Prospect News Bond Market Weekly
Prospect News Bond Market Weekly for Aug. 28, 2010
• Agencies widen as economic concerns send funds to safer assets; Fannie Mae offers two-year notes
• Convertibles drop as stocks struggle; Medtronic holds; Hornbeck gets noticed; SanDisk underwater
• Emerging markets: Trading thin, issuance limited on mixed U.S. data; Pemex, KDB price notes
• High-yield primary falls into summer slumber, though busy September seen; cash keeps flowing in
• Investment-grade primary dominated by utilities, most tighten in trading; Kimco does multiple deals
• Municipal yields end flat after earlier decline; Texas prices $7.8 billion TRANs; Houston prices
• Preferreds: Investors tender First BanCorp preferreds; BankAtlantic cancels offer; Kimco sells
• Treasuries climb as weak housing data add to concerns; government wraps solid week for auctions

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Prospect News Bond Market Weekly for Aug. 21, 2010
• Agency spreads mixed on front-end supply, hunt for yields; Freddie Mac sells $3 billion three-years
• Convertibles market: Newell Rubbermaid, Intel active, little changed; SanDisk edges lower on debut
• Emerging markets muted amid summer slowdown; PCCW, Kuveyt Turk price; Venezuela paper eyed
• High-yield market: NRG, Toys, Mueller price as primary pace slows, secondary quiet; Rock drops out
• Investment-grade issuers a mixed bag; secondary sees new deals tighter; Moody’s sells first notes
• Municipal yields close week at historic lows; New Jersey sells $2.25 billion; Massachusetts prices
• Preferred market firms on low yields; Cedar Shopping, Blackstone/GSO Fund sell preferreds
• Treasuries rise as economy continues to weigh on yields; Fed buys $6.2 billion from open market

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Prospect News Bond Market Weekly for Aug. 14, 2010
• Agency spreads widen as new Fed buying, jobless claims boost Treasuries; FHLB skips issuance
• Convertibles quiet, then come under pressure; Navistar, SunPower improve; Petrominerales prices
• Emerging markets: Risk aversion up, bond issuance down; Venezuela, Banco Bradesco, others price
• High-grade issue volume drops; J&J sells at record-low coupons; traders see new bonds struggle
• High-yield market: Chesapeake, Ally mega-deals lead busiest 2010 primary week; secondary slows
• Municipal yields drop to historic lows; Phoenix Civic Improvement brings $714 million revenue bonds
• Preferreds: Parkway sells $49.37 million preferred shares; Public Storage buys back preferreds
• Treasuries jump as Fed plans to resume buying program; strong results for $74 billion of auctions

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Prospect News Bond Market Weekly for July 31, 2010
• Agency spreads narrow as month-end, rich Treasuries spark buying; Freddie Mac skips issuance
• Convertibles: Gilead prices $2.2 billion of new notes; A&P trades up after plunge; Hutchinson lower
• Emerging markets: Issuance picks up as risk appetite grows; Belarus, Brazil, Chile, Turkey price
• High-yield market: Mega-deals lead nearly $6 billion week as investor inflows keep on coming
• Municipal yields end week unchanged as secondary picks up; Texas Transportation sells $1.5 billion
• Preferreds: IBM, Vodafone file shelves; Duke Realty bought back preferred securities
• Treasuries soften in uneven week as auctions end mixed; long-term bonds fall under late pressure
• Volume steady in investment-grade primary; new bonds improve in trading; corporate spreads contract

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Prospect News Bond Market Weekly for July 24, 2010
• Agencies tighten as thin supply, low Treasury yields prop demand; FHLB reopens three-year notes
• Emerging market debt ‘rock solid,’ sees healthy investor appetite; Waha, Indosat, others price
• Genco, Apache jump on debuts; United Rentals rises on earnings; AmeriCredit paper jumps outright
• Investment-grade traders focus on Goldman; companies issue after earnings; primary tone fluctuates
• Junk primary led by Calpine, Wynn mega-deals, European sector still busy; inflows buoy bond market
• Municipal yields end week unchanged with firmer tone; Illinois sells $1.3 billion G.O. certificates
• Preferreds: BankAtlantic again extends tender offers; Digital Realty Trust to redeem preferreds
• Treasuries reach record-low yields on renewed economic fears in roller-coaster week of trading

