CanPX Corporate Bond Selection Criteria

CanPX Selection Criteria And Coverage

CanPX Governments

The CanPX Governments product includes all Government of Canada Treasury bills and bonds and all Provincial bonds on which markets were made and/or traded through Canadian Inter-Dealer Broker on a cash basis today.

CanPX Corporates

CanPX Corporate Bond Selection Criteria
Selection criteria with respect to institutional securities include trading volumes, whether bonds are included in domestic Canadian corporate bond indices and issue size (with a minimum issue size of Cdn $250 million). Other factors will be considered to attempt to ensure that the list of corporate bonds includes bonds:

issued by issuers among the major industrial groups of issuers;
that are highly liquid (relative to comparables);
that represent a majority of trade flow within the corporate bond markets;
that, as between themselves, include short-term maturities, mid-term maturities and long-term bonds;
from each industry classification, for example, financial, utility, telecom and oil and gas (with at least two from each classification).

The list of corporate bonds should include private sector issuers that are represented in a major corporate bond index and are relatively well-known credits to retail investors. Other factors will be considered to attempt to ensure that the list of corporate bonds includes bonds with a term to maturity of less than five years, that are priced at a discount and that are issued by well-known corporations.

The list also will include the below TSX-listed securities, as agreed with Market Regulation Services (RS);

