CREDIT MARKETS

Treasuries:
Treasuries gained as concern that Greece’s credit ratings may be cut boosted a gauge of demand to a record at a $32 billion auction of seven-year securities. The number of bids was almost triple the amount of securities offered, for a bid-to-cover ratio of 2.98, the highest since the note was reintroduced in February 2009 after a 16-year hiatus. The notes drew a yield of 3.078 percent, compared with a forecast of 3.103 percent in a Bloomberg News survey of five of the Federal Reserve’s 18 primary dealers. The current seven-year note yield dropped seven basis points. The benchmark 10-year note’s rate fell five basis points to 3.63 percent after earlier touching 3.62 percent, the lowest level since Feb. 10. Government reports yesterday unexpectedly showed the number of Americans filing first-time jobless claims rose and orders for durable goods excluding transportation items fell. Fed Chairman Ben S. Bernanke said the economy is “still very weak.” Economic news for tomorrow will focus on: 2nd read on Q4 GDP, consumer sentiment and existing home sales.

Commentary/New Issues

Corporate
$1B RENTENBANK Aaa/AAA 2.25% 3/1/14 +95.3bp
$1.25B VTB BANK Baa1/BBB 6.465% 3/4/15 +412.3bp
$500M ENBRIDGE ENERGY Baa2/BBB 5.20% 3/15/20 +155bp

ABS:
Nothing

Agency:
$1B FANNIE MAE 2.625% 11/20/14

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 MarketsNew Issues larger than $250mm.

CREDIT MARKETS

Treasuries:
The difference in yields on 2- and 10-year Treasury notes narrowed for a second day as Federal Reserve Chairman Ben S. Bernanke said interest rates will remain near zero and a note auction drew a higher-than-forecast yield. The $42 billion in five-year securities were priced to yield 2.395 percent, or 0.004 percentage point more than in trading just before the sale. Seven of the Fed’s 18 primary dealers that are required to bid on Treasury auctions forecast the yield would be 2.389 percent. The gap in 2- and 10-year yields decreased to 2.82 percentage points, after touching a record high of 2.94 percentage points on Feb. 18. Yields on longer-term bonds are more influenced by the size of the government’s debt and the outlook for inflation. The current five-year note yield rose two basis points to 2.36 percent. The 10-year note yield advanced one basis point to 3.69 percent. Economic news for tomorrow will focus on durable goods and initial jobless claims.

Commentary/New Issues

Corporate:
$2.4B Comcast Baa1/BBB+ 2 part $1.4B 5.15% 3/1/20 +147bp; $1B 6.40% 3/1/40 +180bp
$1.25B EIB AAA/AAA 1.125% 4/16/12 +28.4bp
$3B KFW AAA/AAA 2.625% 3/3/15 +40bp

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 MarketsNew Issues larger than $250mm.

CREDIT MARKETS

Treasuries:
Treasuries climbed after a report showing a larger-than-forecast decline in consumer confidence bolstered demand at the government’s auction of a record-tying $44 billion in two-year notes. The securities drew a yield of 0.895 percent, compared with an average forecast of 0.912 percent in a Bloomberg News survey of five of the Federal Reserve’s 18 primary dealers. The sale comes a day before Federal Reserve Chairman Ben S. Bernanke will present his monetary policy outlook to Congress. The current two-year note yield fell five basis points to 0.84 percent. Yields on 10-year notes were at 3.69 percent after tumbling as much as 12 basis points, the most on an intraday basis since Feb. 4. The bid-to-cover ratio at today’s auction was 3.33, compared with the average at the last 10 sales of 3.03. Economic news for tomorrow will focus new home sales.

Commentary/New Issues

Corporate:
$1.25B NATL AUSTRALIA BANK AA1/AA 3.75 3/2/15 +140bp
$2.25B UNITED TECHNOLOGIES 2-PT A2/A/A+ $1.25B 4.50% 4/15/20 +87bp; $1B 5.70% 4/15/40 +109bp
$1.1B JPMORGAN AA3/A+ 2/26/13 3ML+65
$1B BANK OF IRELAND AA1/AA 2.75% 3/2/12 +204bp

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 notes rose for a second day as stocks fluctuated and Federal Reserve Bank of San Francisco President Janet Yellen said the U.S. economy will operate below potential this year and next. Yields on longer-term debt were little changed as the U.S. sold $8 billion in 30-year TIPS in the first auction of the maturity in more than eight years. The offering led off a record $126 billion of note and bond sales this week. The yield on the two-year note fell three basis points to 0.88 percent. The 30-year bond yield rose three basis points to 4.73 percent, while the 10-year note yield increased two basis points to 3.79 percent after touching 3.82 percent on Feb. 19, the highest level since Jan. 11. The difference in yields between 2- and 10-year notes was 2.92 percentage points, compared with a record high of 2.94 percentage points on Feb. 18. Economic news tomorrow will focus on consumer confidence.

Commentary/New Issues

Corporate:
$250M WYNDHAM WORLDWIDE Ba1/BBB- 7.375% 3/1/20 +357bp

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 prices headed towards a weekly decline on Friday as investors absorbed the Federal Reserve’s surprise move to raise its discount rate. Treasurys held a small gain late Friday, helped out by the CPI report rising lees than anticipated and the core index fell 0.1 percent, reflecting a drop in new-car prices, clothing and shelter. Yields on 2-year notes fell 1 basis point to 0.92 percent. Yields on 10-year notes decreased by 2 basis points to 3.78 percent, after touching 3.83 percent during the session. The Treasury Department will sell $8 billion in 30-year inflation linked debt on Monday, its first sale of the maturity. That will be followed by $44 billion in 2-year notes on Tuesday and $42 billion in 5-year debt on Wednesday. The final auction of the week will be for $32 billion in 7-year notes on Thursday. Economic news for the week: consumer confidence, home sales and GDP.

