Is this a renaissance in issuance or a window of opportunity taken by issuers? If the market believes issuers can pay these coupons, then the expectation is they will sell assets, restructure or increase prices. Selling or restructuring requires management to have a strategic view and I find it hard to believe there is a solid understanding of what the future keeps for us. If I am right, the recent steepening of the yield curve may be indicating that inflation expectations are to take a leading role, bringing REAL interest rates down.
Please, click here to read this article in pdf format: may-7-2009
Today we have the release of the stress tests results, which were ridiculously leaked over the past days. I don’t expect surprises, given the action in the markets yesterday. The Fed bought $6.95BN of only one issue, an Apr/12, upsetting investors, given the short-term and small amount (18.3% of total offered). The 2-10yr curve finished steeper, agency debt and TLG debt continued to rally, as well as corporate credit. The CDX IG12 closed at 146bps (-11bps), and the S&P500 reached 919.5pts. Why not? If you think about it, the Fed is only 1/3rd done with its Treasuries purchases. There is still a lot of liquidity to be pumped in, which should keep NOMINAL asset prices from falling, as per our Thesis No. 1 (refer earlier letters). On this note, the market doesn’t care about the billions of capital that banks may need. It’s scary, because at the end of the day, fundamentals have to justify price levels.
A few friends asked what I meant yesterday, when I wondered if the markets are co validating high coupons. Even if current spreads are tighter than months ago, they are still wider than pre-crisis. And issuers’ fundamentals have not improved, let alone bottomed. We may understand the issuers’ reasons for settling at any cost, but how do we explain investors’ appetite for these issuances? Are investors being compensated for the risk taken? Since Monday only, we have seen these issuances (I am not including lending Banks’, for obvious reasons): GE Capital ($2BN non-guaranteed, 5-yr, 5.9%), Nalco ($500MM, 8-yr 8.25%), Canadian Oilsands ($500MM, 10-yr, 7.75%), DTE Energy ($300MM, 5-yr, 7.6%), Husky Energy ($1.5Bn in total, 5-yr & 10yr, 5.9% & 7.25%), Xerox Corp. ($750MM, 5-yr, 8.25%), Crown Americas LLC ($400MM, 8-yr, 7.625%), Host Hotels ($400MM, 8-yr, 9%), Goodyear plans to sell $500MM 7-yr, Teck Resources Ltd. (5/7/10 yr at 9.75%, 10.25% and 10.75%), Providence Health and Services ($250MM, 5/7/10-yr, 5.05%/5.8%/6.25%), Silgan Holdings ($250MM, 7-yr, 7.25%), Hospira ($250MM, 6-yr , 6.4%), International Paper ($1BN, 10-yr, 9.375%), Cigna Corp. ($350MM, 10-yr, 8.5%), Psychiatric Solutions ($120MM, 6-yr, 7.75%) and Coca-Cola ($550MM, 6-yr, 4.25%). Is this a renaissance in issuance or a window of opportunity taken by issuers? If the market believes issuers can pay these coupons, then the expectation is they will sell assets, restructure or increase prices. Selling or restructuring requires management to have a strategic view and I find it hard to believe there is a solid understanding of what the future keeps for us. If I am right, the recent steepening of the yield curve may be indicating that inflation expectations are to take a leading role, bringing REAL interest rates down. The graph below addresses this point:
On the left, we see the yield curve for the benchmark rate (Treasuries). If the steepening becomes serious, we may even see a significant drop in the bid for long-term government debt (Under high inflation, the mid-to-long term points may disappear altogether). A bit of this is taking place now, as the front-end of the curve gets a heavier bid. Consistent with the dynamic in the benchmark market, we see that (on the right) the clearing NOMINAL interest rate (i.e. the rate that allows the demand for capital to meet supply) increases exponentially, contracting the demand for capital goods. A more detailed discussion is beyond the scope of this letter, but the point is this: If you are an issuer and “see it coming”, you may want to refinance your way out of it. This could explain this late wave of debt refinancing at high costs. The coupons seem high on a nominal basis. Meanwhile, investors fleeing cash buy the bonds and hedge them by selling Treasuries, adding fuel to the fire.
