Standard & Poor’s has announced a massive revision to the S&P/TSX Preferred Share Index, reflecting their new methodology:
These changes will be effective at the open on Monday, July 19, 2010
| TXPR Revision 2010/7 Additions |
|||
| Ticker | HIMIPref™ SubIndex |
DBRS Rating |
Last Index Action |
| BMO.PR.N | FixedReset | Pfd-1(low) | |
| BMO.PR.O | FixedReset | Pfd-1(low) | |
| BMO.PR.K | Perpetual-Discount | Pfd-1(low) | |
| BMO.PR.L | Perpetual-Discount | Pfd-1(low) | |
| BNS.PR.J | Perpetual-Discount | Pfd-1(low) | |
| BNS.PR.K | Perpetual-Discount | Pfd-1(low) | |
| BNS.PR.L | Perpetual-Discount | Pfd-1(low) | |
| BNS.PR.M | Perpetual-Discount | Pfd-1(low) | |
| BNS.PR.O | Perpetual-Discount | Pfd-1(low) | |
| BNS.PR.R | FixedReset | Pfd-1(low) | |
| BNS.PR.T | FixedReset | Pfd-1(low) | |
| BNS.PR.X | FixedReset | Pfd-1(low) | |
| BNS.PR.Y | FixedReset | Pfd-1(low) | |
| BAM.PR.M | Perpetual-Discount | Pfd-2(low) | |
| BAM.PR.N | Perpetual-Discount | Pfd-2(low) | |
| BAM.PR.R | FixedReset | Pfd-2(low) | |
| BPO.PR.L | Scraps (FixedReset) |
Pfd-3(high) | |
| BPO.PR.N | Scraps (FixedReset) |
Pfd-3(high) | |
| BRF.PR.A | Scraps (FixedReset) |
Pfd-3(high) | |
| CM.PR.P | Perpetual-Discount | Pfd-1(low) | |
| CM.PR.D | Perpetual-Discount | Pfd-1(low) | |
| CM.PR.E | Perpetual-Discount | Pfd-1(low) | |
| CM.PR.G | Perpetual-Discount | Pfd-1(low) | |
| CM.PR.J | Perpetual-Discount | Pfd-1(low) | |
| CM.PR.K | FixedReset | Pfd-1(low) | |
| CM.PR.L | FixedReset | Pfd-1(low) | |
| CM.PR.M | FixedReset | Pfd-1(low) | |
| EMA.PR.A | Scraps (FixedReset) |
Pfd-3(high) | |
| FFH.PR.E | Scraps (FixedReset) |
Pfd-3(low) | |
| GWO.PR.I | Perpetual-Discount | Pfd-1(low) | |
| GWO.PR.L | Perpetual-Discount | Pfd-1(low) | |
| AER.PR.A | Scraps (FixedReset) |
Pfd-3 | |
| MFC.PR.B | Perpetual-Discount | Pfd-1(low) | |
| MFC.PR.C | Perpetual-Discount | Pfd-1(low) | |
| PWF.PR.P | FixedReset | Pfd-1(low) | |
| PWF.PR.M | FixedReset | Pfd-1(low) | |
| PWF.PR.D | OpRet | Pfd-1(low) | |
| RY.PR.D | Perpetual-Discount | Pfd-1(low) | |
| RY.PR.G | Perpetual-Discount | Pfd-1(low) | |
| RY.PR.H | Perpetual-Discount | Pfd-1(low) | |
| RY.PR.L | FixedReset | Pfd-1(low) | |
| RY.PR.N | FixedReset | Pfd-1(low) | |
| RY.PR.P | FixedReset | Pfd-1(low) | |
| RY.PR.Y | FixedReset | Pfd-1(low) | |
| RY.PR.A | Perpetual-Discount | Pfd-1(low) | |
| RY.PR.B | Perpetual-Discount | Pfd-1(low) | |
| RY.PR.C | Perpetual-Discount | Pfd-1(low) | |
| RY.PR.E | Perpetual-Discount | Pfd-1(low) | |
| RY.PR.W | Perpetual-Discount | Pfd-1(low) | |
| SLF.PR.E | Perpetual-Discount | Pfd-1(low) | |
| SLF.PR.F | FixedReset | Pfd-1(low) | |
| SLF.PR.G | FixedReset | Pfd-1(low) | |
| SLF.PR.C | Perpetual-Discount | Pfd-1(low) | |
| TD.PR.S | FixedReset | Pfd-1(low) | |
| TD.PR.P | Perpetual-Discount | Pfd-1(low) | |
| TD.PR.R | Perpetual-Discount | Pfd-1(low) | |
| TD.PR.A | FixedReset | Pfd-1(low) | |
| TD.PR.E | FixedReset | Pfd-1(low) | |
| TD.PR.I | FixedReset | Pfd-1(low) | |
| TD.PR.K | FixedReset | Pfd-1(low) | |
| TD.PR.C | FixedReset | Pfd-1(low) | |
| TRP.PR.B | FixedReset | Pfd-2(low) | |
| TRP.PR.C | FixedReset | Pfd-2(low) | |
| TXPR Revision 2010/7 Deletions |
|||
| Ticker | HIMIPref™ SubIndex |
DBRS Rating |
Last Index Action |
| BAM.PR.J | OpRet | Pfd-2(low) | &nsbp; |
| CCS.PR.D | Scraps (FixedReset) |
Pfd-3 | |
| CZP.PR.B | Scraps (FixedReset) |
Pfd-3 | |
| DC.PR.A | Scraps (OpRet) |
Pfd-3 | |
| DW.PR.A | Scraps (OpRet) |
Pfd-3 | |
| FTS.PR.E | Scraps (FixedReset) |
Pfd-3(high) | |
| FTS.PR.G | Scraps (FixedReset) |
Pfd-3(high) | |
| IAG.PR.E | Perpetual-Discount | Pfd-2(high) | |
| IAG.PR.C | FixedReset | Pfd-2(high) | |
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 July 2010 |
|||
| 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!
Well – maybe a quick comment … looks like credit quality will improve significantly … but it depends on the weighting factors they use.
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