2015 IN STATISTICS...1996 199719992000 19982001 2002 2004 20032005 2007 200620092008 2010 2012 201120132014 2015 ALL BONDS $7.77 $7.18 $7.07 $7.14 $6.68 $6.48 $6.17 $5.78 $5.58 $5.45

2015 IN STATISTICSAnnual Review

Munis Ride Refundings to $400B Year

BB022216-Supplement.indd 1 2/22/2016 12:51:54 PM

The Bond Buyer2A Monday, February 22, 2016

Underwriting Spreads: 1996-2015 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

ALL BONDS $7.77 $7.18 $7.07 $7.14 $6.68 $6.48 $6.17 $5.78 $5.58 $5.45 $5.59 $5.27 $4.89 $6.21 $5.94 $5.62 $5.52 $5.20 $5.00 $4.64

Negotiated 7.83 7.24 7.23 7.18 6.72 6.52 6.20 5.80 5.49 5.56 5.66 5.41 4.82 6.22 6.03 5.61 5.40 5.17 5.08 4.57

Competitive 7.53 6.72 5.99 6.82 6.38 6.10 5.86 5.57 6.31 4.42 4.89 4.12 5.61 6.16 5.23 5.65 6.17 5.35 4.58 4.96

New-Money 7.86 7.42 7.06 7.41 6.68 6.65 6.27 5.85 5.65 5.71 5.60 5.37 5.47 6.39 6.05 5.98 5.57 5.25 5.36 5.05

Refunding 7.71 6.83 6.99 6.71 6.31 6.01 5.88 5.45 5.33 5.21 5.45 4.87 3.82 5.84 5.59 5.16 5.51 5.13 4.65 4.40

Combined 7.43 7.16 7.22 6.68 7.00 6.63 6.38 6.23 5.80 5.20 5.68 5.34 5.01 6.20 6.27 5.52 5.46 5.21 4.99 4.47

Development 10.08 8.93 8.95 9.28 9.49 8.02 4.79 7.33 6.43 6.74 7.04 6.39 4.88 3.65 5.07 5.55 3.43 5.73 6.67 6.58

Education 7.70 7.15 7.23 6.88 6.67 6.52 6.38 5.74 5.55 5.45 5.38 5.12 5.32 6.43 6.33 6.13 6.06 5.53 5.23 5.05

Electric Power 6.83 5.85 5.45 6.62 4.75 5.94 6.17 5.58 5.39 4.34 5.24 4.83 4.74 5.81 5.35 4.52 4.51 4.48 4.24 2.86

Environmental 7.50 5.75 6.90 5.74 5.31 5.82 5.89 5.87 5.18 4.96 4.34 4.15 4.37 5.20 4.31 5.54 5.76 5.99 5.09 3.77

Health Care 7.87 7.41 7.84 7.30 6.99 7.26 6.59 6.50 5.65 4.99 5.64 5.90 4.13 7.78 8.56 7.10 7.42 7.08 7.28 6.38

Housing 8.81 8.03 7.94 7.87 7.60 6.68 6.63 5.81 5.86 5.43 6.11 5.84 5.40 5.66 6.40 6.89 6.57 6.09 6.10 4.72

Public Facilities 8.48 7.10 7.68 7.75 8.00 7.25 6.41 6.12 5.97 6.28 6.87 5.24 5.02 7.44 6.69 6.89 6.54 5.57 6.36 5.53

Transportation 7.08 7.26 6.02 6.26 5.33 5.65 5.14 5.31 5.07 4.85 5.06 4.78 4.80 5.55 5.28 4.79 4.74 4.24 3.94 3.57

Utilities 9.16 7.04 7.41 7.33 7.00 6.26 6.45 6.07 5.48 5.73 5.22 5.53 4.63 6.00 5.88 5.74 6.21 5.62 5.02 4.73

General Purpose 6.75 7.04 6.51 7.19 6.78 6.64 6.28 5.61 5.72 5.86 6.01 5.13 5.20 5.87 5.28 4.93 4.69 4.52 4.41 4.08

Stimulus Program n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 7.45 6.44 7.16 5.86 5.88 8.05 4.87

Note: Amounts represent dollars per $1,000 face value of bond issues. Underwriting spreads include managers’ fees, underwriting fees, average takedowns, and expenses. Private placements, short-term notes maturing in under 13 months, and remarketings of variable-rate securities are excluded. Source: Thomson Reuters (Feb. 16)

Taxable Bonds: Full Year 2015 2014 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

Total $30,302.4 1116 $26,965.2 938 +12.4%First Quarter 7,165.9 265 6,359.4 187 +12.7Second Quarter 8,559.1 331 7,700.9 303 +11.1Third Quarter 8698.2 265 5367.7 208 +62.0Fourth Quarter 5879.2 255 7537.2 240 –22.0Development 3,514.5 119 2,887.2 73 +21.7Education 7,996.1 372 5,064.6 301 +57.9Electric Power 1,583.9 18 1,342.1 18 +18.0Environmental Facilities 10.9 3 72.4 7 –84.9Healthcare 1,088.6 62 1,081.4 50 +0.7Housing 2,939.4 86 2,966.3 72 –0.9Public Facilities 1,694.3 43 1,312.6 43 +29.1Transportation 1,118.5 43 3,378.2 45 –66.9Utilities 1,231.8 63 1,710.3 57 –28.0General Purpose 9,124.6 307 7,150.2 272 +27.6New-Money 17,132.4 631 15,420.8 532 +11.1Refunding 9,437.5 412 9,251.1 363 +2.0Combined 3,732.5 73 2,293.3 43 +62.8Negotiated 23,032.1 767 18,589.6 628 +23.9Competitive 4,814.5 239 4,448.3 197 +8.2Private Placements 2,455.8 110 3,927.3 113 –37.5Revenue 20,796.6 581 19,489.1 476 +6.7General Obligation 9,505.8 535 7,476.0 462 +27.2Fixed Rate 27,441.4 1064 24,272.2 890 +13.1Variable Rate (Short Put) 1,035.0 22 1,420.4 22 –27.1Variable Rate (Long/No Put) 56.0 3 0.0 0 n.m.Zero Coupon 16.3 6 3.9 6 +317.9Linked Rate 1,749.6 20 1,268.7 20 +37.9Convertible 4.2 1 0.0 0 n.m.Bond Insurance 2,130.2 120 684.7 81 +211.1Letter of Credit 652.4 11 1,002.1 14 –34.9Standby Purchase Agreements 250.6 5 110.7 3 +126.4Insured Mortgages 120.1 2 88.8 4 +35.2Guaranties 1,491.6 76 448.6 60 +232.5State Governments 1,855.2 31 2,638.8 30 –29.7State Agencies 8,660.6 210 8,704.3 154 –0.5Counties & Parishes 1,578.0 55 1,180.2 57 +33.7Cities & Towns 5,382.0 305 3,808.0 252 +41.3District 2,681.0 234 2,065.0 197 +29.8Local Authorities 6,175.3 222 6,789.8 199 –9.1Colleges & Universities 3,391.7 54 1,630.6 40 +108.0Direct Issuer 578.6 5 117.9 7 +390.8Cooperative Utilities 0.0 0 8.0 1 –100.0Tribal Government 0.0 0 22.6 1 –100.0Build America Bonds 0.0 0 0.0 0 n.m.Qualified Sch Construction 125.8 7 93.6 12 +34.4Other Stimulus Program 182.8 20 75.3 26 +142.8

Notes: Figures are based on issues maturing in 13 months or longer. Private placements and municipal forwards are included, but remarketings are excluded. n.m. — not meaningful. Source: Thomson Reuters (Jan. 22)

Taxable BondsSenior Managers: Full Year 2015

Manager Amt ($mill)

1 BA Merrill Lynch $4,684.6 2 Wells Fargo 3,343.2 3 J P Morgan 2,938.7 4 Stifel Nicolaus 2,911.5 5 Citi 1,897.7 6 Morgan Stanley 1,519.2 7 RBC Capital Markets 1,429.7 8 Barclays 1,414.2 9 Piper Jaffray 1,413.6 10 Raymond James 1,408.8Private placements, short-term notes, and remarketings are excluded. In issues with multiple book-runners, the par amount of the issue is divided equally among the firms. Source: Thomson Reuters (Jan. 21)

Taxable BondsFinancial Advisors: Full Year 2015

Advisor Amt ($mill)

1 Public Financial Mgmt $5,986.1 2 FirstSouthwest 2,669.7 3 Public Resources Adv 2,059.7 4 Swap Financial 1,318.2 5 Acacia Financial 1,245.8 6 NHA Advisors 860.2 7 Columbia Capital Mgmt 580.0 8 KNN Public Fin 525.3 9 A C Adv 462.1 10 Coastal Securities 453.7Private placements, short-term notes, and remarketings are excluded. In issues with co-advisors, the par amount of the issue is divided equally among the firms. Source: Thomson Reuters (Jan. 21)

Largest Taxable IssuesDate Issuer Amt ($mill) Manager(s)Aug-25 New Jersey Economic Dev Auth, (tax) (ref) $2,178.250 BA Merrill LynchOct-9 Port Authority of NY & NJ, (tax) 2,000.000 Wells FargoMar-13 Regents of the Univ of California, (tax) (nm/ref) 1,671.485 Barclays/Raymond JJun-9 Georgia (State), GOs (tax) (cpt) 1,284.340 Wells Fargo/CitiMar-13 Regents of the Univ of California, (tax) (nm/ref) 1,178.805 Barclays/Stifel NicolJun-11 NYS Dorm Authority, (tax) (cpt) (nm/ref) 1,170.800 J P Morgan SecDec-8 Empire State Development Corp, (tax) (cpt) 1,130.315 J P Morgan SecFeb-13 SC Pub Svc Au (Santee Cooper), (tax) 1,103.657 Barclays/BA Merrill Apr-21 California (State), GOs (tax) (cpt) 1,092.355 Wells FargoJul-16 Chicago City-Illinois, GOs (tax) 1,088.390 Morgan StanleyKey to abbreviations: neg – negotiated; nm – new-money; pvt – private placement; ref – refunding. Source: Thomson Reuters (Jan. 21)

annual review

Munis Ride Refundings to Highest Long-Term Volume Since 2010 �� 3A

Long-term issuance, bonds and notes by state ��3A-4A

Bond Insurance Continues Upward Climb With Growth in Penetration �� 5A

Note Issuance At Six-Year Lull Due to Austerity and Low Yield Levels �� 6A

Issuance by sector ��7A-12A

Issuance Growth Varied Widely Between Market Sectors in 2015 ��10A

Rankings: Senior managers, co-managers, financial advisors, issuers ��13A

Rankings: Bond, disclosure, special tax counsel ��14A

Bond Buyer Indexes ��15A

Cover: iStock

Contents


www.bondbuyer.com 3AMonday, February 22, 2016

Long-Term Bond Sales: Full Year 2015 2014 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

TOTAL $403,769.6 13237 $339,049.8 11126 +19.1%January 29,453.4 834 19,597.3 659 +50.3February 33,357.2 1108 16,544.0 741 +101.6March 45,681.4 1351 28,562.0 746 +59.9April 41,101.8 1380 26,763.9 946 +53.6May 36,826.6 1299 27,905.1 1082 +32.0June 40,254.8 1428 35,850.2 1234 +12.3July 35,514.4 1089 27,856.1 871 +27.5August 32,368.2 963 24,731.2 925 +30.9September 24,478.2 885 25,158.5 811 –2.7October 35,030.5 973 37,321.2 1038 –6.1November 25,236.4 936 29,563.9 995 –14.6December 24,466.8 991 39,196.4 1078 –37.6First Quarter 108,492.0 3293 64,703.3 2146 +67.7Second Quarter 118,183.2 4107 90,519.2 3262 +30.6Third Quarter 92,360.8 2937 77,745.8 2607 +18.8Fourth Quarter 84,733.6 2900 106,081.5 3111 –20.1Development 12,794.0 519 12,195.6 383 +4.9Education 126,731.2 5508 86,113.4 4490 +47.2Electric Power 17,409.5 182 12,176.8 159 +43.0Environmental Facilities 1,688.4 50 2,223.1 57 –24.1Healthcare 34,357.9 577 25,604.3 498 +34.2Housing 16,675.1 531 13,124.9 399 +27.0Public Facilities 11,444.9 520 10,917.9 459 +4.8Transportation 48,146.9 498 53,800.6 506 –10.5Utilities 41,255.1 1526 38,350.4 1306 +7.6General Purpose 93,266.7 3326 84,542.9 2869 +10.3Tax- Exempt 361,451.3 11977 302,739.7 10069 +19.4Taxable 30,302.4 1116 26,965.2 938 +12.4Minimum Tax 12,015.9 144 9,345.0 119 +28.6New-Money 153,857.4 6530 145,303.5 5940 +5.9Refunding 165,675.6 5556 127,914.7 4335 +29.5Combined 84,236.6 1151 65,831.6 851 +28.0Negotiated 290,332.5 7639 242,994.7 6343 +19.5Competitive 87,248.5 4439 71,824.7 3816 +21.5Private Placements 26,188.6 1159 24,230.4 967 +8.1Revenue 245,631.2 5030 202,934.0 4033 +21.0General Obligation 158,138.4 8207 136,115.8 7093 +16.2Fixed Rate 377,237.3 12582 308,026.2 10441 +22.5Variable Rate (Short Put) 11,126.9 213 11,739.9 249 –5.2Variable Rate (Long/No Put) 3,074.2 71 5,370.4 59 –42.8Zero Coupon 1,693.6 205 959.2 206 +76.6Linked Rate 10,536.5 160 12,781.2 165 –17.6Convertible 101.1 6 172.8 7 –41.5Bond Insurance 25,280.6 1883 18,548.2 1405 +36.3Letter of Credit 2,643.8 44 3,280.8 73 –19.4Standby Purchase Agreements 1,823.8 30 2,980.6 32 –38.8Insured Mortgages 1337.1 28 664.8 17 +101.1Guaranties 37,382.4 1823 26,317.9 1490 +42.0Other Enhancements 146.3 2 46.5 2 +214.6State Governments 33,011.1 190 38,352.2 204 –13.9State Agencies 111,562.7 1433 87,305.2 1074 +27.8Counties & Parishes 24,135.7 803 18,715.7 666 +29.0Cities & Towns 60,717.3 3388 48,296.4 3010 +25.7District 90,503.9 5557 67,224.3 4616 +34.6Local Authorities 65,005.0 1586 66,349.4 1330 –2.0Colleges & Universities 16,342.6 237 10,220.6 187 +59.9Direct Issuer 2,253.7 37 2,555.4 37 –11.8Cooperative Utilities 0.3 1 8.0 1 –96.3Tribal Government 237.2 5 22.6 1 +949.6Bank Qualified 22,628.5 5409 20,012.6 4933 +13.1Build America Bonds 0.0 0 0.0 0 n.m.Qualified Sch Construction 125.8 7.0 93.6 12.0 +34.4Other Stimulus Program 212.2 23 194.1 35 +9.3


annual review

Long-term municipal bond volume ended the year with the highest yearly issuance since 2010, thanks in large part to a blistering first half of the year that saw enormous refunding volume as issu-ers rushed to market to take advantage of near-record-low interest rates.

