CANADA: Briefing Thurs On Money-Losing Canada Post May Bring Reform
Sep-24 18:22
- Minister in charge of Canada Post delivering an announcement about its future tomorrow at 1245pm EST.
- Joel Lightbound "will provide details on new measures to address the challenges facing Canada Post and advance its transformation" according to a government news release.
- Postal agency required a CAD1 billion infusion earlier this year after announcing it was running out of cash after years of losses and had a bond payment coming. It has since reported another major loss amid labor disruptions.
- Management has said the losses relate to the decline of letter mail but also federal legislation requiring 5-day-a-week delivery to every address in Canada. Past governments have discussed major service cuts including to rural Canada but backed off because those moves had been seen as widely unpopular.
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LOOK AHEAD: Tuesday Data Calendar: Fed Speak, Durables/Cap Goods, 2Y Note Sale
Aug-25 17:56
- US Data/Speaker Calendar (prior, estimate)
- 08/26 0830 Richmond Fed Barkin expected to repeat speech on economy from Aug 12, will take audience Q&A).
- 08/26 0830 Philadelphia Fed Non-Mfg Activity (-10.3, --)
- 08/26 0830 Durable Goods Orders (-9.4%, -4.0%), ex-trans (0.2, 0.2)
- 08/26 0830 Cap Goods Orders Nondef Ex Air (-0.8, 0.2%), Ship (0.3%, 0.2%)
- 08/26 0900 FHFA House Price Index MoM (-0.2%, -0.1%)
- 08/26 0900 S&P CoreLogic CS 20-City MoM SA (-0.34%, -0.20%), YoY (2.79%, 2.2%)
- 08/26 1000 Richmond Fed Manufact. Index (-20, --), Business Conditions (-8, --)
- 08/26 1000 Conf. Board Consumer Confidence (97.2, 96.4)
- 08/26 1030 Dallas Fed Services Activity (2.0, --)
- 08/26 1130 US Tsy $85B 6W bill auction
- 08/26 1300 US Tsy $69B 2Y Note auction (91882CNV9)
- Source: Bloomberg Finance L.P. / MNI
PIPELINE: Corporate Bond Roundup: $1.05B SEB Launched
Aug-25 17:27
- Date $MM Issuer (Priced *, Launch #)
- 08/25 $1.05B #Skandinaviska Enskilda Banken AB (SEB) $750M 5Y +73, $300M 5Y SOFR+106
US: FED Reverse Repo Operation
Aug-25 17:24
RRP usage rises to $47.567B this afternoon from $36.275B Friday -- compares to $22.344B on Tuesday, Aug 19 - lowest since April 5, 2021. Total number of counterparties at 23. This year's high usage of $460.731B on June 30.
