CREDIT MARKETS
Treasuries:
Treasury 10-year notes were little changed as confidence among US consumers unexpectedly fell in September, spurring concern the pace of recovery from the worst slump since the Great Depression will be slow. The yield on the 10-year note rose one basis points to 3.29 percent, after earlier touching 3.34 percent. The difference between the 2- and 10-year yields shrank to 2.30 percentage points amid speculation the Fed will remain reluctant to raise interest rates. The spread widened to a record 2.75 percentage points on May 27 amid concern surging debt sales would overwhelm the Fed’s efforts to cap borrowing costs. The unemployment rate rose in September and household purchases jumped in August. The central bank bought $3.545 billion of Treasuries maturing from August 2012 to September 2013, part of its effort to cap borrowing costs. The fed has bought $282.764 billion of US debt through the $3000 billion buy back program, which is scheduled to end in October.

Commentary/New Issues

Corporate:
$750 MM, Volvo AB, 5.95%, 04/01/15, BAA2/BBB, +365bp
$1B, L-3 Communications, 5.20%, 10/15/19, Baa2/BBB-, +195bp
$5B, Citigroup, Muti-Tranche: $1.25B, 1.25%, 11/15/11, AAA/AAA, +35.2bp; $250MM, 11/15/11, -3bp, $2.5B 1.875%, 11/15/12, +46.5bp; $1B, +0%, 11/15/12, -0bp
$300 MM, Enetergy Gulf States, 5.59%, 10/01/24, BAA1/BBB+, +230bp

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.