Monday, July 24, 2017

Corporate Bond Market

US Equity Futures are off to start the week with the DJ Futures -16, S&P Futures -2.75 and NASDAQ Futures -6.75. The global tone is mixed with European equities trading lower and Asian markets mixed. US Treasuries are a bit weaker with yields on the 10yr last at 2.241% and crude oil is stronger, last quoted $46.10/barrel. Credit is a tighter with the Investment Grade Index showing 39.50/4.83 and cash is also stronger.

In credit news, last week’s primary market saw some heavy volume with a total of $52.45b priced in Investment Grade Credit. The monthly tally has risen $96.44b, $79.94b sans SAS. For 2017, we have reached $983.025b; $794.085b sans SAS. There are deals set to price from The Industrial Bank of Korea, Ashton Woods and Odea Bank.

On the earnings front, Scientific Games and Haliburton outperformed analysts’ estimates for Q2 2017.

In economic data, US Manufacturing PMI and Existing Home Sales will be reported this morning.