PrefBlog

The preferred shares Dividend 15 Split Corp. 2 have been added to the HIMIPref™ universe.

Details (as reported on PrefInfo) are:

Name:

• DF.PR.A

• Dividend 15Splt 2 Pr
• Dividend 15 Split Corp. II Pr

Redemptions: None

Retraction / Maturity : 2014-12-01 at 10.00

Other data:

• Payments are Dividends : Yes
• Cumulative Dividends : Yes
• SplitShare Corp : Yes

The issue has been rated Pfd-2 by DBRS since its listing 2006-11-16. Asset coverage as of May 15, 2008, was 2.1+:1, according to the company.

The issue was noted by Assiduous Reader cowboylutrell in the comments to May 22. The more I thought about the issue, the fewer good reasons I could think of to justify its continued exclusion.

The main argument against inclusion is that, by backdated additions of issues due to their continued good credit quality and liquidity, a certain amount of survivor bias is incorporated into HIMIPref™. I take the view that this sad fact is outweighed by the opportunity of having another tradeable issue.

This entry was posted on Sunday, May 25th, 2008 at 1:46 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.