Total volume for 2015 finished 19.1% higher to $403.77 billion in 13,237 issues from $339.05 billion in 11,126 issues in 2014. This past year marks only the fourth time since 2007 that the muni market has surpassed the $400 billion plateau.

The year started the year running full speed, as issuance was at $108.49 billion during the first quarter and $118.18 billion during the second quarter. That pace was not sustainable and volume slowed down as the year progressed, accounting for $92.36 billion in the third quarter and then $84.73 billion in the fourth quarter.

“The big story of the year was refund-ings, the interesting thing was the massive first five or six months of the year, but some of the refunding was cannibalized during that stretch,” said Mikhail Foux, director, research, at Barclays Capital.

For the year, refundings totaled $165.67 billion, up 29.5% from 2014’s total of $127.82 billion.

New-money finished with $153.86 bil-lion. Combined new-money and refunding deals totaled $84.24 billion.

Although the muni market has not seen as many new-money deals as mar-ket participants would like, it still fin-ished the year a modest 5.9% higher than 2014, when there was $145.30 billion of new-money transactions.

“We are always hopeful that we will start seeing more new-money deals but it seems like it is just wishful thinking,” said Dawn Mangerson, managing director and senior portfolio manager at McDonnell Investment Management.

The busiest months of the year occurred in March, April and June as the market saw $45.68 billion, $41.10 billion and $40.25 billion, respectively.

“The peak was in March, and one of the reasons for that was that the State and Lo-cal Government Series securities window was closed, so everyone rushed to get in before it was too late,” said Foux.

Negotiated deals made up $290.33 billion, up 19.5% from 2014’s total of $242.99 billion. Competitive sales also saw an increase, rising by 21.5% to $87.25 billion from $71.82 billion in 2014.

Taxable bonds increased 12.4% to $30.30 billion from $26.96 billion. Tax-ex-empt bonds improved 19.4% to $361.45 billion from $302.74 billion.

“Taxables picked up somewhat, in the healthcare and education sectors,” said Foux. “Those all tie in together as usually healthcare and higher education sectors have corporate CUSIPS. If at somepoint we have higher ratios, or tax reform we could eventually see taxable supply in-crease.”

Private placements were up 8.1% to $26.18 billion from $24.23 billion. Fixed-rate bonds were up 22.5% to $337.24 bil-

lion from $308.03 billion. Zero-coupon bonds jumped up to $1.69 billion in 205 deals from $959 million in 206 deals. Bank qualified bonds were 13.1% higher to $22.63 billion from $20.01 billion.

Demand for munis was strong for most of the year, as well as outperformance, according to Jim Grabovac, managing director and senior portfolio manager at McDonnell.

“We have better vision looking back-ward than we do looking forward and when it comes to 2015, we saw strong outperformance for munis relative to Trea-suries,” said Grabovac.

“Driven by commodies and energy mar-ket weakness, muni spreads compressed and that is driven by the discussion of the strong demand on the bank side of the equation.”

Out of the 10 sectors that we look at, eight of them were in the black in 2015 versus 2014. The environmental facilities sector and transportation sectors were the only ones to be in the red compared to the previous year.

Education had the best year, posting a gain of 47.2% to $126.73 billion in 5,508 transactions from $86.11 billion in 4,490 transactions in 2014. The education sector also saw the most amount of bonds issued, with the second most being the $93.26 billion that went into the general purpose sector.

Electric power improved 43% to $17.41 billion from $12.18 billion. The healthcare sector was up 34.2% to $34.36 billion from $25.60 billion in 2014.

“One thing that I don’t see in the break-down are green bonds,” said Foux. “They are definitely trending up and we are see-ing it continue to increase as more and more people are starting to not only care about green bonds but take them serious-ly. As we get to a point where there is a pricing benefit when it comes to green bonds, we will only see more of them hit the market.”

When it comes to type of issuer, six out of 10 saw increases. State governments, local authorities, direct issuer and cooper-ative utilities saw a decline.

State agencies improved 27.8% to $111.56 billion in 1,433 deals from $87.30 billion in 1,074 deals. Districts gained 34.6% to $90.50 billion from $67.22 bil-lion.

One of the other themes of the year was the uneven distribution of supply and demand. The demand for munis this year was quite strong and although it was a good year in terms of volume, the supply could not keep up with the demand.

“One factor of that is bank ownership of munis, which has doubled since 2007 – both in nominal and relative exposure driven principal by the high average credit quality of the market,” said Grabovac.

Although strong technicals have contin-ued in 2016, we have not seen the supply pick up yet.

“We need to fix infrastructure and new-money issuance is essentially flat. Going into an election year we probably won’t see anything massive but you never know,” said Foux. q

Munis Ride Refundings to Highest Long-Term Volume Since 2010

By Aaron Weitzman



Bond Sales by State: Full Year 2015 2014 Percent

States Rank Volume ($mill) # Issues Rank Volume ($mill) # Issues ChangeAlabama 29 3,632.6 199 29 3,225.1 165 +12.6Alaska 41 1,530.8 20 40 1,144.5 16 +33.8Arizona 17 6,767.2 150 17 6,741.9 133 +0.4Arkansas 36 2,527.8 186 37 2,012.6 163 +25.6California 1 54,263.6 1,028 1 47,365.3 820 +14.6Colorado 21 6,259.7 248 22 4,295.4 176 +45.7Connecticut 14 7,227.6 154 15 7,016.1 162 +3.0Delaware 48 575.9 10 43 942.3 9 –38.9Florida 4 20,729.0 347 4 14,005.1 287 +48.0Georgia 13 7,388.4 137 19 5,456.7 133 +35.4Hawaii 32 3,246.8 22 39 1,562.8 9 +107.8Idaho 45 998.2 43 41 1,026.8 34 –2.8Illinois 6 14,773.3 611 5 13,012.2 554 +13.5Indiana 20 6,397.5 421 21 4,502.1 297 +42.1Iowa 35 2,852.3 328 38 1,705.8 260 +67.2Kansas 25 5,134.9 278 26 3,288.2 237 +56.2Kentucky 28 4,365.6 247 32 2,773.2 213 +57.4Louisiana 27 4,647.2 108 20 4,508.1 104 +3.1Maine 42 1,386.1 53 42 986.1 44 +40.6Maryland 16 6,846.8 81 14 7,053.0 85 –2.9Massachusetts 9 10,668.2 294 9 10,143.0 253 +5.2Michigan 8 11,623.6 448 10 9,128.2 311 +27.3Minnesota 12 7,926.9 575 13 7,087.6 519 +11.8Mississippi 37 2,509.8 109 49 583.8 66 +329.9Missouri 23 5,533.1 385 16 6,912.3 326 –20.0Montana 51 318.5 28 53 334.0 34 –4.6Nebraska 33 3,132.8 382 27 3,272.3 364 –4.3Nevada 30 3,564.4 56 36 2,279.7 48 +56.4New Hampshire 44 1,096.8 37 48 617.8 26 +77.5New Jersey 10 9,672.7 346 6 11,248.3 313 –14.0New Mexico 38 2,182.5 81 35 2,294.2 76 –4.9New York 3 42,562.8 824 3 37,518.8 700 +13.4North Carolina 19 6,523.9 114 23 3,945.0 79 +65.4North Dakota 43 1,234.2 136 45 770.5 98 +60.2Ohio 11 9,537.4 392 7 11,105.0 402 –14.1Oklahoma 34 2,853.9 380 33 2,683.9 336 +6.3Oregon 24 5,137.4 150 28 3,270.1 97 +57.1Pennsylvania 5 18,272.3 620 8 10,788.8 491 +69.4Rhode Island 40 1,660.5 41 44 914.9 32 +81.5South Carolina 22 5,771.6 133 24 3,936.2 89 +46.6South Dakota 47 729.6 66 46 769.6 52 –5.2Tennessee 26 5,127.9 145 31 2,997.0 115 +71.1Texas 2 48,724.8 1,679 2 41,152.5 1,421 +18.4Utah 31 3,268.7 82 34 2,435.6 79 +34.2Vermont 49 562.4 21 50 436.1 12 +29.0Virginia 15 7,127.6 113 12 7,146.5 102 –0.3Washington 7 14,261.0 246 11 8,688.5 182 +64.1West Virginia 46 949.0 45 47 750.4 32 +26.5Wisconsin 18 6,701.4 584 18 5,718.0 501 +17.2Wyoming 52 277.9 33 51 411.2 38 –32.4American Samoa 55 55.9 2 55 0.0 0 n.m.D. of Columbia 39 1,860.1 14 30 3,073.8 21 –39.5Guam 50 410.5 1 54 162.1 3 +153.2Puerto Rico 53 246.0 1 25 3,500.0 1 –93.0Trust Territories .. 0.0 0 .. 0.0 0 n.m.Virgin Islands 54 132.9 3 52 351.0 6 –62.1Other Territories .. 0.0 0 .. 0.0 0 n.m.

TOTAL $403,769.6 13237 $339,049.8 11126 +19.1%Notes: Figures are based on issues maturing in 13 months or longer. Private placements and municipal forwards are included, but remarketings are excluded. n.m. – not meaningful. Source: Thomson Reuters (Jan. 22)

Note Sales by State: Full Year 2015 2014 Percent

States Rank Volume ($mill) # Issues Rank Volume ($mill) # Issues ChangeAlabama .. 0.0 0 .. 0.0 0 n.m.Alaska 17 447.2 3 24 265.0 2 +68.8Arizona 41 4.7 1 41 0.3 1 +1466.7Arkansas 45 0.0 0 42 0.2 2 –100.0California 3 4,577.6 50 2 7,892.3 64 –42.0Colorado 7 915.0 3 9 912.3 5 +0.3Connecticut 6 1,282.0 97 7 1,299.7 94 –1.4Delaware .. 0.0 0 .. 0.0 0 n.m.Florida 12 686.2 10 11 734.5 9 –6.6Georgia 15 552.5 10 21 411.4 9 +34.3Hawaii 44 0.0 0 39 5.9 1 –100.0Idaho 16 500.0 1 19 475.0 1 +5.3Illinois 25 146.3 39 34 36.5 44 +300.8Indiana 24 164.1 22 23 288.1 31 –43.0Iowa 39 9.5 2 36 14.0 3 –32.1Kansas 22 221.4 13 20 424.7 17 –47.9Kentucky 18 438.0 7 22 335.8 4 +30.4Louisiana 40 8.8 4 40 5.6 2 +57.1Maine 36 13.5 2 32 62.5 6 –78.4Maryland 23 200.0 1 25 230.8 2 –13.3Massachusetts 4 3,070.3 221 5 2,984.7 234 +2.9Michigan 20 263.6 12 8 988.1 30 –73.3Minnesota 27 103.7 22 27 125.6 15 –17.4Mississippi .. 0.0 0 .. 0.0 0 n.m.Missouri 29 73.5 3 28 106.0 5 –30.7Montana 34 26.0 1 46 0.0 0 n.m.Nebraska 35 18.7 18 37 11.9 18 +57.1Nevada .. 0.0 0 .. 0.0 0 n.m.New Hampshire 30 62.0 5 31 72.3 6 –14.2New Jersey 2 4,784.9 649 4 4,203.3 696 +13.8New Mexico 21 237.4 2 45 0.0 0 n.m.New York 1 9,066.7 887 1 7,974.5 917 +13.7North Carolina 38 10.4 3 18 493.2 10 –97.9North Dakota 33 28.4 3 35 21.0 3 +35.2Ohio 10 813.7 199 10 847.8 213 –4.0Oklahoma 32 28.8 4 38 9.5 2 +203.2Oregon 14 632.6 4 16 626.5 4 +1.0Pennsylvania 13 657.6 10 14 668.2 12 –1.6Rhode Island 37 12.7 5 33 39.4 6 –67.8South Carolina 9 848.2 19 13 694.4 17 +22.1South Dakota .. 0.0 0 .. 0.0 0 n.m.Tennessee 26 120.0 1 12 725.0 4 –83.4Texas 5 1,627.7 22 3 6,676.0 22 –75.6Utah 31 58.0 2 29 105.0 3 –44.8Vermont 42 0.2 1 26 150.0 2 –99.9Virginia 28 95.7 2 30 80.9 3 +18.3Washington 19 327.2 4 43 0.1 1 +327100.0West Virginia 46 0.0 0 44 0.1 1 –100.0Wisconsin 11 721.5 62 15 666.0 80 +8.3Wyoming .. 0.0 0 .. 0.0 0 n.m.American Samoa .. 0.0 0 .. 0.0 0 n.m.D. of Columbia 8 895.6 6 17 600.0 2 +49.3Guam .. 0.0 0 .. 0.0 0 n.m.Puerto Rico 43 0.0 0 6 2,498.8 3 –100.0Trust Territories .. 0.0 0 .. 0.0 0 n.m.Virgin Islands .. 0.0 0 .. 0.0 0 n.m.Other Territories .. 0.0 0 .. 0.0 0 n.m.

