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[MIDDAY UPDATE:] Wrapping up Another Week

  • No issuers announced deals today
  • Stocks: DOW (-31), S&P500 (+0.14%) and NASDAQ (+0.44%)
  • Treasury yields are higher with the benchmark 10yr yielding 4.365% (+4bp), the long bond yielding 4.587% (+4bp), and the 2yr yielding 4.213% (+2bp)
  • Corporate spreads are unchanged with the average high grade bond trading 78bp over comparable Treasuries
  • Traders in the Fed Funds future market are putting the odds of a 25bp rate cut in December at 96.7% up from 86% last week and no cut at 3.3% down from 14% last week
  • The Import Price Index rose 0.1% MoM vs estimates of -0.2%


2024 HIGH GRADE ISSUANCE - 12/09 WEEK, DECEMBER & 2024 ESTIMATES

.

12/09 WKLO ESTAVE ESTHI ESTACTUALDECLO ESTAVE ESTHI ESTACTUAL2024LO ESTAVE ESTHI ESTACTUAL
EX-SSA$5.0B$7.5B$15.0B$18,000EX-SSA$25.0B$40.0B$50.0B$41,800EX-SSA$1.100B$1.275B$1.350B$1,524,008
OVERALL$5.0B$10.0B$15.0B$19,000OVERALL$30.0B$42.5B$55.0B$42,800OVERALL$1.350B$1.420B$1.550B$1,896,523


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