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.