Week of December 11, 2011 thru December 17, 2011

ECB Calls For Bids In 35-Day Tender At Fixed Rate Of 1.0%


FRANKFURT (MNI) - The European Central Bank called Monday for bids on its 35-day refinancing agreements at a fixed rate of 1.0%.

Bids for the refis are due by 0830 GMT on Tuesday. The central bank did not give a preset amount for this operation.

The 35-day refis will settle this Wednesday and expire on January 18, 2012.

-- Frankfurt bureau: +49 69 720 142; email: frankfurt@marketnews.com --

[TOPICS: MT$$$$,M$$EC$,M$$FI$,M$X$$$,MGX$$$]

MNI US Capital Goods Weekly Index 57.1 Thru Dec 9 Vs 56.5


NEW YORK (MNI) - MNI's U.S. capital goods index ends five weeks of slowing in the Dec. 9 period with a six tenths gain to 57.1, well above 50 to indicate solid growth in year-on-year business conditions, according to the results of Market News International's weekly survey released Monday.

But sequentially MNI's data, where moving averages are on the downswing, are pointing to a tangible slowing for fourth-quarter nondefense capital shipments.

Sales in the sample, at a year-on-year +6.0%, are up just a one tenth from the prior period's year-and-a-half low. Income is showing no year-on-year change for the weakest reading since March last year. Sample size in the current period is 247 companies.

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) 12/12 300 CAT (A2/A) MTN 3 BAML/JPM 12/12 500 Banco de Bogota (Baa2/BBB-) 5 C/HSBC/JPM Talk 5.50% area

U.S. Treasury Auctions Date $BN Descr/Mat/Stop B/C Dirs Indirs Dlrs 12/12 32 Treasury 3-Year Auction 12/13 21 Treasury reopened 10-Year Auction 12/14 13 Treasury reopened 30-Year Auction 12/15 12 Treasury reopened 5-Year TIPS Auction

>>Scroll Down for More More Muni & Agency Supply/Calendars

Coming Soon Freddie Mac to announce Reference Note Wed, 12/14 and Thu, 12/22

U.S.

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) 12/12 500 Banco de Bogota (Baa2/BBB-) 5 C/HSBC/JPM Talk 5.50% area

U.S. Treasury Auctions Date $BN Descr/Mat/Stop B/C Dirs Indirs Dlrs 12/12 32 Treasury 3-Year Auction 12/13 21 Treasury reopened 10-Year Auction 12/14 13 Treasury reopened 30-Year Auction 12/15 12 Treasury reopened 5-Year TIPS Auction

>>Scroll Down for More More Muni & Agency Supply/Calendars

Coming Soon Freddie Mac to announce Reference Note Wed, 12/14 and Thu, 12/22

U.S.

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) 12/12 500 Banco de Bogota (Baa2/BBB-) 5 C/HSBC/JPM Talk 5.50% area

U.S. Treasury Auctions Date $BN Descr/Mat/Stop B/C Dirs Indirs Dlrs 12/12 32 Treasury 3-Year Auction 12/13 21 Treasury reopened 10-Year Auctiont 12/14 13 Treasury reopened 30-Year Auction 12/15 12 Treasury reopened 5-Year TIPS Auction

>>Scroll Down for More More Muni & Agency Supply/Calendars

Coming Soon Freddie Mac to announce Reference Note Wed, 12/14 and Thu, 12/22

U.S.

France's Sarkozy:Rating Downgrade Would Not Be Insurmountable


PARIS (MNI) - French President Nicolas Sarkozy said Monday that the loss of France's AAA credit rating would not be an "insurmountable" problem.

In an interview with the French daily Le Monde, Sarkozy said a downgrade would be "an additional difficulty, but not insurmountable."

"What counts above all is the credibility of our economic policy and our determined strategy to reduce spending," he argued.

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) 12/12 500 Banco de Bogota (Baa2/BBB-) 5 C/HSBC/JPM Talk 5.50% area 12/9 250 *Partners Healthcare (Aa2/AA) 10 T+145 JPM 12/8 300 *FNFG (Baa3/BBB-) 10 7.25% GS/Sandler Subordinated Notes O'Neill 12/8 600 *Florida Power & Light (Aa3/A) 30 T+115 BAR/C/GS/MIZ/ FMB SCO/WFS 12/8 350 *IEX (Baa2/BBB) 101 CoC Put 10 T+225 BAML/JPM/WFS >>Scroll Down for More More Treasury, Muni & Agency Supply/Calendars Coming Soon Freddie Mac to announce Reference Note Wed, 12/14 and Thu, 12/22

U.S.

Statcan: Canada's Int'l Investment Position Improves in Q3


OTTAWA (MNI) - At the end of third quarter, Canada's net foreign debt decreased by C$31.8 billion to C$189.5 billion (at book value), Statistics Canada reported Monday. This was mainly attributed to the depreciating Canadian dollar against most major foreign currencies.

In the third quarter, the Canadian dollar lost 8.0% against the U.S. dollar, 5.3% against the British pound, 11.7% against the Japanese yen and 0.4% against the Euro.

During the same period, Canada's international assets rose by C$97.6 billion to C$1598.9 billion. This again was a result of an upward revaluation of C$81.7 billion, arising from the depreciation of the Canadian dollar.

EU's Rehn: City Not Spared By Pointless UK Veto


BRUSSELS (MNI) - EU Economic and Monetary Affairs Commissioner Olli Rehn on Monday criticized the UK for pointlessly vetoing EU leaders' efforts last week to enshrine new fiscal discipline rules in the EU's treaty, noting that it has not spared the City of London from EU financial services regulations.

"I regret very much that the United Kingdom was not willing to join the new fiscal compact," Rehn told journalists here. "I regret as much for the sake of Europe and its crisis response as for the sake of British citizens and their perspectives."

"If this move was intended to prevent bankers and financial corporations of the City from being regulated, that's not going to happen," said Rehn.

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) 12/9 250 *Partners Healthcare (Aa2/AA) 10 T+145 JPM 12/8 300 *FNFG (Baa3/BBB-) 10 7.25% GS/Sandler Subordinated Notes O'Neill 12/8 600 *Florida Power & Light (Aa3/A) 30 T+115 BAR/C/GS/MIZ/ FMB SCO/WFS 12/8 350 *IEX (Baa2/BBB) 101 CoC Put 10 T+225 BAML/JPM/WFS >>Scroll Down for More More Treasury, Muni & Agency Supply/Calendars Coming Soon Freddie Mac to announce Reference Note Wed, 12/14 and Thu, 12/22

U.S.