Thursday, February 16, 2017

Corporate Bond Market

US Equity Futures are down to start the session with the DJ Futures -39 and the S&P Futures -4.75.  The global tone is negative with overseas equities mixed through the overnight. Oil is up, last at $53.35/ barrel and rates are stronger with the 10yr Treasury last at 2.474%. Credit is wider with the Invest Grade Index showing 56.474/57.059 and cash is also weaker.

In credit news, Wednesday’s primary market saw $5.65bn priced in Investment Grade Credit bringing the weekly tally to $24.25bn. From yesterday’s issuance, we are active in CMS, MUFG, and PM. On the earnings front: Alexion Pharma, Charter, Kate Spade, Lab Corp, and MGM reported Q4 2016 earnings that outperformed analysts’ estimates. Cabela’s and GNC missed earnings expectations for Q4 2016.

In economic data, January’s Housing Starts and Jobless Claims will be announced today.