TOTAL $34,751.7 2432 $44,762.7 2606 –22.4%Notes: Figures are based on issues maturing in less than 13 months. Private placements and municipal forwards are included, but remarketings are excluded. n.m. – not meaningful. Source: Thomson Reuters (Jan. 22)

annual review



Bond Insurance: Full Year 2015 2014 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

Total $25,280.6 1883 $18,548.2 1405 +36.3%First Quarter 6,000.7 521 2,767.7 252 +116.8Second Quarter 8,354.8 563 4,532.7 378 +84.3Third Quarter 5,344.7 386 5,693.8 354 –6.1Fourth Quarter 5,580.4 413 5,553.9 421 +0.5Development 1,564.7 89 1,240.3 71 +26.2Education 10,532.1 747 6,494.0 549 +62.2Electric Power 1,800.6 21 220.5 15 +716.6Environmental Facilities 62.1 4 38.2 3 +62.6Healthcare 255.0 4 173.6 5 +46.9Housing 23.9 1 39.2 3 –39.0Public Facilities 1,513.6 75 1,007.5 53 +50.2Transportation 1,556.0 50 1,016.5 55 +53.1Utilities 4,087.2 504 4,504.2 392 –9.3General Purpose 3,885.5 388 3,814.1 259 +1.9Tax-Exempt 22,866.9 1755 17,766.0 1321 +28.7Taxable 2,130.2 120 673.8 79 +216.1Minimum -Tax 283.6 8 108.5 5 +161.4New-Money 8,236.1 794 6,879.2 656 +19.7Refunding 12,938.1 913 9,108.5 660 +42.0Combined 4,106.4 176 2,560.6 89 +60.4Negotiated 20,418.6 1356 14,769.1 994 +38.3Competitive 4,786.3 524 3,768.5 409 +27.0Private Placements 75.8 3 10.5 2 +621.9Revenue 12,271.3 614 9,019.3 416 +36.1General Obligation 13,009.4 1269 9,529.0 989 +36.5Fixed Rate 24,946.4 1840 18,217.7 1366 +36.9Variable Rate (Short Put) 0.0 0 0.0 0 n.m.Zero Coupon 334.2 43 172.6 36 +93.6Linked Rate 0.0 0 147.9 1 –100.0Convertible 0.0 0 10.2 2 –100.0State Governments 208.1 2 60.0 2 +246.8State Agencies 1,779.4 54 2,566.2 40 –30.7Counties & Parishes 1,484.7 92 1,070.1 64 +38.7Cities & Towns 5,220.6 404 3,760.9 300 +38.8District 11,056.6 1030 7,152.0 797 +54.6Local Authorities 4,912.6 275 3,784.5 192 +29.8Colleges & Universities 395.3 23 154.4 10 +156.0Direct Issuer 223.4 3 0.0 0 n.m.Bank Qualified 5,134.4 985 4,108.2 798 +25.0Build America Bonds 0.0 0 0.0 0 n.m.Qualified Sch Construction 0.0 0 13.7 1 –100.0Other Stimulus Program 43.0 4 13.5 2 +218.5


Largest Insured IssuesDate Issuer Amt ($mill) Manager(s)May-27 Pennsylvania (State), GOs (cpt) (nm/ref) $1,242.425 BA Merrill LynchFeb-26 New Orleans Aviation Board, (amt) 565.325 CitiSep-23 Wayne Co Airport Auth, (nm/ref) 520.055 CitiNov-12 Springfield City-Illinois, (ref) 507.735 CitiAug-5 Alameda Co (Oakland) USD, GOs (nm/ref) 348.705 Siebert Brandford Nov-19 Industry City-California, (tax) (nm/ref) 336.570 Stifel NicolausJul-17 Louisiana Citizens Prop Ins Corp, (ref) 333.295 Morgan StanleyNov-19 Miami Beach Redevelopment Agcy, (nm/ref) 322.095 Morgan StanleyMay-13 Mid Bay Bridge Authority, (nm/ref) 285.040 Goldman SachsJul-29 Allegheny Co Sanitary Authority, (ref) 265.270 Boenning & Scattgd

Key to abbreviations: GOs – general obligation bonds; nm – new-money; ref – refunding. Source: Thomson Reuters (Jan. 21)

Bond Insurer RankingsFull Year 2015 - Ranked by Insured Amount

Rank Firm Volume Market Share Issues 1 AGM formerly FSA Inc $14,183.4 56.3% 857 2 Build America Mutual (BAM) 9,573.8 38.0 849 3 Municipal Assurance Corp (MAC) 958.6 3.9 152 4 National Public Fin Guarantee 495.6 1.8 22This is Thomson Reuters’s “AT10” league table. Dollar amounts are in millions. Rankings are final as of Dec. 31, 2015. Short-term notes, private placements, and deals not meeting Thomson Reuters’s T+5 policy rule are excluded. Each firm is credited with the amount it insured within the issue. Source: Thomson Reuters (Jan. 4)

annual review

Municipal bond insurance continued its upward climb in 2015, closing the year with 6.26% market penetration, up from 5.56% the year prior.

In terms of total par volume insured, the industry grew 36.3% to $25.28 billion over 1,883 transactions from $18.55 billion in 1,405 transactions, far outpacing the total municipal market growth of 19.1%.

New-money insured deals totaled $8.24 billion in 794 transactions, up from $6.88 billion in 656 transactions in 2014. Re-funding deals wrapped with insurance were up 42% to $12.94 billion in 913 deals from $9.11 billion over 660 deals.

Assured Guaranty lead the way, captur-ing 60% of the insured par and more than half of the insured transactions. Assured guaranteed $15.1 billion of par volume across 1,009 new issue transactions, in-cluding 662 issues of $10 million or less.

“We increased our primary-market in-sured par by $4.5 billion, or 41%, com-pleting over 300 more transactions than in 2014,” said Robert Tucker, head of in-vestor relations and communications at Assured.

“We believe that investors clearly see the benefits of our guaranty and the value of our $12.4 billion of claims-paying re-sources, our approximately $400 million of annual investment income, our proven business model, and our public-company transparency standards,” he said.

Tucker also said that the market liquid-ity for Assured’s almost $300 billion of outstanding insured municipal bonds in-creased to an average daily trading volume exceeding $500 million in 2015.

“Assured Guaranty is the preferred in-surance provider for smaller new issues. We also guaranteed 64 transactions with underlying ratings in the double-A cate-gory, demonstrating the exceptional ability of our guaranty to add value. Our total 2015 insured par sold for both primary and secondary markets was $16.1 billion,” said Tucker.

Tucker went on to say that Assured con-tinued to serve the public finance market by providing online credit summaries of obligors whose bonds Assured wraps and a searchable database of credits pre-qual-ified for the company’s secondary market insurance, on the Assured website.

Build America Mutual has also done its part, posting a strong year for the compa-ny’s core market, which is the smaller and mid-sized issuers where bond insurance drives the most value, according to Scott Richbourg, head of public finance for BAM.

“We completed more than 800 trans-actions and now have more than 1,700

municipal issuers as members,” said Rich-bourg. “Focusing on that sector also gives us a more stable stream of transactions across the year because those issuers — which includes school districts, utility systems, and smaller cities and counties — are less likely to try and time the mar-ket with massive refundings. That steady stream of business allowed us to grow capital in every quarter.”

The education sector saw the most us-age of bond insurance, as that sector ac-counted for $10.53 billion of wrapped bonds. The next highest sector was the utilities sector, which posted a wrapped amount of $4.09 billion.

“The increased focus on disclosure na-tionwide also boosted interest in the BAM Credit Profiles we publish on our web site for every credit we insure, and which help our issuer members educate the broader market about their credit. We recorded more than 9,000 downloads during the year,” Richbourg said.

Not to be forgotten is the third bond insurer writing new business, National Public Finance Guarantee Corporation. Tom Weyl, managing director and head of new business development at National

said that the greater use of bond insurance in 2015 is especially noteworthy given the very difficult challenges that low interest rates create for the attractiveness of bond insurance.

“The increased bond insurance pene-tration in 2015 speaks very favorably for the market’s growing appreciation of the benefits that our insurance provides to the issuers and buyers of insured muni debt,” said Weyl.

National started writing new business in the third quarter of 2014 and accord-ing to Weyl, the company’s progress and momentum from 2015 has carried over into 2016.

“We insured more transactions in the month of January than we had in any pri-or quarter since National has returned to writing business. While interest rates re-main particularly challenging, we are very encouraged by the increasing number of transactions that are being shown to us and the greater number of firms considering bids from National.” q

Bond Insurance Continues Upward Climb With Penetration Growth

By Aaron Weitzman

The industry grew 36.3% to $25.28 billion over 1,883 transactions from $18.55 billion in1,405 deals, far outpacing the 19.1% total muni market growth.

COMMENTLet us know what you think about this story at BondBuyer.com



Short-Term Note Sales: Full Year 2015 2014 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

TOTAL $34,751.7 2432 $44,762.7 2606 –22.4%January 1,172.2 128 1,413.7 150 –17.1February 1,776.4 139 1,311.7 145 +35.4March 1,948.0 158 1,744.9 151 +11.6April 1,810.2 155 1,289.1 146 +40.4May 1,948.5 166 1,842.2 199 +5.8June 7,933.5 388 8,633.7 381 –8.1July 5,100.0 304 5,855.1 347 –12.9August 2,027.8 210 7,220.8 225 –71.9September 4,700.9 251 6,416.5 236 –26.7October 1,804.5 188 4,415.7 216 –59.1November 1,263.6 151 1,919.6 185 –34.2December 3,266.3 194 2,699.6 225 +21.0First Quarter 4,896.6 425 4,470.4 446 +9.5Second Quarter 11,692.2 709 11,765.0 726 –0.6Third Quarter 11,828.6 765 19,492.4 808 –39.3Fourth Quarter 6,334.3 533 9,035.0 626 –29.9Development 114.5 11 290.8 14 –60.6Education 9,171.6 721 10,411.7 787 –11.9Electric Power 746.2 16 341.3 17 +118.6Environmental Facilities 7.3 3 15.6 2 –53.2Healthcare 176.9 11 389.7 11 –54.6Housing 41.5 10 21.6 2 +92.1Public Facilities 245.1 63 168.8 69 +45.2Transportation 2,288.0 66 1,083.5 58 +111.2Utilities 1,893.7 113 1,540.8 105 +22.9General Purpose 20,067.1 1418 30,499.0 1541 –34.2Tax- Exempt 33,167.0 2292 42,735.9 2442 –22.4Taxable 1,349.5 133 1,923.8 161 –29.9Minimum Tax 235.2 7 103.0 3 +128.3New-Money 34,190.7 2396 43,980.6 2570 –22.3Refunding 464.5 29 779.3 32 –40.4Combined 96.6 7 2.9 4 +3231.0Negotiated 11,343.7 411 12,151.6 466 –6.6Competitive 21,048.1 1947 27,852.2 2045 –24.4Private Placements 2,360.0 74 4,759.0 95 –50.4Revenue 3,479.4 74 3,960.6 83 –12.1General Obligation 31,272.4 2358 40,802.1 2523 –23.4Fixed Rate 30,828.2 2387 41,415.6 2569 –25.6Variable Rate (Short Put) 3,617.9 29 3,043.9 25 +18.9Zero Coupon 1.7 9 3.9 7 –56.4Linked Rate 304.0 7 299.4 5 +1.5Bond Insurance 3.5 5 .3 1 +1066.7Letter of Credit 1,730.1 14 525.0 8 +229.5Standby Purchase Agreements 0.0 0 650.0 3 –100.0Guaranties 411.5 28 317.0 28 +29.8State Governments 4,213.2 15 13,339.2 17 –68.4State Agencies 3,280.2 38 4,318.4 46 –24.0Counties & Parishes 5,157.4 125 5,257.2 136 –1.9Cities & Towns 12,573.2 1457 11,038.4 1511 +13.9District 6,867.4 689 7,398.9 769 –7.2Local Authorities 2,102.7 89 2,833.9 101 –25.8Colleges & Universities 212.2 4 549.1 10 –61.4Direct Issuer 345.2 14 26.7 12 +1192.9Cooperative Utilities 0.3 1 1.0 4 –70.0Bank-Qualified 4,059.8 1451 4,049.9 1578 +0.2Build America Bonds 0.0 0 0.0 0 n.m.Qualified Sch Construction 0.0 0 0.0 0 n.m.Other Stimulus Program 4.4 2 0.0 0 n.m.

