Week of March 18, 2012 thru March 24, 2012

US News Events Calendar


--Meetings & Events of Interest to Subscribers

DATE GMT / EST EVENT

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19-Mar 1230/0730 Dallas Federal Reserve Bank Pres. Richard Fisher speaks to the Centre for the Study of Financial Innovation in London.

19-Mar -- New York Federal Reserve Bank Pres.

TheFXSpot: FX, other Instruments Held Hostage To Tsy Yld Rise


NEW YORK, March 16 (MNI) - Currencies and other instruments were held hostage to the wild rally in U.S. Treasury yields this week, where 10-year yields topped out Friday around 2.36%, a far cry from the 2.042% close seen a week ago.

US$ CREDIT SUPPLY PIPELINE - March 16, 2012


Investment-grade $250M+ Deals Announced/Launched(#)/Priced(*)/Pass(X) Date $MM Issuer/CR/Descr Mat Yield Lead(s) 3/16 TBD FHLBanks to announce Global Note: Mon, 3/19 3/16 1500 *Swedbank Hypotek AB (A2/A+) 5 MS+105 BAML/DB/JPM/ Covered bonds UBS 3/15 1250 *Bank of Nova Scotia (Aaa/AAA) 3 T+52.6 BAML/BAR/DB/ 144A Reg S, covered bonds SCO/UBS Fully backed by prime Canadian CMHC-insured res mtgs. 3/15 250 *Bank of Nova Scotia (Aaa/AAA) 5 3mL+42 BAML/BAR/DB/ 144A Reg S, covered bonds, FRN SCO/UBS Fully backed by prime Canadian CMHC-insured res mtgs. 3/15 1500 *Bank of Nova Scotia

White House Text: Obama To Host Harper, Calderon April 2


WASHINGTON (MNI) - The following is an excerpt from an announcement by the White House Friday:

On April 2, 2012, President Obama will host Prime Minister Stephen Harper of Canada and President Felipe Calderon of Mexico for the North American Leaders' Summit (NALS) in Washington, DC. This meeting will build on wide-ranging and ongoing cooperation among the United States, Canada, and Mexico with a particular focus on economic growth and competitiveness, citizen security, energy, and climate change. The leaders will also discuss North America's role in the Americas in anticipation of the Summit of the Americas in Cartagena, Colombia later in April, as well as other global economic, political, and security issues.

FXWRAP: Dlr Dips As Data Deflates Growth Expectations


NEW YORK, March 16 (MNI) - The dollar suffered a beating Friday, handing back a chunk of the gains scored earlier in the week as a set of weaker than expected U.S. economic data punctured recently growing notions that the economy was on a faster track.

Euro-dollar was changing hands at $1.3175 in afternoon trading, the euro holding near the upper end of its $1.3060-1.3187 U.S. hours range, beginning the day near its low.

Dollar-yen meanwhile was trading at Y83.35, modestly above the bottom of its Y83.19-97 range after beginning the day around Y83.70.

Chicago Fed's Evans: Fed Can,Should Take More Steps on Econ


(MNI) - Chicago Federal Reserve Bank President Charles Evans said Friday that U.S. monetary policymakers "can and should take additional steps" to promote faster economic growth.

Evans did not explicitly call for another round of quantitative easing -- something he has favored in the past -- but called again for announcing more explicit economic "triggers" to clarify that the Fed won't raise the federal funds rate from near zero so long as unemployment is above 7% and inflation is 3% or less.

FinSys Update:US Consumer Sentiment Dips, Gasoline Drives CPI


WASHINGTON (MNI) - The following are top events and news reported Friday ET in the global financial system by MNI:

* U.S. consumer sentiment dipped in the early part of March, while their one-year inflation expectations rose to the highest level since May last year, according to the Reuters/University of Michigan Consumer Sentiment survey released Friday. The preliminary March consumer sentiment index was 74.3, below the median expectation of 76.0 in a Market News International survey of economists, and compared to 75.3 last month. Soaring gasoline prices no doubt influenced the outlook for inflation in the near-term, with the preliminary 1-year inflation expectation for March at 4.0%, the highest since May 2011.

Reality Check: US Homebuilding Activity Firming - Builders


NEW YORK, March 16 (MNI) - U.S. single-family homebuilding activity is inching higher in early 2012, lifted by faster job creation and improving consumer sentiment, but the battered housing market's road to recovery promises to be long and bumpy, according to residential builders.

US Swaptions: Off Early Highs, Firm For Wk, 5Y Tails Outpace


CHICAGO, March 16 (MNI) - Over-the-counter option volatility remained directional early Friday, higher in early trade but off midweek highs as bear steepening in rates markets resumed.

US$ CREDIT SUPPLY PIPELINE - March 16, 2012


Investment-grade $250M+ Deals Announced/Launched(#)/Priced(*)/Pass(X) Date $MM Issuer/CR/Descr Mat Yield Lead(s) 3/16 1500 *Swedbank Hypotek AB (A2/A+) 5 MS+105 BAML/DB/JPM/ Covered bonds UBS 3/16 TBD FHLBanks to announce Global Note: Mon, 3/19 3/15 1250 *Bank of Nova Scotia (Aaa/AAA) 3 T+52.6 BAML/BAR/DB/ 144A Reg S, covered bonds SCO/UBS Fully backed by prime Canadian CMHC-insured res mtgs. 3/15 250 *Bank of Nova Scotia (Aaa/AAA) 5 3mL+42 BAML/BAR/DB/ 144A Reg S, covered bonds, FRN SCO/UBS Fully backed by prime Canadian CMHC-insured res mtgs. 3/15 1500 *Bank of Nova Scotia