Zions Direct Municipal Bond Market Snapshot for Week Ending October 19, 2012
SALT LAKE CITY, Oct. 23, 2012 /PRNewswire/ — Zions Direct, the online broker-dealer that allows its customers to purchase municipal bonds in its daily web-based auctions, announces its weekly auction results. Since 2006, Zions Direct has auctioned over $2 billion in more than 7,000 fixed-income auctions.
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In auctions closed from October 15, 2012 to October 19, 2012, investors purchasing municipal bonds in the auctions received average tax-exempt yields 0.75 percentage points, or 75 basis points, higher than similar bonds as reported by the Municipal Securities Rulemaking Board (MSRB).
Municipal Bond Auction Comparison Data (auction data from auctions.zionsdirect.com)
Issuer Term Rating Auction Yield MSRB Difference
------ ---- ------ ------------- ---- ----------
Avg Yield (basis points)
--------- -------------
Spokane
Cnty, WA GO 1 Month Insured AA 0.75% 0.36% 39
------------ ------- ---------- ---- ---- ---
Kate Ind Sch
Dist, TX GO 4 Month Insured AAA 0.70% 0.36% 34
------------ ------- ----------- ---- ---- ---
Clark Cnty
SD, NV GO 8 Month Insured AA 1.10% 0.36% 74
---------- ------- ---------- ---- ---- ---
San Luis, AZ
Rev 8 Month Insured A 1.30% 0.36% 94
------------ ------- --------- ---- ---- ---
Santa Fe, NM
Rev 19 Month AA 1.27% 0.48% 79
------------ -------- --- ---- ---- ---
Texas Pub
Fin Auth,
TX Rev 1 Month Insured AA 1.70% 0.36% 134
---------- ------- ---------- ---- ---- ---
State of
Hawaii, GO 5 Month Insured AA 0.88% 0.36% 52
----------- ------- ---------- ---- ---- ---
Oklahoma St
Dev Fin
Auth, Rev 7 Month AA 0.89% 0.32% 57
----------- ------- --- ---- ---- ---
Cntrl Ohio
Solid Wst
Auth, GO 13 Month Insured AAA 1.24% 0.44% 80
---------- -------- ----------- ---- ---- ---
State of
Florida Bd
of Ed, FL
GO 19 Month Insured AA 1.25% 0.51% 74
----------- -------- ---------- ---- ---- ---
Hidalgo
Cnty, TX
GO- ALL or
NONE 10 Month Insured AA 1.05% 0.44% 61
----------- -------- ---------- ---- ---- ---
Cobb Cnty,
GA GO 2 Month AAA 0.79% 0.28% 51
---------- ------- --- ---- ---- ---
Columbus, OH
GO 8 Month AAA 1.15% 0.28% 87
------------ ------- --- ---- ---- ---
Yuma Muni
Ppty Corp,
AZ Rev 8 Month Insured A 1.35% 0.36% 99
----------- ------- --------- ---- ---- ---
Grand
Prairie, TX
GO 16 Month Insured AA 1.18% 0.44% 74
------------ -------- ---------- ---- ---- ---
Hillsborough
Cnty Sch
Brd, FL Cop 20 Month Insured AA 1.46% 0.51% 95
------------ -------- ---------- ---- ---- ---
Pueblo Cnty
Sch Dist
#70, CO GO 1 Month AA 0.75% 0.32% 43
----------- ------- --- ---- ---- ---
Utah Transit
Authority,
UT Rev 8 Month Insured AA 1.00% 0.36% 64
------------ ------- ---------- ---- ---- ---
Mass St Hlth
& Ed Fac
Auth, Rev 8 Month Insured A 1.65% 0.36% 129
------------ ------- --------- ---- ---- ---
Denver City
& Co SD #1,
CO GO 13 Month Insured AA 1.13% 0.44% 69
------------ -------- ---------- ---- ---- ---
Miami-Dade
Cnty Exp
Auth, FL
Rev 20 Month Insured AA 1.85% 0.51% 134
---------- -------- ---------- ---- ---- ---
Katy Ind Sch
Dist, TX GO 4 Month Insured AAA 0.59% 0.36% 23
------------ ------- ----------- ---- ---- ---
Las Vegas
Valley Wtr
Dist, NV GO 7 Month AA 1.14% 0.32% 82
------------ ------- --- ---- ---- ---
State of
Florida,
Rev 8 Month A 1.30% 0.49% 81
--------- ------- --- ---- ---- ---
Dallas Ind
Sch Dist,
TX GO 16 Month Insured AAA 1.20% 0.44% 76
---------- -------- ----------- ---- ---- ---
Pembroke
Pines, FL
GO 22 Month Insured AA 1.28% 0.51% 77
---------- -------- ---------- ---- ---- ---
Average
Difference 75
----------- ---
Zions Direct, in conjunction with BondDesk Group LLC, regularly publishes a Market Snapshot for investors to help understand the current bond market, summarizing current weighted-average yields of investment-grade municipal and corporate bonds.
