2014

Zions Direct Municipal Bond Market Snapshot for Week Ending October 19, 2012 Auction customers received average yields 75 basis points higher than market

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



RELATED LINKS
http://www.zionsdirect.com

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