CREDIT MARKETS

Treasuries:
Treasury prices rose Wednesday, pushing yields down from their highest level in at least four months, as traders repositioned themselves after last week’s selloff. Yields on 10-year notes fell 8 basis points to 2.29% — coming off their highest levels since late October after a run from 2% two weeks ago. Ten-year yields have risen or ended near flat in the past 10 sessions. Yields on 5-year notes fell 6 basis points to 1.14%, off their highest level since early August. Thirty-year bond yields declined 7 basis points to 3.38%, after having touched their highest level since September earlier this week. Earlier, Treasuries held gains after a report showed sales of existing homes in the U.S. declined in February to a 4.59 million pace, a little lower than some analysts expected, but with upward revisions also made to January’s figures. Also, Federal Reserve Chairman Ben Bernanke and Treasury Secretary Timothy Geithner testified before Congress about the European sovereign-debt crisis. Both said that while progress has been made, more work needs to be done to fully resolve the region’s crisis. Also, the U.S. central bank’s conducting a buyback under its program known as Operation Twist, which has tended to provide support for Treasury prices intraday.

Stock Report:
Stocks ended narrowly mixed in a lackluster session Wednesday following a weaker-than-expected existing home sales report and as investors were reluctant to jump in following the recent market rally. The Dow Jones Industrial Average fell 45 points to close at 13124. The S&P 500 fell 2 points to close at
1402, and the NASDAQ gained 1 point, closing at 3075.

Economic Indicators:
21-Mar
MBA Mortgage Applications — Survey: - Actual: 7.40%
Existing Home Sales — Survey: 4.61M Actual: 4.59M
Existing Home Sales MoM — Survey: 0.90% Actual: -0.90%
22-Mar
Initial Jobless Claims — Survey: 350K Actual: -
Continuing Claims — Survey: 3380K Actual: -
Bloomberg Consumer Comfort — Survey: - Actual: -
Bloomberg Economic Expectations — Survey: - Actual: -
House Price Index MoM — Survey: 0.30% Actual: -
Leading Indicators — Survey: 0.60% Actual: -

Commentary/New Issues

Corporate:
1.25B Capital One Finl 2.15 03/23/2015 +160, 325mm Caterpillar Finl 1.05 03/26/2015 +50, 275mm Caterpillar Finl 1.75 03/24/2017 +65,
500mm Syngenta Finance 3.125 03/28/2022 +85, 250mm Syngenta Finance 4.375 03/28/2042 +100,
1.5B Amer Express CR 2.375 03/24/2017 +130, 1.5B Lloyds TSB Bank 4.2 03/28/2017 +130, 750mm Schahin II Finan 5.875 09/25/2022

Agency:
250mm Federal Home Loan Bank 0.375 10/18/2013 1.5-NC
250mm Federal Home Loan Bank 0.35 09/30/2013 1.5-NC

ABS:
Prestige Auto Sells 1-Yr Auto Bond at EDSF +70

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 on most maturities gave up gains on Tuesday, with 10-year yields hovering after rising for five straight days, as the bond market settled into a new, higher trading range after last week’s big sell-off. Yields on 30-year bonds stayed down, coming off their highest levels since September. Yields on 10-year notes were little changed at 2.38%, after having risen for five sessions. The yield fell as low as 2.33% in morning activity. Yields on 5-year notes were little changed at 1.21%, near their highest level since early August. Thirty-year bond yields pared their declined to 2 basis points to 3.46%, after closing at their highest level since Sept. 1. Bonds’ latest selloff has been more pronounced for longer-term debt, where expectations for further Fed bond buying was more concentrated. Treasuries shrugged off a report Tuesday that showed U.S. housing starts unexpectedly fell slightly to a 698,000 pace last month. Treasuries shrugged off a report Tuesday that showed U.S. housing starts unexpectedly fell slightly to a 698,000 pace last month.

Stock Report:
Stocks finished in negative territory Tuesday amid worries over China’s economic outlook and as investors took a breather following the recent market rally. The Dow Jones Industrial Average fell 68 points to close at 13170. The S&P 500 fell 4 points to close at 1405, and the Nasdaq closed at 3074, down four points on the day.

