Tuesday, April 11, 2017

Corporate Bond Market

US Equity Futures are mixed to start the session with the DJ Futures -8 and the S&P Futures -1.75. The global tone is mixed with overseas equities mixed through the overnight. Oil is down, quoted $53.04/ barrel this morning and treasuries are up with the 10yr last at 2.346%. Credit is wider with the Investment Grade Index showing 48/49.45 and cash is tighter.

In credit news, Monday’s primary market saw $4bn priced in Investment Grade Credit from 3 issuers with GM leading the charge. April’s new issue tally is up to $33.85bn and YTD volume totals $544.225bb. From yesterday’s new issue, we are active in GM, Mass Mutual, and Darden. Today is expected to be another light day in the primary market.   

In economic data, March’s NFIB Small Business Optimism was in line with survey estimates and February’s Job Openings by Industry will be reported this morning.