CREDIT MARKETS

Treasuries:
Treasuries rose as the U.S.’s sale of $32 billion in seven-year notes drew higher-than-forecast demand in the last of four auctions this week of a record $129 billion of inflation-protected debt and notes. The securities drew a yield of 3.21 percent, compared with a forecast of 3.23 percent in a Bloomberg News survey of seven of the Federal Reserve’s 18 primary dealers. The bid-to-cover ratio, which gauges demand by comparing total bids with the amount of securities offered, was 2.82. The average at the last 10 auctions was 2.76. The yield on benchmark 10-year notes fell 3 basis points to 3.74 percent. The yield on the current seven-year note fell 4 points to 3.17 percent. The last sale of seven-year notes, on March 25, drew a yield of 3.374 percent. Yesterday’s auction was the sixth consecutive offering of $32 billion of the securities. The note was reintroduced in February 2009 after a 16-year hiatus. Indirect bidders, a class of investors that includes foreign central banks, bought 59.5 percent of the notes, compared with 41.9 percent in March. The average for the past 10 sales is 55.2 percent. Economic Data: Personal Consumption, GDP Price Index, Employment Cost Index

Commentary/New Issues

Corporate:
$750M NY LIFE GLOBAL FUNDING AAA/AAA 3.00% 5/04/15 +58bp

Agency:
$1BLN FANNIE MAE 1.25% 6/22/12

ABS:
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 for the first time in three days as the refuge appeal of government securities faded and the U.S. sold $42 billion in five-year notes. Notes jumped the most this year yesterday after Greece had its debt rating cut to junk by Standard & Poor’s, raising concern that the fiscal crisis is spreading through Europe. The Federal Reserve reiterated that it will keep interest rates low for an “extended” period of time. The yield on the benchmark 10-year note rose eight basis points to 3.76 percent. Yields on 10-year debt slid 12 basis points yesterday, the biggest drop since Dec. 17, and touched 3.67 percent, the lowest since March 23. The five-year notes sold yesterday drew a yield of 2.54 percent, compared with an average forecast of 2.532 percent from six of the Fed’s 18 primary dealers. Economic Data: Initial Jobless Claims and Continuing Claims

Commentary/New Issues

Corporate:
$500M TYCO INT’L FINANCE BAA1/A- 3.375% 10/15/15 +95bp

Agency:
Nothing

ABS:
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 yields fell to a more than one-month low after Standard & Poor’s cut Greece’s credit ratings to junk, bolstering demand for the safest government securities. Two-year note yields fell to the lowest level since March 18 even as the Treasury sold a record-tying $44 billion of the securities. Ten-year note yields dropped to the least since March 23, while 30-year yields touched the lowest since March 18 after the downgrade by S&P, which also reduced Portugal’s credit rating and assigned a negative outlook on the nations’ debt. The yield on the benchmark 10-year note declined 13 basis points to 3.68 percent. Two-year note yields fell as much as 12 basis points to 0.93 percent, before trading at 0.95 percent. Thirty-year bond yields declined 11 basis points to 4.56 percent. The two-year notes sold yesterday that settle day after tomorrow drew a yield of 1.024 percent, compared with the average forecast of 1.022 percent in a Bloomberg News survey of eight of the Federal Reserve’s 18 primary dealers.
Yesterday’s sale is the seventh straight monthly offering of $44 billion. Economic Data: FOMC Rate Decision

Commentary/New Issues

Corporate:
$4B NBC UNIVERSAL 3-PT BAA2/BBB+ $1B 3.65% 4/30/15 +128bp; $2B 5.15% 4/30/20 +148bp; $1B 6.40% 4/30/40 +183bp

