CREDIT MARKETS

Treasuries:
Treasury prices declined yesterday, pushing yields up from recent lows, as U.S. stocks stabilized following early losses, limiting demand for the 
relative safety of U.S. debt. Still, money managers and international investors were drawn to the government’s sale of 30‐year bonds, despite yields
coming at the lowest since March 2009. Two‐year yields rose 2 basis points to 0.54%, after having touched an all‐time low on Wednesday. Yields on
10‐year notes increased 5 basis points to 2.74%. On Wednesday, yields on the benchmark security fell to the lowest since April last year as 
investors around the world interpreted the Federal Reserve’s plan to recycle holdings into Treasurys as they mature as a sign of much deeper 
economic problems. Yields on the current 30‐year bond rose 2 basis points to 3.94%. Traders said that investors remain interested in fixed‐income 
assets but that the market is due for a correction after the recent rally. 
Economic Data: Consumer Price Index, Advance Retail Sales, Business Inventories.

Commentary/New Issues

Corporate:
$1.1B JOHNSON & JOHNSON 2PT AAA/AAA $550M 2.95% 9/1/20 +43bp; $550M 4.50% 9/1/40 +68bp
$300M DETROIT ED A2/A- 3.45% 10/01/20 +80bp
$1B ASIAN DEVELOPMENT BANK AAA/AAA 2.25% 8/18/17 +22.8bp

Agency:
Nothing

ABS:
$1.09B ALLYA 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.