CREDIT MARKETS

Treasuries:
Treasury prices rose on Friday, pushing yields on 2‐year notes to a record low, after a weak report on the labor market raised expectations that the 
Federal Reserve may take steps next week to support the faltering U.S. economy. One possibility expected by Goldman Sachs is that officials will set
plans to reinvest cash from maturing assets they bought during the financial crisis back into the bond market. Yields on 10‐year notes fell 8 basis 
points to 2.83%. They had dropped as low as 2.82%, a 16‐month low. Yields on 2‐year notes fell 3 basis points to 0.51%. They earlier touched 
0.49%, the lowest level on record. Yields on 30‐year bonds declined 4 basis points to 4.01%. The Labor Department said private employers added 
71,000 jobs in July, fewer than analysts expected. Including government employees, the economy lost 131,000 jobs. A smaller drop was 
anticipated, mostly due to the loss of temporary census jobs. Economic Data: Nonfarm Productivity, Unit Labor Costs, ABC Consumer Confidence, 
MBA Mortgage Applications, Trade Balance, Initial Jobless Claims, Continuing Claims, Consumer Price Index and Business Inventories.

Commentary/New Issues

Corporate:
$1.75B VOLKSWAGEN INTL FINANCE 2-PT 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

Agency:
Nothing

ABS:
$27.210M FORDO 10-B Class D
$92.209M MECA 10-1
$27.210M FORDO 10-B Class C

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.