October 15th, 2011 at 4:31 PM
Sites we Like……
[...] Every once in a while we choose blogs that we read. Listed below are the latest sites that we choose [...]……
October 17th, 2011 at 7:41 AM
Read was interesting, stay in touch……
[...]please visit the sites we follow, including this one, as it represents our picks from the web[...]……
October 19th, 2011 at 8:53 PM
Internet Marketing…
[...]here are some links to websites that we link to because we believe they are well done[...]…
October 19th, 2011 at 9:02 PM
This Week in Automobile News…
[...]here are some links to pages worth going to[...]…
October 19th, 2011 at 9:14 PM
Check this out…
[...] that is the end of this article. Here you’ll find some sites that we think you’ll appreciate, just click the links over[...]…
October 20th, 2011 at 3:34 AM
Websites worth visiting…
[...]here are some links to sites that we link to because we think they are worth visiting[...]……
October 20th, 2011 at 9:40 AM
Links…
[...]Sites of interest we have a link to[...]……
October 20th, 2011 at 1:50 PM
This Week in Automobile News…
[...]here are some links to web sites worth going to[...]…
October 20th, 2011 at 6:57 PM
hard drive erasure…
[...]Below are some links to pages that we link to because we think they are worth visiting[...]…
October 21st, 2011 at 3:23 AM
Websites we think you should visit…
[...]although websites we backlink to below are considerably not related to ours, we feel they are actually worth a go through, so have a look[...]……
October 21st, 2011 at 9:38 AM
Links Trackback…
[...]Sites of interest we have a link to[...]……
October 21st, 2011 at 10:45 AM
Awesome website…
[...]the time to read or visit the content or sites we have linked to below the[...]……
October 21st, 2011 at 1:47 PM
Auto Warranty Reviews…
[...]places worth visiting[...]…
October 21st, 2011 at 3:09 PM
Recommeneded websites…
[...]Here are some of the sites we recommend for our visitors[...]……
October 21st, 2011 at 4:50 PM
Cool sites…
[...]we came across a cool site that you might enjoy. Take a look if you want[...]……
October 21st, 2011 at 8:13 PM
PotSpot 411…
[...]we like to link to other sites on the internet, even if they are not affiliated to us,Below are some web sites worth visiting[...]…
October 21st, 2011 at 10:52 PM
Check this out…
[...] that is the end of this article. Here you’ll find some sites that we think you’ll appreciate, just click the links over[...]……
October 22nd, 2011 at 8:04 AM
Websites worth visiting…
[...]here are some links to sites that we link to because we think they are worth visiting[...]……
October 22nd, 2011 at 8:14 AM
Online Article……
[...]The information mentioned in the article are some of the best available [...]……
October 22nd, 2011 at 9:02 AM
You should check this out…
[...] Wonderful story, reckoned we could combine a few unrelated data, nevertheless really worth taking a look, whoa did one learn about Mid East has got more problerms as well [...]……
October 23rd, 2011 at 3:45 AM
Links…
[...]Sites of interest we have a link to[...]……
October 23rd, 2011 at 7:06 AM
You should check this out…
[...] Wonderful story, reckoned we could combine a few unrelated data, nevertheless really worth taking a look, whoa did one learn about Mid East has got more problerms as well [...]……
October 23rd, 2011 at 8:04 AM
Related……
[...]just beneath, are numerous totally not related sites to ours, however, they are surely worth going over[...]……
October 23rd, 2011 at 11:13 AM
Superb website…
[...]always a big fan of linking to bloggers that I love but don’t get a lot of link love from[...]……
October 23rd, 2011 at 11:19 AM
Visitor recommendations…
[...]one of our visitors recently recommended the following website[...]……
October 23rd, 2011 at 8:18 PM
Awesome website…
[...]the time to read or visit the content or sites we have linked to below the[...]……
October 24th, 2011 at 3:29 AM
You should check this out…
[...] Wonderful story, reckoned we could combine a few unrelated data, nevertheless really worth taking a look, whoa did one learn about Mid East has got more problerms as well [...]……
October 24th, 2011 at 5:36 AM
Websites worth visiting…
[...]here are some links to sites that we link to because we think they are worth visiting[...]……
October 24th, 2011 at 1:19 PM
Medical Marijuana…
[...]Here you will you’ll find some links to some Hip sites[...]…
October 24th, 2011 at 7:18 PM
Ping Back…
I get pleasure from, result in I found exactly what I was looking for. You’ve ended my four day lengthy hunt! God Bless you man. Have a great day. Bye…
October 24th, 2011 at 10:42 PM
Ping Back…
hello!,I like your writing so a lot! proportion we keep in touch extra approximately your article on AOL? I need an expert in this area to resolve my problem. Maybe that’s you! Taking a look forward to peer you….
