Archive for the ‘Indices and ETFs’ Category

TXPR & TXPL Quarterly Revision

Friday, July 12th, 2013

S&P Dow Jones Indices Canadian Index Operations has announced:

the following index changes as a result of the quarterly S&P/TSX Preferred Share Index and S&P/TSX Venture Select Index Reviews. These changes will be effective at the open on Monday, July 22, 2013

S&P/TSX Preferred Share Index

ADDITIONS

Symbol Issue Name

CUSIP
BAM.PF.D BROOKFIELD ASSET MANAGEMNT INC CL A PR SER 37 112585 56 7
BAM.PR.J BROOKFIELD ASSET MANAGEMNT INC CL A PR SER 12 112585 88 0
BAM.PR.M BROOKFIELD ASSET MANAGEMNT INC CL A PR SER 17 112585 83 1
BAM.PR.R BROOKFIELD ASSET MANAGEMNT INC CL A PR SER 24 112585 74 0
BCE.PR.G BCE INC. 1ST PR SERIES ‘AG’ 05534B 73 7
BNS.PR.A BANK OF NOVA SCOTIA (THE) PR SERIES ’19’ 064149 73 5
BRF.PR.A BROOKFIELD RENEWABLE PWR PREF EQTY INC A PR 1 11283Q 20 6
BRF.PR.F BROOKFIELD RENEWABLE PWR PREF EQTY INC A PR 6 11283Q 70 1
CM.PR.M CANADIAN IMPERIAL BANK SERIES ’37’ PR 136069 46 5
CU.PR.G CANADIAN UTILITIES LIMITED 2ND PR SER ‘DD’ 136717 64 2
EMA.PR.E EMERA INC. PR SERIES ‘E’ 290876 70 5
ENB.PR.Y ENBRIDGE INC. PR SER ‘3’ 29250N 68 3
GWO.PR.G GREAT-WEST LIFECO INC. 5.20% 1ST PR SERIES G 39138C 88 2
GWO.PR.M GREAT-WEST LIFECO INC. 5.80% 1ST PR SERIES M 39138C 81 7
MFC.PR.K MANULIFE FINANCIAL CORP. CL 1 PR SER ’13’ 56501R 74 2
NPI.PR.A NORTHLAND POWER INC. SERIES 1 PR 666511 30 8
PWF.PR.O POWER FINANCIAL CORP. 5.80% SERIES ‘O’ 1ST PR 73927C 78 7
RY.PR.D ROYAL BANK OF CANADA 1ST PR NON-CUM SER ‘AD’ 780102 84 4
TD.PR.P TORONTO-DOMINION BANK (THE) CL ‘A’ 1ST PR P 891145 20 3
TD.PR.Q TORONTO-DOMINION BANK (THE) CL ‘A’ 1ST PR Q 891145 30 2

S&P/TSX Preferred Share Laddered Index

ADDITIONS

Symbol Issue Name

CUSIP
MFC.PR.K MANULIFE FINANCIAL CORP. CL 1 PR SER ’13’ 56501R 74 2

TXPR and TXPL: Constituent Changes

Friday, April 12th, 2013

S&P Dow Jones Indices Canadian Index Operations has announced:

the following index changes as a result of the quarterly S&P/TSX Preferred Share Index and S&P/TSX Venture Select Index Reviews.  These changes will be effective at the open on Monday, April 22, 2013

