Treasuries:
Treasury prices advanced Thursday, with yields moving down for the first time in three sessions, as persistently weak employment in the U.S. and disappointment over stimulus plans in China revived interest in the relative security of U.S. government debt. Renewed weakness in the stock market also made itself felt in the bond market, as investors showed growing concerns about both leading U.S. automaker General Motors Corp and Citigroup, once the largest U.S. bank. Initial claims for jobless benefits sank by 31,000 to 639,000 last week, possibly because of adjustments involving the Presidents Day holiday. Expectations that Europe’s economy will shrink and plans by the Bank of England to support its economy and financial markets sent overseas bond markets higher, also supporting U.S. debt.
The Bank of England cut its key lending rate nearly to zero and launched an unprecedented program to buy commercial paper and government bonds over the next three months. Treasury pegs $63 billion in supply next week. The nonfarm payroll report for February will show that 640,000 jobs were lost. A higher number will cause Treasuries to rally, the 30 year could test 3.25 percent.

Municipals:
California State University led U.S. tax-exempt borrowers today as the pace of debt sales in the state builds after lawmakers moved to close a record budget deficit two weeks ago. California State, the nation’s largest public university system with more than 435,000 students, sold $458 million of bonds backed by system wide revenue to fund campus projects. This was ahead of the California’s general obligation bond sale that may total as much as $5 billion and arrive in coming weeks. Top-rated tax-exempt bonds were little changed today, after more than two weeks of declines yield gauge for five-year AAA debt held at 2.37 percent, the highest in five weeks. The Yield curve held steady and was unchanged. I was in touch with PR HWY AGO 5.25 36 5.41-5.40. I was posted PR COMWLTH HWY REF-N CPN:5¼ 7/36 TRD @ 5.40, NY *NYS URBAN DEV CORP 5 3/36.

Commentary/New Issues

Corporate:
$3.25 BLN, BP Capital Markets, Aa1/AA, 3 part $1.5 BLN, 3.125%, 3/10/12, +185bp; $750 MM,3.875%, 3/10/15, +210bp; $1.0 BLN, 4.75%, 3/10/19, +200bp

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.