CREDIT MARKETS

Treasuries:
Treasury prices held onto a sliver of gains on yesterday, keeping yields down, as investors hesitated to buy U.S. debt further after the government 
sold 7‐year notes at the lowest yield since when the maturity was reintroduced last year. The rally had pushed 10‐year yields to the lowest level 
since April 2009 after a pair of economic reports issued earlier added to worries about the economy’s growth prospects. Yields on 10‐year notes 
fell 1 basis point to 3.12%. The benchmark 10‐year’s yields fell as low as 3.06%, the lowest level on a closing basis in 14 months. Yields on 2‐year 
notes declined 1 basis point to 0.67%, after they earlier touched 0.63%. In December 2008, the 2‐year yield fell to an all‐time low of around 0.60% 
on an intraday basis. The Treasury Department sold $30 billion in 7‐year notes at a yield of 2.575%, the lowest level since March 2009. The 
government brought back the maturity in February 2009 after a 16‐year absence. The yield was a little lower than traders expected. 
Economic  Data: Personal Consumption, GDP Price Index.

Commentary/New Issues

Corporate:
$250M PUGET SOUND ENERGY BAA1/A‐ 5.764% 7/15/40 +167.5bp
$250M REALTY INCOME CORP BAA1/BBB 5.75% 1/15/21 +270bp
$1B ERAC USA FINANCE 2‐PT BAA2/BBB+ $350M 2.75% 7/1/13 +170bp; $650M 5.25% 10/1/20 +220bp
$200M PENN MUTUAL LIFE INSURANCE A2/A 7.625% 6/15/40 +392.5bp
 
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 yesterday, pushing short‐term yields towards the lowest on record, after the Federal Reserve downgraded its assessment 
of the economic outlook. Yields had been down before the Fed’s decision following dismal May sales results for newly built homes as well as 
lackluster demand for 5‐year notes. Yields on 10‐year notes declined 6 basis points to 3.11%, after having touched the lowest level in a month 
earlier. Yields on 2‐year debt, which are more closely tied to interest‐rate expectations, fell 4 basis points to 0.67%, the lowest level since 
December and just a few basis points above the lowest level on record, set in December 2008. The Federal Open Market Committee said the 
European debt crisis was negatively impacting the recovery. It also kept its target federal funds rate on hold, as widely anticipated. Economic Data:
Durable Goods Orders, Initial Jobless Claims, Continuing Claims.

Commentary/New Issues

Corporate:
$400M JEFFERIES GROUP BAA2/BBB 6.875% 4/15/21 +390bp 
$800M GRUPO BIMBO SA BAA2/NR 4.875% 6/30/20 +180bp

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 extended gains yesterday, pushing 2‐year yields down to the lowest in almost a month, after the government received good 
demand at its auction of 2‐year notes, even though the sale came at the lowest yield on record. Bond prices were mostly higher throughout the 
session as a weak report on existing U.S. home sales discouraged already shaken optimism about prospects for global economic growth, pushing 
stocks down more than 1% in afternoon trading. Yields on 10‐year notes fell 7 basis points to 3.17%. Yields on 2‐year notes declined 2 basis point 
to 0.69%. That’s not much higher than the record low of around 0.62% set in December 2008. The Treasury Department sold $40 billion in 2‐year 
notes at a yield of 0.738%, the lowest ever for the security. 
Economic Data: New Home Sales

Commentary/New Issues

Corporate:
$300M CANTOR FITZGERALD BAA3/BBB 6.375% 6/26/15 +450bp 

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 pared losses yesterday, though long‐term yields remained higher, as investors mulled the longer‐term implications of China’s decision to allow greater flexibility for its currency. Treasurys had been further in the red, with U.S. stocks rallying sharply, as the news initial 
boosted hopes for greater growth in the nation’s economy. Another worry is how much a stronger yuan will affect the amount of excess reserves 
to invest in U.S. bonds. Yields on 10‐year Treasury notes  rose 2 basis points to 3.24%. Yields on 2‐year notes turned lower, falling 1 basis point to 
0.71%. Over the weekend, China’s central bank announced it planned to loosen the ”peg” between the yuan and the U.S. dollar. It ruled out a one‐
time revaluation, like the one in 2005, and emphasized any strengthening in the yuan would be gradual.  The move toward a more flexible Chinese 
currency supported equities and commodities.

