{"id":9318,"date":"2010-01-08T19:31:14","date_gmt":"2010-01-08T23:31:14","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=9318"},"modified":"2010-01-08T19:31:14","modified_gmt":"2010-01-08T23:31:14","slug":"txpr-reaches-for-yield","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=9318","title":{"rendered":"TXPR Reaches for Yield"},"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, January 18, 2010<\/p><\/blockquote>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
TXPR Revision 2010\/1
Additions<\/b><\/td>\n<\/tr>\n
Ticker<\/td>\nHIMIPref™
SubIndex<\/td>\n		DBRS
Rating<\/td>\n		Last
Index
Action<\/td>\n<\/tr>\n
ACO.PR.A<\/td>\nOpRet<\/td>\nPfd-2(low)<\/td>\nDeleted
2009-1<\/a><\/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(low)<\/td>\n <\/td>\n<\/tr>\n
DC.PR.B<\/td>\nScraps
(FixedReset)<\/td>\n		Pfd-3(low)<\/td>\n <\/td>\n<\/tr>\n
DW.PR.A<\/td>\nScraps
(OpRet)<\/td>\n		Pfd-3<\/td>\nDeleted
2009-1<\/a><\/td>\n<\/tr>\n
FFH.PR.C<\/td>\nScraps
(FixedReset)<\/td>\n		Pfd-3(low)<\/td>\n <\/td>\n<\/tr>\n
GWO.PR.J<\/td>\nFixedReset<\/td>\nPfd-1(low)<\/td>\n <\/td>\n<\/tr>\n
IAG.PR.E<\/td>\nPerpetual-Premium<\/td>\nPfd-2(high)<\/td>\n <\/td>\n<\/tr>\n
IGM.PR.B<\/td>\nPerpetual-Discount<\/td>\nPfd-2(high)<\/td>\n <\/td>\n<\/tr>\n
NA.PR.O<\/td>\nFixedReset<\/td>\nPfd-2<\/td>\n <\/td>\n<\/tr>\n
POW.PR.C<\/td>\nPerpetual-Discount<\/td>\nPfd-2(high)<\/td>\nDeleted
2009-7<\/a><\/td>\n<\/tr>\n
TCL.PR.D<\/td>\nScraps
(FixedReset)<\/td>\n		Pfd-3(high)<\/td>\n <\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset<\/td>\nPfd-2(low)<\/td>\n <\/td>\n<\/tr>\n
YPG.PR.C<\/td>\nScraps
(FixedReset)<\/td>\n		Pfd-3(high)<\/td>\n <\/td>\n<\/tr>\n<\/table>\n<\/div>\n

<\/p>\n

\n\n\n\n\n\n\n\n\n
TXPR Revision 2010\/1
Deletions<\/b><\/td>\n<\/tr>\n
Ticker<\/td>\nHIMIPref™
SubIndex<\/td>\n		DBRS
Rating<\/td>\n		Last
Index
Action<\/td>\n<\/tr>\n
CL.PR.B<\/td>\nPerpetual-Premium<\/td>\nPfd-1(low)<\/td>\nAdded
2008-7<\/a><\/td>\n<\/tr>\n
ENB.PR.A<\/td>\nPerpetual-Premium<\/td>\nPfd-2(low)<\/td>\nAdded
2008-7<\/a><\/td>\n<\/tr>\n
NA.PR.N<\/td>\nFixedReset<\/td>\nPfd-2<\/td>\nAdded
2008-7<\/a><\/td>\n<\/tr>\n
TCA.PR.X<\/td>\nPerpetual-Discount<\/td>\nPfd-2(low)<\/td>\nAdded
2009-1<\/a><\/td>\n<\/tr>\n
W.PR.J<\/td>\nPerpetual-Discount<\/td>\nPfd-2(low)<\/td>\nAdded
2009-1<\/a><\/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
January 2010<\/td>\n<\/tr>\n
Category<\/td>\nAdds<\/td>\nDeletions<\/td>\nNet<\/td>\n<\/tr>\n
Class<\/td>\n<\/tr>\n
FixedReset<\/td>\n8<\/td>\n1<\/td>\n+7<\/td>\n<\/tr>\n
OpRet<\/td>\n3<\/td>\n0<\/td>\n+3<\/td>\n<\/tr>\n
PerpDis<\/td>\n2<\/td>\n2<\/td>\n0<\/td>\n<\/tr>\n
PerpPrem<\/td>\n1<\/td>\n2<\/td>\n-1<\/td>\n<\/tr>\n
Credit<\/td>\n<\/tr>\n
Pfd-1(low)<\/td>\n1<\/td>\n1<\/td>\n0<\/td>\n<\/tr>\n
Pfd-2(high)<\/td>\n3<\/td>\n0<\/td>\n+3<\/td>\n<\/tr>\n
Pfd-2<\/td>\n1<\/td>\n1<\/td>\n0<\/td>\n<\/tr>\n
Pfd-2(low)<\/td>\n2<\/td>\n3<\/td>\n+1<\/td>\n<\/tr>\n
Pfd-3(high)<\/td>\n2<\/td>\n0<\/td>\n+2<\/td>\n<\/tr>\n
Pfd-3<\/td>\n2<\/td>\n0<\/td>\n+2<\/td>\n<\/tr>\n
Pfd-3(low)<\/td>\n3<\/td>\n0<\/td>\n+3<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

Note: Sorry, folks, but with PrefLetter due out this weekend (among other things), I’m a little pushed for time! I’ll fill in the blanks as soon as I can … but just off the top of my head, it looks like fully half of the additions are below investment grade.<\/i><\/p>\n

Update, 2010-1-9<\/b>: Done!<\/p>\n

Update, 2010-1-11<\/b>: It should be noted that the summary tables do not reflect the year-end deletion of the issues that were redeemed<\/a>, GWO.PR.X (Pfd-1(low), OpRet) and IGM.PR.A (Pfd-2(high), Opret). Thus, the credit quality decline from the last revision is actually more severe than may be inferred from the summary tables of this revision.<\/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-9318","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\/9318","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=9318"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/9318\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9318"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9318"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}