{"id":51256,"date":"2025-12-22T21:16:51","date_gmt":"2025-12-23T02:16:51","guid":{"rendered":"https:\/\/prefblog.com\/?p=51256"},"modified":"2025-12-22T21:22:13","modified_gmt":"2025-12-23T02:22:13","slug":"december-22-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51256","title":{"rendered":"December 22, 2025"},"content":{"rendered":"

The TXPR price index set a new 52-week high of 694.10 today, beating the old mark of 693.91 set on November 11. <\/p>\n

TXPR was helped along by amazing performance of PWF.PR.P, up 11.06% on a close-close basis, due to four trades executed at 3:46-3:47pm, all buys by RBC from CIBC. This took the market from a close of 19.26 yesterday, through 20.00 at 3:18, through the first two of the four trades at 20.69, through the third at 20.70 to 100 shares at the close of 21.39. It is of interest to note that RBC was on the buy side all day long; not quite monopolizing the market but making a damn good effort!<\/p>\n

By my count, RBC was the buyer in 22 of the 27 TSX trades today, accounting for 6,600 of the 7,100 shares traded at the venue. Consolidated volume (including all the ATSs) was 19,750, so I’ll guess they bought somewhere a little north of $300,000 worth altogether (actual numbers are probably available somewhere). This is too much – and spread over too much time – to be some idiot placing a market or fat-finger order; and it seems unlikely that somebody with that much money to spend suddenly realized that PWF.PR.P will reset soon<\/a> and, um, might therefore go up. So I’m gonna guess that it’s a buy-in, with RBC getting aggressive (while still reasonably patient – most TSX trades are for 100 shares) at about 3pm. The buy-in could be because of an unmargined short or a failed delivery.<\/p>\n

