Coupon: 5.327%

Maturity: 2/15/2040

Deal Size: $750,000,000

Rating: A1/A

CREDIT MARKETS

Treasuries:
Treasuries finished off a weekly gain after the U.S. completed the sale of $81 billion of notes and bonds amid speculation the Federal Reserve will keep interest rates near record lows for the foreseeable future. Treasury 30-year bonds gained for a second day as confidence among U.S. consumers unexpectedly dropped in November. The gap in between yields on Treasuries maturing in 2- and 30-years was at 3.56 percentage points, near the most since July. The 10-year note yield fell one basis point, or 0.01 percentage point, to 3.44 percent. The yield on the two-year note traded at 0.81 percent, falling three basis points on the week. The difference between two- and 30-year rates reached 3.59 percentage points on Nov. 12, the most since July. The spread was 1.91 percentage points at the end of 2008. The Federal Reserve began lifting borrowing costs 16 months after the spread peaked at 3.68 percentage points in 1992 and 11 months after it reached 3.63 percentage points in 2003. Upcoming
economic data: Business Inventories, Consumer Price Index, Housing Starts, Initial Jobless Claims and Leading Indicators.

Commentary/New Issues

Corporate:
$1.5B, LOCKHEED MARTIN, 2-PT BAA1/A-, $900M, 4.25%, 11/15/19, +93bp; $600M, 5.50%, 11/15/39, +120bp
$750M, THERMO FISHER SCIENTIFIC, 2-PT BAA2/A-/BBB+, $350M, 2.15%, 12/28/12, +90bp; $400M, 3.25%, 11/18/14, +100bp

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.

CREDIT MARKETS

Treasuries:
Treasuries gained as stocks fell and the US completed this week’s three note and bond offerings with a record $16 billion sale of debt maturing in 30 years. Government securities rose as the dollar advanced against most of its major counterparts. The difference between 2- and 30-year yields touched 3.60 percentage points, the most percentage points, the most since June, amid expectations the Treasury will increase sales of longer-term securities. Thirty-year bonds initially declined after the auction as the debt drew the weakest demand since May. The 10 year note yield fell five basis points, 0.05 percentage point, to 3.44 percent. The existing 30-year bond yield fell two basis points to 4.39 percent. The debt sold today at a yield of 4.469. percent, higher than the average forecast of 4.424 percent. The bid to cover ratio, was 2.26, the least since May and below an average of 2.39 at the last 10 auctions. The US sold $81 billion of debt this week, including $40 billion in 3-year notes, $25 billion of 10-year debt, and 16 billion of 30-year.

Commentary/New Issues

Corporate:
$1B, ZIMMER HOLDINGS, 2-PT: NA/A-: $500M, 4.625%, 11/30/19, +118bp; $500M, 5.75%, 11/30/39, +135bp
$750MM, QUEST DIAGNOSTICS, 2-PT: BAA3/BBB+: $500M, 4.75%, 1/30/20, +150bp; $250M, 5.75%, 1/30/40, +155bp
$250MM, AMEREN ENERGY GENERATING, 6.30%, 4/1/20, BAA3/BBB-, +285bp
$500MM, RAYTHEON, 4.40%, 2/15/20, BAA1/A-, +95bp

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.

CREDIT MARKETS

Treasuries:
Treasuries were little changed as stocks fluctuated and the government sold a record $25 billion of 10-year securities, the second of the three notes and bond auctions this week totaling $81 billion. The notes drew a yield of 3.47 percent, lower than the forecast of 3.475 percent. The bid-to-cover ratio, was 2.81 compared with an average of 2.61 at the last 10 auctions. Indirect bidders, an investor class that includes foreign central banks, bought 47.3 percent of the notes at yesterday’s auction. They purchased 47.4 percent at the October sale. The average for the past 10 auctions is 36.2 percent. The yield on the current 10-year note rose two basis point, or 0.02 percentage point, to 3.49 percent. Yields on 30-year bonds increased two basis points to 4.41 percent at the close. The Treasury Department is selling unprecedented amounts of debt as US marketable debt stands at 6.95 trillion and reached a record $7.01 trillion in September. The Treasury will auction $16 billion in 30-year bonds tomorrow.

