| HIMI Index Changes, January 31, 2008 | |||
| Issue | From | To | Because |
| BCE.PR.T | FixFloat | Scraps | Volume |
| FAL.PR.B | FixFloat | Scraps | Volume |
| CM.PR.D | PerpetualDiscount | PerpetualPremium | Price |
| NA.PR.K | PerpetualDiscount | PerpetualPremium | Price |
There were the following intra-month changes:
| HIMI Index Changes during January 2008 | |||
| Issue | Action | Index | Because |
| MIC.PR.A | Deleted | Scraps | Redemption |
| BNS.PR.O | Added | PerpetualPremium | New Issue |
| TD.PR.Q | Added | PerpetualPremium | New Issue |
Just to get back to CCS C for a moment, if you don’t mind, I find it to be a particularly opaque issue, primarily because there is no issued common. As such, it is is difficult to establish non-credit baseline guidelines (yes…I know what the financials are, but still…..). In general, do you care when a company only issues preferreds?
I like companies to issue public common as well as preferreds, if for no other reason than it gives me an early warning system. Equity investors may not be very bright, poor souls, but every now and then they drive down the price of common for a good reason.
If I’m looking at a pref and I see the common’s down 50% in the past month, I’ll check to see whether I think the reasoning’s good!
[…] Assiduous Readers Kaspu and madequota have been watching CCS.PR.C very carefully recently – see the comments to February 1, the comments to the January Index Rebalancing and the comments to February 4. […]