[MIDDAY UPDATE:] Issuance Falls Short Again
- No deals were announced today
- Stocks: DOW (+188), S&P500 (+0.82%) and NASDAQ (+1.33%)
- Treasury yields are lower with the benchmark 10yr yielding 4.196% (-2bp), the long bond yielding 4.469% (-1), and the 2yr yielding 4.049% (-3bp)
- Corporate spreads are unchanged with the average high grade bond trading 86bp over comparable Treasuries
- Traders in the Fed Funds future market are putting the odds of a 25bp rate cut in November at 97.6% up from 90.4% last week and no cut at 2.4% down from 9.6% last week
- In M&A news, US Antitrust courts block $8.5bln Tapestry-Capri merger
- Durable Goods Orders fell 0.8% in September vs estimates of -1.0%
- U of Michigan Sentiment rose to 70.5 vs estimates of 69.0
2024 HIGH GRADE ISSUANCE- 10/22 WEEK, OCTOBER & 2024 ESTIMATES
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| 10/21 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 | $23.0B | $35.0B | $12,100 | EX-SSA | $75.0B | $90.0B | $115.0B | $67,550 | EX-SSA | $1,356,058 | ||||
| OVERALL | $20.0B | $30.0B | $40.0B | $13,100 | OVERALL | $140.0B | $150.0B | $165.0B | $87,140 | OVERALL |
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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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