CREDIT MARKETS
Treasuries:
Treasury prices fell further on Tuesday, pushing yields up to the highest level this month, after a report signaled consumers are still spending, boosting stocks and reducing the appeal of the relative safety of U.S. government debt. Yields on 10-year notes rose 11 basis points to 3.10%, the highest level since the end of May. Yields on 2-year notes added 4 basis points to 0.44%. Overall retail sales fell 0.2% in May, but gained 0.3% when auto sales are excluded. Investors saw the news as bullish for U.S. stocks, pushing the Dow Jones Industrial Average up 1.2% and above 12,000. Treasury yields have fallen in recent weeks along with a steady stream of weaker bits of economic data underscoring the sluggish pace of recovery. So data would have to be appreciably worse to push the rally in prices further. The producer price index rose a seasonally adjusted 0.2% last month, it was the smallest gain since July 2010.
Economic Data: CPI, Empire Manufactoring, Industrial Production, Capacity Utilization and NAHB Housing Market Index.

Commentary/New Issues

Corporate:
$1B, FUEL TRUST, BAA2/BBB-, 3.984%, 6/17/16, +230bps
$350MM, TC PIPELINES, BAA2/BBB, 4.65%, 6/15/21, +157bps
$300MM, HANOVER INSURANCE GRP, BAA3/BBB-, 6.375%, 6/15/21, +337.5bps
$300MM, PEFCO, AAA/AA+, 2.125%, 7/15/16, +47bps

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 headed back down slightly Monday afternoon, following a short-lived rebound after Standard & Poor’s downgraded Greece. Bonds had been lower in morning action, pushing yields up from near the lowest levels since December, with traders seeing little reason for much of a shift until it receives more information to prompt a rally or selloff. Yields on 10-year notes up 1 basis point on the day to close at 2.98%. Thirty-year-bond yields rose 2 basis points to 4.20%. S&P cut Greece to CCC from B without a negative outlook, reflecting a heightened risk of default. The Federal Reserve Bank of New York bought $4.62 billion in Treasury debt on Monday, part of a program that’s the centerpiece of the U.S. central bank’s loose monetary policy. The Fed buybacks will occur every day this week, while the Treasury has no note or bond auctions planned, setting up a supply-and-demand dynamic that supports bonds.
Economic Data: NFIB Small Business Optimism Index, PPI, Retail Sales and Business Inventories.

Commentary/New Issues

Corporate:
$650MM, DISCOVERY COMMUNICATIONS, BAA2/BBB, 4.375%, 6/15/21; +150bps
$300MM, EATON CORP., A3/A-, 6/15/14, 3ml+33bps

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 rose on Friday, pushing yields down, as investors worried about clashes between European officials about how to resolve Greece’s debt problems. Uncertainty about the outcome for Greece and its debt prompted a flight to the relative safety of U.S. bonds. Yields on 10-year notes fell 4 basis points to 2.97%. Thirty-year bond yields lost 3 basis points to close at 4.19%. The dollar also gained as European political officials and monetary-policy leaders express sharply divergent opinions on whether Greece should be able to default. The main scheduled event of the day was the release of the
Federal Reserve’s last schedule for its operations to buy bonds and expand its balance sheet. The Fed said it will buy $62 billion, including the last $50 billion of its $600-billion expansion plan.
Economic Data: PPI, Retail Sales, Business Inventories, CPI, Industrial Production, Housing Sales, Jobless Claims and Leading Indicators.

Commentary/New Issues

Corporate:
Nothing

Agency:
Nothing

ABS:
$589MM, HERTZ 2011-1
$500MM, CHAIT 2011-2

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 continued their decline Thursday, sending yields higher, as U.S. stocks held onto gains and the Treasury Department held the last of its auctions this week. The Treasury Department sold $13 billion in 30-year bonds at a yield of 4.238%, the lowest yield since October. Yields for the long bond rose to 4.21%. Indirect bidders, bought 38.3%, versus 41% in recent sales. Direct bidders, purchased another 9.3%, versus an average of 8.5%. Yields on the 10-year Treasury note rose nearly 8 basis points to 3.0%. On Wednesday, the Treasury sold $21 billion in 10-year notes at a yield of 3.967%. That followed a $32 billion auction of 3-year notes at a yield of 0.765% on Tuesday. Yields on the 2-year Treasury, which more closely track expectations for interest rates set by the Fed, rose 0.41%.
Economic Data: Import Index and Monthly Budget Statement

