Wednesday, November 30, 2016

Corporate Bond Market

US Equity Futures are up to start the day with the DJ Futures +37 and the S&P Futures +4.50. The global tone is positive with overseas equities trading higher in Europe and mixed in Asia. Oil is up to $48.42/ barrel and rates are weaker with the 10yr Treasury last at 2.357%. Credit is firm with the Invest Grade Index showing 64.8/65.6 and cash is also tighter.

In credit news, Tuesday’s primary market saw $7.49bn priced in Investment Grade Credit bringing November’s tally to $76.77bn. From yesterday’s new issuance, we are active in: Arch Capital, BPCE, and L-3 Communications. There are deals from Allegiant Travel, NAB, and Ritchie Bros on the calendar for today’s business.

In economic data, MBA Mortgage Applications fell 9.4% last week and the ADP Employment Report announced an additional 216,000 jobs added in November. Also, Personal Income rose 0.3% and Consumer Spending also climbed a bit higher.