CREDIT MARKETS

Treasuries:
Treasury prices rose Tuesday, helped by disappointing economic data and investors buying U.S. debt at the end of the quarter to show less risky holdings in their accounts. U.S. debt reversed earlier losses as confidence among U.S. consumers stayed near a record low. Consumer confidence increased to 26 from 25.3, its lowest reading since data began in 1967. Treasuries are headed for the worst yearly start since 1996 as increased issuance amid U.S. efforts to revive economic growth dampen investor demand.
The Institute for Supply Management—Chicago, Inc. decreased to 31.4 percent, lower than forecast, from 34.2 the prior month. The Fed will buy Treasuries tomorrow due May 2012 through August 2013. The following day it plans to purchase notes due from September 2013 through February 2016. The non-farm payroll report this Friday is likely to report the U.S. economy lost over 650,000 jobs for a fourth consecutive month.

Commentary/New Issues

Corporate:
$655 MM, Ingersoll-Rand Global Holding Co., 9.50%, 4/15/14, Baa1/BBB+, +783.8bp
$350 MM, Black & Decker, 8.95%, 4/15/14, Baa3/BBB, +755bp

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 mostly rose Monday, sending yields lower, as concerns over possible bankruptcy at General Motors Corp. prompted investors to seek safety, but gains were capped after the Federal Reserve bought $2.5 billion of long-term debt, less than the market expected. Worries about GM and Chrysler grew as the White House said a structured bankruptcy plan for the two automakers could give them their “best chance at success.” U.S. securities headed for the first monthly advance this year as stocks slid on concern the recession will lead to further losses at financial institutions. The Standard & Poor’s 500 Index fell 3.5 percent, trimming its March rally to 7.1 percent.
Bank of America Corp. and Citigroup Inc. tumbled at least 8 percent as Treasury Secretary Timothy Geithner said some banks will need “large amounts” of assistance. President Obama is boosting government spending to revive economic growth, service deficits and cushing failures in the financial system. His administration is seeking congressional approval for a budget of $3.55 trillion for the fiscal year beginning in October. The highlight of the week is the nonfarm payroll report on Friday, economists are predicting that 659,000 jobs were loss in March and the unemployment rate will increase to 8.5 percent.

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:
Treasury prices headed for a weekly decline on Friday, as bond traders’ nervousness about the government’s ability to finance its debt overshadowed the Federal Reserve’s presence as a buyer. Treasuries had traded higher with yields in check earlier in the session, before the Fed bought $7.5 billion in notes maturing in two and three years. It was the second such operation undertaken by the U.S. central bank to boost financial markets and lower borrowing rates. Earlier Friday, U.S. debt traded higher as the government said consumer spending rose 0.2% last month, in line with economists’ expectations. A survey by the University of Michigan and Reuters rose to 57.3 from 56.3, according to a media report. The central bank said on march 18 it plans to buy up to $300 billion of U.S. Government debt over the next six months in an effort to cap borrowing costs and stimulate the economy. The notes purchased today mature from April 2011 to April 2012. The Fed’s buyback program has reduced price swings in the Treasury market as policy makers seek to place a ceiling on yields. The main economic news next week will be the non-farm payroll report, economist are predicting that 660,000 jobs were last in March.

