Type: Series 2009ee Aa3/AA+

Amount: $635,445,000

CREDIT MARKETS

Treasuries:
Treasury prices rose Tuesday, pushing yields down, after the government received the strongest demand in more than a year at its auction of $40 billion in two-year notes, by far the most ever. The Treasury Department sold the securities maturing in January 2011 to yield 0.925 percent. Investors bid $2.69 for every dollar of notes available, the highest so-called bid-to-cover ratio since November 2007. Indirect bidders bought $34.6 percent of the sale, compared to an average of 33.8 percent at the last four auctions, which were for smaller amounts. The government plans to sell $30 billion in five-year notes on Thursday. Longer-dated debt has been positive most of the trading session as data on home sales and consumer’s outlook came in worse than some had expected, further reducing the likelihood that inflation would rise anytime soon. Of particular interest to the bond market will be if the Fed amends its statement last month that it is “evaluating the potential benefits of purchasing longer-term Treasury securities.” Confidence among U.S. consumers unexpectedly fell in January to a record low reading of 37.7. Home prices in 20 US cities dropped 18.2 percent in November from a year earlier, the fastest on record.
Municipals:
The New York Yankees sold $259 million of bonds at yields two to three percentage points higher than the baseball team’s first round of city-approved tax-exempt financing to finish its new stadium in the Bronx. Investors’ demands for bigger payouts on lower-rated bonds. New York’s Metropolitan Transportation Authority garnered enough demand from institutions such as mutual funds to increase the bond offering for its bridge and tunnel division today by 30 percent to $325 million, according to a news release. Bonds due in 2038 were priced to yield 5.48 percent. Top-rated state and local government bonds gained for the first time in more than a week, Yields on benchmark 30-year tax-exempt bonds fell four basis points, or 0.04 percentage point, to 5.28 percent. The final read on the MMD was 2010: yield were unchanged; 2011-2012 yields were lower by 2-3 bpts; 2013-2028 yields were lowered by 5-7 bpts; 2029-2039 yields were lowered by 3-4 bpts. I was in touch with PR GO 5 1/8% 29 6.70-2.5, Owenboro WTR KY 5% 9/31 ata 97.75-98.50, LIPA 5% 12/35 ata 5.50-5.45. I was posted on CA ST 5% 3/16 @ 3.90, Dorms 5% 3/35 @ 5.40.
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Commentary/New Issues

Corporate:
$8.0 BLN, Bank of America, Aaa/AAA, 2 pt $6.0 BLN, 2.10%, 4/30/12; $2.0 BLN, 4/30/12, +3ML +30bp
$400 MM, Washington Post, 7.25%, 2/1/19, A1/A+, +475bp
$500 MM, Entergy Texas, 7.125%, 2/1/14, Baa3/BBB+, +470bp

ABS:
Nothing

Agency:
Nothing

New Issues larger than $250mm. The fixed income offerings mentioned above are for informational purposes only. Toussaint Capital Partners, LLC, member NASD/SIPC, and/or its affiliates may be a participant in the offering mentioned and therefore offerings will be subject to availability.
All statistical data is sourced from Bloomberg Financial Markets

CREDIT MARKETS

Treasuries:
Treasury prices fell Monday, pushing yields to the highest in weeks, as the government began a slew of debt auctions this week, ranging from short-term bills to $8 billion in 20-year inflation-indexed securities. The auction of 20-year TIPS drew a yield of 2.50 percent, compared with an average forecast of 2.37 percent . Investors bid for 1.92 times the amount of debt on offer, below the average bid-to-cover ratio of 1.98 for the previous five auctions. Indirect bidders, were awarded 54 percent of the securities. The average for the previous five sales was 57.2 percent. The U.S. will sell $40 billion of two-year notes tomorrow and $30 billion of five year debt on January 29th. The difference in yield between 2- and 10-year securities widened to 1.81 percentage points, from 1.25 percentage points December 26, on the prospects for debt sales in longer-term securities. Purchases of existing homes rose 6.5 percent to an annual rate of 4.74 million from a revised 4.45 million in November.

