{"id":11489,"date":"2010-07-10T01:41:06","date_gmt":"2010-07-10T05:41:06","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=11489"},"modified":"2010-07-10T01:41:06","modified_gmt":"2010-07-10T05:41:06","slug":"txpr-rebalancing-july-2010","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=11489","title":{"rendered":"TXPR Rebalancing: July 2010"},"content":{"rendered":"

Standard & Poor’s has announced<\/a> a massive revision to the S&P\/TSX Preferred Share Index, reflecting their new methodology<\/a>:<\/p>\n

These changes will be effective at the open on Monday, July 19, 2010<\/p><\/blockquote>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
TXPR Revision 2010\/7
Additions<\/b><\/td>\n<\/tr>\n
Ticker<\/td>\nHIMIPref™
SubIndex<\/td>\n		DBRS
Rating<\/td>\n		Last
Index
Action<\/td>\n<\/tr>\n
BMO.PR.N<\/td>\nFixedReset<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
BMO.PR.O<\/td>\nFixedReset<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
BMO.PR.K<\/td>\nPerpetual-Discount<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
BMO.PR.L<\/td>\nPerpetual-Discount<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
BNS.PR.J<\/td>\nPerpetual-Discount<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
BNS.PR.K<\/td>\nPerpetual-Discount<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
BNS.PR.L<\/td>\nPerpetual-Discount<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
BNS.PR.M<\/td>\nPerpetual-Discount<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
BNS.PR.O<\/td>\nPerpetual-Discount<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
BNS.PR.R<\/td>\nFixedReset<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
BNS.PR.T<\/td>\nFixedReset<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
BNS.PR.X<\/td>\nFixedReset<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
BNS.PR.Y<\/td>\nFixedReset<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\nPfd-2(low)<\/td>\n <\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\nPfd-2(low)<\/td>\n <\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset<\/td>\nPfd-2(low)<\/td>\n <\/td>\n<\/tr>\n
BPO.PR.L<\/td>\nScraps
(FixedReset)<\/td>\n		Pfd-3(high)<\/td>\n <\/td>\n<\/tr>\n
BPO.PR.N<\/td>\nScraps
(FixedReset)<\/td>\n		Pfd-3(high)<\/td>\n <\/td>\n<\/tr>\n
BRF.PR.A<\/td>\nScraps
(FixedReset)<\/td>\n		Pfd-3(high)<\/td>\n <\/td>\n<\/tr>\n
CM.PR.P<\/td>\nPerpetual-Discount<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
CM.PR.D<\/td>\nPerpetual-Discount<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
CM.PR.E<\/td>\nPerpetual-Discount<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
CM.PR.G<\/td>\nPerpetual-Discount<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
CM.PR.J<\/td>\nPerpetual-Discount<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
CM.PR.K<\/td>\nFixedReset<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
CM.PR.L<\/td>\nFixedReset<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
CM.PR.M<\/td>\nFixedReset<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
EMA.PR.A<\/td>\nScraps
(FixedReset)<\/td>\n		Pfd-3(high)<\/td>\n <\/td>\n<\/tr>\n
FFH.PR.E<\/td>\nScraps
(FixedReset)<\/td>\n		Pfd-3(low)<\/td>\n <\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nPerpetual-Discount<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
GWO.PR.L<\/td>\nPerpetual-Discount<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
AER.PR.A<\/td>\nScraps
(FixedReset)<\/td>\n		Pfd-3<\/td>\n <\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nPerpetual-Discount<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nPerpetual-Discount<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
PWF.PR.M<\/td>\nFixedReset<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
PWF.PR.D<\/td>\nOpRet<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
RY.PR.D<\/td>\nPerpetual-Discount<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
RY.PR.G<\/td>\nPerpetual-Discount<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
RY.PR.H<\/td>\nPerpetual-Discount<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
RY.PR.L<\/td>\nFixedReset<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
RY.PR.N<\/td>\nFixedReset<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
RY.PR.P<\/td>\nFixedReset<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
RY.PR.Y<\/td>\nFixedReset<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
RY.PR.A<\/td>\nPerpetual-Discount<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
RY.PR.B<\/td>\nPerpetual-Discount<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
RY.PR.C<\/td>\nPerpetual-Discount<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
RY.PR.E<\/td>\nPerpetual-Discount<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
RY.PR.W<\/td>\nPerpetual-Discount<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nPerpetual-Discount<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
SLF.PR.F<\/td>\nFixedReset<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nPerpetual-Discount<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
TD.PR.S<\/td>\nFixedReset<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
TD.PR.P<\/td>\nPerpetual-Discount<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
TD.PR.R<\/td>\nPerpetual-Discount<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
TD.PR.A<\/td>\nFixedReset<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
TD.PR.E<\/td>\nFixedReset<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
TD.PR.I<\/td>\nFixedReset<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
TD.PR.K<\/td>\nFixedReset<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
TD.PR.C<\/td>\nFixedReset<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset<\/td>\nPfd-2(low)<\/td>\n <\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\nPfd-2(low)<\/td>\n <\/td>\n<\/tr>\n<\/table>\n<\/div>\n