Commentary/New Issues

Corporate:
$603.448 MM, Bank of New York Mellon, 6/29/12, Aaa/AAA, +3ML+16bp

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 extended earlier gains Thursday afternoon after the U.S. government received decent demand for a record large sale of 7-year notes, temporarily putting to rest fears that the government may have trouble finding buyers for its massive debt plans this year. The sale followed lackluster reception for Wednesday’s $34 billion auction of 5-year notes, which had reignited fears that the government would have to pay more to sell an anticipated $2 trillion in Treasuries for the fiscal year ending Sept. 30. The results also gave an additional boost to stock markets, as worries over the ability of the U.S. to finance its various economic-stimulus spending and tax cuts, as well as Federal Reserve programs to grease the wheels of credit markets.
The Treasury Department sold $24 billion in 7-year notes at a yield of 2.384 percent, about the level traders anticipated. At the auction, bidders offered $2.52 for every dollar available, compared to $2.11 at last month’s sale. It was only the second auction of the maturity in more than a decade. Indirect bidders, bought 28 percent. At last month’s auction, they took 38.7 percent. Direct bidders took another 7.6 percent, well above last month’s portion. Economic news for tomorrow will focus on the University of Michigan confidence, personal income and spending.

Commentary/New Issues

Corporate:
$500 MM, Cornell University, Aa1/AA, 2 part $250 MM, 4.35%, 2/1/14, +257.5bp; $250 MM, 5.45%, 2/1/19, +270bp
$300 MM, Newell Rubbermaid, 10.60%, 4/15/19, Baa3/BBB-, +825.4bp
$250 MM, Sunoco Inc., 9.625%, 4/15/15, +800bp

ABS:
(priced) $514 MM, CNH 2009-A, ABS

Agency:
$8 BLN, Freddie Mac, 2 part $5.0 BLN, 1.625%, 4/26/11, +71bp; $3.0 BLN, 3.750%, 3/27/19, +99bp

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 extended losses Wednesday after the government met with lackluster demand at its auction of a record amount of five-year notes, as investors demand higher yields to absorb the growing amount of debt. Notes stayed lower after the Federal Reserve bought $7.5 billion in U.S. securities, the first operation since announcing last week it intended to buy up to $300 billion, and more than some traders had expected. The Treasury Department sold $34 billion in five-year notes to yield 1.849 percent, higher than traders had expected before the results were announced. Bidders offered $2.02 for every dollar sold, compared to an average of $2.17 at the last four auctions. Indirect bidders bought 30 percent of the monthly auction, the lowest since December. On Thursday, the Treasury will auction $24 billion in seven-year notes, only the second sale of the maturity in more than a decade. Both the five- and seven-year note amounts are $2 billion more than at the last sale. On the U.S. economic data front, orders for durable goods unexpectedly rose 3.4% in February. New homes nationwide rebounded by 4.7 percent in February after hitting a record low in the prior month. Sales of new homes rose to a seasonally adjusted annual rate of 337,000 last month, higher than the 323,000 that economists had predicted. Thursday’s releases will include weekly data on jobless claims and revisions to fourth-quarter growth numbers, which are expected to be the worst in many years.

Municipals:
California sold the biggest U.S. tax-exempt bond issue in almost five years to jump-start capital spending after tight credit and a record budget impasse kept the state out of the municipal market since June. California boosted its sale 64 percent to $6.54 billion yesterday, following a state advertising push that stretched to New York City for the first time and helped drive about $3.2 billion in purchases by individual investors. Stevens Point, Wisconsin, this month became one of the first municipal borrowers to use the new type of debt, known as “Build America Bonds,” which will be taxable for investors and offer a federal subsidy toward the city’s interest costs. Top-rated, 10-year general obligation bond yields rose one basis point, or 0.01 percentage point, to 3.49 percent. The final read on the MMD was as follows: on the front end yields were lower by 1-2 bpts, yields were unchanged in the middle of the curve and higher by 1-2 bpts on the long end.

