[MIDDAY UPDATE:] Coasting into a Long Weekend
- There were no deals announced today
- Stocks: DOW (+300), S&P500 (+0.58%) and NASDAQ (+0.29%)
- Treasury yields are higher with the benchmark 10yr yielding 4.094% (+3bp), the long bond yielding 4.400% (+4bp), and the 2yr yielding 3.957% (unch)
- Corporate spreads tightened with the average high grade bond trading 84bp over comparable Treasuries
- Traders in the Fed Funds future market are putting the odds of a 25bp rate cut in November at 82.5% down from 97.4% last week and no cut at 17.5% up from 2.6% last week.
- PPI was flat MoM vs estimates of 0.1% and 1.8% YoY vs estimates of 1.6%
- UMich Sentiment fell to 68.9 vs estimates of 71.0
2024 HIGH GRADE ISSUANCE- 10/07 WEEK, OCTOBER & 2024 ESTIMATES
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| 10/07 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 | $17.0B | $20.0B | $16,050 | EX-SSA | $75.0B | $90.0B | $115.0B | $29,150 | EX-SSA | $1.350B | $1,317,658 | |||
| OVERALL | $30.0B | $25,790 | OVERALL | $140.0B | $150.0B | $165.0B | $46,490 | OVERALL | $1,675,283 |
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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 | |
| 4-Oct | ADANI HYBRID | BAA3//NR | VARIOUS | 4-Oct | 144A REGS 20YR DEAL |
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