CREDIT MARKETS

Treasuries:
Treasury prices slipped as yields pushed higher yesterday as the government sold 3-year notes at the lowest yield since January 2009, indicating good demand in the first of three government debt auctions this week. Yields on 10-year notes rose 3 basis points to 3.18%. Yields on 2-year notes also increased, up 2 basis points to 0.74%. The Treasury Department sold $36 billion in 3-year notes at a yield of 1.220%, the lowest since January 2009. Bidders offered to buy 3.23 times the amount of debt being sold, nearly the highest this year and compared to an average of 3.08 times at the last four auctions of 3-year notes. The amount was the smallest since July 2009, the second monthly cut the government has made in the size as its debt-financing needs have become more clear.
Economic Data: MBA Mortgage Applications, Wholesale Inventories and Fed Beige Book

Commentary/New Issues

Corporate:
$800M ALTRIA GROUP BAA1/BBB 4.125% 9/11/15 +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 mostly rose , pushing long-term yields down, as the euro moved lower against the dollar. Bonds had been under pressure earlier, but turned and added to the big gains notched Friday on a combination of fears about Hungary’s financial health and a weak U.S. payrolls report for May. Yields on 10-year notes fell 1 basis point to 3.20%. The benchmark Treasury’s yield rose as high as 3.24% earlier. On Friday, 10-year yields fell by the most since May 2009 as the euro dropped below the key level of $1.20 for the first time since late March 2006. Meanwhile, yields on 2-year notes were little changed at 0.73%.The euro turned down against the dollar, though it was still up from its worst levels of the session as some worries about Hungary’s debt eased.
Economic Data: 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 rallied last week, as investors moved capital into defensive investments in the wake of disappointing U.S. payrolls data as well as fears about Hungary’s economy—the latest European country whose fiscal and debt status has been called into question. Yields on benchmark 10-year Treasury notes slumped 15 basis points to 3.22%, while yields on 30-year bonds fell 12 basis points to 4.16%. Yields on two-year notes also dropped, down 9 basis points to 0.73%. The euro touched a four-year low against the greenback and hit an all-time low against the Swiss franc, as investors moved into less-risky Treasurys, U.S. currency and gold. Gold futures were trading higher on the New York Mercantile Exchange. The dollar index which tracks the U.S. unit against a basket of six major currencies, rose to 87.97 from 87.22 late Thursday.
Economic Data: ABC Consumer Confidence, MBA Mortgagee Applications, Initial Jobless Claims, Continuing Claims, Advance 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:
Treasury prices fell and yields rose yesterday as investors sold off some of their safe-haven investments on the eve of the release of key data about nonfarm payrolls and unemployment for May. Yields on benchmark 10-year Treasury notes moved up 3 basis points to 3.38%. Yields on two-year notes were flat at 0.82%, while yields on 30-year bonds slumped 4 basis points to 4.29%. U.S. stocks have also been on an uptrend in this holiday-shortened week, rising ahead of Friday’s key jobs report. The Dow Jones Industrial Average was trading lower by 0.2% in recent action. The dollar index which tracks the greenback against a basket of six major currencies, was at 87.19.
Economic Data: Unemployment Rate, Change in Nonfarm Payrolls, Avg Weekly Hours All Employees.

Commentary/New Issues

Corporate:
$300M INT’L GAMING TECHNOLOGY BAA2/BBB 5.50% 6/15/20 +220bp
$600M WASTE MANAGEMENT BAA3/BBB 4.75% 6/30/20 +147bp
$4B ROYAL BANK OF CANADA AAA/AA- 3ML+0,+5,+10,+15,+15,+15 6/30/16
$250M OKLAHOMA G&E A2/BBB+ 5.85% 6/1/40 +162.5bp
$150M HEALTH CARE REIT BAA2/BBB- 6.125% 4/15/20 +261.6b

Agency:
$5BLN FANNIE MAE 1.125% 7/30/12 +30bp

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.

Treasuries:
Treasuries fell as pending U.S. home resales increased in April more than economists forecast and stocks rallied, discouraging demand for the relative safety of government debt. The 10-year note dropped for the first time in almost a week before a government report on June 4 expected by economists to show employment in the U.S. increased in May by the most since 1983. Treasuries rallied last month on Europe’s sovereign-debt crisis, pushing the 10-year yield down the most since December 2008. Ten-year note yields increased 7 basis points to 3.34 percent. A one-point drop in the 30-year bond pushed the yield to 4.24 percent, the highest level since May 28. The yield on the two-year note rose five basis points to 0.81 percent.
Economic Data: Initial Jobless Claims, Continuing Claims, Factory Orders, ISM Non-Manf. Composite

Commentary/New Issues

Corporate:
$700M CON EDISON 2-PT A3/A $350M 4.45% 6/15/20 +115bp; $350M 5.70% 6/15/40 +150bp
$300M TANGER PROPERTIES BAA2/BBB 6.125% 12/1/20 +287.5bp
$2B BANK OF MONTREAL AAA/AAA 2.85% 6/09/15 +72.3bp
$450M DUKE ENERGY CAROLINAS A1/A 4.30% 06/15/20 +100bp

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 notes rose for a third straight day as a drop in U.S. stocks reduced demand for higher-yielding assets. Bonds fluctuated for most of the day as a report showed U.S. manufacturing expanded in May for a tenth straight month while China’s factory growth slowed and Europe faced the prospect of more bank writedowns. Stocks fell at the end of trading on BP’s failure to plug a leaking oil rig and a report that said Lebanon fired on Israeli warplanes. The yield on the 10-year note dropped four basis points to 3.26 percent. The Standard & Poor’s 500 Index dropped 1.7 percent after AFP reported that a senior Israeli security official said the nation’s planes were targeted by Lebanese anti-aircraft guns. The 10-year note’s yield fell 37 basis points last month in the biggest decrease since the Federal Reserve cut its target lending rate to a record low in December 2008, when the yield dropped 71 basis points. The yield on the 2-year note decreased 19 basis points in May.
Economic Data: MBA Mortgage Applications, Pending Home Sales, Vehicle 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.

22,535,211 Shares

$ Amount: $159,999,998

11,700,000 Shares

$ Amount: $339,300,000

2,615,557 Shares

$ Amount: $3,007,895

CREDIT MARKETS

Treasuries:
Treasury prices stayed higher and the dollar crept up on Friday after the Federal Reserve said it has scheduled “small value” auctions of term deposits that are expected to eventually grow into a tool for tightening monetary policy. The euro bought $1.2324, from $1.2356 in North American trading late Thursday. The dollar index which tracks the U.S. unit against a basket of six major currencies, rose to 86.503, compared to 86.305 late Thursday. Yields on 10-year notes fell 5 basis points to 3.31 percent. Treasurys of all maturities have returned 1.42 percent in May. The extra yield that investors demand to hold corporate debt above Treasury yields has jumped in the last month.
Economic Data: Construction Spending, ABC Consumer Confidence, MBA Mortgage Applications, Jobless Claims, Factory Orders, Employment Situations. 

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 offering mentioned and therefore offerings will be subject to availability.
All statistical data is sourced from Bloomberg Financial Markets.