Notes: Figures are based on issues maturing in less than 13 months. Private placements and municipal forwards are included, but remarketings are excluded. n.m. — not meaningful. Source: Thomson Reuters (Jan. 22)

annual review

A combination of increased tax receipts among state and local governments and the availability of relatively low long-term yields in 2015 led to the lowest volume of short-term note issuance in the municipal market in six years, according to Thomson Reuters data.

Issuance of the one-year investment vehicles continued its gradual slide down, decreasing by 22.4% in all of 2015 to $34.75 billion among 2,432 issues, versus the $44.76 billion among 2,606 issues that was issued in all of 2014, the data showed.

Last year’s volume was nearly half of the approximately $65 billion outstanding in 2010 when volume peaked, according to Phil Fischer, head of municipal bond re-search at Bank of America Merrill Lynch.

A decade earlier than that, the outstand-ing municipal note volume was approach-ing nearly $100 billion, Fischer pointed out.

Notes are typically used to finance lo-cal governments’ short-term borrowing needs and repaid with the arrival of their tax receipts.

Volume started to deteriorate five years ago when it dropped to approximately $61 billion in 2011 and 2012, $53.4 billion in 2013, followed by $44.76 billion in 2014, experts said.

Now, after 16 consecutive quarters of positive tax receipts received by state and local governments, they said it’s no surprise that the need for short-term mu-nicipal note issuance has been steadily declining for years.

“They are well capitalized given the economic benefits and tax revenues they received over the last several years, and that’s decreased the overall need for state and local issuers to access the short term market,” said Peter DeGroot, managing director and head of municipal research and strategy at JPMorgan Securities.

State governments indeed issued 68.4% less than they did in 2014, with $4.21 billion sold among 15 issues in 2015, com-pared to $13.33 billion among 17 issues the prior year.

“Tax receipts were up, and cash and fund balance reserves were fairly healthy at the state and local level,” agreed Rich-ard Ciccarone, president and chief execu-tive officer at Merritt Research Services LLC.

Fischer said state tax receipts typically increase by about 2.7% when GDP grows by 1%. “A reasonably growing and rea-sonable stable U.S. economy will tend over time to depress the note issuance in the municipal market and exacerbate the excess demand,” Fischer said.

Local authorities also dipped by 25.8% in 2015, issuing $2.10 billion among 89 issues, versus $2.83 billion among 101 issues the previous year.

Some outside market factors contributed to the healthy state coffers last year.

“We had a little bit of a sell-off in the stock market, but as the stock market grows through the years, the general ten-dency is for state revenues to grow at an accelerated rate,” Fischer said.

Meanwhile, the relatively low yields on the long-end of the municipal market are dissuading issuers from short-term borrowing, experts said.

“Issuers are incentivized to lock into longer-term rates given that yields are exceedingly low by historic standards,” DeGroot said.

Ciccarone said issuers were probably more inclined to lock into lower long-term yields in 2015 given the growing specula-tion that the Federal Reserve Board would begin to raise rates.

As result, new-money note issuance saw a 22.3% decline, dropping to $34.19 billion among 2,396 issues compared with $43.98 billion among 2,570 issues in 2014. Refunding issuance slide even more as volume dropped to $464.5 million among just 29 issues in 2015 – a 40.4% decline from 2014’s $779.3 million among 32 issues.

At the same time, last year’s total short term issuance of $34.75 billion is indic-ative that the 2015 market, like those in the past, was impacted by a supply and demand phenomenon, experts added.

“Clearly the lack of supply has driven the relatively low yields that we have seen in the short end of the tax exempt market, and that will be sustained in the foresee-able future,” DeGroot said.

“The demand significantly outstripped supply in the short-term market, which led to the large difference between the yields available in tax-exempt, short portion of the market relative to the taxable short-term market,” he explained.

In terms of volume, tax-exempt note issuance fell 22.4% last year to $33.16 billion among 2292 issues down from $42.73 billion in 2442 issue the prior year. Taxable short-term note issuance dropped 29.9% to $1.34 billion in 133 issues, ver-sus $1.92 billion among 161 deals in 2014.

Fischer agreed that there has been “ex-cess” demand for short-term municipal notes for years – especially when compar-ing 2015’s $34.5 billion to the large uni-verse of tax-exempt money market funds.

“The point is that means there’s a struc-tural imbalance at the short-end of the municipal market and it’s a long-term im-balance,” Fischer said.

But, the declining short-term note vol-ume is not all doom and gloom, according to the experts. In fact, Fischer said cur-tailing short-term debt bodes well for the municipalities from a credit perspective.

He said the decreased need for short-term note borrowing by state and local issuers indicates that underlying credits in the municipal market are much stronger.

“Clearly, one of the first indications of credit difficulties that analysts look for is the amount of short-term debt an issuer has,” he explained. “Because the short-term debt has to be rolled over regularly, that creates a financing problem when there’s a credit issue with the issuer.”

“We know this because note issuance keeps coming down,” Fischer explained. “The states did not in fact lever their way out of the recession, but notes outstanding a few years ago were on the order of twice what they are now.” q

Note Issuance At Six-Year Lull Due to Austerity and Low Yield Levels

By Christine Albano



DevelopmentSenior Managers: Full Year 2015

Manager Amt ($mill)

1 Stifel Nicolaus $3,189.1 2 Morgan Stanley 1,170.2 3 RBC Capital Markets 959.3 4 BA Merrill Lynch 763.3 5 Citi 735.8 6 Wells Fargo 670.0 7 J P Morgan 494.4 8 Piper Jaffray 455.4 9 Raymond James 432.6 10 Hilltop Holdings 330.4Private placements, short-term notes, and remarketings are excluded. In issues with multiple book-runners, the par amount of the issue is divided equally among the firms. Source: Thomson Reuters (Jan. 21)

EducationFinancial Advisors: Full Year 2015

Advisor Amt ($mill)

1 Public Financial Mgmt $13,432.4 2 FirstSouthwest 12,604.3 3 RBC Capital Markets 3,977.0 4 KNN Public Fin 3,974.6 5 Swap Financial 3,350.3 6 BOK Financial 2,285.1 7 Piper Jaffray 2,233.1 8 Samco Capital Markets 2,218.8 9 Keygent 2,029.1 10 Acacia Financial 1,949.3 Private placements, short-term notes, and remarketings are excluded. In issues with co-advisors, the par amount of the issue is divided equally among the firms. Source: Thomson Reuters (Jan. 21)

Education: Full Year 2015 2014 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

Total $126,731.2 5508 $86,113.4 4490 +47.2%First Quarter 39,688.0 1560 16,557.3 967 +139.7Second Quarter 40,018.1 1824 25,947.4 1401 +54.2Third Quarter 27,081.8 1061 19,718.7 963 +37.3Fourth Quarter 19,943.3 1063 23,890.0 1159 –16.5K-12 Education 85,194.5 4750 58,478.8 3898 +45.7Higher Education 39,187.7 657 25,671.0 496 +52.7Student Loans 1,849.1 18 1,551.9 15 +19.2Other Education 499.9 83 411.6 81 +21.5Tax-Exempt 117,790.6 5121 80,294.8 4178 +46.7Taxable 7,996.1 372 5,064.6 301 +57.9Minimum-Tax 944.5 15 753.9 11 +25.3New-Money 45,942.1 2618 37,890.3 2332 +21.3Refunding 53,427.7 2504 34,714.6 1868 +53.9Combined 27,361.4 386 13,508.5 290 +102.5Negotiated 92,143.9 3216 62,166.8 2656 +48.2Competitive 28,910.8 1924 20,333.0 1581 +42.2Private Placements 5,676.6 368 3,613.6 253 +57.1Revenue 54,146.3 1403 34,026.1 1044 +59.1General Obligation 72,584.9 4105 52,087.3 3446 +39.4Fixed Rate 120,985.0 5273 81,160.5 4240 +49.1Variable Rate (Short Put) 607.9 16 1,238.1 24 –50.9Variable Rate (Long/No Put) 895.0 12 1,594.4 19 –43.9Zero Coupon 1,443.7 178 801.9 184 +80.0Linked Rate 2,761.0 28 1,278.3 21 +116.0Convertible 38.6 1 40.1 3 –3.7Bond Insurance 10,403.1 747 6,494.0 549 +60.2Letter of Credit 16.8 1 645.7 6 –97.4Standby Purchase Agreements 0.0 0 31.1 1 –100.0Insured Mortgages 0.0 0 0.0 0 n.m.Guaranties 35,971.3 1773 25,171.2 1431 +42.9Other Enhancements 5.8 1 46.5 2 –87.5State Governments 1,241.3 17 1,226.1 11 +1.2State Agencies 24,131.0 405 14,611.2 276 +65.2Counties & Parishes 1,231.3 55 516.3 40 +138.5Cities & Towns 1,633.6 80 968.0 72 +68.8District 72,865.1 4410 53,290.2 3654 +36.7Local Authorities 9,521.1 297 5,152.5 243 +84.8Colleges & Universities 15,576.5 229 10,150.3 185 +53.5Direct Issuer 531.4 15 198.7 9 +167.4Bank Qualified 11,314.5 2576 9,918.3 2319 +14.1Qualified Sch Construction 125.8 7 93.6 12 +34.4Other Stimulus Program 52.1 10 118.8 25 –56.1


Development: Full Year 2015 2014 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

Total $12,794.0 519 $12,195.6 383 +4.9%First Quarter 2,341.8 103 2,999.7 78 –21.9Second Quarter 4,419.6 178 3,185.8 100 +38.7Third Quarter 3,034.1 137 2,043.3 93 +48.5Fourth Quarter 2,998.5 101 3,966.8 112 –24.4Economic Development 11,435.1 484 10,065.6 358 +13.6Industrial Development 1,223.2 29 540.9 24 +126.1Office Building 135.8 6 1,589.1 1 –91.5Tax-Exempt 9,150.8 397 9,049.2 304 +1.1Taxable 3,514.5 119 2,887.2 73 +21.7Minimum-Tax 128.7 3 259.2 6 –50.3New-Money 5,501.8 255 5,729.4 193 –4.0Refunding 5,615.9 236 5,821.6 177 –3.5Combined 1,676.3 28 644.5 13 +160.1Negotiated 10,047.5 377 9,156.4 272 +9.7Competitive 1,355.4 63 1,447.6 45 –6.4Private Placements 1,391.1 79 1,591.6 66 –12.6Revenue 11,067.6 442 10,051.6 324 +10.1General Obligation 1,726.4 77 2,144.0 59 –19.5Fixed Rate 12,060.8 502 11,607.1 365 +3.9Variable Rate (Short Put) 622.9 15 300.5 14 +107.3Variable Rate (Long/No Put) 0.0 0 0.0 0 n.m.Zero-Coupon 0.0 0 0.0 0 n.m.Linked Rate 110.3 2 287.9 4 –61.7Convertible 0.0 0 0.0 0 n.m.Bond Insurance 1,899.8 89 1,240.3 71 +53.2Letter of Credit 436.0 9 161.7 10 +169.6Guaranties 24.7 2 92.9 4 –73.4State Governments 706.7 13 1,689.9 10 –58.2State Agencies 2,963.4 48 2,382.6 30 +24.4Counties & Parishes 1,227.0 30 496.9 21 +146.9Cities & Towns 1,295.7 115 1,072.1 81 +20.9District 910.3 76 1,063.2 70 –14.4Local Authorities 5,461.8 233 5,416.4 167 +0.8Colleges & Universities 0.0 0 0.0 0 n.m.Direct Issuer 105.0 2 74.5 4 +40.9Tibal Governments 124.2 2 0.0 0 n.m.Cooperative Utilities 0.0 0 0.0 0 n.m.Bank Qualified 272.5 69 201.3 43 +35.4Qualified Sch Construction 0.0 0 0.0 0 n.m.Other Stimulus Program 0.0 0 20.0 1 –100.0


DevelopmentFinancial Advisors: Full Year 2015

Advisor Amt ($mill)

1 Public Financial Mgmt $1,725.8 2 Fieldman Rolapp 1,003.1 3 Acacia Financial 917.7 4 NHA Advisors 630.6 5 FirstSouthwest 584.1 6 KNN Public Fin 440.7 7 Davenport 373.1 8 Columbia Capital Mgmt 333.8 9 Urban Futures 306.0 10 Piper Jaffray 291.4Private placements, short-term notes, and remarketings are excluded. In issues with co-advisors, the par amount of the issue is divided equally among the firms. Source: Thomson Reuters (Jan. 21)

EducationSenior Managers: Full Year 2015

Manager Amt ($mill)

1 BA Merrill Lynch $11,457.4 2 Citi 11,052.5 3 RBC Capital Markets 9,701.2 4 Stifel Nicolaus 9,223.7 5 Morgan Stanley 8,914.5 6 J P Morgan 7,985.1 7 Piper Jaffray 7,679.9 8 Raymond James 7,466.2 9 Wells Fargo 6,473.3 10 Barclays 5,048.1Private placements, short-term notes, and remarketings are excluded. In issues with multiple book-runners, the par amount of the issue is divided equally among the firms. Source: Thomson Reuters (Jan. 21)

