Friday, April 15, 2016

Corporate Bond Market
US Equity Futures are down to end the week with the DJ Futures -25 and the S&P Futures -4 in early trading. Overseas equities were all weak overnight as Asian and European markets are both down. Oil is down to $40.35 while Rates show signs of life with the 10yr up slightly to 1.77%. Credit is firm despite the Investment Grade Index being quoted =.85 AT 79.5/80.

In credit news, Dealer inventory numbers came out this morning and show that the street is now short the market by $110mm bonds. Now in addition to the buy side needing to put money to work, the sell side desperately needs to get risk back.  High yield will to continue to rally based on technical factors alone.

In the news, Citigroup has announced earnings that beat projections and Charles Schwab will be releasing their Q1 earnings later today.

In economic data, we have the US Treasury International Capital Net Monthly Inflows and US Industrial Production Industry Groups Manufacturing Totals will be released today. 

 

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