FTSE Russell recently announced the introduction of the FTSE TMX Canada NVCC Bond Index, the first index of its kind. The index tracks the issuance and performance of Non-Viable Contingent Capital (NVCC) securities.

NVCC securities were introduced in Canada two years ago to help banks strengthen their capital ratios and meet requirements of the Basel III Accord. The instruments contain a protective mechanism for converting them into common shares if a bank’s viability is threatened.

As of November 30, 2016, the index had 14 issues from 5 issuers as well as a market capitalization of approximately $15.6 billion.

Also read: TD to issue NVCC preferred shares