMaturity Price : 22.78
\nEvaluated at bid price : 23.06
\nBid-YTW : 5.74 %<\/td>\n<\/tr>\n
CU.PR.J<\/td>\nPerpetual-Discount<\/td>\n-1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-24
\nMaturity Price : 21.10
\nEvaluated at bid price : 21.10
\nBid-YTW : 5.66 %<\/td>\n<\/tr>\n
PVS.PR.K<\/td>\nSplitShare<\/td>\n-1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2029-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.05
\nBid-YTW : 4.37 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-24
\nMaturity Price : 23.20
\nEvaluated at bid price : 24.60
\nBid-YTW : 5.28 %<\/td>\n<\/tr>\n
ENB.PR.H<\/td>\nFixedReset Disc<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-24
\nMaturity Price : 21.83
\nEvaluated at bid price : 22.08
\nBid-YTW : 5.79 %<\/td>\n<\/tr>\n
ENB.PR.B<\/td>\nFixedReset Disc<\/td>\n1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-24
\nMaturity Price : 20.49
\nEvaluated at bid price : 20.49
\nBid-YTW : 6.34 %<\/td>\n<\/tr>\n
ENB.PF.G<\/td>\nFixedReset Disc<\/td>\n1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-24
\nMaturity Price : 21.58
\nEvaluated at bid price : 21.90
\nBid-YTW : 6.30 %<\/td>\n<\/tr>\n
ENB.PF.C<\/td>\nFixedReset Disc<\/td>\n1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-24
\nMaturity Price : 21.30
\nEvaluated at bid price : 21.58
\nBid-YTW : 6.31 %<\/td>\n<\/tr>\n
BN.PF.C<\/td>\nPerpetual-Discount<\/td>\n1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-24
\nMaturity Price : 21.18
\nEvaluated at bid price : 21.18
\nBid-YTW : 5.83 %<\/td>\n<\/tr>\n
ENB.PR.P<\/td>\nFixedReset Disc<\/td>\n1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-24
\nMaturity Price : 21.40
\nEvaluated at bid price : 21.40
\nBid-YTW : 6.35 %<\/td>\n<\/tr>\n
ENB.PR.Y<\/td>\nFixedReset Disc<\/td>\n1.53 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-24
\nMaturity Price : 20.56
\nEvaluated at bid price : 20.56
\nBid-YTW : 6.34 %<\/td>\n<\/tr>\n
ENB.PF.E<\/td>\nFixedReset Disc<\/td>\n1.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-24
\nMaturity Price : 21.33
\nEvaluated at bid price : 21.62
\nBid-YTW : 6.28 %<\/td>\n<\/tr>\n
ENB.PR.J<\/td>\nFixedReset Disc<\/td>\n1.86 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-24
\nMaturity Price : 21.67
\nEvaluated at bid price : 21.92
\nBid-YTW : 6.27 %<\/td>\n<\/tr>\n
ENB.PR.T<\/td>\nFixedReset Disc<\/td>\n1.87 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-24
\nMaturity Price : 21.94
\nEvaluated at bid price : 22.31
\nBid-YTW : 6.18 %<\/td>\n<\/tr>\n
FFH.PR.K<\/td>\nFixedReset Prem<\/td>\n2.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.40
\nBid-YTW : 4.43 %<\/td>\n<\/tr>\n
GWO.PR.Y<\/td>\nInsurance Straight<\/td>\n2.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-24
\nMaturity Price : 20.70
\nEvaluated at bid price : 20.70
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n
ENB.PR.F<\/td>\nFixedReset Disc<\/td>\n2.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-24
\nMaturity Price : 21.25
\nEvaluated at bid price : 21.25
\nBid-YTW : 6.30 %<\/td>\n<\/tr>\n
ENB.PF.A<\/td>\nFixedReset Disc<\/td>\n2.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-24
\nMaturity Price : 21.77
\nEvaluated at bid price : 22.12
\nBid-YTW : 6.22 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n3.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-24
\nMaturity Price : 18.30
\nEvaluated at bid price : 18.30
\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n
NA.PR.K<\/td>\nFixedReset Prem<\/td>\n11.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-05-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.71
\nBid-YTW : 4.42 %<\/td>\n<\/tr>\n
POW.PR.G<\/td>\nPerpetual-Premium<\/td>\n29.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-24
\nMaturity Price : 24.64
\nEvaluated at bid price : 24.90
\nBid-YTW : 5.69 %<\/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.PR.D<\/td>\nFixedReset Disc<\/td>\n131,000<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-24
\nMaturity Price : 20.31
\nEvaluated at bid price : 20.31
\nBid-YTW : 6.41 %<\/td>\n<\/tr>\n
ENB.PR.F<\/td>\nFixedReset Disc<\/td>\n88,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-24
\nMaturity Price : 21.25
\nEvaluated at bid price : 21.25
\nBid-YTW : 6.30 %<\/td>\n<\/tr>\n
NA.PR.G<\/td>\nFixedReset Prem<\/td>\n83,000<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-24
\nMaturity Price : 23.72
\nEvaluated at bid price : 26.12
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n
POW.PR.I<\/td>\nPerpetual-Discount<\/td>\n74,400<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-24
\nMaturity Price : 24.57
\nEvaluated at bid price : 24.96
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n
BN.PF.F<\/td>\nFixedReset Disc<\/td>\n43,300<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-24
\nMaturity Price : 22.73
\nEvaluated at bid price : 23.70
\nBid-YTW : 6.05 %<\/td>\n<\/tr>\n
CM.PR.S<\/td>\nFixedReset Prem<\/td>\n43,300<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2028-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.76
\nBid-YTW : 4.62 %<\/td>\n<\/tr>\n
There were 25 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: 19.15 – 20.79
\nSpot Rate : 1.6400
\nAverage : 1.1928<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-24
\nMaturity Price : 19.15
\nEvaluated at bid price : 19.15
\nBid-YTW : 5.94 %<\/td>\n<\/tr>\n

