Week of August 5, 2012 thru August 11, 2012

US News Events Calendar


--Meetings & Events of Interest to Subscribers

DATE GMT / ET EVENT

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6-Aug 1300/0900 Federal Reserve Chairman Ben Bernanke speaks via recorded video to the 32nd General Conference of the International Association for Research in Income and Wealth.

5-11-Aug - The Bureau of Economic Analysis and the International Association for Research in Income and Wealth will participate in the 32nd Annual IARIW Conference on national accounting, well being and income distribution with a goal

TheFXSpot: Mkt Finds Solace In US Data, Rethinks Draghi Rmks


NEW YORK, August 3 (MNI) - A flashy U.S. non-farm payroll headline and a better-than-expected U.S. non-manufacturing ISM report helped to underpin already improving risk sentiment Friday.

FXWRAP: Dlr Mixed As Risk-Appetites Surge On Upbeat Jobs Data


NEW YORK, Aug 3 (MNI) - The dollar was nursing moderate losses against the euro as the Friday session wound down, though the greenback was able to score modest gains against yen, moves in both pairs reflecting a surge in risk-appetites that followed an upbeat monthly employment report.

Euro-dollar was changing hands at $1.2377 Friday afternoon, the euro above its early $1.2288 level of the session and in the upper reaches of a wide $1.2220-1.2392 session range.

Dollar-yen meantime was changing hands at Y78.60, the greenback in the upper reaches of a Y78.19-78 range seen during U.S. hours after beginning the day at Y78.29.

US Debt Offering, Auction Calendar for Tsy and Agency Issues


Aug 3

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

US Tsy: Completed 17.2k Perm HAMP Mtg Mods In Jun Vs 17.6k May


WASHINGTON (MNI) - The pace of mortgage modifications through the Obama administration's flagship mortgage modification program appears to be leveling off, as the number of permanent mortgage modifications completed in June was nearly identical to May and about the same as previous months in 2012 -- if not slightly slower.

The Treasury Department Friday said there were 17,192 loan modifications under the Making Home Affordable Program completed in June versus 17,590 in May.

Through June, there have been over one million permanent HAMP mortgage modifications completed since the programs inception two years ago.

Credit Default Swaps:Risk-On High Hopes For ECB, US NFP Helps


CHICAGO, Aug 3 (MNI) - The narrowing in global Credit Default Swaps markets was two-fold Friday amid expectations the European Central Bank will support the short end of the debt markets while the U.S. labor market report was decent, observers said.

Credit Default Swaps:Risk-On High Hopes For ECB, US NFP Helps


CHICAGO, Aug 3 (MNI) - The narrowing in global Credit Default Swaps markets was two-fold Friday amid expectations the European Central Bank will support the short end of the debt markets while the U.S. labor market report was decent, observers said.

Despite the pending monthly U.S. jobs report, it was a risk on trade from the getgo, sources said. The tone was linked to a narrowing in EU core, semi core and peripheral CDS amid a strong bounce in Italian and Spanish bonds, particularly the front-end.

EMU peripheral bond spreads are uniformly tighter Friday, on risk-on and a reassessment of ECB President Mario Draghi comments Thursday.

US SEC's Schapiro Text:Reviewng What Happend Re Knight Capital


--Will Determine If Any, Additional Measures Are Needed

WASHINGTON (MNI) - Following is the text of a statement issued Friday by Securities and Exchange Commission Chairman Mary Schapiro:

CHAIRMAN SCHAPIRO STATEMENT ON KNIGHT CAPITAL GROUP TRADING ISSUE

Securities and Exchange Commission Chairman Mary Schapiro today made the following statement:

The apparent trading error by Knight Capital Group on Wednesday reflects the type of event that can raise concerns for investors about our nation's equity markets - markets that I believe are the most resilient, efficient, and robust in the world.

Reliance on computers is a fact of life not only in markets everywhere, but in virtually every facet of business.

US$ CREDIT SUPPLY PIPELINE - August 3, 2012


WTD: 15,575 MTD: 850 MTD 2011: 2,650 YTD: 731,017 Investment-grade $250M+ Deals Announced/Launched(#)/Priced(*)/Pass(X) Date $MM Issuer/CR/Descr Mat Yield Lead(s) 8/3 500 *American Honda Finance (A1/A+ 1 3mL+8 C/DB/RBS FRNs, 144A 8/3 250 *StanCorp Financial (Baa2/BBB+ 10 T+350 BAR/GS/JPM 8/1 500 *VTB Bank (Baa1/BBB) 5 T+470 VTB Reopen 6.0% 2017, 144A Reg S 8/1 350 *Entertainmt Properties Trust 10 5.75% C/JPM (Baa3/BB+) 8/1 X - Fannie Mae Benchmark Note Passed on issuance 7/31 1250 *Citigroup (Baa2/A-) 3 T+205 C Sr Notes 7/31 500 *Citigroup (Baa2/A-) 10 T+235 C Reopen 4.5% 2022 Glo

Portfolios:Baring AM:Gradually Extend Out To 30Y On US Curve


WASHINGTON (MNI) - Even for a Treasury bear such as the head of fixed income and currency at Baring Asset Management, the search for yield is pushing to invest out the U.S. yield curve, far out.