[MIDDAY UPDATE:] We're Not Done Yet
- 3 ex-SSA issuers announced deals (see table below)
- Stocks: DOW (-44), S&P500 (+0.67%) and NASDAQ (+1.34%)
- Treasury yields are mixed with the benchmark 10yr yielding 4.222% (unch), the long bond yielding 4.427% (+1bp), and the 2yr yielding 4.120% (12bp)
- Corporate spreads tightened 1bp 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 97.9% up from 78.1% last week and no cut at 2.1% down from 21.9% last week
- In M&A news, Albertsons terminates their merger with Kroger after US Courts block the deal
- MBA Mortgage applications rose 5.4% compared to +2.8% last week
- CPI MoM was 0.3% and YoY 2.7%, both in line with estimates
2024 HIGH GRADE ISSUANCE - 12/09 WEEK, DECEMBER & 2024 ESTIMATES
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| 12/09 WK | LO EST | AVE EST | HI EST | ACTUAL | DEC | LO EST | AVE EST | HI EST | ACTUAL | 2024 | LO EST | AVE EST | HI EST | ACTUAL |
| EX-SSA | $15.0B | $14,950 | EX-SSA | $40.0B | $50.0B | $38,750 | EX-SSA | $1,520,958 | ||||||
| OVERALL | $15,950 | OVERALL | $42.5B | $55.0B | $39,750 | OVERALL | $1,893,473 |
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2024 HIGH GRADE ISSUANCE - 12/11 CALENDAR
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| AMT | ISSUER | MAT | RATINGS | MGR | TALK |
| 200 (TAP) | BXSL | 28 | BAA2/BBB- | CITI | +145 A |
| TBA | MCHP | 28 | BAA1/NR | BOA | +100-105 |
| TBA | MCHP | 29 | BAA1/NR | BOA | +115-120 |
| 350 (WNG/REIT) | MAA | A3/A- | A3/A- | JPM | +105 A |
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