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iShares S&P/TSX Canadian Preferred Share Index ETF (CPD)
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Brookfield Office Properties Inc. Class AAA Preference Shares Series AA (BPO.PR.A)
My understanding is all (12 issues) of the Brookfield Office Property Preferred shares (BPO) were removed from the S&P TSX Preferred Share Index (TXPR) effective Friday January 18 (the quarterly rebalancing date). My understanding is the BPO shares were removed because S&P downgraded them to P-4 on December 21, 2023.
However I can find no mention of this re-balancing event on the S&P website or other news sources. I have previously seen new releases from S&P when companies are added/removed from the S&P TSX 60 and S&P TSX Composite index.
After reviewing the holdings listing for the CPD etf (which tracks TXPR), the BPO shares are now removed.
Is there any other news sources I should be monitoring? This seems to be a material event that S&P did not disclose?
Thanks
Both the S&P/TSX 60 and the S&P/TSX Preferred Share Index (TXPR) are both managed by S&P Dow Jones indices, but they may have different criteria for announcing changes. Looking at the spglobal website for the S&P/TSX 60, we can see in the recent news section that there have been announcements regarding changes in late 2023, however, for the S&P/TSX Preferred Share Index on the spglobal website, there has not been any news published since late 2022. This indicates to us, that spglobal has not been actively reporting on changes to the TXPR index for quite some time.
We find that J. Zechner provides key preferred share commentary on a monthly basis.
Authors of this answer, directors, partners and/or officers of 5i Research and/or affiliated companies have a financial or other interest in CPD.