Last week the new issue calendar saw record issuance pricing $80Bln, the month of September is expecting $125Bln. Spreads were unchanged to 5Bps tighter on lighter activity and secondary volume saw $1.3Bln of net client selling.

This week’s estimates are calling for $30-35Bln of new supply that should be front loaded in front of Wednesdays CPI report.

Great job by the Amerivet Securities team last week as we were a Co-Manager on $2Bln 11NC10 tranche for Barclays PLC, $1.5Bln 21NC20 tranche for UBS Group AG, $2.5Bln 2-part deal for HSBC PLC, $4Blb 3-part deal for UBER, and $2.3Bln 3-part deal for Bank of Nova Scotia.