CREDIT MARKETS

Treasuries:
The difference between 2- and 10- year Treasury yields narrowed to the least in almost two weeks as a report on producer prices signaled there are few inflation pressures building in the early stages of the economic recovery. Ten-year notes gained as wholesale prices dropped 0.6 percent last month, the biggest decline since July. U.S. debt maturing in two years snapped two days of gains before the Treasury announces the amounts of next week’s three note sales today. The yield curve narrowed 0.02 percentage point to 2.72 percentage points, the lowest level since March 5. Two-year note yields increased one basis point to 0.92 percent. Yields on 10-year notes declined one basis point to 3.64 percent. Shorter-term rates tend to track the Federal Reserve’s target for overnight lending because of their shorter maturity. The rate on the three-month Treasury bill touched 0.165 percent, its highest level since Aug. 24. Economic Data: Consumer Price Index, Jobless Claims, Leading Indicators

Commentary/New Issues

Corporate:
$1.7B ROCKIES EXPRESS BA1/BBB $450M 3.900% 4/15/15 +155bp; $750M 5.625% 4/15/20 +200bp; $500M 6.875% 4/15/40 +232bp
$1.5BLN SLM CORP BA1/BBB- 8.00% 3/25/20 +462.1bp
$550M NARRAGANSETT ELECTRIC $250M 4.534% 3/15/20 +90bp; $300M 5.638% 3/15/40 +108bp

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 the most this month as the Federal Reserve cited evidence that the economic recovery will be slow and reiterated that it will keep interest rates low for an “extended” period of time. Yields on 10-year notes fell to the lowest in more than a week on the Fed’s statement and as the Obama administration said employers won’t hire enough workers to lower the jobless rate much below the 9.7 percent level reached last month. The 10-year note’s yield fell 5 basis points to 3.65 percent. It touched 3.64 percent, the lowest level since March 5. The yield on the 2-year note dropped as much as 5 basis points to 0.89 percent before ending down 0.91 percent in the biggest intraday decrease since Feb. 23. The yield on the 30-year bond dropped 4 basis points to 4.59 percent. Economic news for tomorrow will focus on PPI.

Commentary/New Issues
Corporate:
$750M BANCO BRADESCO Baa2/BBB 4.10% +175bp
$300M FIRST NIAGARA FNCL Baa1/BBB- 6.75% 3/19/20 +306.7bp

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 prices slipped Monday, as investors moved to the sidelines a day ahead of a Federal Reserve one-day policy meeting, uncertain what the U.S. central bank may signal about its exit strategy. Investors widely expect the U.S. central bank to stick to the near zero percent interest policy it adopted in December 2008 to support the economic recovery. The difference between 2 and 10 year yields increased 2.77 percentage points after widening to a record 2.94 percentage points on February 18. The Treasury Department said net foreign holdings of equities, note and bonds increased a net $19.1 billion in January. International demand for U.S. debt rose almost as fast as in January, while private purchases increased by more than in the final months of 2009. Some analyst anticipate that policy makers could signal Tuesday after the Fed meeting a readiness to remove the billions in cash the Fed pumped into the financial system during the global credit crisis. Economic news tomorrow will highlight: import/export prices, housing starts and Fed meeting.

Commentary/New Issues
Corporate:
$3.5 BLN, Commonwealth Bank of Australia, 3 part, A1/AA $750 MM, 3/19/13, +3L+55bp; $1.75 BLN, 3.50%, 3/19/15, +120bp;$1.0 BLN, 5.00%, 3/19/20, +135bp

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 prices turned higher on Friday, though still headed for a weekly loss, as early data on retail sales pushed short-term yields to the highest since January and provided an attractive level for investors. Bonds initially fell after the government reported that February retail sales rose despite winter storms. Prices rebounded from session lows, however, after a surprising fall in a consumer sentiment index. Yields on 2-year notes were little changed at .95%. Yields on 10-year notes declined 3 basis points to 3.70 percent, after earlier reaching 3.79, the highest in three weeks. Treasuries are headed for the fourth weekly loss in five weeks, even as the government received strong demand at its auctions of 3-year and 10-year notes and 30-year bonds over the previous few days. Economic data for the week: industrial production, import/export prices, housing starts, Fed meeting, PPI, CPI, initial jobless claims and leading indicators.

