{"id":147,"date":"2006-10-06T19:47:22","date_gmt":"2006-10-06T23:47:22","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=147"},"modified":"2006-10-06T19:47:22","modified_gmt":"2006-10-06T23:47:22","slug":"dbrs-posts-mass-upgrade-of-banks","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=147","title":{"rendered":"DBRS Posts Mass Upgrade of Banks!"},"content":{"rendered":"<p><a href=\"http:\/\/www.dbrs.com\">DBRS<\/a> has announced a slew of upgrades to the credit rating of bank preferreds:<\/p>\n<table border=\"1\">\n<tr>\n<td>Issuer<\/td>\n<td>Industry<\/td>\n<td>Debt Rated<\/td>\n<td>Action<\/td>\n<td>Rating<\/td>\n<td>Trend<\/td>\n<\/tr>\n<tr>\n<td>Bank of Montreal<\/td>\n<td>Banks &#038; Trusts<\/td>\n<td>Cumulative Preferred Shares<\/td>\n<td>Upgraded<\/td>\n<td>Pfd-1<\/td>\n<td>Stb<\/td>\n<\/tr>\n<tr>\n<td>Scotia Mortgage Investment Corporation<\/td>\n<td>Banks &#038; Trusts<\/td>\n<td>Non-Cumulative Preferred Shares Series A (bsd. on BNS)<\/td>\n<td>Upgraded<\/td>\n<td>Pfd-1<\/td>\n<td>Stb<\/td>\n<\/tr>\n<tr>\n<td>National Bank of Canada<\/td>\n<td>Banks &#038; Trusts<\/td>\n<td>Cumulative Preferred Shares<\/td>\n<td>Upgraded<\/td>\n<td>Pfd-1 (low)<\/td>\n<td>Stb<\/td>\n<\/tr>\n<tr>\n<td>TD Mortgage Investment Corporation<\/td>\n<td>Banks &#038; Trusts<\/td>\n<td>Higher Yielding Bank Related Securities (bsd. on TD Bank)<\/td>\n<td>Upgraded<\/td>\n<td>Pfd-1<\/td>\n<td>Stb<\/td>\n<\/tr>\n<tr>\n<td>Royal Bank of Canada<\/td>\n<td>Banks &#038; Trusts<\/td>\n<td>Non-Cumulative Preferred Shares<\/td>\n<td>Upgraded<\/td>\n<td>Pfd-1<\/td>\n<td>Stb<\/td>\n<\/tr>\n<tr>\n<td>Bank of Nova Scotia<\/td>\n<td>Banks &#038; Trusts<\/td>\n<td>Cumulative Preferred Shares<\/td>\n<td>Upgraded<\/td>\n<td>Pfd-1<\/td>\n<td>Stb<\/td>\n<\/tr>\n<tr>\n<td>Bank of Nova Scotia<\/td>\n<td>Banks &#038; Trusts<\/td>\n<td>Non-Cumulative Preferred Shares<\/td>\n<td>Upgraded<\/td>\n<td>Pfd-1<\/td>\n<td>Stb<\/td>\n<\/tr>\n<tr>\n<td>Canadian Imperial Bank of Commerce<\/td>\n<td>Banks &#038; Trusts<\/td>\n<td>Cumulative Preferred Shares<\/td>\n<td>Upgraded<\/td>\n<td>Pfd-1 (low)<\/td>\n<td>Stb<\/td>\n<\/tr>\n<\/table>\n<p>Well! This creates an exercise in data-entry, doesn&#8217;t it? I won&#8217;t be able to get these done tonight, although I will update prices as normal. I will update this post once the upgrades have been reflected in the HIMIPref\u2122 database &#8211; and this will happen well before the market opens on Tuesday morning.<\/p>\n<p>I don&#8217;t really anticipate much change in HIMIPref\u2122 values as a result of this change, although I will be most interested to see if anything\u00a0happens to the &#8220;Low&#8221; spread! I suspect that the most noticable change will be with CIBC issues since<\/p>\n<ul>\n<li><a href=\"http:\/\/www.prefshares.com\/glossary.html#maxWeightIssuerClass2\">maxWeightIssuerClass2<\/a> will no longer be enforced, and<\/li>\n<li><a href=\"http:\/\/www.prefshares.com\/glossary.html#yieldCurvePremiumCreditClass2\">yieldCurvePremiumCreditClass2<\/a> will no longer be applicable, which will have the effect of making them look cheaper.<\/li>\n<\/ul>\n<p><strong>Update, 2006-10-7<\/strong> : The changes have been processed. There is some discussion of the effects of these changes on calculated values at <a href=\"http:\/\/www.prefblog.com\/?p=148\">Effect of Mass-Bank-Upgrade on Calculated Yield-Curve<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>DBRS has announced a slew of upgrades to the credit rating of bank preferreds: Issuer Industry Debt Rated Action Rating Trend Bank of Montreal Banks &#038; Trusts Cumulative Preferred Shares Upgraded Pfd-1 Stb Scotia Mortgage &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33],"tags":[],"class_list":["post-147","post","type-post","status-publish","format-standard","hentry","category-data-fixes"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/147","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=147"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/147\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=147"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=147"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=147"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}