<?xml version="1.0" encoding="UTF-8"?>
<data>
<terms url="https://www.bankofcanada.ca/terms/"></terms>
<groupDetail>
    <label>Staff Analytical Note 2017-2</label>
    <description><![CDATA[This file contains data based on the Bank of Canada research paper described below. The data is not an official statistical release by the Bank of Canada, and it is provided on a voluntary basis by the author(s). The Bank and the author(s) are not responsible for errors in this file and do not guarantee that the series will be updated in the future. A contact person is listed below for any question or other inquiry.
Sources:
Bloomberg Finance L.P., Bloomberg Finance L.P./Bank of America Merrill Lynch
Note from the author(s):
The model is re-estimated every time new data is available and the data provided is the resulting in-sample fit. As such, all data series provided are revised when new data is available.
Contact person:
Maxime Leboeuf (mleboeuf@bank-banque-canada.ca)]]></description>
    <link></link>
</groupDetail>
<seriesDetail>
<series id="SAN_lebm_20170418_01">
<label>Compensation for risk beyond default, all sectors (%, average of individual bonds&#039; compensation for risk beyond default).</label>
<description>Compensation for risk beyond default, all sectors (%, average of individual bonds&#039; compensation for risk beyond default).</description>
<dimension key="d" name="Date"/>
</series>
</seriesDetail>
<observations>
<o d="1999-01-01"><v s="SAN_lebm_20170418_01">-0.307732075</v></o>
<o d="1999-02-01"><v s="SAN_lebm_20170418_01">-0.398981422</v></o>
<o d="1999-03-01"><v s="SAN_lebm_20170418_01">-0.361061752</v></o>
<o d="1999-04-01"><v s="SAN_lebm_20170418_01">-0.500069082</v></o>
<o d="1999-05-01"><v s="SAN_lebm_20170418_01">-0.472393155</v></o>
<o d="1999-06-01"><v s="SAN_lebm_20170418_01">-0.395473897</v></o>
<o d="1999-07-01"><v s="SAN_lebm_20170418_01">-0.351452142</v></o>
<o d="1999-08-01"><v s="SAN_lebm_20170418_01">-0.450561106</v></o>
<o d="1999-09-01"><v s="SAN_lebm_20170418_01">-0.416214675</v></o>
<o d="1999-10-01"><v s="SAN_lebm_20170418_01">-0.413489163</v></o>
<o d="1999-11-01"><v s="SAN_lebm_20170418_01">-0.477595538</v></o>
<o d="1999-12-01"><v s="SAN_lebm_20170418_01">-0.488312989</v></o>
<o d="2000-01-01"><v s="SAN_lebm_20170418_01">-0.443107337</v></o>
<o d="2000-02-01"><v s="SAN_lebm_20170418_01">-0.533290565</v></o>
<o d="2000-03-01"><v s="SAN_lebm_20170418_01">0.060362492</v></o>
<o d="2000-04-01"><v s="SAN_lebm_20170418_01">0.086005233</v></o>
<o d="2000-05-01"><v s="SAN_lebm_20170418_01">0.075650521</v></o>
<o d="2000-06-01"><v s="SAN_lebm_20170418_01">-0.333014309</v></o>
<o d="2000-07-01"><v s="SAN_lebm_20170418_01">-0.374730796</v></o>
<o d="2000-08-01"><v s="SAN_lebm_20170418_01">-0.396746010</v></o>
<o d="2000-09-01"><v s="SAN_lebm_20170418_01">-0.389490426</v></o>
<o d="2000-10-01"><v s="SAN_lebm_20170418_01">-0.215369403</v></o>
<o d="2000-11-01"><v s="SAN_lebm_20170418_01">-0.092350163</v></o>
<o d="2000-12-01"><v s="SAN_lebm_20170418_01">-0.065285519</v></o>
<o d="2001-01-01"><v s="SAN_lebm_20170418_01">-0.151651189</v></o>
