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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

Posted in Indices and ETFs | 2 Comments »

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’

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CPD Reduces Distribution

Thursday, March 29th, 2012

Blackrock Investments Canada has announced that the regular monthly distribution with record date March 29 and pay date April 5 will be for only $0.062 / share, compared with previous levels of $0.069 / share.

I suggest that shareholders get used to this, because an annual distribution of $0.744 and NAV of 17.16 is a Current Yield of 4.33%, which I suggest is not sustainable even in the short term, given the fund’s large holdings in high-coupon FixedResets, many of which are callable at par in the next two years.

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TXPR Quarterly Rebalancing: January 2012

Friday, January 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, January 23, 2012:

Affected issues are:

TXPR Changes
January 2012
Additions
BAM.PR.Z
ENB.PR.D
GWO.PR.J
IAG.PR.C
MFC.PR.G
SLF.PR.I
TA.PR.F
TCL.PR.D
TXPR Changes
January 2012
Deletions
BCE.PR.B
BCE.PR.T
CM.PR.M
GMP.PR.B
HSB.PR.C
HSB.PR.D
POW.PR.B
PWF.PR.O
TCA.PR.X
TCA.PR.Y

Posted in Indices and ETFs | 1 Comment »

TXPR Quarterly Rebalancing: October 2011

Monday, October 17th, 2011

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, October 24, 2011

Affected issues are:

TXPR Changes
October 2011
Additions
BNS.PR.Z
BCE.PR.K
BPO.PR.I
BPO.PR.R
CU.PR.C
ENB.PR.B
IFC.PR.A
IFC.PR.C
L.PR.A
SLF.PR.H
WN.PR.D
TXPR Changes
October 2011
Deletions
CIU.PR.B
GWO.PR.J
GWO.PR.M
POW.PR.C
REI.PR.A
YLO.PR.A
YLO.PR.B
YLO.PR.C

Posted in Indices and ETFs | 1 Comment »

TXPR Rebalancing: July 2011

Friday, July 8th, 2011

Standard & Poor’s has announced the current revision to the S&P/TSX Preferred Share Index, reflecting their updated methodology:

Standard & Poor’s Canadian Index Operations announces the following index changes as a result of the quarterly S&P/TSX Preferred Share Index Review. These changes will be effective at the open on Monday, July 18, 2011

TXPR Revision 2011/7
Additions
Ticker HIMIPref™
SubIndex		 DBRS
Rating		 Last
Index
Action
BCE.PR.B  
SJR.PR.A  

TXPR Revision 2011/7
Deletions
Ticker HIMIPref™
SubIndex		 DBRS
Rating		 Last
Index
Action
BCE.PR.Y  
BPO.PR.I  
DC.PR.B  
EMA.PR.A  
GWO.PR.F  
IAG.PR.F  
L.PR.A  
TCL.PR.D  
WN.PR.D  

I regret that I do not have time at the moment to fill in all of the empty boxes or to make any comments – but I will! Someday.

Posted in Indices and ETFs | 1 Comment »

CM.PR.H Called For Redemption

Thursday, May 26th, 2011

The Canadian Imperial Bank of Commerce has announced:

its intention to redeem all of its issued and outstanding Non-cumulative Class A Preferred Shares Series 30 for cash. The redemptions will occur on July 31, 2011. The redemption price is $25.75 per Series 30 share.

The $0.30 per share quarterly dividend announced on May 26, 2011 will be the final dividend on the Series 30 shares and will be paid on July 28, 2011 to shareholders of record on June 28, 2011, as previously announced.

Holders of the Series 30 shares should contact the financial institution, broker or other intermediary through which they hold the shares to confirm how they will receive their redemption proceeds.

Update, 2011-7-22: Removed from TXPR.

Posted in Indices and ETFs, Issue Comments | 11 Comments »

TXPR Rebalancing: April 2011

Friday, April 8th, 2011

Standard & Poor’s has announced the current revision to the S&P/TSX Preferred Share Index, reflecting their updated methodology:

These changes will be effective at the open on Monday, April 18, 2011:

TXPR Revision 2010/7
Additions
Ticker HIMIPref™
SubIndex		 DBRS
Rating		 Last
Index
Action
BMO.PR.Q  
BAF.PR.A  
BAM.PR.X  
BPO.PR.J  
DC.PR.A  
FTS.PR.C  
GMP.PR.B  
HSE.PR.A  
MFC.PR.F  
REI.PR.A  
RON.PR.A  
TD.PR.N  
TCA.PR.X  
TCA.PR.Y  

TXPR Revision 2011/1
Deletions
Ticker HIMIPref™
SubIndex		 DBRS
Rating		 Last
Index
Action
None

I regret that I do not have time at the moment to fill in all of the empty boxes or to make any comments – but I will! Someday.

Posted in Indices and ETFs | No Comments »

NA.PR.O Removed from TXPR

Thursday, April 7th, 2011

Standard & Poor’s has announced:

The 5-Year rate reset 1st Preferred shares, Series 24, of National Bank of Canada (TSX:NA.PR.O) are the subject of a $C28.03 cash per share offer and will be removed from the S&P/TSX North American Preferred Stock Index and the S&P/TSX Preferred Share Index after the close of Monday, April 11, 2011.

The Issuer Bid has been reported on PrefBlog. NA.PR.O closed today at 28.72-90, 26×2, after trading 13,787 shares in a range of 27.70-90. Trades executed today for normal settlement will settle after the tender date – I don’t know how active the Special Terms market was.

The other two issues, NA.PR.P and NA.PR.N are not constituents of the TXPR index.

Posted in Indices and ETFs, Issue Comments | No Comments »

TXPR Rebalancing: January 2011

Friday, January 14th, 2011

Standard & Poor’s has announced the current revision to the S&P/TSX Preferred Share Index, reflecting their updated methodology:

These changes will be effective at the open on Monday, January 24, 2011

TXPR Revision 2010/7
Additions
Ticker HIMIPref™
SubIndex		 DBRS
Rating		 Last
Index
Action
ALA.PR.A  
BMO.PR.H  
BAM.PR.B  
BAM.PR.T  
BCE.PR.C  
BCE.PR.G  
BCE.PR.R  
BCE.PR.T  
BCE.PR.Y  
BPO.PR.P  
FFH.PR.G  
FFH.PR.I  
FTS.PR.E  
FTS.PR.H  
GWO.PR.F  
GWO.PR.M  
GWO.PR.N  
IAG.PR.F  
NA.PR.L  
PWF.PR.O  
RY.PR.F  
TA.PR.D  
TD.PR.Q  
TD.PR.Y  
WN.PR.A  

TXPR Revision 2011/1
Deletions
Ticker HIMIPref™
SubIndex		 DBRS
Rating		 Last
Index
Action
None

The net effect of these changes (counting solely by issue count, not by the undisclosed index weight; and counting HIMIPref™ "Scraps" issues according to their bracketted ‘would be’ subindex) are:

TXPR
Net Changes by Issue
January 2011
Category Adds Deletions Net
Class
FixedReset      
OpRet      
PerpDis      
PerpPrem      
Credit
Pfd-1(low)      
Pfd-2(high)      
Pfd-2      
Pfd-2(low)      
Pfd-3(high)      
Pfd-3      
Pfd-3(low)      

I regret that I do not have time at the moment to fill in all of the empty boxes or to make any comments – but I will! Someday.

Posted in Indices and ETFs | No Comments »

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