<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n
TXPR Revision 2010\/7
Deletions<\/b><\/td>\n<\/tr>\n
Ticker<\/td>\nHIMIPref™
SubIndex<\/td>\n		DBRS
Rating<\/td>\n		Last
Index
Action<\/td>\n<\/tr>\n
BAM.PR.J<\/td>\nOpRet<\/td>\nPfd-2(low)<\/td>\n&nsbp;<\/td>\n<\/tr>\n
CCS.PR.D<\/td>\nScraps
(FixedReset)<\/td>\n		Pfd-3<\/td>\n <\/td>\n<\/tr>\n
CZP.PR.B<\/td>\nScraps
(FixedReset)<\/td>\n		Pfd-3<\/td>\n <\/td>\n<\/tr>\n
DC.PR.A<\/td>\nScraps
(OpRet)<\/td>\n		Pfd-3<\/td>\n <\/td>\n<\/tr>\n
DW.PR.A<\/td>\nScraps
(OpRet)<\/td>\n		Pfd-3<\/td>\n<\/td>\n<\/tr>\n
FTS.PR.E<\/td>\nScraps
(FixedReset)<\/td>\n		Pfd-3(high)<\/td>\n <\/td>\n<\/tr>\n
FTS.PR.G<\/td>\nScraps
(FixedReset)<\/td>\n		Pfd-3(high)<\/td>\n <\/td>\n<\/tr>\n
IAG.PR.E<\/td>\nPerpetual-Discount<\/td>\nPfd-2(high)<\/td>\n <\/td>\n<\/tr>\n
IAG.PR.C<\/td>\nFixedReset<\/td>\nPfd-2(high)<\/td>\n <\/td>\n<\/tr>\n<\/table>\n<\/div>\n

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:<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
TXPR
Net Changes by Issue
July 2010<\/td>\n<\/tr>\n
Category<\/td>\nAdds<\/td>\nDeletions<\/td>\nNet<\/td>\n<\/tr>\n
Class<\/td>\n<\/tr>\n
FixedReset<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
OpRet<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
PerpDis<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
PerpPrem<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Credit<\/td>\n<\/tr>\n
Pfd-1(low)<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Pfd-2(high)<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Pfd-2<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Pfd-2(low)<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Pfd-3(high)<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Pfd-3<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n
Pfd-3(low)<\/td>\n <\/td>\n <\/td>\n <\/td>\n<\/tr>\n<\/table>\n<\/div>\n

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!<\/p>\n

Well – maybe a quick comment … looks like credit quality will improve significantly … but it depends on the weighting factors they use.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 Ticker …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-11489","post","type-post","status-publish","format-standard","hentry","category-indices-and-etfs"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/11489","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11489"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/11489\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11489"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11489"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11489"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}