Analysis of municipal issuance for 13 months through November 2012

Columns are amounts in billions of dollars, count of deals and percentage by dollar value.

Negotiated/Competitive

	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
Comp	4.608	5.625	4.161	2.775	3.364	5.061	4.841	5.795	3.547	13.078	2.840	4.442	6.556
Neg	20.608	12.962	8.456	14.550	20.769	18.933	18.911	32.103	13.688	26.025	15.003	23.887	15.660
Total	25.217	18.587	12.618	17.325	24.133	23.994	23.752	37.898	17.235	39.104	17.843	28.330	22.216
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Comp	10.301	82	15.697	119	19.465	67	10.999	62	56.462	330	66.695	389	62.086	357	21.35%
Neg	43.775	331	69.947	399	54.717	198	39.547	252	207.985	1180	241.556	1414	220.947	1281	78.65%
Total	54.076	413	85.644	518	74.181	265	50.546	314	264.447	1510	308.250	1803	283.034	1638	100.00%
Taxable
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
Tax-Exempt	23.179	16.686	9.446	16.139	22.421	22.993	22.325	32.083	13.036	32.782	15.799	23.056	17.036
Taxable	2.038	1.901	3.171	1.186	1.713	1.001	1.427	5.815	4.199	6.321	2.044	5.274	5.180
Total	25.217	18.587	12.618	17.325	24.133	23.994	23.752	37.898	17.235	39.104	17.843	28.330	22.216
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Tax-Exempt	48.006	360	77.401	458	61.617	220	40.092	252	227.116	1290	266.981	1541	243.802	1396	85.88%
Taxable	6.070	53	8.243	60	12.564	45	10.454	62	37.330	220	41.269	262	39.232	242	14.12%
Total	54.076	413	85.644	518	74.181	265	50.546	314	264.447	1510	308.250	1803	283.034	1638	100.00%
Backing
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
G.O.	9.979	5.100	5.793	6.815	12.594	8.175	7.318	16.792	7.272	27.574	8.929	8.463	9.898
revenue	15.238	13.487	6.825	10.511	11.539	15.819	16.433	21.106	9.963	11.529	8.913	19.866	12.318
Total	25.217	18.587	12.618	17.325	24.133	23.994	23.752	37.898	17.235	39.104	17.843	28.330	22.216
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
G.O.	25.201	190	32.285	198	43.776	111	18.361	104	119.623	603	134.703	684	124.724	632	45.24%
revenue	28.875	223	53.359	320	30.405	154	32.184	210	144.823	907	173.548	1119	158.310	1006	54.76%
Total	54.076	413	85.644	518	74.181	265	50.546	314	264.447	1510	308.250	1803	283.034	1638	100.00%
Use of Proceeds
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
Acquisition	0	0	0	0	0	0.058	0	0	0.085	0	0	1.500	0
Capex	12.396	7.355	4.184	7.071	7.685	8.870	7.741	4.347	1.640	13.513	1.875	0.679	1.956
GCP	1.335	5.352	1.521	1.311	1.059	2.630	1.032	7.479	0.965	12.972	3.485	10.262	9.764
Refinance	9.711	4.420	5.138	7.658	12.402	8.214	11.329	19.680	10.359	9.138	7.923	9.825	7.416
Multiple/Other/NA	1.774	1.460	1.774	1.284	2.987	4.222	3.649	6.393	4.186	3.481	4.559	6.063	3.080
