CREDIT MARKETS

Treasuries:
Treasuries fell yesterday pushing yields up to 10-month highs after the government sold $16 billion of 30-year bonds completing the $72 billion of notes and bonds auctions this week. 30-year bond yield was up four basis points to 4.76 percent and benchmark 10-year note yield was also up four basis points to 3.69 percent. 2-year debt closed at 0.83 percent and 5-year note yield was up five basis points to 2.38 percent. There was no debt buy-back yesterday for the $600 billion program Quantitative Easing II and government has purchased $320.7 billion of Treasuries so far. The Treasury sold $16 billion of 30-year debt yesterday at a yield of 4.75 percent versus the forecast of 4.73 percent and bid to cover ratio was 2.51. Indirect bidders purchased 43.1 percent of the debt in the auction and direct bidders took 8 percent of the bonds. The Labor department reported that the applications for the jobless benefits decreased by 36,000 to 383,000.
Economic Data: Trade Balance and University of Michigan Confidence.

Commentary/New Issues

Corporate:
$2.5B, WELLS FARGO, A1/AA-, 3.676%, 6/15/16, +120 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 rose yesterday after declining for seven straight sessions pushing yields down from ten-month highs. 30-year bond yield was down four basis points to 4.71 percent and benchmark 10-year notes closed at 3.66 percent, down six basis points. 2-year note yield was down four basis points to 0.80 percent and 5-year debt closed at 2.33 percent. The government sold $24 billion of 10-year notes at a yield of 3.665 percent and bid-to-cover ratio was 3.23 with indirect bidders buying 71.3 percent of the debt. Direct bidders purchased 0.5 percent of the debt, the lowest since January 2009. The Fed purchased $7.5 billion of debt due from February 2015 to June 2016 as part of the $600 billion program Quantitative Easing II. Treasury will sell $16 billion of 30-year bonds on February 10, completing three auctions this week.
Economic Data: Initial Jobless Claims, Continuing Claims, Wholesale Inventories, and Monthly Budget Statement.

Commentary/New Issues

Corporate:
$1.25B, CITIGROUP, A3/A, 2/15/13, 3ML+87.5 bps$1.5B, ARCHER-DANIELS MIDLAND, A2/A/A, 8/13/12, 3ML+16 bps$2.5B, NEWS AMERICA 2-PT, BAA1/BBB+, 1.0B, 4.50%, 2/15/21, +95bps; 1.5B, 6.15%, 2/15/41, +150 bps$4B, KFW, AAA/AAA, 2.625%, 2/16/16, +29.3 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 for the seventh straight session as the three-year note auction drew the lowest demand from foreign buyers since May 2007. The yields touched 10-month highs on speculation that the Federal Reserve will pull back from its program Quantitative Easing II. Thirty-year debt ended at 4.76 percent and benchmark 10-year notes dropped, pushing yields up by eight basis points to 3.72 percent. Five-year note yield gained 10 basis points to 2.38 percent and two-year debt closed at 0.84 percent, up seven basis points. Government sold $32 billion of three-year notes at a yield of 1.349 percent versus the expectations of 1.35 percent. The bid to cover ratio was 3.01 and indirects took 27.6 percent of the three-year notes. The Fed bought $2.2 billion of Treasuries maturing between August 2028 and May 2040 as part of the program Quantitative Easing II. Treasury will sell $24 billion of 10-year notes on February 9.
Economic Data: MBA Mortgage Applications.

Commentary/New Issues

Corporate:
$2B, GECC, AA3/AA, 5.30%, 2/11/21, +162.5 bps

Agency: Nothing

ABS:
$2.17B DBUBS 2011-LC1

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:
Short-term treasuries fell yesterday for the sixth straight session, pushing yields up to levels not seen in the last nine months. Thirty-year bonds closed at 4.71 percent and benchmark 10-year debt ended flat at 3.65 percent. Two-year and five-year notes declined, sending yields up by one basis point to 0.77 and 2.28 percent, respectively. The government will sell $72 billion in notes and bonds in the next three days: $32 billion of three-year notes on Feb. 8; $24 billion of 10-year notes on Feb. 9; and $16 billion of 30-year debt on Feb. 10. As part of the government’s plan to spur the economy, the Fed bought $8.4 billion of U.S. debt due from February 2018 to November 2020.
Economic Data: NFIB Small Business Optimism, IBD/ TIPP Economic Optimism, JOLTs Job Openings, and ABC Consumer Confidence.

Commentary/New Issues

Corporate:
$1.5B, UNILEVER CAPITAL CORP 2-PT, A1/A+, $500MM, 2.75%, 2/10/16, +50bps; $1B, 4.25%, 2/10/21, +65 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 on Friday for a fifth straight day pushing yields to nine month highs after a report that the U.S. unemployment rate dropped to the lowest level since April 2009. The Labor Department showed that the employers added 36,000 jobs last month and that the unemployment rate fell to 9 percent from 9.4 percent. Thirty-year bond yield rose seven basis points to 4.74 percent and benchmark 10-year notes dropped sending yields up by 10 basis points to 3.6 percent. Five-year note yield also increased 10 basis points to close at 2.27 percent while two-year debt ended at 0.76 percent. The Fed bought $7.27 billion of Treasuries as part of $600 billion Quantitative Easing Program II.
Economic Data: Consumer Credit, NFIB Small Business Optimism, JOLTs Job Openings, ABC Consumer Confidence, MBA Mortgage Applications, Initial Jobless Claims, Continuing Claims, Wholesale Inventories, and University of Michigan Confidence.