Commentary/New Issues

Corporate:
$750MM, NEW BRUNSWICK, AA2/AA-, 2.75%, 6/15/18, +54.55bps

Agency:
Nothing

ABS:
$743MM, GEMNT 2011-2

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:
Treasury prices rose Wednesday, pushing short-term yields to their lowest level in eight months, after Federal Reserve Chairman Ben Bernanke’s downbeat outlook for the U.S. economy curbed global investors’ enthusiasm for riskier assets. The market held onto gains after the government received solid demand at its auction of $21 billion in 10-year notes. Yields on 10-year notes, fell to 2.94%. Two-year note yields, slipped to 0.38%. Yields on 30-year bonds fell to 4.21%. Bonds pared gains after the Beige Book was released. The report showed growth was slowing in some regions or stayed at a steady pace, with a lot attributed to Japan-related manufacturers or bad weather. Wednesday’s rally continued after the Treasury Department sold the $21 billion in 10-year notes at a yield of 3.967%. Bidders offered to buy 3.23 times the amount of debt sold, up from to an average of 3.17 times at the last four comparable sales. Indirect bidders, purchased 50.6% of the sale, versus an average of 48.4%.
Economic Data: Initial Jobless Claims, Continuing Claims, Wholesale Inventories

Commentary/New Issues

Corporate:
$1.875B, CITIGROUP, A3/A, 3.953%, 6/15/16, +200bps
$1B, NWB, AAA/AAA, 2.125%, 6/16/16, +61.8bps
$1.25B, KFW, AAA/AAA, 6/17/13, 1ML+1bps

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 pared losses in afternoon trading Tuesday, pushing short-term yields lower, ahead of a speech by Federal Reserve Chairman Ben Bernanke that investors will parse for clues about his economic outlook after the very-weak May employment report. For most of the session, the focus was the government’s first of three major debt sales this week, which received sufficient demand. Two-year note yields, fell to 0.40%, near the lowest in six months. Yields on 10-year notes traded at 3%. Yields on 30-year bonds increased 4.25%. Long-term bonds remained lower after the Treasury Department sold $32 billion in 3-year notes at a yield of 0.765%. Bidders offered to buy 3.28 times the amount of debt sold, up from to an average of 3.18 times at the last four sales of 3-year notes, which were all for the same amount. Indirect bidders purchased 35.6% of the sale, versus an average of 32.1% and the highest since January.
Economic Data: Mortgage Applications and Fed Beige Book.

Commentary/New Issues

Corporate:
$1.15B METLIFE GLOBAL FUNDING, 2-PT, AA3/AA-, $800M, 6/14/12, 3ML+12.5bps; $350M, 3.65%, 6/14/18, +137.5bps
$400M NEXTERA ENERGY CAPITAL, BAA1/BBB+, 4.50%, 6/1/21, +148bps
$400M NISOURCE FINANCE, BAA3/BBB-, 5.95%, 6/15/41, +170bps
$500M KIA MOTORS, BAA2/BBB, 3.625%, 6/14/16, +208bps
$400M ATMOS ENERGY, BAA1/BBB+, 5.50%, 6/15/41, +125bps
$500M NETWORK RAIL, AAA/AAA, 6/14/13, 3ML+2bps

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 declined on Monday, pushing yields up from the lowest in six months, as traders prepared for this week’s trio of major government-debt auctions. Treasury debt gave back some of the gains notched last week as a string of weak economic reports, including the U.S. monthly payrolls data, left investors considering whether the U.S. economic recovery could falter. Yields on 10-year notes rose to 3.0%. Two-year-note yields were little changed at 0.43%. Thirty-year-bond yields rose to 4.27%. The week brings minor economic data, leaving traders more focused on Federal Reserve buybacks and the government’s sale of 3-year and 10-year notes and 30-year bonds. Treasury plans to sell $32 Billion in 3-year Notes tomorrow.
Economic Data: Consumer Credit.

