Spreads are a bit firmer today but I don't expect the market will move much either way ahead of the Geithner bailout speech on Monday. The WSJ had a little bit more clarity here about what to expect.
New issuance has taken a brief break today due to payrolls. Companys do not want to attempt to issue debt on a day when there could be loads of volatility.
As I mentioned recently, commercial mortgage backed securities (CMBS) are causing investors concern. Almost half the debt that Moody's rates was put on watch for downgrade. Remember, most CMBS investors are ratings sensitive so this could lead to some forced selling.
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