October 25th, 2011 at 1:42 AM
Trackback…
[...]Sites of interest we have a link to[...]……
October 25th, 2011 at 6:16 AM
Recommeneded websites…
[...]Here are some of the sites we recommend for our visitors[...]……
October 25th, 2011 at 7:15 AM
Gems form the internet…
[...]very few websites that happen to be detailed below, from our point of view are undoubtedly well worth checking out[...]……
October 25th, 2011 at 2:40 PM
Visitor recommendations…
[...]one of our visitors recently recommended the following website[...]……
October 25th, 2011 at 7:10 PM
Ping Back…
Thank you, I have just been looking for information about this topic for a while and yours is the best I’ve found out so far. But, what about the bottom line? Are you positive about the supply?…
October 26th, 2011 at 12:25 AM
Gems form the internet…
[...]very few websites that happen to be detailed below, from our point of view are undoubtedly well worth checking out[...]……
October 26th, 2011 at 4:19 AM
Websites worth visiting…
[...]here are some links to sites that we link to because we think they are worth visiting[...]……
October 26th, 2011 at 7:56 AM
Sites we Like……
[...] Every once in a while we choose blogs that we read. Listed below are the latest sites that we choose [...]……
October 26th, 2011 at 9:53 AM
Blogs ou should be reading…
[...]Here is a Great Blog You Might Find Interesting that we Encourage You[...]……
October 26th, 2011 at 11:09 PM
Ping Back…
Somebody essentially assist to make significantly articles I would state. This is the very first time I frequented your web page and up to now? I amazed with the analysis you made to make this actual post incredible. Wonderful activity!…
October 27th, 2011 at 11:10 AM
Read was interesting, stay in touch……
[...]please visit the sites we follow, including this one, as it represents our picks from the web[...]……
October 27th, 2011 at 1:52 PM
Gems form the internet…
[...]very few websites that happen to be detailed below, from our point of view are undoubtedly well worth checking out[...]……
October 27th, 2011 at 7:39 PM
Ping Back…
It’s really a great and useful piece of info. I am happy that you just shared this helpful information with us. Please stay us informed like this. Thank you for sharing….
