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July 12th, 2012

• Spain May Need to Find Buyers to Support Debt
• Across the Yield Curve
• Municipal Bond Mid-Year Report
• Patriot Coal: The Vulture Has Landed
• The Future of The Fiscal Cliff
Spain May Need to Find Buyers to Support Debt
Posted: 12 Jul 2012 03:00 AM PDT
By Walter Kurtz – Sober Look July 12, 2012 On a relative basis Spain’s government funding requirement for the remainder of the year is fairly modest – about €34bn (discussed in this post). Analysts at BNP Paribas were quite comfortable that Spain should be able to cover its 2012 funding needs. But there may be [...]

Across the Yield Curve
Posted: 11 Jul 2012 03:00 PM PDT
July 11, 2012 The European Disease with Limited Treatment Options by Satyajit Das, Minyanville High Youth Unemployment Across Developed Economies by Marc Chandler Signs to Seek in Slowing Economy by The Big Picture Mortgage Applications Fall Despite Low Rates by Calculated Risk Home Buying Boycott Lifts Rents by WSJ

Municipal Bond Mid-Year Report
Posted: 11 Jul 2012 09:00 AM PDT
By Bondsquawk July 11, 2012 According to a Wells Fargo Securities report by Natalie Cohen and Roy Eappen, Municipals provided very strong returns in 2011 which led to an emergence of attention in the sector with a redevelopment of the view that munis are relatively safe. The high return posted in 2011 was largely due [...]

Patriot Coal: The Vulture Has Landed
Posted: 11 Jul 2012 07:00 AM PDT
By Junc Bond – Seeking Alpha July 11, 2012 Patriot Coal (PCX) has consistently generated negative cash flow. Coupled with potential maintenance covenant violation issues and current debt maturities, the banks and capital markets have balked at the notion of further funding the company in the current weak coal environment. In the following we will [...]

The Future of The Fiscal Cliff
Posted: 11 Jul 2012 07:00 AM PDT
By Bondsquawk July 11,2012 According to Goldman Sach’s U.S. Daily written by Jan Hatzius, disappointing economic data coupled with increased public focus on the U.S. Debt has put added pressure on the Government to take immediate and effective measures to curb the Fiscal Cliff problems. With the elections scheduled to be held in just about [...]

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