<o d="2001-02-01"><v s="SAN_lebm_20170418_01">-0.146778136</v></o>
<o d="2001-03-01"><v s="SAN_lebm_20170418_01">-0.096180849</v></o>
<o d="2001-04-01"><v s="SAN_lebm_20170418_01">-0.174913526</v></o>
<o d="2001-05-01"><v s="SAN_lebm_20170418_01">-0.250331283</v></o>
<o d="2001-06-01"><v s="SAN_lebm_20170418_01">-0.241597384</v></o>
<o d="2001-07-01"><v s="SAN_lebm_20170418_01">-0.162475735</v></o>
<o d="2001-08-01"><v s="SAN_lebm_20170418_01">-0.199080303</v></o>
<o d="2001-09-01"><v s="SAN_lebm_20170418_01">0.049720272</v></o>
<o d="2001-10-01"><v s="SAN_lebm_20170418_01">0.165163666</v></o>
<o d="2001-11-01"><v s="SAN_lebm_20170418_01">0.003755540</v></o>
<o d="2001-12-01"><v s="SAN_lebm_20170418_01">0.220234990</v></o>
<o d="2002-01-01"><v s="SAN_lebm_20170418_01">0.087792590</v></o>
<o d="2002-02-01"><v s="SAN_lebm_20170418_01">0.138553113</v></o>
<o d="2002-03-01"><v s="SAN_lebm_20170418_01">0.013045038</v></o>
<o d="2002-04-01"><v s="SAN_lebm_20170418_01">-0.000822185</v></o>
<o d="2002-05-01"><v s="SAN_lebm_20170418_01">0.029007265</v></o>
<o d="2002-06-01"><v s="SAN_lebm_20170418_01">0.346423119</v></o>
<o d="2002-07-01"><v s="SAN_lebm_20170418_01">0.595221281</v></o>
<o d="2002-08-01"><v s="SAN_lebm_20170418_01">0.806930602</v></o>
<o d="2002-09-01"><v s="SAN_lebm_20170418_01">0.742223442</v></o>
<o d="2002-10-01"><v s="SAN_lebm_20170418_01">0.887157500</v></o>
<o d="2002-11-01"><v s="SAN_lebm_20170418_01">0.312340766</v></o>
<o d="2002-12-01"><v s="SAN_lebm_20170418_01">0.325601339</v></o>
<o d="2003-01-01"><v s="SAN_lebm_20170418_01">0.070572853</v></o>
<o d="2003-02-01"><v s="SAN_lebm_20170418_01">0.071332887</v></o>
<o d="2003-03-01"><v s="SAN_lebm_20170418_01">0.001954061</v></o>
<o d="2003-04-01"><v s="SAN_lebm_20170418_01">-0.310733110</v></o>
<o d="2003-05-01"><v s="SAN_lebm_20170418_01">-0.238247573</v></o>
<o d="2003-06-01"><v s="SAN_lebm_20170418_01">-0.394390911</v></o>
<o d="2003-07-01"><v s="SAN_lebm_20170418_01">-0.446410179</v></o>
<o d="2003-08-01"><v s="SAN_lebm_20170418_01">-0.406564981</v></o>
<o d="2003-09-01"><v s="SAN_lebm_20170418_01">-0.398535311</v></o>
<o d="2003-10-01"><v s="SAN_lebm_20170418_01">-0.446490020</v></o>
<o d="2003-11-01"><v s="SAN_lebm_20170418_01">-0.460340649</v></o>
<o d="2003-12-01"><v s="SAN_lebm_20170418_01">-0.524771035</v></o>
<o d="2004-01-01"><v s="SAN_lebm_20170418_01">-0.567026973</v></o>
<o d="2004-02-01"><v s="SAN_lebm_20170418_01">-0.565488577</v></o>
<o d="2004-03-01"><v s="SAN_lebm_20170418_01">-0.549987435</v></o>
<o d="2004-04-01"><v s="SAN_lebm_20170418_01">-0.654277980</v></o>
<o d="2004-05-01"><v s="SAN_lebm_20170418_01">-0.551354885</v></o>
<o d="2004-06-01"><v s="SAN_lebm_20170418_01">-0.512891412</v></o>
<o d="2004-07-01"><v s="SAN_lebm_20170418_01">-0.549952149</v></o>
<o d="2004-08-01"><v s="SAN_lebm_20170418_01">-0.573587060</v></o>
<o d="2004-09-01"><v s="SAN_lebm_20170418_01">-0.571770370</v></o>
<o d="2004-10-01"><v s="SAN_lebm_20170418_01">-0.661247492</v></o>
<o d="2004-11-01"><v s="SAN_lebm_20170418_01">-0.760815859</v></o>
<o d="2004-12-01"><v s="SAN_lebm_20170418_01">-0.814110577</v></o>
