CREDIT MARKETS

Treasuries:
Treasury prices advanced Thursday, pushing yields down for the first day in four, as markets remain jittery that lender CIT Group Inc. may be on the edge of going bankrupt. The troubles surrounding CIT served to remind investors of problems still brewing in financial markets, just as data showed a record number of U.S. foreclosures in the housing sector. Treasuries extended gains after initial claims for jobless benefits fell 47,000 to 522,000 in the week ended July 11. That’s the lowest level since January, though the agency cited seasonal factors. Treasuries extended gains after the Labor Department reported initial claims for jobless benefits fell 47,000 to 522,000 in the week ended July 11. That’s the lowest level since January, though the agency cited seasonal factors. The Fed has bought more than $200 billion in government debt since March in an effort to keep a lid on Treasury yields, which are the benchmarks for a broad range of corporate and consumer borrowing rates. The curve was steepened to trade 262.1 on the 2 - 10 year yield spread and has unwound some to 259. Economic data for tomorrow has housing starts and building permits.

Commentary/New Issues

Corporate:
$2.23 BLN, RAASGAS, Aa2/A, 3 parts $500 MM, 4.50%, 9/30/12, +300bp; $1.115 BLN, 5.50%, 9/30/14, +312.5bp; $615 MM, 6.75%, 9/30/19, +325bp
$256.3 MM, University of Missouri, AA2/AA, 5.96%, 11/1/39, at par

ABS:
(priced) $1.54 BLN, CHAIT 09-A6, 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.