Total	25.217	18.587	12.618	17.325	24.133	23.994	23.752	37.898	17.235	39.104	17.843	28.330	22.216
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0	0	0.058	1	0.085	1	1.500	3	1.642	5	1.642	5	1.642	5	0.62%
Capex	18.940	128	20.959	137	17.028	50	2.636	24	59.562	339	79.314	453	66.917	395	22.52%
GCP	3.892	21	11.140	54	17.423	39	20.026	113	52.480	227	59.167	255	57.832	242	19.85%
Refinance	25.198	208	39.223	236	27.420	134	17.242	104	109.082	682	123.214	800	113.502	722	41.25%
Multiple/Other/NA	6.046	56	14.264	90	12.226	41	9.143	70	41.679	257	44.914	290	43.139	274	15.76%
Total	54.076	413	85.644	518	74.181	265	50.546	314	264.447	1510	308.250	1803	283.034	1638	100.00%
Industry Sector (by SIC code)
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
Manufacturing (2xxx, 3xxx)	0.163	0.243	0	0.073	0	0.050	0	0	0	0	0	0	0
Transportation (4xxx)	0.394	1.373	0.108	1.598	0.599	0.990	0.963	1.144	0.752	1.646	1.042	1.250	0.708
Electric, gas, sanitary services (49xx)	2.747	2.472	2.121	3.569	3.639	2.974	3.862	4.705	1.774	2.035	1.792	2.256	3.348
Finance, insurance, real estate (6xxx)	1.425	0.528	0.276	0.055	0.093	1.269	1.391	2.398	0.670	0.111	0.668	1.354	1.232
Services (7xxx)	0	0.094	0	0	0.051	0	0.123	0.140	0	0	0.058	0.062	0.052
Health services (8xxx)	4.770	3.832	3.319	6.007	5.764	6.977	6.422	10.117	4.981	4.426	3.870	9.652	4.607
Government (91xx)	15.718	10.046	6.794	6.024	13.988	11.733	10.991	19.393	9.058	30.885	10.413	13.756	12.269
Total	25.217	18.587	12.618	17.325	24.133	23.994	23.752	37.898	17.235	39.104	17.843	28.330	22.216
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Manufacturing (2xxx, 3xxx)	0.073	3	0.050	1	0	0	0	0	0.123	4	0.529	17	0.366	10	0.05%
Transportation (4xxx)	2.304	11	3.098	22	3.439	10	1.958	8	10.800	51	12.566	66	12.172	60	4.08%
Electric, gas, sanitary services (49xx)	9.329	76	11.541	68	5.601	34	5.604	47	32.076	225	37.295	272	34.547	252	12.13%
Finance, insurance, real estate (6xxx)	0.423	5	5.058	33	1.450	8	2.586	9	9.517	55	11.470	74	10.045	69	3.60%
Services (7xxx)	0.051	1	0.263	2	0.058	1	0.114	3	0.486	7	0.581	9	0.581	9	0.18%
Health services (8xxx)	15.090	146	23.515	185	13.277	90	14.259	102	66.142	523	74.743	598	69.973	549	25.01%
Government (91xx)	26.805	171	42.118	207	50.356	122	26.025	145	145.303	645	171.067	767	155.349	689	54.95%
Total	54.076	413	85.644	518	74.181	265	50.546	314	264.447	1510	308.250	1803	283.034	1638	100.00%
State
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
AK	0.223	0	0.176	0.120	0	0	0.249	0	0	0	0.338	0.092	0
AL	0.017	0.162	0	0.162	0.228	0	0	0	0.065	0	0.101	0.410	0.058
AR	0.057	0	0	0	0.057	0	0	0.056	0	0.061	0.197	0	0
AZ	0.723	0.118	0.109	0.212	0.430	0.236	0.371	0.265	0	0.345	0	0.252	0.129
