• Agency spreads widen on Freddie Mac supply, ending of Fed purchases; traders deal with Trace
• Convertibles market: Priceline trades at 101 on market debut; Annaly prices add-on; Millipore eyed
• Emerging markets rally; Chile sovereigns steady; Brazil’s Banco Daycoval starts roadshow for notes
• High-yield market: HCA mega-deal leads $3 billion primary; secondary helped by new cash inflows
• Investment-grade market: New bonds mostly tighter; offerings oversubscribed; financial paper eyed
• Muni yields firm as primary action dominates; MEAG sells $1.14 billion of $2.53 billion offering

• Blount uses cash to reduce debt in 2009; debt size now at 10-year low
• Digital Realty Trust to remain focused on maintaining BBB rating
• Domino’s Pizza’s debt service coverage ratio reaches level needed for automatic extensions
• FiberTower poised for growth after improving balance sheet in 2009
• Frontier Communications seeks $3 billion of senior unsecured financing
• Hawker Beechcraft Acquisition comfortable but ‘far from satisfied’ with liquidity, CFO says
• Icahn Enterprises sees favorable conditions for activist investing
• Level 3 comfortable with balance sheet, considers capital projects
• ON Semiconductor working to align capital structure with competitors
• Oshkosh expecting to generate cash, continue to repay debt in 2010
• Pennsylvania’s auditor general urges General Assembly to ban municipal authority use of swaps
• Republic Services says bond sale successful, cites upsizing, pricing
• Tyson meets goal of being able to cover 2011 maturities with cash

• Agency spreads narrow as long end outperforms; Fed to slow buying; Fannie Mae launches two deals
• Convertibles primary market revived by CSG, Marine Harvest offerings; Millipore, General Growth up
• Emerging markets outperform stocks; Argentina wider; Russia’s VTB Capital sells $1.25 billion notes
• High-yield market: Primary market comes back to life; secondary gains seen; cash inflows resume
• Investment-grade market: New bonds flow into primary, mostly tighten; full calendar in week ahead
• Municipal yields improve as primary action takes off; Miami-Dade sells $600 million revenue bonds

• Blockbuster CFO: Company expects to meet all 2010 debt requirements
• Calpine looks to address debt ahead of maturities, limit annual corporate maturities to $2 billion
• Compton Petroleum seeking transactions to further deleverage, improve balance sheet in 2010
• Constellation Energy to use cash to acquire generating assets, fulfill debt repayment commitment
• Dr. Pepper Snapple to shift focus away from debt reduction as it reaches target capital structure
• First Industrial Realty Trust to look to asset sales, secured financings to meet 2011 maturities
• Hanesbrands to look to debt reduction, bolt-on acquisitions to help fuel earnings growth
• HealthSouth expects less debt repayment in 2010; deleveraging efforts to focus on EBITDA growth
• Interpublic certain of ability to use cash to delever in 2010: CFO
• Liberty Global to devote most of its liquidity to M&A, share buybacks
• Susser to manage business for cash in 2010, monitor growth spending
• Valassis board considering benefits of potential debt buybacks versus equity repurchases in 2010

• Agency spreads narrow on bargain hunting, Fed buying; FHLB prices strong offering of new Globals
• Convertibles market: Trico Marine down; Omnicare lower on hedged basis; General Growth strengthens
• Emerging markets: Cash bonds, CDS firm in U.S., European markets; Argentina, Latin America tighter
• High-grade bond sales pause with just three new issues; secondary eyes Walgreen, Simon Property
• Junk market mounts comeback even though funds see outflow; M&A helps boost bonds of druggists
• Municipals spend short week mostly flat; Los Angeles Unified School District prices $1.75 billion

• Ball Corp. expecting at least $500 million of free cash flow in 2010
• Fairfax Financial Holdings looking to ensure future ratings upgrades
• Huntsman CFO says company may look to buy back debt securities depending on conditions
• iStar planning to handle upcoming bond maturities using cash, recent sale proceeds, repayments
• MGM’s proposed credit facility amendment would ‘profoundly’ impact capital structure, CEO says
• NewPage chairman says company comfortable with liquidity without asset monetizations
• Qwest calls for early redemption of $525 million of notes, may call convertibles later this year
• Regal Entertainment: Executing plan for maturing debt, digital, 3D rollout are priorities for cash
• RSC Holdings reduces total debt by $397 million in previous year
• Vitamin Shoppe planning to use excess cash for debt repayment in 2010

