CREDIT MARKETS
Treasuries:
U.S. Treasury prices inched higher Friday, prompting short-term yields to trade mostly lower, as disappointing U.S. economic
data helped lure investors to the safe haven of government debt. Treasuries have returned 1.46 percent in May, heading for
the best month since August. Consumer spending, with a rise of 0.4% for April, posted its smallest gain in three months,
government data showed, signaling that higher prices at the gas pump have eroded spending momentum. Pending home sales
dropped 11.6% in April, according to separate figures, although a gauge of consumer sentiment rose to 74.3 in May from
69.8 in April.
The bond market will be closed in honor of Memorial Day. Economic Data: S&P Case-Shiller Home Price Index, Chicago
PMI, Consumer Confidence, Mortgage Applications, Auto Sales, Factory Orders, Initial Jobless Claims, ADP Employment
Change, Non-Farm Payroll and Unemployment Rate.
Economic Data: GDP QoQ (Annualized), Personal Consumption, 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:
Treasuries fell yesterday sending yields up as the government sold $35 billion of 5-year notes at a yield of 1.813 percent. The bid to cover ratio at the auction was 3.20 versus the average bid to cover ratio of 2.75 for last six months. Indirect bidders bought 47.1 percent of the notes and Direct bidders bought 8.9 percent, the average for last six months being 38 percent for the Indirects and 10 percent for the Directs. 30-year bonds closed at 4.28 percent, yields up three basis points and benchmark 10-year notes ended at 3.12 percent, yields up one basis points. 2- and 5- year closed at 0.54 percent and 1.76 percent respectively. The Fed bought $4.8 billion of the U.S. debt maturing from April 2013 to September 2013 as part of the program Quantitative Easing II to help support the economy. Government will sell $29 billion of 7-year notes on May 26.
Economic Data: GDP QoQ (Annualized), Personal Consumption, GDP Price Index, Initial Jobless Claims, and Continuing Claims.

Commentary/New Issues

Corporate:
$1.5B, SWEDEN, AAA/AAA, 1.00%, 6/03/14,+18.75 bps
$750MM, CAMERON INT’L 3-PT, BAA1/BBB+, $250MM, 6/2/14, 3ML+93 bps; $250MM, 4.50%, 6/1/21, +148 bps; $250MM, 5.95%, 6/1/41,+168 bps
$400MM, TUPPERWARE BRANDS, BAA3/BBB-, 4.75%, 6/1/21, +175 bps
$350MM, DUQUESNE LIGHT HLDGS, BA1/BBB-, 5.90%, 12/1/21, +280 bps

Agency:
Nothing

ABS:
$1.447B, JPMCC 2011-C4

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. 30-year bonds closed at 4.3 percent and benchmark 10-year
notes saw yields falling two basis points to 3.17 percent. The Initial Jobless Claims fell to 409,000 from 438,000 versus the
expectations of 420,000. The Existing Home Sales fell to 5.05 million from 5.09 million versus the expectations of a rise to
5.20 million. 2- and 5- year debt saw yields falling three basis points each to 0.52 percent and 1.82 percent respectively. The
Fed bought $1.92 billion of U.S. debt maturing from August 2021 to November 2027 as part of the program Quantitative
Easing II to help grow the economy. The Treasury will sell $99 billion of notes next week over a three day period starting
May 24. Economic Data: Nothing

Commentary/New Issues

Corporate:
$1.5B, BLACKROCK 2-PT, A1/A+, $750MM, 5/24/13, 3ML+30 bps; $750MM, 4.25%, 5/24/21, +115 bps
$1B, CFE MEXICO, BAA1/BBB, 4.875%, 5/26/21, +180 bps
$1B, US BANCORP, AA3/A+, 4.125%, 5/24/21, +97 bps
$1B, ICICI BANK, BAA2/BBB-, 4.75%, 11/25/16, +295 bps

Agency:
$1B, FREDDIE MAC, 2.50%, 5/27/16, +22 bps

ABS:
$545MM, SDART 2011-S2

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 U.S. housing starts fell last month vs. expectations of a rise. The housing start numbers came in at 523,000 vs. expectations of 569,000 as compared with 585,000 for the month of March. Thirty-year bonds saw yields falling five basis points to 4.22 percent and the benchmark ten-year notes ended at 3.11 percent, yields down three basis points. Two- and five-year debt closed at 0.52 percent and 1.78 percent respectively. The Fed purchased $6.4 billion of U.S. debt due from June 2015 to October 2016 as part of the program Quantitative Easing II to help grow the economy. The industrial production was flat for the last month after an increase of 0.7 percent in March.
Economic Data: MBA Mortgage Applications, and Minutes of FOMC Meeting.