Agency:
Nothing

ABS:
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 erased gains after the U.S. sold $11 billion of five-year inflation-protected debt and traders prepared for a record-tying $118 billion in note auctions over the next four days. The Treasury Inflation Protected Securities, or TIPS, drew a yield of 0.55 percent, compared with a forecast of 0.523 percent in a Bloomberg News survey of eight of the Federal Reserve’s 18 primary dealers. Treasuries gained earlier on concern Germany may refuse to guarantee an early release of bailout funds to Greece, stoking demand for the safety of U.S. government debt. The yield on the benchmark 10-year note was little changed at 3.81 percent and dropped as low as 3.78 percent. This week’s auctions will include $44 billion in two-year notes tomorrow, $42 billion of five-year securities on April 28 and $32 billion in seven-year debt on the following day. Economic Data: Consumer Confidence

Commentary/New Issues

Corporate:
$300M ADVANCED AUTO PARTS BA1/BBB- 5.75% 5/1/20 +200bp
$500M BB&T A1/A/A+ 3.95% 4/29/16 +140bp
$500M US BANCORP AA2/A+ 3.778% 4/29/20 +120bp
$500M HANA BANK A1/A- 4.50% 10/30/15 +197bp

Agency:
Nothing

ABS:
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, pushing 10-year yields up the most in over a week, as reports showing the U.S. economy is improving and the government’s plans to sell a record $129 billion in notes next week overshadowed concern Greece may default on its debt. U.S. 10-year notes declined for the first time in three days after initial claims for unemployment benefits fell as a rebounding economy prompted companies to make fewer job cuts. Sales of previously owned homes increased in March for the first time in four months, and producer prices rose. The 10-year note yield rose four basis points, the most since April 14, to 3.77 percent. The two-year note yield increased three basis points to 1.03 percent. The yield on the 10-year note earlier dropped as the European Union said Greece’s budget deficit was bigger than previously estimated and Moody’s Investors Service cut the nation’s credit rating.
Economic Data: Durable Goods Orders, New Home Sales, Durable Ex Transportation.

Commentary/New Issues

Corporate:
$250M BIOMED REALTY TRUST BAA3/BBB- 6.125% 4/15/20 +250 MW T+40

Agency:
Nothing

ABS:
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 narrowed to an almost one-month low on expectations the Treasury may begin to reduce the sizes of its auctions after next week’s note sales. Treasuries gained as concern Greece may need to tap emergency loans to avoid default spurred investors toward the relative safety of U.S. government debt. The Treasury may sell an unprecedented $128 billion of 2-, 5- and 7-year notes and inflation-indexed securities maturing in 5 years next week, according to the average estimate of nine primary dealers in a Bloomberg News survey. The benchmark 10-year note yield fell 6 basis points to 3.74 percent. It touched 3.73 percent, the lowest level since March 24. Two-year note yields rose as much as two basis points to 1.03 percent before trading at 1 percent. Economic Data: Producer Price Index, Initial Jobless Claims, Continuing Claims, Existing Home Sales, House Price Index, PPI Ex Food and Energy.

Commentary/New Issues

Corporate:
$1BLN ANGLOGOLD ASHANTI HOLDINGS 2-PT BAA3/BBB- $700MM 5.375% 4/15/20 +165bp; $300MM 6.500 4/15/40 +200bp
$400MM BNP PARIBAS AA2/AA/AA 3.25% 3/11/15 +82bp
$750MM REGIONS FINANCIAL CORP 2-PT BAA3/BBB-/BBB+ $250MM 4.875% 4/26/13 +350bp; $500MM 5.750% 6/15/15 +350bp
$2BLN STANDARD CHARTERED PLC A3/A/A+ 3.85% 4/27/15 +135bp
$750MM ORIX CORP IX 5YR BAS/MS/UBS A3/A- 4.71% 4/27/15 +220bp
$4.5B DEXIA CREDIT (NY) 2-PT AA1/AA+/AA+ $2.25B 3ML+48 4/29/14 3ML+48; $2.25B 2.75% 4/29/14 +114bp

