[MIDDAY UPDATE:] More of the Same
- 5 ex-SSA issuers announced deals today (see table below)
- 3 SSA deals were also announced, however they are pricing tomorrow
- Stocks: DOW (-88), S&P500 (-0.36%) and NASDAQ (-0.53%)
- Treasury yields are still moving higher with the benchmark 10yr yielding 4.022% (+5bp), the long bond yielding 4.298% (+5bp), and the 2yr yielding 3.987% (+3bp)
- Corporate spreads tightened 3bp with the average high grade bond trading 87bp over comparable Treasuries
- Traders in the Fed Funds future market are putting the odds of a 25bp rate cut in November at 86.2% up from 65.3% last week and no cut at 13.8% up from 0% last week. A 50bp cut now stands at 0%
- In M&A news, Apollo Global Management has agreed to acquire Barnes Group for $3.6bln in cash and Canadian Natural Resources has agreed to acquire oil sand and shale assets from Chevron for $6.5bln
- Carlyle Secured Lending and Norinchukin Bank announced investor calls today
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 | $10.0B | $17.0B | $20.0B | $0 | EX-SSA | $75.0B | $90.0B | $115.0B | $13,100 | EX-SSA | $1.350B | $1,301,608 | ||
| OVERALL | $20.0B | $25.0B | $30.0B | $0 | OVERALL | $140.0B | $150.0B | $165.0B | $20,700 | OVERALL | $1,649,493 |
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2024 HIGH GRADE ISSUANCE - 10/07 CALENDAR
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| AMT | ISSUER | MAT | RATINGS | MGR | TALK |
| TBA (FRN) | TOYOTA | 26 | A1/A+ | CITI | SOFR+70 A |
| TBA | TOYOTA | 27 | A1/A+ | CITI | +75 A |
| TBA | TOYOTA | 31 | A1/A+ | MUFG | +100 A |
| 400 | CNHI | 27 | BAA2/BBB+ | GS | +95 A |
| TBA (SUB) | ATH | 30NC10 | BAA2/BBB+ | BOA | 7.00 A |
| TBA | BRKHEC | 54 | BAA1/A- | BOA | +165 A |
| AMT | ISSUER | MAT | RATINGS | MGR | TALK |
| TBA | KBCBB | 6NC5 | A3/A- | BOA | +135 A |
| AMT | ISSUER | MAT | RATINGS | MGR | TALK |
| TBA | NEDWBK | 26 | AAA/AAA | BARC | SMS+34 A |
| 1000 (WNG) | KDB | 27 | AA2/AA | JPM | SMS+62 A |
| TBA (SUSTAIN) | IBRD | 29 | AAA/AAA | DB | SMS+41 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 |
| 4-Oct | ADANI HYBRID | BAA3//NR | VARIOUS | 4-Oct | 144A REGS 20YR DEAL |
| 7-Oct | NORINCHUKIN BANK | A1/A | C/JPM | 7-Oct | 5YR GREEN BOND DEAL |
| 7-Oct | CARLYLE SECURED LNDG | BOA/BARC/JPM/MS | 7-Oct | SEC REGISTERED DEAL |