Week of March 4, 2012 thru March 10, 2012

US$ CREDIT SUPPLY PIPELINE - March 2, 2012


Investment-grade $250M+ Deals Announced/Launched(#)/Priced(*)/Pass(X) Date $MM Issuer/CR/Descr Mat Yield Lead(s) 3/1 1500 *National Australia Bank 3 T+160 BAML/DB/JPM/ (Aa2/AA-) MTN NAB 3/1 1000 *National Australia Bank 5 T+190 BAML/DB/JPM/ (Aa2/AA-) MTN NAB 3/1 700 *Singapore Telecommunications 5.5 T+150 BAML/C/DB/MS (Aa2/A+), Reg S 3/1 250 *Svensk Exportkredit (Aa1/AA+) 3 3mL+65 JPM/UBS FRN 3/1 2500 *Wells Fargo & Co (A2/A+) 10 T+150 WFS Chatter books about 2.5x oversubscribed 3/1 2000 *Credit Suisse Guernsey 3 MS+105 BAML/CS/RBC/SG (Aaa/AAA) Covered B

US Debt Auction Calendar for Treasury and Agency Issues


March 1

Source: U.S. Treasury, Fannie Mae, Freddie Mac Amounts in billions of U.S. dollars

Auction/ Settle- Prev. Pricing ment Maturity Auc. Source Issue Amt Date Date Date Size

UST 3-mo 33.0 05-Mar-12 08-Mar-12 07-Jun-12 33.0 UST 6-mo 31.0 05-Mar-12 08-Mar-12 06-Sep-12 31.0 UST 52-wk 26.0 06-Mar-12 08-Mar-12 07-Mar-12 26.0

-- All bill auctions at 11:30AM ET, notes and bonds at 1PM ET

** Market News International Washington Bureau: 202-371-2121 **

[TOPICS: MTABLE]

US Treasury Maturing Issues Calendar


March 1

Source: U.S. Treasury Auctions; Monthly Public Debt Statement Amounts in billions of U.S.

Euro CDS: ISDA Greece Decision Met With Mixed Reception


LONDON, Mar 2 (MNI) - The ISDA decision not to declare Greece in default yesterday has seen a mixed reception, but has had little net market impact so far.

Ldn FX: Sterling Stays Bid After Cable Holds Above 200-Day Avg


LONDON, Mar. 2 (MNI) - Cable again closed above its 200-day moving average Thursday, following its break and close above that level Wednesday, and is seen providing an ongoing buoyant tone for sterling (200-dma today at $1.5897).

Cable was pressed to an early pullback low of $1.5906 but managed to recover to the $1.5920 area as euro-sterling extended its lows to stg0.83135 following the break below stg0.8333 (E1.2000). Release of stronger-than-forecast CIPS construction data had little immediate effect

STERLING SUMMARY: Opened early Europe at $1.5942 stg0.8341 Cable closed in NY at $1.5957 after trade in NY was contained within a range of $1.5930/75, and it had recovered from an earlier European dip low of $1.5895.

Euro Credit: HeidelbergCement, Provident Join Pipeline


LONDON, Mar 2 (MNI) - The new issues market has seen an increasing amount of financials come to market this week as spreads in the secondary market remain conducive to higher levels of supply. The tightening in most sectors of the peripheral bond market have underpinned the better tone.

Ldn FX: Euro-Dlr Extends Lows To $1.3240 On Weak German Sales


LONDON, Mar. 2 (MNI) - Release of weaker-than-expected German retail sales data prompted the European market to press down on the euro through morning trade Friday, euro-dollar extending lows to $1.3240 before meeting semi-official support.

LTRO-linked euro supply continues to be cited in countering euro recovery attempts.

EURO SUMMARY: Opened early Europe at $1.3296 Euro-dollar closed in NY at $1.3310, off pullback lows of $1.3282 (seen after the ISDA decision on no credit event for Greek swaps). Rate edged higher in early Asian trade, the move influenced by euro-yen demand into the Tokyo fix, with rate touching a high of $1.3333 before momentum faltered in the cross and allowed euro-dollar to drift lower through the balance of the session.

Analysis: EMU January PPI Rises On Higher Energy Prices


January: +0.7% m/m, +3.7% y/y

MNI survey median: +0.3% m/m, +3.9% y/y MNI survey range: -0.2% to +1.4% m/m

December: -0.2% m/m, +4.3% y/y November: +0.2% m/m, +5.4% y/y (revised from +0.3% m/m) October: +0.1% m/m, +5.5% y/y September: +0.3% m/m, +5.8% y/y August: -0.2% m/m, +5.8% y/y

--

FRANKFURT (MNI) - Producer price inflation in the Eurozone rose more than expected in January, with gains in all major components led by energy, Eurostat reported on Friday.

Following December's brief decline, prices rose 0.7% on the month in January, bringing the annual rate to +3.7%. Median forecasts had foreseen a more modest monthly rise but a stronger jump on the year.

Update: UK Feb Construction Activity Up Sharply: CIPS/Markit


--Adds ONS Construction New Orders Data To 0941 GMT Version

LONDON (MNI) - The UK construction sector saw activity rise sharply in February, with the Markit/CIPS construction headline February activity index spiking to 54.3 from 51.4.

The data, released by Reuters, show construction activity accelerating with the sector seeing its 14th consecutive monthly expansion. Employment in the construction sector, however, declined despite growth in new business and output.

The 54.3 outturn was the highest since March 2011 and new business growth was the fastest in 21 months. While employment fell, which Markit reported was due to reorganisations in some companies, the decline was only marginal.

UK Construction Activity Up Sharply in February: CIPS/Markit


LONDON (MNI) - The UK construction sector saw activity rise sharply in February, with the Markit/CIPS construction headline February activity index spiking to 54.3 from 51.4.

The data, released by Reuters, show construction activity accelerating with the sector seeing its 14th consecutive monthly expansion. Employment in the construction sector, however, declined despite growth in new business and output.

The 54.3 outturn was the highest since March 2011 and new business growth was the fastest in 21 months. While employment fell, which Markit reported was due to reorganisations in some companies, the decline was only marginal.