As a result, the private debt market has lost its anchor.

Last week brought two extraordinary events in the sovereign debt market.

It is the first time that the bank has entered into a continuous note program in the American debt market.

But these are not normal times in the debt market because of seasonal and other factors.

"Because if management can't get the stock price up, someone else will do it for them with the enthusiastic support of the debt markets."

The company was returning to the debt market after an absence of more than two decades.

Activity in other debt markets was limited because of the holiday.

But others will no longer have access to the public debt market.

"The short-term debt market is going to pile up in the next few weeks," he said.

"The jobs report will help answer the question, at least the debt market thinks so."