In Canada, debentures usually accrue interest based on 365 calendar days for a year. U.S. issues use a series of 12 30-day months. The TSE has made the necessary changes to its trading system to permit issuers to choose either method of interest calculation.
The first issuer to take advantage of this change is Hurricane Hydrocarbons Ltd. The company's Senior Unsecured notes, due August 4, 2006 (Symbol HHL.DB.U), will commence trading on an accrued interest basis on January 17, 2002 with all bids, offers and trades reflecting only the capital portion of the notes and not the accrued interest.
