Week of December 11, 2011 thru December 17, 2011

US Credit Default Swaps: Tone Turns Sour Amid EZ Worries


NEW YORK, Dec 12 (MNI) - A risk-off tone Monday pervaded the credit market, amid lingering worries over Europe's sovereign debt crises and additional concerns stemming from statements made by Fitch Ratings and Moody's Investors Service.

Reality Check: Philly Manufacturing Softens as Year Ends


PHILADELPHIA (MNI) - Philadelphia manufacturers reported a seasonal softening of sales in November and December but expressed optimism for growth in 2012 on strong demand from a range of industries and a slimme

BOC's Carney: Europe Must Act On New Measures Now


--Debtor & Creditor Countries Must Effectively Cooperate
--For Long Time Ahead, Sees Weakness In Europe/U.S. Demand

OTTAWA (MNI) - Europe's crisis measures taken last week are fine, but only if EU members actually act upon them, Bank of Canada Governor Mark Carney said Monday.

Following a Toronto speech in which Carney spoke of a prolonged period ahead of weak global trade --- of what he termed "deficient demand" --- he told a press conference that the European Union agreement and the European Central Bank measures were "potentially very important."

But he added: "Their importance will be more reflected in their delivery." Actions needed to follow the words.

US Credit Default Swaps: Tone Turns Sour Amid EZ Worries


NEW YORK, Dec 12 (MNI) - A risk-off tone Monday pervaded the credit market, amid lingering worries over Europe's sovereign debt crises and additional concerns stemming from statements made by Fitch Ratings and Moody's Investors Service.

US$ CREDIT SUPPLY PIPELINE - December 12, 2011


Investment-grade $250M+ Deals Announced/Launched(#)/Priced(*)/Pass(X)

Date $MM Issuer/CR/Descr Mat Yield Lead(s) 12/12 600 #Banco de Bogota (Baa2/BBB-) 5 5.25% C/HSBC/JPM 144A Reg S Chatter that order book very oversubscribed. 12/12 200 *CAT (A2/A) FRN MTN 2 3mL+30 BAML/JPM 12/12 400 *CAT (A2/A) MTN 3 T+85 BAML/JPM

U.S.

US$ CREDIT SUPPLY PIPELINE - December 12, 2011


Investment-grade $250M+ 51 Deals Announced/Launched(#)/Priced(*)/Pass(X)

Date $MM Issuer/CR/Descr Mat Yield Lead(s) 12/12 600 #Banco de Bogota (Baa2/BBB-) 5 5.25% C/HSBC/JPM 144A Reg S Chatter that order book very oversubscribed. 12/12 200 *CAT (A2/A) FRN MTN 2 3mL+30 BAML/JPM 12/12 400 *CAT (A2/A) MTN 3 T+85 BAML/JPM

U.S.

Strategic Insight:May See Some Fund Inflows Rebound in 2012


WASHINGTON (MNI) - The U.S. fund industry net inflows are likely to decline this year compared to 2010 and 2009, Strategic Insight reported Monday, but an analyst told Market News International a rebound could happen next year.

US's Reid, McConnell Begin Week Battling Over Payroll Tax Cut


--Senate Majority Leader Says GOP Has Blocked Four Dem Jobs Plans
--Sen. Reid: Dem Plan Would Impose A 'Tiny Surtax' on Wealthy
--Senate Minority Leader McConnell: Senate Should Pass House GOP Plan
--Sen. McConnell: Should Extend Payroll Tax Cut 'Without Theatrics'

WASHINGTON (MNI) - Senate Majority Leader Harry Reid and Senate Minority Leader Mitch McConnell began this week as they ended last week: battling over legislation to extend last year's payroll tax cut.

In back-to-back speeches on the Senate floor Monday, Reid and McConnell took shots at the other party and questioned its sincerity about passing legislation to strengthen the economy.

US Swaptions: OTC Largely Steady, 1M10Y Draws Bid Late


CHICAGO, Dec 12 (MNI) - Over-the-counter swaption premiums opened the new week largely steady, 1M/10Y gained late.

US$ CREDIT SUPPLY PIPELINE - December 12, 2011


Investment-grade $250M+ Deals Announced/Launched(#)/Priced(*)/Pass(X)

Date $MM Issuer/CR/Descr Mat Yield Lead(s) 12/12 600 #Banco de Bogota (Baa2/BBB-) 5 5.25% C/HSBC/JPM 144A Reg S Chatter that order book very oversubscribed. 12/12 200 #CAT (A2/A) FRN MTN 2 3mL+30 BAML/JPM 12/12 400 #CAT (A2/A) MTN 3 T+85 BAML/JPM

U.S.