Corporate Bond List as at November 8, 2012

Issuer	Ticker	Coupon	Maturity	CUSIP
Royal Bank of Canada	RY	2.050	01/13/2015	7800855Q5
National Bank of Canada	NA	2.231	01/30/2015	633067UW1
Canadian Imperial Bank of Commerce	CM	3.100	03/02/2015	13591Z5H9
Royal Bank of Canada	RY	3.180	03/16/2015	780085J49
Met Life Glob Funding 1	MET	2.624	04/10/2015	592179JM8
Bank of Nova Scotia	BNS	2.250	05/08/2015	064149K63
National Bank of Canada	NA	4.030	05/26/2015	63306ZDG3
Canadian Tire Corp Ltd.	CTR	4.950	06/01/2015	13668ZAM0
VW Credit Canada Inc.	VWCC	2.500	06/01/2015	918423AE4
Caisse Centrale Desjardins du Quebec	CCDQ	3.788	06/08/2015	12801ZCC0
407 International Inc.	ETR	3.880	06/16/2015	35085ZBA3
Wells Fargo Financial Canada Corp	NWF	4.380	06/30/2015	94975ZAX4
BMW Canada Inc	BMW	2.640	08/10/2015	05590HAD9
Ford Credit Canada Ltd.	FCC	7.500	08/18/2015	34527ZXA8
Canadian Western Bank	CWB	2.378	09/14/2015	136765AN4
Molson Coors Int LP	COORS	5.000	09/22/2015	60871NAD1
Canadian Imperial Bank of Commerce	CM	3.150	11/02/2015	136069DQ1
Toronto Dominion Bank	TD	3.367	11/02/2015	89116ZAH9
Royal Bank of Canada	RY	3.180	11/02/2015	780085R57
Goldman Sach Group Inc.	GS	4.100	11/03/2015	38141GGK4
HSBC Bank Canada	HSBC	2.572	11/23/2015	40427HSP9
Teranet Holdings Inc.	TERA	3.531	12/16/2015	880789AA0
407 East Development Grp	407E	2.813	12/23/2015	35086RAB9
RBC	RY	3.360	01/11/2016	780085U46
Metlife Global Funding	MET	3.850	01/12/2016	592179JK2
Riocan	RIO	4.499	01/21/2016	766910AR4
Cadillac Fairview Financial	CFV	3.240	01/25/2016	12741RAA7
Toyota Credit Canada Inc.	TCC	3.550	02/22/2016	892329AJ2
BNS	BNS	3.610	02/22/2016	064149D53
Hydro One Inc.	HYD	4.640	03/03/2016	44810ZAQ3
Thomson Reuters Corp	TOC	6.000	03/31/2016	884903BE4
National Bank	NA	3.580	04/26/2016	63306ZDL2
Golden Credit Card Trust	GOLD	3.510	05/15/2016	38088ZAL1
Enbridge Inc.	ENB	5.170	05/19/2016	29251ZAT4
Telus	TEL	3.650	05/25/2016	87971MAP8
Rogers Communications Inc.	RCI	5.800	05/26/2016	775109AM3
GE Capital Canada Funding Co.	GECC	5.100	06/01/2016	36158ZAV8
Sun Life Financial Inc.	SLF	4.950	06/01/2016	866796AB1
American Express Canada	AMEX	3.600	06/03/2016	02580ZAL0
John Deere Canada Funding Inc	DEER	2.300	07/05/2016	47787ZAA0
TD Bank	TD	2.948	08/02/2016	891145QS6
Bank of Montreal	BMO	2.960	08/02/2016	063679SP0
Daimler Canada	DAIM	3.280	09/15/2016	23384NAD9
Bell Aliant Regional Communications	BA	5.410	09/26/2016	07786ZAB3
Trans-Canada Pipelines	TRP	4.650	10/03/2016	89353ZBR8
Calloway	CWAY	5.370	10/12/2016	131253AC0
George Weston Ltd	WN	3.780	10/25/2016	96115ZAW2
CIBC	CM	2.650	11/08/2016	13595ZDS2
Manulife	MFC	4.210	11/18/2016	564835AC0
HSBC Bank Canada	HSBC	2.901	01/13/2017	40427HSM6
Citigroup Inc.	CITI	4.625	01/17/2017	172967DX6
Canadian Western Bank	CWB	3.049	01/18/2017	136765AL8
Ford Credit Canada	FCC	4.875	02/08/2017	34527ABB5
Wells Fargo Fin Canada	NWF	2.774	02/09/2017	94975ZBL9
IBM Corp	IBM	2.200	02/10/2017	459200GY1
Bell Canada	BCE	5.000	02/15/2017	07813ZAU8
Morgan Stanley	MS	4.900	02/23/2017	617446E70
BP Capital Mkts PLC	BPCM	2.744	02/24/2017	05574HAA5
Bank of Nova Scotia	BNS	2.598	02/27/2017	064149J24
Toyota Credit Canada Inc	TCC	2.450	02/27/2017	892329AK9
Sun Life Financial Inc	SLF	4.380	03/02/2017	86682ZAE6
