historical 5 year commercial mortgage spreads
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Historical 5-Year Commercial Mortgage Spreads 425 400 375 350 - PowerPoint PPT Presentation

Historical 5-Year Commercial Mortgage Spreads 425 400 375 350 325 300 Spread (bp) 275 25-Year Average Spread - 172 27-Year Average Spread - 172 250 225 200 175 150 125 100 75 1985 1988 1991 1994 1997 2000 2003 2006 2009


  1. Historical 5-Year Commercial Mortgage Spreads 425 400 375 350 325 300 Spread (bp) 275 25-Year Average Spread - 172 27-Year Average Spread - 172 250 225 200 175 150 125 100 75 1985 1988 1991 1994 1997 2000 2003 2006 2009 2012 Source: RBC Capital Markets, BMO Capital Markets

  2. Historical 5-Year Commercial Mortgage Rates 14% 12% 10% Interest Rate 27-Year Average Rate - 8% 6% 4% 2% 1985 1988 1991 1994 1997 2000 2003 2006 2009 2012 Source: RBC Capital Markets, BMO Capital Markets

  3. Life ¡Insurance ¡Companies ¡ Mortgage ¡Approvals ¡ $3.5 ¡ $3.0 ¡ $2.5 ¡ $2.0 ¡ ($ ¡Billions) ¡ $1.5 ¡ $1.0 ¡ $0.5 ¡ $0.0 ¡ 2007 ¡ 2008 ¡ 2009 ¡ 2010 ¡ 2011 ¡ Q1 ¡& ¡Q2 ¡ Q3&Q4 ¡

  4. 5-Year BBB Corporate Spread vs. 5-Year Commercial Mortgage Spread 600 500 400 Spread (bp) 300 200 100 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 5-Year Mortgage Spread 5-Year BBB Corporate Spread Source: RBC Capital Markets, BMO Capital Markets

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