CREDIT MARKETS

Treasuries:
Treasury prices advanced Tuesday, pushing 10-year yields to the lowest in more than a month, after the government sold $35 billion in 3-year notes, the second of four major debt sales this week The government sold the 3-year notes at a yield of 1.519 percent, a little higher than the to-be-issued securities were trading before the results. Bidders offered to buy 2.62 times the amount of debt sold, compared to 2.82 times at last month’s sale of the same amount. Indirect bidders bought 54 percent of the sale, compared to 43.8 percent last month. The proportion of sales going to indirect bidders appears to have jumped significantly last month after a change in the way bids are tabulated. For the balance of the week, the Treasury will sell $19 billion in 10-year notes on Wednesday, followed by $11 billion in 30-year bonds on Thursday. The curve was spun well flatter back to Thursday levels with the 2-10 year yield spread now 248. Economic news for tomorrow will focus on the uninteresting consumer credit report.

Commentary/New Issues

Corporate:
$2.5 BLN, Barclays Bank PLC, 5.20%, 7/10/14, AA3/AA-, +287.5bp
$300 MM, Intersate P&L, 6.25%, 7/15/39, A3/BBB+, +195bp
$250 MM, Wisconsin P&L, 5.00%, 7/15/19, A2/A-, +160bp

ABS:
(priced) $3.9 BLN, BAAT 09-1, ABS
(priced) $1.3 BLN, CFAST 09-A, ABS
(priced) $1.02 BLN, FORDO 2009-C, 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.