CREDIT MARKETS

Treasuries:
Treasuries fell yesterday, with the yield on 30-year bonds rising to the highest level in five months, after the government’s sale of $24 billion in 10-year notes drew the lowest demand since February. Yields on 30-year bonds climbed for a fifth day on speculation tomorrow’s sale of $16 billion of the securities may receive tepid demand with the Federal Reserve focusing its purchases of Treasuries among shorter-maturity debt. The bid-to-cover ratio for the 10-year note sale was 2.8, compared with an average of 3.14 for the past 10 sales. The yield on 30-year bonds rose 13 basis points to 4.25 percent. Ten-year notes fell sending yields up to 2.7 percent and five-year note yield closed at 1.25 percent. Two-year notes fell sending yields up by four basis points to 0.44 percent.
Economic Data: MBA Mortgage Applications, Trade Balance, Import Price Index, Initial Jobless Claims and Continuing Claims.

Commentary/New Issues

Corporate:
$1.9B TIME WARNER CABLE BAA2/BBB, $700MM 4.125%, 02/15/21, +155 bps, $1.2B 5.875%, 11/15/40, +180 bps$350MM ENTERGY ARKANSAS A3/A-, 3.75%, 2/15/21, +110 bps$300MM ALLIED WORLD ASSURANCE BAA1/BBB, 5.50%, 11/15/20, +290 bps$250MM INTEGRYS ENERGY BAA1/BBB, 4.17%, 11/01/17, +155 bps$250MM CLECO POWER LLC BAA2/BBB, 6.00%, 12/01/40, +187.5 bps$250MM AVALONBAY COMMUNITIES BAA1/BBB+, 3.95%, 1/15/21, +137.5 bps

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 after a 3-year note sale saw reduced non-primary dealer demand. Three-year notes fell after the government sold $32 billion of the securities at a yield of 0.575 percent, compared with the 0.577 percent average forecast in a Bloomberg News survey. Indirect bidders bought 35 percent of the securities, less than the 44 percent average of the past 10 auctions. Direct bidders purchased 13.7 percent of the security, less than the 13.9 percent they purchased in September. Yields on the Treasury’s benchmark 10-year notes rose twobasis points to 2.55 percent. Thirty-year bond yields fell one basis point to 4.11, near the highest since June 22. Two-year note yields rose four basis points to 0.40 percent and five-year notes fell sending yields up by four basis points to 1.122 percent. The government will sell $24 billion of 10-year debt tomorrow.
Economic Data: Wholesale Investories and ABC Consumer Confidence.

Commentary/New Issues

Corporate:
$2B UNITED PARCEL SERVICE 2-PT AA3/AA-, $1.5B, 3.125%, 1/15/21, +65 bps, $500MM, 4.875%, 11/15/40, +85 bps$1B BECTON DICKINSON 2-PT A2/AA-, $700MM, 3.25%, 11/12/20, +70 bps, $300MM, 5.00%, 11/12/40, +90 bps$1B PPG INDUSTRIES 3-PT BAA1/BBB+, $250MM 1.90%, 1/15/16, +95 bps, $500MM, 3.60%, 11/15/20, +120 bps, $250MM, 5.50%, 11/15/40, +145 bps$850MM BOSTON PROPERTIES BAA2/A-, 4.125%, 5/15/21, +165 bps$600MM TALISMAN ENERGY BAA2/BBB, 3.75%, 2/1/21, +128 bps$575MM PLUM CREEK BAA3/BBB-, 4.70%, 3/15/21, +215 bps$500MM ICAHN ENTERPRISES 2-PT BA3/BBB-, $200MM, 7.75%, 1/15/16, +593 bps, $300MM 8.00%, 1/15/18, +560 bps$400MM COCA COLA ENTERPRISES A3/BBB, 1.125%, 11/12/13, +62 bps$400MM VENTAS REALTY BAA3/BBB-, 3.125%, 11/30/15, +210 bps$400MM PS COLORADO A2/A, 3.20%, 11/15/20, +70 bps$350MM AMERICAN HONDA FINANCE FRN A1/A+, 11/07/12, +37 bps$300MM HUBBELL INC A3/A, 3.625%, 11/17/22, +115 bps

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 declined on Friday, with yields on five-year notes rising for the first time in seven days, after the U.S. payrolls report showed employers added more jobs in October than analysts forecast. Five-year note yields had decreased to a record low this week after the Federal Reserve said it would buy $600 billion of U.S. debt to keep borrowing costs low and sustain the economic recovery. The yield on the five-year note rose five basis points to 1.09 percent. Benchmark 10-year note yields rose for the first time in four days, increasing four basis points to 2.53 percent, paring their weekly drop to seven basis points. The two-year note yield gained four basis points to 0.36 percent. The extra yield investorsdemand to hold 30-year bonds compared with 5-year notes rose to a record 3.03 percentage points after the Fed said two days ago that it would buy fewer longer-term securities than many investors had anticipated.
Economic Data: ABC Consumer Confidence, MBA Mortgage Applications, Import Price Index, Initial Jobless Claims, Continuing Claims, and U. of Michigan Confidence.