S&P/TSX Preferred Share Index


ADDITIONS

Symbol Issue Name

CUSIP
BCE.PR.D BCE INC. 1ST PR SERIES ‘AD’ 05534B 68 7
BCE.PR.T BCE INC. 1ST PR SERIES ‘T’ 05534B 81 0
BAF.PR.E BELL ALIANT PREFERRED EQTY INC 5YR PR SER ‘E’ 07787C 60 2
BRF.PR.E BROOKFIELD RENEWABLE PWR PREF EQTY INC A PR 5 11283Q 60 2
CU.PR.F CANADIAN UTILITIES LIMITED 2ND PR SER ‘CC’ 136717 65 9
CWB.PR.A CANADIAN WESTERN BANK 5-YR RESET PR SER ‘3’ 136765 10 4
CPX.PR.E CAPITAL POWER CORPORATION SERIES ‘5’ PR 14042M 70 6
EMA.PR.A EMERA INCORPORATED PR SERIES ‘A’ 290876 30 9
FTS.PR.C FORTIS INC. 1ST PR SERIES ‘C’ 349553 40 4
POW.PR.B POWER CORPORATION OF CANADA 5.35% SER ‘B’ PR 739239 80 4
PWF.PR.S POWER FINANCIAL CORP. 4.80% SERIES ‘S’ 1ST PR 73927C 74 6
TRP.PR.D TRANSCANADA CORPORATION 1ST PR SERIES ‘7’ 89353D 88 3

DELETIONS

Symbol Issue Name

CUSIP
RON.PR.A RONA INC. 5.25% SER 6 CL ‘A’ PR              776249 30 2

S&P/TSX Preferred Share Laddered Index


ADDITIONS

Symbol Issue Name

CUSIP
AX.PR.E ARTIS REAL ESTATE INVEST TR PR UN SER ‘E’ 04315L 70 9
BCE.PR.T BCE INC. 1ST PR SERIES ‘T’ 05534B 81 0
BAF.PR.E BELL ALIANT PREFERRED EQTY INC 5YR PR SER ‘E’ 07787C 60 2
BAM.PR.G BROOKFIELD ASSET MANAGEMENT INC CL A PR SER 9 112585 60 9
BAM.PF.A BROOKFIELD ASSET MANAGEMNT INC CL A PR SER 32 112585 64 1
BPO.PR.N BROOKFIELD OFFICE PROP INC. CL AAA PR SER ‘N’ 112900 83 2
CPX.PR.E CAPITAL POWER CORPORATION SERIES ‘5’ PR 14042M 70 6
EMA.PR.C EMERA INCORPORATED PR SERIES ‘C’ 290876 50 7
NPI.PR.A NORTHLAND POWER INC. SERIES 1 PR 666511 30 8
TCL.PR.D TRANSCONTINENTAL INC. 1ST PR SERIES ‘D’ 893578 30 2

DELETIONS

Symbol Issue Name

CUSIP
RON.PR.A RONA INC. 5.25% SER 6 CL ‘A’ PR 776249 30 2

BMO.PR.H To Be Redeemed

Friday, January 25th, 2013

The Bank of Montreal has announced:

its intention to redeem all of its $200,000,000 Non-cumulative Class B Preferred Shares Series 5 (“Preferred Shares Series 5”) on February 25, 2013.

The Preferred Shares Series 5 are redeemable at Bank of Montreal’s option on February 25, 2013 at a redemption price of $25.00 per share together with declared and unpaid dividends to the date fixed for redemption. Payment of the redemption price will be made by Bank of Montreal on or after February 25, 2013 upon surrender of the Preferred Shares Series 5.

Separately from the payment of the redemption price, the final quarterly dividend of $0.33125 per share for the Preferred Shares Series 5 will be paid in the usual manner on February 25, 2013 to shareholders of record on February 1, 2013.

Notice will be delivered to holders of the Preferred Shares Series 5 in accordance with the terms outlined in the Preferred Shares Series 5 prospectus.

Update, 2013-2-15: To be removed from TXPR.