Commentary/New Issues

Corporate:
$250 MM, Renre NA Holdings, 5.75%, 3/15/20, NR/A/A-, +210bp

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 three-year notes advanced for the first time in five days as investors seeking a refuge in shorter-maturity debt bolstered demand at a record-tying $40 billion auction of the securities. The bid-to-cover ratio was 3.13, the highest level since November. Yields declined earlier as Federal Reserve Bank of Chicago President Charles Evans said low interest rates are likely to be needed “for some time” as high unemployment lingers. The yield on the benchmark 10-year note dropped 2 basis points to 3.70 percent. The yield was 2.86 percent a year ago yesterday, when the Standard & Poor’s 500 Index closed at a 12-year low. The currency three-year note’s yield fell 4 basis points to 1.37 percent. The two-year security’s yield dropped 2 basis points to 0.87 percent. Interest-rate futures on the CME Group Inc. exchange showed a 41 percent chance U.S. policy makers will raise its benchmark by at least a quarter-percentage point by September, down from 48 percent odds a month ago. The Fed, which meets next week, has held the rate at a record low zero to 0.25 percent since December 2008. Economic data for tomorrow: MBA Purchase Applications, Wholesale Trade, Treasury Budget.

Commentary/New Issues

Corporate:
$300M AIRGAS Baa3/BBB 2.85% 10/1/13 +145bp
$400M CLIFFS NATURAL RESOURCES Baa3/BBB- 5.90% 3/15/20 +225bp
$450M ST JUDE MEDICAL Baa1/A 2.20% 9/15/13 +80bp

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, led by shorter-maturity debt, as gains in global stocks lessened the refuge appeal of U.S. government securities. Ten-year notes pared losses after the bid-to-cover ratio was the highest on record on the Treasury’s sale of $21 billion of the debt. Investors sought riskier assets after former European Commission President Romano Prodi said Greece’s financial crisis is over. Yields on two-year notes increased 3 basis points to 0.90 percent. The 10-year note yield increased 2 basis points to 3.72 percent. Yesterday’s auction was a reopening of the record-tying $25 billion of the securities sold in February. The 10-year yield has climbed 72 basis points in the past 12 months as evidence accumulates that the global economy is recovering from the worst recession since World War II. Economic data for tomorrow: International Trade and Initial Jobless Claims.

Commentary/New Issues

Corporate:
$300M AIRGAS Baa3/BBB 2.85% 10/1/13 +145bp
$400M CLIFFS NATURAL RESOURCES Baa3/BBB- 5.90% 3/15/20 +225bp
$450M ST JUDE MEDICAL Baa1/A 2.20% 9/15/13 +80bp

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 the highest level in almost two weeks, on concern the government may struggle to find buyers for $74 billion of securities this week at current rates. Demand for the safest assets decreased as France’s President Nicolas Sarkozy said the Euro region is ready to help Greece should the nation struggle to fund its budget deficit. Traders added to bets that the Federal Reserve will raise interest rates by September. The yield on the benchmark 10-year note climbed 3 basis points to 3.71 percent. It earlier reached 3.73 percent, the highest level since February 23. The 30-year bond yield increased 3 basis points to 4.68 percent. The difference in yield between 2- and 10-year notes fell as low as 2.71 percentage points on March 5 as rates on shorter maturities climbed faster than those on longer-term debt. The spread reached a record 2.94 percentage points on February 18. It was at 2.82 percentage points yesterday.

