CREDIT MARKETS

Treasurys:
Treasurys strengthened yesterday following strong demand for U.S. debt during the government’s five‐year note auction, and another report 
highlighting the uphill struggle facing the U.S. economy. The Treasury Department sold $37 billion in 5‐year notes at a yield of 1.796%. Bidders 
offered to buy 3.06 times the amount of debt sold, marking the highest since 3.11 at the August 2006 sale. Indirect bidders bought 47% and direct 
bidders purchased another 11%. Yields on 10‐year Treasury notes fell 6 basis points to 2.99%. Shorter‐maturity Treasurys also added to earlier 
gains. Yields on 2‐year Treasury notes fell 3 basis points to 0.61%, while yields on 5‐year notes slid 9 basis points to 1.70%. Appetite for Treasurys 
had been firm earlier after the Commerce Department reported durable‐goods orders posted an unexpected pullback in June. 
Economic Data:  Initial Jobless Claims, Continuing Claims.

Commentary/New Issues

Corporate:
$2.5B UBS AG (STAMFORD) AA3/A+ 4.875% 8/4/2099 +192bp
$750M MCDONALD’S A3/A 2-PT $450M 3.50% 7/15/20 +55bp; $300M 4.875% 7/15/40 +85bp
$1.25B FORD MOTOR CREDIT BA3/B- 6.625% 8/15/17 +449bp
$500M UNION PACIFIC BAA2/BBB 4.00% 2/1/21 +102bp

Agency:
Nothing

ABS:
$409M FDIC 2010-R1
$378.3M NSLT 10-3

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 came under pressure yesterday, pushing yields up, after the government saw weak demand for its auction of 2‐year notes at the 
lowest yield on record. Treasurys pared losses earlier after a report showed that consumer confidence weakened this month, weighing on U.S. 
equities. Yields on 10‐year notes rose 6 basis points to 3.05%, after reaching 3.06% before the confidence data. Yields on 2‐year notes  increased 4 
basis points to 0.64%. Before today’s auction of new securities, yields on 5‐year notes rose 5 basis points to 1.79%. The Treasury Department sold 
$38 billion in 2‐year notes at a yield of 0.665%, the lowest level on record for an auction. The amount is $2 billion less than the government sold 
last month and the smallest since December 2008 as the government has continued to reduce the amount of debt it needs to sell.
Economic Data:  MBA Mortgage Applications, Durable Goods Orders.

Commentary/New Issues

Corporate:
$750M BRAZIL BAA3/BBB- 4.875% 1/22/21 +150bp
$2.25B AT&T A2/A 2.50% 8/15/15 +77bp
$1B CIBC AAA/AAA 2-PT $400M 2.00% 2/04/13 +27bp; $600M 2.60% 7/02/15 +56bp
$500M SAFEWAY BAA2/BBB 3.95% 8/15/20 +95bp

Agency:
Nothing

ABS:
(priced) $1B CIBC
(priced) $1.387B FORDO 10-B

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 spent most of Monday in negative territory, pushing 2‐year yields up from near record lows, after government data showed sales 
of new homes rebounded sharply during June. U.S. stocks climbed on the heels of the Commerce Department report, reducing the appeal of bonds
as an alternative asset. Yields on 10‐year notes rose 1 basis point to 3%. Yields on 2‐year notes increased 1 basis point to 0.59%.  The securities 
closed at an all‐time low of 0.56% last week. New‐home sales improved to 330,000 last month, above the 316,000 seasonally adjusted annual pace 
estimated in a MarketWatch survey of economists. Treasurys had ended on a lower note last week, after results of financial stress tests on 
European banks showed that fewer needed to raise capital. However, the tests themselves raised questions about what part of banks’ books had 
been evaluated. Also weighing on bonds, the government will sell $104 billion in 2‐year, 5‐year and 7‐year debt starting today. 
Economic Data:  Consumer Confidence.  

Commentary/New Issues

Corporate:
$3B WESTPAC BANKING 2-PT AA1/AA $1B 2.10% 8/02/13 +117bp; $2B 3.00% 8/04/15 +137bp
$1.5B TEXAS TRANSPORATION COMMISSION 2-PT AAA/AAA $296M 5.028% 4/1/26 +100bp; $1.204M 5.178% 4/1/30 +115bp
$1B ALCOA BAA3/BBB- 6.15% 8/15/20 +318bp
$500M COMMONWEALTH EDISON BAA1/A- 4.00% 8/1/20 +100bp
$250M KIMBERLY-CLARK A2/A 3.625% 8/1/20 +65bp