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Prospect News Bond Market Weekly for July 17, 2010
• Agency spreads mostly flat after choppy week; Freddie Mac’s small five-year reopening disappoints
• Convertibles end week mixed; Intel, AMD drive techs up; Playboy gets bid; Transocean paper buoyed
• Emerging markets new issue pipeline opens, then closes; Latin America perks up; Qatari Diar prices
• High-yield market: NXP, Windstream Cedar Fair deals lead primary; secondary firm; inflows strong
• Large deals hit investment-grade market, issuers lured by low rates; Goldman Sachs back in spotlight
• Munis end week behind Treasuries; Illinois sells G.O. bonds, to price $1.3 billion G.O. certificates
• Preferreds: First State Bancorp terminates offer; Genesis Energy files $750 million shelf
• Treasuries rebound from soft start on economic concerns; auctions struggle before strong 30-years

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Prospect News Bond Market Weekly for July 10, 2010
• Agencies hesitate after strong start to week; Fannie Mae’s $6 billion deal restarts primary market
• Convertibles: Bid strengthens; Transocean, Hologic improve; FTI Consulting, Affymetrix hold in
• Emerging markets: Primary market opens up on stronger investor confidence; Transcreditbank postpones
• High-yield market: Fidelity mega-deal leads post-holiday junk primary, Europe active, secondary firm
• Municipal yields mostly unmoved on light activity; Virgin Islands Public Finance revenue bonds price
• New investment-grade issues see heavy demand; Time Warner sells $3 billion bonds; new bonds firm
• Preferreds: Mid-America Apartment to redeem remaining 8.3% preferreds; companies file shelves
• Treasuries slide amid stock rally, new economic data; strong TIPS auction may counter rate bears

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Prospect News Bond Market Weekly for July 8, 2010
• Agencies hesitate after strong start to week; Fannie Mae’s $6 billion deal restarts primary market
• Convertibles: Bid strengthens; Transocean, Hologic improve; FTI Consulting, Affymetrix hold in
• Emerging markets: Primary market opens up on stronger investor confidence; Transcreditbank postpones
• High-yield market: Fidelity mega-deal leads post-holiday junk primary, Europe active, secondary firm
• Municipal yields mostly unmoved on light activity; Virgin Islands Public Finance revenue bonds price
• New investment-grade issues see heavy demand; Time Warner sells $3 billion bonds; new bonds firm
• Preferreds: Mid-America Apartment to redeem remaining 8.3% preferreds; companies file shelves
• Treasuries slide amid stock rally, new economic data; strong TIPS auction may counter rate bears

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Prospect News Bond Market Weekly for July 3, 2010
• Agencies narrow amid month-end buying, hunt for yield; quarter kept pace with rallying Treasuries
• Convertibles ‘hold in’ despite sloppy equity market; Micron trades OK; Ford sees ‘frenetic’ trade
• Emerging markets: Risk aversion returns on global debt, economic concerns; Russian issuers active
• IG primary sees spotty issuance for week; Wal-Mart, Campbell’s among deals; Treasuries move lower
• Junk market wraps up first half with $1.6 billion week; DynCorp leads issuance; secondary eases
• Municipal bond market struggles to get out of rut; Los Angeles brings $1.165 billion in new TRANs
• Preferreds: Ford Motor to resume distributions; Power Financial, TransCanada close offerings
• Treasuries hit highs as weak jobs, China concerns fuel month-end buying; quarter ends on strong note

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Prospect News Bond Market Weekly for June 26, 2010
• Agencies widen as revived economic concerns, profit-taking push spreads out; Freddie Mac skips sale
• Convertibles market: Shorter-dated high-grade names active, in line; Biovail gains on merger news
• Emerging markets: World Cup distracts market-watchers, keeps volumes low; primary activity grows
• High-yield primary market revives amid huge liquidity inflow; secondary seen steady after gyrations
• IG market sees bond rush, then trickle; new issues trade mixed; Goldman bonds weaken in secondary
• Municipal yields end flat, tone firmer; Bay Area Toll Authority, Puerto Rico Sales Tax price notes
• Preferred stock: BankAtlantic, Capitol Bancorp extend tender, exchange; Independent Bank wraps offer
• U.S. Treasury prices rally as Fed, data raise economic concerns; government wraps decent auctions

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