CREDIT MARKETS

Treasuries:
Treasury prices jumped Wednesday, pushing 10-year yields to the lowest in about seven weeks, after the U.S. government garnered record demand for $19 billion in the benchmark securities, the third of four major auctions this week. The Treasury Department sold the 10-year notes at a yield of 3.365 percent, well below where it was expected to come. Bidders offered $3.28 for every dollar sold, compared to $2.62 at the last auction in June, the highest so-called bid-to-cover since at least 1995. Indirect bidders bought 43.9 percent of the sale, compared to 34 percent last month, though the proportion of sales going to indirect bidders jumped significantly last month after a change in the way bids are tabulated. The Treasury is using reopenings as a way to spread out the sales of increasing amounts of debt needed to finance the government’s and the Fed’s programs to revive the economy and ease credit-market strains. Thursday’s sale will mark the first time the government reopens the 30-year bond for both months between refunding. Tomorrow’s economic news will focus on initial jobless claims and wholesale inventories.

Commentary/New Issues

Corporate:
Nothing

ABS:
Nothing

Agency:
Nothing

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 New Issues larger than $250mm.