Monday, November 14, 2017

Corporate Bond Market

US Equity Futures are up to start the week with the DJ Futures +50 and the S&P Futures +1.25. Overseas equities are mixed through the overnight. Oil is down to $42.70/ barrel and rates are weaker with the 10yr Treasury last at 2.25%. Credit is wider with the Invest Grade Index showing 70.56/71.35 and cash is also weaker.

In credit news, last week’s primary market saw less than $10bn priced in Investment Grade Credit for the second week in a row. From Thursday’s new issuance, we are active in: CF, JPM, Con Ed, Southern Co, GS, and Vepco. This week is expected to bring $20bn and the monthly consensus for November is $87bn. There are three deals on the calendar for $1.5bn in High Yield new issue. For today’s business: Morgan Stanley, Duke Energy, Pfizer, American Water, and Principal Life have announced that they will be bring bonds to market.