Fixed Income Quarterly—Outlook
Page 9
Canadian Corporate Debt Issuance
Table 1.1
Canadian Corporate New Issuance Activity – 3 Month Trailing
Size
Issuer Sector (C$ mm) Term Spread 1 Issue Date 2 Coupon Maturity Instrument
Bank of Nova Scotia
AltaGas Ltd.
AltaGas Ltd.
Canadian Western Bank
Manulife Bank of Canada
Cominar Real Estate Investment Trust Algonquin Power Co.
John Deere Canada Funding Inc. First Capital Realty
National Bank of Canada
Dundee Real Estate Investment Trust RioCan REIT
BANK - Big 6 1,500 7 UTIL - Gas/Elec 100 30 UTIL - Gas/Elec 200 10
FIN 300 5 FIN 100 2 REIT 100 7 UTIL - Gas/Elec 200 8 FIN 300 4 REIT 150 11 BANK - Big 6 750 3 REIT 150 6 REIT 150 6 IND 500 12
UTIL - Gas/Elec 50 50 FIN 1,250 7 TEL 300 2 TEL 500 10
INFRA 322 7 REAL ESTATE 350 10 REAL ESTATE 550 10
REIT 250 7 REIT 200 10 REIT 150 7
MAPLE 600 7 REIT 75 11 INFRA 250 7
AUTO 500 5 INS - Big 4 500 5+5 UTIL - Gas/Elec 299 19
BANK - Big 6 750 5 BANK - Big 6 1,750 7 MAPLE 700 7 REIT 100 7 TEL 50 6 REIT 100 6 TEL 250 3 TEL 400 5
TEL 600 10 FIN 150 5 REIT 75 10 PIPE 500 3 PIPE 400 7 PIPE 500 30 BANK - Big 6 1,250 5 AUTO 350 2 UTIL - Gas/Elec 125 5 INFRA 115 32 AUTO 400 4 AUTO 200 3 AUTO 300 5 REIT 125 5 FIN 125 3 PIPE 130 50 RETAIL 450 5
101.0 195.0 159.0 112.0 3M BA+40 275.0 230.0 75.0 207.0 73.0 210.0 160.0 220.0 132.0 107.0
3M BA + 185.0 150.3 188.0 183.0 160.0 190.0 175.0 162.0 205.0
82.0 125.0 114.0 190.0 79.0 97.0 128.0 195.0 n/a 260.0
3M BA + 120.0 165.0 230.0 184.0 3M BA + 114.0 155.0
79.0 3M BA + 3M BA + 170.0
83.0 63.0 78.0 200.0
3M BA + 160.0 115.0
10-Jan-2014 13-Jan-2014 13-Jan-2014 14-Jan-2014 14-Jan-2014 16-Jan-2014 17-Jan-2014 17-Jan-2014 20-Jan-2014 20-Jan-2014 21-Jan-2014 23-Jan-2014 28-Jan-2014 29-Jan-2014 30-Jan-2014 31-Jan-2014 31-Jan-2014 03-Feb-2014 04-Feb-2014 04-Feb-2014 06-Feb-2014 06-Feb-2014 11-Feb-2014 12-Feb-2014 18-Feb-2014 18-Feb-2014 23-Dec-3724 21-Feb-2014 28-Feb-2014 03-Mar-2014 04-Mar-2014 05-Mar-2014 05-Mar-2014 05-Mar-2014 07-Mar-2014 10-Mar-2014 10-Mar-2014 10-Mar-2014 11-Mar-2014 11-Mar-2014 11-Mar-2014 11-Mar-2014 11-Mar-2014 14-Mar-2014 18-Mar-2014 21-Mar-2014 21-Mar-2014 26-Mar-2014 26-Mar-2014 26-Mar-2014 27-Mar-2014 27-Mar-2014 28-Mar-2014 28-Mar-2014
3.27% 11-Jan-2021 5.16% 13-Jan-2044
Deposit Notes
Medium Term Note
Medium Term Note
Deposit Notes
Senior Unsecured
Senior Unsecured Debentures (Re-open) Senior Unsecured Debentures Medium Term Note
Senior Unsecured Debentures Deposit Notes
Senior Unsecured Debentures Senior Unsecured Debentures Medium Term Notes
Medium Term Notes
Medium Term Notes
Sr Unsecured Note
Sr Unsecured Note
Senior Secured Debentures
1st Mortgage Bond
1st Mortgage Bond
Senior Unsecured Debenture Senior Unsecured Debenture Senior Unsecured Debentures Maple Bond
Senior Unsecured Debentures (Re-open) Senior Unsecured Notes
Senior Unsecured Notes Subordinated Fixed Floater Senior Secured Debentures Deposit Notes
Deposit Notes
Maple Bond
Senior Unsecured Notes
Senior Unsecured Notes
Senior Unsecured Debentures (Re-open) Senior Notes
Senior Notes
Senior Notes
Senior Secured Notes
Senior Unsecured Debentures (Re-open) Medium Term Notes
Medium Term Notes
Medium Term Notes
Deposit Notes
Senior Unsecured Notes Medium Term Notes
Senior Unsecured Notes
Senior Unsecured
Senior Unsecured
Senior Unsecured
Senior Unsecured
Senior Unsecured
Medium Term Notes
Senior Unsecured
Brookfield Asset Management Hydro One Inc.
