Monday, November 21, 2016

Corporate Bond Market

US Equity Futures are slightly stronger to start the week with the DJ Futures +5 and the S&P Futures +3. The global tone is mixed with overseas equities mixed through the overnight. Oil is up to $46.48/ barrel and rates are stronger with the 10yr Treasury last at 2.32%. Credit is firm with the Invest Grade Index showing 68.5/69.4 and cash is also tighter.

In credit news, last week’s primary market saw $42.65bn priced in Investment Grade Credit and $5.195bn in High Yield. The tally for 2016 hit $1.54tn in Investment Grade and $206.321bn in High Yield. This week is expecting to be exceptionally light due to the short week. November’s new issue estimate is $87bn. Genesys Telecommunications has announced that they will be bringing a $700mn 8NC3 Note today.