TXPR & TXPL: Constituent Changes

Friday, January 11th, 2013

Standard & Poor’s has announced:

S&P Dow Jones Indices Canadian Index Operations announces the following index changes as a result of the quarterly S&P/TSX Preferred Share Index and S&P/TSX Venture Select Index Reviews. These changes will be effective at the open on Monday, January 21, 2013

S&P/TSX Preferred Share Index


ADDITIONS

Symbol Issue Name

CUSIP

AQN.PR.A Algonquin Power & Utilities Corp. Series ‘A’ Preferred 015857 30 3
BCE.PR.B BCE Inc. 1st Preferred Series ‘AB’ 05534B 69 5
BAM.PF.C Brookfield Asset Management Inc. Class ‘A’ Preferred Series 36 112585 59 1
BRF.PR.C Brookfield Renewable Power Preferred Equity Inc. Class ‘A’ Series 3 11283Q 40 4
CPX.PR.C Capital Power Corporation Series ‘3’ Preferred 14042M 50 8
CCS.PR.C Co-Operators General Insurance Co. Class ‘E’ Preferred Series ‘C’ 189906 40 7
ENB.PR.T Enbridge Inc. Preferred Series ‘R’ 29250N 73 3
FTS.PR.G Fortis Inc. 5-Year Reset Preferred Series ‘G’ 349553 83 4
FTS.PR.J Fortis Inc. 5-Year Reset Preferred Series ‘J’ 349553 79 2
GWO.PR.R Great-West Lifeco Inc. 4.80% 1st Preferred Series ‘R’ 39138C 75 9
LB.PR.F Laurentian Bank of Canada Class ‘A’ Preferred Series 11 51925D 84 1
MFC.PR.J Manulife Financial Corp. Non-Cumulative Class 1 Preferred Series ’11’ 56501R 76 7
NA.PR.Q National Bank of Canada 5-Year Reset 1st Preferred Series ’28’ 633067 33 5


DELETIONS

Symbol Issue Name

CUSIP

DC.PR.A Dundee Corporation 5.00% Preferred Series ‘1’ 264901 60 4
NA.PR.L National Bank of Canada 1st Preferred Series ’16’ 633067 51 7

S&P/TSX Preferred Share Laddered Index


ADDITIONS

Symbol

Issue Name

CUSIP

AQN.PR.A Algonquin Power & Utilities Corp. Series ‘A’ Preferred 015857 30 3
BPO.PR.T BROOKFIELD OFFICE PROP INC. CL AAA PR SER ‘T’ 112900 76 6
CPX.PR.A CAPITAL POWER CORPORATION SERIES ‘1’ PR 14042M 30 0
CPX.PR.C CAPITAL POWER CORPORATION SERIES ‘3’ PR 14042M 50 8
CWB.PR.A CANADIAN WESTERN BANK 5-YR RESET PR SER ‘3’ 136765 10 4
ENB.PR.D ENBRIDGE INC. PR SER ‘D’ 29250N 88 1
ENB.PR.F ENBRIDGE INC. PR SER ‘F’ 29250N 86 5
ENB.PR.H ENBRIDGE INC. PR SER ‘H’ 29250N 84 0
ENB.PR.N ENBRIDGE INC. PR SER ‘N’ 29250N 77 4
LB.PR.F LAURENTIAN BANK OF CANADA PR ‘A’ SERIES 11 51925D 84 1
MFC.PR.J MANULIFE FINANCIAL CORP NN-CM CL 1 PR SER 11 56501R 76 7
NA.PR.Q NATIONAL BANK OF CANADA 5-YR 1ST PR SER ’28’ 633067 33 5
RY.PR.I ROYAL BANK OF CANADA 1ST PR NON-CUM SER ‘AJ’ 78010A 41 6

DELETIONS

Symbol

Issue Name

CUSIP

DC.PR.A Dundee Corporation 5.00% Preferred Series ‘1’ 264901 60 4

TXPL & TXPR: Methodology Change

Friday, January 11th, 2013

Standard and Poor’s has announced:

S&P Dow Jones Canadian Index Services today announces that it has made a policy change to the treatment of partial calls in Preferred Share Indices. Effective immediately, S&P Dow Jones Indices will recognize all partial preferred share calls for redemption in preferred share indices. On the redemption date of the partial call, S&P Dow Jones Indices will reduce the shares outstanding of the partially called security by the amount of shares called by the issuer. In addition, S&P Dow Jones Indices will apply a price adjustment to the partially called security. The adjusted price of the partially called security will be calculated as the redemption price plus any accrued interest due to investors.