Commentary/New Issues

Corporate:
$3B, HSBC BANK PLC, 2-PT, AA2/AA, $1.5B, 5/15/13, 3ML+43 bps; $1.5B, 3.10%, 5/24/16, +133 bps
$1.5B, RABOBANK NEDERLAND, AAA/AAA, 5.25%, 5/24/41, +115 bps
$1B, TOTAL CAPITAL CANADA, AA1/AA-,5/13/13, 3ML+9 bps
$750MM, CATERPILLAR FINANCIAL, A2/A, 1.375%, 5/20/14, +47 bps
$500MM, AETNA, BAA1/A-, 4.125%, 6/1/21, +118 bps
$350MM, RYDER SYSTEMS, BAA1/BBB+, 3.50%, 6/1/17, +175 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 Monday sending yields down across the curve as government reduced short-term debt issuance so as to avoid hitting the debt ceiling of $14.3 trillion. Thirty-year bonds saw yields falling six basis points to 4.27 percent and benchmark ten-year notes closed at 3.14 percent, yield down four basis points. Two- and five-year debt ended the day at 0.52 percent and 1.8 percent, yields down two and five basis points respectively. The Fed bought $1.4 billion of U.S. debt maturing from January 2015 to February 2041 as part of the program Quantitative Easing II to help grow the economy. The NAHB Housing Market Index came in at 16, same level as before, versus the expectations of 17 and the Empire Manufacturing fell to 11.88 from 21.70 vs. the expectations of 19.55.
Economic Data: Housing Starts, Building Permits, Industrial Production, and Capacity Utilization.

Commentary/New Issues

Corporate:
$3.5B, TEXAS INSTRUMENTS 4-PT, A1/A+, $1B, 5/15/13, 3ML+18 bps; $500MM, 0.875%, 5/15/13, +37.5 bps; $1B, 1.375%, 5/15/14, +50 bps; $1B, 2.375%, 5/15/16, +60 bps
$3B, GOOGLE 3-PT, AA2/AA-, $1B, 1.25%, 5/19/14, +33 bps; $1B, 2.125%, 5/19/16, +43 bps; $1B, 3.625%, 5/19/21, +58 bps
$750MM, BURLINGTON NORTHERN SANTA FE 2-PT, A3/BBB+, $250MM, 4.10%, 6/1/21, +100 bps; $500MM, 5.40%, 6/1/41, +115 bps
$500MM, DUKE ENERGY CAROLINAS, A1/A, 3.90%, 6/15/21, +75 bps
$400MM, KELLOGG, A3/BBB+, 3.25%, 5/21/18, +80 bps
$350MM, GREAT PLAINS ENERGY, BAA3/BBB-, 4.85%, 6/1/21, +170 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:
Treasury prices extended gains on Wednesday, pushing yields down toward the lows of the year, after the government sold 10-year notes at a lower-than-expected yield and weakness in U.S. equities and the euro boosted demand for the securities. The Treasury Department sold $24 billion in 10-year notes at a yield of 3.21%, the lowest level since November and a little lower than traders expected. Indirect bidders, bought 47.2%, compared to 53.9% of recent sales, on average. Direct bidders, purchased another 8.4%, versus an average of 13.4%. Yields on 10-year notes fell 5 basis points to 3.16%. Two-year yields declined 4 basis points to 0.55%. Thirty-year bonds which are being auctioned Thursday, also rallied, pushing yields down 4 basis points to 4.30%. The Treasury will sell $16 billion in thirty year bonds tomorrow.
Economic Data: Initial Jobless Claims, PPI, Retail Sales and Business Inventories.

Commentary/New Issues

Corporate:
$1.6B, BBVA, AA2/AA, 2-PART, $600MM, 5/16/14, 3ML+212.5bps; $1B, 3.25%, 5/16/14, +237.5 bps
$1.5B, PROVIDENCE OF BRITISH COLUMBIA, AAA/AAA, 2.10%, 5/18/16, +25.55bps
$750MM, M.I.T., AAA/AAA, 5.60%, 5/15/2111, +130bps
$700MM, GENERAL MILLS, BAA1/BBB+, 2-PART, $400MM, 5/16/14, 3ML+35bps; $300MM, 1.55%, 5/16/14, +63bps
$250MM, DETROIT EDISON, A2/A, 3.90%, 6/1/21, +77bps