Commentary/New Issues

Corporate:
$1.5B, GE CAPITAL CORP, 3.75%, 11/14/14, AA2/AA+, +155bp
$800M, MASSACHUSETTS ELECTRIC, 5.90%, 11/15/39, A3/A-, +150bp
$400M, ENTERGY LOUISIANA, 5.40%, 11/1/24, A3/A-, +195bp

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.

CREDIT MARKETS

Treasuries:
Treasuries were little changed as investors prepared for tomorrow’s record $25 billion auction of 10-year notes. Government securities rose earlier as the US dollar’s drop to a 15-month low spurred the strongest demand on record from investors at yesterday’s $40 billion sale of 3-year notes. The 10-year note yield fell three basis points to 3.47 percent. The 3-year notes sold today drew a yield of 1.404 percent, below the forecast of 1.42 percent. Indirect bidders purchased 68.5 percent of the record sale of 3-year notes. The bid-to-cover ratio was 3.33, the most since at least 1993. The average at the last 10 auctions was 2.63. The Government will auction $25 billion of 10-year notes today and $16 billion of 30-years’ following Veterans Day on Thursday, Nov 12.

Commentary/New Issues

Corporate:
$5B, CISCO SYSTEMS, 3-PT:A1/A+: $500M, 2.90%, 11/17/14, +67bp; $2.5B, 4.45%, 01/15/20, +100bp; $2B, 5.50%, 01/15/40, +130bp
$1B, CAPITAL ONE CAPITAL, 8.875%, 5/15/40, BAA2/BB, +459.9bp
$500M, BANCO SANTANDER, 2.875%, 11/13/12, AA3/A+, +157bp
$750M, CA INC, 5.375%, 12/1/19, BAA3/BBB, +200bp

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.

CREDIT MARKETS

Treasuries:
Treasury two-year note yields touched the lowest levels since May after the US employment rate rose to a 26-year high of 10.2 percent, reinforcing expectations the Federal Reserve won’t raise rates for an extended period. Two-year notes gained for a second week after the Labor Department reported payrolls shrank by 190,000 workers last month, compared with a 175,000 drop anticipated by forecasters. Two-year notes fell three basis points to 0.84 percent. The yield touched .83 percent, the lowest level since May 21. The 10-year note yield fell three basis points to 3.50 percent, rising 11 basis points for the week. The Government plans to sell $40 billion of three-year notes, $25 billion of 10-year debt and $16 billion of 30-year bonds next week. Economic news: Initial Jobless claims, Monthly Budget Statement and Consumer Confidence.

Commentary/New Issues

Corporate:
$1.25B, BANK OF NY MELLON, 2-PT: AA2/AA-: $750M, 3.10%, 1/15/15, +83bp; $500M, 4.60%, 1/15/20, +112bp

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 offerings mentioned and therefore offerings will be subject to availability.
All statistical data is sourced from Bloomberg Financial Markets New Issues larger than $250mm.

CREDIT MARKETS

Treasuries:
The difference between 2- and 10-year Treasury note yields steepened to the widest amount since September as the US prepared to sell a record $81 billion of notes and bonds next week. Labor Department data tomorrow may show payrolls fell by 175,000 in October, the smallest decline in more than a year after the Federal Reserve reiterated yesterday that interest rates will stay unchanged for an extended period. The 10-year note yield rose one basis point to 3.53 percent. Yields on the 2-year note fell three basis points to 0.87 percent. The yield curve steepened four basis points to 266 basis points, the most since Sept. 17, as investors sought higher returns as compensation against the risk of inflation. The Government said yesterday it will sell $40 billion of 3-year notes, $25 billion of 10-year debt and $16 billion of 30-year bonds next week.

