Fixed Income Quarterly—Outlook
Page 23
Relative Value
Chart 3.2
Relative Spread Graph for Selected 10-Year Indicative Spreads
400
350
300
250
200
150
100
50
0
2012
Relative Spreads (10-Year)
STLFAS UOIT MNE SLFSUB
LW
2013 2014
CL RY NFPR BMO
GECCCCDJ HSBCSNR WF IPF HZNHLD ENBI
TA C CPX
AQN REF
BIP
BAM BNNP CWT
H&R SNC
MLISUB PC IGI HSBCSUB
CCDA CCO
A LPU SFWY CWB FC MBT RIOCAN
A LP
TERA BAUNCCA SJR.B EME RCI.B CHPU METRO
PF MFCI SLASUB DESJ SFL BNS CM
BELL
T IPL
TRP EMA
UNG EPCOR FTBC
L THI CTR ENBIF ALG
ECA 407Sub
NA
CWBsr INTACT
GWL TD edghw yFIN
HSE PPL
CPR
RY COV
DPTD NAVSnr
DPRY DPBMO DPNA LOWMA T HY OHI A TLK BCF TH GZM ENBP
SU WE
VAA NAVsub HYO CUI GTAA ETR ENBG TER
AAA AA+ AA AA- A+ A A- BBB+ BBB BBB-
Source: BMO Capital Markets As at March 31, 2014
AA Rated
Issuer Sector Ratings Spread
A Rated
Issuer Sector Ratings Spread
Bank of Montreal (Snr)
Bank of Nova Scotia (Snr) CIBC (Snr)
GE Capital Canada
Great West Lifeco
NAV CANADA (Snr)
Royal Bank of Canada (Snr) Toronto Dominion Bank (Snr)
Banks AA- Banks AA- Banks AA- Diversified Financials AA Diversified Financials AA- Infrastructure AA Banks AA- Banks AA
119 alp 119 desj 119 cui 120 enbg 130 enbi 96 ter 119 gzm 114 gtaa
Alliance Pipeline
Capital Desjardins
CU Inc.
Enbridge Gas Distribution Enbridge Inc.
FortisBC Energy Inc. Gaz Metro
GTAA
10 Year
Pipelines A-
Banks A+
Utilities A+
Utilities A
Pipelines A-
Utilities A-
Utilities A+
Infrastructure A
Utilities A+
Diversified Financials A+
Diversified Financials A+
Banks A+
Diversified Financials A+
Pipelines A-
Utilities A- 109 Banks A+ 126
407 International Inc. (Sub) Bell Aliant
Bell Canada
Canadian Nat. Resources Canadian Tire
EnCana Corp. George Weston Loblaw
Manitoba Telecom Nova Scotia Power Suncor
TELUS Corp. Thomson Corp. TransAlta Corp.
Infrastructure Communications Communications Oil & Gas
Retail
Oil & Gas
Retail
Retail Communications Utilities
Oil & Gas Communications Media
Utilities
BBB 121 BBB 168 BBB+ 150 BBB+ - BBB+ 149 BBB 139 BBB - BBB 159 BBB 181 BBB+ 115 BBB+ 128 BBB+ 143 BBB+ - BBB- 295
158 407Sub 147 baun
100 bell
101 cnq
130 ctr
101 eca 106 wn 100 l
hyo Hydro One
igi IGM Financial
mfci Manulife Financial DPNA National Bank (Snr)
sfl Sun Life
trp TransCanada Pipelines ung Union Gas Ltd.
wf Wells Fargo
99 mbt 160 ema 155 su 122 t 143 toc 110 tac
BBB Rated
Issuer Sector Ratings Spread
Source: BMO Capital Markets
bps