24th June 2025

Markets turned midday yesterday after Iran’s retaliation for the weekend’s U.S. airstrikes was viewed as largely symbolic. That helped ease concerns of a broader escalation in the Middle East. Sentiment improved further after the close when President Trump announced a potential Iran-Israel ceasefire deal.

Stocks finished higher across the board. The Dow rose 375 points, the S&P 500 gained 0.96%, and the Nasdaq added 0.94%. Oil plunged nearly 9%. In rates, the 10-year yield fell 3 basis points to 4.348%, the 2-year dropped 4 basis points to 3.863%, and the long bond slipped 1 basis point to 4.875%.

Six borrowers came to market, raising $8.95 billion across 10 tranches. JBS USA led the way with a three-part deal totaling $3.5 billion. It's a solid start to the week, which is expected to see around $23 billion in total issuance.

As for today, futures are pointing to a higher open on optimism surrounding the ceasefire talks. Dow futures are up 262 points, the S&P is set to rise 0.77%, and Nasdaq futures are up 1%. Treasury yields are continuing to move lower. The 10-year is down 1bp to 4.336%, the 2-year is 3bp lower at 3.838%, and the long bond is unchanged at 4.881%.

With the backdrop for issuance looking stable, borrowers are moving ahead with deals today. Three transactions were announced overnight - Nomura, Westpac Banking Corporation, and Toyota - and as many as 10 more are expected to be announced later this morning.

.

2025 HIGH GRADE ISSUANCE - 06/23 WEEK, JUNE & 2025 ESTIMATES

.

.

2025 HIGH GRADE ISSUANCE - RECENT MANDATES

.