Commentary/New Issues

Corporate:
$2B, NORDEA BANK, 2-PT: AA2/AA-; $500M, 2.50%, 11/13/12, +120bp; $1.5B, 3.70%, 11/13/14, +140bp
$500MM, TELMEX, 5.50%, 11/15/19, A3/BBB+, +200bp
$700M, REGIONS FINANCIAL, 7.75%, 11/10/14, BAA3/BBB, +565.2bp

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.

CREDIT MARKETS

Treasuries:
Treasuries fell for a third day after Federal Reserve officials said they’re more optimistic about the economic outlook and the US announced plans to sell $81 billion in notes and bonds next week. Yields on 10-year notes rose even as central bankers repeated their pledge to leave the target rate for overnight loans between banks in a range of zero to 0.25 percent for an “extended period.” The gap in yields between 2- and 10-year notes widened to 262 basis points the most since July 27. The 10-year note yield rose six basis points, or 0.06 percentage point, to 3.52 percent. Yields on the 2-year note, most sensitive to interest rate changes, closed at .90 percent. The Fed also completed its $300 billion program of purchasing Treasuries last month, as today’s statement said it will “purchase a total of $1.25 trillion of agency mortgage-backed securities and about $175 billion of agency debt through the first quarter of next year”.

Commentary/New Issues

Corporate:
$1.5B, ABBEY NATIONAL TSY SERVICES, 3.875%, 11/10/14, AA3/AA, +150bp
$275MM, EQUIFAX, 4.45%, 12/1/14, BAA1/BBB+, +212.5bp
$2B, DUPONT, 2PT: A2/A; $1B, 3.25%, 1/15/15, +92bp; $1B, 4.625%, 1/15/20, +117bp
$300MM, CLOROX, 3.55%, 11/15/15, BAA2/BBB+, +120bp

ABS:
Nothing

Agency:
$1BLN, FREDDIE MAC, 1.125%, 12/15/11, +24.5bp

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.

CREDIT MARKETS

Treasuries:
Treasuries fell on speculation the Federal Reserve won’t alter its forecast to keep interest rates at record lows for an extended period at the conclusion of tomorrow’s policy meeting as the economy recovers. The difference between 2- and 10-year Treasury note yields widened to the most in almost three months as investors sought higher returns as compensation against the risk of inflation. Treasury 10-year note yields rose four basis points, or 0.04 percentage point, to 3.47 percent. The 2-year note yielded 0.91 percent. The 2- to 10- year yield curve widened six basis points to 2.56 percent. Next week the Government will sell $40 billion of 3-year notes, $25 billion of 10-year debt and $16 billion of 30-year bonds.

Commentary/New Issues

Corporate:
$2B, IBM, 2-PT: A1/A+: $750M, 3ML+4, 11/04/11, +4bp; $1.25B, 2.10%, 05/06/13, +70bp
$1B, YALE UNIVERSITY, 2.90%, 10/15/14, AAA/AAA, +58bp
$1B, VALE OVERSEAS, 6.875%, 11/10/39, BAA2/BBB+, +265bp
$700MM, WOODSIDE FINANCE, 4.50%, 11/10/14, BAA1/A-, +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.

CREDIT MARKETS

Treasuries:
Treasuries declined amid signs the economy is recovering from the worst slump since the Great Depression and as the Federal Reserve begins a two-day meeting today to discuss monetary policy. Government securities fell as U.S. manufacturing expanded, pending home sales rose and construction spending increased. The Treasury cut its estimate for government borrowing in the current quarter, and will announce the sizes of next week’s quarterly refunding auctions on Nov. 4. The 10-year note yield rose four basis points to 3.43 percent. The U.S. will announce plans to sell $81 billion in notes and bonds at next week’s quarterly refunding, according to the average forecasts of six of the primary dealers that will bid on the three auctions. U.S. officials may also unveil a proposal to revive sales of 30-year Treasury Inflation Protected Securities and end auctions of 20-year inflation- linked debt, the dealers said. The announcement of the debt schedule will be Nov. 4.

Commentary/New Issues

Corporate:
Nothing

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.