Monday, June 12, 2017

Corporate Bond Market

US Equity Futures are down to start the week with the DJ Futures -33 and the S&P Futures -6. The global tone is negative with overseas equities trading lower through the overnight. US Treasuries are a bit weaker with yields on the 10yr last at 2.207% and oil is stronger, last quoted $46.53/barrel. Credit is weaker with the Investment Grade Index showing 43.269/44.60 and cash is also wider.

In credit news, last week’s primary market saw $18.55bn priced in Investment Grade Credit. June’s tally is up to $35.15bn. There is a new deal announced from UniCredit and Korea East-West Power to start the session.

In other credit news, former General Electric CEO Jeffrey Immelt has stepped down and will be replaced by GE’s health-care head, John Flannery. Immelt served 16 years as CEO and was as of recently facing pressure from shareholders as the stock has declined over 12% this year. GE common stock shares are up over 2.5% in the premarket based on this news.