CREDIT MARKETS
Treasuries:
Treasury prices fell yesterday, pushing yields up, after the government received moderate demand for $40 billion in 5-year notes, which it auctioned at the lowest yield since April 2009. Bonds had been under pressure before the auction, the second of three this week, as investors felt comfort moving assets away from the relative safe haven of U.S. debt. Yields on 10-year notes rose 6 basis points to 3.22%. The 10-year’s yields hit 3.06% on Tuesday, their lowest level since April 2009. Yields on 2-year notes increased 4 basis points to 0.82%. The Treasury Department sold $40 billion in 5-year notes at a yield of 2.13%, roughly at the level that traders had expected.
Economic Data: Intial Jobless Claims, Continuing Claims, Personal Consumption

Commentary/New Issues

Corporate:
$1.25BLN TRANSCANADA PIPELINES LTD 2-PT A3/A- $500MM 5YR +137.5bp; $750MM 30YR +200bp
$500MM GENERAL MILLS INC BAA1/BBB+ 5.40% 6/15/40 +130bp
$1.25BLN GOLDMAN SACHS GROUP A1/A 6.00% 6/15/20 +280bp
$3BLN ASIAN DEVELOPMENT BANK AAA/AAA 1.625% 7/15/13 +46bp

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 prices jumped yesterday, pushing 10-year yields to the lowest since April 2009, and stayed higher after there was sufficient investor demand at the government’s auction of 2-year notes to make it the lowest yield on record. Bonds traded higher before the much-anticipated auction as investors fled stock markets and the euro on concerns about a variety of factors—heightened tensions on the Korean peninsula, worries over Spanish banks, and rising stresses in inter-bank lending markets. Yields on 10-year notes fell 6 basis points to 3.14%. They earlier touched 3.07%, the lowest in 13 months. Yields on the current 2-year notes were little changed at 0.73%. They fell as low as 0.67% earlier, the weakest since December. The 2-year yield’s all-time low, reached during the depths of the financial crisis, was 0.65%. Yields on 30-year bonds fell 5 basis points to 4.04%, after having dipped below 4% earlier to touch a 7-month low.
Economic Data: MBA Mortgage Applications, Durable Goods Orders, New Home Sales

Commentary/New Issues

Corporate:
Nothing

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 prices rose slightly yesterday, pushing long-term yields down to 2010 lows, as the euro and stocks came under selling pressure after weekend news that the Bank of Spain had taken over a lender, reviving fears about Europe’s banking sector. Yields on 10-year notes fell 2 basis points to 3.22%, hovering near the lowest level seen on a closing basis since last October. Yields on 2-year notes declined 2 basis point to 0.74%. Last week, yields on short-term securities reached the lowest since November 2009. The two-year’s all-time low, reached during the depths of the financial crisis, was 0.65%. The euro dropped more than 1% against the dollar during the session after the bank of Spain needed to take over national savings bank CajaSur.
Economic Data: Chicago Fed Nat Activity Index, Existing Home Sales

Commentary/New Issues

Corporate:
$500MM TVA AAA/AAA 5.25% 9/15/39 +75bp
$3BLN ABBOTT LABORATORIES 3-PT A1/AA $750MM 2.70% 5/27/15 +70bp; $1BLN 4.125% 5/27/20 +90bp; $1.25BLN 5.30% 5/27/40 +122bp
$100MM EMPIRE DISTRICT BAA2/BBB- 4.65% 5/28/20 +145bp
$600MM GEORGIA POWER A2/A 5.40% 6/1/40 +135bp

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:
Short-term Treasury prices declined last week, pushing yields up and paring the week’s gains, as U.S. stocks rose and the euro rose against the dollar, both decreasing demand for the relative safety of U.S. debt.Yields on 10-year notes fell 1 basis point to 3.22%. The yield fell as low as 3.13% earlier, the lowest levels since October.Yields on 2-year notes rose 3 basis points to 0.75%. They briefly touched 0.69% during the session, the lowest since December. Short-term debt came under more pressure later in the session as traders prepared for the $113 billion in 2-year, 5-year and 7-year notes being auctioned next week. The euro rose to $1.2569, gaining for the first week in five weeks.
Economic Data: Consumer Price Index, Intial Jobless Claims, Leading Indicators, Empire Manufacturing, NAHB Housing Market Index, Building Permits, ABC Consumer Confidence

Commentary/New Issues

Corporate:
Nothing

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 prices rose yesterday, pushing yields down to the lowest level in more than five months, as renewed uncertainty about policy actions in Europe and the impact on global economic growth weighed on U.S. stocks, increasing the relative attractiveness of U.S. debt. Bonds also benefited from unexpectedly weak reading on initial unemployment claims in the U.S. Yields on 10-year notes fell 12 basis points to 3.25%, the lowest level since December. Yields on 2-year notes declined 6 basis points to 0.72%, also the lowest in five months. Gains in the Japanese yen also corroborate a shift by investors into lower-yielding, yet safer, assets. The euro dropped to its lowest level versus the yen since 2001 yesterday. The Australian dollar, one of the highest-yielding major currencies dropped 5.2% against the yen during the session. No economic news tomorrow.