Municipals:
U.S. state and local governments led by Washington, D.C.’s water utility plan to sell about $3 billion of bonds this week, as the biggest rise in benchmark borrowing costs in more than a month damps debt offerings. The District of Columbia Water and Sewer Authority intends to raise $300 million to fund capital improvements and pay off short-term debt. This week’s tax-exempt offerings also include $250 million for bridge and tunnel work around New York City and a total of $341 million for the Yankees and Mets baseball teams to complete new stadiums in the Bronx and Queens. Sales of new municipal bonds are up 25 percent in 2009 over the year-earlier period, even as the total amount of existing bonds traded in the secondary market has fallen to about half of last year’s level. Yields on 30-year general obligation bonds today rose one basis point, or 0.01 percentage point, to 5.32 percent. The final read on MMD is as follow 2010-2011: yields were unchanged; 2012-2022 yields were higher by 1-3 bpts; 2023-2039 yields were highers by 1-3 bpts.
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Commentary/New Issues

Corporate:
Nothing

ABS:
Nothing

Agency:
$255 MM, FFCB. 2.85%, 2/11/13

New Issues larger than $250mm. The fixed income offerings mentioned above are for informational purposes only. Toussaint Capital Partners, LLC, member NASD/SIPC, and/or its affiliates may be a participant in the offering mentioned and therefore offerings will be subject to availability.

All statistical data is sourced from Bloomberg Financial Markets

CREDIT MARKETS

Treasuries:
Treasury prices fell Friday, pushing 10-year yields up the most since June, as investors reacted to concerns that a massive government stimulus in the works in Washington will balloon the national debt. The House Ways and Means Committee approved the $275 billion tax portions of President Barack Obama’s economic recovery plan on Thursday, setting up for a full House vote next week. Enactment of a bill will mean even more debt issuance from the Treasury, already expected by some to top $2 trillion in the current fiscal year. Next week, the government will auction $40 billion in two-year notes, an amount that has doubled since November 2007. The $30 billion in five-year notes to be sold is double the amount of just a year ago. The Treasury is also looking for more input from its dealers ahead of its big quarterly auction cycle in February. It asked dealers in a survey Friday what adjustments to the auction calendar it should make. The economic calendar for next week highlights existing home sales, durable goods, new home sales and U of Michigan.

Municipals:
Tax-exempt bond yields rose to a three-week high as U.S. municipal borrowers led by Connecticut and New York City Municipal Water Finance Authority offered greater payouts to entice demand for new issues. States, municipalities and other tax-exempt issuers sold at least $3.5 billion of bonds this week, compared with $3.96 billion during the year-earlier period. Bond Buyer 20 index of yields on general obligation bonds due in 20 years rose 33 basis points, or 0.33 percentage point, to 5.13 percent, the highest since Dec. 31. demand from individual investors tapered off this week, after helping to drive prices higher in recent weeks. The average yield on bonds maturing in 10 years rose to 3.51 percent today, from 3.38 percent a week ago, which was the lowest since last February. Mets and Yankees will raise capital to finish their respective stadiums and DC WASA as well. The read on the MMD was yields were higher by 1-5 along the curve.
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Commentary/New Issues

Corporate:
$12 BLN, Citigroup/Citigroup Funding, Aaa/AAA, 4 part $2.25 BLN, 7/30/10, +3ML+10bp; $350 MM, 4/30/12, +1ML+45bp; $1.9 BLN, 4/30/12, +3ML+33bp; $7.5 BLN, 2.125%, 4/30/12, +105.75bp

ABS:
(priced) $1.30 BLN, HAROT 2009-1, ABS

Agency:
Nothing

New Issues larger than $250mm. The fixed income offerings mentioned above are for informational purposes only. Toussaint Capital Partners, LLC, member NASD/SIPC, and/or its affiliates may be a participant in the offering mentioned and therefore offerings will be subject to availability.
All statistical data is sourced from Bloomberg Financial Markets

CREDIT MARKETS

Treasuries:
Treasuries fell, pushing 30 year bond yields to a six week high, amid concern debt sales will swell as Treasury Secretary nominee Timothy Geither told Congress to expect a recovery plan in a “few weeks.” Investors expect debt issuance to increase this fiscal year, possibly beyond the $2 trillion already anticipated, as President Barack Obama supports billions of dollars in government programs to revive the economy. Stocks gained on speculation Obama’s rescue plan will shore up banks. The Standard & Poor’s 500 Index climbed 4.4 percent. The difference between the two and ten year yields widened to 1.77 percent, the most since December 15th. The fallout from the worldwide credit crisis is battering the European economy and prompting sovereign debt reassessments by ratings companies. The FDIC said January 16th it plans to extend its programs for guaranteeing bank debt, an effort to open credit markets, to cover notes with maturities of as long as 10 years. On the economic calendar for tomorrow there will be housing starts, building permits and initial jobless claims.

