It was a positive day for stocks but corporate bonds traded heavy given the heavy new issue calendar.

Today felt like one of the busiest days of 2011 as far as corporate bond new issues.

Some traded well in secondary markets and some of them did not trade so well.

Treasury bonds continue to be well-bid, however, while oil closed at $102 a barrel.

In corporate bond new issues, IBM started the party with a $1 billion 3 year bond at +37.

Australian retailer Wesfarmer's sold $650 million in bonds at +115.

Insurer Prudential sold $500 million of 5 year bonds at +118 and $300 million of 30 year bonds at +138.

Retailer / drugstore CVS hit the market with a 10 year issue and a 30 year issue; the 10 year issue widened some 8 bps in secondary trading but the name may tighten in further after S&P made positive ratings noise at the end of the day.

CVS sold $550 million of 10 year debt at +115 and $950 million of 30 year debt at +155.

British bank Standard Chartered issued $1.75 billion of 5 year bonds at +140 and $500 million of 3 year FRNs at +95.

Nordic bank Nordea issued $1.25 billion of 10 year subordinated bonds at +180.

Pipeline operator Energy Transfer Partners sold $800 million of 10 year debt at +155 and $700 million 30 year debt at +175.

Brazilian Banco Brades hit the market with $500 million 5 year fixed at +235 and $850 million 3 year FRN (floating rate note) bonds at +210.

With Brazil's economy en fuego and banks expected to out-perform relative to their North American peers, these issues should trade well.

New issues will continue to remain busy this week; given how low interest rates are, many companies are eager to issue now to lock in these all-time low rates.