• Convertibles gain further ground; Central European, Suntech Power jump; MannKind scuttles deal
• Emerging markets: New supply pours out of the deal pipeline amid better risk sentiment
• High-grade bond market full of corporates; new coupon records set; new debt trades mostly better
• High-yield market: Cash-heavy primary heats up; CIT, Limited Brands, Ford Credit price mega-deals
• Municipals trade better over week on strong demand, lack of supply; handful of new deals forecast
• Preferreds: Realty Income brings upsized deal; Aegon ‘cleaning up’; new issue calendar stacking up
• Treasuries rally, then drop over week; strong job growth sends 30-year bond yield up 15 bps

• Ally Financial sees $27 billion liquidity, plans to pay maturing debt
• Celanese will continue to pay down debt, balance cash outflows
• CIT repays $860 million of debt, aims to take out $2.5 billion more
• Domtar ends year strong, returns $543 million to shareholders in 2011
• Energy XXI (Bermuda) plans to keep stockpiling cash to pay down debt
• Enterprise Products sees record cash flow of $1.4 billion in Q4
• Equity Residential reports positive earnings, cash on balance sheet
• First Data to see interest payments decrease to $1.6 billion in 2013
• Gannett uses excess cash to cut debt by $158 million in fourth quarter
• Headwaters says debt reduction remains highest priority entering 2012
• Inergy’s profits impacted by mild winter, uses IPO funds to pay debt
• Ingles Market’s total debt increases due to new facility construction
• Mohegan: New refinancing plan provides ‘clear runway’ to improvement
• Plum Creek Timber expects cash flow to grow by $50 million in 2012
• Spectrum Brands to complete ‘major’ debt paydowns in 2012, CEO says
• Suncor Energy reports record cash flow for fourth quarter, lowers debt
• Tesoro cut debt by $328 million in 2011, will take out 2012 notes, has no investment-grade goal
• Wendy’s ends year with $885 million of net debt, $472 million of cash

• Convertibles: Illumina higher on hostile offer; NuVasive expands with court rulings; Petroplus off
• Emerging markets: Israel, Lithuania, Poland, Braskem, others print notes amid positive week
• High-grade market light on deals for week; new paper trades mixed while bank bonds improve
• High-yield market: Primary picks up pace after lull; Realogy, JBS, Targa price; energy names active
• Municipal bonds in sluggish start to week but rally late on FOMC decision, light primary supply
• Preferreds: New issue market remains active with new deals from Schwab, Aegon; probe pressures HSBC
• Treasuries rally late in week on FOMC move to keep rates low; note auctions see mixed results

• Allegheny reports increased sales for Q4, ends year with less cash
• Apache to fund Cordillera Energy acquisition partly with $2.25 billion of debt
• D.R. Horton starts 2012 with increased sales and homebuilding revenue
• Delta repaid $725 million debt in Q4, aims to reach goal of $10 billion net debt by 2013
• Dominion Resources plans to issue $1.6 billion to $2 billion in 2012
• Hutchinson Technology reduces debt by $10.4 million in fiscal Q1
• JetBlue sees $1.2 billion cash, short-term investments at year-end
• Kansas City Southern uses cash to retire $123.5 million of debt in Q4
• NextEra to access capital markets periodically, balance debt, equity
• Owens-Illinois says cutting debt ratio remains ‘primary focus,’ touts 2011 transactions
• Peabody Coal increased debt to $6.56 billion for Macarthur deal, still has $2.5 billion liquidity
• Progress Energy settlement ‘effectively neutral’ to cash flow metrics
• SPX to use Service Solutions business sale proceeds for debt reduction
• Tembec: Lack of U.S. demand for lumber affects first-quarter sales
• Textron sees ‘strengthened’ balance sheet, cuts debt by $1.5 billion
• Time Warner Cable’s free cash flow increases 20% to $2.7 billion

• Convertibles gaining on better volumes; Amgen, Gilead improve on hedge; Kodak adds but trades flat
• Emerging Markets: KT, Pemex, Shinhan Bank, Turkey, others print notes amid solid demand for bonds
• High-yield market: Fresenius, other European names pace primary; Chesapeake rebounds, Kodak off
• Investment grade: New bank debt abounds in high-grade market post Q4 earnings, firms in secondary
• Municipals end softer after getting a boost from demand; water utilities feature prominently ahead
• Preferreds: Investors turn to primary market as forward calendar heats up; First Republic prices
• Treasuries sink in volatile trading over short week; market looks ahead to next Fed decision

• Entravision has $383.3 million of debt following recent bond buyback
• Kinder Morgan Energy Partners reports ‘solid’ Q4, increased cash flow
• Kratos increases debt, but says main strategy is ‘build the company’
• Parker-Hannifin eyes closing multiple acquisitions before year-end
• State Street eyes increase in dividend, share buybacks in 2012
• Stratus Technologies’ Q3 revenue down 8%, company ends quarter with $18.6 million cash
• Teck sees continued cash flow growth, achieves record C$1.4 billion

