The new issue calendar topped expectations and priced $29Bln bringing the monthly total to $96.6Bln. Spreads were unchanged to 5Bps wider on solid activity and secondary volume saw $987mm of net client buying reversing the previous weeks net client selling.

This week’s estimates are calling for $25Bln of new supply. Deals this week should be front loaded in front of the Fed meeting on Wednesday. Great job by the AmeriVet Securities team last week as we were a Co-Manager on $750mm deal for Ally Financial, $1.354Bln EETC for United Airlines, $750mm deal for USAA Auto Owner Trust Asset Backed and $1.419Bln deal for Pacific Gas and Electric.

Get your updates on the credit markets each week with Talking Tuesdays from Stephen L Haas Head of Credit Trading for AmeriVet Securities, Inc.