Friday, February 24, 2017

Corporate Bond Market

US Equity Futures are down to end the week with the DJ Futures -76 and the S&P Futures -9.50. The global tone is negative with overseas equities trading down through the overnight. Oil is down to 54.03/ barrel and rates are stronger with the 10yr Treasury last at 2.361%. Credit is wider with the Invest Grade Index at 55.75/56.33 and cash is also weaker.

In credit news, yesterday’s primary market saw $4.05bn priced in Investment Grade Credit; $14.925bn WTD. From yesterday’s new issuance, we are active in Viacom. On the earnings front: Intuit, Nordstrom, HP, JC Penny, and Footlocker outperformed analysts’ estimates for Q4 2016. There is a $300m add-on in High from Transdigm on the calendar for today.

In economic data, January’s tally of New Home Sales will be reported this morning.