Commentary/New Issues

Corporate:
$750MM, TRANSNET, A3/BBB+, 4.50%, 2/10/16, +245 bps

Agency: Nothing

ABS:
$413MM, OHA INTREPID LEVERAGED LOAN FUND

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 for a fourth day in a row pushing yields higher to levels not seen in the past nine months. The Institute for Supply Management’s index of non-manufacturing businesses touched 59.4 from 57.1 in December, vs. a forecast of 57.2. Thirty-year bond yields rose four basis points to 4.66 percent and benchmark 10-year notes dropped, sending yields up by seven basis points to 3.55 percent. Five-note yields closed at 2.17 percent and 2-year debt ended at 0.70 percent. The Fed purchased $8.9 billion of Treasuries due between November 2016 and January 2018 as part of the program Quantitative Easing II. The Labor Department will report unemployment numbers Feb. 4 and economists are expecting the unemployment rate to increase to 9.5 from 9.4 percent.
Economic Data: Nonfarm Payrolls, Change in Private and Manufacturing Payrolls, and Unemployment Rate.

Commentary/New Issues

Corporate:
$2.25B, MICROSOFT 3-PT, AAA/AAA, $750MM, 2.50%, 2/8/16, +38bps; $500MM, 4.00%, 2/8/21, +48bps; $1B, 5.30%, 2/8/41, +68 bps$1.5B, TVA, AAA/AAA, 3.875%, 2/15/21, +42 bps

Agency: Nothing

ABS:
$1.253B NGN 2011-R2

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 as U.S. manufacturing unexpectedly accelerated in January at the fastest pace in six years. The ISM manufacturing index increased from 58.5 in December 2010 to 60.8 in January, the highest level since May 2004. The difference between 2-year and 30-year yields widened to 400 basis points, almost a record difference. 30-year bonds fell pushing yields up by two basis points to 4.61 percent and benchmark 10-year notes dropped to close at 3.43 percent. 5-year debt yield was up six basis points to 2.01 percent and 2-year notes ended at 0.61 percent, up four basis points. The Fed bought $1.74 billion of TIPS due between July 2013 and February 2040 as part of the $600 billion Quantitative Easing II program.
Economic Data: MBA Mortgage Applications, Challenger Job Cuts YoY, and ADP Employment Change.

Commentary/New Issues

Corporate:
$3.5B, GOLDMAN SACHS GLOBAL, 2-PT, A1/A/A+, $1.0B, 2/7/14, 3ML+100 bps; $2.5B, 2/7/16, +158 bps$600MM, L-3 COMMUNICATIONS, BAA3/BBB-, 4.95%, 2/15/21, +153bps

Agency:
$4B, FREDDIE MAC 2YR, 0.75%, 3/28/13, +21.5 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:
Treasuries fell yesterday as U.S. manufacturing unexpectedly accelerated in January at the fastest pace in six years. The ISM manufacturing index increased from 58.5 in December 2010 to 60.8 in January, the highest level since May 2004. The difference between 2-year and 30-year yields widened to 400 basis points, almost a record difference. 30-year bonds fell pushing yields up by two basis points to 4.61 percent and benchmark 10-year notes dropped to close at 3.43 percent. 5-year debt yield was up six basis points to 2.01 percent and 2-year notes ended at 0.61 percent, up four basis points. The Fed bought $1.74 billion of TIPS due between July 2013 and February 2040 as part of the $600 billion Quantitative Easing II program.
Economic Data: MBA Mortgage Applications, Challenger Job Cuts YoY, and ADP Employment Change.

Commentary/New Issues

Corporate:
$850MM, MORGAN STANLEY, A2/A, 1/24/14, 3ML+150 bps

Agency: Nothing

ABS:
$717.275MM, GEEST 2011-1

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.

3,000,000 Shares

$ Amount: $57,750,000

CREDIT MARKETS

Treasuries:
Treasuries fell yesterday after three days of straight gains as U.S. consumer spending rose more than forecast in December and as businesses expanded in January at the fastest pace in more than 20 years. The Fed bought $7.7 billion of Treasuries due between August 2013 and January 2014 as part of its plan Quantitative Easing II. Thirty-year bond yield rose five basis points to 4.59 percent and benchmark 10-year note yield also rose five basis points to close at 3.38 percent. Two-year debt ended at 0.57 percent while five-year note yield was up three basis points to 1.95 percent. Consumer spending increased 0.7 percent according to the Commerce Department and a report by the Institute for Supply Management-Chicago Inc. showed its business indicator increasing from 66.8 in December to 68.8 in January, indicating economic expansion.
Economic Data: Construction Spending, ISM Manufacturing, ABC Consumer Confidence, and Total Vehicle Sales.

Commentary/New Issues

Corporate:
$1.1B, NOBLE HOLDING INT’L 3-PT, BAA1/A-, $300MM, 3.05%, 3/1/16, +110 bps; $400MM, 4.625%, 3/1/21, +125bps; $400MM, 6.05%, 3/1/41, +150 bps$1.1B BPCE, AA3/A+, 2/7/14, 3ML+180 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.