Fixed Income Quarterly—Benchmark Barometer Page 19
Table 11.3: Ten Best Mid Performers – Ranked by Relative % Spread Change
Coupon Spread Relative Spread Issue (%) Maturity Par Value Change (bps) Change (%)
Monthly
AltaLink Invest L.P. - 02137PAC0
OMERS Realty Corp. - 68214WAJ7
GE Capital Cda Funding - 36158ZBN5 Brookfield Asset Management Inc. - 11257ZAB5 Canadian Natural Res. Ltd - 13638ZCD5
GE Capital Cda Funding - 36158ZBX3
Nav Canada - 62895ZAJ9
Genworth MI Canada Inc. - 37252BAA0
Bell Canada - 07813ZBB9
SNC Lavalin Group Inc. - 78460TAB1
3.67 3.20 5.68 3.95 3.05 3.55 5.30 5.68 3.35 6.19
06/05/2019 07/24/2020 09/10/2019 04/09/2019 06/19/2019 06/11/2019 04/17/2019 06/15/2020 06/18/2019 07/03/2019
200,000,000 300,000,000 700,000,000 600,000,000 500,000,000 350,000,000 350,000,000 227,900,000
1,000,000,000 340,678,000
-30.17 -13.68 -11.19 -17.34 -13.05 -9.62 -7.32 -16.80 -10.39 -15.02
-21.25% -13.88% -13.25% -11.90% -11.72% -11.70% -10.36% -10.25% -9.43% -9.28%
YTD
AltaLink Invest L.P. - 02137PAC0 Aimia Inc - 00900QAC7
First Capital Realty Inc. - 31943BBF6 Bell Canada - 07813ZBB9
First Capital Realty Inc. - 31943BBE9
OMERS Realty Corp. - 68214WAJ7
Brookfield Asset Management Inc. - 11257ZAB5 Genworth MI Canada Inc. - 37252BAA0
Choice Properties REIT - 17039AAB2
GE Capital Cda Funding - 36158ZBN5
3.67 5.60 5.60 3.35 5.48 3.20 3.95 5.68 4.90 5.68
06/05/2019 05/17/2019 04/30/2020 06/18/2019 07/30/2019 07/24/2020 04/09/2019 06/15/2020 07/05/2023 09/10/2019
200,000,000 238,300,000 175,000,000
1,000,000,000 150,000,000 300,000,000 600,000,000 227,900,000 200,000,000 700,000,000
-35.85 -51.52 -32.10 -22.86 -29.32 -18.86 -28.12 -32.07 -36.73 -15.44
-24.28% -22.35% -18.72% -18.63% -18.31% -18.18% -17.97% -17.89% -17.85% -17.40%
Source: PCBond, a business unit of TSX Inc., BMO Capital Markets
Table 11.4: Ten Worst Mid Performers – Ranked by Relative % Spread Change
Coupon Spread Relative Spread Issue (%) Maturity Par Value Change (bps) Change (%)
Monthly
Maritime & NE Pipe - 57036QAC4 Centre Street Trust - 156327AB4
West Edmonton Mall B2 - 952637AC0 Nfld Light & Power - 651350BG4 Canadian Utilities Inc. - 12657ZAL7 Alliance Pipelines Ltd - 01877ZAD2 Nova Scotia Power Corp. - 669816AC4 Canadian Utilities Ltd. - 136717AX3 Alliance Pipelines Ltd - 01877ZAA8 Capital Desjardins Inc. - 14006ZAF4
4.34 3.69 4.06 9.00 4.80 5.55 9.75 9.40 7.18 4.95
11/30/2019 06/14/2022 02/13/2024 10/01/2020 11/22/2021 12/31/2023 08/02/2019 05/01/2023 06/30/2023 12/15/2021
126,900,000 242,938,331 550,000,000
37,200,000 160,000,000 139,254,000 100,000,000 100,000,000 314,892,900 463,000,000
5.34 11.32 7.57 6.88 3.74 2.95 3.87 3.87 2.82 2.80
7.50% 7.12% 5.13% 4.84% 4.59% 4.57% 3.31% 3.26% 2.68% 2.43%
YTD
Maritime & NE Pipe - 57036QAB6
Maritime & NE Pipe - 57036QAC4
Viterra Inc. - 92849TAL2
Co-Operators Financial Services Ltd - 18976JAB6 Nfld Light & Power - 651350BG4
IPL Energy Inc. - 46065DAA4
Sp LP & Sp1 LP - 78468GAA3 Alliance Pipelines Ltd - 01877ZAD2 Alliance Pipelines Ltd - 01877ZAA8 Centre Street Trust - 156327AA6
6.90 4.34 6.41 5.78 9.00 8.20 3.21 5.55 7.18 3.69
11/30/2019 11/30/2019 02/16/2021 03/10/2020 10/01/2020 02/15/2024 06/15/2019 12/31/2023 06/30/2023 06/14/2021
156,000,000 126,900,000 200,000,000 150,000,000
37,200,000 200,000,000 630,118,332 139,254,000 314,892,900 250,000,000
26.79 27.85 22.41 17.60 5.27 3.53 3.46 1.40 2.03 0.62
90.75% 57.18% 9.12% 8.36% 3.66% 2.96% 2.53% 2.12% 1.92% 0.33%
Source: PCBond, a business unit of TSX Inc., BMO Capital Markets