October 27th, 2011 at 10:51 PM
Title…
homeowners insurance in florida…
October 28th, 2011 at 2:07 AM
Sources…
[...]check below, are some totally unrelated websites to ours, however, they are most trustworthy sources that we use[...]……
October 28th, 2011 at 3:05 AM
Great website…
[...]we like to honor many other internet sites on the web, even if they aren’t linked to us, by linking to them. Under are some webpages worth checking out[...]……
October 28th, 2011 at 3:12 AM
Awesome website…
[...]the time to read or visit the content or sites we have linked to below the[...]……
October 28th, 2011 at 5:19 AM
Recent Blogroll Additions……
[...]usually posts some very interesting stuff like this. If you’re new to this site[...]……
October 28th, 2011 at 6:20 AM
Read was interesting, stay in touch……
[...]please visit the sites we follow, including this one, as it represents our picks from the web[...]……
October 28th, 2011 at 7:38 AM
Sites we Like……
[...] Every once in a while we choose blogs that we read. Listed below are the latest sites that we choose [...]……
October 28th, 2011 at 9:16 AM
Cool sites…
[...]we came across a cool site that you might enjoy. Take a look if you want[...]……
October 28th, 2011 at 10:16 AM
Gems form the internet…
[...]very few websites that happen to be detailed below, from our point of view are undoubtedly well worth checking out[...]……
October 28th, 2011 at 3:02 PM
Online Article……
[...]The information mentioned in the article are some of the best available [...]……
October 28th, 2011 at 4:24 PM
Websites you should visit…
[...]below you’ll find the link to some sites that we think you should visit[...]……
October 28th, 2011 at 4:28 PM
Trackback pings…
[..Thank you for sharing excellent informations. Your web site is so cool. I am impressed by the details that you have on this blog. It reveals how nicely you perceive this subject. Bookmarked this web page, will come back for more articles. You, my pa…
October 28th, 2011 at 4:40 PM
Online Article……
[...]The information mentioned in the article are some of the best available [...]……
October 28th, 2011 at 6:36 PM
Superb website…
[...]always a big fan of linking to bloggers that I love but don’t get a lot of link love from[...]……
October 28th, 2011 at 7:22 PM
Trackback Priority…
magnificent submit, very informative. I wonder why the opposite experts of this sector do not notice this. You should continue your writing. I am confident, you have a huge readers’ base already!…
October 29th, 2011 at 12:33 AM
Cool sites…
[...]we came across a cool site that you might enjoy. Take a look if you want[...]……
October 29th, 2011 at 3:36 AM
Gems from the internet…
[...]very few websites that happen to be detailed below, from our point of view are undoubtedly well worth checking out[...]……
October 29th, 2011 at 9:05 AM
Websites worth visiting…
[...]here are some links to sites that we link to because we think they are worth visiting[...]……
October 29th, 2011 at 2:20 PM
Great website…
[...]we like to honor many other internet sites on the web, even if they aren’t linked to us, by linking to them. Under are some webpages worth checking out[...]……
October 29th, 2011 at 3:58 PM
Great website…
[...]we like to honor many other internet sites on the web, even if they aren’t linked to us, by linking to them. Under are some webpages worth checking out[...]……
October 29th, 2011 at 5:57 PM
Check this out…
[...] that is the end of this article. Here you’ll find some sites that we think you’ll appreciate, just click the links over[...]……
October 29th, 2011 at 5:57 PM
Recommeneded websites…
[...]Here are some of the sites we recommend for our visitors[...]……
October 29th, 2011 at 7:01 PM
Sites we Like……
[...] Every once in a while we choose blogs that we read. Listed below are the latest sites that we choose [...]……
October 29th, 2011 at 8:16 PM
You should check this out…
[...] Wonderful story, reckoned we could combine a few unrelated data, nevertheless really worth taking a look, whoa did one learn about Mid East has got more problerms as well [...]……
October 29th, 2011 at 9:35 PM
Great website…
[...]we like to honor many other internet sites on the web, even if they aren’t linked to us, by linking to them. Under are some webpages worth checking out[...]……
