CREDIT MARKETS

Treasuries:
Treasuries dropped yesterday sending yields up across the curve and ten-year note yield made a six-month high as investors got optimistic about global economic recovery. Government sold $21 billion of ten-year notes at a yield of 3.34 percent, compared with the average forecast of 3.307 percent. Indirect bidders bought 44.4 percent compared with 56.6 percent last month and bid to cover ratio was 2.92. Benchmark ten year note yield rose ten basis points to 3.24 percent. Thirty-year bonds fell pushing yields up by four basis points to 4.43 percent. Five-year note yield rose 12 basis points to close at 1.85 percent and two-year notes closed at 0.62 percent. Government will sell $13 billion of 30-year bonds on Thursday.
Economic Data: Initial Jobless Claims, Continuing Claims, and Wholesale Inventories.

Commentary/New Issues

Corporate:
$2B SOCIETE GENERALE 3-PT, AA2/A+, $250MM, 12/13/13, +132 bps; $1B, 2.50%, 1/15/14, +158 bps; $750MM, 3.50%, 1/15/16, +175 bps$1B KELLOGG, A3/BBB+, 4.00%, 12/15/20, +88 bps$500MM CARDINAL HEALTH INC BAA3/BBB+, 4.625%, 12/15/20, +145 bps$350MM HERSHEY A2/A, 4.125%, 12/01/20, +88 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 sending the yields up the most in last several days, after the President agreed to extend tax cuts for two years. The three-year note sale drew the lowest demand since February with the bid to cover ratio of 2.91 and indirect bidders bought 36.7 percent while direct bidders took 18 percent of the debt. The securities drew a yield of 0.862 percent compared with the average forecast of 0.841 percent. Two-year note yield rose ten basis points to 0.532 percent. Five-year notes fell pushing yields up by 21 basis points to 1.732 percent. Ten-year note yield was at 3.139 percent, up 20 basis points and thirty-year bond yield was at 4.39 percent, up 13 basis points. The U.S. will auction $21 billion of 10-year notes on Wednesday.
Economic Data: MBA Mortgage Applications.

Commentary/New Issues

Corporate:
$2B MERCK 2-PT AA3/AA $850MM 2.25%, 1/15/16, +57 bps; $1.15B 3.875%, 1/15/21, +77 bps$500MM BERKSHIRE HATHAWAY FINANCE AA2/AA+, 2.45%, 12/15/15, +85 bps$350MM ALBERMARLE CORP BAA2/BBB, 4.50%, 12/15/20, +148 bps$250MM ASPEN INSURANCE HLDGS BAA2/BBB+, 6.00%, 12/15/20, +290 bps$250MM QUESTAR CORP A3/A, 2.75%, 2/1/16, +110 bps

Agency: Nothing

ABS:
$978MM ALLY 2010-5

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 sending yields down across the curve and pushing two-year note yields to the lowest level in three weeks on speculation that the government may boost the program of buying debt beyond the $600 billion announced earlier. The Federal Reserve bought $2.04 billion of Treasuries maturing from August 2028 to November 2040 yesterday. The 10-year note yield fell eight basis points to close at 2.94 percent and thirty-year bonds rose pushing yield down by six basis points to 4.25 percent. Two-year and five-year notes rose sending yields down by five basis points and eleven basis points respectively. Government will sell $32 billion of three-year notes today as a part of $66 billion auction of notes and bonds this week.
Economic Data: Consumer Credit, ABC Consumer Confidence, and MBA Mortgage Applications.

Commentary/New Issues

Corporate:
$2.2B NATIONAL AUSTRALIA BANK, 3-PT AA1/AA, $450MM FRN, 12/10/13, +76 bps; $750MM 1.70%, 12/10/13, +103 bps; $1B 4.375%, 12/10/20, +150 bps$1B IBM CORP, AA3/A+, 2.00%, 1/15/16, +55 bps$1B CIBC, AA2/A+, 2.35%, 12/11/15, +85 bps$400MM FLORIDA POWER & LIGHT, AA3/A, 5.25%, 2/01/41, +98bps$250MM CARLISLE COS, BAA2/BBB, 5.125%, 12/15/20, +225 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 sending the yields up after an unexpected increase in home sales added to the evidence of faster U.S. economic expansion. The Federal Reserve bought more Treasuries as part of its $600 billion quantitative easing plan and the European Central Bank refrained from providing any more steps to address the region’s growing financial crisis. Yields on benchmark 10-year notes rose two basis points to 2.99 percent and thirty-year bonds fell pushing yields up by two basis points to 4.27 percent. Two-year notes ended flat at 0.536 percent and five-year note yields rose four basis points to 1.68 percent. The Fed bought $8.3 billion of Treasuries maturing from February 2018 to August 2020. The index of pending home re-sales gained 10 percent, according to the National Association of Realtors. Economic Data: Unemployment Rate and Nonfarm Payrolls.

