Wednesday, July 5, 2017

Corporate Bond Market

US Equity Futures are fairly unchanged to start the day with the DJ Futures +7 and the S&P Futures +2.25. The global tone is mixed with overseas equity markets mixed through the overnight. US Treasuries are stronger with yields on the 10yr last at 2.337% and crude oil is down; last quoted $46.56/barrel. Credit is a bit wider with the Investment Grade Index showing 42.92/44.25 and cash is also weaker.

In credit news, June saw $82.675b priced in new issue Investment Grade Credit. The annual tally for Investment Grade Credit is $714.145b and $143.34b in High Yield. There are no deals set to price today as of yet. This week is expected to be a light in the primary market amidst the shortened holiday week.

In global news, the UN is set to meet later today about North Korea’s Intercontinental Ballistic Missile test. 

In economic data, May’s Factory, Durable and Capital Goods orders will be reported this morning followed by the FOMC Meeting Minutes scheduled to be released this afternoon.