Agency:
Nothing

ABS:
$1b, HART 2011-B
$750MM, AMOT 2011-3

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:
Treasuries were mixed yesterday with 10-year note yields at the lowest level this year as Standard and Poor’s downgraded Greece’s debt rating leading to flight to quality. S&P cut Greece’s rating two levels to B from BB-. Thirty-year bonds closed at 4.30 percent, and benchmark 10-year notes ended at 3.14 percent, yield down one basis point. Two- and five-year debt ended at 0.54 percent and 1.84 percent, yields down one and two basis points respectively. The Fed bought $7.2 billion of U.S. debt due from May 2018 to February 2021 as part of the program Quantitative Easing II to help grow the economy. Treasury will sell $32 billion of 3-year notes on May 10.
Economic Data: NFIB Small Business Optimism, Import Price Index, IBD/ TIPP Economic Optimism, and Wholesale Inventories.

Commentary/New Issues

Corporate:
$2.25B, STANDARD CHARTERED PLC, 2-PT, A2/A, $500MM, 3/12/14, 3ML+95 bps; $1.75B, 3.20%, 5/12/16, +140 bps
$1.5B, CVS CAREMARK 2-PT, BAA2/BBB+, $550MM, 4.125%, 5/15/21,+115 bps; $950MM, 5.75%, 5/15/41,+155 bps
$1B, IBM CORP, AA3/A+, 1.25%, 5/12/14, +37 bps
$800MM, PRUDENTIAL FINANCIAL 2-PT, BAA2/A, $500MM, 3.00%, 5/12/16, +118 bps; $300MM, 5.625%, 5/12/41,+138 bps
$650MM, WESFARMERS, BAA1/A-, 2.983%, 5/18/16, +115 bps
$400MM, PACIFICORP, A2/A, 3.85%, 6/15/21,+73 bps
$300MM, US CELLULAR CORP, BAA2/BBB-, 6.95%, 5/15/60, $25.00
$250MM, NEVADA POWER, BAA3/BBB, 5.45%, 5/15/41, +115 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:
Treasury prices turned higher Friday, pushing yields down to the lowest level this the year, as reports midday about Greece leaving the euro zone made investors more cautious, weighing on the euro and stocks and moving in favor of U.S. bonds and the dollar. Yields rose in morning trading after data showed the U.S. economy added 244,000 jobs in April. The unemployment rate unexpectedly rose to 9% from 8.8% last month. Treasury prices rose Thursday, pushing yields toward thelows of the year after an afternoon deepening in the selloff in commodities and stocks, which traders attributed to a massive gain the U.S. dollar that in turn boosted the appeal of Treasury debt. Bond prices also gained ground after a report showed U.S. jobless claims unexpectedly climbed again, prompting further doubts that the economy’s recovering enough to generate more hiring. The Treasury will auction $72 billion in 3s, 10s and 30s starting on Tuesday.
Economic Data: Import & Export Prices, Wholesale Trade, International Trade, PPI, Retail Sales, Initial Jobless Claims, CPI and U of Michigan Confidence.

Commentary/New Issues

Corporate:
$750MM, ENN ENERGY, BAA3/BBB-, 6.00%, 5/13/21, +295 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 sharply yesterday sending yields down across the curve as commodities and stocks dropped and as weekly jobless claims rose. 30-year bonds saw yields falling six basis points to 4.26 percent, and benchmark 10-year notes also saw yields dropping six basis points to 3.16 percent. 2- and 5- year debt closed at 0.57 percent and 1.88 percent, yields down one basis point and five basis points respectively. Crude oil and Silver both fell nearly 10 percent yesterday easing the concerns of higher inflation. Jobless claims rose by 43,000 to 474,000 in the week ended April 30, according to the report by the Labor Department. The Fed bought $1.9 billion of the U.S. debt due from August 2028 to February 2041 as part of the program Quantitative Easing II.
Economic Data: Change in Nonfarm Payrolls, Change in Private Payrolls, Unemployment Rate, and Consumer Credit.

Commentary/New Issues

Corporate:
$2B, JPMORGAN CHASE, AA3/A+, 4.625%, 5/10/21, +148 bps
$1B, BEIJING ENTERPRISES, 2-PT, BAA1/A-, $600MM, 5.00%, 5/12/21, +195 bps; $400MM, 6.375%, 5/21/41, +210 bps
$500MM, FINANSBANK, BA1/BBB-, 5.50%, 5/11/16, +373.5 bps
$300MM, SCANA CORP, BAA2/BBB, 4.75%, 5/15/21, +160

Agency:
Nothing

ABS:
$850MM, AHM SARTTreasuries

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 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.