CREDIT MARKETS

Treasuries:
Treasuries rose after the sale of a record $43 billion in two-year notes drew the strongest demand in two years amid expectations the Federal Reserve will keep rates steady at the conclusion of its policy meeting today. The bid-to-cover ratio, was 3.23, the most since Sept 2007 and compared with an average of 2.65 at the past 10 auctions. The two-year note yield fell three basis points, or 0.03 percentage pint, to 0.95 percent.
Indirect bidders, a class of investors that includes foreign central banks, bought 45.2 percent of the auction yesterday. The US will sell $40 billion of five-year debt today and $29 billion tomorrow of the seven-year. The five year fell three basis points to 2.42 percent before tomorrows auction. The central bank has purchased $289.219 billion of US debt since the buy back program began in March, and plans to finish the $300 billion in October.

Commentary/New Issues

Corporate:
$500MM, BB&T, 3.375%, 9/15/13, A1/A, +140bp
$1B, GE Capital, 2.00%, 9/28/12, AAA/AAA, 100.232bp
$500MM, Thomson Reuters, 4.70%, 10/15/19, Baa1/A-, +130bp
$400MM, PEFCO, 3.05%, 10/15/14, AAA/AA+, +63.75bp

ABS:
Nothing

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 offerings mentioned and therefore offerings will be subject to availability.
All statistical data is sourced from Bloomberg Financial Markets.