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.