Municipals:
U.S. municipal bonds declined for a second day as Treasuries fell and Connecticut cut prices and raised yields to entice investors to its $414 million offering of fixed-rate transportation revenue bonds. Connecticut lifted yields by as much as a half-percentage point during a three-day sale that ended Wednesday. Yields on 10-year AAA general obligation bonds rose four basis points, or 0.04 percentage point, to 3.46 percent, the highest in a week. New Jersey sold $175 million of school construction bonds backed by state contract payments at yields as high as 5.9 percent. A five-week run-up in state and local bond prices ended yesterday as investors balked at tax-exempt yields that had fallen about 1.5 percentage points from last year’s peaks. The NYC WFA also took retail orders on its offering. Preliminary indications are approx $90m. The final read on the MMD: 2009 -2018 yields were higher by 3-7 bpts; 2019-2038 yields were higher by 9-12 bpts. I was in touch with Bulloch Dev GA 5% 8/26 ata 5.25-5.23, LIPA AGO 5% 35 aata 5.35-5.32. I was posted on NJ Econ Mddlsx WT 5.35% 2/38 @ 6.55, TFA 5.125% 29 @ 5.40.
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Commentary/New Issues

Corporate:
$750 MM, Duke Energy, 6.30%, 2/1/14, Baa2/BBB+, +475bp

ABS:
Nothing

Agency:
Nothing

New Issues larger than $250mm. The fixed income offerings mentioned above are for informational purposes only. Toussaint Capital Partners, LLC, member NASD/SIPC, and/or its affiliates may be a participant in the offerin mentioned and therefore offerings will be subject to availability.
All statistical data is sourced from Bloomberg Financial Markets.

CREDIT MARKETS

Treasuries:
Treasury prices declined Friday, pushing yields up, as investors turned their attention to stocks and as the market seemed to endorse the government’s latest moves to shore up Bank of America and Citigroup. The U.S. government announced it was injecting $20 billion into Bank of America. The Treasury also agreed to guarantee losses on more than $400 billion in assets belonging to both Bank of America and Citigroup. Citigroup, meanwhile, unveiled a plan to reorganize its business units by separating the bank’s core lending operations from the mortgage-related assets that have been the cause of billions of dollars in write-downs and losses. Bonds also played off the CPI data that showed retail-level inflation falling 0.7% in December, marking the smallest annual growth rate — 0.1% — seen in 54 years. Also Friday, consumer sentiment unexpectedly improved in early January to a reading of 61.9 from 60.1 in late December. Markets are closed on Monday in observance of the MLK Holiday.

Municipals:
U.S. municipal borrowers sold at least $8.5 billion of fixed-rate bonds this week. The municipal market also benefited from a second week of net new investment in mutual funds after a record quarter of withdrawals. Municipal funds reported cash inflows of $737 million for the period ended Jan. 14. The past month’s gains in higher-rated tax-exempt bonds have further widened the record gulf in debt costs between AAA states such as Delaware and lower-rated borrowers such as hospitals. Benchmark tax-exempt yields rose today for the first time in five weeks; 30-year AAA general obligation bonds rose two basis points, or 0.02 percentage point, to 5.09 percent. Market closed from MLK Holiday.
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Commentary/New Issues

Corporate:
Nothing

ABS:
Nothing

Agency:
Nothing

New Issues larger than $250mm. The fixed income offerings mentioned above are for informational purposes only. Toussaint Capital Partners, LLC, member NASD/SIPC, and/or its affiliates may be a participant in the offering mentioned and therefore offerings will be subject to availability.
All statistical data is sourced from Bloomberg Financial Markets

CREDIT MARKETS

Treasuries:
Treasuries were little changed Thursday after the Labor Department said initial claims for unemployment benefits rose and wholesales prices declined. Applications for state unemployed benefits rose 54,000 to a seasonally adjusted 524,000 in the week ended January 10th. PPI fell 1.9 percent last month as demand for raw materials collapsed in the economic slump. Treasuries gained more support from concerns that Bank of America may need more government. The Treasury Department also said it’s calling for redemption 30-year bonds sold in 1984, to reduce its cost of debt. The 4.48 billion of the maturity outstanding carry a coupon of 13.25 percent, significantly above the current cost of financing. Manufacturing shrank in January in the Philadelphia region for the 13th time in the past 14 months and contracted in New York for a ninth straight month. The economic calendar for tomorrow has CPI, industrial production and the University of Michigan report.