POW.PR.A<\/td>\nPerpetual-Discount<\/td>\nQuote: 24.60 – 25.75
\nSpot Rate : 1.1500
\nAverage : 0.7738<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-24
\nMaturity Price : 24.29
\nEvaluated at bid price : 24.60
\nBid-YTW : 5.76 %<\/td>\n<\/tr>\n

BIP.PR.E<\/td>\nFixedReset Prem<\/td>\nQuote: 25.27 – 26.27
\nSpot Rate : 1.0000
\nAverage : 0.6338<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-24
\nMaturity Price : 23.60
\nEvaluated at bid price : 25.27
\nBid-YTW : 5.86 %<\/td>\n<\/tr>\n

IFC.PR.I<\/td>\nInsurance Straight<\/td>\nQuote: 24.60 – 25.95
\nSpot Rate : 1.3500
\nAverage : 0.9869<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-24
\nMaturity Price : 24.31
\nEvaluated at bid price : 24.60
\nBid-YTW : 5.57 %<\/td>\n<\/tr>\n

PWF.PR.Z<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.87 – 23.90
\nSpot Rate : 1.0300
\nAverage : 0.6713<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-24
\nMaturity Price : 22.59
\nEvaluated at bid price : 22.87
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n

PWF.PR.K<\/td>\nPerpetual-Discount<\/td>\nQuote: 21.65 – 22.85
\nSpot Rate : 1.2000
\nAverage : 0.8837<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-11-24
\nMaturity Price : 21.38
\nEvaluated at bid price : 21.65
\nBid-YTW : 5.77 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

TXPR closed at 683.28, up 0.81% on the day. Volume today was 1.47-million, well above the median of the past 21 trading days. CPD closed at 13.54, up 0.82% on the day. Volume was 48,090, …<\/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-50927","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50927","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=50927"}],"version-history":[{"count":2,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50927\/revisions"}],"predecessor-version":[{"id":50953,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50927\/revisions\/50953"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50927"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50927"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50927"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}