Tuesday, January 10, 2017

Corporate Bond Market
US Equity Futures are mixed to start the day with the DJ Futures -5 and the S&P Futures unchanged. The global tone is mixed with overseas equity markets trading mixed through the overnight. Oil is a bit stronger at $52.07/ barrel and rates are weaker with the 10yr Treasury last at 2.387%. Credit is wider with the Invest Grade Index showing 58.4/59.1 and cash is also weaker.

In credit news, Monday’s primary market saw $10.7bn priced in Investment Grade Credit. We are active in: Dominion, General Mills, Jefferies, and Petrobras from yesterday’s new issue. There are deals announced from: IADB, KfW, Kommunivest, Nissan, and KfW for today’s business.

In economic data, there are a couple of key announcements scheduled for today. First, NFIB Small Business Optimism Index reported 105.8, exceeding the survey expectation of 99.5. Following, November’s Monthly % Change in Merchant Wholesalers Inventories will be declared later this morning.