Monday, October 31, 2016

Corporate Bond Market

US Equity Futures are up to start the session with the DJ Futures +22 and the S&P Futures +4.  Overseas equities are trading lower through the overnight. Oil is weaker, last at $48.16/ barrel and rates are stronger with the 10yr Treasury last at 1.831%. Credit is wider with the Invest Grade Index showing 70/70.8 and cash is also weaker.

In credit news, October’s primary market saw $144.5bn priced in Investment Grade Credit with more issuance on the calendar for the last day of the month. Today is expected to be a fair day in new issue with the weekly consensus right around $20bn. Keep a look out for new deals from: Axis, CMS Energy, Precision Drilling, Procter and Gamble, Illinois Tool Works, and Wabtec.

In economic data, US Consumer Spending rose 0.5% in September and US Personal income grew 0.3%.