CREDIT MARKETS

Treasuries:
Treasury prices turned higher in afternoon trading yesterday, pushing yields back down, amid lingering concerns about the ability of Europe to solve its fiscal imbalances.Long-term bonds briefly declined after the government had to pay a higher yield than traders expected at its auction of 30-year bonds. Yields to 10-year notes fell 3 basis points to 3.54%.Yields on 2-year debt fell 3 basis points to 0.84%. Uncertainty about the situation in Europe has tended to prompt a shift out of assets considered riskier and into those perceived as safer, including U.S. Treasury bonds. The U.S. dollar rose to the highest level in more than a year. German bonds maturing in 10 years yield 2.88%, while 30-year bonds yield 3.73%. The current U.S. 30-year bond yields 4.44%, down 5 basis points yesterday.
Economic Data: Advance Retail Sales, Industrial Production, Capacity Utilization.

Commentary/New Issues

Corporate:
$500M PNC FUNDING A3/A/A+ 3.00% 5/19/14 +112.5bp
$250M FPL GROUP CAPITAL BAA1/BBB+ 2.55% 11/15/13 +115bp
$1B CVS CAREMARK 2-PT BAA2/BBB $550MM 3.25% 5/18/15 +100bp; $450MM 4.75% 5/18/20 +125bp

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 gave back some of their earlier gains on Tuesday, as the government reported decent demand for three-year notes in its first shrunken auction in two years. Bond traders also kept an eye on other markets’ ever-changing reaction to the ramifications of the European Union’s and International Monetary Fund’s massive rescue package on the euro, economic growth in the region and global equity markets. U.S. stocks turned lower late in the session. Yields on 2-year notes declined 3 basis points to 0.84%. Yields on 10-year notes slid 1 basis point to 3.53%. Yesterday, they closed 11 basis points higher on the initial news of the euro package over the weekend. Last week, the benchmark yields closed at the lowest since early December. The Treasury Department sold $38 billion in 3-year notes at a yield of 1.414%, in line with traders’ expectations. The amount was $2 billion less than last month’s sale. Economic Data: MBA Mortgage Applications, Trade Balance.

Commentary/New Issues

Corporate:
$2B ENTERPRISE PRODUCTS OP LLC 3-PT BAA3/BBB- $400M 3.70% 6/1/15 +150bp; $1B 5.20% 9/1/20 +170bp; $600M 6.45% 9/1/40 +205bp

Agency:
Nothing

ABS:
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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 dropped the most in nine months after European governments announced a loan package worth almost $1 trillion and the European Central Bank said it will buy bonds to halt the region’s debt crisis. The gap in yields between 2- and 10-year securities widened the most in three months as Europe’s efforts to keep Greece’s crisis from triggering a broader sovereign-debt collapse reduced the haven appeal of U.S. government debt and sent stocks soaring. The Treasury will sell $78 billion of notes and bonds this week, including $38 billion of three-year notes today. The benchmark U.S. 10-year note yield rose 12 basis points to 3.54 percent. Two-year note yields rose 6 basis points to 0.87 percent after earlier increasing as much as 14 basis points. Economic Data: ABC Consumer Confidence, MBA Mortgage Inventories.

