CREDIT MARKETS

Treasuries:
Treasury 10-year note yields were near the highest level since June as reports showed home prices unexpectedly rose in January and consumer confidence increased this month more than economists forecast. U.S. debt was headed for a 1.1 percent monthly loss before this week’s nonfarm payrolls report, which is forecast to show employers added the most jobs in three years. The 10-year note yield fell less than 1 basis point to 3.86 percent. The yield climbed to 3.92 percent on March 25, the highest level since reaching 4 percent on June 11. Breaking “critical support” in the 10-year note yield at 4 percent would make an advance to 4.30 percent possible, wrote William O’Donnell, U.S. government bond strategist at RBS, in a research note yesterday. That level was last reached in November 2007. Economic Data: MBA Purchase Applications, ADP Employment Report, Factory Orders

Commentary/New Issues

Corporate:
$500M CBS CORP BAA3/BBB- 5.75% 4/15/20 +190bp
$1B BARCLAYS BANK AA3/AA 3.90% 4/07/15 +130bp

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 10-year notes fell, pushing the yield to almost the highest level since June, as rising stocks and an increase in U.S. consumer spending reduced demand for relative safety. Riskier assets got a boost as Greece, the European Union’s most indebted member, sold 5 billion euros ($6.7 billion) of seven-year bonds after European leaders agreed last week on an aid plan for the debt-stricken nation. Longer-term U.S. debt dropped before this week’s payrolls report, which is forecast to show employers added the most jobs in three years. The yield on the U.S. 10-year note rose 3 basis points to 3.86 percent. Ten-year yields climbed to 3.92 percent on March 25, the highest level since June 11, after lower-than-average demand at last week’s record-tying $118 billion note auctions raised concern that investor interest is waning as the government borrows record amounts to sustain the economic recovery. Economic Data: S&P Case-Shiller HPI, Consumer Confidence

Commentary/New Issues

Corporate:
$300M PACCAR FINANCIAL A1/AA- 4/05/13 1ML+45
$550M PSEG POWER 2-PT BAA1/BBB $300M 2.50% 4/15/13 +90bp; $250M 5.125% 4/15/20 +130bp

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.

Warrants: 121,792,790

$ Amount: $310,571,615

CREDIT MARKETS

Treasuries:
Treasuries rose for the first time in four days as lower-than-average demand at last week’s record- tying $118 billion note auctions pushed yields to levels that encourage buying. Two-year notes also advanced on speculation investors are seeking refuge in government securities after a reported sinking of a South Korean naval ship. Former Federal Reserve Chairman Alan Greenspan said in a Bloomberg Television interview that the recent increase in yields represents a “canary in the mine” reflecting investor concern over the U.S. budget deficit. The two-year yield dropped 3 basis points to 1.06 percent. Yields on 10-year notes decreased 2 basis points to 3.86 percent after rising yesterday to 3.92 percent, the highest level since June 11.
Economic Data: Personal Income, Consumer Confidence, ADP Employment, Jobless Claims, ISM Mfg Index, Nonfarm Payroll and Unemployment
Rate.

Commentary/New Issues

Corporate:
$250M PACIFIC G&E A3/BBB+ 5.80% 3/1/37 +115bp
$750M VOTORANTIM BAA3/BBB 6.75% 4/05/21 +302.6bp

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, pushing the yield on 10-year debt to the highest level since June, after this week’s record-tying $118 billion note auctions drew lower- than-average demand. Seven-year notes fell as the $32 billion sale of the securities attracted the lowest ratio of bids received compared with those accepted in 10 months. Bill Gross, manager of the world’s biggest bond fund at Pacific Investment Management Co., said the almost three-decade bond market rally may be ending. The yield on the 10-year note increased 3 basis points to 3.88 percent. It reached 3.92 percent, the highest level since June 11. At yesterday’s seven-year note auction, investors bid for 2.61 times the amount on offer, the lowest since May. Indirect bidders purchased 41.9 percent of the notes, compared with an average of 54 percent over the past 10 sales. Economic Data: GCP, Corporate Profits, Consumer Sentiment

Commentary/New Issues
Corporate:
$250M DUKE REALTY BAA2/BBB- 6.75% 3/15/20 +287.5bp
$1.699B STATE OF CALIFORNIA 4-PT GO BAA1/A- $148M 5.95% 3/1/18 +190bp; $301M 6.20% 3/1/19 +215bp; $250M 6.65% 3/1/22 +255bp; $1B 7.95% 3/1/36
+315bp
$1.701B STATE OF CALIFORNIA 4-PT GO BAA1/A- $50M 3/1/12 NO REOFFERING; $100M 5.50% 3/1/16; $250M 5.75% 3/1/17; $1.25B 7.625% 3/1/40 +270bp

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 as a gain in stocks reduced demand for relative safety before today’s sale of five-year securities, the second of three note auctions this week totaling a record-tying $118 billion. Two-year notes erased gains after the $44 billion sale of the securities yesterday drew the lowest demand since December. The current two-year note yield rose 1 basis point to 0.97 percent. The yield climbed to 0.9974 percent yesterday, the highest level since Jan. 8. At yesterday’s auction, investors bid for 3 times the amount on offer, the lowest since December’s sale. The average for the past 10 auctions is 3.10. Indirect bidders purchased 34.8 percent of the notes, matching the level in December. The auction drew a yield of 1 percent, higher than 0.996 percent in pre-auction trading. Economic Data: MBA Purchase Applications, Durable Goods Orders, New Home Sales