October 30th, 2011 at 5:25 AM
Sources…
[...]check below, are some totally unrelated websites to ours, however, they are most trustworthy sources that we use[...]……
October 30th, 2011 at 6:21 AM
Sites we Like……
[...] Every once in a while we choose blogs that we read. Listed below are the latest sites that we choose [...]……
October 30th, 2011 at 7:19 AM
Links…
[...]Sites of interest we have a link to[...]……
October 30th, 2011 at 8:20 AM
Gems form the internet…
[...]very few websites that happen to be detailed below, from our point of view are undoubtedly well worth checking out[...]……
October 30th, 2011 at 9:23 AM
Blogs ou should be reading…
[...]Here is a Great Blog You Might Find Interesting that we Encourage You[...]……
October 30th, 2011 at 9:58 AM
Websites you should visit…
[...]below you’ll find the link to some sites that we think you should visit[...]……
October 30th, 2011 at 10:27 AM
Recommeneded websites…
[...]Here are some of the sites we recommend for our visitors[...]……
October 30th, 2011 at 12:02 PM
Awesome website…
[...]the time to read or visit the content or sites we have linked to below the[...]……
October 30th, 2011 at 1:03 PM
Websites we think you should visit…
[...]although websites we backlink to below are considerably not related to ours, we feel they are actually worth a go through, so have a look[...]……
October 30th, 2011 at 2:01 PM
Links…
[...]Sites of interest we have a link to[...]……
October 30th, 2011 at 5:00 PM
Links…
[...]Sites of interest we have a link to[...]……
October 30th, 2011 at 8:20 PM
Check this out…
[...] that is the end of this article. Here you’ll find some sites that we think you’ll appreciate, just click the links over[...]……
October 30th, 2011 at 9:19 PM
Tumblr article…
I saw someone writing about this on Tumblr and it linked to…
October 31st, 2011 at 2:29 AM
Sources…
[...]check below, are some totally unrelated websites to ours, however, they are most trustworthy sources that we use[...]……
October 31st, 2011 at 4:30 AM
Sources…
[...]check below, are some totally unrelated websites to ours, however, they are most trustworthy sources that we use[...]……
October 31st, 2011 at 5:32 AM
Superb website…
[...]always a big fan of linking to bloggers that I love but don’t get a lot of link love from[...]……
October 31st, 2011 at 6:17 AM
Sources…
[...]check below, are some totally unrelated websites to ours, however, they are most trustworthy sources that we use[...]……
October 31st, 2011 at 7:04 AM
You should check this out…
[...] Wonderful story, reckoned we could combine a few unrelated data, nevertheless really worth taking a look, whoa did one learn about Mid East has got more problerms as well [...]……
October 31st, 2011 at 8:01 AM
Check this out…
[...] that is the end of this article. Here you’ll find some sites that we think you’ll appreciate, just click the links over[...]……
October 31st, 2011 at 9:06 AM
Websites worth visiting…
[...]here are some links to sites that we link to because we think they are worth visiting[...]……
October 31st, 2011 at 10:05 AM
Cool sites…
[...]we came across a cool site that you might enjoy. Take a look if you want[...]……
October 31st, 2011 at 10:52 AM
Recent Blogroll Additions……
[...]usually posts some very interesting stuff like this. If you’re new to this site[...]……
October 31st, 2011 at 1:44 PM
Blogs ou should be reading…
[...]Here is a Great Blog You Might Find Interesting that we Encourage You[...]……
October 31st, 2011 at 2:39 PM
Awesome website…
[...]the time to read or visit the content or sites we have linked to below the[...]……
October 31st, 2011 at 5:29 PM
Websites we think you should visit…
[...]although websites we backlink to below are considerably not related to ours, we feel they are actually worth a go through, so have a look[...]……
October 31st, 2011 at 6:11 PM
Visitor recommendations…
[...]one of our visitors recently recommended the following website[...]……
October 31st, 2011 at 6:45 PM
Recent Blogroll Additions……
[...]usually posts some very interesting stuff like this. If you’re new to this site[...]……
October 31st, 2011 at 7:42 PM
Visitor recommendations…
[...]one of our visitors recently recommended the following website[...]……