S&P/TSX Preferred Share Index
S&P/TSX North American Preferred Share Index
S&P/TSX Preferred Share Laddered Index

The methodology documents located on the S&P Dow Jones Indices web site for each index will be updated in the coming days to reflect these changes.

TXPL: Changes Made to Methodology

Wednesday, November 21st, 2012

The clowns at S&P have made some changes to their index methodology without issuing a press release; not only that, but the rush-job typographical errors on the TXPL methodology now appear to have been fixed, but the TXPL documentation is now linked on the web page for TXPR as well as the web page for TXPL.

However, some changes have substance.

The changes are (bolding added by JH):

Market Capitalization. Preferred shares with total market capitalization of less than C$ 75 million as of the rebalancing reference date are excluded from the index, based on the volume weighted average price (VWAP) over the last three trading days of the month-end prior to the Quarterly Review.

Used to be CAD 100-million

A preferred share deleted from the index is not eligible for re-inclusion in the index until 6-month after the effective date of the exclusion.
Note: While the inclusion criteria explicitly excludes issues that have a mandatory conversion or scheduled maturity within 12 months of the rebalancing effective date, no such rule exists for continued membership.

TXPL: New Preferred Share Index with ETF (ZPR)

Monday, November 19th, 2012

Standard & Poor’s has announced:

the launch of three new Canadian indices: the S&P/TSX Preferred Share Laddered index, the S&P/TSX Equal Weight Global Gold index and the S&P/TSX Equal Weight Industrials index. Each of the indices has been licensed by S&P Dow Jones Indices to BMO Asset Management for potential exchange traded products to be listed on Toronto Stock Exchange.

The S&P/TSX Preferred Share Laddered index was created in response to investors’ ongoing demand for income producing securities.

“We are excited to announce these three new additions to the S&P/TSX family of Preferred Share and Equal Weight indices,” says Abigail Etches, Director at S&P Dow Jones Indices. “Canadian investors are increasingly looking for industry specific indices that are liquid enough to serve as the basis for investment products and relevant enough to serve as key benchmarks of performance. These indices are unique in that they offer investors an additional means of measuring these segments of the market while potentially offering an additional means for diversifying their portfolio.”

“BMO Asset Management is committed to offering innovative exposure to the leading segments of the market through exchange traded funds,” said Kevin Gopaul, Chief Investment Officer and Senior Vice President, BMO Asset Management Inc. “We’re thrilled to be once again partnering with S&P Dow Jones and TMX Group, global leaders in indexing, to provide investors with more insight and choice.”

The FactSheet and Methodology are available at the TXPL Index Website. According to the FactSheet:

  • Exhchange (sic) Listing. Preferred shares listed on and trading in Canadian dollars on the Toronto Stock Exchange are eligible for inclusion.
  • Type of Issuance. Preferred shares issued by a company to meet its capital or financing requirements are eligible. Split shares and synthetic preferred shares are not included in the index. Issues are eligible for inclusion when their reset dates are five years or less.
  • Market Capitalization. The preferred shares must have a total market capitalization of more than CAD 100 million as of the rebalancing reference date, based on the volume-weighted average price over the last three trading days of the month prior to the quarterly review.
  • Volume. The preferred shares must have a minimum trailing three-month average daily value traded of CAD 100,000 as of the rebalancing reference date.
  • Rating. Preferred shares must have a minimum rating of P-3 or its equivalent from Standard & Poor’s, Dominion Bank (sic) Ratings Service or Moody’s Investor Service. If more than one of the ratings agencies has issued a rating on the stock, the lowest rating is used to determine eligibility.
  • Indicated Yield. Preferred shares for which S&P Dow Jones Indices cannot determine an indicated annual dividend yield are not eligible.
  • Different Lines of the Same Issuer. There is
    no limit to the number of lines of a single company’s preferred share allowed in the index; however, a maximum weight of 10% is set per issuer. All eligible lines for an issuer are included in the index and capped on a pro rata basis to a maximum of 10% by issuer of the index market capitalization.

