Although the impact of today's massive and much ballyhooed bond redemptions will not be immediately apparent, the trading maxim "buy the rumor, sell the fact" faces the beginning of a tough test.

Market players today will look out from giddy price heights for the first signs that will eventually determine if demand from July 1 bond calls meets expectations or proves an ugly disappointment.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.