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 on Friday, pushing yields up, as U.S. stocks gained ground, resuming focus on positive corporate earnings and pushing the 
results of stress tests on European banks to the background. Yields on U.S. 10‐year notes rose 4 basis points to 2.98%. Yields on 2‐year notes 
increased 1 basis point to 0.58%, near a record low level touched earlier this week. Yields on 30‐year bonds increased 6 basis points to 4.01%. From
last Friday, 10‐year yields were up from 2.94%. Two‐year yields slipped modestly from 0.59% and 30‐year yields have increased from 3.88% a week 
ago. Seven banks, mostly in Spain, were deemed to not have enough capital, roughly in line with analyst expectations. Some banks had to fail for 
the test to be considered rigorous enough. For one thing, the tests accounted for a certain percentage of losses on various countries’ bonds but not
an outright default. 
Economic Data: New Home Sales, Consumer Confidence, ABC Consumer Confidence, MBA Mortgage Applications, Durable 
Goods Orders, Initial Jobless Claims, Continuing Claims, Personal Consumption

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 yesterday, pushing yields upward from multimonth lows, as U.S. equities recovered all of the prior session’s losses and then 
some. Improvement in investors’ willingness to move into riskier assets, including stocks, typically weighs on demand for the relative safety offered
by U.S. government debt. Yields on 10‐year notes, which had touched a 15‐month low Wednesday, rose 5 basis points to 2.93%. Yields on 2‐year 
notes increased 1 basis point to 0.56%, after having touched an all‐time low yesterday. Yields on 2‐year notes could fall further in the near term, 
perhaps to 0.40%. Ten‐year yields are likely to stay in a range of 2.90% to 3.50%. Bonds rallied late Wednesday after Bernanke said that the outlook
for the economy was ”unusually uncertain” and that the central bank is ready to take additional actions if the U.S. recovery slows significantly.

Commentary/New Issues

Corporate:
$2B TORONTO DOMINION AAA/NR 2.20% 7/29/15 +57.1bp
$1B STATE BANK OF INDIA BAA2/BBB- 4.50% 7/27/15 +290bp
$1B US BANCORP AA3/A+ 2.45% 7/27/15 +78bp
$1.5B QUEBEC AA2/A+/AA- 3.50% 7/29/20 +60.45bp

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 added to gains yesterday, pushing 10‐year yields to the lowest since April 2009, after Federal Reserve Chairman Ben Bernanke told 
Congress the central bank is ready to take more actions if the U.S. economy slows significantly. Yields on 10‐year notes fell 9 basis points to 2.87%, 
after touching 2.87, the lowest in 15 months. Yields on 2‐year notes slipped 3 basis points to 0.56%, after falling to 0.54% earlier, a new all‐time 
low. News reports this week pointed to other steps the Fed could take to further ease monetary policy if the economy slows more than 
anticipated, including lowering or eliminating the interest rate that the Fed pays on excess reserves that banks hold. That would effectively take 
away the incentive to hold the reserves and instead lend them out. 
Economic Data: Initial Jobless Claims, Continuing Claims, Existing Home Sales 
and Leading Indicators.

Commentary/New Issues

Corporate:
$1.25B NOBLE HOLDINGS INTL LTD 3-PT BAA1/A- $350M 3.45% 8/01/15 +180bp; $500M 4.90% 8/01/20 +205bp; $400M 6.20% 8/01/40 +230bp
$450M RALCORP HOLDINGS 2-PT BAA3/BBB- $300M 4.95% 8/15/20 +210bp; $150M 6.625% 8/15/39 +255bp
$3B MORGAN STANLEY 2-PT A2/A $1.25B 4.00% 7/24/15 +245bp; $1.75B 5.50% 7/24/20 +270bp
$3B GOLDMAN SACHS 2-PT A1/A $2.25B 3.70% 8/1/15 +205bp; $750M 6.00% 6/15/20 +230bp
$3B EIB AAA/AAA 1.25% 9/17/13 +42.9bp

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 gains yesterday, taking pressure off 10‐year note yields after they had fallen to a fresh 15‐month low, as investors reassessed
the latest slate of earnings releases and bid up U.S. equities. Treasurys rose earlier after a government report showed U.S. housing starts fell more 
than expected, adding to growing evidence of faltering conditions in the housing market, and several large U.S. companies disappointed with 
quarterly results. Yields on 10‐year notes earlier dropped 5 basis points to 2.90%, the lowest level since April 2009. . They recently traded little 
changed at 2.95%. Yields on 2‐year notes slipped less than 1 basis point to 0.59%, after touching a new record low of 0.56%. Bond traders are also 
eyeing the U.S. corporate earnings parade while awaiting Federal Reserve Chairman Ben Bernanke’s congressional testimony starting today and 
results on Friday of European Union‐administered bank ”stress tests.” 
Economic Data: MBA Mortgage Applications. 