CA	2.139	1.344	0.731	3.366	4.374	5.151	2.748	4.986	1.982	11.626	3.163	3.490	0.738
CO	0.147	0	0.790	0.313	0.085	0.108	0.170	0.867	0.500	0.150	0.440	2.548	0
CT	0.912	0.635	0.057	0	0.124	0.776	0.549	0.952	0	0	0.570	0.071	0.877
DC	0.242	0.401	0	0	0.643	0	0.314	0.532	0	0	0	0.675	0.776
DE	0.275	0	0	0.061	0	0	0	0	0	0.115	0	0.097	0
FL	0.271	0.465	1.013	0.477	1.341	0.613	0.882	1.828	1.340	0.892	1.685	0.608	0.733
GA	0.456	0.766	0.380	0.527	0.265	0.627	0.796	0.909	0.090	0	0.109	0.536	0.111
GU	0.235	0	0	0	0	0	0.109	0	0	0	0	0.344	0
HI	1.264	0	0	0	0.085	0	0	0.073	0	0	0.256	0.914	0.937
IA	0.668	0.301	0	0	0	0	0.051	0	0.131	0	0	0	0
ID	0	0	0	0	0	0	0	0.575	0	0	0	0	0.066
IL	0.649	0.167	1.360	0.066	0.759	0.089	3.461	0.518	1.434	1.808	0.716	0.158	0.825
IN	0.317	0	0.349	0.030	0.050	0.083	0.185	0	0	0.502	0.072	0.599	0.175
KS	0.054	0.109	0	0.225	0	0	0	0	0.311	0	0	0.225	0
KY	0	0.366	0	0.218	0.383	0	0	0.188	0	0	0	0.050	0.226
LA	0.055	0.079	0	0.055	0.569	0	0.803	0.568	0.168	0	0	0.296	0.117
MA	1.467	1.136	0.628	0.149	0.553	0	1.548	1.177	0.277	0.114	1.279	1.016	0.334
MD	0.926	0.094	0.135	0.146	0.795	0.241	0.224	0.473	0	0.878	0	0.611	1.081
ME	0.055	0	0	0	0.153	0.192	0	0.129	0.057	0	0	0	0
MI	0.179	0.593	0	0.254	0.427	0.918	0.209	3.548	0	1.013	0.058	0.051	0.516
MN	0.757	0.054	0	0	0.351	0.061	0.081	0.416	0	0.350	0.457	0.911	0.656
MO	0.107	0.154	0	0	0.334	0.105	0.256	0.136	0.274	0.615	0.222	0.142	0.313
MS	0	0	0	0	0.105	0	0	0	0.201	1.063	0	0.176	0
MT	0	0	0	0	0	1.145	0	0	0.056	0	0	0	0
NC	0.400	0.156	0.352	0.313	0.415	0.385	0.697	0.995	0.447	0	0.136	0.231	0.239
ND	0	0	0	0	0	0.112	0	0	0	0	0.065	0	0
NE	0.278	0	0	0	0	0.609	0	0	0.296	0	0.499	0.215	0.103
NH	0	0	0.151	0.065	0	0	0.161	0	0	0.110	0	0	0.155
NJ	1.354	2.455	0	0	0.118	1.632	0.141	0.153	0	1.021	0.552	0.051	2.600
NM	0.053	0	0	0	0	0.079	0.058	0	0	0.135	0.072	0	0
NV	0.118	0	0	0	0.201	0.069	0	0.364	0.449	0.053	0.168	0	0
NY	4.974	4.085	1.296	2.031	3.348	2.920	2.526	8.212	2.583	3.311	4.191	4.321	1.789
OH	0.561	0.205	0.209	0.602	0.688	0.846	0.905	1.636	0.562	0.370	0.112	0.447	0.259
OK	0.050	0.240	0.126	0.073	0.050	0	0.182	0.067	0.064	0	0	0.087	0.064
OR	0.124	0	0	0.087	0.267	0.173	0.383	0.917	0.161	0.093	0	0	0.159
PA	0.837	0.405	0.282	0.091	0.291	1.567	0	0.923	0.946	0.165	0.592	3.288	0.453
PR	1.843	2.856	1.000	2.154	2.733	0.650	0	1.078	0.059	0	0	0	0
RI	0	0	0	0	0	0.123	0.063	0.204	0.052	0.111	0	0.081	0.326
SC	0.059	0	0.251	0.058	0.151	1.227	0.214	0.186	0.071	0	0.066	0.654	0
SD	0.114	0	0	0	0	0.071	0.182	0	0	0	0	0.120	0.077
TN	0	0	0.426	0.703	0.189	0.072	0.249	0.133	0.438	0.185	0	0.335	0.540
TX	1.487	0.718	0.903	2.021	1.853	1.366	1.983	2.708	2.031	11.690	0.943	2.417	3.961
UT	0.100	0	0	0.052	0.075	0	0	0	0	0.163	0	0.872	0.296
VA	0.597	0.156	0.595	0.910	0.606	1.307	1.351	0.610	0.891	0.211	0.274	0.287	0.597
