CREDIT MARKETS

Treasuries:
Treasury prices erased earlier gains on Monday, which analysts attributed to traders setting up for three days of note auctions starting on Tuesday with 2-year notes. Bonds had been higher through most of the session after a combination of small signals in recent days left bond investors wondering whether the Federal Reserve will buy even more debt that previously predicted. On Tuesday, the U.S. will auction $35 billion in 2-year notes, followed by 5-year notes on Wednesday and 7-year debt on Thursday. The Treasury Department sold $10 billion in 5-year Treasury Inflation Protected Securities at a yield of negative 0.55%, the first time the yield on the maturity has come in below zero.
Economic Data: S&P Case-Shiller Home Price Index and Consumer Confidence.

Commentary/New Issues
Corporate:
$650 MM, Natl Rural, A1/A+, 2 part; $300 MM, 1.125%, 11/1/13, +60bp; $350 MM, 1.90%, 11/1/15, +75bp$350 MM, Sonoco Products, Baa2/BBB+, 5.75%, 11/01/40, +190bp$300 MM, Sigma-Aldrich, A2/A, 3.375%, 11/1/20, +84bp

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:
Treasuries fell yesterday sending the yields up, as investors sought alternatives to low U.S. debt yields amid speculation the Federal Reserve will buy more bonds to spur the economy. The U.S. said it will sell $99 billion in two-, five- and seven-year debt next week, the smallest offering of the notes since March 2009. The 30-year bond yield increased seven basis points to close at 3.96 percent. It earlier fell to 3.87 percent for a second day, the lowest level since Oct. 14. The 10-year note yield rose seven basis points to 2.55 percent. Five-year notes fell pushing yields higher by four basis points to 1.13 percent. Two-year notes were little changed at 0.35 percent. The Standard & Poor’s 500 Index rose as much as 1 percent after Labor Department figures showed initial jobless-benefit applications fell to 452,000 for the week ended Oct. 16.
No economic data for Friday.

Commentary/New Issues

Corporate:
$2.5B BANK OF NOVA SCOTIA AAA/AAA, 1.65%, 10/29/15, +57.25 bp$1.5B EBAY INC 3-PT A2/A/A, $400MM 0.875%, 10/15/13, +42 bp, $600MM 1.625%, 10/15/15, +57 bp, $500MM 3.250%, 10/15/20, +77 bp$700MM POSCO A2/A, 4.50%, 10/28/20, +179 bp$500MM BPCE SA AA3/A+, $1.25B 2.375%, 10/04/13, +160 bp

Agency: Nothing

ABS:
$819.163 MM FCALT 10-B$700 MM AESOP 10-4 & 10-5 $604 MM ISAC

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 30-year bonds rose sending yields down 2 basis points to 3.89 percent as a Federal Reserve regional survey showing a “modest pace” in the economic recovery failed to suppress speculation that policy makers will increase asset purchases to spur inflation and employment. The dollar slid against most major counterparts on bets that the central bank will pump more money into the economy in a method called quantitative easing. The benchmark 10-year note yield rose one basis point to 2.48 percent after declining to 2.45 percent and earlier increasing to 2.59 percent. Five-year note yield decreased one basis point to 1.09 percent and two-year note yield also fell one basis point to close at 0.347 percent. The difference between yields on 10-year notes and comparable TIPS widened to 2.06 percentage points from this year’s low of 1.47 percentage points in August.
Economic Data: Initial Jobless Claims, Continiung Claims, and Philadelphia Fed.

Commentary/New Issues

Corporate:
$1B EXPORT DEVELOPMENT CANADA AAA/AAA 1.25%, 10/27/15, +21.2 bp$750MM UNITEDHEALTH GROUP 2-PT BAA1/A-, $450MM 3.875%, 10/15/20, +145 bp, $300MM 5.70%, 10/15/40, +185 bp$400MM BICBANCO BAA3, 5.25%, 10/25/15, +429.4 bp

Agency: $5B FREDDIE MAC 0.375%, 11/30/12, +12.5 bp

ABS:$1.56 B HAROT 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.