Largest Development IssuesDate Issuer Amt ($mill) Manager(s)Oct-9 Port Authority of NY & NJ, (tax) $2,000.000 Wells FargoMar-13 Connecticut (State), GOs (tax) 500.000 CitiMay-13 Connecticut (State), GOs 500.000 Siebert BrandfordAug-4 Connecticut (State), GOs (cpt) 500.000 Wells Farg/Raymond JJan-29 Kentucky St Property & Bldg Comm, (nm/ref) 384.000 Citi/Morgan StanleyMay-6 Seattle City-Washington, GOs (tax) (cpt) 358.255 Wells FargoFeb-3 Mississippi (State), GOs (tax) 283.635 BA Merrill LynchJun-25 Industry City Public Facs Auth, (tax/te) (ref) 256.910 Stifel NicolausSep-15 Ohio Public Fac Commission, GOs (cpt) (ref) 250.390 PNC Cap/Morgan StanMay-19 Port Authority of NY & NJ, GOs (tax) 250.000 Various firmsKey to abbreviations: amt – alternative minimum tax; nm – new-money; ref – refunding; tax – taxable. Source: Thomson Reuters (Jan. 21)

Largest Education IssuesDate Issuer Amt ($mill) Manager(s)Aug-25 New Jersey Economic Dev Auth, (tax) (ref) $2,178.250 BA Merrill LynchMar-13 Regents of the Univ of California, (tax) (nm/ref) 1,671.485 Barclays/Raymond JMar-13 Regents of the Univ of California, (tax) (nm/ref) 1,178.805 Barclays/Stifel NicolsJul-15 California State Univ Trustees, (tax) 1,063.675 JP Morgan/Wells FargoJun-18 NYC Transitional Finance Auth 750.000 Goldman SachsNov-17 Massachusetts School Bldg Auth, (ref) 738.405 Various firmsApr-10 NYS Dorm Authority, (nm/ref) 691.435 Morgan Stan/JP MrgnSep-30 Miami-Dade Co Educational Facs Auth, (tax) (nm/ref) 661.125 Various firmsMar-27 Virginia College Building Auth, (tax) 584.895 JP Morgan/BA MerrillNov-3 Clark Co SD, GOs (cpt) (nm/ref) 538.445 J P MorganKey to abbreviations: nm – new money; ref – refunding; tax – taxable; te – tax exempt. Source: Thomson Reuters (Jan. 21)

annual review



Electric PowerSenior Managers: Full Year 2015

Manager Amt ($mill)

1 BA Merrill Lynch $3,959.8 2 Citi 3,045.9 3 Goldman Sachs 2,355.6 4 J P Morgan 2,159.7 5 Barclays 1,524.0 6 RBC Capital Markets 893.6 7 Wells Fargo 826.5 8 Morgan Stanley 780.7 9 Piper Jaffray 167.8 10 Raymond James 141.9Private placements, short-term notes, and remarketings are excluded. In issues with multiple book-runners, the par amount of the issue is divided equally among the firms. Source: Thomson Reuters (Jan. 21)

Electric Power: Full Year 2015 2014 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

Total $17,409.5 182 $12,176.8 159 +43.0%First Quarter 3,707.0 41 1,277.4 25 +190.2Second Quarter 6,669.4 59 3,180.3 46 +109.7Third Quarter 3,202.1 46 2,002.8 37 +59.9Fourth Quarter 3,831.0 36 5,716.3 51 –33.0Tax-Exempt 15,776.6 162 10,781.3 140 +46.3Taxable 1,583.9 18 1,342.1 18 +18.0Minimum-Tax 49.1 2 53.4 1 –8.1New-Money 3,694.3 54 4,681.8 63 –21.1Refunding 9,551.8 100 5,055.5 72 +88.9Combined 4,163.4 28 2,439.5 24 +70.7Negotiated 15,485.8 145 10,750.7 124 +44.0Competitive 899.1 18 507.4 20 +77.2Private Placements 1,024.6 19 918.7 15 +11.5Revenue 17,264.1 179 11,979.4 150 +44.1General Obligation 145.4 3 197.4 9 –26.3Fixed Rate 16,705.9 171 11,474.2 152 +45.6Variable Rate (Short Put) 216.1 3 360.0 3 –40.0Variable Rate (Long/No Put) 0.0 0 135.4 1 –100.0Zero Coupon 17.4 2 7.2 1 +141.7Linked Rate 470.1 6 200.0 2 +135.1Bond Insurance 902.5 21 220.5 15 +309.3Letter of Credit 0.0 0 65.0 1 –100.0Standby Purch Agreements 128.1 2 0.0 0 n.m.Guaranties 0.0 0 0.0 0 n.m.State Governments 0.0 0 17.3 2 –100.0State Agencies 6,405.0 32 2,585.4 20 +147.7Counties & Parishes 0.0 0 3.0 1 –100.0Cities & Towns 3,530.9 51 2,020.3 57 +74.8District 2,557.2 43 1,534.9 36 +66.6Local Authorities 3,544.6 47 4,308.5 35 –17.7Direct Issuer 1,371.8 9 1,707.4 8 –19.7Cooperative Utilities 0.0 0 0.0 0 n.m.Bank Qualified 140.1 36 174.2 61 –19.6Qualified Sch Construction 0.0 0 0.0 0 n.m.Other Stimulus Program 98.9 2 2.1 1 +4609.5


Electric PowerFinancial Advisors: Full Year 2015

Advisor Amt ($mill)

1 Public Financial Mgmt $10,581.4 2 Public Resources Adv 840.8 3 Montague DeRose 765.9 4 Stifel Nicolaus 507.7 5 Ramirez 448.4 6 Piper Jaffray 323.5 7 Specialized Public Fin 308.4 8 Northwest Muni Adv 285.5 9 JJB Hilliard 251.2 10 Barclays 208.4Private placements, short-term notes, and remarketings are excluded. In issues with co-advisors, the par amount of the issue is divided equally among the firms. Source: Thomson Reuters (Jan. 21)

Largest Electric Power IssuesDate Issuer Amt ($mill) Manager(s)Feb-13 SC Pub Svc Au (Santee Cooper), (tax/te) (nm/ref) $1,103.657 Barclays/BA Merrill Oct-16 NYS Utility Debt Securitization Auth 1,002.115 Various firmsMay-15 Salt River Proj Agric Imp & Pwr Dt, (nm/ref) 924.490 Goldman SachsApr-23 Energy Northwest, (nm/ref) 902.470 J P Morgan/BA MerrillApr-24 Energy Northwest, (tax) (ref) 902.470 J P Morgan/BA MerrillApr-1 California Dept of Wtr Resources, (ref) 765.845 JP Morgan/RBC CapApr-1 Illinois Municipal Electric Auth, (ref) 594.685 CitiMay-20 Springfield City-Missouri, (cpt) (ref) 532.670 BA Merrill LynchMar-5 Los Angeles Dept of Wtr & Power, (ref) 520.280 BA Merrill/BarclaysNov-12 Springfield City-Illinois, (ref) 507.735 CitiKey to abbreviations: nm – new-money; ref – refunding; tax – taxable; te – tax-exempt. Source: Thomson Reuters (Jan. 21)

annual review

EnvironmentalSenior Managers: Full Year 2015

Manager Amt ($mill)

1 BA Merrill Lynch $449.0 2 Morgan Stanley 352.0 3 Raymond James 172.4 4 J P Morgan 171.0 5 Citi 100.9 6 SunTrust Capital Markets 86.0 7 TD Securities 53.5 8 Janney Montgomery 41.4 9 Wells Fargo 14.6 10 Frost National Bk 10.0Private placements, short-term notes, and remarketings are excluded. In issues with multiple book-runners, the par amount of the issue is divided equally among the firms. Source: Thomson Reuters (Jan. 21)

Environmental Facilities: Full Year 2015 2014 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

Total $1,688.4 50 $2,223.1 57 –24.1%First Quarter 246.7 7 162.5 8 +51.8Second Quarter 461.8 13 725.0 15 –36.3Third Quarter 551.0 21 272.9 12 +101.9Fourth Quarter 428.9 9 1,062.8 22 –59.6Pollution Control 920.0 24 1,905.4 38 –51.7Solid Waste Disposal 768.3 26 317.7 19 +141.8Recycling 0.0 0 0.0 0 n.m.Tax-Exempt 909.2 34 1,480.3 34 –38.6Taxable 10.9 3 72.4 7 –84.9Minimum-Tax 768.3 13 670.4 16 +14.6New-Money 516.4 23 876.6 29 –41.1Refunding 1,041.4 23 1,122.4 24 –7.2Combined 130.6 4 224.1 4 –41.7Negotiated 1,238.3 26 1,980.1 49 –37.5Competitive 241.0 10 131.6 4 +83.1Private Placements 209.1 14 111.4 4 +87.7Revenue 1,426.3 41 2,118.9 48 –32.7General Obligation 262.1 9 104.2 9 +151.5Fixed Rate 1,334.8 43 770.6 30 +73.2Variable Rate (Short Put) 86.0 1 803.9 19 –89.3Variable Rate (Long/No Put) 267.6 6 348.6 7 –23.2Linked Rate 0.0 0 300.0 1 –100.0Bond Insurance 76.7 4 38.2 3 +100.8Letter of Credit 0.0 0 203.1 9 –100.0Guaranties 290.7 4 390.8 5 –25.6Other Enhancement 140.4 1 0.0 0 n.m.State Governments 133.2 2 30.0 1 +344.0State Agencies 552.9 8 418.5 16 +32.1Counties & Parishes 231.8 10 484.5 15 –52.2Cities & Towns 349.7 10 454.4 7 –23.0District 5.1 2 0.0 0 n.m.Local Authorities 415.7 18 739.3 17 –43.8Direct Issuer 0.0 0 96.3 1 –100.0Bank Qualified 23.3 5 18.2 5 +28.0Qualified Sch Construction 0.0 0 0.0 0 n.m.Other Stimulus Program 0.0 0 0.0 0 n.m.


EnvironmentalFinancial Advisors: Full Year 2015

Advisor Amt ($mill)

1 FirstSouthwest $135.9 2 Robert W Baird 129.1 3 Acacia Financial 128.3 4 Piper Jaffray 107.5 5 Fiscal Adv 53.5 6 Phoenix Adv 45.7 7 Fieldman Rolapp 38.3 8 Caldwell Flores 31.1 9 Public Financial Mgmt 26.2 10 Spectrum Muni Svcs 25.2Private placements, short-term notes, and remarketings are excluded. In issues with co-advisors, the par amount of the issue is divided equally among the firms. Source: Thomson Reuters (Jan. 21)

Largest Environmental Facility IssuesDate Issuer Amt ($mill) Manager(s)Nov-3 Whiting City-Indiana, (amt) $146.195 Morgan StanleyJun-18 California Poll Control Fin Auth, (amt) (ref) 140.430 BA Merrill LynchAug-12 Michigan (State), GOs (ref) 129.115 Morgan StanleyOct-29 California Poll Control Fin Auth, (amt) (ref) 126.000 BA Merrill LynchMay-20 Louisiana Public Facs Auth, (amt) (ref) 102.000 Raymond JamesAug-12 Essex Co Improvement Authority, (amt) 90.000 BA Merrill LynchMar-30 West Virginia Economic Dev Auth, (ref) 86.000 SunTrust RobnsnDec-2 Miami-Dade Co-Florida, (ref) 83.755 J P MorganMar-24 Los Angeles City-California, (cpt) (ref) 76.670 Morgan StanleySep-23 Corpus Christi City-Texas, GOs (tax) 71.035 Frost National BKKey to abbreviations: amt – alternative minimum tax; GOs – general obligation bonds; nm – new-money; ref – refunding; te – tax-exempt. Source: Thomson Reuters (Jan. 21)



General PurposeFinancial Advisors: Full Year 2015

Advisor Amt ($mill)

1 Public Resources Adv $21,707.5 2 Public Financial Mgmt 13,862.9 3 FirstSouthwest 7,476.6 4 Acacia Financial 3,686.4 5 A C Adv 2,336.2 6 Piper Jaffray 2,169.2 7 Davenport 1,979.7 8 Columbia Capital 1,582.5 9 Lamont Financial 1,526.4 10 Robert W Baird 1,282.7Private placements, short-term notes, and remarketings are excluded. In issues with co-advisors, the par amount of the issue is divided equally among the firms. Source: Thomson Reuters (Jan. 21)

General Purpose: Full Year 2015 2014 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