Commentary/New Issues

Corporate:
Nothing

Agency:
$1.25B FHLB 1.875% 6/21/13

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 10‐year yields up from the lowest in 14‐months, as rising equities conveyed a generally positive 
outlook among investors, reducing the demand for bonds as an alternative asset. Yields on 10‐year notes rose 4 basis points to 2.97%. Yields on 2‐
year notes was little changed at 0.59%, near its all‐time lowest level. Last week, 10‐year yields dropped to the lowest since April 2009 and 2‐year 
yields fell to a record low following the government’s bond sales and unexpected weakness in consumer and manufacturing sentiment. Treasurys 
briefly pared losses after the National Association of Home Builders/Wells Fargo housing‐market index fell to 14 in July from a downwardly revised 
16 in June. The rest of the week will bring data on home sales, which are forecast to remain very weak after the government’s tax credit ended and
may limit the decline in U.S. debt prices. 
Economic Data: Housing Starts, Building Permits.  

Commentary/New Issues

Corporate:
$600M CHARLES SCHWAB A2/A 4.45% 7/22/20 +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 rose yesterday, pushing 2‐year yields down by the most in more than five weeks, as minutes from the Federal Reserve’s June policy 
meeting indicated officials agreed to consider further policy measures to stimulate growth if needed. Also supporting bonds were weak retail‐sales 
data and the completion of the government’s debt auctions this week with its sale of 30‐year bonds. Yields on 10‐year notes fell 8 basis points to 
3.04%. Yields have increased in four of the past five sessions. Ten‐year yields closed at 2.93% on July 1, the lowest since April 2009. Yields on 2‐year
notes fell 7 basis points to 0.60%, near the record low the short‐term securities touched about two weeks ago. Yields on 30‐year bonds declined 8 
basis points to 4.03%. That’s up from 3.8% at the beginning of this month. The Fed also revised lower its forecasts for inflation and growth in 2010 
and 2011, and raised its expectation of the unemployment rate. 
Economic Data: Initial Jobless Claims, Continuing Claims, Empire Manufacturing. 

Commentary/New Issues

Corporate:
$300M BANCO MERCANTIL DEL NORTE A3/BBB- 4.375% 7/19/15 +262.5bp
$2B SUMITOMO MITSUI BNKG 2-PT AA2/A+ $1B 2.15% 7/22/13 +118bp; $1B 3.15% 7/22/15 +137.5bp
$579.863M ALTA WIND HLDGS II-IV NR/BBB- 7.00% 12/30/34
$500M PTT EXPLORATION (AUSTRALIA) A3/BBB+ 4.152% 7/19/15 +230bp
$3.5B QATARI DIAR FINANCE 2-PT AA2/AA $1B 3.50% 7/21/15 +180bp; $2.5B 5.00% 7/21/20 +190bp

Agency:
$1B FREDDIE MAC 2.875% 2/9/15 +8bp

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 yesterday, pushing long‐term yields up, after the government saw tepid demand at its latest sale of benchmark 10‐year notes, 
which came at the lowest yield since April 2009. Bonds had been under pressure throughout the session as stocks rallied on an upbeat launch of 
earnings season and the Commerce Department said the U.S. trade deficit unexpectedly widened in May. Yields on 10‐year notes  rose 5 basis 
points to 3.12%. Yields on 2‐year notes increased 1 basis point to 0.67%. The Treasury Department sold $21 billion in 10‐year notes at a yield of 
3.119%, the lowest level at an auction in 15 months. Bidders offered to buy 3.09 times the amount of debt sold, versus an average of 3.35 times at 
the past four reopenings of 10‐year notes. Indirect bidders purchased 41.7%, compared with an average of 36.9% for the past four sales. Direct 
bidders bought another 9.8%, versus 16.2% on average. 
Economic Data: Advance Retail Sales, Business Inventories.

Commentary/New Issues

Corporate:
$2B PEMEX BAA1/BBB 5.50% 1/21/21 99.011 +250bp
$750M AGILENT TECHNOLOGIES 2-PT BAA3/BBB- $250M 2.50% 7/15/13 +150bp; $500M 5.00% 7/15/20 +195bp
$600M WOORI BANK A1/A- 4.75% 1/20/16 +300bp
$1B TARGET CORP A2/A+ 3.875% 7/15/20 +80bp
$750M PROVINCE OF NOVA SCOTIA AA2/A+ 2.375% 7/21/15 +60.25bp
$500M BERMUDA AA2/AA 5.603% 7/20/20 +250bp

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.