Wednesday, March 22, 2017

Corporate Bond Market

US Equity Futures are down to start the day with the DJ Futures -56 and the S&P Futures -4. The global tone is mixed with European equities trading lower and Asian markets mixed. Oil is weaker, quoted $47.58/ barrel this morning and treasuries are fairly flat with the 10yr last at 2.414%. Credit is tighter with the Investment Grade Index showing 52.33/53.49 and cash is weaker.

In credit news, Tuesday’s primary market saw $11.25bn priced in Investment Grade Credit with ING and Medtronic leading the charge. From yesterday’s issuance, we are active in: BlackRock, ING, Medtronic, Glencorene, Genpact, Southern Cal Edison, and Shinhan Bank. There are deals announced from Indonesia and Ascent Resources so far for today. Last, ING Groep NV, the biggest Dutch bank, is under criminal investigation associated with corruption and money laundering. It is said that the firm may face large penalties if found guilty.

In economic data, US Mortgage Applications fell 2.7% last week. Later this morning, the change in FHFA House Price Index will be reported along with Februaries tally of Existing Home Sales.