[MIDDAY UPDATE:] Back At It
- 4 ex-SSA issuers announced deals today (see table below)
- 1 SSA offering was also announced
- Stocks: DOW (+265), S&P500 (+0.49%) and NASDAQ (+0.67%)
- Treasury yields are higher with the benchmark 10yr yielding 4.256% (+2bp), the long bond yielding 4.515% (+2bp), and the 2yr yielding 4.12% (+2bp)
- Corporate spreads tightened with the average high grade bond trading 85bp over comparable Treasuries
- Traders in the Fed Funds future market are putting the odds of a 25bp rate cut in November at 96.9% up from 86.5% last week and no cut at 3.1% down from 13.5% last week
- In M&A news, Amphenol to use proceeds from today's 3-pt deal to partially fund $2.1bln acquisition of CommScope's mobile networks business
- Liberty Mutual & Synovus announced investor calls today
2024 HIGH GRADE ISSUANCE- 10/28 WEEK, OCTOBER & 2024 ESTIMATES
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| 10/28 WK | LO EST | AVE EST | HI EST | ACTUAL | OCT | LO EST | AVE EST | HI EST | ACTUAL | 2024 | LO EST | AVE EST | HI EST | ACTUAL |
| EX-SSA | $10.0B | $18.0B | $25.0B | $0 | EX-SSA | $75.0B | $90.0B | $115.0B | $67,550 | EX-SSA | $1,356,058 | |||
| OVERALL | $17.0B | $23.0B | $30.0B | $0 | OVERALL | $140.0B | $150.0B | $165.0B | $87,140 | OVERALL | $1,715,933 |
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2024 HIGH GRADE ISSUANCE - 10/28 CALENDAR
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| AMT | ISSUER | MAT | RATINGS | MGR | TALK |
| TBA (TAP/M&A) | APH | 27 | A3/BBB+ | BOA | +60 A |
| TBA (M&A) | APH | 35 | A3/BBB+ | BOA | +105 A |
| TBA (M&A) | APH | 55 | A3/BBB+ | BOA | +125 A |
| 300 (WNG) | R | 29 | BAA2/BBB+ | BOA | +110 A |
| AMT | ISSUER | MAT | RATINGS | MGR | TALK |
| TBA (FRN) | DNBNO | 30 | AA2/AA- | BOA | SOFR+EQ |
| TBA (FTF) | DNBNO | 30 | AA2/AA- | BOA | +100 A |
| TBA (SUB) | CM | 85 | BAA3/BBB- | CIBC | 7.125 A |
| AMT | ISSUER | MAT | RATINGS | MGR | TALK |
| TBA | COLOM | 36 | BAA2/BB+ | CITI | 8.15 A |
| TBA | COLOM | 54 | BAA2/BB+ | CITI | 8.80 A |
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2024 HIGH GRADE ISSUANCE - RECENT MANDATES
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| ANNOUNCED | ISSUER | RATINGS | MGRS | CALL | DEAL |
| 9-Sep | SP GROUP | AA1/AA+ | BNP/MS | 23-Sep | |
| 25-Oct | MAREX GROUP | NR/BBB- | BARC/GS/JEFF | 28-Oct | SEC REGSTERED 5YR DEAL |
| 28-Oct | LIBERTY MUTUAL | BAA2/BBB | JPM/TD | 28-Oct | P-CAP DEAL |
| 28-Oct | SYNOVUS BANK | NR/BBB | BOA/MS | 28-Oct | SEC REGISTERED DEAL |
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