Thanks to the newly arrived Assiduous Reader Le_bib<\/i> for bringing this to my attention<\/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>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0254 %<\/td>\n2,428.3<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0254 %<\/td>\n4,604.4<\/td>\n<\/tr>\n
Floater<\/td>\n5.93 %<\/td>\n6.14 %<\/td>\n59,277<\/td>\n13.74<\/td>\n3<\/td>\n-0.0254 %<\/td>\n2,653.5<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1892 %<\/td>\n3,667.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.76 %<\/td>\n4.16 %<\/td>\n72,301<\/td>\n3.17<\/td>\n5<\/td>\n0.1892 %<\/td>\n4,379.6<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1892 %<\/td>\n3,417.1<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.63 %<\/td>\n0.61 %<\/td>\n85,129<\/td>\n0.09<\/td>\n7<\/td>\n0.2079 %<\/td>\n3,119.7<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.52 %<\/td>\n5.64 %<\/td>\n51,943<\/td>\n14.38<\/td>\n26<\/td>\n0.0892 %<\/td>\n3,423.4<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.81 %<\/td>\n5.98 %<\/td>\n105,062<\/td>\n13.58<\/td>\n31<\/td>\n0.2008 %<\/td>\n3,143.0<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.57 %<\/td>\n5.49 %<\/td>\n59,788<\/td>\n14.65<\/td>\n21<\/td>\n-2.0779 %<\/td>\n3,258.8<\/td>\n<\/tr>\n
FloatingReset<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2008 %<\/td>\n3,739.0<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.90 %<\/td>\n4.39 %<\/td>\n98,427<\/td>\n2.52<\/td>\n20<\/td>\n-0.0883 %<\/td>\n2,657.3<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2008 %<\/td>\n3,212.8<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.25 %<\/td>\n5.50 %<\/td>\n81,935<\/td>\n14.42<\/td>\n13<\/td>\n-0.0132 % <\/td>\n3,126.4<\/td>\n<\/tr>\n<\/table>\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.L<\/td>\nInsurance Straight<\/td>\n-38.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-22
\nMaturity Price : 15.50
\nEvaluated at bid price : 15.50
\nBid-YTW : 9.20 %<\/td>\n<\/tr>\n
ENB.PR.F<\/td>\nFixedReset Disc<\/td>\n-2.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-22
\nMaturity Price : 21.20
\nEvaluated at bid price : 21.20
\nBid-YTW : 6.59 %<\/td>\n<\/tr>\n
ENB.PR.B<\/td>\nFixedReset Disc<\/td>\n-1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-22
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 6.48 %<\/td>\n<\/tr>\n
IFC.PR.E<\/td>\nInsurance Straight<\/td>\n-1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-22
\nMaturity Price : 23.48
\nEvaluated at bid price : 23.78
\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n
RY.PR.S<\/td>\nFixedReset Prem<\/td>\n-1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-02-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.54
\nBid-YTW : 3.98 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nInsurance Straight<\/td>\n-1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-22
\nMaturity Price : 21.34
\nEvaluated at bid price : 21.61
\nBid-YTW : 5.16 %<\/td>\n<\/tr>\n
GWO.PR.Q<\/td>\nInsurance Straight<\/td>\n-1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-22
\nMaturity Price : 22.71
\nEvaluated at bid price : 22.95
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n
BN.PF.F<\/td>\nFixedReset Disc<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-22
\nMaturity Price : 23.13
\nEvaluated at bid price : 24.60
\nBid-YTW : 5.91 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n1.77 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-22
\nMaturity Price : 22.12
\nEvaluated at bid price : 22.40
\nBid-YTW : 5.43 %<\/td>\n<\/tr>\n
ENB.PF.C<\/td>\nFixedReset Disc<\/td>\n1.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-22
\nMaturity Price : 21.91
\nEvaluated at bid price : 22.34
\nBid-YTW : 6.32 %<\/td>\n<\/tr>\n
ENB.PR.D<\/td>\nFixedReset Disc<\/td>\n1.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-22
\nMaturity Price : 21.50
\nEvaluated at bid price : 21.50
\nBid-YTW : 6.33 %<\/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
G
\nWO.PR.M<\/td>\n		Insurance Straight<\/td>\n72,200<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2026-01-21
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.80
\nBid-YTW : -31.52 %<\/td>\n<\/tr>\n
BIP.PR.B<\/td>\nFixedReset Disc<\/td>\n41,400<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2026-01-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.98
\nBid-YTW : 6.63 %<\/td>\n<\/tr>\n
FTS.PR.M<\/td>\nFixedReset Disc<\/td>\n31,000<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-22
\nMaturity Price : 23.11
\nEvaluated at bid price : 24.60
\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n
ENB.PF.K<\/td>\nFixedReset Prem<\/td>\n30,400<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-22
\nMaturity Price : 23.56
\nEvaluated at bid price : 25.06
\nBid-YTW : 6.16 %<\/td>\n<\/tr>\n
FFH.PR.I<\/td>\nFixedReset Disc<\/td>\n21,200<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2026-01-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.98
\nBid-YTW : 5.31 %<\/td>\n<\/tr>\n
BN.PF.C<\/td>\nPerpetual-Discount<\/td>\n13,800<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-22
\nMaturity Price : 21.20
\nEvaluated at bid price : 21.20
\nBid-YTW : 5.75 %<\/td>\n<\/tr>\n
There were 5 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 th
\nerein 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
GWO.PR.L<\/td>\nInsurance Straight<\/td>\nQuote: 15.50 – 25.36
\nSpot Rate : 9.8600
\nAverage : 5.3201
\n
\n
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-22
\nMaturity Price : 15.50
\nEvaluated at bid price : 15.50
\nBid-YTW : 9.20 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\nQuote: 19.36 – 21.35
\nSpot Rate : 1.9900
\nAverage : 1.1113
\n
\n
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-22
\nMaturity Price : 19.36
\nEvaluated at bid price : 19.36
\nBid-YTW : 5.98 %<\/td>\n<\/tr>\n
ENB.PR.F<\/td>\nFixedReset Disc<\/td>\nQuote: 21.20 – 21.96
\nSpot Rate : 0.7600
\nAverage : 0.4697
\n
\n
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-22
\nMaturity Price : 21.20
\nEvaluated at bid price : 21.20
\nBid-YTW : 6.59 %<\/td>\n<\/tr>\n
PVS.PR.L<\/td>\nSplitShare<\/td>\nQuote: 25.85 – 27.00
\nSpot Rate : 1.1500
\nAverage : 0.8760
\n
\n
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.85
\nBid-YTW : 4.75 %<\/td>\n<\/tr>\n
POW.PR.C<\/td>\nPerpetual-Premium<\/td>\nQuote: 26.00 – 26.60
\nSpot Rate : 0.6000
\nAverage : 0.3737
\n
\n
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2026-01-21
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.00
\nBid-YTW : -27.14 %<\/td>\n<\/tr>\n
ENB.PF.A<\/td>\nFixedReset Disc<\/td>\nQuote: 22.22 – 23.15
\nSpot Rate : 0.9300
\nAverage : 0.7682
\n
\n
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-12-22
\nMaturity Price : 21.85
\nEvaluated at bid price : 22.22
\nBid-YTW : 6.43 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The TXPR price index set a new 52-week high of 694.10 today, beating the old mark of 693.91 set on November 11. TXPR was helped along by amazing performance of PWF.PR.P, up 11.06% on a …<\/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-51256","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51256","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=51256"}],"version-history":[{"count":4,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51256\/revisions"}],"predecessor-version":[{"id":51261,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51256\/revisions\/51261"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51256"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51256"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51256"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}