VI	0	0	0	0	0	0.069	0	0	0	0	0	0	0
VT	0.070	0	0	0	0.094	0.075	0	0.050	0	0	0.091	0	0.906
WA	0	0.227	1.079	1.465	0.454	0	1.177	1.361	1.151	1.885	0.069	0.238	0.723
WI	0	0.138	0.221	0.221	0.489	0.192	0.475	0.104	0.147	0.070	0.351	0.413	0.302
WV	0	0	0	0	0	0.105	0	0	0	0	0	0	0
WY	0	0	0	0.097	0	0	0	0	0	0	0	0	0
Total	25.217	18.587	12.618	17.325	24.133	23.994	23.752	37.898	17.235	39.104	17.843	28.330	22.216
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
AK	0.296	2	0.249	3	0.338	3	0.092	1	0.975	9	1.198	13	0.975	9	0.37%
AL	0.390	5	0	0	0.166	2	0.468	4	1.024	11	1.203	17	1.186	16	0.39%
AR	0.057	1	0.056	1	0.258	2	0	0	0.370	4	0.427	5	0.370	4	0.14%
AZ	0.751	10	0.872	11	0.345	2	0.381	3	2.349	26	3.191	30	2.467	27	0.89%
CA	8.471	45	12.884	62	16.771	30	4.228	27	42.354	164	45.837	192	43.698	175	16.02%
CO	1.188	9	1.145	5	1.090	5	2.548	9	5.972	28	6.118	29	5.972	28	2.26%
CT	0.180	5	2.277	18	0.570	1	0.948	8	3.975	32	5.523	45	4.610	41	1.50%
DC	0.643	3	0.846	6	0	0	1.451	3	2.940	12	3.583	18	3.341	14	1.11%
DE	0.061	2	0	0	0.115	1	0.097	2	0.273	5	0.549	6	0.273	5	0.10%
FL	2.831	21	3.322	19	3.917	25	1.341	13	11.411	78	12.147	85	11.876	83	4.31%
GA	1.172	15	2.332	16	0.199	2	0.647	7	4.349	40	5.571	54	5.115	49	1.64%
GU	0	0	0.109	2	0	0	0.344	1	0.453	3	0.688	4	0.453	3	0.17%
HI	0.085	1	0.073	1	0.256	1	1.851	11	2.266	14	3.530	19	2.266	14	0.86%
IA	0	0	0.051	2	0.131	1	0	0	0.182	3	1.151	8	0.483	5	0.07%
ID	0	0	0.575	2	0	0	0.066	1	0.641	3	0.641	3	0.641	3	0.24%
IL	2.185	8	4.068	13	3.957	12	0.983	6	11.194	39	12.010	46	11.361	42	4.23%
IN	0.429	6	0.269	4	0.574	5	0.774	7	2.046	22	2.363	25	2.046	22	0.77%
KS	0.225	9	0	0	0.311	1	0.225	2	0.761	12	0.924	14	0.870	13	0.29%
KY	0.601	3	0.188	1	0	0	0.276	2	1.065	6	1.431	8	1.431	8	0.40%
LA	0.624	5	1.371	2	0.168	1	0.413	4	2.576	12	2.710	14	2.655	13	0.97%
MA	1.330	16	2.725	12	1.670	7	1.350	7	7.075	42	9.678	51	8.210	46	2.68%
MD	1.076	11	0.939	12	0.878	3	1.693	12	4.585	38	5.605	46	4.679	40	1.73%
ME	0.153	2	0.320	8	0.057	1	0	0	0.530	11	0.585	12	0.530	11	0.20%
MI	0.681	10	4.675	16	1.071	6	0.567	7	6.994	39	7.766	46	7.587	43	2.64%
MN	0.351	5	0.558	8	0.807	4	1.568	6	3.283	23	4.094	26	3.337	24	1.24%
MO	0.334	3	0.497	4	1.111	7	0.455	3	2.397	17	2.658	21	2.551	20	0.91%
MS	0.105	2	0	0	1.265	7	0.176	2	1.546	11	1.546	11	1.546	11	0.58%
MT	0	0	1.145	3	0.056	1	0	0	1.202	4	1.202	4	1.202	4	0.45%
NC	1.080	13	2.076	20	0.583	4	0.470	4	4.209	41	4.765	43	4.365	42	1.59%
ND	0	0	0.112	1	0.065	1	0	0	0.177	2	0.177	2	0.177	2	0.07%
NE	0	0	0.609	1	0.796	2	0.318	3	1.722	6	2.001	8	1.722	6	0.65%
NH	0.216	2	0.161	2	0.110	1	0.155	2	0.643	7	0.643	7	0.643	7	0.24%
NJ	0.118	2	1.926	10	1.573	5	2.651	3	6.268	20	10.077	27	8.723	25	2.37%