Each term bucket, as defined by the calendar year of each constituent’s rate reset, is equal weighted at each rebalance. Within each bucket, individual securities are weighted by market capitalization. The weight of each individual bucket may be subject to change depending on the market conditions and the universe of Canadian preferred shares. At the onset of the index, there will be five equally weighted buckets. Should the number of buckets be reduced to four or less in the future, each bucket will be equally weighted at each rebalance.

A term bucket containing an insufficient number of issues may be combined with the nearest term bucket. In order for each term bucket to have a sufficient number of issues, it should have a minimum of four outstanding issues or a combined market cap of at least 5% of the eligible securities total market capitalization. The requirements for a term bucket are subject to change based on market conditions and the universe of the Canadian preferred shares.

According to the Methodology:

The index is rebalanced on a quarterly basis; changes are effective after the close of trading on the third Friday of January, April, July and October.

This is the same effective date as TXPR. Presumably the announcement date will also be the same.

Whenever possible, announcements of additions or deletions of shares or other index adjustments are made five trading days before the adjustments are implemented. In those cases when it is not possible to trade a stock five days after an announcement, the announcement period may be shortened. However, the implementation of an index adjustment is never earlier than the market close of the day following the announcement.

Announcements of additions and deletions for the S&P/TSX Canadian indices are generally made at approximately 05:15 PM. Eastern Time. Press releases are released to major news services.

This looks like a rush job to me. The reference to “Dominion Bank Rating Service” is repeated in the methodology; footnote 1 on page 5 of the PDF states:

The index was launched in April 2007. Prior to that time, the index was back tested using Standard & Poor’s ratings only.

… which is true for TXPR, but not TXPL. On page 7 they give the Index Name and Bloomberg & Reuters Codes for TXPR, but not TXPL.

I couldn’t find an announcement from BMO, but according to Investment Executive:

S&P Dow Jones Indices and TMX Group Inc. Monday announced the launch of three new Canadian indices: S&P/TSX Preferred Share Laddered index, S&P/TSX Equal Weight Global Gold index and S&P/TSX Equal Weight Industrials index.

Each of the indices has been licensed by S&P Dow Jones Indices to BMO Asset Management for potential exchange traded products to be listed on The Toronto Stock Exchange.

S&P/TSX Preferred Share Laddered index was created in response to investors’ ongoing demand for income producing securities.

… and according to Canadian Couch Potato:

The BMO Laddered Preferred Share (ZPR) is unique because all of its holdings are what are called rate reset preferreds. These have a specific call date, usually every five years, on which the holder can choose to lock in a new dividend at current rates, or convert to a floating rate that will change monthly or quarterly based on a reference rate. By contrast, CPD is about one third perpetual preferreds, which have no maturity date and pay the same fixed dividend as long as they are outstanding.

I will note that FixedResets also have no maturity date.

… and according to ETF Insight:

Earlier this week, BMO ETFs filed a preliminary prospectus for 4 additional ETFs:
  • •BMO S&P/TSX Equal Weight Industrials Index ETF (ZIN)
  • •BMO S&P/TSX Equal Weight Global Gold Index ETF (ZGD)
  • •BMO S&P500 Index ETF (ZSP/ZSP.U)
  • •BMO S&P/TSX Laddered Preferred Share Index ETF (ZPR)


S&P/TSX Laddered Preferred Shares Index ETF (ZPR) – Preferred Shares have attracted meaningful inflows in recent years, with the benchmark S&P/TSX Preferred Share Index ETF (CPD) notably seeing its assets rise by a factor of 1.75X year-over-year (from Sept 2011-Sept 2012), to reach over $1.3Bn of AUM, an over 4X increase from the assets it held 3 years prior. To set itself apart, BMO ETF has elected to focus on Preferred Shares featuring rates resets, and applying a laddered approach to their ETF. The metrics (cash yield, weighted YTM, duration, credit quality, etc) for this ETF relative to the other 3 ETFs (CPD / HPR / PPS ) covering the Canadian preferred shares space in our market will be interesting to examine when they become available.

