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Zions Direct Municipal Bond Market Snapshot for Week Ending September 21, 2012

Auction customers received average yields 67 basis points higher than market

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SALT LAKE CITY, Sept. 25, 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 $1.9 billion in more than 6,000 fixed-income auctions.

(Logo: http://photos.prnewswire.com/prnh/20110914/SF68814LOGO)

In auctions closed from September 17, 2012 to September 21, 2012, investors purchasing municipal bonds in the auctions received average tax-exempt yields 0.67 percentage points, or 67 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)

Rangeview Library, CO Cop

3 Month

Insured AA

1.00%

0.43%

57

State of Vermont, GO

5 Month

AA

0.90%

0.32%

58

Grayson Cnty Jr Col, TX GO

11 Month

Insured AA

1.20%

0.41%

79

State Rd & Tollway Auth, GA Rev

1 Year

AA

0.79%

0.36%

43

Port St Lucie, FL Rev

23 Month

Insured A

1.37%

0.54%

83

Lexington Co Sch Dist #1, SC Rev

2 Month

AA

1.24%

0.32%

92

Lowndes Cnty, GA

6 Month

AA

1.03%

0.32%

71

Los Angeles Dpt Wtr & Pwr,

CA Rev

9 Month

Insured AA

1.01%

0.41%

60

Houston, TX GO

17 Month

AA

1.15%

0.36%

79

Clay Cnty, FL Rev

2 Year

Insured AA

1.50%

0.54%

96

Mount Pleasant, SC Rev

2 Month

AA

0.98%

0.32%

66

Texas Trans Comm, TX Rev

6 Month

AAA

0.99%

0.39%

60

State of New Mexico, Rev

9 Month

AA

1.15%

0.36%

79

Souderton Area Sch Dist, PA GO

14 Month

AA

1.58%

0.36%

122

Sierra Vista Muni Prty Crp, AZ Rev

4.5 Year

A

1.78%

1.35%

43

Utah State Univ, UT

2 Month

Insured AA

0.93%

0.43%

50

Burleson, TX GO

5 Month

AA

1.11%

0.32%

79

Texas St Univ Sys, TX Rev

4.5 Year

Insured AA

0.92%

1.28%

-36

United Indep Sch Dist, TX GO

11 Month

Insured AA

1.38%

0.41%

97

South Carolina Pub Srv Auth, Rev

15 Month

AA

1.24%

0.36%

88

Douglas Cnty SD, CO GO

3 Month

AA

0.90%

0.32%

58

Garland Ind Sch Dist, TX GO

5 Month

Insured AAA

0.88%

0.43%

45

Clarence, NY GO

9 Month

AA

0.90%

0.36%

54

Florida State Brd of Ed, FL GO

20 Month

AA

1.38%

0.50%

88

Katy Ind Sch Dist, TX GO

3.5 Year

Insured AAA

1.40%

0.74%

66

Average Difference





67

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

0.39%

0.29%

0.45%

0.57%

0.83%

1.41%

1.67%

AA

0.32%

0.36%

0.50%

0.65%

0.99%

1.61%

2.09%

A

0.51%

0.54%

0.64%

0.86%

1.35%

2.10%

2.62%

BBB

0.87%

1.28%

1.78%

2.70%

3.09%

2.98%

3.69%

Insured AAA-AA

0.43%

0.41%

0.54%

0.74%

1.28%

1.52%

1.81%

*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 September 21, 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 September 21, 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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