NM	0	0	0.137	3	0.207	3	0	0	0.344	6	0.397	7	0.344	6	0.13%
NV	0.201	7	0.433	4	0.670	4	0	0	1.304	15	1.422	16	1.304	15	0.49%
NY	6.676	30	13.659	51	10.084	19	6.110	34	36.529	134	45.587	183	40.613	158	13.81%
OH	1.500	16	3.387	21	1.044	7	0.706	10	6.637	54	7.403	63	6.842	57	2.51%
OK	0.249	5	0.249	2	0.064	1	0.150	2	0.712	10	1.002	13	0.952	12	0.27%
OR	0.354	8	1.473	12	0.255	3	0.159	1	2.241	24	2.365	28	2.241	24	0.85%
PA	0.664	8	2.490	12	1.703	11	3.740	13	8.597	44	9.840	62	9.003	49	3.25%
PR	5.887	6	1.728	5	0.059	1	0	0	7.674	12	12.374	24	10.531	19	2.90%
RI	0	0	0.390	8	0.163	2	0.407	3	0.960	13	0.960	13	0.960	13	0.36%
SC	0.460	6	1.627	19	0.137	2	0.654	4	2.878	31	2.937	32	2.878	31	1.09%
SD	0	0	0.253	6	0	0	0.197	4	0.450	10	0.564	12	0.450	10	0.17%
TN	1.318	12	0.454	5	0.623	2	0.875	14	3.270	33	3.270	33	3.270	33	1.24%
TX	4.776	48	6.058	48	14.664	31	6.377	32	31.876	159	34.081	180	32.594	169	12.05%
UT	0.127	2	0	0	0.163	2	1.167	4	1.457	8	1.557	10	1.457	8	0.55%
VA	2.112	22	3.268	22	1.375	9	0.884	13	7.640	66	8.393	74	7.796	67	2.89%
VI	0	0	0.069	3	0	0	0	0	0.069	3	0.069	3	0.069	3	0.03%
VT	0.094	2	0.126	4	0.091	2	0.906	3	1.216	11	1.287	13	1.216	11	0.46%
WA	2.997	20	2.538	17	3.105	17	0.961	13	9.601	67	9.828	71	9.828	71	3.63%
WI	0.931	4	0.771	9	0.568	6	0.715	4	2.985	23	3.123	24	3.123	24	1.13%
WV	0	0	0.105	2	0	0	0	0	0.105	2	0.105	2	0.105	2	0.04%
WY	0.097	1	0	0	0	0	0	0	0.097	1	0.097	1	0.097	1	0.04%
Total	54.076	413	85.644	518	74.181	265	50.546	314	264.447	1510	308.250	1803	283.034	1638	100.00%
GovtType
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
City	3.627	2.303	0.380	1.393	5.057	3.541	4.191	5.797	3.972	5.954	1.436	3.853	1.071
County	1.833	1.665	1.556	1.983	2.251	1.857	2.356	5.292	2.192	1.610	1.911	3.816	3.050
Other	5.885	4.357	4.616	5.462	4.255	6.419	5.454	10.752	3.149	4.049	4.286	7.453	4.168
State	13.870	10.261	6.064	8.486	12.571	12.176	11.750	16.057	7.921	27.490	10.210	13.208	13.927
Total	25.217	18.587	12.618	17.325	24.133	23.994	23.752	37.898	17.235	39.104	17.843	28.330	22.216
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
City	6.831	56	13.529	80	11.362	53	4.924	38	36.645	227	42.576	274	38.949	252	13.86%
County	5.791	75	9.506	89	5.713	44	6.865	58	27.875	266	31.373	308	29.540	285	10.54%
Other	14.334	136	22.625	150	11.485	63	11.621	76	60.064	425	70.307	489	64.422	454	22.71%
State	27.121	146	39.983	199	45.622	105	27.136	142	139.862	592	163.993	732	150.123	647	52.89%
Total	54.076	413	85.644	518	74.181	265	50.546	314	264.447	1510	308.250	1803	283.034	1638	100.00%

Criteria

• The tables include municipal bonds reported to Prospect News.

• Includes all deals of $50 million and larger.

• Amounts are based on the principal amount.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.