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Zions Direct Municipal Bond Market Snapshot for Week Ending October 19, 2012

Auction customers received average yields 75 basis points higher than market

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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