[MIDDAY UPDATE: Taking a Break
- No issuers announced deals today
- Stocks: DOW (-300), S&P500 (-1.03%) and NASDAQ (-1.57%)
- Treasury yields are higher with the benchmark 10yr yielding 4.473% (+4bp), the long bond yielding 4.630% (+4bp), and the 2yr yielding 4.35% (+1bp)
- Corporate spreads widened with the average high grade bond trading 80bp over comparable Treasuries
- Traders in the Fed Funds future market are putting the odds of a 25bp rate cut in December at 55.2% down from 64.6% last week and no cut at 44.8% up from 35.4% last week
- Empire Manufacturing Index rose to 31.2, a nearly 3 year high
- Retail sales came in at 0.4% MoM in October vs estimates of 0.3%
- Industrial Production fell 0.3% MoM vs estimates of -0.4%
2024 HIGH GRADE ISSUANCE- 11/11 WEEK, NOVEMBER & 2024 ESTIMATES
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| 11/11 WK | LO EST | AVE EST | HI EST | ACTUAL | NOV | LO EST | AVE EST | HI EST | ACTUAL | 2024 | LO EST | AVE EST | HI EST | ACTUAL |
| EX-SSA | $46,350 | EX-SSA | $50.0B | $70.0B | $90.0B | $48,250 | EX-SSA | $1,431,758 | ||||||
| OVERALL | $50.0B | $49,050 | OVERALL | $70.0B | $85.0B | $100.0B | $50,950 | OVERALL | $1,799,473 |
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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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