Week of August 26, 2012 thru September 1, 2012

US News Events Calendar


--Meetings & Events of Interest to Subscribers

DATE GMT / ET EVENT

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27-Aug 1320/0920 Minneapolis Federal Reserve Pres. Naryana Kocherlakota delivers welcoming remarks at the Bank's Conference on the Law and Economics of Indian Country Economic Development.

27-Aug 1615/1215 Cleveland Federal Reserve Bank Pres. Sandra Pianalto speaks to the Newark Area Business Luncheon, in Newark, Ohio, and after will answer questions of the audience.

27-Aug 2215/1815 Chicago Federal Reserve Bank Pres.

TheFXSpot: Euro Firm Despite Temp Greek Exit Talk,$1.25+ Close


NEW YORK, August 24 (MNI) - Even talk of a temporary Greek exit from the European Union could not keep the euro down for long, with the rebounding Friday to close above $1.2500 for the second day in a row. This is the first weekly close above $1.2500 since July 1.

US Debt Offering, Auction Calendar for Tsy and Agency Issues


August 24

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

Credit Default Swaps: More Distress in EU Weighs On CDS


CHICAGO, Aug 24 (MNI) - Signs of distress in the EU once again weighed on the credit default swaps markets, observers said, as sovereigns widened in line with benchmark indexes on European credit.

Credit Default Swaps: More Distress in EU Weighs On CDS


CHICAGO, Aug 24 (MNI) - Signs of distress in the EU once again weighed on the credit default swaps markets, observers said, as sovereigns widened in line with benchmark indexes on European credit.

In the news Friday, Bloomberg reported the ECB wants to await the German ESN ruling in mid-September before finalizing its bond plan. In the aftermath, Spain's 30-year bond yield hits 7.00% and 10-year Bono is approaching 6.50% level.

MNI then ran an exclusive citing sources who said the German Finance Ministry is mulling a temporary Greek exit from the EU.

Later, Reuters said the ECB considered setting yield band targets under new bond-buying programme, citing central bank sources.

FXWRAP: Dlr Ends Mixed After Choppy Session, Thin Mkts


NEW YORK, Aug 24 (MNI) - The dollar was nursing slight losses vs the euro while notching similarly sized gains vs the yen as trading wound down for the week, the euro seeing choppy trading within a relatively narrow range during the session.

Euro-dollar was changing hands at $1.2520 in afternoon trading Friday, the single currency around the middle of its $1.2481/1.2560 US hours range after beginning the day at $1.2518.

Dollar-yen meantime was changing hands at Y78.69 in afternoon dealings as it held the upper reaches of the day's Y78.45/68 US hours range, beginning the day at Y78.50.

US$ CREDIT SUPPLY PIPELINE - August 24, 2012


WTD: 7,750 MTD: 60,325 MTD 2011: 52,160 YTD: 805,217 Investment-grade $250M+ Deals Announced/Launched(#)/Priced(*)/Pass(X) Date $MM Issuer/CR/Descr Mat Yield Lead(s) Week of 8/27: Sources said pipelines are likely to be dry 8/23 450 *RSHB Capital SA (Baa1) 5 T+355.3 C/JPM/VTB Reopen 5.298% 2017 8/23 1250 *EBRD (AAA) Global 5 MS-3 BAR/DB/GS/HSBC 8/23 500 *BBVA Banco Continental 10 5.0% BAML/BBVA/GS (BBB) 144A Reg S 8/22 300 *Caterpillar Financial (A2/A) 2 3mL+15 C MTN, FRNs 8/22 250 *Northern Natural Gas Co (A2/A 30 T+130 BNP/WFS 144A Reg S w/o Reg Rights 8/22 3000 *FHLBanks Global note 3 T+12 BAR/CS/JPM 8/21 1100

US$ CREDIT SUPPLY PIPELINE - August 24, 2012


WTD: 7,750 MTD: 60,325 MTD 2011: 52,160 YTD: 805,217 Investment-grade $250M+ Deals Announced/Launched(#)/Priced(*)/Pass(X) Date $MM Issuer/CR/Descr Mat Yield Lead(s) 8/23 450 *RSHB Capital SA (Baa1) 5 T+355.3 C/JPM/VTB Reopen 5.298% 2017 8/23 1250 *EBRD (AAA) Global 5 MS-3 BAR/DB/GS/HSBC 8/23 500 *BBVA Banco Continental 10 5.0% BAML/BBVA/GS (BBB) 144A Reg S 8/22 300 *Caterpillar Financial (A2/A) 2 3mL+15 C MTN, FRNs 8/22 250 *Northern Natural Gas Co (A2/A 30 T+130 BNP/WFS 144A Reg S w/o Reg Rights 8/22 3000 *FHLBanks Global note 3 T+12 BAR/CS/JPM 8/21 1100 *Illinois Tool Works (A1/A+) 30 T+105 BAML/C/JPM 8/

Reality Check: U.S. Home Remodeling Shows Cautious Rebound


PHILADELPHIA (MNI) - U.S. homeowners are more willing to spend money on improving their homes than they were last year but are more cautious about the investment than before the recession, and may be deferring remodeling plans until after the

US Swaptions: Static Ahead Next Wk's Jackson Hole Event


CHICAGO, Aug 24 (MNI) - After adjusting lower midweek, over-the-counter swaption volatility held largely steady amid little or no OTC flows as the week's rates rally lost momentum.