• Convertibles: Alcoa rises post-earnings; PHH notes gain on new issue plans; NuVasive paper firms
• Emerging markets: Indonesia, Poland, Korea Gas, South Africa price notes; investors optimistic
• High grade: Big corporate deals return; issuers crowd front of week on Europe fears; debt trades up
• High-yield market: MGM, Charter, Level 3 lead junk pricing parade; Sears, Chesapeake busy; Kodak up
• Municipals rally as demand drives market; Illinois’ new $800 million deal sees solid reception
• Preferreds: New issue calendar heats up; PS Business brings new deal; Public Storage ‘doing well’
• Treasuries trade up, down in choppy trading over week on weaker auctions, continuing Europe crisis

• Carrols Restaurant focused on using cash flow to repay debt, CFO says
• Ceradyne to post $572 million of sales, strong balance sheet for 2011
• Emmis cuts term loan debt by 38% in Q3, eyes eventual refinancing
• Gentiva has ‘strong’ cash balance, continues to focus on reducing debt
• Goodyear slowly rolls on toward investment-grade goal despite operational challenges
• Postmedia repays C$91 million of debt in fiscal first quarter
• Shaw reports free cash flow of C$119 million, 2012 off to ‘good start’
• Talisman Energy reports $4.5 billion of net debt, strong liquidity
• Tenet improves leverage through debt reduction, earnings growth
• Visteon has ‘very good’ debt to EBITDA ratio of 0.9x, CFO says
• Wyndham Worldwide to boost revenue through fee-for-service businesses

• Convertibles market: New Amarin drops below par on debut; TiVo adds on AT&T settlement; Dendreon up
• Emerging markets: Brazil, Mexico, Vale, Bradesco, others print notes during solid week for supply
• High-yield market: Junk primary revives with big AmeriGas, Ford deals; retail names trade busily
• Investment grade: Banks, Yankees return to high-grade debt market; new corporates firm in trading
• Municipals end week mostly unchanged as supply dwindles; Texas Tech sells $190.8 million of debt
• Preferred stocks start 2012 strong; Bank names firm as sentiment turns positive; Greek bank rises
• Treasuries trend lower on better data in first week of year; optimism fails to comfort some

• American Tower begins new year as REIT, outlines plan for excess cash
• Commercial Metals ends quarter with $228 million of cash, investments
• Consolidated Communications eyes 4 times leverage target or below
• Constellation ups fiscal 2012 free cash flow target by $100 million
• Dresser-Rand reports over $1 billion of debt, plans to delever rapidly
• Gastar Exploration plans to grow revolver, issue preferreds in 2012
• Jean Coutu gets C$500 million credit facility in Q3 to refinance debt
• Mohegan says it’s making refinancing progress but provides few details
• National Mentor Holdings reports increased leverage ratio of 6.2x
• Valeant gives cash flow guidance of roughly $1.2 billion for 2012

• Outlook 2012: Convertibles primary market set for weakness without higher rates, stronger economy
• Outlook 2012: EM deal pipeline will open slowly in 2012 amid global economic, political turmoil
• Outlook 2012: High-grade primary sees Europe as biggest variable; companies in good position
• Outlook 2012: High-yield primary market could see $180-$250 billion of issuance in year ahead
• Outlook 2012: Municipal bond issuance of $310-$350 billion awaits 2012’s investors, outpacing 2011
• Outlook 2012: U.S., European economic woes push preferreds around; trend likely to continue

• Convertibles quiet ahead of holidays; higher-quality credits eyed; Jefferies bounces; PHH drops
• Emerging markets: Turk Ekonomi Bankasi sells notes during slow pre-holiday week for EM assets
• High grade: ILFC, GE Capital lone issuers for week; banks, telecom most-watched sectors in trading
• High-yield market: Split-rated ILFC dominates primary; Dish, Sprint run up on AT&T/T-Mobile failure
• Municipals end week ahead of holidays softer; Puerto Rico development bank sells $1.8 billion
• Preferred primary sees no new sales; traders watch Bank of America paper on Countrywide settlement
• Treasuries trade in choppy market, light volume over short holiday week; auctions see weak demand

• Alliance sees $15 million to $25 million decrease in debt in 2012
• American Greetings lowers full-year cash flow projections, plans to build new headquarters
• Burlington has $158.1 million borrowed under ABL due to refinancing
• Carnival generates enough cash to fund $2.7 billion capital program
• ConAgra ends quarter with $707 million cash, $2.2 billion net debt
• Jefferies says it survived November ‘misinformation,’ bought back $50 million of bonds in Q4
• KB Home cuts almost $200 million of debt, reports ‘adequate’ liquidity
• Prestige to finance Glaxo acquisitions with new term loan, bonds
• SandRidge joint venture to help close company’s 2012 funding gap
• Steelcase reports $292.1 million debt, expects ‘relatively high’ capex
• Teva to end 2011 with $14.5 billion of debt, expects decrease in 2012