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.

CREDIT MARKETS

Treasuries:
The difference in yield between Treasury 2- and 10-year notes, known as the yield curve, steepened to a record as reports showed that Philadelphia region manufacturing and U.S. leading indicators rose. The Treasury Department said it will sell $126 billion in notes and bonds next week beginning Feb. 22. The producer price index increased more than forecast last month. The yield curve touched 2.94 percentage points, beating the record high of 2.90 percentage points set Jan. 11. The 10-year note yield advanced seven basis points, or 0.07 percentage point, to 3.80 percent. It reached 3.82 percent, the highest level since Jan. 12. The yield on the 2-year note advanced two basis points to 0.87 percent. It touched 0.88 percent, the highest level since Feb. 11. Economic news for tomorrow: CPI and mortgage delinquencies.

Commentary/New Issues

Corporate:
$200M HANOVER INSURANCE, BAA3/BBB-/BBB- 7.50%, 3/1/20, +375bp

ABS:
Nothing

Agency:
$3BN FHLB, 1.625%, 3/20/13, +26bp

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 tumbled, driving 10-year note yields to the highest level in more than a month, as Federal Reserve minutes showed some policy makers pushed last month to start selling assets in the “near future.” Longer-maturity debt led the decline after the U.S. released better-than-forecast reports on production and housing starts. The so-called yield curve matched a record. The Treasury will announce tomorrow it will sell an estimated $126 billion in notes and bonds next week. The yield on the 10-year note climbed eight basis points, or 0.08 percentage point, to 3.74 percent. It touched 3.76 percent, the highest since Jan. 14. Two-year yields increased five basis points, the first gain since Feb. 10, to 0.85 percent. The gap between 2- and 10-year yields, the yield curve, touched 2.90 percentage points, tying the record set Jan. 11.
Economic news for tomorrow: Producer Price Index and Initial Jobless Claims.

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.

CREDIT MARKETS

Treasuries:
Treasuries rose after Federal Reserve Bank of Kansas City President Thomas Hoenig said the U.S. must take steps to reduce spending and increase revenue so the central bank isn’t pressured to fund the deficit. Yields climbed earlier as global stocks gained and demand for Treasuries as a refuge eased after a Greek official said the nation is ahead of its deficit-reduction targets and will not require any bailout from the European Union. The difference in yield between 2- and 10-year notes widened to as much as 2.89 percentage points, 1 basis point less than the record high reached Jan. 11. The yield on the 10-year note fell three basis points, or 0.03 percentage point, to 3.66 percent. The Standard & Poor’s 500 Index increased 1.8 percent. Economic news for tomorrow: industrial production, import prices, housing starts and Fed minutes.

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.

CREDIT MARKETS

Treasuries:
Treasuries climbed, with 10-year notes gaining for the first time in four days, as China’s move to slow economic growth and data that showed Europe’s recovery almost stalled burnished the haven appeal of U.S. debt. Two-year note yields fell the most in a week as the People’s Bank of China said it will boost reserve requirements on banks 50 basis points on Feb. 25 and investors speculated European Union efforts to help Greece tackle its budget deficit may be insufficient. The yield on the 10-year note decreased three basis points, or 0.03 percentage point, to 3.69 percent. The price of the 3.625 percent security due in February 2020 rose 1/4, or $2.50 per $1,000 face amount, to 99 14/322. The notes still posted a weekly loss, with the yield up 12 basis points since Feb. 5. Two-year yields fell as much as six basis points, the most since Feb. 5, to 0.81 percent before trading at 0.83 percent. They increased six basis points on the week. Economic news for the week: housing starts, import prices, jobless claims, PPI and CPI.

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.

CREDIT MARKETS

Treasuries:
Treasury 30-year bond yields touched a four-week high as a record-tying $16 billion auction of the securities attracted lower-than-average demand and European leaders said they reached an accord on Greece’s debt crisis. Treasuries due in seven or more years fell after the sale of 30-year securities drew a yield of 4.720 percent, compared with an average forecast of 4.687 percent. The bid-to-cover ratio, which gauges demand by comparing total bids with the amount of securities offered, was 2.36, versus 2.68 at the last sale and an average of 2.48 at the past 10 offerings. The current 30-year bond yield rose four basis points, or 0.04 percentage point, to 4.68 percent. It touched 4.71 percent, the highest level since Jan. 14. The price of the 4.375 percent security due in November 2039 dropped 18/32, or $5.63 per $1,000 face amount, to 95 6/32. The 10-year note yield increased three basis points to 3.72 percent. Two-year yields fell one basis point to 0.87 percent. Economic News for today: Business Inventories and Advance Retail Sales.

Commentary/New Issues

Corporate:
$1.5BLN LIFE TECHNOLOGIES 3-PT BA1/BBB- $250MM 3.375%, 3/1/13 +200bp; $500MM 4.400%, 3/1/15 +205bp; $750MM 6.000%, 3/1/20 +232bp

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.