CREDIT MARKETS
Treasuries:
Treasury 30-year bonds rose, sending yields down as stocks fell after China’s unexpected increase in interest rates discouraged demand for riskier assets. U.S. government debt earlier declined amid speculation the Federal Reserve will increase inflation by purchasing bonds to spur the economy. Thirty-year bond yields fell three basis points to 3.91 percent. Ten-year yields dropped three basis points to 2.47 percent, after rising as high as 2.56 percent. Two-year note yields were unchanged at 0.36 percent. Five-year notes rose pushing yield down by two basis points to 1.102 percent. The dollar rose versus all 16 of its most-traded counterparts as China raised its benchmark lending and deposit rates in the first increase since 2007. The difference in yields between 10- and 30-year Treasuries reached a record high amid speculation the Fed would buy assets, concentrating on shorter-term U.S. notes.
Economic Data: MBA Mortgage Applications, and Fed’s Beige Book.

Commentary/New Issues

Corporate:
$4B KFW AAA/AAA, 1.25%, 10/26/15, +25 bp$2.25B PEPSICO 3-PT AA3/A- $500MM 0.875%, 10/25/13, +35 bp, $1B 3.125%, 11/01/20, +75 bp, $750MM 4.875%, 11/01/40, +97 bp $1.5B SPAREBANK AAA/AAA, 1.25%, 10/25/13, +74.9 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.

CREDIT MARKETS

Treasuries:
Treasuries rose yesterday on report of an unexpected slide in U.S.industrial production last month triggering the speculations that Federal Reserve will purchase the debt as a way to inject more cash into the economy. The gains pushed down 10-year Treasury yields to 2.5 percent, down 6 basis points.The 30-year bond yield fell four basis points to 3.94 percent, and the two-year yield was unchanged at 0.36 percent. Five-year yield was down six basis points to 1.125 percent. Output at U.S. factories, mines and utilities declined 0.2 percent in September, the first decrease since the recession ended in June 2009, according to a report by Fed. The median forecast in a Bloomberg News survey of economists was for a 0.2 percent gain. The yield gap between 10-year notes and Treasury Inflation Protected Securities shrank to 2.09 percentage points, from 2.13 on Friday.
Economic Data: Housing Starts, Building Permits, and ABC Consumer Confidence.

Commentary/New Issues

Corporate:
$5B WAL-MART 4-PT AA2/AA, $750MM 0.75% 10/25/13, +30bp, $1.25B 1.50%, 10/25/15, +48 bp, $1.75B 3.25%, 10/25/20, +78bp, $1.25B 5.00%, 10/25/40, +115 bp$800MM CSX 2-PT BAA3/BBB-, $500MM 3.70%, 10/30/20, +120 bp, $300MM 5.50%, 4/15/41, +162.5 bp

Agency: Nothing

ABS:
$369.2MM TRL 2010-1$3.8B NGN 2010-R1

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 30- and 10-year securities dropped, sending yields up. 10-year benchmark bond yield closed at 2.43 percent, up 1 basis point and 30-year bond yield gained 4 basis points to close at 3.83 percent. The Federal Reserve said it would purchase about $32 billion in U.S. debt over the next month as it reinvests mortgage-holding proceeds. 2-year notes were unchanged at 0.363 percent and 5-year notes gained sending yield down 1 basis point to close at 1.12 percent. The Fed sold $21 billion in 10-year notes at a yield of 2.475 percent with bid/cover ratio at 2.99 as against 3.21 at previous similar auction and indirect bidders bought 41.5 percent. Tomorrow government will auction $13 billion of 30-year bonds.
Economic Data: Trade Balance, Producer Price Index, Initial Jobless Claims and Continuing Claims.

