Tuesday, November 29, 2016

Corporate Bond Market

US Equity Futures are up to start the session with the DJ Futures +30 and the S&P Futures +4.50. The global tone is mixed with overseas equities trading mixed in Europe and up in Asia. Oil is down to $46.03/ barrel and rates are weaker with the 10yr Treasury last at 2.332%. Credit is wider with the Invest Grade Index showing 65.8/66.9 and cash is also weaker.

In credit news, Monday’s primary market saw $3.5bn priced in Investment Grade Credit bringing November’s tally to $69.3bn. Yesterday accounted for the 3rd highest Monday volume on record with secondary IG trace count reaching $16.9bn. We are active in the new Pacific Gas and SunTrust deals and there is issuance on the calendar from BPCE and Rentenbank for today’s business.

In economic data, there are some key announcements scheduled for today. First, the second reading of the US Q3 GDP outpaced estimates by reaching 3.2% (estimate 3%). Following, the Consumer Confidence index will be will be declared later this morning.