[MIDDAY UPDATE]: 7 Issuers Rush into Holiday Week
- 7 ex-SSA issuers announced deals today (see chart below)
- Stocks: DOW (+381), S&P500 (+0.40%) and NASDAQ (+.058%)
- Treasury yields are lower with the benchmark 10yr yielding 4.295% (11bp), the long bond yielding 4.487% (-10bp), and the 2yr yielding 4.301% (-7bp)
- Corporate spreads tightened 1bp with the average high grade bond trading 80bp over comparable Treasuries
- Traders in the Fed Funds future market are putting the odds of a 25bp rate cut in December at 55.9% down from 58.7% since last week and no cut at 44.1% up from 41.3% from last week
- In M&A news, Anglo American to sell its coal business to Peabody Energy Corp for $3.8bln
2024 HIGH GRADE ISSUANCE- 11/25 WEEK, NOVEMBER & 2024 ESTIMATES
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| 11/25 WK | LO EST | AVE EST | HI EST | ACTUAL | NOV | LO EST | AVE EST | HI EST | ACTUAL | 2024 | LO EST | AVE EST | HI EST | ACTUAL |
| EX-SSA | $2.5B | $7.0B | $15.0B | $0 | EX-SSA | $90.0B | $85,000 | EX-SSA | $1,468,508 | |||||
| OVERALL | $4.0B | $9.0B | $17.5B | $0 | OVERALL | $100.0B | $91,500 | OVERALL | $1,840,023 |
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2024 HIGH GRADE ISSUANCE - 11/21 CALENDAR
| AMT | ISSUER | MAT | RATINGS | MGR | TALK |
| TBA (FTF) | WFC | 35 | A1/BBB+ | WFS | +120 A |
| TBA (PFD) | C | PERPNC5 | BA1/BB+/BBB- | C | 7.125 A |
| TBA | COP | 30 | A2/A- | TD | +75 A |
| TBA | COP | 32 | A2/A- | TD | +85 A |
| TBA | COP | 35 | A2/A- | TD | +95-100 |
| TBA | COP | 55 | A2/A- | TD | +130 A |
| TBA | COP | 65 | A2/A- | TD | +140-145 |
| TBA (TAP) | GBDC | 29 | BAA3/BBB- | SMBC | +185 A |
| TBA (FRN) | PNC | 27 | A2/A | PNC | SOFR+EQ |
| TBA (FTF) | PNC | 27 | A2/A | PNC | +70 A |
| TBA (FAB) | CRBG | 29 | A2/A+ | BOA | +95 A |
| AMT | ISSUER | MAT | RATINGS | MGR | TALK |
| TBA (FRN) | ABNANV | 28 | BAA1/BBB/A | MS | SOFR+EQ |
| TBA | ABNANV | 28 | BAA1/BBB/A | MS | +110 A |
| TBA | ABNANV | 35 | BAA1/BBB/A | MS | +150 A |
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