[MIDDAY UPDATE:] Here We Go Again
- Donald Trump re-elected as the 47th President of the United States
- Republicans take control of the Senate, and lead in the race for the House.
- There were no ex-SSA issues announced today as markets digest Trump's election victory.
- It is widely expected that the high grade primary market will remain dormant until after the Veteran's Day holiday on Monday.
- Stocks: DOW (+1,300), S&P500 (+2.10%) and NASDAQ (+1.97%).
- Bitcoin trades above $75,000, an all-time high.
- The dollar index climbed to its highest level since July.
- Treasury yields are higher with the benchmark 10yr yielding 4.47% (+21bp), the long bond yielding 4.65% (+21bp), and the 2yr yielding 4.28% (+9bp).
- Corporate spreads tightened 2bp, with the average high grade bond trading 84bp over comparable Treasuries, within 1bp of its tightest level of the year.
- Traders in the Fed Funds future market are putting the odds of a 25bp rate cut tomorrow at 97.5% up from 95.2% last week.
- Mortgage applications fell 10.8% last week as rates soar.
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2024 HIGH GRADE ISSUANCE- 11/04 WEEK, NOVEMBER & 2024 ESTIMATES
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| 11/04 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 | $2.0B | $4.0B | $7.5B | $700 | EX-SSA | $50.0B | $70.0B | $90.0B | $700 | EX-SSA | $1,384,208 | |||
| OVERALL | $10.0B | $12.0B | $15.0B | $700 | OVERALL | $70.0B | $85.0B | $100.0B | $700 | OVERALL | $1,749,223 |
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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 |
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