Economic Indicators:
20-Mar
Housing Starts — Survey: 700K Actual: 698K
Housing Starts MoM% — Survey: 0.10% Actual: -1.1%
Building Permits — Survey: 686K Actual: 717K
Building Permits MoM% — Survey: 0.60% Actual: 5.1%
21-Mar
MBA Mortgage Applications — Survey:- Actual: -
Existing Home Sales — Survey: 4.61M Actual: -
Existing Home Sales MoM — Survey: 0.90% Actual: -

Commentary/New Issues

Corporate:
300mm Kommunalbanken FRN 03/27/2017
400mm Corp Geo 8.875 03/27/2022
250mm Southwest Gas CP 3.875 04/01/2022 +150
600mm Sempra Energy 2.3 04/01/2017 +110

Agency:
500mm Fed Farm Credit 1.05 03/28/2016 4-NC
500mm Fed Home LN Bank 1 04/16/2015 3-NC1MO BERM

ABS:
No New Issue ABS Exceeded $250mm.
No New Issue ABS Exceeded $250mm.

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 their decline Monday, pushing 30-year yields up to their highest since September, after two Federal Reserve officials suggested improvement in the economic outlook indicated less need for further policy action to boost growth. Bonds had been up in morning action as last week’s big selloff pushed yields above the range they had been in for months. Still, yields are likely to remain in a new, higher range instead of trending up, analysts said. Yields on 10-year notes rose for a fifth day, by 8 basis points to 2.38%, from as low as 2.26% touched during European trading hours. Thirty-year-bond yields added 7 basis points to 3.48%, a level it hasn’t closed above since September. Yields on 5-year notes turned 8 basis points higher to 1.20%. They haven’t closed above that level since October.

Economic Indicators:
March 19

NAHB Housing Market Index: Survey: 30.00 Actual 28.00

March 20

Housing Starts: Survey: 700K Actual: -
Housing Starts MoM%: Survey: 0.10% Actual: -
Building Permits: Survey: 686K Actual: -
Building Permits MoM%: Survey: 0.60% Actual: -

Commentary/New Issues

Corporate:
300mm NORTHEAST UTILS FRN 09/20/2013
2B MORGAN STANLEY 4.75 03/22/2017 +360
500mm HUSKY ENERGY INC 3.95 04/15/2022 +160
250mm SAN DIEGO G&E 4.3 04/01/2042 +85
1.25B BANK OF AMER CRP 3.875 03/22/2017 +275
300mm AK STEEL CORP 8.375 04/01/2022 +601
250mm VOLKSWAGEN INTFN FRN 09/22/2013
850mm VOLKSWAGEN INTFN 03/21/2014
1.25B VOLKSWAGEN INTFN 1.625 03/22/2015 +113
1B VOLKSWAGEN INTFN 2.375 03/22/2017 +133
500mm RIO TINTO FINANC 1.125 03/20/2015 +62.5
1B RIO TINTO FINANC 3.5 03/22/2022 +120
500mm RIO TINTO FINANC 2 03/22/2017 +85
500mm RIO TINTO FINANC 4.75 03/22/2042 +137.5
250mm VOLKSWAGEN INTFN FRN 09/22/2013
850mm VOLKSWAGEN INTFN FRN 03/21/2014
1.25B VOLKSWAGEN 1.625 03/22/2015 +113
1B VOLKSWAGEN 2.375 03/22/2017 +133

Agency:
No New Issue Agencies Exceeded $250mm.

ABS:
No New Issue ABS Exceeded $250mm.

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 fell on Friday, adding to a weekly rise in intermediate-term yields that’s the biggest since July. The move lower in prices for U.S. government debt this week However, bonds pared losses during the session after a trio of economic reports. The data will likely allow the Federal Reserve to maintain easy monetary-policy measures but at the same time further reduce the argument for expanding the central bank’s bond-purchase program. Yields on 10-year notes rose 2 basis points to 2.31%, the highest level seen since October. Yields on 5-year notes added 3 basis points to 1.12%. Yields on 10- and 5-year securities have jumped this week by the most since July. Yields on 30-year bonds stood at 3.41%, erasing a rise to 3.48%. Long bond yields are up this week by the most since December. Yields on all three securities are still at their highest respective levels in more than four months. Two-year note yields were little changed at 0.37%, not far off their highest level since July. For the week, they’ve increased by the most since November.

U.S. stocks mostly declined Friday, limiting weekly gains and halting the Dow’s longest up ride in more than a year, after an index of consumer confidence unexpectedly fell in March. Up 2.4% for the week, the Dow Jones Industrial Average fell 20.14 points, or 0.2%, to 13,232.62. Friday’s loss halted a seven-session climb by the Dow, its longest winning streak since February 2011. The S&P 500 added 1.57 point, or 0.1%, to 1,404.17, with energy leading sector gains and utilities losing the most ground among its 10 major industry groups. The index also rose 2.4% from the week-ago close. The Nasdaq Composite declined 1.11 points, or 0.04%, to 3,055.26, also rising 2.4% for the week.