<o d="2005-01-01"><v s="SAN_lebm_20170418_01">-0.747049749</v></o>
<o d="2005-02-01"><v s="SAN_lebm_20170418_01">-0.846613526</v></o>
<o d="2005-03-01"><v s="SAN_lebm_20170418_01">-0.724705160</v></o>
<o d="2005-04-01"><v s="SAN_lebm_20170418_01">-0.537952006</v></o>
<o d="2005-05-01"><v s="SAN_lebm_20170418_01">-0.518614173</v></o>
<o d="2005-06-01"><v s="SAN_lebm_20170418_01">-0.541157961</v></o>
<o d="2005-07-01"><v s="SAN_lebm_20170418_01">-0.701030254</v></o>
<o d="2005-08-01"><v s="SAN_lebm_20170418_01">-0.664683878</v></o>
<o d="2005-09-01"><v s="SAN_lebm_20170418_01">-0.611141980</v></o>
<o d="2005-10-01"><v s="SAN_lebm_20170418_01">-0.640815675</v></o>
<o d="2005-11-01"><v s="SAN_lebm_20170418_01">-0.628548861</v></o>
<o d="2005-12-01"><v s="SAN_lebm_20170418_01">-0.596302629</v></o>
<o d="2006-01-01"><v s="SAN_lebm_20170418_01">-0.658269346</v></o>
<o d="2006-02-01"><v s="SAN_lebm_20170418_01">-0.743489921</v></o>
<o d="2006-03-01"><v s="SAN_lebm_20170418_01">-0.881038368</v></o>
<o d="2006-04-01"><v s="SAN_lebm_20170418_01">-0.924158633</v></o>
<o d="2006-05-01"><v s="SAN_lebm_20170418_01">-0.863485515</v></o>
<o d="2006-06-01"><v s="SAN_lebm_20170418_01">-0.772342741</v></o>
<o d="2006-07-01"><v s="SAN_lebm_20170418_01">-0.753822744</v></o>
<o d="2006-08-01"><v s="SAN_lebm_20170418_01">-0.688409030</v></o>
<o d="2006-09-01"><v s="SAN_lebm_20170418_01">-0.723514199</v></o>
<o d="2006-10-01"><v s="SAN_lebm_20170418_01">-0.736555398</v></o>
<o d="2006-11-01"><v s="SAN_lebm_20170418_01">-0.793404222</v></o>
<o d="2006-12-01"><v s="SAN_lebm_20170418_01">-0.823716879</v></o>
<o d="2007-01-01"><v s="SAN_lebm_20170418_01">-0.947576642</v></o>
<o d="2007-02-01"><v s="SAN_lebm_20170418_01">-0.944325268</v></o>
<o d="2007-03-01"><v s="SAN_lebm_20170418_01">-0.857393563</v></o>
<o d="2007-04-01"><v s="SAN_lebm_20170418_01">-0.750769198</v></o>
<o d="2007-05-01"><v s="SAN_lebm_20170418_01">-0.818575919</v></o>
<o d="2007-06-01"><v s="SAN_lebm_20170418_01">-0.726912856</v></o>
<o d="2007-07-01"><v s="SAN_lebm_20170418_01">-0.386500061</v></o>
<o d="2007-08-01"><v s="SAN_lebm_20170418_01">-0.282704055</v></o>
<o d="2007-09-01"><v s="SAN_lebm_20170418_01">-0.200960591</v></o>
<o d="2007-10-01"><v s="SAN_lebm_20170418_01">-0.263359010</v></o>
<o d="2007-11-01"><v s="SAN_lebm_20170418_01">0.375344515</v></o>
<o d="2007-12-01"><v s="SAN_lebm_20170418_01">0.279577553</v></o>
<o d="2008-01-01"><v s="SAN_lebm_20170418_01">0.448914170</v></o>
<o d="2008-02-01"><v s="SAN_lebm_20170418_01">0.608118594</v></o>
<o d="2008-03-01"><v s="SAN_lebm_20170418_01">0.786163270</v></o>
<o d="2008-04-01"><v s="SAN_lebm_20170418_01">0.672386587</v></o>
<o d="2008-05-01"><v s="SAN_lebm_20170418_01">0.574427366</v></o>
<o d="2008-06-01"><v s="SAN_lebm_20170418_01">0.621406317</v></o>
<o d="2008-07-01"><v s="SAN_lebm_20170418_01">0.890135586</v></o>
<o d="2008-08-01"><v s="SAN_lebm_20170418_01">1.117150187</v></o>
<o d="2008-09-01"><v s="SAN_lebm_20170418_01">1.461514473</v></o>
<o d="2008-10-01"><v s="SAN_lebm_20170418_01">2.337414265</v></o>
<o d="2008-11-01"><v s="SAN_lebm_20170418_01">2.323095560</v></o>
