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Fixed Income Quarterly—Outlook
Data Tables
Provinces
Banks (Sub Debt)
Diversified Financials
Infrastructure Oil & Gas
Retail
Telecom/Media
Utilities
Brookfield Renewable Power
Nova Scotia Power FortisBC Energy Inc. TransAlta Corp. Union Gas
Table 4.5
Curve Spreads by Company
2s - 5s Curve
5s - 10s Curve
10s - 30s Curve
2s-5s spreads as of
*Historical Thresholds
5s-10s spreads as of
*Historical Thresholds
10s-30s spreads as of
*Historical Thresholds
31-Mar-14 31-Dec-13
Narrow Wide
31-Mar-14 31-Dec-13
Narrow Wide
31-Mar-14 31-Dec-13
Narrow Wide
Province of B.C. Province of Ontario Province of Quebec
Banks (Senior)
BMO
CIBC National Bank Royal Bank Scotiabank TD Bank
-- -- --
18 20 17 20
17 19
18 21
17 20
19 18
20 12
21 13
25 11
20 12
21 13
20 15
17 20 30 32 34 35 27 27 23 22
17 20 15 21 14 16
39 32 21 36 36 36
-- -- --
9 52 9 50 12 49 8 46
8 46
9 46
34 34 32 38 39 44
43 40 44 40 44 41 42 38 42 40 41 40
44 37 45 38 43 39 44 37 44 37 44 37
42 38 42 44 51 55 52 56 52 56
34 33 34 31 33 31
-- 25 32 30 32
7 38 10 41 15 47
15 42 15 43 22 43 15 41 15 42 15 43
14 16 12 13 15 17
-- -- -- -- -- --
-- -- -- -- -- --
23 28 21 28 24 29 37 46 33 44
28 31
29 30
29 34
--
-- 35 32
- 16 -1 21 5 22
-- -- -- -- -- --
BMO
CIBC National Bank Royal Bank Scotiabank TD Bank
10 42 10 43 11 42 10 42 10 43 10 42
20 47 20 46 20 48 19 46 19 46 19 47
-- -- -- -- -- --
GE Capital Great-West LifeCo. IGM Financial Manulife Financial Sun Life Financial
9 47 10 37 11 45 11 53 11 41
12 56 19 50 22 59 16 76 20 56
8 37 18 51 22 52 24 54 16 72
407 International GTAA
NAV Canada
10 33 12 31 7 31
19 37 21 39 13 35
14 40 15 53 16 44
Canadian Natural Resources EnCana
Suncor Inc.
13 41 12 36 11 36
28 56 25 50 23 50
30 61 23 55 25 55
Pipelines
Alliance Pipeline Limited Partnership Enbridge Inc.
Enbridge Income Fund
Enbridge Pipelines
TransCanada Pipelines
Westcoast Energy
REITs
Calloway REIT
20 16 21 27 21 23 16 20 18 16 36 38
50 54
11 30 11 34 14 47 9 33 9 30 10 32
47 55
33 29 39 35 39 47 37 33 37 31 30 30
45 55
22 45 25 43 31 63 17 37 22 47 20 38
50 96
-- 24 31 -- 27 29 32 33 28 24
--
-- 30 65 -- 18 44 32 61 21 57
--
First Capital Realty H&R REIT
RioCan REIT
50 50 56 55 50 50
43 60 43 58 29 56
47 55 48 56 45 55
54 59 51 56 54 57
44 42 43 44 --
57 66 33 32 36 34 35 34 34 33 34 32 33 32 33 30 68 93 30 27
50 75 50 75 50 60
-- -- --
-- -- --
Canadian Tire Loblaw METRO Inc.
30 34 30 34 --
34 47 28 34 43 34
33 23 18 20 18 19 15 17 18 20 16 19 21 23 16 19 62 59 22 23
26 53 25 48 --
45 75 50 75 50 72
46 55 36 47 48 52
39 32 40 37 --
67 83 31 31 27 30 29 33 25 25 30 31 27 28 31 31 70 63 28 22
45 94 45 94 40 90
Bell Canada TELUS Thomson Corp.
12 48 15 42 11 35
24 65 30 65 --
10 77 20 75 --
15 45
30 67
45 126
CU Inc.
Enbridge Gas Distribution EPCOR Utilities
Gaz Metropolitan
Hydro One
8 31 9 32 11 32 7 34 7 30
15 34 18 37 23 42 15 37 14 35
21 40 19 45 26 56 20 43 21 40
11 32 9 31 14 59 9 29
22 37 18 36 30 86 17 40
25 56 23 61 41 93 16 56
Simple Avg (ex-Provincials/Maples)
26 28
15 42
43 44
26 52
35 40
28 66
Note: Thresholds are based on the historical 10th (Lower) and 90th (Upper) percentile of daily spreads. Source: BMO Capital Markets