CREDIT MARKETS

Treasuries:
Treasury prices rose Friday, pushing yields back toward significant lows, after a trio of reports on U.S. retail sales, inflation and consumer confidence
added to evidence that economic growth is slowing. Long-term Treasury yields have fallen since last Friday, while 2-year yields touched an all-time
low during the week, as data and comments from the Federal Reserve about the economy fueled a renewed interest in the relative safety of U.S.
government debt. Yields on 10-year notes fell 5 basis points to 2.69%, near the lowest point since April 2009. That’s down from 2.82% a week ago,
the biggest drop since the beginning of July and the third weekly decline. Two-year yields declined 1 basis points to 0.53%, after having touched a
record low set earlier this week. Yields on 2-year notes are up slightly from 0.51% last week, after falling for the past four weeks. Yields on 30-year
bonds fell 6 basis points to 3.88%. Thirty-year yields were at 3.92% a week ago. The Commerce Department said retail sales increased 0.4% in July,
a little less than economists expected.
Economic Data: Empire Manufacturing, Producer Price Index, Housing Starts, Building Permits, ABC
Consumer Confidence, MBA Mortgage Applications, Initial Jobless Claims, 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 declined yesterday, pushing yields up from recent lows, as U.S. stocks stabilized following early losses, limiting demand for the 
relative safety of U.S. debt. Still, money managers and international investors were drawn to the government’s sale of 30‐year bonds, despite yields
coming at the lowest since March 2009. Two‐year yields rose 2 basis points to 0.54%, after having touched an all‐time low on Wednesday. Yields on
10‐year notes increased 5 basis points to 2.74%. On Wednesday, yields on the benchmark security fell to the lowest since April last year as 
investors around the world interpreted the Federal Reserve’s plan to recycle holdings into Treasurys as they mature as a sign of much deeper 
economic problems. Yields on the current 30‐year bond rose 2 basis points to 3.94%. Traders said that investors remain interested in fixed‐income 
assets but that the market is due for a correction after the recent rally. 
Economic Data: Consumer Price Index, Advance Retail Sales, Business Inventories.

Commentary/New Issues

Corporate:
$1.1B JOHNSON & JOHNSON 2PT AAA/AAA $550M 2.95% 9/1/20 +43bp; $550M 4.50% 9/1/40 +68bp
$300M DETROIT ED A2/A- 3.45% 10/01/20 +80bp
$1B ASIAN DEVELOPMENT BANK AAA/AAA 2.25% 8/18/17 +22.8bp

Agency:
Nothing

ABS:
$1.09B ALLYA 10-3

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 yesterday, pushing down yields on 2‐year notes to an all‐time low, as investors around the world sought U.S. debt in response 
to the Federal Reserve’s new asset plan and its dourer outlook for the world’s largest economy. The demand for Treasury debt stayed strong at the 
government’s 10‐year note auction, which came at the lowest yield since January 2009. Yields on 2‐year notes remained steady at  0.52%, after 
touching 0.48% earlier in the session. Yields on 10‐year notes declined 6 basis points to 2.69%, probing further down to a level not seen since April 
2009. Bonds posted solid gains as other markets indicated a downshift in investors’ appetite for risky assets, like stocks, and increased interest in 
sectors deemed safer, including the U.S dollar. Late yesterday, voting members of the Federal Open Market Committee ended their monetary‐
policy meeting by saying the Fed will reinvest proceeds from maturing mortgage debt back into the Treasurys market. 
Economic Data: Initial Jobless Claims, 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 advanced yesterday, pushing 10‐year yields to their lowest level since April 2009, after the Federal Reserve said it will reinvest 
proceeds from maturing mortgage debt back into the Treasury market, as many analysts had expected. Earlier, the government sold 3‐year notes 
at the lowest yield on record, indicating continued interest in Treasury securities. Yields on 10‐year notes dropped 8 basis points to 2.75%.   Yields 
on 2‐year notes fell 2 basis points to 0.52%. The yields declined to an all‐time low of 0.50% on Friday after disappointing monthly employment data
Thirty‐year bond yields plunged with the rest of the market and then pared the move after the New York Fed clarified that the central bank would 
concentrate its purchases in the 2‐ to 10‐year sector. Yields on 30‐year bonds recently fell 2 basis points to 3.99%.The Federal Open Market 
Committee also said the pace of the U.S. economic recovery has slowed in recent months. Economic Data: MBA Mortgage Applications, Trade 
Balance.

