The indices reported in the Market Action category are experimental.
While the definition of the indices and their composition is expected to be fairly stable, the index levels will change once I have the programming in place to compile historical figures.
There are two requirements for inclusion in a reported index,
- The Average Trading Value as defined by HIMIPref must exceed $25,000 (a daily moving average, with some adjustments to prevent over-estimation), and
- The DBRS rating must be Pfd-2(low) or better
The indices have been defined as:
- Ratchet : All Ratchet Rate preferred during the period in which they are paying a floating rate
- FixedFloater : All Fixed-Floaters during their fixed rate period
- Floating : all Floating Rate issues paying a set percentage of Canadian Prime, during their floating-rate period
- Operating Retractible : all Retractible issues that have been issued by operating companies and pay dividends
- SplitShare : All splitShare issues that pay dividends
- Interest Bearing : All issues that pay interest, regardless of the type of issuer (note that most are currently split shares and all are considered retractible, but “Interest Bearing” trumps)
- Perpetual : All perpetual issues