Commentary/New Issues

Corporate:
$650MM BNP PARIBAS AA2/AA, 3.25%, 3/11/15, +90 bps$300MM GOODMAN FUNDING BAA3/BBB, 6.375%, 11/12/20, +387.5 bps

Agency:
$7.5B FANNIE MAE 0.375%, 12/28/12, +10.5 bps

ABS:
$300MM LCM VIII$575MM AMERICAN HOME MTGE (AHMAT) 10-ADV2

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, pushing yields on two- and five-year securities to record lows after the announcement by the Fed that it will focus its $600 billion in asset purchases through June on medium-maturity debt. The yield on the 30-year bond touched a three-month high after the central bank said yesterday it will buy fewer longer-term securities than analysts had expected. The five-year note yield fell nine basis points to 1.03 percent after hitting an all-time low of 1.0148 percent, while the 2-year yield fell to a record 0.3118 percent before closing at 0.326 percent. The yield on the 30-year bond was down two basis points to 4.04 percent after touching 4.0910 percent, the highest since July 29. The difference between yields on 10-year notes and TIPS widened to 2.19 percentage points today from this year’s low of 1.47 percentage points on Aug. 25.
Economic Data: Unemployment Rate, Pending Home Sales, Change in Nonfarm Payrolls, and Change in Manufact. Payrolls.

Commentary/New Issues

Corporate:
$2.5B DOW CHEMICAL 2-PT BAA3/BBB-, $750MM 2.50%, 2/15/16, +150 bps, $1.75B 4.25%, 11/15/20, +30 bps$2B GE CAPITAL AA2/AA, 2.25%, 11/09/15, +125 bps$600MM CHICAGO PARKING MTRS BAA3/BBB, 5.489%, 12/30/20, +300 bps$450MM OGLETHORPE PWR BAA1/A/A, 5.375%, 11/1/40, +135 bps$300MM HARVARD COLLEGE AAA/AAA 4.875%, 10/15/40, +88 bps

Agency: Nothing

ABS: $1.212 B ALLY Auto 10-4

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:
Longer-dated Treasuries reversed lower Wednesday afternoon, sending yields climbing, after the Federal Reserve said it planned to buy an additional $600 billion in Treasuries by mid-2011 in an effort to revive the economy. Two-year yields fell 1 basis point to 0.33%. Thirty-year yields which are most sensitive to long-term inflation expectations, jumped 12 basis points to 4.05%. The bulk of the Fed’s purchases will be in durations from two to 10 years, with the average duration between five and six years. ADP said private U.S. employers added 43,000 jobs in October. The data come two days before the government’s broader, more closely followed nonfarm-payrolls report. The Commerce Department also said factory orders rose a seasonally adjusted 2.1% in September, outpacing economists’ 1.6% forecast.
Economic Data: Continuing Claims, Initial Jobless Claims and Chain Store Sales.

Commentary/New Issues

Corporate: Nothing

Agency: Nothing

ABS:
$650 MM, CARMAX 2010-3

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 prices rose Tuesday, pushing 2-year yields to a record low, as investors looked ahead to the Federal Reserve’s expected announcement that it will buy more bonds to stimulate growth. Yields on 10-year notes which move inversely to prices, fell 5 basis points to 2.59%. Yields on 2-year notes were flat at 0.34%, after touching a new record low of 0.32%. Yields on 30-year bonds fell 9 basis points to 3.93%, as prices rallied. Yields last week topped 4% and traded at their highest levels since early August. With no major U.S. economic reports during the session, investors eyed the two big events of the week: Tuesday’s midterm elections and Wednesday’s Federal Reserve meeting. The Federal Open Market Committee begins its two-day meeting. Investors expect officials to announce a major bond-buying program at the end of the meeting Wednesday.
Economic data: FOMC announcement, MBA Mortgage applications, ADP employment report, Auto sales and ISM non-manufacturing index.

Commentary/New Issues

Corporate:
$600 MM, William Partners, Baa3/BBB-, 4.125%, 11/15/20, +153bp $500 MM, Jefferies, Baa2/BBB, 3.875%, 11/09/15, +275bp

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 retreated Monday, pushing yields up, after the Institute for Supply Management’s index of manufacturing activity rose more than some analysts had anticipated. Analysts and investors continue to adjust their expectations of how the Federal Reserve will construct a quantitative-easing program, after the policy-setting Federal Open Market Committee’s meeting ends Wednesday. Yields on 10-year notes increased 4 basis points to 2.63%. Yields on 2-year notes retouched an all-time low of 0.33%, then recently traded little changed at 0.34%. Thirty-year yields also rose by 3 basis points to 4.01%. The ISM’s factory index increased to 56.9% in October from 54.4% in September, with the index’s jobs measures gaining particular attention. This week brings midterm elections, while the U.S. non-farm payrolls report for October will also be released later in the week.
Economic data: ABC Consumer Confidence.

Commentary/New Issues

Corporate:
$1.5 BLN Northrup Grumman, Baa2/BBB, 3-pt; $500MM 1.85%, 11/15/15, +70 bps, $700 MM 3.50%, 3/15/21, +90 bps; $300 MM, 5.05%, 11/15/40, +105bp$500 MM Northern Trust A1/AA-, 3.45%, 11/04/20, +83 bps

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.

Coupon: 6.4%

Maturity: 12/01/2010

Deal Size: $1, 500,000,000

Rating: A3/A-

Coupon: 3.65%

Maturity: 1/15/2014

Deal Size: $500,000,000

Rating: A3/A-

4,300,000 Shares

$ Amount: $72,670,000