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Commentary
Canso 2004 Summer Corporate Bond Newsletter

The Canadian corporate bond market seems to have hit its tight yield spreads for this cycle, as can be seen by the chart below of the Corporate Bond Index yield spread. The recent Yellow Pages 10 year issue has widened from the issue spread of 95 bps to 116 bps. Where BBB (low) Yellow Pages seemed attractive at .9% above 10 year Canadas in the 4% range, it might not seem adequate when 10 year Canadas are above 7%!

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Canso 2004 Summer Corporate Bond Newsletter