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.

CREDIT MARKETS
Treasuries:
Treasuries fell yesterday and the difference between yields on 10-year debt and TIPS widened to 265 basis points, the most in more than three years. 30-year bonds saw yield rising one basis point to 4.65 percent and benchmark 10-year notes were unchanged at 3.59 percent. 2- and 5-year debt closed at 0.83 percent and 2.32 percent, yields up two basis points and one basis point respectively. The Feb bought $7.86 billion of U.S. debt due from October 2016 to September 2017 as part of the program Quantitative Easing II. Government will sell $32 billion of 3-year notes on April 12, $21 billion of 10-year notes on April 13 and $13 billion of 30-year bonds on April 14.
Economic Data: NFIB Small Business Optimism, Import Price Index (MoM), Import Price Index (YoY), Trade Balance, and Monthly Budget Statement.

Commentary/New Issues

Corporate:
$5B, WAL-MART STORES 4-PT, AA2/AA, $1B, 1.625%, 4/15/14, +40 bps; $1B, 2.80%, 4/15/16, +57 bps; $1B, 4.25%, 4/15/21,+75 bps; $2B, 5.625%, 4/15/41, +110 bps
$3.5B, SOCIETE GENERALE, 2-PT, AA2/A+, $1.5B, 4/1/14, 3ML+105 bps; $2B, 5.20%, 4/15/21, +165 bps
$1B, EXPORT DEVELOPMENT CANADA, AAA/AAA, 1.50%, 5/15/14, +24.1 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 sending yields up across the curve as market participants got concerned about higher inflation in medium term pushing gold to a record high. 30-year bonds saw yields touching 4.64 percent, up three basis points and benchmark 10-year notes yielded 3.58 percent, up three basis points. 2- and 5-year debt saw yields rising two basis points and four basis points to 0.81 percent and 2.31 percent respectively. Government will sell $32 billion of 3-year notes, $21 billion of 10-year notes and $13 billion of 30-year bonds on April 12, April 13 and April 14 respectively. The difference between 10-year note yields and TIPS widened to 266 basis points, the most in almost three years as investors expected higher inflation in coming years.
Economic Data: NFIB Small Business Optimism, Trade Balance, MBA Mortgage Applications, Advance Retail Sales, JOLTs Job Openings, Fed’s Beige Book, Initial Jobless Claims, Continuing Claims, Producer Price Index, Consumer Price Index, Empire Manufacturing, and University of Michigan Confidence.

Commentary/New Issues

Corporate:
$750MM, JEFFERIES GROUP, BAA2/BBB, 5.125%, 4/13/18, +220bps

Agency:
Nothing

ABS:
$1.165B NGN 2011-R5

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 Treasury prices rose Thursday, pushing yields lower, after comments from the head of the European Central Bank lessened traders’ worries that U.S. interest rates would lag significantly behind European rates. Yields on 2 year notes fell 5 basis points to close at .79 percent. Thirty year bond yields rose 2 basis points to 4.62 percent. The ECB raised its key interest rate for the first time since 2008, up a quarter-percentage point, as had been expected. Treasuries also improved after the Labor Department said 382,000 people filed first-time jobless claims in the latest week, fewer than analysts expected. Bonds barely flutter after the Federal Reserve conducted its last buyback of the week, purchasing $6.58 billion in intermediate-term Treasuries as part of a program that is the centerpiece of the Fed’s loose monetary policy. For now, bond markets are going by Fed Chairman Ben Bernanke, who shows no sign that he’s considering raising the Fed’s target interest rate.
Economic Data: Wholesale Inventories.

