The overall markets were relatively calm even as Italian Prime Minister Silvio Berlusconi offered to resign as soon as the Italian parliament approves austerity measures next week.

That the markets reacted to the headline by rallying is not surprising considering that Berlusconi is known more for his predilection for young women than he is known for his fiscal prowess.

That being said, will Berlusconi's exit solve Italy's problems?

Probably not.

Given the window of relative opportunity corporate bond issuance was heavy as corporations look to raise debt financing ahead of Thanksgiving week.

Credit spreads were relatively firm despite the heavy supply of new bonds.

Interestingly, one of the companies that sold bonds yesterday, biomedical company Amgen, with an eye to using the funds raised to buy back its own stock saw its bonds trade heavy in the secondary markets.

While investor demand for corporate bonds is relatively strong, it is not gratuitous.

Market Color will take a one-day hiatus on Wednesday and resume on Thursday (and Friday is a bond market holiday for Veteran's Day).