[MIDDAY UPDATE:] Jobs on Deck
- 4 ex-SSA issuers announced deals today (see table below)
- 2 SSA deals were also announced
- Stocks: DOW (-147), S&P500 (-0.09%) and NASDAQ (+0.07%)
- Treasury yields are higher with the benchmark 10yr yielding 3.830% (+5bp), the long bond yielding 4.161% (+3bp), and the 2yr yielding 3.681% (+3bp)
- Corporate spreads tightened with the average high grade bond trading 91bp over comparable Treasuries
- Traders in the Fed Funds future market are putting the odds of a 25bp rate cut in November at 65% up from 50.7% last week, with a 50bp cut at 35% down from 49.3% last week
- Initial Jobless Claims came in at 225k last week vs estimates of 221k
- Factory orders fell -0.2% in August vs estimates of +0.1%
- Durable Goods Orders were flat, in line with estimates
- Services PMI was 55.2 for Sept vs estimates of 55.4
- Composite PMI was 54.0 vs estimates of 54.5
- ISM Service Index rose to 54.9 in September vs estimates of 51.7
2024 HIGH GRADE ISSUANCE- 09/30 WEEK, OCTOBER & 2024 ESTIMATES
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| 09/30 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 | $20.0B | $22.0B | $30.0B | $12,850 | EX-SSA | $75.0B | $90.0B | $115.0B | $10,500 | EX-SSA | $1.350B | $1,299,008 | ||
| OVERALL | $30.0B | $35.0B | $40.0B | $18,450 | OVERALL | $140.0B | $150.0B | $165.0B | $16,100 | OVERALL | $1,644,893 |
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2024 HIGH GRADE ISSUANCE - 10/03 CALENDAR
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| AMT | ISSUER | MAT | RATINGS | MGR | TALK |
| 500 (WNG) | MKC | 34 | BAA2/BBB | BOA | +115 A |
| 300 (SUB) | APO | 54 | A3/BBB+ | BOA | 6.50 A |
| TBA (FAB) | ATH | 29 | A1/A+ | BARC | +130-135 |
| AMT | ISSUER | MAT | RATINGS | MGR | TALK |
| TBA | NACN | 29 | A3/BBB+ | BARC | +120 A |
| AMT | ISSUER | MAT | RATINGS | MGR | TALK |
| 500 (WNG) | QTELQD | 34 | A2/A | CITI | +95 A |
| TBA | KAZAKS | 35 | BAA1/BBB- | CITI | +100 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 | |
| 30-Sep | KEXIM | AA2/AA | JPM | 2-Oct | SEC REGISTERED 3YR DEAL |
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