CREDIT MARKETS

Treasuries:
Treasury prices extended gains yesterday, pushing yields lower, as investors resumed buying U.S. debt as certain technical levels were reached after last week’s hard sell-off. Yields on 2-year notes fell 5 basis points to 0.52%. Yields on 10-year notes declined 7 basis points to 2.72%. Yields on 30-year bonds fell 5 basis points to 3.82%. Bonds had been lower in earlier trading as economic data out of China and a slower phase-in of bank-capital requirements fueled investor appetite for riskier investments, including stocks, and less need for the perceived safety of U.S. debt. The Fed said it will buy about $27 billion in bonds in nine operations through early October.
Economic Data: Retail Sales, Business Inventories, ABC Consumer Confidence.

Commentary/New Issues

Corporate:
$4B GE CAPITAL 2-PT AA2/AA, $2B 1.875%, 9/16/13, +110 bp; $2B 4.375%, 9/16/20, +175 bp
$1.5B AMGEN 2-PT A3/A+, $900M 3.45%, 10/1/20,+77 bp, $600M 4.95%, 10/1/41, +117 bp
$500M JOHN DEERE CAPITAL A2/A, 2.80%, 9/18/17, +68 bp
$400M SOUTHERN CO BAA1/A-, 2.375%, 9/15/15, +85 bp
$300M COMERICA A2/A-, 3.00%, 9/16/15, +150 bp
$300M WR BERKLEY BAA2/BBB+, 5.375%, 9/15/20, +265 bp

Agency:
Nothing

ABS:
$600M DCENT 2010-A2, +58bp

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 on Friday, pushing yields up for a third day, with stocks and technical resistance levels guiding action. Yields on 10-year notes rose 4 basis points to 2.79%. Yields on 2-year notes rose 1 basis points to 0.57%. Thirty-year bond yields rose to 3.87%, up 3 basis points. The government sold $67 billion in notes and bonds last week. It ended auctions on Thursday with 30-year bonds, which saw weak demand and came at a higher yield than anticipated.
Economic Data: Retail Sales, Business Inventories, ABC Consumer Confidence, MBA Mortgage Applications, Producer Price Index, and Industrial Production.

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.

CREDIT MARKETS

Treasuries:
A combination of better-than-expected jobless data and lackluster auction results pressured Treasury prices yesterday, sending yields higher. Yields on benchmark 10-year Treasurys were up 11 basis points at 2.76%. Yields on two-year notes climbed 5 basis points to 0.558% , while those on 30-year bonds gained 12 basis points to 3.84%. The Treasury Department sold $13 billion in 30-year notes at a yield of 3.82%. Bidders offered to buy 2.73 times the amount of debt sold. Indirect bidders, a group that include foreign central banks, bought 36% and direct bidders, which include domestic money managers, purchased another 8.3%. Jobless claims fell 27,000 to 451,000 in the latest week.
Economic Data: Wholesale Inventories.

Commentary/New Issues

Corporate:
$1B CAISSE CENTRALE 2-PT AA1/AA-, $500M - 1.70%, 9/16/13, +87.5 bp; $500M - 2.65%, 9/16/15, +112.5 bp
$1B CFF AAA/AAA, 2.50%, 9/16/15, +103.9 bp
$700MM (UPPED FROM $500M) NABORS IND BAA2/BBB+, 5.00%, 9/15/20, +235 bp
$500MM KOREA HYDRO & NUCLEAR POWER A1/A 3.125%, 9/16/15, +185 bp
$250MM NEVADA POWER BAA3/BBB, 5.375%, 9/15/40, +160 bp

Agency:
$5B FREDDIE MAC 1.75%, 9/10/15, +29.5 bp

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, though they briefly pared the decline after the government saw solid demand at its auction of $21 billion in 10-year notes, which came at 2.67%, the second-lowest yield on record. Bidders offered to buy 3.21 times the amount of debt sold, compared to an average of 3.38 times at the four most recent comparable sales. Yields on 10-year notes rose 5 basis points to 2.65%. Two-year yields increased 2 basis points to 0.51%. Yields on 30-year bonds increased 5 basis points to 3.72%. Tomorrow the Treasury will auction $13 billion of 30-year bonds.
Economic Data: Trade Balance, Initial Jobless Claims, Continuing Claims.

Commentary/New Issues

Corporate:
$3B HEWLETT-PACKARD 3-PT A2/A, $800MM, 9/13/12, +12.5 bp; $1.1B 1.25%, 9/13/13, +50 bp; $1.1B 2.125%, 9/13/15, +70 bp
$2B (UPPED FROM $1B) AMERICAN EXPRESS CREDIT A2/BBB+, 2.75%, 9/15/15, +143 bp
$1B US BANCORP AA3/A+, 1.375%, 9/13/13, +65 bp
$600MM GOODRICH CORP BAA2/BBB+, 3.60%, 2/1/21, +100 bp
$550MM PACIFIC G&E BAA1/BBB, 3.50%, 10/01/20, +90 bp

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.

13,049,451 Shares

$ Amount: $216,620,886

Coupon: 7.875%

Maturity: 10/30/40

Shares: 89,840,000

Deal size: 2,246,000,000