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[MIDDAY UPDATE:] META and 16 Friends

  • While there were no deals announced overnight, though 17 borrowers announced deals this morning (see table below)
  • The three major indices continue to rebound, with all three major indices - DOW (+435), S&P500 (+1.54%), NASDAQ (+1.80%) - opening higher
  • Treasury yields continue to retreat from the year-long lows, with the benchmark 10yr yielding 3.932% (+4bp), the long bond yielding 4.217% (+4bp), and the 2yr yielding 4.016% (+4bp)
  • Corporate spreads tightened 4bps with the average high grade bond trading 108bp over comparable Treasuries, the widest since last December and 20bp wider since trading at +88bp two months ago
  • Traders in the Fed Funds future market are putting the odds of a 50bp rate cut in September at 63.5% down from 68% yesterday
  • Mortgage Applications rose 6.9% last week, after falling 3.9% the week prior
  • The BOJ downplayed needs for another near term rate hike

.

2024 HIGH GRADE ISSUANCE - 08/05 WEEK, AUGUST & 2024 ESTIMATES

.

08/05 WKLO ESTAVE ESTHI ESTACTUALAUGLO ESTAVE ESTHI ESTACTUAL2024LO ESTAVE ESTHI ESTACTUAL
EX-SSA$25.0B$37.5B$50.0B$6,770EX-SSA$80.0B$90.0B$110.0B$15,595EX-SSA$1.100B$1.275B$1.350B$1,024,558
OVERALL$30.0B$40.0B$60.0B$6,770OVERALL$90.0B$100.0B$115.0B$18,595OVERALL$1.350B$1.420B$1.550B$1,293,708

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2024 HIGH GRADE ISSUANCE - 2023 VS 2024 COMPARISON

.

6-Aug08/05 WK08/12 WK08/19 WK08/26 WK
MTD23 MTD24 YTD23 YTDCHNG
IND1000



525019600294229307270-4%
UTL2520



4145235085245780409%
FIG3250



62001220035175023390050%
Y(I)0



00815344805070%
Y(F)0



0590019617016840016%
Y(U)0



00156301100042%
SSA0



3000026915022570019%
EX-SSA677000001559540050102455884666021.0%
OVERALL6770000018595400501293708107236020.6%

.

AMTISSUERMATRATINGSMGRTALK
TBAMETA29Aa3/AA-BofA/JPM/MS+80 A
TBAMETA31Aa3/AA-BofA/JPM/MS+95 A
TBAMETA34Aa3/AA-BofA/JPM/MS+105 A
TBAMETA54Aa3/AA-BofA/JPM/MS+140 A
TBAMETA64Aa3/AA-BofA/JPM/MS+155 A
TBA (FRN)Volkswagen26A3/BBB+/A-GSSOFR+Equiv
TBAVolkswagen26A3/BBB+/A-GS+120 A
TBAVolkswagen27A3/BBB+/A-GS+130 A
TBAVolkswagen29A3/BBB+/A-GS+155 A
TBASherwin-Williams28Baa2/BBB/BBB+CITI+110 A
TBASherwin-Williams31Baa2/BBB/BBB+WFS+145 A
TBA (FRN)BMW26A2/ABARCSOFR+Equiv
TBABMW26A2/ABARC+100 A
TBA (FRN)BMW27A2/ABARCSOFR+Equiv
TBABMW27A2/ABARC+110 A
TBABMW29A2/ABARC+135 A
TBABMW31A2/ABARC+150 A
TBADR Horton34Baa1/BBB+/A-BofA+150 A
TBAHCA31 tapBaa3/BBB-WFS+155 A
TBAHCA34Baa3/BBB-JPM+180 A
TBAHCA54Baa3/BBB-CITI+205 A
$500m (WNG)IDEX29Baa2/BBB/BBB+BofA/JPM/WFS+145 A
TBAQuanta Services27Baa3/BBB-BofA+130 A
TBAQuanta Services34Baa3/BBB-WFS+170 A
$300m (WNG)Idaho Power34A2/A-BofA/JPM/USB/WFS+155 A
TBAUnilever Capital27A1/A+MS+80 A
TBAUnilever Capital34A1/A+MS+110 A
$400mExtra Space Storage35Baa2/BBB+BofA+165 A
TBABorgWarner29Baa1/BBB/BBB+BofA+160 A
TBABorgWarner34Baa1/BBB/BBB+BofA+185 A
TBACoca-Cola34A1/A+BofA+105 A
TBACoca-Cola55A1/A+BofA+130 A
TBACoca-Cola64 tapA1/A+BofA+140 A
TBAGE Healthcare29Baa2/BBB/BBBBofA+140 A
$400m (WNG)Tucson Electric Power34A3/A-MUFG+155 A
TBAGenuine Parts Co29Baa1/BBBJPM+150 A
TBAHost Hotels35Baa3/BBB-/BBBBofA/GS/JPM/WFS+200 A



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