Fixed Income Quarterly—Outlook
Page 25
Data Tables
Table 4.1
Indicative Spread Changes – Q1 2014
Indicative 2-Year (bps)
Indicative 5-Year (bps)
31-Mar-14 Cash BA
Absolute Change Cash BA
31-Mar-14 Cash BA
Absolute Change Cash BA
Cash Thresholds* Lower Upper
Cash Thresholds* Lower Upper
Canada Yield Provinces
Province of B.C. Province of Ontario Province of Quebec
ABS**
Big Candian Banks Credit Card
Glacier Credit Card
Banks (Senior)
BMO
CIBC National Bank Royal Bank Scotiabank TD Bank
Banks (Sub debt)
BMO
CIBC National Bank Royal Bank Scotiabank TD Bank
Diversified Financials
GE Capital Great-West LifeCo. IGM Financial Manulife Financial Sun Life Financial
Infrastructure
407 International GTAA
NAV Canada (Senior)
Oil & Gas
Canadian Natural Resources EnCana
Suncor
Pipelines
Alliance Pipeline Limited Partnership Enbridge Inc.
Enbridge Income Fund
Enbridge Pipelines
TransCanada Pipelines
Westcoast Energy
REITs
Calloway REIT First Capital Realty H&R REIT
RioCan REIT
Retail
Canadian Tire Loblaw METRO Inc. Molson Coors
Telecom/Media
Bell Canada TELUS Thomson
Utilities
Brookfield Renewable Power CU Inc.
Enbridge Gas Distribution EPCOR Utilities FortisAlberta
Gaz Metropolitan Hydro One
Nova Scotia Power TransAlta Corp. Union Gas
1.07%
-- -- --
62 31 69 38
59 28 59 28 62 31
60 29
61 30
55 24
77 46
78 47
82 51 77 46 77 46 74 43
62 31 59 28
76 45
77 46
69 38
53 22 52 21 50 19
62 31 93 62 62 31
106 75 71 40 96 65 51 20 56 25 64 33
93 62 81 50 101 70 86 55
65 34 78 47 -- --
72 41 72 41 75 44
103 72 50 19 48 17 60 29 -- 55 24 50 19 62 31 166 135 58 27
1.70%
31 - 50 - 53 -
71 37 79 45
76 42 76 41 79 44 78 43 78 43 74 39
97 62 99 64 107 72
97 62
98 63
94 59
79 44 89 54 110 75 104 69 92 57
70 35 67 32 64 29
101 66 114 79 98 63
126 91 92 57 117 82 67 32 74 39 100 65
143 108 131 96 157 122 136 101
95 61 108 74 113 79 115 81
106 72 100 66 118 83
136 101 68 33 66 31 75 40
72 37
73 38
66 31 83 48 228 193 80 45
-- -- --
(7) (12)
(8) (13)
(5) (10) (5) (10) (4) (9) (4) (9)
(4) (8)
(5) (10)
(19) (23) (19) (23) (21) (26) (19) (23) (19) (23) (16) (20)
(4) (9) (1) (6) (1) (6) (1) (6) (1) (6)
0 (5) (1) (6) 0 (5)
(16) (20) 94 (12) (16)
(8) (13) 0 (5) 50 0 (5)
(8) (13)
(9) (14)
(18) (22)
(19) (23)
(26) (30) (17) (21)
(17) (22) (17) (22) -- --
(5) (10) (6) (11) (16) (21)
(10) (15) (1) (6) 0 (5) (1) (6) -- (1) (6) (1) (6) (1) (6) (8) (13) (8) (13)
-- -- --
28 143 68 293
25 136 28 146 24 184 18 110 18 110 25 126
24 153
25 166
30 187 24 145
24 144
25 145
20 154 26 147 31 179 55 200 32 195
23 99 31 111 22 93
36 144 28 144 27 135
37 169 28 126 92 258
25 114
26 120
33 124
102 242 89 242 112 251 70 350
69 220 74 270 -- --
28 315 40 185 26 175
55 315 23 92 25 114 35 135 -- 24 101 20 86 35 119 51 282 29 115
4- 9- 10 -
(12) (13) (12) (13)
(7) (8)
(8) (9)
(7) (7)
(8) (8)
(6) (7) (5) (5)
(11) (11) (11) (11) (7) (7) (11) (11) (11) (11) (11) (11)
(8) (8) (4) (4) (3) (3) (2) (2) (1) (1)
(4) (4) (8) (8) (3) (3)
(9) (9) (7) (7) (12) (12)
(5) (5) (7) (7) 32 (5) (5) (7) (7) (12) (12)
(22) (22) (19) (19) (25) (25) (17) (17)
(21) (22) (21) (22) (8) (9) (19) (20)
(18) (19) (12) (13) (8) (8)
(1) (1) (4) (4) (2) (2)
(4) (4)
(5) (5)
(4) (4)
(5) (5)
(4) (4) (6) (6) (10) (10)
12 59 13 63 19 66
28 135 30 174
35 163 37 174 39 220 27 135 28 134 35 150
36 185 37 195 43 216 36 182 36 182 37 182
30 190 38 173 46 195 72 244 44 238
35 120 44 126 31 106
51 180 40 175 39 165
53 191 42 156 53 252 36 139 38 150 46 148
156 289 115 525 175 294 99 400
101 256 106 315 102 300 121 275
42 350 60 207 37 208
70 360 33 109 36 139 48 161 42 119 33 118 30 98 50 139 66 306 41 130
Domestic Corporate Avg. (Excluding Maples) (7)
(9)
* Thresholds are based on the historical 10th (Lower) and 90th (Upper) percentile of daily spreads; ** ABS spreads are 3- and 5-Year. R - Restricted
Source: BMO Capital Markets