CREDIT MARKETS

Treasuries:
Treasury prices rose slightly yesterday, pushing down yields, after the government sold 3‐year notes at the lowest yield ever for the maturity. The 
government will also be selling $21 billion in 10‐year notes today and $13 billion in 30‐year bonds tomorrow. Yields on the benchmark 10‐year 
notes fell 1 basis point to 3.05%. The yield fell as low as 3% in earlier action, ebbing as traders also monitored stock action as a proxy for investor 
demand for the relative security of U.S. debt. The S&P 500 Index recovered from a small loss earlier to sit little changed after the auction. Yields on 
2‐year notes were little changed at 0.64%. The Treasury Department sold $35 billion in 3‐year notes at a yield of 1.055%.  
The previous low for the security was 1.20% in January 2009. The amount was the smallest in a year, as the government has reduced auction sizes 
in recent months. Bidders offered to buy 3.2 times the amount of debt available, compared with an average of 3.18 times at the last four sales of 3‐
year notes. Indirect bidders, a group that includes foreign central banks and is used as a proxy for overseas demand, bought 40.6%, versus an 
average of 50.4% at recent sales. Direct bidders, which includes domestic money managers, purchased another 14.3%, compared with 13.5% on 
average. 
Economic Data: ABC Consumer Confidence, MBA Mortgage Applications.

Commentary/New Issues

Corporate:
$3.25B ORACLE CORP 2-PT A2/A $1B 3.875% 7/15/20 +85bp; $2.25B 5.375% 7/15/40 +140bp
$600M ERP OPERATING LP BAA1/BBB+ 4.75% 7/15/20 +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 mostly fell yesterday, pushing long‐term yields up, after a report showed initial jobless claims declined, supporting stocks and 
causing investors to reexamine their outlook for the U.S. economy. U.S. debt improved as the session wore on, as the Treasury Department 
received good demand at its auction of Treasury Inflation Protected Securities. A report showing a large drop in consumer credit also supported 
bonds. Yields on 10‐year notes, rose 3 basis points to 3.01%. Yields on 2‐year notes slid 1 basis point to 0.62%, near the record low touched earlier 
this week. The 3% level in 10‐year yields has no technical importance. The Labor Department said first‐time claims for unemployment benefits fell 
21,000 in the latest week to 454,000. The number of workers who continue to receive unemployment checks tumbled as Congress failed to extend 
emergency benefits, meaning people no longer receive money but haven’t necessarily found replacement jobs. Late in the afternoon, the Federal 
Reserve said U.S. consumers shed some of their debt for the fourth month in a row in May. Total seasonally adjusted consumer debt fell $9.15 
billion, or a 4.5% annualized rate, in May to $2.42 trillion. 
Economic Data: Wholesale Inventories.

Commentary/New Issues

Corporate:
$850M FLORIDA GAS TRANSMISSION 2-PT BAA2/BBB $350M 4.00% 7/15/15 +220bp; $500M 5.45% 7/15/20 +245bp
$500M ICICI BANK LTD BAA2/BBB- 5.00% 1/15/16 +320.4bp
$500M KOREA HOUSING FIN AA3/NR 4.125% 7/15/15 +235bp
$1.5B REPUBLIC OF POLAND A2/A- 3.875% 7/16/15 +215bp

Agency:
$6B FANNIE MAE 1.25% 8/20/13 +23.5bp

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 to the first weekly increase in at least three weeks, as traders prepared for next week’s auctions and 
indicated that fears about the global recovery have eased. Yields on 10‐year notes rose 7 basis points to 3.06%. Earlier this week, the benchmark 
security’s yield dipped below 3% and touched a 14‐month low. Yields on 2‐year notes were little changed at 0.625% after setting a record low 
during the week. The rally that led Treasury yields to those key lows was likely to lead to some correction. U.S. equities gained ground, with the 
S&P 500 Index headed toward its biggest weekly gain since July 2009. the Treasury Department shifted its auction calendar slightly, selling 10‐year 
inflation‐indexed notes on Thursday rather than on Monday as it usually does. That means next week’s note and bond sales start on Monday, 
instead of Tuesday.The government will kick off the week by selling $35 billion in 3‐year notes, followed by $21 billion in 10‐year debt. On 
Wednesday, it finishes with $13 billion in 30‐year bonds. 
Economic Data: Trade Balance, ABC Consumer Confidence, MBA Mortgage Applications, 
Advance Retail Sales, Producer Price Index, Initial Jobless Claims, Continuing Claims, Industrial Production.

