Wednesday, February 22, 2017

Corporate Bond Market

US Equity Futures are down to start the day with the DJ Futures -11 and the S&P Futures -3.50. The global tone is mixed with overseas equities mixed through the overnight. Oil is down to 54.03/ barrel and rates are stronger with the 10yr Treasury last at 2.411%. Credit is wider with the Invest Grade Index showing 56.28/56.89 and cash is also tighter.

In credit news, yesterday’s primary market saw $5.15bn priced in Investment Grade Credit. From yesterday’s new issuance, we are active in LYB International Finance and Parker-Hannifin. On the earnings front Southern Co and Toll Bros outperformed analysts’ estimates for Q4 2016. There are new deals announced from Bristol Meyers Squibb, Mizuho and United Rentals on the calendar for today.  

In economic data: MBA Mortgage Applications, Existing Home Sales, and FOMC Meeting Minutes will be announced today.