November 1st, 2011 at 2:51 AM
You should check this out…
[...] Wonderful story, reckoned we could combine a few unrelated data, nevertheless really worth taking a look, whoa did one learn about Mid East has got more problerms as well [...]……
November 1st, 2011 at 3:29 AM
Online Article……
[...]The information mentioned in the article are some of the best available [...]……
November 1st, 2011 at 4:37 AM
Sources…
[...]check below, are some totally unrelated websites to ours, however, they are most trustworthy sources that we use[...]……
November 1st, 2011 at 5:44 AM
Awesome website…
[...]the time to read or visit the content or sites we have linked to below the[...]……
November 1st, 2011 at 6:36 AM
Read was interesting, stay in touch……
[...]please visit the sites we follow, including this one, as it represents our picks from the web[...]……
November 1st, 2011 at 9:47 AM
Visitor recommendations…
[...]one of our visitors recently recommended the following website[...]……
November 1st, 2011 at 10:47 AM
You should check this out…
[...] Wonderful story, reckoned we could combine a few unrelated data, nevertheless really worth taking a look, whoa did one learn about Mid East has got more problerms as well [...]……
November 1st, 2011 at 3:25 PM
Cool sites…
[...]we came across a cool site that you might enjoy. Take a look if you want[...]……
November 1st, 2011 at 5:21 PM
Check this out…
[...] that is the end of this article. Here you’ll find some sites that we think you’ll appreciate, just click the links over[...]……
November 1st, 2011 at 6:29 PM
Related……
[...]just beneath, are numerous totally not related sites to ours, however, they are surely worth going over[...]……
November 1st, 2011 at 7:31 PM
Websites we think you should visit…
[...]although websites we backlink to below are considerably not related to ours, we feel they are actually worth a go through, so have a look[...]……
November 1st, 2011 at 10:55 PM
Gems form the internet…
[...]very few websites that happen to be detailed below, from our point of view are undoubtedly well worth checking out[...]……
November 2nd, 2011 at 3:09 AM
Sites we Like……
[...] Every once in a while we choose blogs that we read. Listed below are the latest sites that we choose [...]……
November 2nd, 2011 at 3:59 PM
Websites we think you should visit…
[...]although websites we backlink to below are considerably not related to ours, we feel they are actually worth a go through, so have a look[...]……
November 2nd, 2011 at 5:30 PM
Related……
[...]just beneath, are numerous totally not related sites to ours, however, they are surely worth going over[...]……
November 3rd, 2011 at 1:02 AM
Its hard to find good help…
I am constantnly proclaiming that its hard to find quality help, but here is …
November 3rd, 2011 at 9:22 AM
Websites you should visit…
[...]below you’ll find the link to some sites that we think you should visit[...]……
November 3rd, 2011 at 10:24 AM
Gems form the internet…
[...]very few websites that happen to be detailed below, from our point of view are undoubtedly well worth checking out[...]……
November 3rd, 2011 at 3:46 PM
Gems form the internet…
[...]very few websites that happen to be detailed below, from our point of view are undoubtedly well worth checking out[...]……
November 3rd, 2011 at 4:29 PM
Read was interesting, stay in touch……
[...]please visit the sites we follow, including this one, as it represents our picks from the web[...]……
November 3rd, 2011 at 7:45 PM
Cool sites…
[...]we came across a cool site that you might enjoy. Take a look if you want[...]……
November 4th, 2011 at 1:42 AM
Read was interesting, stay in touch……
[...]please visit the sites we follow, including this one, as it represents our picks from the web[...]……
November 4th, 2011 at 2:41 AM
Read was interesting, stay in touch……
[...]please visit the sites we follow, including this one, as it represents our picks from the web[...]……
November 4th, 2011 at 3:50 AM
You should check this out…
[...] Wonderful story, reckoned we could combine a few unrelated data, nevertheless really worth taking a look, whoa did one learn about Mid East has got more problerms as well [...]……
November 4th, 2011 at 4:45 AM
Sites we Like……
[...] Every once in a while we choose blogs that we read. Listed below are the latest sites that we choose [...]……
