Canadian firms are increasingly using US high-yield bonds and leveraged loans https://www.bankofcanada.ca/?p=205094 High-yield bonds (left scale) Can$ billions Leveraged term loans (excluding covenant-lite) (left scale) Can$ billions Leveraged covenant-lite loans (left scale) Can$ billions High-yield bonds and leveraged loans share of non-financial corporate sector debt (right scale) % 40.0132.680.725.47 48.2830.110.675.92 43.7827.240.615.33 40.4425.060.604.96 41.7124.150.585.02 34.4425.220.614.51 36.0824.880.594.61 32.4025.650.574.36 32.6226.120.564.31 33.5225.970.554.30 34.3026.700.594.29 35.3028.360.584.49 36.1727.800.574.37 39.3129.030.584.58 40.3328.020.564.48 43.0031.090.724.75 47.2039.952.895.54 48.6039.986.815.76 53.7046.017.156.31 55.5048.2111.206.64 60.5054.4712.007.21 64.4052.8813.967.41 65.0053.8414.657.34 70.3059.2815.317.86 88.6063.7317.508.70 99.0076.4321.7710.09 100.6081.9024.9310.41 108.9084.6627.2810.81 120.2079.5925.5711.06 118.0073.5425.6410.53 117.0076.6626.9610.44 108.6081.5234.5410.60 120.1097.5838.9511.79 119.0098.3041.4911.68 118.3095.2841.7811.53 117.80105.6243.6311.74 121.30110.6248.5412.14 124.20112.0151.7312.28 124.50111.3652.3012.23 119.00115.6159.1612.16