Municipals:
The Pennsylvania Turnpike Commission leads U.S. state and local government borrowers with $317 million of bonds. The deal will finance January and April payments owed to the Pennsylvania Transportation Department for capital spending under a 2007 law known as Act 44, said Carl DeFebo, spokesman for the commission. Municipal borrowing costs have dropped since the Pennsylvania agency had to offer a yield of 6.5 percent three months ago to entice investors for 30-year bonds. The secondary market was bit tame. I was in touch with TFA 5.125 % 29 at a 5.29- 5.24. I was posted on TFA 5.375% 34 @ 5.48. Yields on top-rated 10-year general obligation bonds dropped to 3.41 percent yesterday, an 11-month low. The read on the MMD was 2011-2012: yields were lower by 5-8bp; 2013-2014: yields were lower by 1-4bp; 2015-2018: yields were lower by 0-2bp; 2019-2021: yields were lower by 0-1bp; 2022-2029: unchanged; 2030-2032: yields were lower by 0-1bp; 2033-2038: yields were lower by 0-2bp.
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Commentary/New Issues

Corporate:
$1.0 BLN, Wal-Mart, A2/AA, 2 part $500 MM, 3.00%, 2/3/14, +175bp; $500 MM, 4.125%, 2/1/19, +200bp
$500 MM, Emerson Electric, 4.875%, 10/15/19, A2/A, +270bp

ABS:
Nothing

Agency:
$3.5 BLN, FHLB, 1.625%, 1/21/11, +94bp

New Issues larger than $250mm. The fixed income offerings mentioned above are for informational purposes only. Toussaint Capital Partners, LLC, member NASD/SIPC, and/or its affiliates may be a participant in the offering mentioned and therefore offerings will be subject to availability.
All statistical data is sourced from Bloomberg Financial Markets

CREDIT MARKETS

Treasuries:
Treasury prices rose on Wednesday, pushing yields to the lowest this year, after a government report said retail sales dropped 2.7 percent in December, far more than expected. Purchases at U.S. retailers dropped in December for a sixth consecutive month, extending the longest stretch of declines since records began in 1992. Excluding autos, sales fell 3.1 percent, their biggest drop since record-keeping began in the early 1990s and compared to an anticipated 1.6 percent decline. A separate report showed import prices fell 4.2% last month, mostly due to oil prices. Bonds remained higher after a Federal Reserve report said real estate across the country continued to suffer under tight credit standards and layoffs and hiring freezes were common. U.S. stocks retreated, with the Standard & Poor’s 500 Index plummeting 3.6 percent, amid the retail-sales drop and speculation financial firms may need to raise more capital. Economic calendar has PPI and initial jobless claims.

Municipals:
Municipal bonds jumped the most in almost a month as Delaware sold AAA debt at yields lower than the first part of its offering two days ago and Chicago revived a sale delayed by higher costs in December. Chicago’s almost $600 million deal, to fund city projects and refinance debt for short-term budget relief. State and local government bonds have risen for more than four weeks amid demand for higher-yielding alternatives to federal securities and speculation that U.S. President-elect Barack Obama’s administration will aid municipal borrowers after his inauguration. Yields on top-rated 10-year general obligation bonds dropped 11 basis points, or 0.11 percentage point, to 3.41 percent. The Secondary market was tame. I saw no two-sided markets or trades. The final read on the MMD was 2010: yields were unchanged; 2011: yields were lowered 10bp; 2012-2014: yields were lowered 17-18bp; 2015-2023: yields were lowered 12-16bp;2024-2027: yields were lowered 8-10bp; 2028-2038: yields were lowered 4-6bp;
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Commentary/New Issues

Corporate:
$4.5 BLN, Morgan Stanley, Aaa/AAA, 3 part $1.25 BLN, 6/20/12, +3ML+35bp; $3.0 BLN, 1.95%, 6/20/12, +97.6bp; $250 MM, 6/20/12, +1ML+47bp
$750 MM, Pepsi Bottling, 5.125%, 1/15/19, A2/A, +300bp
$500 MM, CSX Corp., 7.375%, 2/1/19, Baa3/BBB-, +525bp
$300 MM, Metropolitan Edison, 7.70%, 1/15/19, Baa2/BBB, +550.2bp

ABS:
Nothing

Agency:
Nothing

New Issues larger than $250mm. The fixed income offerings mentioned above are for informational purposes only. Toussaint Capital Partners, LLC, member NASD/SIPC, and/or its affiliates may be a participant in the offerin mentioned and therefore offerings will be subject to availability.