Commentary/New Issues
Corporate:
$1.5B DEUTSCHE BANK AG AA3/A+ 3.45% 3/30/15 +110bp
$500M VORNADO REALTY BAA2/BBB 4.25% 4/1/15 +187.5bp
$1B PHILIP MORRIS INT’L A2/A 4.50% 3/26/20 +98bp
$500M THOMSON REUTERS BAA1/A- 5.85% 4/15/40 +137.5bp
$1.25B WELLS FARGO A1/AA- 3.625% 4/15/15 +123bp
$1.75B NORTHWESTERN MUTUAL AA2/AA 6.063% 3/30/40 +145bp

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 five-year notes dropped the most in seven months after a record-tying $42 billion auction of the securities sold at the widest difference in yield over the average forecast of primary dealers since July. Yields on 10-year notes increased to the highest level since January as demand from a group of investors that includes foreign central banks was the lowest in eight months. U.S. interest-rate swap spreads plunged to the lowest levels in more than two decades after Fitch Ratings’ downgrade of Portugal raised the risk of owning sovereign debt and corporate bond issuance surged. The five-year note’s yield increased 15 basis points to 2.58 percent. The yield advanced as much as 18 basis points in the biggest intraday increase since Aug. 3. A decrease of more than one point in the 10-year note pushed its yield to 3.85 percent, the highest level since Jan. 8. Economic Data: Jobless Claims, Natural Gas

Commentary/New Issues

Corporate:
$3.25B ANHEUSER-BUSCH INBEV BAA2/BBB+ $500M 3/26/13 3ML+73bp; $1B 2.50% 3/26/13 +87.5bp; $750M 3.625% 4/15/15 +108bp; $1B 5.00% 4/15/20 +123bp
$2B WAL-MART AA2/AA $750M 2.875% 4/1/15 +45bp; $1.25B 5.625% 4/1/40 +95bp
$750M BRAMBLES BAA1/BBB+ $250M 3.95% 4/1/15 +137.5bp; $500M 5.35% 4/1/20 +150bp

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 as European leaders disagreed on specifics and a timetable for a plan to aid Greece, stoking demand for the relative safety of U.S. government debt. Yields on two-year notes fell from their highest level since January before tomorrow’s record-tying auction of the securities as Germany’s Chancellor Angela Merkel told investors they shouldn’t expect a European Union summit to agree on assistance for Greece. The U.S. House passed the most sweeping health-care legislation in four decades Sunday. The yield on the two-year note decreased 2 basis points to 0.97 percent. It touched 1 percent on March 19, the highest level since Jan. 8. The 10-year note’s yield fell 3 basis points to 3.66 percent.
Economic Data: Same Store Sales, Existing Home Sales

Commentary/New Issues

Corporate:
$600M PROGRESS ENERGY 2PT $250M 4.55% 4/1/20 +90bp; $350M 5.65% 4/1/40 +110bp
$500M RABOBANK AAA/AAA 3.20% 3/11/15 +90bp
$450M DUKE ENERGY BAA2/BBB+ 3.35% 4/1/15 +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:
The difference in yield between 2- and 10-year Treasury notes was the narrowest since January as reports last week showed consumer prices were unchanged last month and producer prices dropped more than forecast. Two-year securities recorded a third consecutive weekly drop in the longest stretch of decreases since August before record-tying $118 billion sales this week of twos, fives and sevens.The Federal Reserve reiterated on March 16 it would keep borrowing costs low for an “extended” period and stop buying mortgage-backed securities this month. The yield on the 10-year note rose 1 basis point to 3.69 percent. The spread between 2- and 10-year yields was 2.70 percentage points, the lowest level on a closing basis since Jan. 1. The 10-year yield posted a weekly drop of 1 basis point. Yields on 2-year notes increased 3 basis points Friday to 0.99 percent, extending their weekly gain to 4 basis points. U.S. consumer prices were unchanged last month, the first time prices had failed to increase since March 2009.
Economic Data: Existing Home Sales, Durable Goods, Jobless Claims, GDP, Consumer Sentiment

Commentary/New Issues

Corporate:
$750M GOLDMAN SACHS REOPENING A1/A/A+ 5.385% 3/15/20 +175bp

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 decreased as reports showed initial jobless claims dropped for a third straight week and manufacturing in the Philadelphia region expanded in March at the fastest pace this year. The yield on the 30-year bond rose from a two-week low on evidence the U.S. economy is gathering momentum. The Treasury Department announced yesterday that it will sell a record-tying $118 billion in two-, five- and seven-year notes next week. Stocks fluctuated on speculation the Federal Reserve will increase the discount rate. The 2-year note’s yield advanced 4 basis points to 0.96 percent. The yield on the 10-year note rose 3 basis points to 3.68 percent. The 30-year bond’s yield gained 2 basis points to 4.59 percent after reaching 4.54 percent, the lowest level since March 4. The Fed may raise the discount rate before the next meeting of the Federal Open Market Committee on April 28.

Commentary/New Issues

Corporate:
$1.5B CREDIT SUISSE AG AA1/A+ 3.50% 3/23/15 +112.5bp
$2.75B JPMORGAN CHASE AA3/A+ $1.25B 3.70% 1/20/1 +110bp; $1.5B 4.95% 3/25/20 +127.5bp
$500M AXIS SPECIALTY FINANCE BAA1/A- 5.875% 6/1/20 +225bp
$4.25B SHELL INT’L FINANCE AA1/AA $2B 1.875% 3/25/13 +42bp; $1.25B 4.375% 3/25/20 +77 $1B 5.50% 3/25/40 +95bp
$1.1B HARTFORD FNC’L SERVICES BAA3/BBB $300M 4.00% 3/30/15 +160bp; $300M 5.50% 3/30/20 +185bp; $500M 6.625% 3/30/40 +205bp

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.