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.