[MIDDAY UPDATE:] Another Friday
- There were no deals announced today.
- Stocks are lower: DOW (-67), S&P500 (-0.35%) and NASDAQ (-0.43%)
- Treasury yields are higher with the benchmark 10yr yielding 3.751% (+4bp), the long bond yielding 4.076% (+3bp), and the 2yr yielding 3.633% (+5bp)
- Corporate spreads tightened 2bp with the average high grade bond trading 93bp over comparable Treasuries
- Traders in the Fed Funds future market are putting the odds of a 25bp rate cut in November at 61.8% up from 50% last week, with a 50bp cut at 38.2% up from 27% last week
2024 HIGH GRADE ISSUANCE- 09/16 WEEK, SEPTEMBER & 2024 ESTIMATES
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| 09/16 WK | LO EST | AVE EST | HI EST | ACTUAL | SEP | LO EST | AVE EST | HI EST | ACTUAL | 2024 | LO EST | AVE EST | HI EST | ACTUAL |
| EX-SSA | $15.0B | $24.0B | $30.0B | $14,400 | EX-SSA | $137.0B | $146.0B | $133,200 | EX-SSA | $1.275B | $1.350B | $1,249,158 | ||
| OVERALL | $25.0B | $30.0B | $40.0B | $18,500 | OVERALL | $165.0B | $164,165 | OVERALL | $1,574,423 |
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2024 HIGH GRADE ISSUANCE - RECENT MANDATES
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| ANNOUNCED | ISSUER | RATINGS | MGRS | CALL | DEAL |
| 7-Aug | FARMERS INSURANCE | BAA3/BBB+ | BOA/C/JPM/WFS | 7-Aug | 40NC30 SURPLUS NOTES |
| 3-Sep | IBK | AA2/AA- | ANZ/CA//HSBC/MIZ/MUFG | 5-Sep | SOCIAL BOND DEAL |
| 9-Sep | SP GROUP | AA1/AA+ | BNP/MS | 23-Sep | |
| 16-Sep | NBN CORP | AA3/AA+ | BOA/C/GS/JPM/MUFG | 17-Sep | 3YR & 5YR DEAL |
| 16-Sep | KOREA NATIONAL OIL | AA2/AA- | BOA/C/HSBC/ING/MIZ/UBS | 19-Sep | MUTLI-TRANCHE DEAL |
| 19-Sep | NEW MOUNTAIN | BAA3/BBB- | DB/GS/SMBC/WFS | 19-Sep | SEC REGISTERED DEAL |
| 19-Sep | FIRST AMERICAN FNCL | BAA2/BBB- | GS/JPM/PNC | 19-Sep | SEC REGISTERED DEAL |
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