[MIDDAY UPDATE:] Steady as She Goes
- 5 ex-SSA issuers announced deals today (see table below)
- 3 SSA deals were also announced
- Stocks: DOW (-85), S&P500 (+0.12%) and NASDAQ (+0.38%)
- Treasury yields are higher with the benchmark 10yr yielding 3.770% (+4bp), the long bond yielding 4.123% (+4bp), and the 2yr yielding 3.545% (+4bp)
- Corporate spreads are unchanged with the average high grade bond trading 92bp over comparable Treasuries
- Traders in the Fed Funds future market are putting the odds of a 25bp rate cut in November at 44.5% down from 62.2% last week, with a 50bp cut at 55.5% up from 37% last week
- MBA Mortgage Applications rose 11% last week
- New Home Sales came in at 716k for August, higher than the 700k expected
2024 HIGH GRADE ISSUANCE- 09/23 WEEK, SEPTEMBER & 2024 ESTIMATES
.
| 09/23 WK | LO EST | AVE EST | HI EST | ACTUAL | SEP | LO EST | AVE EST | HI EST | ACTUAL | 2024 | LO EST | AVE EST | HI EST | ACTUAL |
| EX-SSA | $24.0B | $35.0B | $20,450 | EX-SSA | $153,650 | EX-SSA | $1.275B | $1.350B | $1,269,608 | |||||
| OVERALL | $30.0B | $40.0B | $30,950 | OVERALL | $195,065 | OVERALL | $1,605,323 |
.
2024 HIGH GRADE ISSUANCE - 09/25 CALENDAR
.
| AMT | ISSUER | MAT | RATINGS | MGR | TALK |
| TBA | ORCL | 29 | BAA2/BBB | CITI | +100 A |
| TBA | ORCL | 34 | BAA2/BBB | JPM | +125 A |
| TBA | ORCL | 54 | BAA2/BBB | BOA | +155 A |
| TBA | ORCL | 64 | BAA2/BBB | BOA | +170 A |
| 400 | ANGINC | 29 | NR/BBB | WFS | +250 A |
| TBA | ARESSI | 30 | BAA3/NR | JPM | +260 A |
| AMT | ISSUER | MAT | RATINGS | MGR | TALK |
| TBA | DANBNK | 30 | BAA1/A- | BOA | +135 A |
| TBA | KOREAT | 28 | A3/A- | CITI | +80 |
.
2024 HIGH GRADE ISSUANCE - RECENT MANDATES
.
| ANNOUNCED | ISSUER | RATINGS | MGRS | CALL | DEAL |
| 7-Aug | FARMERS INSURANCE | BAA3/BBB+ | BOA/C/JPM/WFS | 7-Aug | 40NC30 SURPLUS NOTES |
| 9-Sep | SP GROUP | AA1/AA+ | BNP/MS | 23-Sep |
---- Subscribe to read more ----
To receive this analysis plus much more, subscribe to IGM. Request your free trial of the service today.