• Agency spreads narrow on Greece deal, Fed support; volumes thin as market appears range-bound
• Convertibles market: Lincare, Alpha Natural, Equinix up on earnings; Micron gains on acquisition
• Emerging markets: Latin American debt stabilizes; Vanguarda do Brasil offering awaited; Asia quiet
• Investment-grade market: New deals remain sparse as tone struggles; secondary trading mostly wider
• Junk secondary market slides to loss; primary prices more than $4 billion, but several deals pulled
• Municipals struggle with weakness as billions in new issues hit market; Hawaii sells $721.6 million

• Boardwalk Pipeline CFO: company has liquidity to complete all current projects
• Cincinnati Bell bolsters liquidity in 2009 with notes issue, revolver extension
• Coventry Health Care reduces debt by $303.5 million in 2009
• Elan reduces net debt to $650 million, enhances liquidity in 2009
• Hertz targeting investment-grade rating in next two to three years
• Ingersoll-Rand generates cash, will continue focus on deleveraging
• Level 3 closes 2009 with $836 million of cash, buys back $73 million of debt in fourth quarter
• OPTI Canada reviewing strategic alternatives, looking to reduce leverage, position for growth
• Waste Connections finishes 2009 with $870 million of debt

• Agency spreads soften in bumpy supply-driven week; Fannie Mae skips issuance; Fed buys at front end
• Convertibles cheapen slightly; D.R. Horton, Alliance Data expand on a dollar neutral basis
• Emerging markets see skittish week; Bank of India pulls bonds; PT Chandra to price $230 million
• Investment-grade market: Kraft, Berkshire Hathaway price mega-deals, secondary focuses on new bonds
• Junk secondary rally stalls as week ends; Denbury Resources, McClatchy lead busy week of issuance
• Municipal yields bounce back; New York’s Metropolitan Transportation Authority sells $657 million

• Anixter expecting strong cash generation; likely to use cash for debt, share repurchases
• Beazer Homes able to manage upcoming maturities with cash, potential refinancings, CFO says
• Crown Holdings trims debt by more than $550 million in 2009
• Domtar to continue reducing debt, trimmed $400 million of debt in 2009
• Dow Chemical planning to pay down more debt in 2010
• Gannett reduces debt by $775 million in 2009, ready to consider investment possibilities
• Manitowoc lowers debt by $475 million in 2009, exceeds annual target
• Metals USA uses bond buybacks, inventory management to drop net debt by $315 million in 2009
• NiSource’s long-term financing needs addressed through 2011, CEO says
• Sally Beauty Holdings considering refinancing options for its debt
• Tenneco moves closer to target net-debt-to-adjusted-EBITDA ratio
• U.S. convertibles remain defensive despite cheapening, Bank of America Merrill Lynch says
• Warner Chilcott likely to apply free cash flow to debt reduction
• YRC Worldwide finalizing plans for new capital to satisfy remaining 2010 debt obligations

• Agency spreads see-saw as Fed, president keep investors cautious; Freddie Mac reopens five-years
• Convertibles under pressure: EMC bounces; Amylin active; U.S. Steel lower; primary market quiet
• Emerging markets weaken; potential regulations weigh on investors; Hungary prices $2 billion issue
• High yield secondary struggles as money exits, funds see first outflow; primary prices $2 billion-plus
• Investment-grade market: Adobe Systems, sovereigns active; secondary focused on financial names
• Municipal yields trend downward; Puerto Rico Sales Tax Financing, Illinois bring large bond issues

• Airgas reduces adjusted debt by $191 million in first nine months of fiscal 2010
• Arch Coal further reduces capital spending plans amid weak coal market
• Caterpillar projects sales and revenue improvements in 2010
• Cemex planning to put $600 million toward debt reduction in 2010
• CNH Global posts $953 million improvement in equipment operations’ cash position
• Freescale Semiconductor retires $44 million of notes in fourth quarter
• Kinetic Concepts planning to continue using cash flow to repay debt
• Lockheed Martin uses cash to repay $242 million of debt in 2009
• McClatchy lowers debt by $174 million in 2009; focus on debt reduction to continue
• National Rural Utilities focused on meeting or exceeding rating agency expectations
• Quest Diagnostics to use cash for growth, enhancing shareholder value
• Tempur-Pedic International trims debt by $122 million in 2009
• Textron to maintain focus on cash, debt reduction, improving liquidity
• VCA Antech holding more cash until bank debt refinanced

• Agency spreads weaken; FHLB adds $1 billion of two-year notes; Fed buys agency paper at front end
• Convertibles market: Lexington Realty edges up on debut; Newell, Newmont; Ford, EMC head lower
• Emerging markets soften; Ukraine holding in against pressure; Vanguarda do Brasil to start roadshow
• Investment-grade market: Earnings, headlines take focus from primary, secondary; financials widen
• Junk primary action tapers off; secondary activity stutters, but funds continue flowing into market
• Muni yields firmer after a week of weakness; Clark County, Nev., sells $800 million airport bonds