Commentary/New Issues

Corporate:
$750M BNP PARIBAS Aa2/AA 3.25% 3/11/15 +97bp
$612.5M CME GROUP Aa3/AA 4.40% 3/15/18 +130bp
$600M DCP MIDSTREAM Baa2/BBB 5.35% 3/15/20 +165bp
$500M SO CAL EDISON A1/A 5.50% 3/15/40 +90bp
$750M AMERIPRISE FINANCIAL A3/A 5.30% 3/15/20 162.5bp
$500M HASBRO Baa2/BBB 6.35% 3/15/40 +170bp

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 two-year notes fell for a third day, the longest losing streak this year, as a report showing the economy shed fewer jobs in February than forecast bolstered speculation the recovery is accelerating. Ten-year yields climbed the most in two weeks as Labor Department data showed non-farm payrolls dropped by 36,000 last month, compared with the median forecast in a Bloomberg News survey for a decrease of 68,000. Traders saw higher odds the Federal Reserve will raise interest rates. Greece’s parliament gave final approval to the nation’s latest budget cuts. The two-year note yield increased four basis points to 0.89 percent. It touched 0.93 percent, the highest level since Feb. 19, and posted a weekly gain of eight basis points. Ten-year note yields advanced as much as 10 basis points, the most since Feb. 17, to touch 3.70 percent before trading at 3.68 percent. They gained seven basis points on the week. Economic news for the week: MBA Purchase Applications, Jobless Claims, Retail Sales, Consumer Sentiment.

Commentary/New Issues

Corporate:
$500M MASCO CORP Ba2/BBB 7.125% 3/15/20 +343bp

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 two-year notes fell, pushing their yield to a one-week high, as traders speculated a U.S. report on payrolls today may show the economy lost fewer jobs than forecast. Two-year yields rose for a second day as investor concern eased about Greece’s ability to cut its budget deficit. Data showed U.S. productivity gained and jobless claims dropped. The Treasury said it will sell $74 billion in notes and bonds next week, and St. Louis Federal Reserve Bank President James Bullard said the Fed’s monetary stimulus is appropriate with the U.S. economy in the early period of a recovery. Two-year note yields increased five basis points to 0.85 percent. They touched 0.87 percent, the highest level since Feb. 25. The benchmark 10-year note yield fell two basis points to 3.60 percent, reversing an earlier increase. It reached 3.58 percent on Feb. 26, the lowest level since Feb. 9. The yield difference between 2- and 10-year notes touched 2.74 percentage points, the narrowest since Feb. 5. Economic news for tomorrow will focus on nonfarm payroll and the unemployment rate.

Commentary/New Issues
Corporate:
$600M BAXTER INT’L 2-PT A3/A+ $300M 1.80% 3/15/13 +50bp; $300M 4.25% 3/15/20 +70bp
$500M JOHNSON CONTROLS BAA2/BBB 5.00% 3/30/20 +145bp
$550M TECO FINANCE 2-PT BAA3/BBB- $250M 4.00% 3/15/16 +180bp; $300M 5.15% 3/15/20 +160bp

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 notes dropped for the first time in five days as the Institute for Supply Management reported that service industries expanded in February more than economists forecast. The yield on the three-year security increased from the lowest level in three weeks before the government announces today the size of next week’s estimated $74 billion note and bond auctions. U.S. debt pared losses as the Federal Reserve said in its regional assessment that real estate and loan demand were weak and the pace of hiring was soft. The yield on the benchmark 10-year note increased 1 basis point to 3.62 percent. The three-year note’s yield rose 1 basis point to 1.32 percent from 1.31 percent, the lowest since Feb. 9. The five- year yield was little changed at 2.27 percent after earlier increasing 4 basis points. Consumer spending increased in many regions, the Fed said in its Beige Book business survey, published two weeks before the Federal Open Market Committee meets to set monetary policy. Economic news for tomorrow will focus on chain store sales, weekly jobless claims, pending home sales and factory orders.

Commentary/New Issues
Corporate:
$95M WESTERN MASS ELECTRIC Baa2/BBB 5.10% 3/1/20 +150bp
$325M PUGET SOUND ENERGY Baa1/A- 5.795% 3/15/40 +120bp
$350M SOUTHWESTRN ELECTRIC PWR Baa3/BBB 6.20% 3/15/20 +160bp
$500M JOHN DEERE CAPITAL A2/A 2.95% 3/9/15 +68bp
$2B TIME WARNER 2-PT Baa2/BBB $1.4B 4.875% 3/15/20 +130bp; $600M 6.20% 3/15/40 +162bp

ABS:
Nothing

Agency:
$5.5BLN FREDDIE MAC 1.625% 4/15/13 +31.5bp

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.