ZIONS DIRECT / BONDDESK® MARKET SNAPSHOT
Municipal Bonds’ Average Yields Trade Data* (source: MSRB)
2012 - 2013 2013 2014 2015 2017 2019 2022
----------- ---- ---- ---- ---- ---- ----
Rating <9mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr
------ ---- ---- ---- ---- ---- ---- -----
AAA 0.32% 0.34% 0.39% 0.50% 0.71% 1.07% 1.57%
--- ---- ---- ---- ---- ---- ---- ----
AA 0.32% 0.37% 0.48% 0.62% 0.97% 1.42% 1.87%
--- ---- ---- ---- ---- ---- ---- ----
A 0.39% 0.47% 0.64% 0.91% 1.25% 1.83% 2.45%
--- ---- ---- ---- ---- ---- ---- ----
BBB 0.57% 0.67% 1.36% 2.31% 2.87% 2.83% 3.68%
--- ---- ---- ---- ---- ---- ---- ----
Insured AAA-AA 0.39% 0.51% 0.52% 0.72% 1.05% 1.55% 1.86%
-------------- ---- ---- ---- ---- ---- ---- ----
*Terms are defined as follows: < 9 months = anything up to .75 years to maturity; 1 year = anything greater than 0.75 years up to 1.5 years to maturity; 2 years = anything greater than 1.5 years up to 2.5 years to maturity; 3 years = anything greater than 2.5 years up to 4 years to maturity; 5 years = anything greater than 4 years up to 6 years to maturity; 7 years = anything greater than 6 years up to 8.5 years to maturity; 10 years = anything greater than 8.5 years up to 11.5 years to maturity.
THE INFORMATION IN THE MARKET SNAPSHOT IS NOT INTENDED TO SERVE AS THE BASIS FOR INVESTMENT DECISIONS. PAST PERFORMANCE IS NOT AN INDICATION OF FUTURE RESULTS.
For more information about Zions Direct and to sign up to receive the free weekly e-newsletter, visit zionsdirect.com. This and past Market Snapshots can be found at think.zionsdirect.com.
Market Snapshot Information Disclaimer
MSRB bond trade data displayed as weighted average yield. Municipal bond information from MSRB as of October 19, 2012. The Trade Data was developed by BondDesk Group based on information from MSRB’s Real-Time Transaction Reporting System, and excludes transactions in taxable bonds. Auction information from auctions.zionsdirect.com as of October 19, 2012. The aggregate rating for each bond is based on average ratings from Moody’s and S&P (when available).
Although information in this Market Snapshot is believed to be reliable, Zions Direct and BondDesk make no express or implied warranties of any kind regarding this information, including as to its accuracy or completeness. Auction data excludes bonds in undersubscribed auctions. Any specific weekly results may be heavily influenced by large, atypical volatility, trade volume, or other unusual investing events.
Municipal bonds are exempt from federal tax and may or may not be tax-exempt in individual states. The inclusion of municipal bonds selected by tax-exempt status is generated from pertinent federal tax attributes as populated from Muller, IDC, and/or BD ATS data sources.
Investment products and services offered through Zions Direct, member of FINRA/SIPC.
Investment Products: Not FDIC Insured — No Bank Guarantee — May Lose Value
Zions Direct is a wholly owned non-bank subsidiary of Zions Bank.
SOURCE Zions Direct
