CREDIT MARKETS

Treasuries:
Treasury prices turned lower Friday, pushing yields toward the biggest weekly increase in a month and a half, after government data showed that the nation’s housing construction improved more than anticipated last month. U.S. housing starts rose 3.6 percent in June to a seasonally adjusted rate of 582,000 on an annualized basis. Economists expected housing starts to turn in a pace of 531,000. Lower borrowing costs and plunging prices are making houses more affordable, helping to stem the decline in sales and alleviating the worst housing slowdown since the Great Depression. The 2 - 10 year spread has widened to 266 and is testing its high for the day. The fact that there are no 10 to 30 year auctions scheduled for next week should lend some support over the coming days. Economic highlights for next week will focus on the following: leading indicators, initial jobless claims, existing home sales, new home sales and U of M confidence.

Commentary/New Issues

Corporate:
Nothing

ABS:
(priced) $450 MM, AESOP 09-1, 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.