Agency:
Nothing

ABS:
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 note yields rose from near the lowest level in a month as stocks gained and the Bank of Canada signaled it may raise interest rates, spurring demand for higher-yielding assets. The yield on the two-year debt, more sensitive to changes in the Federal Reserve’s monetary policy, traded above one percent as Canada’s central bank said faster-than-expected economic growth and inflation will spur rate increases. Goldman Sachs Group Inc. reported first-quarter earnings that surpassed forecasts. The Treasury is scheduled to announce on April 22 how much it will sell in four note auctions. The two-year note’s yield rose 2 basis points to 1.01 percent. U.S. stocks rose for a second day, with the Standard & Poor’s 500 Index gaining 0.8 percent. Economic Data: MBA Mortgage Applications

Commentary/New Issues

Corporate:
$1B RBC AAA/AA-/AA 2.10% 7/29/13 +50bp
$750MM THERMO FISHER SCIENTIFIC 2PT BAA1/A- $450M 3.20% 5/1/15 +75bp; $300M 4.70% 5/1/20 +90bp
$500M NORDSTROM BAA2/BBB+/A- 4.75% 5/1/20 +100bp
$300M OHIO NATIONAL FINANCIAL SERVICES BAA1/A 6.375% 4/30/20 +262.5bp

Agency:
$1BLN FREDDIE MAC REOPENING 1.625% 4/15/13 +12.7bp

ABS:
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 for the first time in three days as stocks gained and 10-year note yields approached levels where analysts said past trading patterns suggested that demand was likely to dry up. Ten-year notes rose for the past two weeks, pushing yields down 18 basis points in the biggest 10-day decline since January. Two people with knowledge of the situation said the Securities and Exchange Commission didn’t unanimously approve pursuing a case against Goldman Sachs Group Inc. The yield on the benchmark 10-year note rose four basis points to 3.80 percent. The Standard & Poor’s 500 Index rose 0.5 percent. Goldman Sachs, which fell as much as 3.6 percent in early trading, gained 1.6 percent as the SEC’s commissioners split 3-2 along party lines to approve an enforcement case against Goldman Sachs, according to two people familiar with the situation who declined to be identified because the vote wasn’t public. Economic Data: New Home Sales and Durable Good Orders

Commentary/New Issues

Corporate:
Nothing

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 gained as stocks swung between gains and losses and a report showed initial jobless claims rose more than forecast last week, suggesting the U.S. recovery is showing little sign of lifting labor markets. Ten-year notes declined earlier as separate reports showed factory output accelerated last month and manufacturing in the New York region expanded in April at a faster pace than anticipated. Purchases of U.S. government debt by foreign investors slowed for a third consecutive month in February. The 10-year note yield fell two basis points to 3.84 percent. The yield has yesterday traded between 3.82 percent and 3.89 percent. The Standard & Poor’s 500 Index gained as much as 0.3 percent and fell as much as 0.2 percent. Economic Data: Housing Starts, Building Permits

Commentary/New Issues

Corporate:
$750 REPUBLIC OF BRAZIL BAA3/BBB- 4.875% 1/22/21+115.6bp
$1BLN DUBAI ELECTRICITY & WATER AUTHORITY BA2/BBB- 8.50% 4/22/15 592.4bp

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 as Federal Reserve Chairman Ben S. Bernanke said the U.S. expansion will remain moderate and a central bank survey said the economy grew “somewhat” across most of the U.S. in March. Ten-year note yields rose from near the lowest level in three weeks as the Fed’s Beige Book report said the economy improved in 11 of the central bank’s 12 districts as consumer spending and manufacturing improved. The Fed chairman told Congress that the economy still contends with weak construction spending and high unemployment. The 10-year note yield rose five basis points to 3.86 percent. The yield earlier fell to 3.80 percent, near the lowest level since March 24. U.S. stocks rallied, with the Standard & Poor’s 500 Index rising 1.1 percent, its biggest gain in almost six weeks. Economic Data: Initial Jobless Claims, Continuing Claims, Industrial Production

Commentary/New Issues

Corporate:
$300M SEMCO ENERGY A3/BBB+ 5.15% 4/21/20 +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.