Monday, March 6, 2017

Corporate Bond Market

US Equity Futures are down to start the week with the DJ Futures -25 and the S&P Futures -5.50. Overseas equities are mixed through the overnight with European equity markets mostly lower. Oil is weaker, quoted $52.98/ barrel this morning and rates are a bit stronger with the 10yr Treasury last at 2.47%. Credit is weaker with the Investment Grade Index showing 52.25/53.23 and cash is wider.

In credit news, last week’s primary market saw $58.325bn priced in Investment Grade Credit accounting for the 2nd highest weekly sales this year; YTD issuance has topped $272.58bn in the space. $5bn was priced in High Yield to start March; bringing the YTD tally just shy of $45bn. From Friday’s issuance, we are active in Cyrus One.

In economic data; January Factory Orders, Durable Goods Orders, and Capital Goods Orders will all be reported this morning.