CREDIT MARKETS
Treasuries:
Treasuries rose yesterday as a report showed that the U.S. service industries expanded less than forecast last month. 30-year bonds saw yields falling three basis points to 4.32 percent and benchmark 10-year notes closed at 3.22 percent, yields down four basis points. 2- and 5- year debt saw yields falling two basis points each to 0.59 percent and 1.94 percent respectively. The Fed bought $1.49 billion of the U.S. debt due from July 2013 to February 2041 as part of the program Quantitative Easing II to help grow the economy. The ISM’s index of non-manufacturing companies fell to 52.8 last month from 57.3 in March versus the median forecast of 57.5. Government will sell $72 billion of notes and bonds next week, starting on May 10.
Economic Data: RBC Consumer Outlook Index, Nonfarm Productivity, Initial Jobless Claims, Continuing Claims, and ICSC Chain Store Sales YoY.

Commentary/New Issues

Corporate:
$1.8B, GE CAPITAL 2-PT, AA2/AA+, $1.5B, 2.95%, 5/9/16, +105 bps; $300MM, 5/9/16, 3ML+87 bps
$1B, COUNCIL OF EUROPE DEVELOPMENT BANK, AAA/AAA, 1.50%, 1/15/15, +60.4 bps
$500MM, HSBC BANK BRASIL SA, BAA2/BBB-, 4.00%, 5/11/16, +212.5 bps
$500MM, FAIRFAX FINC’L, BAA3/BBB-, 5.80%, 5/15/21, +262.5bps

Agency:
Nothing

ABS:
$1B, CNH 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 sending yields down across the curve as market participants were not so optimistic about the economy after a weak manufacturing report for the last month. 30-year bonds saw yields falling three basis points to 4.36 percent and benchmark 10-year notes closed at 3.25 percent, yield down two basis points. 2- and 5- year notes closed at 0.60 percent and 1.95 percent respectively. The Fed bought $7.7 billion of U.S. debt due from November 2016 to April 2018 as part of the program Quantitative Easing II. According to the median estimate, Payrolls might rise by 185,000 for the last month as investors look forward to the report due to be released on May 6 by the Labor Department.
Economic Data: MBA Mortgage Applications, Challenger Job Cuts YoY, ADP Employment Change, and ISM Non-Manf. Composite.

Commentary/New Issues

Corporate:
$3B, PROVINCE OF ONTARIO, AA1/AA-, 2.30%, 5/10/16, +39 bps
$1.75B, PEPSICO 2-PT, AA3/A-, $750MM, 5/10/13, 3L+8 bps; $1B, 2.50%, 5/10/16, +57 bps
$1B, WESTFIELD HOLDINGS, A2/A-, 4.625%, 5/10/21, +147 bps
$700MM, WOODSIDE FINANCE, BAA1/BBB+, 4.60%, 5/10/21, +135 bps
$600MM, HIGHMARK INC 2-PT, BAA2/A, $350MM, 4.75%, 5/15/21,+155 bps; $250MM, 6.125%, 5/15/41,+180 bps

Agency:
Nothing

ABS:
$372.3MM, EFOTS 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.

CREDIT MARKETS
Treasuries:
Treasuries were little changed yesterday as the U.S. manufacturing grew at a slower pace last month and as U.S. Navy killed Osama Bin Laden in Pakistan. 30-year bonds closed at 4.38 percent, yield down one basis point and benchmark 10-year notes also saw yield falling one basis point to 3.28 percent. 2- and 5- year debt closed at 0.60 percent and 1.96 percent respectively. The Institute for Supply Management’s manufacturing index fell to 60.4 last month from 61.2 in March of this year, accordingto the Arizona based group, the Tempe; the median forecast of the economists was 59.5. Construction Spending for last month increased by 1.4 percent versus the expectations of an increase of 0.4 percent. The Fed bought $7.2 billion of the U.S. debt due from May 2018 to February 2021 as part of the program Quantitative Easing II to help grow the economy.
Economic Data: Factory Orders, and Domestic Vehicle Sales.

Commentary/New Issues

Corporate:
$1.85B, REPUBLIC SERVICES 3-PT, BAA3/BBB, $700MM, 3.75%, 5/15/18, +115 bps; $550MM, 4.75%, 5/15/23, +150 bps; $600MM, 5.70%, 5/15/41, +135 bps$1.5B, ALTRIA GROUP, BAA1/BBB, 4.75%, 5/5/21,+152 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 on Friday sending yields down across the curve as consumer-spending growth slowed and as the U.S. businesses grew less than the forecast. April turned out to be as one of the best month in last eight months in terms of gains in Treasury prices. 30-year bonds closed at 4.39 percent, yield down two basis points and benchmark 10-year notes saw yield falling three basis points to 3.28 percent. 2- and 5- year debt closed at 0.61 percent and 1.97 percent, yields down two and three basis points respectively. The Fed bought $6.68 billion of the Treasuries due from November 2013 to March 2015 as part of the program Quantitative Easing II to help grow the economy.
Economic Data: ISM Manufacturing, Factory Orders, Total Vehicle Sales, MBA Mortgage Applications, ADP Employment Change, Nonfarm Productivity, Initial Jobless Claims, Continuing Claims, and Unemployment Rate.

Commentary/New Issues

Corporate:
$500MM, COLGATE-PALMOLIVE 2-PT, AA3/AA-, $250MM, 1.25%, 5/1/14, +30 bps; $250MM, 2.625%, 5/1/17, +77 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: 6.75%

Maturity: 6/01/2018

Deal Size: $500,000,000

Rating: Ba3/B

7,750,000 Shares

$ Amount: $89,125,000

Coupon: 5.75%

Maturity: 6/01/51

Shares: 5,000,000

Deal size: 125,000,000

Coupon: 7.25%

Maturity: 12/31/49

Shares: 11,000,000

Deal size: 275,000,000