Economic Indicators:
March 16

Consumer Price Index (MoM): Survey: 0.4% Actual: 0.4%
CPI Ex Food & Energy (MoM): Survey: 0.20% Actual 0.0
Consumer Price Index (Y0Y): Survey: 2.9% Actual 3%
CPI Ex Food & Energy (YoY): Survey: 2.2% Actual 2.20%
Consumer Price Index NSA: Survey: 227.954 Actual 227.663
CPI Core Index SA: Survey: - Actual 227.907
Industrial Production: Survey: 0.4% Actual 0.0%
Capacity Utilization: Survey: 78.8% Actual 78.7%
U. of Michigan Confidence: Survey: 76.0% Actual 74.3%

March 16

NAHB Housing Market Index: Survey: 30 Actual: -

Commentary/New Issues

Corporate:
450 Pacificorp 2.95 2/1/2022

Agency:
250mm FHLB 1.625 4/11/2017 5-NC1MO INC; 500mm FHLB 0.55 4/4/2014 2-NC1MO BERM;

ABS:
Nil

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 fell on Friday, adding to a weekly rise in intermediate-term yields that’s the biggest since July. The move lower in prices for U.S. government debt this week However, bonds pared losses during the session after a trio of economic reports. The data will likely allow the Federal Reserve to maintain easy monetary-policy measures but at the same time further reduce the argument for expanding the central bank’s bond-purchase program. Yields on 10-year notes rose 2 basis points to 2.31%, the highest level seen since October. Yields on 5-year notes added 3 basis points to 1.12%. Yields on 10- and 5-year securities have jumped this week by the most since July. Yields on 30-year bonds stood at 3.41%, erasing a rise to 3.48%. Long bond yields are up this week by the most since December. Yields on all three securities are still at their highest respective levels in more than four months. Two-year note yields were little changed at 0.37%, not far off their highest level since July. For the week, they’ve increased by the most since November.

U.S. stocks mostly declined Friday, limiting weekly gains and halting the Dow’s longest up ride in more than a year, after an index of consumer confidence unexpectedly fell in March. Up 2.4% for the week, the Dow Jones Industrial Average fell 20.14 points, or 0.2%, to 13,232.62. Friday’s loss halted a seven-session climb by the Dow, its longest winning streak since February 2011. The S&P 500 added 1.57 point, or 0.1%, to 1,404.17, with energy leading sector gains and utilities losing the most ground among its 10 major industry groups. The index also rose 2.4% from the week-ago close. The Nasdaq Composite declined 1.11 points, or 0.04%, to 3,055.26, also rising 2.4% for the week.

Commentary/New Issues

Corporate:
Nothing

Agency:
$5B, FREDDIE MAC, 1.00%, 8/27/14, +29bps

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 further Tuesday, selling off more briskly after the government’s sale of 5-year notes garnered weak investor interest. The Treasury Department sold $35 billion in 5-year notes at a yield of 1.615%, a little higher than traders anticipated. Bidders offered to buy 2.59 times the amount of debt sold, compared to an average of 2.86 times at the last four comparable sales. Indirect bidders purchased 37.6% of the sale, versus an average of 40.9%. Direct bidders bought another 10.5%, compared to 9.8% on average. After the buyback, yields on 2-year notes which move inversely to prices, rose 8 basis points to 0.48%, the biggest move since March. Yields on 10-year notes increased 10 basis points to 3.03%, from 2.99% before the auction. On Wednesday, there will be an auction of $29 billion of 7 year notes.
Economic Data: MBA Mortgage Applications and Pending Home Sales.