Total $93,266.7 3326 $84,542.9 2869 +10.3%First Quarter 26,402.6 757 20,158.5 514 +31.0Second Quarter 28,182.0 1025 19,385.6 825 +45.4Third Quarter 22,496.2 805 22,548.1 737 –0.2Fourth Quarter 16,185.8 739 22,450.6 793 –27.9General Purpose 93,266.7 3326 84,498.3 2866 +10.4Agriculture 0.0 0 8.6 2 –100.0Veterans 0.0 0 36.0 1 –100.0Tax-Exempt 83,977.8 3011 77,376.4 2593 +8.5Taxable 9,124.6 307 7,150.2 272 +27.6Minimum-Tax 164.3 8 16.2 4 +914.2New-Money 40,234.6 1688 35742.8 1587 +12.6Refunding 32,773.8 1319 29,193.6 1058 +12.3Combined 20,258.2 319 19,606.4 224 +3.3Negotiated 52,946.9 1533 47,052.5 1223 +12.5Competitive 38,250.7 1588 33,075.6 1415 +15.6Private Placements 2,069.2 205 4,414.8 231 –53.1Revenue 29,097.4 610 23,055.7 466 +26.2General Obligation 64,169.3 2716 61,487.2 2403 +4.4Fixed Rate 91,176.6 3285 81,070.0 2821 +12.5Variable Rate (Short Put) 1,120.4 14 832.8 14 +34.5Variable Rate (Long/No Put) 0.0 0 200.0 1 –100.0Zero Coupon 10.2 5 23.9 1 –57.3Linked Rate 901.2 18 2,413.2 31 –62.7Convertible 58.4 4 2.9 1 +1913.8Bond Insurance 4,958.0 388 3,814.1 259 +30.0Letter of Credit 150.0 2 99.3 2 +51.1Standby Purchase Agreements 540.0 6 575.0 6 –6.1Guaranties 495.0 21 581.2 28 –14.8State Governments 23,875.5 107 27,873.0 131 –14.3State Agencies 13,795.3 113 9,577.4 75 +44.0Counties & Parishes 12,832.8 478 10,729.6 392 +19.6Cities & Towns 30,704.9 2280 25,579.1 2001 +20.0District 1,800.3 153 1,262.9 106 +42.6Local Authorities 10,039.5 186 9,273.3 161 +8.3College & Universities 49.6 2 0.0 0 n.m.Direct Issuer 55.5 3 225.0 2 –75.3Tribal Governments 113.0 3 23.0 1 +400.0Cooperative Utilities 0.3 1 0.0 0 n.m.Bank Qualified 6,258.3 1523 5,215.6 1317 +20.0Qualified Sch Construction 0.0 0 0.0 0 n.m.Other Stimulus Program 42.9 6 26.7 4 +60.7


General PurposeSenior Managers: Full Year 2015

Manager Amt ($mill)

1 BA Merrill Lynch $14,807.8 2 J P Morgan 11,353.7 3 Citi 10,635.5 4 Morgan Stanley 9,422.1 5 Wells Fargo 5,884.0 6 Barclays 3,892.2 7 Raymond James 3,452.6 8 RBC Capital Markets 3,325.5 9 Robert W Baird 3,235.3 10 Piper Jaffray 2,631.0Private placements, short-term notes, and remarketings are excluded. In issues with multiple book-runners, the par amount of the issue is divided equally among the firms. Source: Thomson Reuters (Jan. 21)

Largest General Purpose IssuesDate Issuer Amt ($mill) Manager(s)Mar-4 California (State),GOs (nm/ref) $1,944.865 BA Merrill/Morgan StanAug-26 California (State),GOs (nm/ref) 1,925.825 Morgan Stan/JP MrgnMar-25 Golden State Tobacco Sec Corp, (ref) 1,692.050 Barclays/CitiJun-9 Georgia (State),GOs (tax/te) (cpt) (ref) 1,284.340 Various firmsMay-27 Pennsylvania (State),GOs (cpt) (nm/ref) 1,242.425 BA Merrill LynchJun-11 NYS Dorm Authority, (tax/te) (cpt) (nm/ref) 1,170.800 Various firmsDec-8 Empire State Development Corp, (tax/te) (cpt) (nm/ref) 1,130.315 Various firmsSep-2 NYS Dorm Authority, (ref) 1,128.930 Various firmsApr-21 California (State),GOs (tax/te) (cpt) (ref) 1,092.355 Various firmsJul-16 Chicago City-Illinois,GOs (tax/te) 1,088.390 Morgan StanleyKey to abbreviations: GOs – general obligation bonds; nm – new money; ref – refunding. Source: Thomson Reuters (Jan. 21)

annual review

Health CareSenior Managers: Full Year 2015

Manager Amt ($mill)

1 J P Morgan $4,252.2 2 BA Merrill Lynch 4,137.3 3 Morgan Stanley 2,354.6 4 Citi 2,312.0 5 Goldman Sachs 2,170.0 6 Piper Jaffray 1,875.5 7 Ziegler 1,725.1 8 Wells Fargo 1,415.4 9 RBC Capital Markets 1,231.2 10 Barclays 1,148.3Private placements, short-term notes, and remarketings are excluded. In issues with multiple book-runners, the par amount of the issue is divided equally among the firms. Source: Thomson Reuters (Jan. 21)

Health Care: Full Year 2015 2014 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

Total $34,357.9 577 $25,604.3 498 +34.2%First Quarter 9,322.4 131 3,548.4 76 +162.7Second Quarter 11,673.2 171 7,272.5 128 +60.5Third Quarter 6,495.8 128 5,450.5 140 +19.2Fourth Quarter 6,866.5 147 9,333.0 154 –26.4General Acute-Care Hosps 26,626.0 336 18,992.4 307 +40.2Single-SpecialityHospitals 801.9 15 1,259.3 17 –36.3Pediatric Hospitals 1,405.3 13 953.8 10 +47.3Hospitals Equipment Loans 9.5 1 303.6 1 –96.9General Medical 868.9 22 618.6 16 +40.5Continuing Care 4,046.1 142 2,808.8 98 +44.1Nursing Homes 255.9 11 236.6 18 +8.2Life Care/Retirement 344.3 37 431.4 31 –20.2Tax-Exempt 33,237.7 514 24,523.0 448 +35.5Taxable 1,088.6 62 1,081.4 50 +0.7Minimum-Tax 31.6 1 0.0 0 n.m.New-Money 8,789.4 242 10,219.4 231 –14.0Refunding 14,222.9 220 10,344.5 189 +37.5Combined 11,345.7 115 5,040.4 78 +125.1Negotiated 26,443.1 383 18,699.3 308 +41.4Competitive 432.0 14 558.0 15 –22.6Private Placements 7,482.8 180 6,347.0 175 +17.9Revenue 32,350.4 518 23,998.3 444 +34.8General Obligation 2,007.5 59 1,606.0 54 +25.0Fixed Rate 27,743.4 451 19,535.6 366 +42.0Variable Rate (Short Put) 2,538.6 53 3,189.0 63 –20.4Variable Rate (Long/No Put) 386.0 10 190.9 9 +102.2Zero Coupon 4.6 1 0.0 0 n.m.Linked Rate 3,681.2 61 2,688.8 60 +36.9Convertible 4.2 1 0.0 0 n.m.Bond Insurance 290.5 4 173.6 5 +67.3Letter of Credit 268.2 6 521.7 13 –48.6Standby Purchase Agreements 0.0 0 180.0 2 –100.0Insured Mortgages 395.9 6 143.8 2 +175.3Guaranties 39.5 2 9.0 2 +338.9State Governments 509.3 4 385.2 7 +32.2State Agencies 19,767.3 255 13,802.7 199 +43.2Counties & Parishes 2,008.5 51 1,179.6 45 +70.3Cities & Towns 1,165.2 46 1,307.3 45 –10.9District 1,388.0 30 807.7 32 +71.8Local Authorities 8,780.0 183 7,974.0 163 +10.1Colleges & Universities 697.6 5 70.3 2 +892.3Direct Issuer 42.1 3 77.6 5 –45.7Bank Qualified 223.8 40 254.3 50 –12.0Qualified Sch Construction 0.0 0 0.0 0 n.m.Other Stimulus Program 0.0 0 4.3 1 –100.0


Health CareFinancial Advisors: Full Year 2015

Advisor Amt ($mill)

1 Kaufman Hall $5,343.6 2 Ponder 3,454.0 3 Melio & Company 1,911.3 4 Public Financial Mgmt 1,873.8 5 Acacia Financial 956.8 6 Hammond Hanlon 750.3 7 Fieldman Rolapp 628.8 8 Coastal Securities 369.8 9 FirstSouthwest 335.4 10 William B Tschudy 323.4Private placements, short-term notes, and remarketings are excluded. In issues with co-advisors, the par amount of the issue is divided equally among the firms. Source: Thomson Reuters (Jan. 21)

Largest Health Care IssuesDate Issuer Amt ($mill) Manager(s)Feb-12 Michigan Finance Authority, (nm/ref) $561.215 BAMerrill/Goldman SchSep-29 California St Public Works Board, (ref) 548.185 RBC Cap/Siebert BrndfAug-7 NYS Dorm Authority, (ref) 512.410 Citi/Goldman SachsJun-4 NYS Dorm Authority, (nm/ref) 503.640 Citi/Morgan StanleyJun-4 St Paul Housing & Redev Auth, (tax/te) (ref) 498.225 Piper JaffrayJan-16 Illinois Finance Authority, (ref) 484.380 Goldman Sach/BA MerrillMay-29 Montgomery Co Ind Dev Auth, (nm/ref) 453.470 BA Merrill/Wells FargoJan-21 Michigan Finance Authority, (ref) 398.435 RBC Cap/Morgan StanJan-6 Miami-Dade Co-Florida, GOs (cpt) 375.120 Robert W BairdAug-14 District of Columbia (State), (ref) 373.960 Goldman SachsAll issues were for general acute-care hospitals. Key to abbreviations: nm – new money; ref – refunding; Source: Thomson Reuters (Jan. 21)



HousingFinancial Advisors: Full Year 2015

Advisor Amt ($mill)

1 CSG Adv $2,307.7 2 Caine Mitter 840.7 3 Montague DeRose 445.7 4 Acacia Financial 369.3 5 Lamont Financial 340.9 6 George K Baum 291.2 7 FirstSouthwest 260.5 8 Public Financial Mgmt 193.2 9 Piper Jaffray 184.8 10 Government Consultants 117.0Private placements, short-term notes, and remarketings are excluded. In issues with co-advisors, the par amount of the issue is divided equally among the firms. Source: Thomson Reuters (Jan. 21)

Housing: Full Year 2015 2014 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

Total $16,675.1 531 $13,124.9 399 +27.0%

First Quarter 2,935.8 94 1,414.1 56 +107.6Second Quarter 3,960.3 124 3,277.5 111 +20.8Third Quarter 3,582.2 124 3,066.4 95 +16.8Fourth Quarter 6,196.9 189 5,367.0 137 +15.5Single-Family 7,925.8 188 5,729.8 134 +38.3Multifamily 8,749.3 343 7,395.2 265 +18.3Tax-Exempt 11,801.9 404 8,905.5 298 +32.5Taxable 2,939.4 86 2,966.3 72 –0.9Minimum-Tax 1,933.8 41 1,253.1 29 +54.3New-Money 11,902.7 420 7,986.0 294 +49.0Refunding 2,771.7 77 2,988.1 73 –7.2Combined 2,000.6 34 2,150.8 32 –7.0Negotiated 13,191.4 400 11,388.0 334 +15.8Competitive 316.3 15 198.8 10 +59.1Private Placements 3,167.3 116 1,538.2 55 +105.9Revenue 14,520.6 494 12,177.4 376 +19.2General Obligation 2,154.5 37 947.5 23 +127.4Fixed Rate 11,406.7 376 9,489.9 291 +20.2Variable Rate (Short Put) 3,385.7 93 2,811.7 85 +20.4Variable Rate (Long/No Put) 702.5 33 173.5 11 +304.9Zero coupon 1.8 1 0.0 0 n.m.Linked Rate 1,178.5 28 649.8 12 +81.4Bond Insurance 9.5 1 39.2 3 –75.8Letter of Credit 1,122.7 23 1,152.1 25 –2.6Standby Purchase Agreements 642.1 16 484.6 11 +32.5Insured Mortgages 941.2 22 521.0 15 +80.7Guaranties 2.2 2 0.0 0 n.m.State Governments 585.7 5 318.0 5 +84.2State Agencies 13,322.1 382 9,686.4 275 +37.5Counties & Parishes 51.0 4 10.0 1 +410.0Cities & Towns 335.5 27 227.1 23 +47.7Local Authorities 2,374.9 112 2,818.2 93 –15.7Colleges & Universities 0.0 0 0.0 0 n.m.Direct Issuer 5.9 1 65.2 2 –91.0Bank Qualified 41.3 11 47.5 11 –13.1Qualified Sch Construction 0.0 0 0.0 0 n.m.Other Stimulus Program 0.0 0 0.0 0 n.m.


HousingSenior Managers: Full Year 2015

Manager Amt ($mill)

1 J P Morgan $2,288.2 2 RBC Capital Markets 2,247.4 3 Citi 1,573.7 4 BA Merrill Lynch 1,476.5 5 Morgan Stanley 1,126.2 6 Wells Fargo 944.3 7 Stifel Nicolaus 697.6 8 Raymond James 561.4 9 Barclays 530.5 10 Loop Capital Markets 294.3Private placements, short-term notes, and remarketings are excluded. In issues with multiple book-runners, the par amount of the issue is divided equally among the firms. Source: Thomson Reuters (Jan. 21)

Largest Housing IssuesDate Issuer Amt ($mill) Manager(s)Jun-17 NYC Housing Dev Corp $589.805 JP Morgan/Morgan StanAug-4 Connecticut (State), GOs (cpt) 500.000 Wells Fargo & CoOct-8 California (State), GOs (amt/te) (nm/ref) 445.700 Various firmsDec-9 NYC Housing Dev Corp 392.305 Various firmsMay-6 NYS Housing Fin-Mortgage Agcy 270.000 BNY Cap/Wells FargoNov-5 Pennsylvania Housing Fin Agency, (amt/te) (nm/ref) 231.165 RBC Cap/Wells FargoSep-3 Wisconsin Hsg & Econ Dev Auth, GOs (amt/te) (ref) 202.855 RBC Capital MarketsMar-19 NYS Housing Fin-Mortgage Agcy, (tax/te) 185.000 BA Merrill LynchMar-5 New Jersey Hsg & Mtg Fin Agency, (tax/te) (nm/ref) 182.610 CitiSep-23 Tennessee Hsg Dev Agcy (THDA), (amt/te) (ref) 175.000 Raymond JamesKey to abbreviations: amt – alternative minimum tax; cpt – competitive; nm – new money; ref – refunding; tax – taxable; te – tax exempt. Source: Thomson Reuters (Jan. 21)

annual review

The many sectors and subsectors of mu-nicipal bonds experienced widely varied rates of growth or decline in 2015.

