CREDIT MARKETS

Treasuries:
Treasury prices advanced yesterday, pushing 10‐year yields to their lowest level since April 2009, after the Federal Reserve said it will reinvest 
proceeds from maturing mortgage debt back into the Treasury market, as many analysts had expected. Earlier, the government sold 3‐year notes 
at the lowest yield on record, indicating continued interest in Treasury securities. Yields on 10‐year notes dropped 8 basis points to 2.75%.   Yields 
on 2‐year notes fell 2 basis points to 0.52%. The yields declined to an all‐time low of 0.50% on Friday after disappointing monthly employment data
Thirty‐year bond yields plunged with the rest of the market and then pared the move after the New York Fed clarified that the central bank would 
concentrate its purchases in the 2‐ to 10‐year sector. Yields on 30‐year bonds recently fell 2 basis points to 3.99%.The Federal Open Market 
Committee also said the pace of the U.S. economic recovery has slowed in recent months. Economic Data: MBA Mortgage Applications, Trade 
Balance.

Commentary/New Issues

Corporate:
$3B DIRECTV 3-PT BAA2/BBB- $750M 3.125% 2/15/16 +170bp; $1B 4.600% 2/15/21 +185bp; $1.25B 6.000% 8/15/40 +210bp
$2B STATOIL 2-PT AA2/AA- $1.25B 3.125% 8/17/17 +95bp; $750M 5.10% 8/17/40 +115bp
$750M KEYCORP BAA1/BBB+ 3.75% 8/13/15 +225bp
$250M GREAT PLAINS ENERGY BAA3/BBB- 2.75% 8/15/13 +195bp

Agency:
Nothing

ABS:
$660M VORNADO DP 2010-VNO

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.