Markets no likey the ADP report. Bond down 1 point, Dow down 75. September Fed Funds futures pricing ~60% chance of a hike, but its more than 100% for October.
Despite stock market weakness, it looks like corporates are generally holding onto their gains late last week. Many stronger IG names are now flat or close to it since 6/1. I guess massive liquidity strikes again. A good recent issue to watch is MER 6.05 '16 (sub note), which started the month of June offered around +98/10yr, widened to +107, but is now +97ish. Did anyone actually think Mother Merrill would go bankrupt over a minor stock market correction?
Wednesday, July 05, 2006
Corporates Holding
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