Commentary/New Issues

Corporate:
$2B HSBC BANK PLC  AA2/AA 3.50% 6/28/15 +150bp
$400M GENWORTH FINANCIAL  BAA3/BBB 7.70% 6/15/20 +446bp 
$1B BANK OF MONTREAL AA2/A+ 2.125% 6/28/13 +95bp
$1.5B COVIDIEN INT’L FINANCE S.A. 3‐PT BAA1/A $500M 1.875% 6/15/13 +72bp; $400M 2.800% 6/15/15 +82bp; $600M 4.200% 6/15/20 +97bp
$1B BANK OF MONTREAL AA2/A+ 2.125% 6/28/13 +95bp
$1.5B COVIDIEN INT’L FINANCE S.A. 3‐PT BAA1/A $500M 1.875% 6/15/13 +72bp; $400M 2.800% 6/15/15 +82bp; $600M 4.200% 6/15/20 +97bp 
$2.75B SHELL INT’L FINANCE 2‐PT AA1/AA+ $1.00B  6/22/12; $1.75B 3.10% 6/28/15 +110bp
$1.25B KEXIM A1/A 5.125% 6/29/20 +198bp
$1B GECC AA2/AA+ 3.50% 6/28/15 +150bp

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 Friday, pushing yields up and giving back some of Thursday’s big gains on the back of poor economic data. Traders also tuned into the potential for more activity from companies, after many brought deals to the market this week after a long hiatus. Yields on 10‐year notes increased 3 basis points to 3.23%, after closing Thursday at the lowest level since June 9. Yields on 2‐year notes were little changed at 0.71%, after closing at the lowest level since early December. In the last week, 2‐year yields have moved from 0.72%. That’s not far off from the all‐time low of about 0.62% at the depths of the financial crisis in December 2008. Ten‐year yields stood at 3.22% last Friday, making them still near the lowest seen since May 2009. On Thursday, Treasurys fell as a rise in first‐time jobless claims and falling consumer prices called into question the ability of the economy to recover. Also, low inflation reduces the risk to bondholders that price increases will reduce the value of their fixed payments. 
Economic Data: ABC Consumer Confidence, MBA Mortgage Applications, New Home Sales, Durable Goods Orders, Initial Jobless Claims,
GDP Price Index, Personal Consumption.

Commentary/New Issues

Corporate:
$2.25B IADB AAA/AAA 2.25% 7/15/15 +37bp 

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:
U.S. Treasuries rose yesterday, sending yields lower, after data showing a drop in home building and falling producer prices renewed concerns about the economy’s ability to recover at the pace investors seem to expect. Reports that Spain might seek financial help also lifted demand for the safe haven of U.S. government debt, even after being denied by officials. Benchmark 10-year Treasury yields fell 4 basis points to 3.27%, after earlier touching 3.24%. Yields on 2-year notes fell 2 basis points to 0.73%. Yields on 30-year bonds were down 4 basis points to 4.19%. Bonds pared some of the gains as U.S. stocks recovered much of the day’s losses. Bonds reached the best levels of the day after data said U.S. housing starts fell 10% in May to a seasonally-adjusted rate of 593,000. Economists had forecast a 7% drop. A big decline was expected to follow the expiration of a federal tax break for home buyers.
Economic Data: Consumer Price Index, Initial Jobless Claims, Continuing Claims.

Commentary/New Issues

Corporate:
$1B PRUDENTIAL FINANCIAL 2-PT BAA2/A $650M 5.375% 6/21/20 +220bp; $350M 6.625% 6/21/40 +245bp
$250M WESTERN UNION CO A3/A- 6.20% 6/21/40 +200bp

