Week of May 20, 2012 thru May 26, 2012

US$ CREDIT SUPPLY PIPELINE - May 17, 2012


WTD: 14,600 MTD: 63,175 MTD 2011: 76,425 YTD: 522,813 Investment-grade $250M+ Deals Announced/Launched(#)/Priced(*)/Pass(X) Date $MM Issuer/CR/Descr Mat Yield Lead(s) 5/17 1500 #Toyota Motor Credit Corp 5 T+110 BAML/BAR/HSBC/ (Aa3/AA-) RBC/UBS 5/17 BM Federal Farm Credit Bank 3 BAML/BAR Talk T+19 area, expected tomorrow 5/17 4000 *Fannie Mae Benchmark Note 3 T+21 BAR/DB/UBS US 88.7%, Eur 0.4%, Asia 3.8%, Oth 7.1% Fund Mgr 78.3%, CBs 9.7%, Comm Bks 3.1% Ins Cos 5.4%, S/L Govt 3.0%, Foundations/NPs 0.3%, Retail 0.2% 5/16 300 Smiths Group Plc (Baa2/BBB+) 10 C/DB

Reality Check:US Home Resales Up, Recovery in Sight:Realtors


NEW YORK, May 17 (MNI) - U.S. existing home sales are growing in 2012, accompanied by shrinking inventory and modestly rising prices, in what real estate sales agents around the country described as the first signs of a durable recovery in the battered housing market.

US$ CREDIT SUPPLY PIPELINE - May 17, 2012


WTD: 14,600 MTD: 63,175 MTD 2011: 76,425 YTD: 522,813 Investment-grade $250M+ Deals Announced/Launched(#)/Priced(*)/Pass(X) Date $MM Issuer/CR/Descr Mat Yield Lead(s) 5/17 1500 #Toyota Motor Credit Corp 5 T+110 BAML/BAR/HSBC/ (Aa3/AA-) RBC/UBS 5/17 Federal Farm Credit Bank 3 BAML/BAR Talk T+19 area, expected tomorrow 5/17 4000 *Fannie Mae Benchmark Note 3 T+21 BAR/DB/UBS US 88.7%, Eur 0.4%, Asia 3.8%, Oth 7.1% Fund Mgr 78.3%, CBs 9.7%, Comm Bks 3.1% Ins Cos 5.4%, S/L Govt 3.0%, Foundations/NPs 0.3%, Retail 0.2% 5/16 300 Smiths Group Plc (Baa2/BBB+) 10 C/DB

Federal Reserve State of Play - By Steve Beckner - 05/17/2012


Despite the Federal Open Market Committee's modest upgrade of the economic forecast, more members of the Fed's policymaking body contemplated the potential need for more monetary stimulus at the April 24-25 meeting, minutes show. In the three weeks since the FOMC met, much though not all the economic data have been positive. However, the reintenisification of the European debt crisis h

US$ CREDIT SUPPLY PIPELINE - May 17, 2012


WTD: 14,600 MTD: 63,175 MTD 2011: 76,425 YTD: 522,813 Investment-grade $250M+ Deals Announced/Launched(#)/Priced(*)/Pass(X) Date $MM Issuer/CR/Descr Mat Yield Lead(s) 5/17 BM Toyota Motor Credit Corp 5 BAML/BAR/HSBC/ (Aa3/AA-), Talk T+108-112 RBC/UBS 5/17 Federal Farm Credit Bank 3 BAML/BAR Talk T+19 area, expected tomorrow 5/17 4000 *Fannie Mae Benchmark Note 3 T+21 BAR/DB/UBS US 88.7%, Eur 0.4%, Asia 3.8%, Oth 7.1% Fund Mgr 78.3%, CBs 9.7%, Comm Bks 3.1% Ins Cos 5.4%, S/L Govt 3.0%, Foundations/NPs 0.3%, Retail 0.2% 5/16 300 Smiths Group Plc (Baa2/BBB+) 10 C/DB

US$ CREDIT SUPPLY PIPELINE - May 17, 2012


WTD: 14,600 MTD: 63,175 MTD 2011: 76,425 YTD: 522,813 Investment-grade $250M+ Deals Announced/Launched(#)/Priced(*)/Pass(X) Date $MM Issuer/CR/Descr Mat Yield Lead(s) 5/17 BM Toyota Motor Credit Corp 5 BAML/BAR/HSBC/ (Aa3/AA-), Talk T+108-112 RBC/UBS 5/17 Federal Farm Credit Bank 3 BAML/BAR Talk T+19 area, expected tomorrow 5/17 4000 *Fannie Mae Benchmark Note 3 T+21 BAR/DB/UBS US 88.7%, Eur 0.4%, Asia 3.8%, Oth 7.1% Fund Mgr 78.3%, CBs 9.7%, Comm Bks 3.1% Ins Cos 5.4%, S/L Govt 3.0%, Foundations/NPs 0.3%, Retail 0.2% 5/16 300 Smiths Group Plc (Baa2/BBB+) 10 C/DB

US$ CREDIT SUPPLY PIPELINE - May 17, 2012


WTD: 14,600 MTD: 63,175 MTD 2011: 76,425 YTD: 522,813 Investment-grade $250M+ Deals Announced/Launched(#)/Priced(*)/Pass(X) Date $MM Issuer/CR/Descr Mat Yield Lead(s) 5/17 BM Toyota Motor Credit Corp 5 BAML/BAR/HSBC/ (Aa3/AA-), Talk T+108-112 RBC/UBS 5/17 Federal Farm Credit Bank 3 BAML/BAR Talk T+19 area, expected tomorrow 5/17 4000 *Fannie Mae Benchmark Note 3 T+21 BAR/DB/UBS US 88.7%, Eur 0.4%, Asia 3.8%, Oth 7.1% Fund Mgr 78.3%, CBs 9.7%, Comm Bks 3.1% Ins Cos 5.4%, S/L Govt 3.0%, Foundations/NPs 0.3%, Retail 0.2% 5/16 300 Smiths Group Plc (Baa2/BBB+) 10 C/DB

BOC: Severe Global Problems If G-20 Reforms Not Adopted


--Report Sees Global Growth Weaker, Deflation In Advanced Economies

OTTAWA (MNI) - Bank of Canada analysts Thursday warned that unless Europe and the United States reduce their debts and deficits, and China and other Asian countries encourage domestic consumption, the world is headed for weaker growth, deflation and possible sharp stock market declines.

A team of BOC analysts reported scenarios of negative fallouts that could happen if indebted countries and surplus countries do not adopt economic and financial reforms agreed to by members of the G-20 group of nations at Cannes last November and at Toronto in 2010.

US Rep Boehner: Debt Ceiling Will Force Washington to Act


WASHINGTON (MNI) - House Speaker John Boehner Thursday doubled-down on comments he made earlier in the week that he would once again demand that any increase in the federal debt ceiling be matched with spending cuts.

Boehner told reporters that President Obama's request Wednesday for a clean debt ceiling increase "almost took my breath away," and dismissed connections made by the White House between Boehner's same request last year and the eventual downgrade of the U.S. debt rating by Standard & Poor's.

A Boehner spokesman said afterward it was the debt, not discussions about the debt, that caused the downgrade.

Random US Econ Data Release Times? Some Think It Would Help


WASHINGTON (MNI) - Some analysts are urging the government to start randomizing its economic data release times so that some high-frequency automated trading operations will