CREDIT MARKETS
Treasuries:
Long-term Treasury prices fell Wednesday, pushing yields up from their lowest levels in a month, after the Federal Reserve hiked its forecast for inflation and cut its economic growth view. Orders for long-lasting U.S. goods bounced back in March, spurred by higher demand for transportation equipment, computers and defense-related products. Yields on 10-year notes rose 5 basis points to 3.35%, after reaching 3.39% just after the release of the Fed’s statement. Thirty-year bond yields increased 7 basis points to 4.5%. The Treasury Department sold $35 billion in 5-year notes at a yield of 2.124%. Bidders offered to buy 2.77 times the amount of debt sold, right in line with the average at the four most recent auctions. Indirect bidders, bought 40% of the sale, versus an average of 39.2% of recent sales. Direct bidders, purchased another 11.2%, compared to 8.7% on average. A sale of $29 billion 7-year notes will occur on Thursday.
Economic Data: Personal Consumption, GDP Price Index, Initial Jobless Claims, Continuing Claims and Pending Home Sales.

Commentary/New Issues

Corporate:
$1.5B, EXPRESS SCRIPTS INC, BAA3/BBB, 3.125%, 5/15/16, +118bps

Agency:
Nothing

ABS:
$965MM, NGN 2011 R-6
$802MM, ALLYA 2011-2
$716.7MM, WORLD OMNI AUTOMOBILE LEASE

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 as the government sold $35 billion of 2-year notes. 30-year bonds saw yields falling seven basis points to 4.39 percent and benchmark 10-year notes closed at 3.31 percent, yield down six basis points. 2- and 5- year debt closed at 0.60 percent and 2.01 percent, yield down four basis points and six basis points respectively. The 2-year auction went at a yield of 0.67 percent and bid to cover ratio was 3.06. Indirect bidders bought 37.9 percent of the notes and direct bidders took 13.4 percent of the notes. Government will sell $35 billion of 5-year notes on April 27. The Fed bought $2 billion of U.S. debt due from May 2021 to November 2027 as part of the program Quantitative Easing II to help grow the economy.
Economic Data: MBA Mortgage Applications, Durable Goods Orders, Durables Ex Transportation, and FOMC Rate Decision.

Commentary/New Issues

Corporate:
$4.5B, MORGAN STANLEY 2-PT, A2/A, $2B, 4/29/13, 3ML+98 bps; $2.5B, 3.80%, 4/29/16, +180 bps
$3B, AT&T 2-PT, A2/A-, $1.75B, 2.95%, 5/15/16, +97 bps; $1.25B, 4.45%, 5/15/21, +115 bps
$1.1B, BANK OF MONTREAL, AA2/A+, $600MM, 1.75%, 4/29/14, +70 bps; $500MM, 4/29/14, 3ML+47 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 sending yields down across the curve as a decline in stock markets made market participants move to safe U.S. debt. 30-year bonds yielded 4.46 percent, yield down two basis points and benchmark 10-year notes saw yields declining three basis points to 3.36 percent. 2- and 5- year debt closed at 0.64 percent and 2.07 percent, yields down two basis points and four basis points respectively. The Fed purchased $7.24 billion of U.S. debt due from October 2016 to March 2018 as part of the $600 billion program Quantitative Easing II to help grow the economy. The Treasury will sell $35 billion of 2-year notes on April 26 as part of the $99 billion of 2-, 5-, and 7-year notes auction this week.
Economic Data: S&P/ CaseShiller Home Price Index, Consumer Confidence, and Richmond Fed Manufacturing Index.

Commentary/New Issues

Corporate:
$1B, BB&T CORP., A2/A, 2-Part, $700MM, 2.05%, 4/28/14, +95bps; $300MM, 4/28/14, 3ML+70bps

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 were mixed on Thursday’s short trading session as initial jobless claims fell less than the forecast and as manufacturing in the Philadelphia area fell more than predicted. 30-year bonds ended the week at 4.47 percent and benchmark 10-year notes saw yields falling one basis point to 3.40 percent. 2- and 5- year notes saw yields falling by one basis point each to 0.66 percent and 2.11 percent respectively. According to the Labor Department, the Jobless benefits claims fell to 403,000, down 13,000 in the week ended April 16 versus the median forecast of fall to 390,000. Government sold $14 billion of 5-year TIPS at a yield of -0.18 percent versus the forecast of -0.1825 percent. Government will sell $99 billion of 2-, 5- and 7-year notes next week.
Economic Data: New Home Sales, Dallas Fed Manf. Activity, S&P/ CaseShiller Home Price Ind, Consumer Confidence, MBA Mortgage Applications, FOMC Rate Decision, GDP Price Index, Initial Jobless Claims, and Continuing Claims.

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:
Treasury prices fell Wednesday, pushing yields up for the first day in the past four, as positive corporate news prompted investors to move into stocks and away from the relative safety of U.S. bonds and the dollar. Yields on 10-year notes, rose 5 basis points to 3.41%. Two-year note yields added 2 basis points to .67% and thirty-year bonds increased 4 basis points to 4.47%. Bonds showed little reaction to the only U.S. economic data point of the day. The National Association of Realtors said existing-home sales rose 3.7% in March. Also worrying the market a little, the Treasury Department will auction 5-year inflation-linked debt Thursday, earlier than its usual auction time because the market is expected to close early and remain closed the next day for Good Friday.
Economic Data: Initial Jobless Claims, Leading Indicators and Philadelphia Fed.