According to the completely useless dummies at SEDAR (who have jobs only because they’ve been granted a regulatory monopoly):

Your request could not be processed. Please, try again later.

Update, 2012-11-20: BMO has announced:

BMO Asset Management Inc. (BMO AM) today introduced four new funds to its Exchange Traded Fund (ETF)* product suite.

“In today’s financial environment where the markets are constantly changing, people are looking for investment products that can keep pace with these changes, and we have had that in mind when expanding and evolving our lineup,” said Kevin Gopaul, Chief Investment Officer and Senior Vice President, BMO Asset Management Inc. “BMO Asset Management is a leader in providing innovative, timely and competitive ETF products. These four new funds are just the latest example of how we strive to anticipate and fulfill critical investor needs.”

The offering of the following new ETFs has closed and they will begin trading on the Toronto Stock Exchange today:

BMO S&P/TSX Laddered Preferred Share Index ETF (ZPR)
•Uniquely designed to reduce interest rate sensitivity compared to the preferred share market by using rate resets, while providing investors with portfolio diversification and tax-efficient dividend income.

According to the web page for ZPR the Portfolio Yield, as defined, is 4.89% and the maximum MER is 45bp (5bp below CPD!). However, the Portfolio Yield definition is:

Portfolio yield is calculated as the most recent income received by the ETF in the form of dividends interest and other income annualized based on the payment frequently divided by the current market value of ETFs investments.

… in other words, the Current Yield, which does not account for expected capital losses due to calls, or for expected changes in dividend income when the dividends of the current holdings are reset (which, given the yield of the Canada 5-year bond, will generally be large and negative). The fund holds 100 issues.

TXPR Index Revision 12Q3

Friday, October 12th, 2012

S&P has announced:

the following index changes as a result of the quarterly S&P/TSX Preferred Share Index and S&P/TSX Venture Select Index Reviews. These changes will be effective at the open on Monday, October 22, 2012

S&P/TSX Preferred Share Index

ADDITIONS
Symbol

Issue Name CUSIP
BAM.PF.B BROOKFIELD ASSET MANAGEMENT INC CLASS A PR SERIES 34 112585 62 5
BCE.PR.R BCE INC. 1ST PR SERIES ‘R’ 05534B 70 3
BCE.PR.Y BCE INC. 1ST PR SERIES ‘Y’ 05534B 85 1
BPO.PR.H BROOKFIELD OFFICE PROP INC. CL AAA PR SER ‘H’ 112900 80 8
BPO.PR.J BROOKFIELD OFFICE PROP INC. CL AAA PR SER ‘J’ 112900 87 3
BPO.PR.T BROOKFIELD OFFICE PROP INC. CL AAA PR SER ‘T’ 112900 76 6
CU.PR.E CANADIAN UTILITIES LIMITED 2ND PR SER ‘BB’ 136717 66 7
DC.PR.A DUNDEE CORPORATION 5.00% SER ‘1’ PR 264901 60 4
ENB.PR.N ENBRIDGE INC. PR SER ‘N’ 29250N 77 4
ENB.PR.P ENBRIDGE INC. PR SER ‘P’ 29250N 75 8
FTS.PR.H FORTIS INC. 5-YR RESET 1ST PR SERIES ‘H’ 349553 82 6
GWO.PR.L GREAT-WEST LIFECO INC. 5.65% 1ST PR SERIES L 39138C 82 5
GWO.PR.Q GREAT-WEST LIFECO INC. 5.15% 1ST PR SERIES Q 39138C 76 7
IGM.PR.B IGM FINANCIAL INC. 5.90% PR SERIES ‘B’ 449586 30 4
NA.PR.M NATIONAL BANK OF CANADA 1ST PR SERIES ’20’ 633067 41 8
TA.PR.H TRANSALTA CORPORATION 1ST PR SERIES ‘E’ 89346D 72 7
TCA.PR.Y TRANSCANADA PIPELINES LIMITED 1ST PR ‘Y’ 893526 69 9

