Monday, March 20, 2017

Corporate Bond Market

US Equity Futures are down to start the week with the DJ Futures -3 and the S&P Futures -2.5. Overseas equities are mostly lower through the overnight with European equities trading down and Asian markets mixed. Oil is weaker, quoted $48.03/ barrel this morning and treasuries are unchanged with the 10yr last at 2.502%. Credit is tighter with the Investment Grade Index showing 52.33/53.49 and cash is a bit wider.

In credit news, last week’s primary market saw $42.85bn priced in Investment Grade Credit and $6.35bn in High Yield. Energy and MLP posted the best sector moves in Investment Grade spreads last week. There was $5.8bn in High Yield outflows last week followed by $2.12bn the week before.

In economic data, US February Chicago National Activity tallied 0.34; surpassing survey expectations.