Commentary/New Issues

Corporate:
$2.5B, ABBY NATIONAL TREASURY SERVICES, AA3/AA, 3-PART, $500MM, 2.875%, 4/25/14, +180bps; $1.0B, 4/25/14, 3ML+158bps; $1.0B, 4.00%, 4/27/16, +190bps
$1.0B, GOLDMAN SACHS GROUP, A1/A, (FRN OPENING), 2/7/14, 3ML+90bps

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 sending yields down across the curve as market participants got concerned about the Greek bond yields reaching record highs and on speculation that any measures to control U.S. budget deficit may slow the economic growth. 30-year bonds saw yields falling two basis points to 4.43 percent and benchmark 10-year notes saw yields dropping one basis points to 3.36 percent. 2- and 5- year closed at 0.65 percent and 2.06 percent respectively. The Fed bought $6.68 billion of U.S. debt due from January 2014 to February 2015 as part of the program Quantitative Easing II. The difference between yields of 10-year notes and comparable TIPS fell to 262 basis points, still very close to the three year high of 267 basis points recorded last week.
Economic Data: MBA Mortgage Applications, and Existing Home Sales.

Commentary/New Issues

Corporate:
$750MM, PROV MANITOBA, AA1/AA, 1.375%, 4/28/14, +28.25 bps
$250MM, OHIO NAT’L FINANCIAL, BAA1/A, 6.65%, 5/1/31, +220 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 for a second day in row sending yields down across the curve as market participants got concerned about deteriorating economic conditions in Greece and as stock markets declined resulting in a move to safe U.S. debt. 30-year bonds yielded 4.45 percent, and benchmark 10-year notes saw yields falling four basis points to 3.37 percent. 2- and 5- year debt gained sending yields down by three basis points and six basis points to 0.66 percent and 2.07 percent respectively. The rating agency Standard and Poor’s lowered its outlook for the U.S. credit rating to negative from stable as the U.S. budget deficit and debt keeps rising to record levels. The Fed bought $2 billion of Treasuries due from August 2029 to February 2041 as part of the $600 billion program Quantitative Easing II to help grow the economy.
Economic Data: Building Permits and Housing Starts.

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:
Treasuries rose sharply on Friday sending yields down across the curve as investors got nervous about Europe’s worsening crisis. 30-year bonds closed the week at 4.47 percent and benchmark 10-year notes saw yields falling eight basis points to 3.41 percent. 2- and 5-year debt closed at 0.69 percent and 2.12 percent, yields down seven basis points and nine basis points respectively. The Fed bought $6.36 billion of U.S. debt due from May 2015 to July 2016 as part of the $600 billion program Quantitative Easing II to help grow the economy and keep rates low. According to the Labor Department, core consumer prices rose 0.1 percent last month versus the expectations of 0.2 percent and the difference between 10-year yields and TIPS fell to 262 basis points from 267 basis points, the widest in almost last three years.
Economic Data: NAHB Housing Market Index, Building Permits, Housing Starts, MBA Mortgage Applications, Initial Jobless Claims, Continuing Claims, Leading Indicators, Philadelphia Fed.

Commentary/New Issues

Corporate:
Nothing

Agency:
$1.275B, FFCB, 1.625%, 11/19/14, +44 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 sending yields up across the curve as government sold $13 billion of 30-year bonds. 30-year debt closed at 4.54 percent and benchmark 10-year notes saw yields rising by three basis points to 3.49 percent. 2- and 5- year debt yielded 0.76 percent and 2.21 percent, yields up three basis points and four basis points respectively. The Treasury sold 30-year bonds at a yield of 4.531 percent and bid-to-cover ratio at the auction was 2.83. Indirect bidders bought 47.2 percent and direct bidders took 10.8 percent of the debt. The Fed bought $7.68 billion of U.S. debt due from May 2018 to February 2021 as part of the $600 billion program Quantitative Easing II. According to the Labor Department, wholesale costs rose 0.7 percent last month versus the median forecast of 1 percent. Economic Data: Consumer Price Index, CPI Ex Food & Energy, Consumer Price Index NSA, Industrial Production, U. of Michigan Confidence and Empire Manufacturing.

Commentary/New Issues

Corporate:
$1B, REPUBLIC OF POLAND, A2/A-, 5.125%, 4/21/21, +179 bps
$500MM, HYUNDAI STEEL, BAA3/BBB-, 4.25%, 4/21/16, +249 bps
$250MM, IFM COLONIAL PPL, NR/BBB-, 6.45%, 5/1/21, +300 bps

Agency:
$3B, FHLB, 1.375%, 5/28/14, +19 bps

ABS:
$562MM, SLM Private Loan Trust 11-A

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 three straight down days, sending yields down sharply across the curve as market participants got concerned about the Japan’s nuclear crisis. 30-year bonds saw yields falling eight basis points to 4.57 percent and 10-year benchmark notes closed at 3.49 percent, yield down nine basis points. 2- and 5-year debt saw yields dropping eight basis points and twelve basis points to 0.75 percent and 2.20 percent respectively. Government sold $32 billion of 3-year notes yesterday at a yield of 1.28 percent versus the forecast of 1.293 percent. The bid-to-cover ratio at the auction was 3.25 and indirect bidders bought 33.7 percent of the debt while direct bidders took 8.9 percent of the notes. Government will sell $21 billion of 10-year notes on April 13.
Economic Data: MBA Mortgage Applications, Advance Retail Sales, Business Inventories, JOLTs Job Openings, and Fed’s Beige Book.

Commentary/New Issues

Corporate:
$1.75B, ROYAL BANK OF CANADA, AA1/AA-, 2-PT, $900MM, 4/17/14, 3ML+30; $850MM, 2.875%, 4/19/16, +73bps$1.5B, FUEL TRUST, BAA2/BBB-, 4.207%, 4/15/16, +200 bps
$300MM, MONSANTO COMPANY, A2/A+, 2.75%, 4/15/16, +60 bps
$250MM, GEORGIA POWER, A3/A, 3.00%, 4/15/16, +80 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.