{"id":7218,"date":"2009-07-10T20:08:45","date_gmt":"2009-07-11T00:08:45","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=7218"},"modified":"2009-07-10T20:08:45","modified_gmt":"2009-07-11T00:08:45","slug":"sp-announces-txpr-index-revision","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=7218","title":{"rendered":"S&P Announces TXPR Index Revision"},"content":{"rendered":"

Standard & Poor’s has announced<\/a> (although not yet on their official index news page<\/a>):<\/p>\n

the following index changes as a result of the semi-annual S&P\/TSX Preferred Share Index Review. These changes will be effective at the open on Monday, July 20, 2009<\/p><\/blockquote>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
TXPR Revision 2009\/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.P<\/td>\nFixedReset<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
BCE.PR.F<\/td>\nScraps
(FixFloat)<\/td>\n		Pfd-3(high)<\/td>\nDeleted
July 2008<\/a><\/td>\n<\/tr>\n
BAM.PR.P<\/td>\nFixedReset<\/td>\nPfd-2(low)<\/td>\n <\/td>\n<\/tr>\n
CCS.PR.D<\/td>\nScraps
(FixedReset)<\/td>\n		Pfd-3<\/td>\n <\/td>\n<\/tr>\n
CIU.PR.B<\/td>\nFixedReset<\/td>\nPfd-2(high)<\/td>\n <\/td>\n<\/tr>\n
FTS.PR.E<\/td>\nScraps
(OpRet)<\/td>\n		Pfd-3(high)<\/td>\nDeleted
Jan. 2009<\/a><\/td>\n<\/tr>\n
HSB.PR.E<\/td>\nFixedReset<\/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
MFC.PR.E<\/td>\nFixedReset<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
MFC.PR.D<\/td>\nFixedReset<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
RY.PR.R<\/td>\nFixedReset<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
RY.PR.X<\/td>\nFixedReset<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
TD.PR.G<\/td>\nFixedReset<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
WN.PR.E<\/td>\nScraps
(PerpDis)<\/td>\n		Pfd-3<\/td>\n <\/td>\n<\/tr>\n
WN.PR.C<\/td>\nScraps
(PerpDis)<\/td>\n		Pfd-3<\/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\n\n\n\n\n
TXPR Revision 2009\/7
Deletions<\/b><\/td>\n<\/tr>\n
Ticker<\/td>\nHIMIPref™
SubIndex<\/td>\n		DBRS
Rating<\/td>\n		Last
Index
Action<\/td>\n<\/tr>\n
BMO.PR.L<\/td>\nPerpDis<\/td>\nPfd-1(low)<\/td>\nAdded
Jan. 2009<\/a><\/tr>\n
BCE.PR.C<\/td>\nScraps
(FixFloat)<\/td>\n		Pfd-3(high)<\/td>\n <\/td>\n<\/tr>\n
BAM.PR.O<\/td>\nOpRet<\/td>\nPfd-2(low)<\/td>\nAdded
Jan. 2009<\/a><\/td>\n<\/tr>\n
FTS.PR.C<\/td>\nScraps
(OpRet)<\/td>\n		Pfd-3(high)<\/td>\nAdded
Jan. 2009<\/a><\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nPerpDis<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nPerpDis<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
NSI.PR.D<\/td>\nScraps
(OpRet)<\/td>\n		Pfd-2(low)<\/td>\nAdded
Jan. 2009<\/a><\/td>\n<\/tr>\n
POW.PR.C<\/td>\nPerpDis<\/td>\nPfd-2(high)<\/td>\nAdded
July 2007<\/a><\/td>\n<\/tr>\n
RY.PR.B<\/td>\nPerpDis<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
RY.PR.W<\/td>\nPerpDis<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
TD.PR.S<\/td>\nFixedReset<\/td>\nPfd-1(low)<\/td>\nAdded
July 2008<\/a><\/td>\n<\/tr>\n
TCA.PR.Y<\/td>\nPerpDis<\/td>\nPfd-2(low)<\/td>\n <\/td>\n<\/tr>\n
WN.PR.A<\/td>\nPerpDis<\/td>\nPfd-3<\/td>\n <\/td>\n<\/tr>\n
"Deletions" without a listed "Prior Action" are Originals<\/a><\/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
TXPR
Net Changes by Issue
July 2009<\/td>\n<\/tr>\n
Category<\/td>\nAdds<\/td>\nDeletions<\/td>\nNet<\/td>\n<\/tr>\n
Class<\/td>\n<\/tr>\n
FixedReset<\/td>\n11<\/td>\n1<\/td>\n+10<\/td>\n<\/tr>\n
FixFloat<\/td>\n1<\/td>\n1<\/td>\n0<\/td>\n<\/tr>\n
OpRet<\/td>\n1<\/td>\n3<\/td>\n-2<\/td>\n<\/tr>\n
PerpDis<\/td>\n2<\/td>\n8<\/td>\n-6<\/td>\n<\/tr>\n
Credit<\/td>\n<\/tr>\n
Pfd-1(low)<\/td>\n6<\/td>\n6<\/td>\n0<\/td>\n<\/tr>\n
Pfd-2(high)<\/td>\n3<\/td>\n1<\/td>\n+2<\/td>\n<\/tr>\n
Pfd-2(low)<\/td>\n1<\/td>\n3<\/td>\n-2<\/td>\n<\/tr>\n
Pfd-3(high)<\/td>\n2<\/td>\n2<\/td>\n0<\/td>\n<\/tr>\n
Pfd-3<\/td>\n3<\/td>\n1<\/td>\n+2<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

All in all – and bearing in mind that I am not looking at the (unavailable) weightings, only at the issue counts – it looks like the index is increasingly dominated by the FixedReset structure, and that credit quality has declined marginally.<\/p>\n

Thank you S&P! I LOVE indices that are easy to beat! The churning helps a lot, too … keep it going!<\/p>\n","protected":false},"excerpt":{"rendered":"

Standard & Poor’s has announced (although not yet on their official index news page): the following index changes as a result of the semi-annual S&P\/TSX Preferred Share Index Review. These changes will be effective at …<\/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-7218","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\/7218","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=7218"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/7218\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7218"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7218"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7218"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}