Page 20 Fixed Income Quarterly—Benchmark Barometer
Table 11.5: Ten Best Long Performers – Ranked by Relative % Spread Change
Coupon Spread Relative Spread Issue (%) Maturity Par Value Change (bps) Change (%)
Monthly
TransCanada PipeLines - 89353ZAY4 Weston Ltd. George - 96115ZAD4 Ottawa Airport - 689561AB4
Loblaw Companies Ltd. - 53947ZAF4 Bell Canada PRYDES - 078149DV0 Loblaw Companies Ltd. - 53947ZAT4 B.C. Gas Utility Ltd - 05534ZAF3 InPower BC GP - 45780MAA0
Grtr Tor Air Authority - 391906AG9 Loblaw Companies Ltd. - 53947ZAH0
6.27 7.10 6.97 6.50 7.65 6.54 6.95 4.47 6.45 6.45
07/18/2028 02/05/2032 05/25/2032 01/22/2029 12/30/2031 02/17/2033 09/21/2029 03/31/2033 07/30/2029 03/01/2039
106,900,000 150,000,000 139,822,359 175,000,000 150,000,000 188,000,000 150,000,000 299,183,000 393,562,079 120,000,000
-22.94 -30.23 -12.96 -18.87 -21.52 -16.39 -9.81 -11.57 -4.95 -14.08
-13.91% -11.43% -9.33% -8.53% -7.64% -7.28% -6.98% -6.84% -6.64% -6.46%
YTD
Grtr Tor Air Authority - 391906AG9
Nav Canada - 628957AE2
TransCanada PipeLines - 89353ZAP3 TransCanada PipeLines - 89353ZAY4 Integrated Team Solutions SJHC - 45824RAA7 TransCanada PipeLines - 89353ZBA5
Cameco Corporation - 13321LAJ7 Loblaw Companies Ltd. - 53947ZAF4 Clarica Life Ins. Co. - 627912AB4 Royal Bank Of Canada - 780085N93
6.45 7.56 8.29 6.27 5.95 6.89 5.09 6.50 6.30 4.93
07/30/2029 03/01/2027 02/05/2026 07/18/2028 11/30/2042 08/07/2028 11/14/2042 01/22/2029 05/15/2028 07/16/2025
393,562,079 325,000,000 238,100,000 106,900,000 211,656,000 173,000,000 100,000,000 175,000,000 150,000,000 800,000,000
-21.57 -9.40 -29.61 -31.27 -30.32 -29.22 -40.38 -38.77 -29.56 -16.49
-23.66% -19.79% -18.34% -18.05% -17.34% -17.00% -16.28% -16.07% -15.51% -14.54%
Source: PCBond, a business unit of TSX Inc., BMO Capital Markets
Table 11.6: Ten Worst Long Performers – Ranked by Relative % Spread Change
Coupon Spread Relative Spread Issue (%) Maturity Par Value Change (bps) Change (%)
Monthly
Nav Canada - 628957AE2
SEC LP & Arci Ltd - 784103AA1
Transalta Corporation - 89347ZAC1
Alliance Pipelines Ltd - 01877ZAC4
Nova Gas Transmission Ltd - 66975ZAE4 Winnipeg Airport Authority Inc. - 975014AC5 Acces Recherche Mtl L.P. - 00434CAC3 Gaz Metropolitain - 368271AQ5
Alliance Pipelines Ltd - 01877ZAB6
Plenary Health Hamilton LP - 72908UAC9
7.56 5.19 7.30 6.77 8.90 6.10 7.07 9.00 7.22 5.80
03/01/2027 08/29/2033 10/22/2029 12/31/2025 05/27/2025 11/20/2040 12/31/2042 05/16/2025 12/31/2025 05/31/2043
325,000,000 544,509,116 82,000,000 274,080,000 87,000,000 168,178,292 333,046,633 100,000,000 239,831,200 254,754,000
30.40 14.22 19.93 4.19 4.89 4.89 4.26 3.10 2.47 3.17
394.87% 7.71% 5.39% 3.96% 3.32% 2.89% 2.73% 2.54% 2.31% 2.18%
YTD
Can Pac Rail - 13645RAA2
Nova Gas Transmission Ltd - 66975ZAM6 Pearson Intl Fuel Facilities - 70501YAA0 Investors Group - 46152HAB7
Gaz Metropolitain - 368271AR3
Nova Gas Transmission Ltd - 66975ZAL8 Transalta Corporation - 89347ZAC1 Vancouver Intl Air Auth - 921947AB3 Nova Scotia Power Corp. - 66988ZAF6 Nova Gas Transmission Ltd - 66975ZAR5
6.91 6.05 5.09 6.65 7.20 7.00 7.30 7.38 8.85 6.30
10/01/2024 07/16/2027 03/09/2032 12/13/2027 11/19/2027 07/17/2028 10/22/2029 12/07/2026 05/19/2025 05/27/2030
166,474,398 50,000,000 91,544,670
125,000,000 50,000,000 100,000,000 82,000,000 150,000,000 125,000,000 100,000,000
35.70 33.27 10.96 7.32 5.41 3.90 7.21 2.11 2.37 2.67
59.22% 17.47% 5.62% 3.68% 3.53% 2.27% 1.88% 1.58% 1.52% 1.44%
Source: PCBond, a business unit of TSX Inc., BMO Capital Markets