It is a very quiet open for the corporate bond market. The IG 10 is 142 which is about 1 1/2 basis points tighter than it was late yesterday. The ebullient stock market as well as news that MBIA would garner a large chunk of revenue from an insurance transaction with FGIC has imparted a firm tone to the market.
The Sierra Pacific 5 year deal which priced yesterday is better by a couple of basis points.
In general, the market remains soporific and quiescent as the Labor Day weekend approaches.