The salutary effects of Ontario’s minimum wage hike are becoming visible: one large company is thinking about what it’s doing and taking steps to increase productivity:
Grocery store chain Metro Inc. says it will eliminate about 280 jobs starting in 2021 as part of a $400-million overhaul of its Ontario distribution network.
The company says the move to modernize and automate its network will mean the loss of about 180 full-time and 100 part-time positions.
The announcement follows comments by Metro in August that it would study automation as it looked to cut costs in the face of the Ontario government’s plan to raise the minimum wage next year.
PerpetualDiscounts now yield 5.32%, equivalent to 6.92% interest at the standard equivalency factor of 1.3x. Long corporates now yield about 4.05%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 285bp, a significant narrowing from the 295bp reported October 4.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
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| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2358 % | 2,415.9 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2358 % | 4,433.1 |
| Floater | 3.78 % | 3.94 % | 28,764 | 17.58 | 4 | -0.2358 % | 2,554.8 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0066 % | 3,074.6 |
| SplitShare | 4.74 % | 4.66 % | 75,736 | 4.39 | 6 | 0.0066 % | 3,671.7 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0066 % | 2,864.8 |
| Perpetual-Premium | 5.36 % | 2.99 % | 64,477 | 0.22 | 17 | 0.0417 % | 2,816.4 |
| Perpetual-Discount | 5.36 % | 5.32 % | 62,163 | 14.91 | 19 | 0.0113 % | 2,940.8 |
| FixedReset | 4.26 % | 4.31 % | 150,972 | 4.59 | 99 | 0.1883 % | 2,469.8 |
| Deemed-Retractible | 5.08 % | 5.58 % | 101,012 | 6.02 | 30 | 0.1635 % | 2,896.2 |
| FloatingReset | 2.77 % | 2.73 % | 50,891 | 4.06 | 8 | 0.1197 % | 2,676.6 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| ELF.PR.G | Perpetual-Discount | -1.79 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-10-11 Maturity Price : 21.75 Evaluated at bid price : 22.00 Bid-YTW : 5.41 % |
| BAM.PR.R | FixedReset | -1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-10-11 Maturity Price : 20.41 Evaluated at bid price : 20.41 Bid-YTW : 4.75 % |
| HSE.PR.E | FixedReset | 1.02 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2020-03-31 Maturity Price : 25.00 Evaluated at bid price : 24.68 Bid-YTW : 5.15 % |
| SLF.PR.C | Deemed-Retractible | 1.03 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.52 Bid-YTW : 6.98 % |
| BAM.PR.Z | FixedReset | 1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-10-11 Maturity Price : 24.05 Evaluated at bid price : 24.87 Bid-YTW : 4.73 % |
| HSE.PR.A | FixedReset | 1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-10-11 Maturity Price : 17.11 Evaluated at bid price : 17.11 Bid-YTW : 4.82 % |
| BMO.PR.Q | FixedReset | 1.36 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.35 Bid-YTW : 4.74 % |
| TRP.PR.F | FloatingReset | 1.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-10-11 Maturity Price : 20.09 Evaluated at bid price : 20.09 Bid-YTW : 3.55 % |
| MFC.PR.K | FixedReset | 1.53 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.50 Bid-YTW : 5.72 % |
| TRP.PR.B | FixedReset | 2.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-10-11 Maturity Price : 16.30 Evaluated at bid price : 16.30 Bid-YTW : 4.50 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| TRP.PR.J | FixedReset | 242,000 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-31 Maturity Price : 25.00 Evaluated at bid price : 26.70 Bid-YTW : 3.69 % |
| TRP.PR.K | FixedReset | 196,554 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-31 Maturity Price : 25.00 Evaluated at bid price : 26.01 Bid-YTW : 4.09 % |
| RY.PR.R | FixedReset | 150,859 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-08-24 Maturity Price : 25.00 Evaluated at bid price : 26.99 Bid-YTW : 3.51 % |
| NA.PR.A | FixedReset | 110,695 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-08-15 Maturity Price : 25.00 Evaluated at bid price : 26.13 Bid-YTW : 4.01 % |
| NA.PR.S | FixedReset | 108,828 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-10-11 Maturity Price : 23.16 Evaluated at bid price : 23.57 Bid-YTW : 4.38 % |
| TD.PF.E | FixedReset | 106,096 | YTW SCENARIO Maturity Type : Call Maturity Date : 2020-10-31 Maturity Price : 25.00 Evaluated at bid price : 24.90 Bid-YTW : 3.78 % |
| There were 29 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| POW.PR.B | Perpetual-Discount | Quote: 24.85 – 26.66 Spot Rate : 1.8100 Average : 1.0178 YTW SCENARIO |
| BMO.PR.Q | FixedReset | Quote: 22.35 – 22.74 Spot Rate : 0.3900 Average : 0.2523 YTW SCENARIO |
| ELF.PR.G | Perpetual-Discount | Quote: 22.00 – 22.38 Spot Rate : 0.3800 Average : 0.2433 YTW SCENARIO |
| GWO.PR.N | FixedReset | Quote: 17.35 – 17.75 Spot Rate : 0.4000 Average : 0.2826 YTW SCENARIO |
| BMO.PR.S | FixedReset | Quote: 23.80 – 24.08 Spot Rate : 0.2800 Average : 0.1685 YTW SCENARIO |
| MFC.PR.L | FixedReset | Quote: 22.11 – 22.36 Spot Rate : 0.2500 Average : 0.1745 YTW SCENARIO |