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.