CREDIT MARKETS

Treasuries:
Treasury prices declined Thursday, pushing yields up, even as the government received decent demand at its auction of 10-year notes, the final sale of the week. The Treasury Department sold $18 billion in 10-year notes at a yield of 2.950 percent, slightly higher than some traders anticipated. The auction was a reopening, meaning the debt for sale carries the same coupon and maturity as the original bonds, in this case issued in February. The government also reopened that 10-year issue in March. Bidders offered $2.49 for every dollar being sold, compared to an average of $2.39 at the last five sales. Indirect bidders took 23.7 percent of the auction, in line with the average of 23.8 percent at the last five 10-year reopening. Bonds were also under pressure as U.S. equities pointed higher, boosted as Wells Fargo & Co surprised Wall Street with better-than-expected results. Gains in stocks tend to detract from the appeal of the relative safety of Treasuries. The bond and the stock market are closed today in observance of Good Friday. Happy Easter!

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 turned higher Wednesday after minutes from the Federal Reserve’s policy-making committee meeting indicated the main debate involved about buying Treasuries was how much would be needed. Some maturities had been lower earlier after the government saw mixed results from its auction of a record amount of 3-year notes and the Fed, in one of the operations since that meeting, bought less in short-term debt than some had anticipated. The Treasury Department sold a record $35 billion in 3-year notes at a yield of 1.385 percent. The sale garnered bids for $2.42 for every dollar available, compared to an average of $2.32 at the last four monthly auctions. Indirect bidders bought 38.5 percent of the sale, compared to 37.1 percent on average in the last four sales. The government’s bond sales have received extra attention in recent months as an indication of how well the U.S. can finance all the economic stimulus and financial market stability programs lawmakers and the Fed have enacted. The Fed has more than doubled the size of its balance sheet to $2.08 trillion in the past year by buying financial assets. Economic news will focus on initial jobless claims and trade balance.

Commentary/New Issues

Corporate:
Nothing

ABS:
Nothing

Agency:
$6.0 BLN, Fannie Mae, 1.375%, 4/28/11, Aaa/AAA, +60bp

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 Tuesday, pushing yields lower, as weakness in equities stemming from anxiety over first-quarter corporate earnings attracted investors preferring the safety of government bonds. Bonds pared some of the gains after the Treasury sold $6 billion in inflation-indexed 10-year securities to yield 1.589 percent. The sale garnered bids for $2.25 for every dollar available, compared to $2.09 at the last six auctions of 10-year Treasury Inflation Protected Securities. Indirect bidders, bought 26.2 percent of the sale, compared to 40.9 percent, on average, in the last six sales. The U.S. will sell $18 billion of 10 year notes in a reopening on April 9th. The Fed will tomorrow buy U.S. debt due April 2010 through February 2011. It has bought $33.57 billion in Treasuries since the purchases began on March 25 as part of a plan to acquire as much as $300 billion in Treasuries over six months in its first targeted buys of U.S. debt since the early 1960s. Economic news tomorrow will focus on wholesale inventories.

Commentary/New Issues

Corporate:
Nothing

ABS:
(priced) $980 MM, Carmax 09-1, ABS
(priced) $750 MM, Wold Omni 2009-A, ABS
(priced) $709 MM, WFNMT 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 Monday, with longer-term debt reversing earlier strength, as investors remained wary of buying before the Treasury Department auctions $59 billion in new debt this week. Shorter-term notes were little changed, as declines in U.S. equities hinted at skepticism among investors that may keep them in the relative safety of government debt and away from riskier assets. The Treasury also announced it will auction $35 billion in 3-year on Wednesday and $18 billion in 10-year notes on Thursday. It previously said it would sell $6 billion in inflation-linked securities on Tuesday. Analysts also noted that trading volume was low ahead of upcoming holidays. Passover starts Wednesday and markets are closed for Good Friday. President Barack Obama is asking Congress to approve a $3.55 trillion budget for 2010. The nonpartisan Congressional Budget Office estimated the deficit at $1.38 trillion, higher than the White House’s $1.17 trillion projection. Treasuries may rally at as U.S. baby boomers hurt by the global economic recession look to bond markets for income during recession. Economic news tomorrow will focus on consumer credit and abc consumer confidence.

Commentary/New Issues

Corporate:
$1.0 BLN, Conagra Foods, Baa2/BBB, 2 part $500 MM, 5.875%, 4/15/14, +400bp; $500 MM, 4/15/19, +412.5bp

ABS:
$2.179 BLN, SLMA 2009-I, ABS

Agency:
Nothing

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 New Issues larger than $250mm.

Type: Series I Aa3/AA

Amount: $80,000,000

CREDIT MARKETS

Treasuries:
Treasury prices declined on Friday, pushing yields up by the most in five weeks, after the economy cut fewer jobs than some traders had been bracing for, relieving fears that the U.S. economy is falling deeper into a recession. The unemployment rate increased from 8.1 percent to 8.5 percent and employers cut 663,000 jobs in March, 3,000 more than forecast. That brought total losses since the recession began to about 5.1 million, the biggest slump since World War II. The average length of a workweek fell to a record low. That signals that even people who have jobs still are working less and likely making less money, so they still are less inclined to spend. Bonds briefly recouped some of the losses after a private report on the health of the services industry unexpectedly declined. Treasuries inched higher after Federal Reserve Chairman Ben Bernanke said credit is more available to American consumers and businesses after the central bank’s unprecedented moves, though some markets are still not working. The Fed isn’t done yet, and will have to carefully monitor financial markets and the economy to unwind the liquidity and credit that it has provided as more traditional sources of financing recover. The Treasury is scheduled to sell $6 billion in 10 year TIPS on April 7th. The agency is likely to auction $35 billion in three-year notes on April 8th and sale $18 billion in a reopening of 10 year notes the following day. The economic news for the shortened holiday week are the following: wholesale inventories, trade balance and initial jobless claims.

Commentary/New Issues

Corporate:
Nothing

ABS:
(priced) $1.0 BLN, SLMA 2009-I, ABS
(guidance) $750 MM, World Omni 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:
Treasuries dropped as accounting regulators approved a rule change that may boost bank profits and world leaders at the Group of 20 nations summit agreed on measures to fight the recession. U.S. stocks followed overseas equities higher, on optimism about the global economy after leaders of the Group of 20 nations agreed to provide a total of $1 trillion in resources to the International Monetary Fund and other international institutions. They also vowed to put an end to tax havens that don’t provide information to foreign tax authorities and to form a financial stability board. Treasuries also continue to be under pressure from corporate bonds, with a flood of companies issuing debt and luring away investors with higher yields. Companies may sell $100 billion in April, after a record-setting $155 billion in March. Demand for corporate debt has lowered the yield companies have to pay above Treasuries to keep buyers. Corporate bonds, on average, yield 5.86 percentage points more than Treasuries, down from 6 points last week. Americans filing unemployment claims unexpectedly rose to the highest since 1982 last week, 669,000 and the number staying on benefit rolls jumped to a record 5.73 MM. Economic news for tomorrow focuses on non-farm payroll report, economists are predicting 660,000 were loss in March.

Commentary/New Issues

Corporate:
$1.0 BLN, Energy Transfer Partners, Baa3/BBB-, 2 part $350 MM, 8.50%, 4/15/14, +674.7bp; $650 MM, 9.00%, 4/15/19, +624.5bp
$375 MM, TJX Cos., 6.95%, 4/15/19, A3/A, +425bp

ABS:
Nothing

Agency:
$4.0 BLN, Fannie Mae, 1.875%, 4/20/12, Aaa/AAA, +74bp

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.