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 2010/7Additions |
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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 2010/7Deletions |
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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 |
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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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