ADP REPORTS THE PRIVATE SECTOR ADDED 135,000 jobs in September down 22,000 jobs from August. Investors await the official employment report released on Friday. “The average monthly job growth for the past three months is 145,000, down from 214,000 for the same time period last year.” The 10-year note fell 3.6 basis points. S&P -1.68%, DOW -1.74, NASDAQ -1.47%

TREASURY YIELDS DOWN SHARPLY after slipping 15 basis points from yesterday’s high following weak economic reports. U.S. will impose $7.5 billion of tariffs on aircrafts at 10 percent and agricultural goods at 25 percent. “If the U.S. decides to impose WTO-authorized countermeasures, it will be pushing the EU into a situation where we will have no other option than do the same.” ADI proprietary index data showed a net yield increment for high-grade versus high-yield bonds. High-grade edged out high-yield. Among high-grade bonds showing topmost price gains at appreciable volumes traded,  AT&T Inc. (USD) 5.25% 3/1/20376 made analysts' 'Conviction Buy' list (See the chart above for AT&T Inc. bonds above.) Corey Mahoney

Key Gainers and Losers	Volume Leaders
+   Comcast Corp. 3.7% 4/15/2024 + 0.1%   Citigroup Inc. 4.45% 9/29/2027 + 0.3% -   EQT Corp. 3.9% 10/1/2027 -0.2%	CVS Health Corp.   5.05% 3/25/2048 AT&T Inc.   4.5% 3/9/2048

Industry Returns Tracker

Industry Past Day Past Week Past Month Past Quarter YTD Past Year Agriculture, Forestry, Fishing -0.05% 0.05% 0.45% 1.09% 5.75% 6.44% Mining 0.03% -0.33% -0.26% 2.62% 12.01% 11.12% Construction 0.14% -0.00% -0.26% 2.87% 10.31% 10.18% Manufacturing 0.14% -0.02% -0.27% 3.21% 11.00% 10.77% Transportion, Communication, Electric/Gas 0.16% -0.08% -0.64% 3.98% 14.11% 13.91% Wholesale 0.15% 0.02% 0.01% 3.01% 12.42% 11.11% Retail 0.18% -0.04% -0.27% 3.70% 12.18% 12.08% Finance, Insurance, Real-Estate 0.16% 0.04% -0.17% 2.58% 9.68% 10.24% Services 0.15% -0.02% -0.37% 3.20% 10.83% 11.55% Public Administration 0.05% 0.05% -0.10% 1.65% 5.25% 7.49% Energy 0.07% -0.34% -0.34% 2.62% 12.53% 11.22%   Total returns (non-annualized) by rating, market weighted.

New Issues	New Issues [Continued]
1. Owl Rock Capital Corp. (USD) 4% 3/30/2025 (10/01/2019): 425MM Senior Unsecured Notes, Price at Issuance 99.476, Yielding 4.11%. 2. MidAmerican Energy Holdings Co. (USD) 3.15% 4/15/2050 (10/01/2019): 600MM Secured Notes, Price at Issuance 99.436, Yielding 3.18%.

NEW ISSUANCE WATCH: on 10/01/19 participants welcome a $425M new corporate-bond offering by
Owl Rock Capital Corp. The most recent data showed a money flowed out of highyoutflow ETF/mutual funds for the week ended 9/27/2019, with a net outflow of $258 million.

Top Widening Credit Default Swaps (CDS)	Top Narrowing Credit Default Swaps (CDS)
Weatherford International LTD (5Y Sen USD XR14) Hertz Corp. (5Y Sen USD CR14)	Cable & Wireless Communication (5Y Sen USD CR14) SuperValu Inc. (5Y Sen USD MR14)

Loans and Credit Market Overview

SYNDICATED LOANS HIGHLIGHTS:

Deals recently freed for secondary trading, notable secondary activity:

• Raytheon Co., Shearer's Foods Inc., Triumph Group Inc., Seagate Technology, B&G Foods Inc.

OVERALL CREDIT MARKET:Long-term bond yields are expected to hit a cyclical peak in 2019 given tight fiscal policy and lagging global economies. Europe remains checked by stubbornly low inflationary forces.  Positive effects remained in force:

• TED spread held below 30 bp (basis points), as of 10/02/19
• Net positive capital flows into high-yield ETFs & mutual funds

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