Commentary/New Issues

Corporate:
$3.5 BLN, Wells Fargo & Co., Aaa/AAA, 2 part $1.75 BLN, 6/15/22, +3ML+22bp; $1.75 BLN, 2.125%, 6/15/12, 80.7bp
$750 MM, Deere Capital, 5.25%, 10/1/12, A2/A, +400bp

ABS:
(announced) $514 MM, CNH 2009-A, 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:
Treasury 30 year bonds rose for the first time in four days after the Federal Reserve included the longest maturity U.S. debt among the securities scheduled to be repurchased to keep consumer borrowing costs low. The central bank will begin buying Treasuries tomorrow, starting with notes due firm February 2016 to February 2019. The Treasury sold $40 billion of two year notes today. It will sell $34 billion of five year debt tomorrow and $24 billion of seven year securities on March 26. Demand for the two year Treasury securities was stronger than at the last auction, judging by the bid/cover ratios. Indirect bidders bought 53.1 percent of the amount sold, compared with 28.1 percent in the prior auction. Also on Tuesday, Federal Reserve Chairman Ben Bernanke and Treasury Secretary Timothy Geithner pressed Congress to give them new powers to close down non-bank financial firms in an orderly fashion. Economic news for tomorrow will focus on durable goods and new home sales.

Municipals:
California completed a $4 billion bond sale a day sooner than planned, as orders from individual investors accounted for at least 80 percent of the largest U.S. tax-exempt offering since 2007. Additionally, the deal was upsize by $2.5 billion to satisfy institutional demand. California, whose credit ratings were cut to the lowest among U.S. states this year partly because of a record budget impasse, attracted buyers with yields about 0.2 percentage point higher than similar securities in the secondary market, traders said. “You can’t find many places that have more negative stigma to it, and yet it’s being well received,” Preliminary California yields ranged from 3.25 percent on notes due in 2013 to 6 percent on bonds set to mature in 2036. Top-rated general obligation bonds due in 10 years held at a 3.48 percent yield today. Other issuers in the market were Northwestern Memorial Hospital in Illinois, New York’s Environmental Facilities Corp., the Metropolitan Washington Airports Authority and the Maricopa County Community College District in Arizona. The read on the MMD was as follows: in the short end the yields were higher by 1-2 bpts and on the long end yields were higher by 0-2 bpts.

Commentary/New Issues

Corporate:
$2.75 BLN, Verizon Comunications, A3/A, 2 part $1.75 BLN, 6.35%, 4/1/19, +387.5bp; $1.0 BLN, 7.35%, 4/1/39, +387.5bp
$500 MM, Staples, 7.75%, 4/1/11, Baa2/BBB, +683.4bp
$250 MM, Emory University, 5.625%, 9/1/19, Aa2/AA, 300bp

ABS:
(priced) $284 MM, Jackson Square CLO, 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:
Treasury prices on Friday were set for big gains in a week that saw yields plunge after the Federal Reserve on Wednesday announced extraordinary steps to lower borrowing costs, including massive purchases of government bonds. U.S. debt prices remained mixed after Fed Chairman Ben Bernanke said in a speech at a bankers convention that the central bank had no choice but to rescue big banks and is pleased with so far with its new credit-easing policies. Borrowers have sold about $371.4 billion in investment-grade debt so far this year, the most ever raised in a single quarter—and there are eight more trading days in the period. President Barack Obama’s budget will generate bigger deficits than advertised for the next decade, including a $1.85 trillion shortfall this year. The U.S. will sell a record $98 billion of notes next week as it seeks to fund spending aimed at reviving economic growth. Economic highlights for next week include durable goods, new home sales and personal consumption.

Commentary/New Issues

Corporate:
$1.0 BLN, Bank of the West, 2.15%, 3/27/12, Aaa/AAA, +96.5bp

ABS:
(A1 priced) $963 MM, Huntington Auto Trust 09-1, 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:
Treasury prices turned lower Thursday, cutting into Wednesday’s historic rally, as the Federal Reserve’s move to purchase $300 billion in U.S. notes over the next six months rippled through the bond market. On Wednesday, government bond yields plunged by their widest margin since the 1987 stock market crash. Touching off the rally was the Fed’s announcement it plans to buy government notes with maturities of two to 10 years. Fed policy makers also said Wednesday that the U.S. central bank would buy an additional $750 billion of agency mortgage-backed securities, a move intended “to provide greater support to mortgage lending and housing markets.” Also Thursday, the Treasury announced it plans to auction $40 billion in 2-year notes and $34 billion in 5-year notes. It will also sell $24 billion in 7-year notes, a maturity reinstated last month after a long break to help spread out the government’s financing needs.
Earlier, Treasuries played off Labor Department data showing initial claims for unemployment benefits declined in the most recent week, though continuing claims increased to a new record indicating finding a new job is increasingly difficult. There is no econcomic news tomorrow.