Commentary/New Issues

Corporate:
$3B DIRECTV 3-PT BAA2/BBB- $750M 3.125% 2/15/16 +170bp; $1B 4.600% 2/15/21 +185bp; $1.25B 6.000% 8/15/40 +210bp
$2B STATOIL 2-PT AA2/AA- $1.25B 3.125% 8/17/17 +95bp; $750M 5.10% 8/17/40 +115bp
$750M KEYCORP BAA1/BBB+ 3.75% 8/13/15 +225bp
$250M GREAT PLAINS ENERGY BAA3/BBB- 2.75% 8/15/13 +195bp

Agency:
Nothing

ABS:
$660M VORNADO DP 2010-VNO

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 on 2‐year notes to a record low, after a weak report on the labor market raised expectations that the 
Federal Reserve may take steps next week to support the faltering U.S. economy. One possibility expected by Goldman Sachs is that officials will set
plans to reinvest cash from maturing assets they bought during the financial crisis back into the bond market. Yields on 10‐year notes fell 8 basis 
points to 2.83%. They had dropped as low as 2.82%, a 16‐month low. Yields on 2‐year notes fell 3 basis points to 0.51%. They earlier touched 
0.49%, the lowest level on record. Yields on 30‐year bonds declined 4 basis points to 4.01%. The Labor Department said private employers added 
71,000 jobs in July, fewer than analysts expected. Including government employees, the economy lost 131,000 jobs. A smaller drop was 
anticipated, mostly due to the loss of temporary census jobs. Economic Data: Nonfarm Productivity, Unit Labor Costs, ABC Consumer Confidence, 
MBA Mortgage Applications, Trade Balance, Initial Jobless Claims, Continuing Claims, Consumer Price Index and Business Inventories.

Commentary/New Issues

Corporate:
$1.75B VOLKSWAGEN INTL FINANCE 2-PT A3/A- $1B 1.625% 8/12/13 +93bp; $750M 4.00% 8/12/20 +120bp
$3.25B HSBC BANK 3-PT A3/A $500M 3ML+65 8/12/13; $1.25B 1.625% 8/12/13 +87.5bp; $1.5B 4.125% 8/12/20 +130bp
$500M CNA FINANCIAL BAA3/BBB- 5.875% 8/15/20 +300bp
$1.5B UBS AG (STANFORD) AA3/A+ 2.25% 8/12/13 +150bp
$1.25B HESS CORP BAA2/BBB 5.60% 2/15/41 +160bp

Agency:
Nothing

ABS:
$27.210M FORDO 10-B Class D
$92.209M MECA 10-1
$27.210M FORDO 10-B Class C

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 traded little changed yesterday with investors largely sidelined ahead of the meeting of the Federal Reserve’s policy‐setting 
committee and any new statements on the outlook or measures to aid the economy that may emerge from it. Yields on 5‐year bonds rose 3 basis 
points to 1.53% as yields on 10‐year notes held flat at last check, at 2.83%. Yields on 2‐year notes added 3 basis points to 0.54%, a reversal after 
having touched a record low last week. An absence of significant economic data yesterday is expected to amplify the influence that other financial 
markets, including stocks, have on government debt. The Treasury Department will auction $34 billion in 3‐year notes today, $1 billion less than 
last month. It will also sell $24 billion in 10‐year notes tomorrow and $16 billion in 30‐year bonds on Thursday. Economic Data: Nonfarm 
Productivity, Unit Labor Costs, ABC Consumer Confidence.

Commentary/New Issues

Corporate:
$1B TOYOTA MOTOR AA2/AA 1.375% 8/12/13 +62bp
$900M SIMON PROPERTY A3/A- 4.375% 3/1/21 +160bp
$1B WELLPOINT 2-PT BAA1/A- $700M 4.35% 8/15/20 +155bp; $300M 5.80% 8/15/40 +187.5bp

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 yesterday, pushing yields toward the lowest in more than a year, after a report showed the number of Americans applying for 
initial unemployment benefits climbed more than analysts expected. The report comes one day before the government’s monthly payrolls report, 
one of the most closely‐followed economic indicators for the U.S. While private employers are forecast to have hired people, investor confidence in
the recovery has been shaken. Yields on 10‐year notes fell 4 basis points to 2.91%. Yields on 2‐year notes declined 3 basis point to 0.54%. Jobless 
claims rose by 19,000 to 479,000 in the latest week. That’s the highest level since April. Economists surveyed by MarketWatch had expected claims 
to drop to 453,000. The economy is expected to have lost 60,000 jobs in July due to firing by the government after the Census was completed. 
Investors and traders will focus on private‐sector payrolls, which are forecast to have added 100,000 jobs. 
Economic Data: Unemployment Rate,  Consumer Credit.

Commentary/New Issues

Corporate:
$500M EMPRESA NACIONAL DEL PETROLEO A3/BBB 5.25% 8/10/20 +240bp
$1.75B VOLKSWAGEN INTL FINANCE A3/A- $1B 1.625% 8/12/13 +93bp;: $750M 4.00% 8/12/20 +120bp
$3.25B HSBC BANK 3-PT A3/A $500M 3ML+65 8/12/13; $1.25B 1.625% 8/12/13 +87.5bp; $1.5B 4.125% 8/12/20 +130bp
$500M CNA FINANCIAL BAA3/BBB- 5.875% 8/15/20 +300bp
$1.5B UBS AG (STANFORD) AA3/A+ 2.25% 8/12/13 +150bp
$1.25B HESS CORP BAA2/BBB 5.60% 2/15/41 +160bp
$1.75B IADB AAA/AAA 2.375% 8/15/17 +21.05bp

