Wednesday, June 14, 2017

Corporate Bond Market

US Equity Futures are up to start the session with the DJ Futures +48 and the S&P Futures +4. The global tone is mixed with European equities trading higher and Asian markets mixed through the overnight. US Treasuries are stronger with yields on the 10yr last at 2.192% and oil is weaker, last quoted $46.06/barrel. Credit is stronger with the Investment Grade Index showing 41.80/43.04 and cash is also tighter.

In credit news, yesterday’s primary market saw $1.8bn priced from domestic issuers and $4.643b total in Investment Grade Credit; June’s tally is up to $50.243bn. From yesterday’s new deals, we are active in: AEL, Apple, GXP and Republic of Chile. Today will be a quiet day in the primary market with the Fed Rate announcement coming this afternoon.

In economic data, there are a few key announcements scheduled for today. First, Mortgage Applications grew 2.8% last week. May’s Consumer Price Index with me announced this morning along with Retail Sales and Business Inventories. Finally, The Fed’s Rate Decision will be announced this afternoon.