Commentary/New Issues

Corporate:
$2.0 BLM, UPS, Aa3/AA-, 2 part $1.0 BLN, 3.875%, 4/1/14, +230bp; $1.0 BLN, 5.125%, 4/1/19, +255bp
$400 MM, Johns Hopkins University, 5.25%, 7/1/19, Aa2/AA, +270bp
$400 MM, Kansas City P&L, 7.15%, 4/1/19, A3/BBB+, +460bp

ABS:
(priced) $2.95 BLN, FORDO 2009-A, ABS
(priced) $3.0 BLN, CCCIT 2009-A1, ABS
(full details) $1.3 BLN, Nissan 2009-A, 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:
Treasury prices soared Wednesday, sending yields plummeting by the largest amount since 1987 after the Federal Reserve surprised bond investors by saying it would buy $300 billion in longer-term Treasury securities over the next six months. The Fed also increased how much agency-backed debt and mortgage-backed securities it would purchase “to help improve conditions in private credit markets,” the central bankers said in a statement following the meeting. In a separate release, the Fed said it will start buying Treasuries from the market late next week. The central bank also said it will consider expanding the Term Asset-Backed Securities Loan Facility to include “other financial assets”. The difference between two and ten year Treasury note yields narrowed 27 basis points to 1.71 percentage points, the most in at least 25 years, after the central bank the purchases will be concentrated among those securities. Economic news for tomorrow will highlight initial jobless claims and leading indicators.

Commentary/New Issues

Corporate:
$2.50 BLN, Shell Int’l Finance, 4.00%, 3/21/14, Aa1/AA+, +210bp
$450 MM, Duke Energy Indana, 6.45%, 4/1/39, A3/A, +270bp
$450 MM, Duke Energy Ohio, 5.45%, 4/1/19, A3/A, +250bp

ABS:
(talk) $2.95 BLN, FORDO 2009-A, 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:
Treasury prices declined Tuesday, pushing yields higher, with traders on edge as the Federal Reserve started its two-day meeting. Traders also kept an eye on the action in equities, pushing bond prices down as U.S. markets resumed last week’s gains. On the economic front, the Labor Department said producer prices rose 0.1 percent in February, while economists predicted prices would increase 0.4 percent. Excluding food and energy, wholesale prices increased 0.2 percent, more than expected. Housing starts surged last month, rising to a seasonally adjusted annual rate of 583,000, in a reflection of a jump in construction of apartment buildings. The U.S. sold $63 billion in notes and bonds last week and will likely sell $99 billion in notes next week. Economic news tomorrow will focus on CPI and the FOMC rate decision.

Commentary/New Issues

Corporate:
$2.45 BLN, State Street Bank, Aaa/AAA, 2 part $1.0 BLN, 1.85%, 3/15/11, M/S+15; $1.45 BLN, 9/15/11, 3ML+20bp
$13.5 BLN, Pfizer, Aa2/AAA, 5 part $1.25 BLN, 3/15/11, +3ML+195bp; $3.5 BLN, 4.45%, 3/15/12, +305bp; $3.0 BLN, 5.35%, 3/15/15, +340bp; $3.25 BLN, 6.20%,
3/15/19, +325bp; $2.5 BLN, 7.20%, 3/15/39, +345bp
$750 MM, So. Cal. Edison, 2 part $250 MM, 4.15%, 9/15/14, +220bp; $500 MM, 6.05%, 9/15/39, +235bp

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.