All statistical data is sourced from Bloomberg Financial Markets

CREDIT MARKETS

Treasuries:
Treasury prices were little changed Tuesday after Federal Reserve Chairman Ben Bernanke said more government action would be needed to strengthen the financial system. Treasuries recovered from earlier losses as U.S. equities declined and oil prices retreated. The timing and strength of any global recovery remain “highly uncertain,” Bernanke said in a speech in London. Bernanke said the next step should be getting toxic assets, like those tied to subprime mortgages, off bank balance sheets — the original intent of the Troubled Asset Relief Program funding. Also Tuesday, a government report showed the U.S. trade deficit in November plunged to $40.4 billion, reflecting lower oil prices and weakening demand for imports as the nation’s economic woes deepened. Economic calendar has advanced retail sales tomorrow.

Municipals:
U.S. municipal bonds surged as New York City more than doubled the size of an offering backed by state aid and Arizona’s Salt River Project boosted prices and dropped yields on its $744 million deal. NYC TFA Yields ranged from 2.05 percent on bonds due in 2011 to 5.55 percent on securities set to mature in 2039. That’s the lowest 30-year yield for New York building aid revenue bonds since June. Yield on 15-year top-rated general obligation bonds fell seven basis points to 4.41 percent today, the lowest since mid-September. The market has strengthened as buyers reinvest January bond payments and auction-rate settlement money. The secondary remainded fairly active. I was in touch with NYC 4% 8/18 at 3.85-3.76, DC PIT MBIA 4.5$ 37 ata 5.20 5.16. I was posted on PR INFRA 5.5% 7/27 @ 6.65, UDC 5% 27 @ 5.20.
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Commentary/New Issues

Corporate:
$3.5 BLN, Goldman Sachs Group, 1.625%, 7/15/11, Aaa/AAA, +95.1bp $2.0 BLN, Amgen, A3/A, 2 part $1.0 BLN, 5.70%, 2/1/19, +345bp; $1.0 BLN, 6.40%, 2/1/39, +345bp $1.0 BLN, Fedex, Baa2/BBB, 2 part $250 MM, 7.375%, 1/15/14, +595bp; $750 MM, 8.00%, 1/15/19, +571.6bp

ABS:
Nothing

Agency:
$1.5 BLN, FFCB, 2.00%, 1/17/12, +91bp

New Issues larger than $250mm. The fixed income offerings mentioned above are for informational purposes only. Toussaint Capital Partners, LLC, member NASD/SIPC, and/or its affiliates may be a participant in the offerin mentioned and therefore offerings will be subject to availability.
All statistical data is sourced from Bloomberg Financial Markets.

CREDIT MARKETS

Treasuries:
Treasuries gained Monday, pushing yields lower, as stocks extended losses ahead of the unofficial beginning of earnings season.The worries come ahead of a slew of corporate earnings out this week. If fourth-quarter results are poor, government debt might look like a more attractive investment despite the huge amount of supply coming into the market. Prices fell earlier as traders noted fixed-income investors were turning their attention away from government debt in favor of corporate and mortgage-backed securities. However, although demand for government debt remains high, the squeezed credit markets are showing signs of thawing. As the economy spirals downward, the government continues to step in with massive rescue packages. And in order to fund those expensive programs, the government sells Treasuries. The economic news for tomorrow has trade balance and abc consumer confidence.

Municipals:
State and local government borrowers plan to raise about $5 billion this week. NYC TFA will be pricing its institutional offering on Wednesday. Delaware received at least $190 million of retail orders for the first part of its general obligation bond offering, run by Morgan Stanley. The State is one of only seven states rated AAA. Minnesota, Virginia’s Fairfax County and the Arizona city of Chandler will auction almost $900 million in fixed-rate bonds to underwriters. The secondary market was fairly active. I was in touch with Lib Dve 5.5% 10/37 ata 6.60-2.50, FL BOE 4.5% 6/25 ata 4.75-4.70. I was posted on NYC TFA 5 7/8% 7/38 @ 100.75, PATH 4.5% 12/36 @ 6.25.
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Commentary/New Issues

Corporate:
$1.5 BLN, Staples, 9.75%, 1/15/14, Baa2/BBB, +829.9bp
$475 MM, Indiana Michigan Power, 7.00%, 3/15/19, Baa2/BBB, +475bp
$250 MM, Berkshire Hathway Finance, 5.40%, 5/15/18, Aaa/AAA, 220bp

ABS:
Nothing

Agency:
Nothing

New Issues larger than $250mm. The fixed income offerings mentioned above are for informational purposes only. Toussaint Capital Partners, LLC, member NASD/SIPC, and/or its affiliates may be a participant in the offerin mentioned and therefore offerings will be subject to availability.
All statistical data is sourced from Bloomberg Financial Markets