| Issuer: | State Public Works Board of the State of California
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| Issue: | Series 2012 lease revenue bonds
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| Amount: | $600.71 million
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| Underwriters: | Loop Capital Markets LLC and Stone & Youngberg
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| Proceeds: | Proceeds to construct, equip and renovate a correctional facility, courthouse, toxic substances treatment plants, renovate the California School for the Deaf in Riverside and to refund existing lease revenue bonds
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| • Notable because the deal was sold in multiple tranches for different projects, something that one market source said was an interesting structure. "It was interesting to do one deal in multiple tranches, considering that the uses for each tranche were very, very different."- A market source
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| ALABAMA 21ST CENTURY AUTHORITY
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| Issuer: | Alabama 21st Century Authority
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| Issue: | Series 2012 tobacco settlement revenue refunding bonds (/A-/BBB-)
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| Amount: | $92.81 million
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| Underwriter: | Citigroup Global Markets Inc.
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| Proceeds: | Proceeds to refund prior tobacco settlement revenue bonds
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| • Notable because the bonds represent a small number of tobacco bonds sold in 2012. "It's not a large deal, but it is representative of a sector that isn't seen very often." - A market source
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| ILLINOIS
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| Issuer: | State of Illinois
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| Issue: | Series 2012 general obligation bonds (/A+/A)
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| Amount: | $800 million
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| Underwriters: | Wells Fargo Securities LLC and J.P. Morgan Securities LLC (winner for competitive bid)
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| Proceeds: | Proceeds to fund transportation, school, state facilities and other capital projects
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| • Notable because it was one of the few G.O. offerings conducted by the state, a state that was in the market much more frequently in past years. - A sellsider
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| CITY AND COUNTY OF HONOLULU
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| Issuer: | City and County of Honolulu
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| Issue: | Series 2012 general obligation bonds (Aa1//AA+)
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| Amount: | $914,175,000
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| Underwriters: | Bank of America Merrill Lynch and Piper Jaffray & Co.
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| Proceeds: | Proceeds to finance capital improvements for the city and county
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| • Notable because the offering was from an issuer not seen in the market often. Additionally, the bonds were sold in seven tranches, a rather interesting structure. - A sellside source
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| STATE OF TEXAS
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| Issuer: | State of Texas
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| Issue: | Series 2012 tax and revenue anticipation notes
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| Amount: | $9.8 billion
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| Underwriters: | J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Bank of America Merrill Lynch, Wells Fargo Securities LLC, RBC Capital Markets LLC, Piper Jaffray & Co., Goldman Sachs & Co. and Morgan Stanley & Co. LLC
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| Proceeds: | Proceeds to finance state expenditures
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| • Notable because the state achieved a much lower net interest cost on the notes than a nearly identical offering in 2011. The weighted net interest cost came out to 0.22529938776%, compared with 0.27306606414%. "I think even though it's a pretty standard offering for them [Texas], the rate was significantly reduced over last year." - A market source
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