Commentary/New Issues

Corporate:
$350M PEARSON FUNDING TWO PLC BAA1/BBB+ 4.00% 5/17/16 +185bp
$550M XCEL ENERGY BAA1/BBB 4.70% 5/15/20 +120bp
$250M SAN DIEGO G&E AA3/A+5.35% 5/15/40 +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 10-year note yields headed for the biggest two-week decline since December 2008 as concern that European leaders will be unable to contain Greece’s debt crisis sent investors to the safety of U.S. government debt. U.S. bonds swung between gains and losses today amid speculation the European Central Bank may come to the aid of Greece to try to halt contagion that undermined confidence in financial trading mechanisms. Treasuries tumbled earlier as a government report showed U.S. payrolls rose in April by the most in four years. The 10-year note yield was poised for a weekly decline of 22 basis points and a two-week drop of 38 basis points, the most since the security lost 58 basis points almost 17 months ago after the Fed cut the key interest rate to virtually zero and said it would buy long-term debt. The two- year yield, also poised for a second weekly fall, rose 4 basis points to 0.82 percent. Global stocks fell, with the Standard & Poor’s 500 Index sliding 1.2 percent and the MSCI World Index dropping 2 percent. Crude oil for June delivery fell as much as 3.4 percent to $74.51 a barrel in New York, the lowest level since Feb. 12. Economic Data for the Week: Wholesale Inventories, Trade Balance, Initial Jobless Claims, Retail Sales and U. of Michigan 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:
Treasuries surged, pushing yields down the most since the Federal Reserve said in March 2009 it would buy government debt, as concern that Europe’s debt crisis is worsening drove investors to the safest assets. U.S. 10-year note yields tumbled as much as 28 basis points as European Central Bank President Jean-Claude Trichet resisted pressure from economists to consider buying government bonds to ease the Greek debt crisis. The euro slumped the most since the aftermath of the collapse of global credit markets in 2008, fueling a plunge in stocks and commodities. The benchmark 10-year note yield touched 3.26 percent, the lowest level since Dec. 2, before trading at 3.40 percent, down 14 basis points. The 30-year bond yield fell as much as 33 basis points, also the most since March 2009, and touched 4.06 percent, the lowest level since Oct. 8. It pared the drop to trade at 4.20 percent, down 18 basis points. The Standard & Poor’s 500 Index plunged as much as 8.6 percent, the most since December 2008, before trimming its loss to 3.2 percent. The euro dropped below $1.26 for the first time since March 2009, and crude oil for June delivery fell as much as 6.7 percent to $74.58 a barrel in New York. Economic Data: Unemployment Rate, Consumer Credit.

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 10-year note yields touched the lowest level in more than four months as concern that a rescue plan for Greece hasn’t contained Europe’s debt crisis boosted demand for the safest assets. Yields on U.S. two-year notes dropped to a two-month low as Treasuries rose even after a report showed companies added more jobs last month than forecast. Portugal may have its credit rating cut by Moody’s Investors Service as the country struggles to reduce its budget deficit. The U.S. said it will sell $78 billion in notes and bonds next week in the first reduction in coupon sizes since May 2007. The 10-year yield fell as much as 10 basis points and touched 3.49 percent, the lowest level since Dec. 18, before trading at 3.55 percent. The two-year note yield tumbled 7 basis points to 0.87 percent and touched 0.80 percent, the lowest since March 4. The U.S. Treasuries market has outperformed most of its peers with a return of 1.58 percent in the past month, according to the Bloomberg/EFFAS indexes. It trailed Denmark, with a 2.31 percent return, and Switzerland, which returned 1.65 percent. Economic Data: Initial Jobless Claims, Continuing Claims, Unit Labor Costs.

Commentary/New Issues

Corporate:
$250M IRONSHORE HOLDINGS BAA3/BBB- 8.50% 5/15/20 +506.3bp

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 10-year note yields, the yield curve and 10-year swap spreads are all on the brink of breaking through long-held technical ranges. The yield on the 10-year note fell 8 basis points to 3.60 percent. The two-year note yield fell 4 basis points to 0.95 percent, narrowing the gap in yields to 2.66 percentage points, the least since Dec. 4. The Treasury is scheduled to sell $80 billion of notes and bonds next week. The firms expect the Treasury to sell $39 billion in 3-year securities, $25 billion of 10-year debt and $16 billion in 30-year bonds. Both the 10-year and the 30-year sizes would match record levels.
Economic Data: MBA Mortgage Applications, ADP Employment Change, Nonfarm Productivity.

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:
Treasuries fell for the first time in three days after European officials announced a rescue package to prevent Greece’s debt crisis from spreading and reports showed the U.S. economic recovery is gaining steam. U.S. 10-year notes dropped after registering on April 30 their first monthly gain since January. Consumer spending in the U.S. climbed in March by the most in five months and the Federal Reserve’s preferred measure of inflation, which excludes food and fuel, increased. The Treasury raised its estimate for government borrowing this quarter by 27 percent. The yield on the 10-year note increased four basis points to 3.69 percent. The two-year note yield rose five basis points to 1 percent. Less than $148 billion of Treasuries changed hands yesterday, according to ICAP Plc, the world’s largest inter- dealer broker. The daily average over the past three months is $220 billion.
Economic Data: ABC Consumer Confidence, Pending Home Sales, Factory Orders

Commentary/New Issues

Corporate:
Nothing

Agency:
Nothing

ABS:
Nothing

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 New Issues larger than $250mm.

70,200,000 Shares

$ Amount: $540,540,000

4,500,000 Shares

$ Amount: $27,000,000