WEEKLY UPDATE The final week of the month saw another round of robust issuance with $7 billion of investment-grade volume and over $6 billion of high-yield issuance coming to market. This brings the month-to-date investment-grade volume to $53 billion, but slightly more than $20 billion of that falls into the supra/sovereign category. This helps explain why technicals in the more narrowly defined corporate sector remain strong. Thirty billion dollars odd of corporate supply represented no problem for a market intent on over-weighting credit for the year and the payment of over $17 billion in maturities during the month has helped augment demand. An active week in the high yield sector has helped reduce the four-week moving average rating to A- from an annual high of AA- just last week.
Analysis by CreditSights, Inc., an independent online credit research platform. Call (212) 340-3888 or visit www.CreditSights.com for more information.