Veresen Inc	VSN	3.950	03/14/2017	92343ZAC9
Telus Corp	TEL	4.950	03/15/2017	87971MAG8
HSBC Bank Canada	HSBC	4.800	04/10/2017	40427HLZ4
National Bank	NA	3.261	04/11/2017	63306ZDM0
Royal Bank of Canada	RY	2.580	04/13/2017	7800857T7
Goldman Sach Group Inc.	GS	5.200	04/19/2017	38141GEZ3
Bank of America Corp.	BOA	5.150	05/30/2017	060505DE1
Greater Toronto Airports Authority	GTAA	4.850	06/01/2017	39191ZAR0
VW Credit Canada Inc.	VWCC	2.900	06/01/2017	918423AD6
Manulife Financial Corp	MFC	4.165	06/01/2017	564835AD8
Caterpillar Financial Services Limited	CAT	2.630	06/01/2017	14911ZAN1
Rogers Communications Inc.	RCI	3.000	06/06/2017	775109AU5
Great-West Life Co.	GWL	5.691	06/21/2017	391382AA6
BCIMC Realty Corp	BCIM	2.650	06/29/2017	07329VAJ9
Bank of Montreal	BMO	2.390	07/12/2017	063679T53
Bank of Nova Scotia	BNS	2.898	08/03/2017	064149M38
Standard Life Co Canada	STDL	3.938	09/21/2017	853585AA5
Molson Coors Int LP	COORS	3.950	10/06/2017	U60901AA0
Toronto Hydro	THYD	5.150	11/14/2017	89119ZAA1
Toronto Dominion Bank	TD	5.763	12/18/2017	89116ZAD8
Encana Corp	ENCA	5.800	01/18/2018	29253ZAD7
Sun Life Financial Inc.	SLF	5.590	01/30/2018	866796AE5
EPCOR Utilities Inc.	EPCU	5.800	01/31/2018	29410ZAG0
Bell Canada	B	4.400	03/16/2018	07813ZAY0
Bank of Montreal	BMO	6.170	03/28/2018	06369ZAY0
Goldman Sachs	GS	5.000	05/03/2018	38141GGP3
Suncor Energy Inc.	SU	5.800	05/22/2018	86721ZAC3
BMO Capital Trust II	BMOT	10.221	12/31/2018	055974AA7
TD Capital Trust III	TDT3	7.243	12/31/2018	87239BAA3
Capital Power LP	CPX	4.850	02/21/2019	14043ZAC6
Enbridge Income Fund	ENBI	4.100	02/22/2019	29254ZAF1
Manulife Financial Corp	MFC	7.768	04/08/2019	56502ZAD9
Brookfield Asset Management	BAM	3.950	04/09/2019	11257ZAB5
Royal Bank of Canada	RY	2.980	05/07/2019	7800858C3
Aimia Inc.	AIM	5.600	05/17/2019	00900QAC7
Altalink Investments LP	LINK	3.674	06/05/2019	02137PAC0
Bell Canada	B	3.350	06/18/2019	07813ZBB9
CIBC Capital Trust	CM	9.976	06/30/2019	12544UAA9
Heathrow Funding Ltd	BAA	4.000	07/03/2019	G0753UAX3
Wells Fargo Financial Canada Corp	NWF	2.944	07/25/2019	94975ZBM7
Canadian Utilities	CU	6.800	08/13/2019	12657ZAA1
Fairfax Financial Holdings Ltd.	FFH	7.500	08/19/2019	303901AQ5
Cameco Corporation	CAMC	5.670	09/02/2019	13321LAG3
GE Capital Canada Funding Co.	GECC	5.680	09/10/2019	36158ZBN5
Shaw Communications Inc.	SHAW	5.650	10/01/2019	82028KAP6
Greater Toronto Airports Authority	GTAA	5.960	11/20/2019	39191ZAV1
Enbridge Inc.	ENB	4.530	03/09/2020	29251ZAW7
Husky Energy Inc.	HSKY	5.000	03/12/2020	448055AH6
Enbridge Pipelines Inc.	ENBP	4.450	04/06/2020	29250ZAL2
Capital Desjardins Inc.	CAPD	5.187	05/05/2020	14006ZAD9
Loblaw Companies Ltd.	L	5.220	06/18/2020	53947ZBT3
CDP Financial	CDPF	4.600	07/15/2020	125094AF9
Telus Corp	TEL	5.050	07/23/2020	87971MAM5
Great-West Life Co.	GWL	4.650	08/13/2020	39138CAG1
Thomson Reuters Corp	TOC	4.350	09/30/2020	884903BJ3
Brookfield Renewable Power Inc.	BRP	5.140	10/13/2020	05573YAD3
Capital Power LP	CPX	5.276	11/16/2020	14043ZAA0
Teranet Holdings Inc.	TERA	4.807	12/16/2020	880789AB8
Cadillac Fairview Financial	CFV	4.310	01/25/2021	12741RAB5
NAV Canada	NAV	4.397	02/18/2021	62895ZAL4
Brookfield Asset Management Inc.	BAM	5.300	03/01/2021	112585AG9
Rogers Communications Inc.	RCI	5.340	03/22/2021	775109AS0