Total muni volume was up 19% from 2014 by par value, according to Thomson Reuters data. By comparison, most sectors diverged substantially from this value: development was down 5%, education was up 47%, electric power was up 43%, environment was down 24%, general pur-pose was up 10%, health care was up 34%, housing was up 27%, public facilities was up 5%, transportation was down 11%, and utilities was up 8%.

The sectors with the biggest principal amounts of issuance were education with $126.7 billion, general purpose with $93.3 billion, transportation with $48.1 billion, utilities with $41.2 billion, health care with $34.4 billion, and electric power with $17.4 billion.

In both percent increase and dollar in-crease ($40 billion), education expanded more than any other sector in 2015. The increase came after years of low invest-ment, said Phil Fischer, head of municipal bond research at Bank of America Merrill Lynch. Education is a government priority.

“The universe of refundable bonds was larger in the education sector versus other sectors and it looks like the issuers took advantage of the low rate environ-ment,” said Citi head of municipal strategy Vikram Rai.

Since many municipal bonds have 10-year call features and there was a $28 bil-lion jump in education volume from 2004 to 2005, this contributed to the sector’s increase this year, said Wells Fargo Secu-rities managing director Natalie Cohen.

The increase in education volume may be due to efforts to upgrade school fa-cilities with up-to-date technology, said Evercore director of municipal research Howard Cure.

The first half of the year saw 56% of all muni volume. The same half in the education sector had 63% of all education volume sold. Cohen mentioned a Cali-fornia Regents bond for $2.4 billion as affecting the balance. Cohen also said the low interest rates at the start of the year contributed to the sectors’ increased re-fundings. Indeed, while refunding volume was up 29% for the muni market, it was up 47% in the education sector.

In 2015 in the education sector districts

had a 37% increase and local authorities had an 85% increase.

“I think many states have cut both operating and capital allocations to lo-cal school districts, which often require schools to rely more and more on their own resources to deal with growth or de-ferred maintenance,” Cure said.

Electricity and health care increases were spurred by 89% and 37% increases, respectively, in refunding volumes, Fischer said. The sectors’ refundings surged in the first half because what previously high spreads came down substantially in this period.

Heath care was another strong sec-tor, seeing a 34% increase. The sector’s growth was spread unevenly in bond types, with new money down 14%, refunding up 37%, and combined up by 125%, by par value. These health care bond types had $8.8 billion, $14.2 billion, and $11.3 billion of volume, respectively.

The health care sector was up primar-ily because of the growth in refundings, Cohen said. “In my opinion, healthcare issuance was heavier in the first half for several reasons, including cyclicality, good market conditions, a desire to get ahead of anticipated Fed rate hikes, an interest in getting ahead of the Supreme Court’s decision on King v. Burwell (hospitals), and capitalizing on strong investor interest in health care bonds due to favorable fiscal year 2014 financial performance trends driven by higher patient volumes (hospi-tals) or occupancy rates (long-term care),” Cohen wrote in an email.

The housing sector did not follow the wider municipal pattern with increased refunding. Whereas new issuance was up 49%, refunding was down 7%. “New money issuance was likely up because lots of the Housing Finance Agencies are utilizing bond financing instead of selling their loans as a mortgage backed securities portfolio as they did in the past,” Rai said.

In the transportation sector airport muni bond volume was up 33% while toll roads, highways, and streets volume was down 28%.

The increase in airports volume may be due to “improving financial conditions of airlines and an increase in enplanements and the need for airport expansions or maintenance,” Cure said. An improving economy has led to people having more money to spend on air travel.

To explain the increase in airport bond volume, Cohen cited the large capital pro-grams of O’Hare, Los Angeles, and Louis Armstrong New Orleans international air-ports. She also mentioned refundings as a factor.

As for the decline in toll roads and high-ways volume, Cure said.

“I think part of the problem had been the uncertainty around the federal highway trust fund and a stable funding source,” he said. “

With the recent five-year renewal, as opposed to short-term authorization, there is more certainty around funding. I would suspect you will see an increase in issu-ance for toll roads and highway purposes for this year." q

Issuance Growth Varied Widely Between Market Sectors in 2015

By Robert Slavin

The sectors with the big-gest principal amounts of issuance were educa-tion with $126.7 billion

and general purpose with $93.3 billion.



Public FacilitiesSenior Managers: Full Year 2015

Manager Amt ($mill)

1 Citi $1,596.4 2 Wells Fargo 932.5 3 BA Merrill Lynch 899.3 4 Raymond James 867.4 5 Goldman Sachs 741.7 6 Morgan Stanley 676.3 7 Piper Jaffray 670.0 8 RBC Capital Markets 538.6 9 J P Morgan 382.7 10 Stifel Nicolaus 342.7Private placements, short-term notes, and remarketings are excluded. In issues with multiple book-runners, the par amount of the issue is divided equally among the firms. Source: Thomson Reuters (Jan. 21)

Public Facilities: Full Year 2015 2014 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

Total $11,444.9 520 $10,917.9 459 +4.8%First Quarter 1,991.9 118 2,587.9 96 –23.0Second Quarter 2,308.6 143 2,299.0 121 +0.4Third Quarter 3,840.3 124 1,698.6 89 +126.1Fourth Quarter 3,304.0 135 4,332.5 153 –23.7Libraries & Museums 726.6 41 515.1 47 +41.1Government Buildings 2,035.7 68 911.7 58 +123.3Fire Stations & Equipment 404.6 108 178.7 80 +126.4Correctional Facilities 1,493.4 57 2,422.3 42 –38.3Police Stations & Equipment 85.9 9 271.5 14 –68.4Civic & Convention Centers 3,101.4 38 2,032.7 28 +52.6Stadium & Sports Complexes 1,809.9 25 2,439.0 27 –25.8Theaters 42.3 2 55.7 1 –24.1Park, Zoos & Beaches 1,322.7 129 904.2 118 +46.3Other Recreation 422.2 43 1,187.1 44 –64.4Tax-Exempt 9,750.6 477 9,605.3 416 +1.5Taxable 1,694.3 43 1,312.6 43 +29.1Minimum-Tax 0.0 0 0.0 0 n.m.New-Money 4,764.8 269 5,576.0 271 –14.5Refunding 4,852.9 206 3,963.1 148 +22.5Combined 1,827.1 45 1,378.7 40 +32.5Negotiated 7,638.6 305 8,562.7 278 –10.8Competitive 2,882.6 181 1,275.1 157 +126.1Private Placements 923.6 34 1,080.1 24 –14.5Revenue 8,893.6 216 9,164.3 177 –3.0General Obligation 2,551.3 304 1,753.6 282 +45.5Fixed Rate 10,928.3 515 9,929.4 446 +10.1Variable Rate (Short Put) 0.0 0 17.4 3 –100.0Variable Rate (Long/No Put) 0.0 0 269.5 2 –100.0Zero Coupon 88.6 3 90.5 2 –2.1Linked Rate 428.0 2 611.2 6 –30.0Convertible 0.0 0 0.0 0 n.m.Bond Insurance 900.4 75 1,007.5 53 –10.6Letter of Credit 0.0 0 6.1 2 –100.0Standby Purchase Agreements 0.0 0 0.0 0 n.m.Guaranties 48.8 4 18.3 3 +166.7State Governments 291.7 11 600.4 6 –51.4State Agencies 2,576.9 40 3,053.9 28 –15.6Counties & Parishes 914.3 59 1,001.0 43 –8.7Cities & Towns 1,984.2 98 1,024.2 90 +93.7District 1,189.4 188 1,068.6 174 +11.3Local Authorities 4,375.8 122 4,075.7 115 +7.4Colleges & Universities 18.9 1 0.0 0 n.m.Direct Issuer 93.8 1 94.1 3 –0.3Bank Qualified 924.6 260 932.1 264 –0.8Qualified Sch Construction 0.0 0 0.0 0 n.m.Other Stimulus Program 3.2 1 6.8 1 –52.9


Public FacilitiesFinancial Advisors: Full Year 2015

Advisor Amt ($mill)

1 Public Financial Mgmt $1,764.6 2 KNN Public Finance 1,061.6 3 Public Resources Adv 756.0 4 FirstSouthwest 699.1 5 RBC Capital Markets 532.6 6 Speer Financial 330.6 7 Acacia Financial 277.2 8 Zions First Natl Bk 265.5 9 Springsted 204.3 10 Montague DeRose 191.7Private placements, short-term notes, and remarketings are excluded. In issues with co-advisors, the par amount of the issue is divided equally among the firms. Source: Thomson Reuters (Jan. 21)

Largest Public Facility IssuesDate Issuer Amt ($mill) Manager(s)Aug-20 NY Convention Center Dev Corp, (ref) $632.075 CitiSep-29 California St Public Works Board, (ref) 548.185 RBC Cap/Siebert BrndfAug-25 Cobb-Marietta Coliseum & Exhib Au, (tax) (cpt) 376.600 Wells FargoJan-6 Grand Prairie City-Texas, GOs (cpt) (ref) 375.120 Wells FargoMay-5 Ohio Public Fac Commission, GOs (cpt) 345.000 Goldman SachsOct-7 California Infrstr & Eco Dev Bank, (nm/ref) 340.960 Wells FargoOct-14 Nevada (State), GOs (cpt) (nm/ref) 339.030 Hutchinson ShockeyNov-19 Miami Beach Redevelopment Agcy, (tax/te) (nm/ref) 322.095 Morgan StanleyMay-7 Indiana Finance Authority, (ref) 296.530 Goldman SachsNov-3 Los Angeles Municipal Imp Corp, (tax) (ref) 292.415 BA Merrill LynchKey to abbreviations: GOs – general obligation bonds; nm – new-money; ref – refunding; tax – taxable; te – tax-exempt. Source: Thomson Reuters (Jan. 21)

annual review

TransportationSenior Managers: Full Year 2015

Manager Amt ($mill)

1 J P Morgan $7,907.4 2 Citi 7,648.0 3 BA Merrill Lynch 6,419.6 4 Morgan Stanley 5,359.6 5 RBC Capital Markets 3,863.4 6 Wells Fargo 3,861.2 7 Barclays 2,467.7 8 Loop Capital Markets 2,247.4 9 Siebert Brandford 1,410.0 10 Goldman Sachs 891.8Private placements, short-term notes, and remarketings are excluded. In issues with multiple book-runners, the par amount of the issue is divided equally among the firms. Source: Thomson Reuters (Jan. 21)

Transportation: Full Year 2015 2014 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

Total $48,146.9 498 $53,800.6 506 –10.5%First Quarter 11,587.2 119 9,935.1 91 +16.6Second Quarter 9,105.6 127 16,378.9 154 –44.4Third Quarter 13,152.6 132 10,345.7 130 +27.1Fourth Quarter 14,301.5 120 17,140.9 131 –16.6Airport 11,500.2 122 8,660.9 96 +32.8Seaport 1,455.1 23 964.4 25 +50.9Toll Roads, Hwys & Streets 18,339.2 231 25,634.9 267 –28.5Bridges 3,260.0 14 3,913.3 21 –16.7Tunnels 0.0 0 0.0 0 n.m.Parking Facilities 401.1 23 224.6 20 +78.6Mass Transportaions 13,191.3 85 14,402.7 77 –8.4Tax-Exempt 39,072.5 397 44,181.9 415 –11.6Taxable 1,118.5 43 3,378.2 45 –66.9Minimum-Tax 7,955.9 58 6,240.5 46 +27.5New-Money 18,776.1 279 24,029.5 307 –21.9Refunding 21,670.6 179 17,578.4 160 +23.3Combined 7,700.2 40 12,192.8 39 –36.8Negotiated 40,573.6 312 43,768.4 329 –7.3Competitive 5,729.1 151 6,850.7 129 –16.4Private Placements 1,844.1 35 3,181.5 48 –42.0Revenue 41,946.5 274 43,062.8 285 –2.6General Obligation 6,200.4 224 10,737.9 221 –42.3Fixed Rate 45,152.8 471 48,138.8 466 –6.2Variable Rate (Short Put) 1,727.2 9 1,127.5 10 +53.2Variable Rate (Long/No Put) 521.6 5 1,489.0 2 –65.0Zero Coupon 115.1 3 33.3 7 +245.6Linked Rate 630.2 10 2,882.1 18 –78.1Convertible 0.0 0 129.8 3 –100.0Bond Insurance 798.1 50 1,016.5 55 –21.5Letter of Credit 650.0 3 326.2 3 +99.3Standby Purch Agreement 106.1 1 0.0 0 n.m.Guaranties 481.9 6 15.5 3 +3009.0State Governments 5,060.6 25 6,147.2 29 –17.7State Agencies 22,647.3 87 23,872.0 91 –5.1Counties & Parishes 2,813.6 57 2,798.6 59 +0.5Cities & Towns 4,894.7 152 5,008.8 163 –2.3District 1,277.7 45 911.6 37 +40.2Local Authorities 11,452.9 132 15,062.4 127 –24.0Direct Issuer 0.0 0 0.0 0 n.m.Bank Qualified 340.5 119 442.5 145 –23.1Qualified Sch Construction 0.0 0 0.0 0 n.m.Other Stimulus Program 4.9 1 0.0 0 n.m.