Wells Fargo Canada Corp. Shaw Communications Inc. Shaw Communications Inc. LeisureWorld Senior Care LP West Edmonton Mall Property West Edmonton Mall Property Choice Properties Real Estate Choice Properties Real Estate Calloway REIT
69
4.40% 3.077% 3M BA+40 4.94% 4.65% 2.3% 4.79% 2.02% 4.07% 3.62% 4.82% 4.29% 3.04% 3M BA + 69 4.35% 3.47% 4.31% 4.06% 3.50% 4.29% 3.75% 3.55% 4.790% 2.75% 2.94% 2.81% 4.47% 2.43% 2.86% 3.19% 3.96% 6.00% 4.94% 3M BA + 60 2.80% 4.00% 3.96% 4.79% 3M BA + 45 3.16% 4.57% 2.46% 3M BA + 55 3M BA + 35 4.62% 2.27% 1.73% 2.33% 3.75% 3M BA + 40 4.56% 2.85%
15-Mar-2024 14-Jan-2019 18-Jan-2016 27-Jul-2020 15-Feb-2022 17-Jan-2018 30-Aug-2024 13-Apr-2017 21-Jan-2020 01-Jun-2020 28-Jan-2026 29-Jan-2064 29-Jan-2021 01-Feb-2016 31-Jan-2024 03-Feb-2021 13-Feb-2024 13-Feb-2024 08-Feb-2021 08-Feb-2024 11-Feb-2021 12-Feb-2021 30-Aug-2024 18-Feb-2021 19-Feb-2019 21-Feb-2024 31-Mar-2033 04-Mar-2019 04-Mar-2021 05-Mar-2021 01-Jun-2021 05-Mar-2020 27-Jul-2020 13-Mar-2017 13-Mar-2019 13-Mar-2024 11-Mar-2019 30-Aug-2024 13-Mar-2017 11-Mar-2021 11-Mar-2044 14-Mar-2019 18-Mar-2016 21-Mar-2019 31-Mar-2046 26-Mar-2018 26-Sep-2016 26-Sep-2018 27-Mar-2019 27-Mar-2017 28-Mar-2064 01-Apr-2019
Inc.
Inc.
Investment Trust Investment Trust
Goldman Sachs Group, Inc.
First Capital Realty
Canadian National Railway Company Ford Credit Canada Ltd.
Manufacturers Life Insurance Company InPower BC General Partnership
Bank of Montreal
Royal Bank of Canada
JP Morgan Chase & Co.
Crombie REIT
Cogeco Inc.
Cominar Real Estate Investment Trust Rogers Communications Inc.
Rogers Communications Inc.
Rogers Communications Inc.
MCAP Commercial LP
First Capital Realty
Enbridge Inc.
Enbridge Inc.
Enbridge Inc.
Bank of Nova Scotia
Ford Credit Canada Ltd.
Hydro One Inc.
Plenary Justice Okanagan LP
Daimler Canada Finance
BMW Canada Inc.
BMW Canada Inc.
Artis Real Estate
Manulife Bank of Canada
Enbridge Inc.
Tim Hortons Inc.
60
45
55 35
40
Total $20,541
New issuance with settlement dates in Q1 2014
Notes: (1) Indicative spread versus curve; (2) First settlement date
Source: BMO Capital Markets, Bloomberg
Industry: ABS: Asset-Backed Security, AUTO: Auto, BANK: Bank, CABLE: Cable, FIN: Financial Services & Other Financials, IND: Industrial Products, INFRA: Infrastructure, INS: Insurance, MAPLE: Maple Issuer, M&M: Metals and Mining, O&G: Oil and Gas, OTHER: Other, PIPE: Pipeline, PFA: Pension Fund Agency, PP: Printing and Publishing, REAL ESTATE: Real Estate, RETAIL: Retailer, TEL: Telecom, UTIL: Gas/ Elec: Gas and Electric Utility