Bell Canada	B	4.950	05/19/2021	07813ZBA1
407 International Inc.	ETR	4.300	05/26/2021	35085ZBC9
Altagas Ltd.	ALTG	3.720	09/28/2021	02138ZAE3
Transcanada pipelines	TRP	3.650	11/15/2021	89353ZBW7
Toronto Hydro	THYD	3.540	11/18/2021	89119ZAD5
Hydro One Inc	HYD	3.200	01/13/2022	44810ZBF6
GE Capital Canada Funding	GECC	4.600	01/26/2022	36158ZBV7
BRP Finance ULC	BRPF	4.790	02/07/2022	05572ZAA7
Cogeco Cable Inc.	CGO	4.925	02/14/2022	19238VAF2
Enbridge Income Fund	ENBI	4.850	02/22/2022	29254ZAG9
Inter Pipeline Fund	IPL	3.776	05/30/2022	45833ZAC4
BCIMC Realty Corp	BCIM	3.510	06/29/2022	07329VAK6
Greater Toronto Airports Authority	GTAA	3.040	09/21/2022	39191ZAZ2
Brookfield Asset Management Inc.	BAM	4.540	03/31/2023	11257ZAC3
Bell Canada	BCE	6.100	03/16/2035	07813ZAT1
Brookfield Asset Management Inc.	BNN	5.950	06/14/2035	10549PAJ0
Metro Inc.	MET	5.970	10/15/2035	59162ZAB8
Loblaw Companies Ltd.	L	5.900	01/18/2036	53947ZAY3
407 International Inc.	ETR	5.750	02/14/2036	35085ZAM8
Enbridge Gas Distribution Inc.	ENB	5.210	02/25/2036	29290ZAE0
Manulife	MFC	5.059	12/15/2036	56502FAA9
Scotiabank Capital Trust	BNST	5.650	12/31/2036	80928BAC0
Suncor Energy Inc.	SU	5.390	03/26/2037	86721ZAB5
Aeroports De Montreal	AMTL	5.670	10/16/2037	007863AF0
GE Capital Canada Funding Co.	GECC	5.730	10/22/2037	36158ZBK1
Trans-Canada Pipelines	TRP	8.050	02/17/2039	89353ZBU1
TD Capital Trust IV	TDT4	10.000	06/30/2039	87239GAB0
Shaw Communications Inc.	SHAW	6.750	11/09/2039	82028KAQ4
CP Railway	CPR	6.450	11/17/2039	13644ZAX5
Enbridge Pipelines Inc.	ENBP	5.330	04/06/2040	29250ZAM0
Nova Scotia Power Inc.	NSP	5.610	06/15/2040	66988ZAZ2
Hydro One Inc	HYD	5.490	07/16/2040	44810ZAY6
Rogers Communications Inc.	RCI	6.110	08/25/2040	775109AQ4
Teranet Holdings Inc.	TERA	5.754	12/17/2040	880789AC6
Greater Toronto Airports Authority	GTAA	5.300	02/25/2041	39191ZAX7
Hydro One Inc	HYD	4.390	09/26/2041	44810ZBD1
Canadian Utilities	CU	4.543	10/24/2041	12657ZAW3
407 ETR	ETR	4.190	04/25/2042	35085ZBF2
Altalink LP	LINK	3.990	06/30/2042	02135ZAF3
OPB Finance Trust	OPBF	3.890	07/04/2042	67103MAA4
Enbridge Inc.	ENB	4.240	08/27/2042	29251ZBB2

CanPX Corporate Bond Selection Process

The list is reviewed quarterly by the CanPX Operating Committee.
New issues are added to, and issues are removed from, the list according to the above criteria.
The number of corporate bonds on the list should be increased over time, subject to the constraints of the technical facilitator.
A proposed revised list is circulated to the Corporate Bond Working Group of the Investment Industry Association of Canada Debt Markets Committee for comments and further revisions or approval.
Upon Debt Markets Committee approval, the approved list will be presented to the CanPX Board, for approval at its next quarterly meeting.
Other parties can suggest adding corporate bonds to the list by e-mailing capitalmarkets@iiac.ca. Proposals will be forwarded to the Corporate Bond Working Group for consideration at the next quarterly update.
Upon CanPX Board approval, the final list is sent to the technical facilitator for implementation and to vendors and to the Ontario Securities Commission (OSC) for information.

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