Commentary/New Issues

Corporate:
$1.25B, HSBC, AAA/AAA, 1.625%, 7/7/14, +92.75bps
$300MM, NATIONAL RETAIL PROPERTIES, BAA2/BBB, 5.50%, 7/15/21, +265bps

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 slid further Monday after the government sold 2-year notes at a record-low yield amid weak appetite for U.S. debt while a rebound in stocks also pressured bond prices. The U.S. Treasury sold $35 billion in 2-year notes at 0.395%. The previous low was set at an auction on Oct. 26, when two-year debt sold at 0.40%. Investors offered to buy 3.08 times the amount of debt sold, with indirect bidders, purchasing 22% and direct bidders buying 13.5%. The Treasury will sell $35 billion of five-year notes tomorrow. Yields on 10-year notes rose 6 basis points to 2.92%. Thirty-year bond yields increased 11 basis points to 4.29%. Equities recovered from last week’s rout to kick off the week higher, dragging Treasuries lower. The bond market paid little attention to the Fed’s latest bond buyback of about $4.6 billion, One of the last purchases as part of the central bank’s $600 billion bond-buying plan that’s served as the centerpiece of its latest policy attempt to keep the economy growing. The central bank has three more buybacks scheduled this week, marking the completion of the QE2 plan.
Economic Data: S%P Case-Shiller Home Price Index and Consumer Confidence.

Commentary/New Issues

Corporate:
Dolphin energy will be coming to market.
Economic data:
Personal Incom
Personal Spending
PCE Deflator
PCE Core MoM
PCE Core YoY
Dallas Fed Manufacturing Activity

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 slid further Monday after the government sold 2-year notes at a record-low yield amid weak appetite for U.S. debt while a rebound in stocks also pressured bond prices. The U.S. Treasury sold $35 billion in 2-year notes at 0.395%. The previous low was set at an auction on Oct. 26, when two-year debt sold at 0.40%. Investors offered to buy 3.08 times the amount of debt sold, with indirect bidders, purchasing 22% and direct bidders buying 13.5%. The Treasury will sell $35 billion of five-year notes tomorrow. Yields on 10-year notes rose 6 basis points to 2.92%. Thirty-year bond yields increased 11 basis points to 4.29%. Equities recovered from last week’s rout to kick off the week higher, dragging Treasuries lower. The bond market paid little attention to the Fed’s latest bond buyback of about $4.6 billion, One of the last purchases as part of the central bank’s $600 billion bond-buying plan that’s served as the centerpiece of its latest policy attempt to keep the economy growing. The central bank has three more buybacks scheduled this week, marking the completion of the QE2 plan.
Economic Data: S%P Case-Shiller Home Price Index and Consumer Confidence.

Commentary/New Issues

Corporate:
$3B, AMGEN, A3/A+, $750MM, 2.30%, 6/15/16, +90bps; $1B, 4.10%, 6/15/21, +120bps; $1.25B, 5.65%, 6/15/42, +140bps
$325MM, KILROY REALTY, BAA3/BBB+, 4.80%, 7/15/18, +265bps
$250MM, CARPENTER TECHNOLOGY, BAA3/BBB, 5.20%, 7/15/21, +230bps

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 slipped Wednesday as the Federal Reserve held rates steady and cut its forecast for economic growth while lifting expectations for higher inflation and unemployment. Yields on 10-year Treasury notes /quotes/zigman/4868283 10_YEAR -0.17%, which move inversely to prices, were up 1 basis point at 3%. Yields on 2-year Treasurys /quotes/zigman/4868354 2_YEAR +1.06% were flat at 0.37%. The Federal Reserve cut its economic growth forecast for the second time this year, reducing its outlooks for 2011 and 2012.

Commentary/New Issues

Corporate:
Hydro Quebec plans 5yr global deal.
JPM launched 2.5B 5yr deal@+165bp.
Economic Date:
Initial Jobless Claims
New home sales
New home sales MoM
Chicago Fed National Activity Index
Continuing Claims.

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 a decline on Tuesday, after benchmark 10-year yields rose back toward 3%, as traders took a more cautious stance ahead of a key vote by the Greek parliament. Still, the euro gained against the dollar and U.S. stocks rose, indicating investors felt more comfortable with the near-term outlook for Greece and are less interested in the relative safe-haven status of U.S. bonds. Yields on 10-year notes /quotes/zigman/4868283 10_YEAR +0.78% , which move inversely to prices, rose 2 basis points to 2.98%. A basis point is 1/100th of a percentage point. The security’s yield fell as low as 2.88% last week, the lowest since December. Yields on 2-year notes/quotes/zigman/4868354 2_YEAR -1.30% were little changed at 0.38%, remaining within hailing distance of recent levels that were almost their lowest ever. Thirty-year bond yields /quotes/zigman/4868063 30_YEAR +0.38% added 1 basis point to 4.21%.

Commentary/New Issues

Corporate:
Lincoln Nation price 300mm of a 10yr coming to the market @+190bps.
Economic data due is mba mortage applications, house price index MoM, FMOC rates decision.

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.