Commentary/New Issues

Corporate:
$1B EXPORT DEVELOPMENT CANADA (EDC) AAA/AAA 2.25% 5/28/15 +32.6bp

Agency:
$1B FEDERAL FARM CREDIT BANK (FFCB) 1.375% 6/25/13 +31bp

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 prices declined yesterday, nudging yields up from five-month lows, as traders attempted to sort out news from Europe and the currency and stock markets’ reaction. Treasurys stayed under slight pressure after the Federal Reserve said the Greek crisis is a possible threat to U.S. markets, according to minutes of their last meeting. Yields on 2-year notes rose 2 basis points to 0.76%, after closing Tuesday at the lowest level in five months. Yields on 10-year notes were little changed at 3.36%. On Tuesday, the benchmark yields also closed at the lowest level since early December. Treasury bonds had been under pressure for most of the session, giving back some of Tuesday’s gains after Germany’s ban on so-called naked short selling raised uncertainty and volatility, which tend to increase the relative appeal of U.S. debt. Economic Data: Initial Jobless Claims, Continuing Claims.

Commentary/New Issues

Corporate:
$600M PROVINCE OF MANITOBA AA1/AA 2.625% 7/15/15 +53.6bp
$300M APPALACHIAN PWR BAA2/BBB 3.40% 5/24/15 +137bp

Agency:
$3.5B FNMA 1.50% 6/26/13 +27bp

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 prices jumped today, pushing 10-year yields back to the lowest since December, as reports about Germany banning some short selling and an accelerating decline in U.S. stocks give traders more reasons to flock to the relative security of government debt and the U.S. dollar, pushing it to a four-year high against the euro. Yields on 10-year notes declined 11 basis points to 3.38%, the lowest level since December. Yields on 2-year notes fell 6 basis points to 0.75%, near the lowest levels since February. Yields on 30-year bonds dropped 10 basis points to 4.26%. The euro dropped about 1.4% to $1.2205, touching the lowest level since 2006. Economic Data: MBA Mortgage Applications, Consumer Price Index.

Commentary/New Issues

Corporate:
$200M ENTERGY TEXAS BAA2/BBB+ 3.60% 6/1/15 +150bp
$150M ALBERTO-CULVER BAA2/BBB 5.15% 6/1/20 +175bp
$800M L-3 COMMUNICATIONS BAA3/BBB- 4.75% 7/15/20 +138bp
$4.5B IBRD AAA/AAA 2.375% 5/26/15 +32.45bp
$400M JC PENNEY BA1/BB+ 5.65% 6/1/20 +225bp

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 prices turned slightly lower yesterday, nudging yields up as the euro managed to creep higher against the dollar and take some steam out of U.S. bonds. For most of the session, the euro was lower after touching a 4-year low amid worries about the euro zone’s trajectory for economic growth. Yields on 10-year notes inched up 2 basis points to 3.48%. Earlier, 10-year yields were nears five-month lows. They closed at 3.40% on May 6, the lowest since early December. Yields on 2-year notes were little changed at 0.79%, just a hair above the lowest close since February. Treasury prices had been higher in morning trading the Federal Reserve Bank of New York’s latest index on manufacturing showed a drop to 19.1 for May from 31.9 in April. In volatile foreign-exchange activity, the euro bought $1.2345, after falling to the lowest in four years.
Economic Data: Housing Starts, Building Permits and PPI.

Commentary/New Issues

Corporate:
$1B EOG RESOURCES 2-PT A3/A- $500M 2.95% 6/1/15 +80bp; $500M 4.40% 6/1/20 +95bp
$900M FRANKLIN RESOUCRES 3-PT A1/AA- $300M 2.00% 5/20/13 +75bp; $250M 3.124% 5/20/15 +95bp; $350M 4.625% 5/15/20 +115bp
$300M PSE&G A2/A- 2.70% 5/1/15 +62bp

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 prices rose on Friday, pushing short-term yields to the lowest level since February, as reports of political discord in Europe reignited worries about euro-zone stability and the ability of the global economy to keep growing, prompting a shift towards the relative safety of U.S. debt. Yields on 10-year Treasury notes fell 9 basis points to 3.45%. Bond yields move inversely to prices and a basis point is 0.01%. Yields on 2-year notes declined by 5 basis points to 0.78%, the lowest on a closing basis since early February. The euro slumped to the lowest since October 2008 on Friday as reports spread that major European leaders had threatened last week to pull out of the shared currency. Problems in Europe, which have weighed heavily on U.S. stock markets, also have some thinking it gives the Federal Reserve more reasons to keep interest rates at historic lows even longer than already anticipated. Economic Data: ABC Consumer Confidence, Trade Balance, Import Price Index, Intial Jobless Claims, Advance Retail Sales, Industrial Production.

Commentary/New Issues

Corporate:
Nothing

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 prices declined yesterday, pushing yields up, as gains in stocks overshadowed strong investor interest in the government’s second major auction of the week. Traders had been lower before the auction, watching U.S. stocks gain while the dollar turned up against the euro, indicating uncertainty about how effective Europe’s latest bailout plan for debt-laden nations is expected to be. Yields on 10-year notes rose 3 basis points to 3.56%. Yields on 2-year notes increased 2 basis points to 0.86%. The S&P 500 Index rose 1.2% late in the session, while the dollar rose versus the euro. The Treasury Department sold $24 billion in 10-year notes at a yield of 3.548%, the lowest yield the government has had to pay this year. The auction was for $1 billion less than the last quarterly sale of new securities. Economic Data: Initial Jobless Claims, Continuing Claims

Commentary/New Issues

Corporate:
$750M BNSF A3/BBB+ 5.75% 5/1/40 +128bp
$1B KINDER MORGAN PTNRS 2-PT BAA2/BBB $600M 5.30% 9/15/201 +175bp; $400M 6.55% 9/15/40 +210bp
$300M CIGNA CORP BAA2/BBB 5.125% 6/15/2 +162.5bp
$1B IADB AAA/AAA 1.625% 7/15/13 +31.95bp

Agency:
$1BLN FHLB REOPENING 1.125% 5/18/12

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.