Thursday, March 16, 2017

Corporate Bond Market

US Equity Futures are up to start the session with the DJ Futures +61 and the S&P Futures +6. Overseas equities are stronger through the overnight with European and Asian Equity Markets trading higher. Oil is up, quoted $49.24/ barrel this morning and treasuries are weaker with the 10yr last at 2.528%. Credit is stronger with the Investment Grade Index showing 52.57/53.30 and cash is also tighter.

In credit news, yesterday was a quiet day in the primary market with the Fed’s announcement. Investment Grade new issuance has seen $19.28b priced this week in line with majority estimates; $78.50bn for March. In the High Yield space, Eldorado resorts priced yesterday, bringing MTD volume above $25bn marking the busiest month since September. There are deals announced from: APA Group, Gazprom, Scentre Group, UBS, and Quantum Minerals for today’s business.

In economic data, the Fed raised interest rates .25 with their sights on two more rate hikes this year. Today, Februaries Housing Starts and Building Permits will be announced. Following, Jobless Claims will be reported.