• Abraxas Petroleum begins program to divest non-core assets, repay debt
• Cascades repurchases almost all 2013 bonds, eyes lower leverage ratio
• Conexant Systems considering capital-structure options, hires adviser
• Freeport-McMoRan considering opportunities for further bond buybacks
• Kinder Morgan’s net debt increases to $10.4 billion at year-end 2009
• Louisiana-Pacific projects 2009 year-end debt of $300 million
• Navistar focuses on business strategy following 2009 debt refinancing
• Omnova Solutions reduces net debt by $11.5 million in fourth quarter, improves leverage ratio
• Progress Energy adjusting capex in response to denied rate increase
• Spectra Energy may look to debt markets in 2010 to fund capital needs
• Teck Resources working to repay debt, achieve investment-grade status

• Agency spreads stutter as supply surges; FFCB, Fannie Mae sell three-years; Fed targets front end
• Convertibles market: Earnings drive Alcoa, Hutchinson Technology, Intel higher; Ford upgraded
• Emerging markets finish positive week; bond fund inflows on streak; new issues flood market
• High-yield primary accelerates in $9 billion week, plus euro, sterling deals; Brocade bonds sizzle
• Investment-grade market: Top-heavy week sees PepsiCo, Nasdaq OMX, financials as stars; tone mixed
• Municipals market begins to firm as primary action heats up; Pennsylvania sells $900 million bonds

• Alliance HealthCare Services looking for acquisition opportunities in radiation therapy space
• Burlington Coat Factory expecting to refinance or extend asset-backed credit facility soon
• Carter’s ends quarter with $214 million of cash, restates financials
• Columbus McKinnon increases credit facility by $10 million
• CVS Caremark projecting ‘significant’ cash flow over five years; internal projects top priority
• Herbalife will generate free cash flow to repay maturities, CFO says
• Hillenbrand might issue long-term debt to fund K-Tron acquisition
• Human Genome expects to end 2009 with $1.2 billion cash, investments
• KB Home says cash balance readies it to capitalize on market comeback
• Sally Beauty CEO: first priority for free cash flow is acquisitions
• Simon Property aims to extend debt at low rates with notes refinancing
• Skyworks Solutions looking to continue to improve operating margins, balance sheet
• Supervalu drops debt by $580 million, expects to trim another $120 million by fiscal year-end
• Warnaco shifts focus toward growth, possible strategic investments

• Agency spreads narrow on strong five-year offering by Freddie Mac, continued government support
• Convertibles market: Week one brings $950 million in new issuance; high-grade dominates secondary
• Emerging markets firm in new year; sovereign performance nipped; Vietnam to sell $1 billion
• Investment-grade market: Foreign issuers look to U.S. market; investors take to new financials
• Junk primary roars back to life with $2.7 billion week, secondary up smartly as inflows continue
• Municipal yields climb slightly as primary action heats up; Illinois sells $3.47 billion G.O. bonds

• Community Health Systems CEO: Acquisitions may be better for company than debt reduction
• Constellation Brands planning to end fiscal 2010 with reduced leverage ratio, extend revolver
• DirecTV selectively considering transactions to acquire content
• Energy XXI expecting to repay revolver soon, increase borrowing base
• GMAC says recent actions provide more flexibility to explore alternatives for ResCap
• Leap Wireless CFO: Positive cash flow is ‘critical focus’ in 2010
• National Mentor ends fiscal 2009 with $24 million cash balance, debt of $510 million
• RPM International eyes more aggressive approach toward acquisitions
• Valeant CEO says recent acquisitions position company for growth
• Windstream focused on integrating acquisitions, growing free cash flow
• Worthington Industries trims debt by $39.2 million in second quarter

• Outlook 2010: Agency spreads could widen in early 2010, but supply also shrinking, sources say
• Outlook 2010: Convertibles market sees stellar 2009 returns; outlook for 2010 is ‘milder’
• Outlook 2010: Emerging markets could see boost of supply in 2010, though not like 2009
• Outlook 2010: High-grade issuance to decline in 2010; FDIC-guaranteed bonds gave 2009 a boost
• Outlook 2010: High-yield market wraps up final ‘09 week, to see more of the same in early 2010
• Outlook 2010: Municipal market BABs will stay popular; $450.5 billion in tax-exempts expected

• Outlook 2010: High-yield default rate likely to drop sharply in 2010, but risks remain