DELETIONS
Symbol Issue Name CUSIP
BAM.PR.M BROOKFIELD ASSET MANAGEMNT INC CL A PR SER 17 112585 83 1
BAM.PR.R BROOKFIELD ASSET MANAGEMNT INC CL A PR SER 24 112585 74 0
BCE.PR.G BCE INC. 1ST PR SERIES ‘AG’ 05534B 73 7
BMO.PR.N BANK OF MONTREAL 5-YR RESET CL ‘B’ PR SER 18 063671 15 0
BNS.PR.O BANK OF NOVA SCOTIA (THE) PR SERIES ’17’ 064149 75 0
BRF.PR.A BROOKFIELD RENEWABLE PWR PREF EQTY INC A PR 1 11283Q 20 6
CM.PR.M CANADIAN IMPERIAL BANK SERIES ’37’ PR 136069 46 5
GWO.PR.G GREAT-WEST LIFECO INC. 5.20% 1ST PR SERIES G 39138C 88 2
GWO.PR.M GREAT-WEST LIFECO INC. 5.80% 1ST PR SERIES M 39138C 81 7
HSB.PR.C HSBC BANK CANADA CL 1 NON-CUMULATIVE SER C PR 40427H 50 9
IAG.PR.C INDUSTRIAL ALLIANCE INS & FIN SERV 6.20% PR C 455870 40 2
L.PR.A LOBLAW COMPANIES LIMITED 2ND PR SERIES ‘A’ 539481 60 6
POW.PR.D POWER CORPORATION OF CANADA 5.00% SER ‘D’ PR 739239 86 1
RY.PR.D ROYAL BANK OF CANADA 1ST PR NON-CUM SER ‘AD’ 780102 84 4
RY.PR.G ROYAL BANK OF CANADA 1ST PR NON-CUM SER ‘AG’ 780102 55 4
TD.PR.P TORONTO-DOMINION BANK (THE) CL ‘A’ 1ST PR P 891145 20 3
TD.PR.Q TORONTO-DOMINION BANK (THE) CL ‘A’ 1ST PR Q 891145 30 2

S&P Announces 12Q2 TXPR Revision

Friday, July 13th, 2012

Standard & Poor’s Canadian Index Operations has announced:

the following index changes as a result of the quarterly S&P/TSX Preferred Share Index and S&P/TSX Venture Select Index Reviews. These changes will be effective at the open on Monday, July 23, 2012.