Commentary/New Issues

Corporate:
$2.5B WESTPAC BANKING 3-PT AA1/AA, $400MM FRN +73 bps; $1.1B 1.85%, 12/9/13, +103 bps; $1B 3.00%, 12/9/15, +135 bps $600MM BK OF NY MELLON AA2/AA- 2.50%, 1/15/16, +83 bps$500MM COOPER US 2-PT A3/A $250MM 2.375%, 11/15/16, +75bps; $250MM 3.875%, 12/15/20, +95 bps

Agency: Nothing

ABS:
$400MM MORNINGSIDE PARK CLO

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.

4,000,000 Shares

$ Amount: $41,000,000

6,000,000 Shares

$ Amount: $66,000,000

CREDIT MARKETS

Treasuries:
Thirty-year bond yields reached the lowest level in three weeks on speculation that Ireland’s crisis may spread to Portugal and Spain. Treasuries rose on flight to safety and as the Federal Reserve bought more U.S. securities as part of its $600 billion plan to bolster the economy. The Fed bought $6.8 billion of notes due from 2014 to 2016. The central bank is buying Treasuries every day this week.Benchmark 10-year yields declined two basis points to 2.80 percent Thirty-year bond yields fell two basis points to 4.12 percent. Two-year notes and five-year notes rose sending yields down by six basis points to 0.46 percent and three basis to 1.47 percent respectively. Businesses in the U.S. expanded at a faster pace than forecast in November, according to a report by the Institute for Supply Management -Chicago Inc. Economic Data: MBA Mortgage Applications, ADP Employment Change, Fed’s Beige Book, and ISM Manufacturing.

Commentary/New Issues

Corporate:
$2B AIG 2-PT A3/A-, $500MM 3.65%, 1/15/14, +295 bps; $1.5B 6.40%, 12/15/20, +362.5 bps$1B APACHE CORP 2-PT A3/A-, $500MM 3.625%, 2/1/21,+95 bps; $500MM 5.25%, 2/1/42, +125 bps$750MM CRH AMERICA 2-PT BAA1/BBB+, $350MM 4.125%, 1/15/16, +270 bps; $400MM, 5.75%, 1/15/21, +295 bps$700MM HARRIS CORP 2-PT BAA1/BBB+, $400MM 4.40%, 12/15/20, +165 bps; $300MM 6.15%, 12/15/40, +205 bps

Agency:
$1B FREDDIE MAC 0.875%, 10/28/13,+16.3 bps

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 rose on Monday, sending yields lower, as concerns over European nations’ debt continued after the aid package for Ireland and leaving investors seeking the relative safety of U.S. bonds. Yields on 10-year notes fell 5 basis points at 2.83%. Yields on 30-year bonds fell 7 basis points to 4.14%. After details of a bailout package for Ireland, concerns remain about whether Irish officials can agree on a budget. Rising fears about holding Portuguese or Spanish debt sent stocks down and the euro to the lowest in about two months. Also helping bonds, the Federal Reserve bought $2.17 billion of debt maturing between 2021 and 2027. Since the Fed’s November 3rd announcement, the 30-year yield rose .28 percentage point, suggesting growing investor confidence in the central bank’s efforts to avoid deflation as the economy expands.
Economic Data: S&P/CaseShiller Home Price Index and Consumer Confidence.

Commentary/New Issues

Corporate:
$2 B, Hewlett-Packard, A2/A; 2 part $650 MM, 2.20%, 12/1/15, +73bp; $1.35B, 3.75%, 12/1/20, +95bp

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.