CREDIT MARKETS

Treasuries:
Treasury prices rose yesterday, pushing yields toward the lowest in more than a year, after a report showed the number of Americans applying for 
initial unemployment benefits climbed more than analysts expected. The report comes one day before the government’s monthly payrolls report, 
one of the most closely‐followed economic indicators for the U.S. While private employers are forecast to have hired people, investor confidence in
the recovery has been shaken. Yields on 10‐year notes fell 4 basis points to 2.91%. Yields on 2‐year notes declined 3 basis point to 0.54%. Jobless 
claims rose by 19,000 to 479,000 in the latest week. That’s the highest level since April. Economists surveyed by MarketWatch had expected claims 
to drop to 453,000. The economy is expected to have lost 60,000 jobs in July due to firing by the government after the Census was completed. 
Investors and traders will focus on private‐sector payrolls, which are forecast to have added 100,000 jobs. 
Economic Data: Unemployment Rate,  Consumer Credit.

Commentary/New Issues

Corporate:
$500M EMPRESA NACIONAL DEL PETROLEO A3/BBB 5.25% 8/10/20 +240bp
$1.75B VOLKSWAGEN INTL FINANCE A3/A- $1B 1.625% 8/12/13 +93bp;: $750M 4.00% 8/12/20 +120bp
$3.25B HSBC BANK 3-PT A3/A $500M 3ML+65 8/12/13; $1.25B 1.625% 8/12/13 +87.5bp; $1.5B 4.125% 8/12/20 +130bp
$500M CNA FINANCIAL BAA3/BBB- 5.875% 8/15/20 +300bp
$1.5B UBS AG (STANFORD) AA3/A+ 2.25% 8/12/13 +150bp
$1.25B HESS CORP BAA2/BBB 5.60% 2/15/41 +160bp
$1.75B IADB AAA/AAA 2.375% 8/15/17 +21.05bp

Agency:
Nothing

ABS:
$106.000M JG Wentworth 2010-2
$788.489M GSMS 10-C1

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.