Zions Direct Municipal Bond Market Snapshot for Week Ending September 28, 2012
Auction customers received average yields 75 basis points higher than market
SALT LAKE CITY, Oct. 2, 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 September 24, 2012 to September 28, 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) |
||||
| Jefferson Co SD #R-1, CO GO |
3 Month |
AA |
1.03% |
0.32% |
71 |
| Keller, TX GO |
5 Month |
AA |
0.90% |
0.32% |
58 |
| Windsor Heights, IA GO |
8 Month |
AA |
1.15% |
0.32% |
83 |
| Glendale Un Sch Dist #205, AZ GO |
9 Month |
Insured AA |
0.93% |
0.41% |
52 |
| Jersey City, NJ GO |
22 Month |
Insured AA |
1.60% |
0.54% |
106 |
| Logan-Hocking Sch Dist, OH GO |
2 Month |
AA |
0.98% |
0.32% |
66 |
| Gwinnett Cnty Sch Dist, GA GO |
4 Month |
AAA |
0.90% |
0.39% |
51 |
| Galveston, TX GO |
7 Month |
A |
1.20% |
0.51% |
69 |
| Pima Cnty, AZ Rev |
21 Month |
AA |
1.42% |
0.50% |
92 |
| Coweta Cnty Wtr & Swr, GA Rev |
2.5 Year |
Insured AA |
1.64% |
0.74% |
90 |
| Miamisburg, OH GO |
2 Month |
Insured AA |
0.89% |
0.43% |
46 |
| Richland Cnty Sch Dist #1, SC GO |
5 Month |
AA |
0.90% |
0.32% |
58 |
| Kentucky Turnpike Auth, KY Rev |
9 Month |
AA |
0.90% |
0.36% |
54 |
| Hancock Cnty, OH GO |
14 Month |
AA |
1.49% |
0.36% |
113 |
| Port St Lucie, FL Rev |
23 Month |
Insured A |
1.67% |
0.54% |
113 |
| Rangeview Library, CO Cop |
2 Month |
Insured AA |
0.85% |
0.43% |
42 |
| Collin County, TX GO |
4 Month |
AAA |
0.86% |
0.39% |
47 |
| New Mexico Fin Auth, NM Rev |
8 Month |
AA |
0.90% |
0.32% |
58 |
| Los Angeles Dpt Wtr & Pwr, CA Rev |
9 Month |
Insured AA |
1.34% |
0.41% |
93 |
| Beaufort Cnty Sch Dist, SC GO |
2.5 Year |
AA |
1.90% |
0.50% |
140 |
| State of Washington, GO |
4 Month |
AA |
0.90% |
0.32% |
58 |
| Texas Trans Comm, TX Rev |
6 Month |
AAA |
0.90% |
0.39% |
51 |
| State of New Mexico, Rev |
9 Month |
AA |
1.17% |
0.36% |
81 |
| State Rd & Tollway Auth, GA Rev |
1 Year |
Insured AA |
1.00% |
0.41% |
59 |
| Clay Cnty, FL Rev |
2 Year |
Insured AA |
1.78% |
0.54% |
124 |
| 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 |
0.29% |
0.29% |
0.36% |
0.49% |
0.79% |
1.24% |
1.72% |
| AA |
0.33% |
0.37% |
0.49% |
0.65% |
0.95% |
1.53% |
2.01% |
| A |
0.42% |
0.50% |
0.61% |
0.81% |
1.29% |
1.95% |
2.43% |
| BBB |
1.03% |
0.92% |
1.04% |
2.21% |
2.92% |
2.74% |
3.69% |
| Insured AAA-AA |
0.38% |
0.38% |
0.56% |
0.74% |
1.11% |
1.42% |
1.75% |
*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 28, 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 28, 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
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