Wednesday, March 09, 2011

Muni market enters “deep freeze” according to the WSJ – total muni bond issuance is on pace to
be the lowest for any Q in the last 11 years. Through Mar 4, muni debt issuance has totaled only
$31.5B. The lack of supply is harming liquidity. Some worry about local government spending plans
getting delayed. – WSJ

Saudi bond markets likely OK says S&P and Moody’s – according to remarks from S&P and
Moody’s, Saudi Arabian bonds probably will shrug off the political turmoil in North Africa and the Middle
East that drove yields in neighboring economies higher – Bloomberg
Saudi “Day of Rage” postponed due to poor participation – according to a UPI report, protesters
in Saudi Arabia have rescheduled their “Day of Range” after a smaller-than-expected number or people
turned out Mon. Organizers had planned four days of protests leading up to this Friday in towns with
anti-monarchical traditions, the Web site said. The plan was to build momentum and mount protests in
the capital, Riyadh, Friday that would get the rest of Saudi Arabia on board with the protesters.– UPI
The Gulf Cooperation Council (GCC) may discuss providing economic aid to Bahrain and Oman.
GCC officials will meet in Rihyad on Thurs to discuss an aid package for Bahrain and Oman. Bloomberg
OPEC sees no need at present to hold an emergency meeting to discuss raising its oil output, an
OPEC delegate said on Wednesday following informal consultations among members. – Reuters
Libya – the US is starting to fear that the country could be about to enter a protracted
stalemate, w/Qadaffi having solidified control over Tripoli and certain western areas while the rebels
controlled eastern regions. The White House is reviewing its options in terms of intervening in the
country and has started to talk to Western allies. – WSJ
 There are more indications that the upcoming Mar Eurozone debt summits may disappoint -
Eurozone officials continue to downplay expectations for the Mar summits. DJ had another article Tues
(citing European “sources”) mentioning how market expectations could wind up being disappointed –
apparently, peripheral countries are giving less ground on the competitiveness pact and Germany
therefore isn’t willing to strengthen EFSF as much as some would like. Reuters/DJ
Greece – Unemployment rate rose to 14.8% in Dec, nearly a full % higher than Nov’s 13.9% rate.
Young people were the hardest hit w/the unemployment rate for those 15-24 rising to 39% from 28.9%.
Bloomberg