|DATAWATCH26/06/20191DATAWATCH|EUROPE27June2019PleaserefertoimportantinformationattheendofthisreportSX5EreshufflemonitorFig.3:Addition/deletionrisksFig.4:Ourestimateofthedividendimpactfrom2020ifaddition/deletioninSep19(SX5Edividendpoints)Sources:Bloomberg,BNPParibasSources:Bloomberg,BNPParibasFig.1:Food&BeveragesectorselectionlistFig.2:Distanceto60%oftheF&BsectorFFmarketcapSources:Bloomberg,BNPParibasSources:Bloomberg,BNPParibasEQUITY&DERIVATIVESAntoineDeix,EquityDerivativeStrategist|BNPParibasArbitrageNaspershasdelayedthelistingofNewcototheAmsterdamstockexchange,therebyremovingtheriskofitsadditiontotheSX5EintheSeptember2019indexreshuffle.However,belowwelistsomeuncertaintiesweseeuntilthe31Augustcut-offdate.ThequarterlyindexreshuffleandsharerebalancingoftheEuroSTOXX50isbasedonatwo-stepselectionprocess:asector-basedlistingfollowedbyalistingbymarketcapitalisation.Astockrankedhigherthan25inMarch,JuneandDecemberandhigherthan40inSeptemberwillautomaticallybeincludedintheindex.Astockrankedlowerthan75inMarch,JuneandDecemberandlowerthan60inSeptemberwillautomaticallyberemoved.Accountingforupcomingdividendsuntilthe31Augustcut-offdate,Unibail(URWNA)iscurrentlyintheautomaticdeletionzone.SocieteGenerale(GLEFP)isthenextlowest-rankedcompanyintheindex(5%aboveURWNA).ThecombineddeletionsofGLEFPandURWNAwouldprobablyrequireRIFPtobeeligiblefortheindex,asthecurrentnextstockrankingbelowURWNAisADYENNAwithaFFmarket25%belowURWNA.PernodRicard(RIFP)stilldoesnotpassthesector-basedfirstfilterbutremainsclosetobeingeligibletoentertheindex.ThesharpunderperformanceofAnheuser-BushInbevin2018hasbroughtPernodRicardclosetobeingeligiblefortheSX5Eselectionlist.RIFPhasbeenintheadditionzone58%ofthetimesince3December2018.-4%-2%0%2%4%6%8%10%Mar18Jun18Sep18Dec18Mar19Jun19ABIBB+BNFP+RIFP>ABIBB+BNFPABIBB+BNFP+RIFP
