Page 32
Fixed Income Quarterly—Outlook
Dex Universe Corporate Bond Index
Table 6.1
Total Return and Spread Change: YTD 2014
Short Mid Long Broad
Sector
Return
Spread (bps)
Return
Spread (bps)
Return
Spread (bps)
Return
Spread (bps)
MoM
YTD
MoM
YTD
MoM
YTD
MoM
YTD
MoM
YTD
MoM
YTD
MoM
YTD
MoM
YTD
All Corporates
0.07%
1.39%
-1.90
-8.59
0.11%
3.85%
-4.99
-13.90
0.29%
6.06%
-3.31
-9.33
0.13%
2.95%
-2.98
-8.68
Communication - Media Communication - Telecommunication Energy - Distribution
Energy - Exploration
Energy - Generation
Energy - Pipelines
Financial - Auto Finance
Financial - Bank
Financial - Insurance
Financial - Services
Infrastructure - Health
Infrastructure - Transportation Infrastructure - Utility
Other
Real Estate
Retail
Securitization
0.15% 0.16% 0.04% 0.15% 0.23% 0.11% 0.07% 0.03% 0.16% 0.08% 0.20% 0.05% 0.07% 0.17% 0.31% 0.18% 0.07%
0.99% 1.42% 1.31% 1.69% 1.95% 1.34% 1.50% 1.32% 1.55% 1.44% 1.04% 1.27% 1.53% 1.72% 2.31% 1.58% 1.10%
-3.67 -4.98 -2.41 -2.24 -7.87 -4.61 -3.53 -0.60 -5.74 -2.14 -8.38 -2.81 -3.51 -3.00
-12.72 -3.30 -2.31
-14.23 -13.09 -4.69 -9.89 -9.15 -4.10 -5.99 -8.07 -13.61 -8.11 -12.89 -8.15 -6.87 -15.15 -19.57 -12.39 -9.70
0.24% 0.20% -0.07% 0.25% 0.19% 0.00%
0.01% 0.19% 0.09% -0.01% -0.09% -0.10% 0.31% 0.15% 0.47%
4.11% 4.05% 3.56% 3.32% 4.42% 3.69% 0.42% 3.48% 3.73% 3.40% 0.39% 3.23% 3.83% 4.17% 4.37% 4.84%
-7.22 -5.16 -1.12 -8.70 -5.63 -1.51
-6.75 -6.67 -5.87 -4.45 -3.26 -1.92 -7.29 0.03 -2.74
-17.11 -13.82 -3.95 -12.56 -18.17 -5.01
-22.01 -15.61 -10.31
-8.33
-7.43 -18.69 -6.50 -14.43
1.75% 0.83% 0.11% 0.33% -0.02% 0.21%
0.35% 0.44% 0.57% 0.12% 0.06% 0.06% 0.76% -0.65% 1.10%
8.72% 6.48% 5.97% 5.55% 5.32% 5.70%
6.12% 6.21% 5.96% 5.83% 5.42% 6.15% 7.05% 4.82% 7.94%
-14.23 -7.34 -2.20 -4.80 0.10 -2.31
-3.25 -5.08 -6.22 -0.67 -0.71 -1.87 0.62 6.04
-10.75
-28.20 -13.21 -5.58 -4.49 -14.29 -7.18
-12.81 -10.60 -8.55 -11.48 -6.12 -6.00 -10.46 -4.14 -26.26
0.52% 0.35% 0.07% 0.22% 0.11% 0.10% 0.07% 0.04% 0.22% 0.13% 0.12% 0.03% 0.03% 0.30% 0.15% 0.54% 0.07%
4.17% 3.75% 4.92% 2.79% 4.40% 3.87% 1.51% 1.70% 3.05% 2.33% 5.12% 4.22% 4.83% 3.60% 3.53% 4.58% 1.10%
-7.15 -6.13 -2.60 -3.49 -3.86 -2.22 -3.53 -1.18 -5.86 -3.15 -2.02 -1.65 -2.22 -9.75 -5.15 -9.25 -2.31
-17.24 -13.30 -5.43 -8.28 -16.97 -5.69 -5.99 -8.06 -13.96 -7.20 -6.56 -6.73 -5.22 -17.80 -8.98 -20.22 -9.70
Short Mid Long Broad
Bank Debt
Return
Spread (bps)
Return
Spread (bps)
Return
Spread (bps)
Return
Spread (bps)
MoM
YTD
MoM
YTD
MoM
YTD
MoM
YTD
MoM
YTD
MoM
YTD
MoM
YTD
MoM
YTD
Bank - Covered Bank - Senior Bank - Sub Bank - Tier 1 Bank - Tier 2A
0.00% -0.01% 0.13% 0.06% 0.20%
1.43% 1.31% 1.16% 1.71% 1.50%
9.29 0.34 -3.92 -3.06 -6.97
-0.24
-7.07 -12.88 -9.88 -13.21
-0.02% 0.00% 0.05%
3.62% 3.47% 3.31%
-5.82 -4.56 -5.37
-12.09 -17.03 -15.60
0.15% 0.25% 0.52%
5.98% 4.92% 6.41%
-2.09 -2.96 -5.24
-15.79 -8.82 -12.89
0.00% 0.00% 0.11% 0.13% 0.20%
1.43% 1.56% 1.62% 3.11% 1.50%
9.29 -0.06 -4.02 -4.25 -6.97
-0.24
-6.17 -13.46 -11.69 -13.21
Source: PC Bond, a business unit of TSX Inc. As at March 31, 2014