[MIDDAY UPDATE:] Back in Action
- 13 ex-SSA issuers announced deals (see table below)
- Stocks: DOW (-61), S&P500 (-0.08%) and NASDAQ (-0.02%)
- Treasury yields are higher with the benchmark 10yr yielding 4.369% (+6bp), the long bond yielding 4.513% (+4bp), and the 2yr yielding 4.313% (+6)
- Corporate spreads tightened 1bp with the average high grade bond trading 77bp over comparable Treasuries
- Traders in the Fed Funds future market are putting the odds of a 25bp rate cut in December at 65.1% down from 77.3% last week and no cut at 34.9% up from 22% last week
- Huntington Ingalls & FS KKR Capital Corp announced investor calls for today
2024 HIGH GRADE ISSUANCE- 11/11 WEEK, NOVEMBER & 2024 ESTIMATES
.
| 11/11 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 | $15.0B | $30.0B | $40.0B | $0 | EX-SSA | $50.0B | $70.0B | $90.0B | $1,900 | EX-SSA | $1,385,408 | |||
| OVERALL | $22.0B | $35.0B | $50.0B | $0 | OVERALL | $70.0B | $85.0B | $100.0B | $1,900 | OVERALL | $1,750,423 |
.
2024 HIGH GRADE ISSUANCE - 11/12 CALENDAR
.
| AMT | ISSUER | MAT | RATINGS | MGR | TALK |
| TBA (FRN) | C | 27 | AA3/A+ | CITI | SOFR+EQ |
| TBA (FTF) | C | 27 | AA3/A+ | CITI | +70 A |
| TBA (SUB) | C | 34 | BAA2/BB | CITI | +150 A |
| TBA (FRN) | CAT | 27 | A2/A | SG | SOFR+EQ |
| TBA | CAT | 27 | A2/A | BARC | +50-55 |
| TBA | CAT | 29 | A2/A | JPM | +65 A |
| 300 (REIT) | SAFE | 34 | A3/BBB+ | BOA | +160 A |
| TBA (TAP) | OBDC | 29 | BAA3/BBB- | RBC | +187.5 A |
| TBA (FTF) | GS | 45 | A2/BBB+ | GS | +110 A |
| TBA (FTF) | HBAN | 31 | BAA1/BBB+/A- | GS | +120 A |
| TBA (FTF) | HBAN | 39 | BAA1/BBB | GS | +205 A |
| TBA (FAB) | EQH | 27 | A1/A+ | BOA | +80 A |
| TBA | MBGGR | 26 | A2/A | CITI | +75 A |
| TBA | MBGGR | 27 | A2/A | CITI | +85 A |
| TBA (FRN) | MBGGR | 27 | A2/A | CITI | SOFR+EQ |
| TBA | MBGGR | 29 | A2/A | CITI | +105 A |
| TBA | OTIS | 31 | BAA1/BBB | MS | +105 A |
| AMT | ISSUER | MAT | RATINGS | MGR | TALK |
| TBA (FRN) | HSBC | 28 | A3/A- | HSBC | SOFR+EQ |
| TBA (FTF) | HSBC | 28 | A3/A- | HSBC | +110 A |
| TBA (FRN) | HSBC | 30 | A3/A- | HSBC | SOFR+EQ |
| TBA (FTF) | HSBC | 30 | A3/A- | HSBC | +125 A |
| TBA (FTF/SUB) | HSBC | 35 | BAA1/BBB/A- | HSBC | +170 A |
| TBA (FRN) | WSTP | 26 | AA2/AA- | BOA | SOFR+EQ |
| TBA | WSTP | 26 | AA2/AA- | BOA | +50 A |
| TBA (FTF) | WSTP | 35 | A3/A- | BOA | +150 A |
| TBA (FTF) | BNP | 35 | BAA2/BBB+/A- | BNP | +180 A |
| TBA (FRN) | SOCGEN | 27 | BAA2/BBB/A- | SG | SOFR+EQ |
| TBA | SOCGEN | 27 | BAA2/BBB/A- | SG | +115 A |
.
2024 HIGH GRADE ISSUANCE - RECENT MANDATES
.
| ANNOUNCED | ISSUER | RATINGS | MGRS | CALL | DEAL |
| 9-Sep | SP GROUP | AA1/AA+ | BNP/MS | 23-Sep | |
| 12-Nov | HUNTINGTON INGALLS | BAA3/BBB- | BOA/JPM/MIZ/SCOT/USB/WFS | 12-Nov | SR UNSECURED DEAL |
| 12-Nov | FS KKR CAPITAL | BAA3/NR | BOA/BMO/JPM/KKR/SMBC/TSI | 12-Nov | SEC REGISTERED DEAL |
---- Subscribe to read more ----
To receive this analysis plus much more, subscribe to IGM. Request your free trial of the service today.