<o d="2008-12-01"><v s="SAN_lebm_20170418_01">2.904235125</v></o>
<o d="2009-01-01"><v s="SAN_lebm_20170418_01">2.658787966</v></o>
<o d="2009-02-01"><v s="SAN_lebm_20170418_01">2.524373293</v></o>
<o d="2009-03-01"><v s="SAN_lebm_20170418_01">2.535873652</v></o>
<o d="2009-04-01"><v s="SAN_lebm_20170418_01">1.769709110</v></o>
<o d="2009-05-01"><v s="SAN_lebm_20170418_01">1.100775480</v></o>
<o d="2009-06-01"><v s="SAN_lebm_20170418_01">0.654509008</v></o>
<o d="2009-07-01"><v s="SAN_lebm_20170418_01">0.211177275</v></o>
<o d="2009-08-01"><v s="SAN_lebm_20170418_01">0.117304936</v></o>
<o d="2009-09-01"><v s="SAN_lebm_20170418_01">0.008551167</v></o>
<o d="2009-10-01"><v s="SAN_lebm_20170418_01">-0.154643029</v></o>
<o d="2009-11-01"><v s="SAN_lebm_20170418_01">0.093863688</v></o>
<o d="2009-12-01"><v s="SAN_lebm_20170418_01">0.084334791</v></o>
<o d="2010-01-01"><v s="SAN_lebm_20170418_01">-0.240388244</v></o>
<o d="2010-02-01"><v s="SAN_lebm_20170418_01">-0.207905427</v></o>
<o d="2010-03-01"><v s="SAN_lebm_20170418_01">-0.234913900</v></o>
<o d="2010-04-01"><v s="SAN_lebm_20170418_01">-0.182814404</v></o>
<o d="2010-05-01"><v s="SAN_lebm_20170418_01">0.245466948</v></o>
<o d="2010-06-01"><v s="SAN_lebm_20170418_01">0.274337560</v></o>
<o d="2010-07-01"><v s="SAN_lebm_20170418_01">0.305852950</v></o>
<o d="2010-08-01"><v s="SAN_lebm_20170418_01">0.244482696</v></o>
<o d="2010-09-01"><v s="SAN_lebm_20170418_01">0.203802094</v></o>
<o d="2010-10-01"><v s="SAN_lebm_20170418_01">0.205767438</v></o>
<o d="2010-11-01"><v s="SAN_lebm_20170418_01">0.143555894</v></o>
<o d="2010-12-01"><v s="SAN_lebm_20170418_01">0.098620430</v></o>
<o d="2011-01-01"><v s="SAN_lebm_20170418_01">0.033018235</v></o>
<o d="2011-02-01"><v s="SAN_lebm_20170418_01">-0.014771065</v></o>
<o d="2011-03-01"><v s="SAN_lebm_20170418_01">0.027842393</v></o>
<o d="2011-04-01"><v s="SAN_lebm_20170418_01">0.059283860</v></o>
<o d="2011-05-01"><v s="SAN_lebm_20170418_01">0.094056278</v></o>
<o d="2011-06-01"><v s="SAN_lebm_20170418_01">0.202140331</v></o>
<o d="2011-07-01"><v s="SAN_lebm_20170418_01">0.169795021</v></o>
<o d="2011-08-01"><v s="SAN_lebm_20170418_01">0.531652689</v></o>
<o d="2011-09-01"><v s="SAN_lebm_20170418_01">0.642780006</v></o>
<o d="2011-10-01"><v s="SAN_lebm_20170418_01">0.566786289</v></o>
<o d="2011-11-01"><v s="SAN_lebm_20170418_01">0.644658506</v></o>
<o d="2011-12-01"><v s="SAN_lebm_20170418_01">0.644430161</v></o>
<o d="2012-01-01"><v s="SAN_lebm_20170418_01">0.503988266</v></o>
<o d="2012-02-01"><v s="SAN_lebm_20170418_01">0.346026391</v></o>
<o d="2012-03-01"><v s="SAN_lebm_20170418_01">0.201091766</v></o>
<o d="2012-04-01"><v s="SAN_lebm_20170418_01">0.202201307</v></o>
<o d="2012-05-01"><v s="SAN_lebm_20170418_01">0.325732857</v></o>
<o d="2012-06-01"><v s="SAN_lebm_20170418_01">0.366229743</v></o>
<o d="2012-07-01"><v s="SAN_lebm_20170418_01">0.261869818</v></o>
<o d="2012-08-01"><v s="SAN_lebm_20170418_01">0.195589244</v></o>
<o d="2012-09-01"><v s="SAN_lebm_20170418_01">0.150661245</v></o>
<o d="2012-10-01"><v s="SAN_lebm_20170418_01">0.162429884</v></o>
