About $18.8 billion in new supply hit the market, with single A and up issuers dominating the calendar. Although high volatility and a downward bias in the equity market may have deterred some lower-rated companies from coming to market, there is nevertheless a sizable high yield calendar growing with visible supply of close to $2 billion. The highlight of the week was the Ford deal (figures not included in the charts because books hadn't closed as of Thursday evening), which showed that investors still had significant cash to put to work in the market. Although news of the deal initially pushed Ford spreads 15-20 bp wider, the bonds closed Thursday at Tuesday's post-downgrade levels. The market has clearly opened up for cyclical investment grade companies and those, like ILFC, directly affected by the 9/11 terrorist attacks.
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