Tuesday, April 4, 2017

Corporate Bond Market

US Equity Futures are down to start the session with the DJ Futures -74 and the S&P Futures -10.50. The global tone is mixed with overseas equities mostly trading lower through the overnight. Oil is up, quoted $50.45/ barrel this morning and treasuries are a bit stronger with the 10yr last at 2.314%. Credit is wider with the Investment Grade Index showing 49.68/51.08 and cash is tighter.

In credit news, the Monday’s primary market priced $2.75bn in Investment Grade. From yesterday’s issuance, we are active in: Anglo American, Cimarex Energy, Eaton Vance, Essex Portfolio, Met Life, and Progressive. Today’s calendar is a bit light with equity futures lower.

In economic data, there are a few announcements scheduled for today. First, February’s Trade Balance and Factory Orders will be reported this morning. Following, February’s Durable Goods Orders will also be announced.