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Appendix – Spread Graphs
Chart A1: Corporate Avg. Spread vs. Ontario Yield (5-Year) 5 Year Term
Fixed Income Quarterly—Provincial Perspectives
Chart A4: Ontario Spread vs. Canada Yield (5-Year) 5 Year Term
6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0%
100% 6.0% 90%
5.0%
80%
70%
60%
50% 3.0% 40%
80% 70% 60% 50% 40% 30% 20% 10% 0%
2011
Ontario Spread as % of Canada Yield (Right Axis)
Ontario Spread as a % of Canada Yield Ontario Spread as a % of Canada Yield Ontario Spread as a % of Canada Yield
0% 0.0%
2013 2004 2005
Canda 5 Year Yield (Left Axis)
2006
2007
2008
Ontario 5 Year Yield (Left Axis)
2010
2004 2005
2008
2009
2010
Corporate Average Yield (Left Axis)
2007
Corporate Average Spread as % of Ontario Yield (Right Axis)
2011
2012
Ontario 5 Year Yield (Left Axis)
Corporate Average includes indicative spreads for GTAA 5-year, BMO Deposit Notes 5-Year and Hydro One 5-Year
Source: BMO Capital Markets
Chart A2: Corporate Avg. Spread vs. Ontario Yield (10-Year) 10 Year Term
Source: BMO Capital Markets
Chart A5: Ontario Spread vs. Canada Yield (10-Year) 10 Year Term
9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0%
90% 6.0% 80%
70%
60% 4.0% 50%
70% 60% 50% 40% 30% 20% 10%
0% Ontario Spread as % of Canada Yield (Right Axis)
2004 2005
2006
2008
2009
2010
Corporate Average Yield (Left Axis)
2007
Corporate Average Spread as % of Ontario Yield (Right Axis)
20%
10% 1.0%
0%
2013 0.0%
2011
2012
2004 2005
Canada 10 Year Yield (Left Axis)
2007
Ontario 10 Year Yield (Left Axis)
Ontario 10 Year Yield (Left Axis)
2006
2008
2009
2010
2011
2012
2013
Corporate Average includes indicative spreads for GTAA 10-year, TransCanada PipeLines 10-Year and Hydro One 10-Year
Source: BMO Capital Markets
Chart A3: Corporate Avg. Spread vs. Ontario Yield (30-Year) 30 Year Term
Source: BMO Capital Markets
Chart A6: Ontario Spread vs. Canada Yield (30-Year) 30 Year Term
Corporate Spread as a % of Ontario Yield Corporate Spread as a % of Ontario Yield Corporate Spread as a % of Ontario Yield
9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0%
90% 80% 70% 60% 50% 40% 30% 20% 10% 0%
7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0%
2004 2005
Canada 30 Year Yield (Left Axis)
2007 2008
Ontario 30 Year Yield (Left Axis)
60% 50% 40% 30% 20% 10%
0% Ontario Spread as % of Canada Yield (Right Axis)
2004 2005
2006
2008
2009
2010
Corporate Average Yield (Left Axis)
2013
2006
2009
2012
2013
30%
20%
10%
4.0%
2.0%
1.0%
40%
30%
5.0%
3.0%
2.0%
2007
Corporate Average Spread as % of Ontario Yield (Right Axis)
2006
2009
2010
2011
2012
2013
2011
2012
Ontario 30 Year Yield (Left Axis)
Corporate Average includes indicative spreads for GTAA 30-year, TransCanada PipeLines 30-Year and Hydro One 30-Year Source: BMO Capital Markets
Source: BMO Capital Markets
Yield (%) Yield (%) Yield (%)
Yield (%) Yield (%) Yield (%)