Monday, December 5th, 2016

Corporate Bond Market

US Equity Futures are up to start the week with the DJ Futures +70 and the S&P Futures +7.75. The global tone is mixed with overseas trading mixed in Europe and Asia. Oil is up to $51.95/ barrel and rates are weaker with the 10yr Treasury last at 2.412%. Credit is firm with the Invest Grade Index showing 65.2/66 and cash is also tighter.

In credit news, last week’s primary market saw $34.07bn priced in Investment Grade Credit. The consensus for December calls for at least $20bn in new issuance. From Friday’s new issuance, we are active in Valero. There are deals announced from: Carlson, NCL, Starwood, and Cheniere Travel for today’s business.

In economic data, there are a few announcements scheduled for today. First, the Markit US Services PMI Business Activity will be reported followed by Labor Market Conditions and US Manufacturing.