Commentary/New Issues

Corporate:
$1B FISERV, 2-PT, BAA2/BBB-, $600M, 3.125%, 6/15/16, +155bps; $400M, 4.75%, 6/15/21, +180bps
$500M SPECTRA ENERGY PTNRS 2-PT, BAA3/BBB, $250M 2.95%, 6/15/16, +140bps; $250M 4.60%, 6/15/21, +160bps
$250M FLORIDA POWER & LIGHT, AA3/A, 5.125%, 6/1/41 +87bps

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 jumped Wednesday, pushing 10-year yields below 3% for the first time since December, after a pair of economic reports intensified worries about the U.S. economic recovery. Treasury yields fell after payroll-processing company ADP said private companies added 38,000 jobs in May, well below the 175,000 increase that economists had been looking for. Yields on 10-year notes, which move inversely to prices, fell 11 basis points to 2.96%, the biggest decline since March. A basis point is 1/100th of a percent. The benchmark yields touched 2.95%, the lowest level in six months. Two-year yields declined 4 basis points to 0.44%, also the lowest since December. Yields on 30-year bonds fell 8 basis points to 4.15% Treasury next week plans to sell $32 Billion in 3-year Notes, $21 Billion in 10-year Debt, $13 Billion in 30-year Bonds in 3 daily auctions beginning June 7.
Economic Data: Nonfarm Productivity, Factory Orders, Initial Jobless Claims, and Continuing Claims.

Commentary/New Issues

Corporate:
$1.75B, APPLIED MATERIALS 3-PT, A3/A, $400MM, 2.65%, 06/15/16, +107 bps; $750MM, 4.30%, 6/15/21, +138 bps; $600MM, 5.85%, 6/15/41,+175 bps
$2.50B, ING BANK 3-PT, AA3/A+, $1.4B, 06/09/14, 3ML+140bps; $500MM, 2.375%, 6/09/14, +170 bps; $600MM, 3.00%, 6/06/16,+210 bps
$1.00B, UNION BANK 2-PT, A2/A+, $300MM, 06/06/14, 3ML+95bps ; $700MM, 3.00%, 6/06/16, +145 bps

Agency:
$4.0BM, FREDDIE MAC, 1.0%, 07/30/14, +27 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 gained Friday, after the government’s monthly jobs report for May came in much weaker than economists expected, raising worries that the economy is slowing again. Bonds pared gains after the Institute for Supply Management said its services-sector index improved last month Yields on 10-year notes fell to 3.0%, which move inversely to prices. Ten year yields have fallen for a third week. Yields on 2-year notes fell to 0.43%, they touched the lowest level since November at 0.40%. Two-year yields have declined for eight consecutive weeks the longest string since February 2008, after the credit
crisis was just getting going. Thirty-year bond yields slipped to 4.23%, also near the lowest since December. Ten-year yields have fallen as a string of unexpectedly weak economic data has raised concerns about a slowing U.S. economy, which some worry may be heading back into a recession. Treasury next week plans to sell $32 billion in 3-year notes, $21 billion in 10-year notes, $13 billion in 30-year bonds in 3 daily auctions beginning June 7.
Economic Data: Fed Beige Book, Initial Jobless Claims, Continuing Claims, Trade Balance and Wholesale Inventory.

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 extended a decline on Thursday, pushing 10-year yields back above 3%, after a news report came out hinting that officials struck a deal to support Greece for a few more years. Bonds came under pressure earlier after a report showed fewer initial filings for jobless claims in the latest week. Bond traders are trying to judge how investors will react to Friday’s monthly payrolls report, considered one of the most important indications of economic growth. Yields on 10-year notes, which move inversely to prices, rose to 3.03%, paring most of Wednesday’s big drop that pushed yields to the lowest level since early December. Two-year yields crept up to 0.46%. Thirty-year bond yields rose to 4.25%. Also weighing on bonds, Moody’s Investors Service said it would put the U.S. credit rating on review for a downgrade if there is no progress on raising the federal debt limit in coming weeks
Economic Data: Nonfarm Payrolls, Private Payrolls, Unemployment Rate.

Commentary/New Issues

Corporate:
$850M, DEERE CAPITAL, 2-PT A2/A, $350M, 7/15/13, 3ML+15bps; $500M 2.25% 6/7/16 99.803 +65bps
$300M, WHIRLPOOL CORP, BAA3/BBB-, 4.85%, 6/15/21, +183bps

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.