<o d="2012-11-01"><v s="SAN_lebm_20170418_01">0.173680365</v></o>
<o d="2012-12-01"><v s="SAN_lebm_20170418_01">0.120738737</v></o>
<o d="2013-01-01"><v s="SAN_lebm_20170418_01">-0.058577016</v></o>
<o d="2013-02-01"><v s="SAN_lebm_20170418_01">-0.077454776</v></o>
<o d="2013-03-01"><v s="SAN_lebm_20170418_01">-0.103296131</v></o>
<o d="2013-04-01"><v s="SAN_lebm_20170418_01">-0.141814187</v></o>
<o d="2013-05-01"><v s="SAN_lebm_20170418_01">-0.233215138</v></o>
<o d="2013-06-01"><v s="SAN_lebm_20170418_01">-0.097392917</v></o>
<o d="2013-07-01"><v s="SAN_lebm_20170418_01">-0.107671618</v></o>
<o d="2013-08-01"><v s="SAN_lebm_20170418_01">-0.131944895</v></o>
<o d="2013-09-01"><v s="SAN_lebm_20170418_01">-0.074584499</v></o>
<o d="2013-10-01"><v s="SAN_lebm_20170418_01">-0.091454469</v></o>
<o d="2013-11-01"><v s="SAN_lebm_20170418_01">-0.159230456</v></o>
<o d="2013-12-01"><v s="SAN_lebm_20170418_01">-0.175048605</v></o>
<o d="2014-01-01"><v s="SAN_lebm_20170418_01">-0.204036862</v></o>
<o d="2014-02-01"><v s="SAN_lebm_20170418_01">-0.299598217</v></o>
<o d="2014-03-01"><v s="SAN_lebm_20170418_01">-0.357234776</v></o>
<o d="2014-04-01"><v s="SAN_lebm_20170418_01">-0.299761206</v></o>
<o d="2014-05-01"><v s="SAN_lebm_20170418_01">-0.306836188</v></o>
<o d="2014-06-01"><v s="SAN_lebm_20170418_01">-0.292518646</v></o>
<o d="2014-07-01"><v s="SAN_lebm_20170418_01">-0.232665882</v></o>
<o d="2014-08-01"><v s="SAN_lebm_20170418_01">-0.155503228</v></o>
<o d="2014-09-01"><v s="SAN_lebm_20170418_01">-0.112033963</v></o>
<o d="2014-10-01"><v s="SAN_lebm_20170418_01">0.011030798</v></o>
<o d="2014-11-01"><v s="SAN_lebm_20170418_01">0.069556393</v></o>
<o d="2014-12-01"><v s="SAN_lebm_20170418_01">0.203172967</v></o>
<o d="2015-01-01"><v s="SAN_lebm_20170418_01">0.315590799</v></o>
<o d="2015-02-01"><v s="SAN_lebm_20170418_01">0.092944905</v></o>
<o d="2015-03-01"><v s="SAN_lebm_20170418_01">0.038176663</v></o>
<o d="2015-04-01"><v s="SAN_lebm_20170418_01">-0.056025859</v></o>
<o d="2015-05-01"><v s="SAN_lebm_20170418_01">-0.165611714</v></o>
<o d="2015-06-01"><v s="SAN_lebm_20170418_01">-0.105299190</v></o>
<o d="2015-07-01"><v s="SAN_lebm_20170418_01">0.091489658</v></o>
<o d="2015-08-01"><v s="SAN_lebm_20170418_01">0.485511720</v></o>
<o d="2015-09-01"><v s="SAN_lebm_20170418_01">0.531485736</v></o>
<o d="2015-10-01"><v s="SAN_lebm_20170418_01">0.460853845</v></o>
<o d="2015-11-01"><v s="SAN_lebm_20170418_01">0.466028780</v></o>
<o d="2015-12-01"><v s="SAN_lebm_20170418_01">0.863591969</v></o>
<o d="2016-01-01"><v s="SAN_lebm_20170418_01">1.578418493</v></o>
<o d="2016-02-01"><v s="SAN_lebm_20170418_01">1.768423557</v></o>
<o d="2016-03-01"><v s="SAN_lebm_20170418_01">0.995969594</v></o>
<o d="2016-04-01"><v s="SAN_lebm_20170418_01">0.313217759</v></o>
<o d="2016-05-01"><v s="SAN_lebm_20170418_01">0.314743638</v></o>
<o d="2016-06-01"><v s="SAN_lebm_20170418_01">0.333509892</v></o>
<o d="2016-07-01"><v s="SAN_lebm_20170418_01">0.184857130</v></o>
<o d="2016-08-01"><v s="SAN_lebm_20170418_01">0.121289864</v></o>
<o d="2016-09-01"><v s="SAN_lebm_20170418_01">0.137994260</v></o>
</observations>
</data>