Commentary/New Issues

Corporate:
$1.75B, DANSKE BANK, A1/A, 2-PT, $500 MM, 4/14/14, 3ML+105bps; $1.25B, 3.875%, 4/14/16, +160bps
$700MM, POSCO, A2/A, 5.25%, 4/14/21, +175bps
$650MM, MASSMUTUAL GLOBAL FUNDING II, AA2/AA+, 2-PT, $250MM, 1/14/14, 3ML+38bps; $400MM, 3.125%, 4/14/16, +85bps

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 yields up across the curve for the second session in a row as market participants got worried about higher inflation over medium to long term. 30-year bonds saw yields rising nine basis points to 4.59 percent and benchmark 10-year notes closed at 3.55 percent, yield up seven basis points. 2- and 5- year debt fell sending yields up by two and five basis points to 0.84 percent and 2.32 percent respectively. The Fed bought $1.97 billion of U.S. debt due from August 2028 to February 2041 as part of the program Quantitative Easing II. Government will sell $66 billion in Treasury notes next week.
Economic Data: Initial Jobless Claims, Continuing Claims, Consumer Credit, and ICSC Chain Store Sales YoY.

Commentary/New Issues

Corporate:
$2.2B, NATL AUSTRALIA BANK, 2-PT, AA1/AA, $600MM, 2.25%, 4/11/14, +98 bps; $1.6B, 4/11/14, 3ML+72 bps
$1B, BNP PARIBAS, AA2/AA, 5.00%, 1/15/21, +145 bps
$1B, UNITED MEXICAN STATES, BAA1/BBB, 6.05%, 1/11/40, +134.6 bps
$500MM, WOORI BANK, A2/BBB+, 5.875%, 4/13/21, +250 bps
$270MM, NUVEEN NZH, AAA/AAA, 2.35%, 5/1/14, 2.35

Agency:
Nothing

ABS:
$950MM AMCAR 11-2

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 rising continuously for last few days as market participants speculated increase in interest rates in the near future. 30-year bonds yielded 4.51 percent, yield up two basis points and benchmark 10-year notes saw yields rising six basis points to 3.49 percent. 2- and 5-year debt closed at 0.82 percent and 2.27 percent, yields up five basis points and eight basis points respectively. The Fed bought $7.57 billion of U.S. debt maturing from May 2018 to August 2020 as part of the program Quantitative Easing II to help grow the economy. The difference between yields on TIPS and 10-year notes widened to 259 basis points, the widest in more than two years, as traders expected high inflation in the medium to long term.
Economic Data: MBA Mortgage Applications.

Commentary/New Issues

Corporate:
$500MM, BANCO VOTORANTIM, BAA2/NR 5.25%, 2/11/16, +260 bps
$850MM, WOOLWORTHS LTD, 2-PT, A3/A-, $300MM, 3.15%, 4/12/16, +90bps; $550MM, 4.55%, 4/12/21, +110 bps
$1.25B, RCI BANQUE 3-PT, BAA2/BBB, $450MM, 4/11/14, 3ML+187 bps; $300MM, 3.40%, 4/11/14, +215 bps; $500MM, 4.60%, 4/12/16, +235 bps
$4B, EIB, AAA/AAA, 1.50%, 5/15/14, +34.3 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 rose yesterday sending yields down across the curve as investors got concerned about the U.S. economic recovery. 30-year bonds closed at 4.49 percent and benchmark 10-year notes saw yields falling two basis points to 3.43 percent. 2- and 5-year debt closed at 0.77 percent and 2.19 percent, yields down three and five basis points respectively. The Fed bought $8.03 billion of U.S. debt due from November 2016 to March 2018 as part of the program Quantitative Easing II to help grew the economy. The difference between TIPS and 10-year note yields widened to 255 basis points as investors got concerned about threat of inflation over medium to long term. According to a report by the Labor Department last week, the unemployment rate fell to a two-year low of 8.8 percent.
Economic Data: ISM Non-Manf. Composite, and Minutes of FOMC Meeting.

Commentary/New Issues

Corporate:
$2B, INT’L FINANCE CORP, AAA/AAA, 2.25%, 4/11/16, +18.4 bps
$1.5B, GE CAPITAL, AA2/AA+, 4/7/14, 3ML+63 bps
$1.25B, DEUTSCHE TELEKOM INTL FIN, BAA1/BBB+, 3.125%, 4/11/16, +95 bps
$250MM, RAYMOND JAMES FINANCIAL, BAA2/BBB, 4.25%, 4/15/16, +210 bps
$250MM, HORMEL FOODS, A2/A, 4.125%, 4/15/21, +75 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.

FRN

Maturity: 2/07/2014

Deal Size: $2,000,000,000

Rating: A1/A