November 4th, 2011 at 5:54 AM
Websites we think you should visit…
[...]although websites we backlink to below are considerably not related to ours, we feel they are actually worth a go through, so have a look[...]……
November 4th, 2011 at 7:08 AM
Visitor recommendations…
[...]one of our visitors recently recommended the following website[...]……
November 4th, 2011 at 8:03 AM
Gems form the internet…
[...]very few websites that happen to be detailed below, from our point of view are undoubtedly well worth checking out[...]……
November 4th, 2011 at 9:42 AM
Websites we think you should visit…
[...]although websites we backlink to below are considerably not related to ours, we feel they are actually worth a go through, so have a look[...]……
November 4th, 2011 at 10:44 AM
Sites we Like……
[...] Every once in a while we choose blogs that we read. Listed below are the latest sites that we choose [...]……
November 4th, 2011 at 11:40 AM
You should check this out…
[...] Wonderful story, reckoned we could combine a few unrelated data, nevertheless really worth taking a look, whoa did one learn about Mid East has got more problerms as well [...]……
November 4th, 2011 at 5:04 PM
Awesome website…
[...]the time to read or visit the content or sites we have linked to below the[...]……
November 4th, 2011 at 6:08 PM
Online Article……
[...]The information mentioned in the article are some of the best available [...]……
November 4th, 2011 at 7:03 PM
Online Article……
[...]The information mentioned in the article are some of the best available [...]……
November 4th, 2011 at 7:06 PM
Websites we think you should visit…
[...]although websites we backlink to below are considerably not related to ours, we feel they are actually worth a go through, so have a look[...]……
November 5th, 2011 at 8:14 AM
Recent Blogroll Additions……
[...]usually posts some very interesting stuff like this. If you’re new to this site[...]……
November 5th, 2011 at 10:34 AM
Recommeneded websites…
[...]Here are some of the sites we recommend for our visitors[...]……
November 5th, 2011 at 11:45 AM
Websites worth visiting…
[...]here are some links to sites that we link to because we think they are worth visiting[...]……
November 5th, 2011 at 12:20 PM
Recent Blogroll Additions……
[...]usually posts some very interesting stuff like this. If you’re new to this site[...]……
November 5th, 2011 at 1:18 PM
Recommeneded websites…
[...]Here are some of the sites we recommend for our visitors[...]……
November 5th, 2011 at 2:34 PM
Recommeneded websites…
[...]Here are some of the sites we recommend for our visitors[...]……
November 5th, 2011 at 3:19 PM
Websites you should visit…
[...]below you’ll find the link to some sites that we think you should visit[...]……
November 5th, 2011 at 5:49 PM
Websites worth visiting…
[...]here are some links to sites that we link to because we think they are worth visiting[...]……
November 5th, 2011 at 7:44 PM
Check this out…
[...] that is the end of this article. Here you’ll find some sites that we think you’ll appreciate, just click the links over[...]……
November 5th, 2011 at 8:46 PM
Recent Blogroll Additions……
[...]usually posts some very interesting stuff like this. If you’re new to this site[...]……
November 6th, 2011 at 4:58 AM
Gems form the internet…
[...]very few websites that happen to be detailed below, from our point of view are undoubtedly well worth checking out[...]……
November 6th, 2011 at 5:59 AM
Visitor recommendations…
[...]one of our visitors recently recommended the following website[...]……
November 6th, 2011 at 7:05 AM
Great website…
[...]we like to honor many other internet sites on the web, even if they aren’t linked to us, by linking to them. Under are some webpages worth checking out[...]……
November 6th, 2011 at 1:28 PM
Gems form the internet…
[...]very few websites that happen to be detailed below, from our point of view are undoubtedly well worth checking out[...]……
November 6th, 2011 at 6:15 PM
Superb website…
[...]always a big fan of linking to bloggers that I love but don’t get a lot of link love from[...]……
November 6th, 2011 at 7:17 PM
Cool sites…
[...]we came across a cool site that you might enjoy. Take a look if you want[...]……