Week of July 29, 2012 thru August 4, 2012

US$ CREDIT SUPPLY PIPELINE - July 26, 2012


WTD: 8,675 MTD: 66,109 MTD 2011: 59,920 YTD: 706,692 Investment-grade $250M+ Deals Announced/Launched(#)/Priced(*)/Pass(X) Date $MM Issuer/CR/Descr Mat Yield Lead(s) 7/26 1250 #National Australia Bank (Aa2/ 3 T+133 HSBC/MS/NAB NY branch, MTNs 7/26 500 #National Australia Bank (Aa2/ 3 3mL+113 HSBC/MS/NAB NY branch, FRNs 7/26 750 #ANZ National Ltd (Aa3/AA-) 3 T+158 ANZ/JPM/RBC 144A Reg S 7/26 TBD #Bristol-Myers Squibb (A2/A+) 5 T+48 BAML/BARC/C 7/26 TBD #Bristol-Myers Squibb (A2/A+) 10 T+73 C/DB/WFS 7/26 TBD #Bristol-Myers Squibb (A2/A+) 30 T+95 C/JPM BM-sized, split TBD 7/26 TBD Freddie Mac Reference Note 7 BAR/C/JPM

US Swaptions: Steady, Real Vol Delivers On Early FI Reversal


CHICAGO, July 26 (MNI) - Over-the-counter swaption volatility rotated in a narrow range, at or near steady across the surface Thursday.

US$ CREDIT SUPPLY PIPELINE - July 26, 2012


WTD: 8,675 MTD: 66,109 MTD 2011: 59,920 YTD: 706,692 Investment-grade $250M+ Deals Announced/Launched(#)/Priced(*)/Pass(X) Date $MM Issuer/CR/Descr Mat Yield Lead(s) 7/26 1250 #National Australia Bank (Aa2/ 3 T+133 HSBC/MS/NAB NY branch, MTNs 7/26 500 #National Australia Bank (Aa2/ 3 3mL+0 HSBC/MS/NAB NY branch, FRNs 7/26 750 #ANZ National Ltd (Aa3/AA-) 3 T+158 ANZ/JPM/RBC 144A Reg S 7/26 TBD #Bristol-Myers Squibb (A2/A+) 5 T+48 BAML/BARC/C 7/26 TBD #Bristol-Myers Squibb (A2/A+) 10 T+73 C/DB/WFS 7/26 TBD #Bristol-Myers Squibb (A2/A+) 30 T+95 C/JPM BM-sized, split TBD 7/26 TBD Freddie Mac Reference Note 7 BAR/C/JPM

EU's Barroso Says New Greek Govt Committed To Reform


PARIS (MNI) - European Commission President Jose Manuel Barroso said Thursday that his meetings with Greek government leaders have convinced him that the new Greek government is committed to reform.

Speaking at a press conference in Athens following a meeting with Greek Prime Minister Antonis Samaras, Barroso said he was "convinced that Greece could make it" and said that the Commission would stand by Greece as long as it delivered on reforms.

Barroso also said Brussels was working rapidly to form a banking union with the European Central Bank as the single banking supervisor.

US Corporate Bond Chatter: Bank Spreads Improve Amid Risk-On


NEW YORK, July 26 (MNI) - A small crowd of issuers announced new investment-grade corporate debt offerings Thursday, while a dose of cautious optimism about Europe's debt crisis helped fuel positive sentiment about riskier assets.

While a relatively upbeat mood pervaded the U.S. credit market Thursday, Freddie Mac joined a short list of corporate issuers to announce a new debt sale.

The agency will issue new 7-year Reference Notes, which are expected to price on Friday at a spread in the area of 32 basis points more than comparable U.S. Treasuries.

The notes, CUSIP number 3137EADK2, will settle on Monday, July 30, 2012 and mature on August 1, 2019.

US Corporate Bond Chatter: Bank Spreads Improve Amid Risk-On


NEW YORK, July 26 (MNI) - A small crowd of issuers announced new investment-grade corporate debt offerings Thursday, while a dose of cautious optimism about Europe's debt crisis helped fuel positive sentiment about riskier assets.

US Data Preview: Weak Consumption To Pull Q2 GDP Growth Lower


WASHINGTON (MNI) - U.S. economic growth in the second quarter is expected to have weakened further, pulled down by weak consumer spending and the continued decline in government spending.

According to a survey of economists by MNI, the first estimate to Q2 GDP is expected to show 1.4% growth, weaker than the 1.9% increase in the first quarter. The GDP price index, meanwhile, is expected to rise 1.5% year over year, below the 2% gains seen in Q1.

Tepid growth in consumption is expected to be the primary factor for the slower growth, says Wells Fargo Senior Economist Sam Bullard.

In a phone interview with MNI, he said, "the slowdown is largely due to slower pace of real consumer spending.

US Swaps: Mildly Tighter, Narrow Range On Rates Reversal


-New version clarifying pargraph #8

US's Boehner: House To Vote Next Wk To Renew Bush-Era Tax Cuts


--House Speaker: Democrats Can Offer Any Tax Cut Plan They Want
--Holding Bipartisan Talks On FY'13 Stop-Gap Spending Bill
--Admin Must Specify How Sequester Will Work

WASHINGTON (MNI) - House Speaker John Boehner Thursday said the House will vote next week to extend the Bush-era tax cuts and challenged House Democrats to offer any alternative tax plan they wish.

At a briefing, Boehner dismissed the tax cut package that was approved by the Senate Wednesday and said he expects the House to pass a bill that extends all the tax cuts for a year and launch a process to pass "pro-growth tax reform" plan next year.

UPDATE: US Tsy's Tax Evasion Int'l Net Tightens in September


--Updating 8:44 ET Story With Additional Treasury Comments

WASHINGTON (MNI) - Now that a model agreement for international cooperation in chasing tax evaders is available to be duplicated country by country, even tax havens like the Cayman Islands will start signing up to share information that tax evaders would like to hide, a U.S. Treasury official said Thursday.

The Department earlier in the day released the language of a model agreement, accepted by OECD member countries, that standardizes and in some cases goes beyond arrangements already in place with a few European countries.

U.S taxpayer data relating to income tax liability has been shared for years with the UK.