• Convertibles market: Novellus, Lam Research add on hedge on merger; Sino-Forest misses coupon
• Emerging markets: Banco de Bogota sells bonds amid stressful but stable week; Funds see outflows
• High-grade issuance sparse; companies stand down until 2012; bonds generally wider in trading
• High-yield market: Smallish A. M. Castle, 99 Cents deals close out junk primary; M&A has impact
• Municipals lose steam as primary cools; Partners Health Care sells two deals; North Carolina prices
• Preferreds: Market gyrates on economic concerns, holiday slowdown; First Niagara ‘still doing well’
• Treasuries trade up over week; 10-year note yield falls to 1.86%; demand high at auctions

• AAR reports $30.4 million cash flow, plans to use for company growth
• AGCO to increase R&D spending, develop production facility in China
• AMD CEO says emerging market customers are in company’s ‘sweet spot’
• Charles River Labs cuts debt in 2011, targets up to $175 million of free cash flow for 2012
• CKE posts $129.6 million of cash, borrowing availability at Nov. 7
• Community Health plans to extend bank debt, refinance revolver
• Correction: Pall Corp. based in Port Washington, N.Y.
• Covidien spin-off to have ‘strong’ capital position, similar cash flow
• Hovnanian improved balance sheet in Q4 with exchange, buybacks, eyes further deleveraging
• Iasis Healthcare touts capital structure despite increase in debt
• Rite Aid has $191 million outstanding borrowings under credit facility
• Solutia reduces leverage by 3 turns, expects 2.5x by year’s end
• Stewart Enterprises operating cash flow rises to $87 million in 2011
• Thomas & Betts to use cash primarily for company growth, acquisitions

• Convertibles market: China Medical slumps, trades below 50; Dendreon paper adds; Clearwire jumps
• Emerging markets: TAQA, Tencent, Hana Bank print notes, get mixed reviews; Investors eye euro zone
• High grade: Gilead, HP, others bring huge deals, perform well; financials weaken amid headlines
• High-yield market: Ford Credit deal leads junk primary, moves up; Secondary starting to wind down
• Municipals rally throughout week as heavy supply feeds demand; New York Transitional taps market
• Preferreds: First Niagara new deal a success; DTE Energy recent issue lists; Aviva gains momentum

• BreitBurn focuses on acquisition strategy, has funding for growth
• Dana aims to improve capital position, keep balance sheet strong
• Del Monte sees $3.9 billion debt, no outstanding borrowings under ABL
• Entergy plans $575 million bonds, transmission units $1.2 billion, ITC $700 million for ITC merger
• Entravision touts $16.2 million debt paydown, hints of more to come
• Ferrellgas ends quarter with $13.1 million cash, $1.07 billion debt
• Garda World Security's third-quarter net income flat; revenue up 10.8%
• Level 3 to improve balance sheet to level of ‘competitive strength’
• LodgeNet lowers debt, will be ‘aggressive’ in strategic growth areas
• National Bank of Canada plans for growth, reports record net income
• Oneok maintains ‘strong’ balance sheet through increased growth
• Pall first-quarter sales reach record $705.6 million, says new CEO
• SM Energy’s funding adequate to fund programs in 2012, says CEO
• Smithfield rounds out its second quarter with $1.1 billion liquidity
• Teva has ‘robust’ rating, ‘significant’ cash flow for deleveraging

• Convertibles: AMR collapses after bankruptcy filing; Clearwire rebounds on Sprint pact; Onyx lower
• Emerging markets: Qatar, Petrobras unit, others print notes during stronger week for EM assets
• High grade: Primary active on low borrowing costs; traders watch new paper; bank/broker CDS improve
• High-yield market: Charter deal leads junk primary, moves up; AMR busy after bankruptcy filing
• Municipals close out another primary-heavy week mixed; Puerto Rico authority sells $1 billion debt
• Preferreds: DTE brings new issue, sees high demand; Aviva’s recent deal rebounding; BofA declines
• Treasuries move mostly lower over week but see gains Friday on euro fears, mixed economic data

• Air Products to pursue share buybacks under $1 billion authorization
• Algonquin Power & Utilities sees $300 million of financings in 2012
• CF Industries reports record third quarter, retires $1.2 billion debt
• Chemtura eyes low leverage ratio after emerging from bankruptcy
• Cincinnati Bell focuses on data centers as future, key to debt cuts
• HealthSouth expects to see ‘more balanced’ free cash flow allocation
• iPayment repaid $36 million debt, wrapped $20 million of acquisitions
• Netflix says new capital ‘adds to safety buffer’ as company atones for pricing debacle
• Oglethorpe wraps liquidity restructure with increased credit facility
• Sprint Nextel satisfied with recent mega bond deal, funding strategy
• SunCoke to use excess liquidity to pay down term debt, bonds
• Western Refining to use cash to pay down newly refinanced term loan