ADDITIONS
Symbol Issue Name CUSIP
CU.PR.D Canadian Utilities Limited 2nd Preferred Series ‘AA’ 136717 67 5
CIU.PR.B CU Inc. Cumulative Preferred Series ‘2’ 22944C 30 4
ELF.PR.H E-L Financial Corp. 5.50% 1st Preferred Series ‘3’ 26857Q 50 7
EMA.PR.C Emera Incorporated Preferred Series ‘C’ 290876 50 7
FTS.PR.E Fortis Inc. 1st Preferred Series ‘E’ 349553 80 0
IAG.PR.G Industrial Alliance 4.30% Preferred Series ‘G’ 455871 80 6
MFC.PR.I Manulife Financial Non-Cumulative Class 1 Pref Series ‘9’ 56501R 78 3
NPI.PR.C Northland Power Inc. Cumulative Rate-Reset Pref Series ‘3’ 666511 60 5
TRI.PR.B Thomson Reuters Corporation Floating Rate Pref Series II 884903 30 3
VNR.PR.A Valener Inc. Preferred Series ‘A’ 91912H 20 7
DELETIONS
Symbol Issue Name CUSIP
BCE.PR.R BCE Inc. 1st Preferred Series ‘R’ 05534B 70 3
BPO.PR.H Brookfield Office Properties Inc. Class AAA Pref Series ‘H’ 112900 80 8
BPO.PR.J Brookfield Office Properties Inc. Class AAA Pref Series ‘J’ 112900 87 3
FTS.PR.H Fortis Inc. 5-Year Reset 1st Preferred Series ‘H’ 349553 82 6
GWO.PR.L Great-West Lifeco Inc. 5.65% 1st Preferred Series ‘L’ 39138C 82 5
IGM.PR.B IGM Financial Inc. 5.90% Preferred Series ‘B’ 449586 30 4
NA.PR.M National Bank of Canada 1st Preferred Series ’20’ 633067 41 8
TCA.PR.X TransCanada Pipelines Limited 1st Preferred Series ‘U’ 893526 71 5
TCA.PR.Y TransCanada Pipelines Limited 1st Preferred Series ‘Y’ 893526 69 9

S&P Announces Quarterly TXPR Revision

Friday, April 13th, 2012

Standard & Poor’s Canadian Index Operations has announced:

the following index changes as a result of the quarterly S&P/TSX Preferred Share Index …. These changes will be effective at the open on Monday, April 23, 2012

ADDITIONS

Symbol

Issue Name
BAF.PR.C BELL ALIANT PREFERRED EQTY INC 5YR PR SER ‘C’
BAM.PF.A BROOKFIELD ASSET MANAGEMNT INC CL A PR SER 32
CM.PR.M CANADIAN IMPERIAL BANK SERIES ’37’ PR
ENB.PR.F ENBRIDGE INC. PR SER ‘F’
ENB.PR.H ENBRIDGE INC. PR SER ‘H’
FFH.PR.K FAIRFAX FINANCIAL HOLDINGS LTD 5YR SER ‘K’ PR
FTS.PR.F FORTIS INC. 1ST PR SERIES ‘F’
GWO.PR.P GREAT-WEST LIFECO INC. 5.40% 1ST PR SERIES P
GWO.PR.M GREAT-WEST LIFECO INC. 5.80% 1ST PR SERIES M
HSB.PR.C HSBC BANK CANADA CL 1 NON-CUMULATIVE SER C PR
HSB.PR.D HSBC BANK CANADA CL 1 NON-CUMULATIVE SER D PR
MFC.PR.H MANULIFE FINANCIAL CORP. CL 1 PR SER ‘7’
NXY.PR.A NEXEN INC. CL ‘A’ RESET SERIES 2 PR
POW.PR.G POWER CORPORATION OF CANADA 5.60% SER ‘G’ PR
PWF.PR.L POWER FINANCIAL CORP. 5.10% SERIES ‘L’ 1ST PR
PWF.PR.R POWER FINANCIAL CORP. 5.50% SERIES ‘R’ 1ST PR
REI.PR.C RIOCAN REAL ESTATE INVEST TR PR UNITS SER ‘C’
TLM.PR.A TALISMAN ENERGY INC. 1ST PR A SERIES 1
TCA.PR.X TRANSCANADA PIPELINES LIMITED 1ST PR ‘U’
TCA.PR.Y TRANSCANADA PIPELINES LIMITED 1ST PR ‘Y’
VSN.PR.A VERESEN INC. CUMULATIVE SERIES ‘A’ PR

DELETIONS

Symbol

Issue Name
DC.PR.A DUNDEE CORPORATION 5.00% SER ‘1’ PR
FTS.PR.C FORTIS INC. 1ST PR SERIES ‘C’
FTS.PR.E FORTIS INC. 1ST PR SERIES ‘E’