Agency:
Nothing

ABS:
$106.000M JG Wentworth 2010-2
$788.489M GSMS 10-C1

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 yesterday, pushing yields on 2‐year notes to a record low, after a published report said that the Federal Reserve may buy more
debt. The Fed may consider a modest change in how it manages its massive portfolio by using receipts from maturing mortgage debt or Treasury 
bonds to purchase more debt. Two‐year note yields fell 2 basis points to 0.53%, after touching a new record low of about 0.51% earlier. Yields on 
10‐year notes declined 4 basis points to 2.91%, near the lowest level since April 2009. Treasury prices stayed higher after the Commerce 
Department said consumer spending and incomes were unchanged in June, while economists had expected some increases. Treasury prices held 
onto gains after a pair of reports showed an index of U.S. pending sales of homes fell 2.6% in June and factory orders declined. 
Economic Data:  MBA Mortgage Applications, ADP Employment Change.

Commentary/New Issues

Corporate:
$3B METLIFE 4-PT A3/A- $250M 3ML+125 8/6/13 3ML+125bp; $1B 2.375% 2/6/14 +162.5bp; $1B 4.75 2/8/21 +185bp; $750M 5.875% 2/6/41 +195bp
$500M MACQUARIE GROUP A2/A 4.875% 8/10/17 +262.5bp
$1B ANZ NATIONAL (LONDON) AA2/AA 3.125% 8/10/15 +160bp
$750M TECK RESOURCES 2-PT BAA3/BBB $300M 3.85% 8/15/17 +160bp; $450M 6.00% 8/15/40 +198bp
$700M CORNING 2-PT BAA1/BBB+ $300M 4.25% 8/15/20 +145bp; $400M 5.75% 8/15/40 +175bp
$250M PUBLIC SERVICE E&G A2/A- 3.50% 8/15/20 +62bp

Agency:
$1B FANNIE MAE 2.375% 7/28/15

ABS:
Nothing

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 New Issues larger than $250mm.

CREDIT MARKETS

Treasuries:
Treasury prices fell yesterday as global stocks surged on better‐than‐expected bank earnings and U.S. manufacturing data. Yields on 10‐year 
Treasury notes added 4 basis points to 2.95%.  the Institute for Supply Management said Monday that its factory index fell to 55.5% in July from 
56.2% in June, but the decline was not as steep as economists had predicted. Prices on longer‐dated Treasurys were pulling back to start the week 
after they jumped Friday on a report showing U.S. economic growth slowed in the second quarter. Yields on 30‐year Treasury bonds rose 6 basis 
points to 4.05%. In other economic news yesterday, Federal Reserve Chairman Ben Bernanke urged fiscally strapped U.S. states to boost their 
reserves to give their budgets more of a buffer. 
Economic Data: Personal Income, Personal Spending, Factory Orders, ABC Consumer Confidence, Total Vehicle Sales, Pending Home Sales.

Commentary/New Issues

Corporate:
$2.5B ARCELORMITTAL 3-PTBAA3/BBB $1B 3.75% 8/5/15 +230bp; $1B 5.25% 8/5/202 +248bp; $500M 7.00% 10/15/39 +255bp
$750M EXPEDIA BA1/BBB- 5.95% 8/15/20 +300bp
$550M NEWELL RUBBERMAID BAA3/BBB- 4.70% 8/15/20 +175bp
$1.5B IBM CORP A1/A+ 1.00% 8/5/13 +30bp
$2B CREDIT SUISSE AA1/A+ 4.375% 8/5/20 +145bp
$1B OMNICOM BAA1/A- 4.45% 8/15/20 +155bp

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 on Friday, pushing 2‐year yields to the lowest on record, after a report said the U.S. economy grew at a slower pace than 
analysts expected, heightening concerns that the economy may struggle to recover. Yields on 10‐year notes fell 9 basis points to 2.91%, the biggest
drop in six weeks. The benchmark yield fell to 2.85% on July 21, the lowest since April 2009. Yields on 2‐year notes fell 5 basis points to 0.55%. They
fell as low as 0.54% intraday, the lowest in history. Yields on 30‐year bonds fell 10 basis points to 3.98%. For the week, 10‐year yields have declined
from 2.99%, while 2‐year yields are down from 0.58% for a third weekly improvement. Treasuries of all maturities rose 0.17% in July, contributing 
to a 6.06% return this year. The monthly gains may not look like much, but they make Treasuries an outlier as stocks, commodities and the dollar 
have largely retraced the bulk of big swings since April. U.S. yields remain well off the 2010 highs touched in early April. Yields on 30‐year bonds 
Economic Data: Personal Income, Personal Spending, Factory Orders, Pending Home Sales, Initial Jobless Claims, Nonfarm Payroll and 
Unemployment Rate. 
 

Commentary/New Issues

Corporate:
$750M NOBLE GROUP 2-PT BAA3/BBB- $500M 4.875% 8/5/15 +330bp; $250M 6.625% 8/5/20 +375bp

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.