Commentary/New Issues

Corporate:
$400M NY LIFE GLOBAL FUNDING AAA/AAA 1.85% 12/13/13 +85bp

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 long‐term yields up from the lowest in more than a year, as U.S. stocks extended gains to more than 
1%. Short‐term yields also rose from record lows. U.S. debt prices had been higher in earlier activity, with analysts citing light trading volume and a 
lack of economic data or major global news. Yields on 10‐year notes rose 5 basis points, or 0.05%, to 2.99%. Benchmark‐10‐year yields touched of 
2.91% earlier, just above a 14‐month low of 2.905% hit last week. Yields on 2‐year notes increased 2 basis points to 0.63%, after dipping to 0.59% 
in earlier action, near the securities’ historic low. Yields on 30‐year bonds rose 7 basis points to 3.96%. The long‐bond yield touched 3.82% last 
week, the lowest since April 2009. Traders also note that benchmark U.S. stock indexes touched levels near where they sat in November, so a 
reversal in both markets was not unexpected. Economic Data: Initial Jobless Claims and Continuing Claims.

Commentary/New Issues

Corporate:
$1B ROYAL BANK OF CANADA AAA/AA- 2.625% 12/15/15 +90bp
$3B TIME WARNER 3-PT BAA2/BBB $1B 3.15% 7/15/15 +140bp; $1B 4.70% 1/15/21 +175bp; $1B 6.10% 4/15/40 +215bp
$500M CREDIT SUISSE NY AA1/A+ 3.50% 3/23/15 +145bp
$600M CAF A1/A+ 3.75% 1/15/16 +210bp
$400M PLAINS ALL AMERICAN BAA3/BBB- 3.95% 9/15/15 +220bp
$5B KFW AAA/AAA 1.375% 7/15/13 +50.9bp

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 rose yesterday, pushing yields back down towards long‐term lows, after a report showed the non‐manufacturing sector of the U.S. 
economy slowed in June. Treasurys extended gains after stocks turned negative in afternoon trading after being up sharply after the data. Yields on
the benchmark 10‐year note fell 5 basis points to 2.93%. The yield touched 2.92% on June 30, the lowest in 14 months. Yields on 2‐year notes 
decreased 2 basis points to 0.61%, after having touched an all‐time low around 0.59%. The Institute for Supply Management’s services index fell to 
53.8 after holding steady at 55.4 for the past three months. Readings higher than 50 indicate expansion in the industry, but the drop was worse 
than economists anticipated.The report gave early hints of a double dip, but the bond market was ”trading sideways to slightly lower on the day as 
stocks find some support. On Friday, the Labor Department said the private sector of the U.S. economy created fewer jobs than anticipated for 
June, adding to worries that economic growth during the second quarter may have been slower than forecast.  
Economic Data: MBA Mortgage 
Applications.

Commentary/New Issues

Corporate:
$550M LAFARGE BAA3/BBB- 5.50% 7/9/15 +375bp
$1.25B CROATIA BAA3/BBB 6.625% 7/14/20 +381.3bp
$500M DUKE ENERGY INDIANA A2/A 3.75% 7/15/20 +80bp
$300M KROGER BAA2/BBB 5.40% 7/15/40 +155bp

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:
Longer‐term Treasury prices slipped on Friday, moderating what was still their best week in more than a month, after the government’s monthly 
labor report failed to confirm worse fears about the U.S. economy. Yields on 10‐year notes rose 2 basis points to 2.97%. The yield on the 
benchmark note has fallen 14 basis points from June 25, when the yield on 10‐year notes was 3.11%. That’s the biggest weekly drop in yields since 
the week of May 21, according to FactSet. Yields on the benchmark securities are near the lowest since April 2009. Investors bid up shorter 
maturity Treasurys Friday, pushing yields on 2‐year notes down by 1 basis point to 0.63%. Earlier this week, the note’s yield touched a record low. 
In the past week, yields on two‐year notes have slipped 3 basis points, the third weekly decline. Bond traders keyed on nonfarm‐payrolls data 
reported by the Labor Department, which said the economy shed 125,000 jobs in June, with the private sector adding 83,000 positions. The U.S. 
unemployment rate dropped to 9.5% from 9.7% in May, but the government noted a sharp decline in the size of the workforce last month. 
Economic Data: ABC Consumer Confidence, MBA Mortgage Applications, Initial Jobless Claims, Continuing Claims, Consumer Credit, Wholesale 
Inventories.

