CREDIT MARKETS

Treasuries:
Treasury prices advanced Thursday, sending 10-year note yields to the lowest this month, as the government again received strong demand at its last of three note sales this week. The Treasury Department sold $27 billion in 7-year notes at a yield of 3.329 percent. That’s the largest amount in at least 20 years, though none were issued between 1993 and 2009. Bidders offered $2.82 for every dollar of debt sold, the highest since the government re-introduced the securities in February. Indirect bidders bought 67.2 percent, the most in the same period and compared to an average of 33.2 percent of the last four sales. Earlier in the session, bonds were supported as the Federal Reserve bought $3.249 billion in securities maturing between 2026 and 2039. Treasuries also gained ground Thursday after the Labor Department said first-time jobless claims unexpectedly rose to the highest since mid-May, up 15,000 to 627,000 in the week ended June 20. Economists had expected unemployment claims to moderate to 600,000, continuing a recent trend of declining initial filings. Economic news for tomorrow will highlight personal income and spending and University of Michigan confidence.

Commentary/New Issues
Corporate:
$5.0 BLN, Citibank/Citi Fund, AAA/AAA, $1.75 BLN, 1.50%, 7/12/11, +41.4bp; $750 MM, 7/12/11, +3ML+0; $1.75 BLN, 2.125%, 7/12/99+55.1bp; $750 MM, 7/12/12,
+3ML+5
$400 MM, Jefferies Group, 8.50%, 7/15/19, Baa2/BBB, +512.5bp
$300 MM, Torchmark Corp., 9.25%, 6/15/19, Baa1/A, +571.6bp

ABS:
(re-open/laundh) $1.845 BLN, CHAIT 09-A5, ABS

Agency:
Nothing

New Issues larger than $250mm. The fixed income offerings mentioned above are for informational purposes only. Toussaint Capital Partners, LLC, member FINRA/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.