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 stocks extend gains after mixed data on homebuilder confidence, manufacturing and investor inflows. Yields on 10-year notes rose 5 basis points to 3.31%. Yields on 2-year notes increased 2 basis points to 0.75%. In late May, 10-year yields closed at 3.15%, the lowest level in about a year. Both stocks and the euro extended gains, with the S&P 500 Index up 1.3% and the euro rising above $1.23. The Treasury Department’s international capital report government said net foreign purchases of long-term U.S. securities totaled $110.9 billion in April, down from $157.7 billion in March. Yields also stayed down after the National Association of Home Builders’ confidence index retreated more than economists expected. Yields had been higher after the New York Federal Reserve Bank’s Empire State Manufacturing index edged higher to 19.6 in June from 19.1 in May, remaining solidly in positive growth territory but well off the high of 31.9 seen in April. Yields had been higher in European trading hours as gains for equities in Europe and Asia lessened the investment appeal of the relative safety of U.S. debt.
Economic data: MBA Mortgage Applications, Housing Starts, Building Permits.

Commentary/New Issues

Corporate:
$750M LINCOLN NATIONAL 2-PT BAA2/A- $250M 4.30% 6/15/15 +225bp; $500M 7.00% 6/15/40 +280bp
$375M PALL CORP BAA1/BBB 5.00% 6/15/20 +175bp

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 pared losses yesterday after Moody’s Investors Service downgraded Greece’s sovereign debt ratings to below investment-grade status, with a stable outlook. Long-term yields stayed higher amid more confidence among investors that the sovereign debt problems in Europe won’t be as big of a drag on global growth as previously feared. Yields on 10-year notes rose 3 basis points to 3.27%, after touching 3.33% earlier. Yields on the benchmark securities are forging a new range, according to RBS Securities, around 3.15% to 3.37%. Yields on 2-year debt decreased 1 basis point to 0.73%, after being higher until mid-day. Earlier, a positive industrial production report from Europe bolstered stocks and helped reduce the appeal of the relative safety of U.S. bonds over stocks and other assets generally considered riskier.
Economic Data: ABC Consumer Confidence, Import Price Index, Empire Manufacturing.

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 gained on Friday, cutting into the week’s decline, as a surprising drop in U.S. retail sales weighed on stocks and raised questions about the veracity of the U.S. economic recovery. Bonds briefly pared gains after a private index of consumer sentiment rose more than some analysts expected. Yields on 10-year notes fell 10 basis points to 3.22%. Yields on the benchmark securities are up from 3.20% a week ago, alternating weeks of gains and losses since the beginning of May. Yields on 2-year debt declined 6 basis points to 0.73%. Two-year yields have increased from 0.72% a week ago, the second week rising out of six. The 1.2% drop in retail sales in May was the first in eight months. Excluding autos, sales fell 1.1%. Yields had been down slightly before the data as Thursday’s big jump in yields, the biggest since April for 10-year notes, drew in investors from Asia and Europe. Technical indicators still point to a continuation of Treasurys decline, after touching the low levels of the recent range during the week. The government received solid demand at its auctions of $70 billion in 3-year, 10-year and 30-year debt this week, even though yields came at the lowest yields in several months.
Economic Data: ABC Consumer Confidence, MBA Mortgage Applications, Empire Manufacturing, Producer Price Index, Housing Starts.

Commentary/New Issues

Corporate:
$650M BANK OF NY MELLON AA2/AA- 2.95% 6/18/15 +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 prices turned up late yesterday, pushing benchmark yields down slightly, as U.S. stock markets gave up the bulk of the day’s gains, weighed by worries about BP Plc. Bonds had been lower most of the session, staying down after the government garnered tepid demand for its sale of 10-year notes, the second of three big auctions this week. U.S. debt pared losses slightly after the Federal Reserve’s Beige Book report said growth was modest, though capital and consumer spending have risen. Yields on 2-year notes fell 2 basis points to 0.73%. Yields on 10-year notes were little changed at 3.19%. Economic Data: Trade Balance, Initial Jobless Claims, Continuing Claims.

Commentary/New Issues

Corporate:
$2.5BLN PROVINCE OF ONTARIO AA1/AA- 2.70% 6/16/15 +73.55bp
$1.875BLN, CITIGROUP A3/A 6.00% 12/13/13 +425bp
$1BLN US BANCORP AA2/A+ 2.00% 6/14/13 +85bp

Agency:
$1BLN FANNIE MAE 1.125% 7/30/12

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.