Commentary/New Issues

Corporate:
$2B RAYTHEON CO 3-PT BAA1/A-, $400MM, 1.625%, 10/15/15, +60 bp, $1B 3.125%, 10/15/20, +77 bp, $600MM 4.875% 10/15/40, +110 bp$2B ING BANK 144A REGS 2-PT AA3/A+, $1.5B, 10/18/13, +150 bp, $500MM 10/18/13,+132 bp$1.25B QATAR TELECOM 144A REG A2/A/A-, $750MM 5.00%, 10/19/25, +262.5 bp, $500MM 3.375%, 10/14/16, +219 bp$1.2B BANGKOK BANK 144A REG S 2-PT A3/BBB+ $400MM 3.25%, 10/18/15, +212.5 bp, $800MM 4.80%, 10/18/20, +237.5 bp$1B KEXIM A1/A, 4.00%, 1/29/21, +160 bp$1B SWEDISH EXPORT CREDIT AA1/AA+, 1.75%, 10/20/15, +63 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.

CREDIT MARKETS
Treasuries:
Treasuries fell sending yields up and Treasury 30-year bonds fell for a third day on speculation the Federal Reserve will buy shorter-maturity debt and as the government prepared to sell $13 billion of the securities this week. The yield on the 30-year bond rose six basis points to 3.80 percent. Two-year note yields increased for the first time in nine days and closed at 0.363 percent, up 2 basis points. Ten-year yields increased four basis points to 2.42 percent. Three-year note auction, the first of three offerings this week of $66 billion in notes and bonds, had a bid-to-cover ratio of 2.95. The figure was 3.21 at the previous sale and averaged 3.12 at the past 10 offerings. The notes drew a record-low yield of 0.569 percent, compared with the 0.562 percent average forecast in a Bloomberg News survey of 7 primary dealers. Tomorrow, government will auction $21 billion of 10-year notes.
Economic Data: MBA Mortgage Applications, and Import Price Index.

Commentary/New Issues

Corporate:
$2Bln, Republic of Finland, AAA/AAA, 1.25%, 10/19/15, +26bp

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:
Treasury notes ended flat yesterday after a report showing service companies in the U.S. expanded faster than forecast failed to deter speculation that the Federal Reserve will increase asset purchases. Two-year notes closed at 0.41 percent and ten-year notes ended at 2.48 percent. Five-year notes gained sending yields down by 2 basis points to close at 1.21 percent. Thirty-year bond yield rose 4 basis points to 3.75 percent after touching 3.76 percent, the highest level since September 30. The U.S. central bank bought $5.19 billion of Treasuries maturing from September 2016 to May 2017 and the Institute for Supply Management’s index of non- manufacturing businesses, which covers about 90 percent of the economy, rose to 53.2 last month from 51.5 in August, compared with 54.3 in July. Economic Data: MBA Mortgage Applications and ADP Employment Change.

Commentary/New Issues

Corporate:
$1.5B Rabobank Nederland, AAA/AAA, 2.125%, 10/13/15, +98 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.

CREDIT MARKETS

Treasuries:
Treasury prices remained firm on Monday, pushing 2-year yields to the lowest on record, as a fresh terrorism warning, weak stocks and investors worry about the U.S. employment report at the end of the week conspired to increase the appeal of the relative safety of U.S. bonds. Yields on 2-year notes declined 1 basis points to .41, after touching an all time low of .39. Treasury prices stayed higher after a pair of U.S. reports showed factory orders fell 0.5% and pending home sales rose 4.3% in August. The government’s monthly report on employment is expected to show an increase of 75,000 jobs in the private sector for September. Until the next meeting of Federal Reserve policy makers in early November, bond traders expect to keep reading each economic report to gauge whether it makes the central bank more or less inclined to resume big purchases of bonds in an attempt to support the U.S. economy.
Economic Data: ISM Non-Manufacturing Index

Commentary/New Issues

Corporate:
$600 MM, CBS Corporation, Baa3/BBB-, 2 part, $300 MM, 4.30%, 2/15/21, +185bp; $300 MM, 5.90%, 10/15/40, +220bp

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.