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.

Program: FORDO 2010-B

Deal Size: $1,387,000,000

CREDIT MARKETS

Treasuries:
 Treasury prices fell slightly yesterday as stocks inched higher for much of the session, though government debt still posted solid gains for the 
month and first half of the year. Supporting bonds, ADP said the U.S. private sector added far fewer jobs than economists expected. That data was 
offset by the Institute for Supply Management’s report on manufacturing activity in the Chicago region, which slipped a bit in June though 
remained at relatively high levels that still indicate overall expansion. U.S. stocks attempted gains for much of the session before falling sharply 
near the end of trading. U.S. government bonds tend to lose ground when the economic outlook supports investor moves into stocks. For June, 
Treasurys of all maturities have returned 1.8%, according to an index compiled by Bank of America Merrill Lynch. This year, Treasurys are up 5.8% 
so far, the best start to a year since 1995. Yields on 10‐year notes, slipped late in the trading day by 1 basis point to 2.95%. The 10‐year yield 
closed Tuesday at the lowest level since April 2009. Yields on 2‐year notes increased 1 basis point to 0.61%, after touching the lowest level on 
record on Tuesday. 
Economic Data: Initial Jobless Claims, Continuing Claims, Domestic Vehicle Sales, Total Vehicle Sales.

Commentary/New Issues

Corporate:
$3B WAL‐MART 3‐PT AA2/AA $750M 2.25% 7/08/15 +53bp; $1.5B 3.625% 7/08/20 +70bp; $750M 4.875% 6/08/40 +108bp
$400M FIDELITY INVESTMENTS A2/A+ 6.50% 12/14/40 +262.5bp
$375M DIGITAL RLTY TRUST LP BAA2/BBB 4.50% 7/15/15 +275bp
$400M CAMPBELL SOUP A2/A 3.05% 7/15/17 +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:
Yields on 2‐year Treasury notes fell to the lowest on record yesterday, as U.S. bonds benefited from worries about global growth, this time 
stemming from economic data in China as well as concerns about the financial health of European banks. A plunge in U.S. consumer confidence 
also weighed on investors’ willingness to buy assets such as stocks and commodities amid growing doubts about a global economic recovery. 
Yields on 2‐year notes fell as low as 0.59%, the lowest ever on an intraday basis. They recently traded at 0.60%, down 3 basis points, or 0.03%. Two
year notes last hit this level in December 2008, just after the Federal Reserve put through its most recent interest‐rate cut to counteract the global
economic crisis. The U.S. central bank has held rates at ultra‐low levels since then.The 2‐year’s yield has fluctuated since then, going as high as 
1.31% last summer, as investors began pricing in rate hikes by the Fed ‐ increases that never came to pass. Indeed, Fed policy makers last week 
struck a less optimistic tone about the economic outlook and said underlying inflation has trended lower. Also lower, yields on 10‐year notes fell 6 
basis points to 2.96%. They earlier touched 2.95%, the lowest since April 2009. Yields on 30‐year bonds declined 7 basis points to 3.94%. They 
haven’t closed below 4% since October. 
Economic Data: ADP EMployment Change, Challenger Job Cuts. 

Commentary/New Issues

Corporate:
$252.595M MASS WATER POLLUTION ABATEMENT TRUST AAA/AAA 5.192% 8/1/40 

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 finished slightly higher yesterday, pushing yields down, after the Group of 20 nations agreed to cut government spending to 
reduce debt, shaking prospects for global economic growth. The G‐20’s leaders met in Toronto over the weekend and warned that synchronized 
fiscal adjustment could dampen the global recovery, but vowed nonetheless to stabilize or reduce the ratios of government debt to gross domestic
product in the years ahead. Data released yesterday showed consumer prices rose 0.2% and spending increased 0.3% during May, while the 
savings rate increased to the highest in eight months. Last week, Treasurys advanced as U.S. economic reports showed weakness in housing and as
the government revised lower its final estimate of first‐quarter GDP growth. Yields on 2‐year notes fell 3 basis points to 0.624%. Yields on 
benchmark 10‐year notes lost 8 basis points to 3.037%, while those on 30‐year Treasury bonds dropped 5 basis points to 4.015%. 
Economic Data:  Consumer Confidence, ABC Consumer Confidence.

Commentary/New Issues

Corporate:
$450M DELTA AIR LINES BAA2/A‐ 6.20% 7/2/18 +436.4bp 

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.