[MIDDAY UPDATE:] The Waiting Game
- 1 ex-SSA issuer announced a deal today as markets await the US election tomorrow (see table below)
- Stocks: DOW (-104), S&P500 (+0.08%) and NASDAQ (+0.01%)
- Treasury yields are lower with the benchmark 10yr yielding 4.265% (-12bp), the long bond yielding 4.461% (-12bp), and the 2yr yielding 4.131% (-8bp)
- Corporate spreads were unchanged with the average high grade bond trading 86bp over comparable Treasuries
- Traders in the Fed Funds future market are putting the odds of a 25bp rate cut in November at 99.8% up from 95.8% last week and no cut at 0% down from 4.2% last week
- Factory Orders fell 0.5% in September, in line with expectations
- Durable Goods orders fell 0.7% vs estimates of -0.8%
2024 HIGH GRADE ISSUANCE- 11/04 WEEK, NOVEMBER & 2024 ESTIMATES
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| 11/04 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 | $2.0B | $4.0B | $7.5B | $0 | EX-SSA | $50.0B | $70.0B | $90.0B | $0 | EX-SSA | $1,358,508 | |||
| OVERALL | $10.0B | $12.0B | $15.0B | $0 | OVERALL | $70.0B | $85.0B | $100.0B | $0 | OVERALL | $1,748,523 |
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2024 HIGH GRADE ISSUANCE - 11/04 CALENDAR
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| AMT | ISSUER | MAT | RATINGS | MGR | TALK |
| TBA | QBRCN | 35 | BAA3/BBB- | BOA | +160 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 |
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