TransportationFinancial Advisors: Full Year 2015

Advisor Amt ($mill)

1 Public Financial Mgmt $13,434.3 2 FirstSouthwest 4,237.6 3 Public Resources Adv 3,949.1 4 Estrada Hinojosa 3,479.6 5 Frasca & Associates 2,651.4 6 Piper Jaffray 2,359.3 7 D&G Consulting 1,233.7 8 Zions First Natl Bk 860.7 9 TKG & Associates 848.4 10 Lamont Financial 698.6Private placements, short-term notes, and remarketings are excluded. In issues with co-advisors, the par amount of the issue is divided equally among the firms. Source: Thomson Reuters (Jan. 21)

Largest Transportation IssuesDate Issuer Amt ($mill) Manager(s)

Oct-9 Port Authority of NY & NJ, (amt/te) (ref) $2,000.000 Wells FargoOct-8 Chicago City-Illinois, (amt/te) (nm/ref) 1,947.380 JP Morgan/Loop CapJan-21 Texas Transportation Commission, (ref) 1,608.340 Barclays/JP MorganJul-23 NYS Dorm Authority, (ref) 1,523.100 Various firmsApr-21 California (State), GOs (tax) (cpt) 1,092.355 Wells FargoAug-5 Minnesota (State), GOs (tax/te) (cpt) (ref) 1,076.980 Various firmsJan-21 Washington (State), GOs (cpt) 998.550 BA Merrill LynchAug-4 Central Puget Sound Reg Tran Au, (nm/ref) 942.840 J P MorganSep-30 Washington (State), GOs (cpt) 931.805 BA Merrill LynchSep-16 Texas Transportation Commission, GOs (ref) 911.360 JP Morgan/Piper JaffKey to abbreviations: amt – alternative minimum tax; GOs – general obligation bonds; nm – new-money; ref – refunding; tax – taxable; te – tax-exempt. Source: Thomson Reuters (Jan. 21)



UtilitiesFinancial Advisors: Full Year 2015

Advisor Amt ($mill)

1 FirstSouthwest $5,647.4 2 Public Financial Mgmt 5,452.7 3 Montague DeRose 1,799.4 4 Piper Jaffray 1,783.4 5 Public Resources Adv 1,527.6 6 Estrada Hinojosa 1,347.3 7 Lamont Financial 902.5 8 Drexel Hamilton 777.5 9 RBC Capital Markets 716.3 10 DEC Associates 693.0Private placements, short-term notes, and remarketings are excluded. In issues with co-advisors, the par amount of the issue is divided equally among the firms. Source: Thomson Reuters (Jan. 21)

Utilities: Full Year 2015 2014 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

Total $41,255.1 1526 $38,350.4 1306 +7.6%First Quarter 10,268.6 363 6,062.5 235 +69.4Second Quarter 11,384.5 443 8,867.2 361 +28.4Third Quarter 8,924.7 359 10,598.9 311 –15.8Fourth Quarter 10,677.2 361 12,821.8 399 –16.7Water & Sewer 37,598.7 1314 33,141.3 1125 +13.4Gas 417.0 15 1,855.8 12 –77.5Telephone 525.2 15 129.7 11 +304.9Sanitation 563.3 87 1,054.0 66 –46.6Food Control 1,017.6 53 670.4 44 +51.8Combined-Utilities 1,133.3 42 1,499.2 48 –24.4Tax-Exempt 39,983.5 1460 36,542.1 1243 +9.4Taxable 1,231.8 63 1,710.3 57 –28.0Minimum-Tax 39.8 3 98.0 6 –59.4New-Money 13,728.1 682 12,571.8 633 +9.2Refunding 19,753.9 692 17,132.8 566 +15.3Combined 7,773.0 152 8,645.9 107 –10.1Negotiated 30,623.4 942 29,469.9 770 +3.9Competitive 8,231.5 475 7,447.0 440 +10.5Private Placements 2,400.2 109 1,433.6 96 +67.4Revenue 34,911.4 852 33,299.7 719 +4.8General Obligation 6,343.7 674 5,050.7 587 +25.6Fixed Rate 39,743.0 1495 34,850.0 1264 +14.0Variable Rate (Short Put) 822.2 9 1,059.0 14 –22.4Variable Rate (Long/No Put) 301.5 5 969.1 7 –68.9Zero Coupon 12.2 12 2.5 11 +388.0Linked Rate 376.1 5 1,469.8 10 –74.4Convertible 0.0 0 0.0 0 n.m.Bond Insurance 5,042.1 504 4,504.2 392 +11.9Letter of Credit 0.0 0 100.0 2 –100.0Standby Purchase Agreements 407.5 5 1,710.0 12 –76.2Guaranties 28.3 9 51.0 15 –44.5State Governments 607.3 6 65.1 2 +832.9State Agencies 5,401.6 63 7,315.1 64 –26.2Counties & Parishes 2,825.4 59 1,496.3 49 +88.8Cities & Towns 14,823.0 529 10,635.0 471 +39.4District 8,510.9 610 7,285.1 507 +16.8Local Authorities 9,038.9 256 11,529.2 209 –21.6Indian Tribe 0.0 0 0.0 0 n.m.Direct Issuer 48.2 3 16.5 3 +192.1Cooperative Utilities 0.0 0 8.0 1 –100.0Bank Qualified 3,089.6 770 2,808.7 718 +10.0Qualified Sch Construction 0.0 0 0.0 0 n.m.Other Stimulus Program 10.3 3 15.5 2 –33.5


UtilitiesSenior Managers: Full Year 2015

Manager Amt ($mill)

1 BA Merrill Lynch $4,798.7 2 Citi 4,788.8 3 J P Morgan 4,699.6 4 Wells Fargo 3,813.1 5 Raymond James 2,165.8 6 Barclays 1,750.3 7 RBC Capital Markets 1,727.1 8 Morgan Stanley 1,520.6 9 Stifel Nicolaus 1,252.3 10 Ramirez 1,001.6Private placements, short-term notes, and remarketings are excluded. In issues with multiple book-runners, the par amount of the issue is divided equally among the firms. Source: Thomson Reuters (Jan. 21)

Largest Utility IssuesDate Issuer Amt ($mill) Manager(s)Feb-26 Atlanta City-Georgia, (ref) $1,237.405 Loop Cap/GoldmanOct-7 Texas Water Development Board, (tax/te) 810.410 CitiJan-12 King Co-Washington, GOs (ref) 721.850 J P MorganJul-22 Honolulu City & Co-Hawaii, (tax/te) (nm/ref) 698.930 BA Merrill LynchMar-11 Dallas City-Texas, (tax/te) (nm/ref) 604.260 Cabrera Cap MktsFeb-20 NYC Municipal Water Fin Auth, (ref) 530.000 CitiMay-20 Miami-Dade Co-Florida, (ref) 481.175 Jefferies LLCAug-14 Charlotte City-North Carolina, (ref) 459.585 Wells FargoMay-20 NYC Municipal Water Fin Auth, (ref) 452.530 BarclaysApr-1 NYC Municipal Water Fin Auth, (ref) 450.285 Raymond JamesKey to abbreviations: amt – alternative minimum tax; cpt – competitive; nm – new money; pvt – private placement; ref – refunding; te – tax exempt. Source: Thomson Reuters (Jan. 21)

Bank-Qualified BondsFinancial Advisors: Full Year 2015

Advisor Amt ($mill)

1 Public Financial Mgmt $1,602.7 2 FirstSouthwest 1,286.0 3 Ehlers 872.8 4 Robert W Baird 487.4 5 Samco Capital Markets 467.1 6 Piper Jaffray 418.3 7 Phoenix Advisors 405.8 8 Umbaugh 400.1 9 PMA Securities 379.3 10 Stauder Barch 356.3Private placements, short-term notes, and remarketings are excluded. In issues with co-advisors, the par amount of the issue is divided equally among the firms. Source: Thomson Reuters (Jan. 21)

Bank-Qualified Bonds: Full Year 2015 2014 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

Total $22,628.5 5409 $20,012.6 4933 +13.1%First Quarter 6,098.8 1379 4,257.3 1006 +43.3Second Quarter 6,547.9 1688 5,595.6 1493 +17.0Third Quarter 4,800.8 1167 4,417.4 1126 +8.7Fourth Quarter 5,180.9 1175 5,742.4 1308 –9.8Development 272.5 69 201.3 43 +35.4Education 11,314.5 2576 9,918.3 2319 +14.1Electric Power 140.1 36 174.2 61 –19.6Environmental Facilities 23.3 5 18.2 5 +28.0Healthcare 223.8 40 254.3 50 –12.0Housing 41.3 11 47.5 11 –13.1Public Facilities 924.6 260 932.1 264 –0.8Transportation 340.5 119 442.5 145 –23.1Utilities 3,089.6 770 2,808.7 718 +10.0General Purpose 6,258.3 1523 5,215.6 1317 +20.0Tax-Exempt 22,625.7 5407 20,011.4 4932 +13.1Taxable 0.0 0 0.0 0 n.m.Minimum-Tax 2.8 2 1.2 1 +133.3New-Money 9,987.6 2775 9,914.3 2716 +0.7Refunding 11,163.7 2347 8,768.7 1953 +27.3Combined 1,477.2 287 1,329.6 264 +11.1Negotiated 12,846.4 2759 11,376.6 2589 +12.9Competitive 9,281.1 2487 8,272.1 2212 +12.2Private Placements 501.0 163 363.9 132 +37.7Revenue 4,029.0 908 3,160.1 754 +27.5General Obligation 18,599.5 4501 16,852.6 4179 +10.4Fixed Rate 22,561.7 5317 19,937.1 4801 +13.2Variable Rate (Short Put) 2.1 1 0.0 0 n.m.Variable Rate (Long/No Put) 0.0 0 8.7 2 –100.0Zero Coupon 59.7 90 66.8 130 –10.6Linked Rate 5.0 1 0.0 0 n.m.Convertible 0.0 0 0.0 0 n.m.Bond Insurance 5,134.4 985 4,108.2 798 +25.0Letter of Credit 2.1 1 3.8 1 –44.7Standby Purchase Agreements 0.0 0 0.0 0 n.m.Insured Mortgages 0.0 0 3.5 1 –100.0Guaranties 4,770.6 944 4,035.1 852 +18.2Other Enhancements 5.8 1 0.0 0 n.m.State Governments 2.3 1 0.0 0 n.m.State Agencies 87.4 32 81.1 27 +7.8Counties & Parishes 1,242.3 254 1,134.5 233 +9.5Cities & Towns 6,284.0 1676 5,877.2 1598 +6.9District 13,239.2 3092 11,623.4 2804 +13.9Local Authorities 1,602.3 321 1,153.4 251 +38.9Colleges & Universities 138.8 26 128.6 18 +7.9Direct Issuer 31.9 6 14.5 2 +120.0Cooperative Utilities 0.3 1 0.0 0 n.m.Bank Qualified 22,628.5 5409 20,012.6 4933 +13.1Qualified Sch Construction 0.0 0 0.0 0 n.m.Other Stimulus Program 2.9 1 6.2 3 –53.2


Bank-Qualified BondsSenior Managers: Full Year 2015

Manager Amt ($mill)

1 Robert W Baird $2,185.3 2 Raymond James 1,815.1 3 Piper Jaffray 1,592.8 4 RBC Capital Markets 1,445.7 5 Stifel Nicolaus 1,355.7 6 FTN Financial 991.8 7 Roosevelt & Cross 910.6 8 D A Davidson 871.8 9 Janney Montgomery 838.7 10 BOK Financial 739.0Private placements, short-term notes, and remarketings are excluded. In issues with multiple book-runners, the par amount of the issue is divided equally among the firms. Source: Thomson Reuters (Jan. 21)

annual review



Top Co-Managers: All IssuesFull Year 2015 - Equal Credit to Each Firm

Rank Firm Volume Market Share Issues 1 Wells Fargo & Co $13,582.4 3.6% 399 2 Bank of America Merrill Lynch 12,271.3 3.3 390 3 Raymond James 12,084.9 3.2 681 4 Citi 10,453.7 2.8 413 5 Piper Jaffray & Co 10,388.3 2.8 278 6 RBC Capital Markets 10,367.7 2.8 399 7 Morgan Stanley 10,169.9 2.7 541 8 J P Morgan Securities LLC 9,863.8 2.6 352 9 Loop Capital Markets 8,912.1 2.4 829 10 Stifel Nicolaus & Co Inc 8,836.0 2.3 700This is Thomson Reuters’s “AT12” league table. Dollar amounts are in millions. Rankings are final as of Dec. 31, 2015. Short-term notes, private placements, and deals not meeting Thomson Reuters’s T+5 policy rule are excluded. The par amount of each issue is divided equally among the co-managers. Source: Thomson Reuters (as recompiled by The Bond Buyer on Jan. 4, 2016)

Top Issuers: All IssuesFull Year 2015

Rank Firm Volume Market Share Issues 1 NYS Dorm Authority $9,092.7 2.4% 34 2 California 6,380.4 1.7 11 3 NYC Transitional Finance Auth 5,475.5 1.5 15 4 Chicago City-Illinois 4,240.8 1.1 12 5 Connecticut 3,610.5 1.0 33 6 Regents of the Univ of California 3,350.3 0.9 5 7 Texas Transportation Commission 3,300.8 0.9 6 8 Metropolitan Transport Auth (MTA) 3,111.2 0.8 14 9 New York City-New York 3,070.0 0.8 13 10 Port Authority of NY & NJ 3,025.0 0.8 7

Dollar amounts are in millions. Rankings are final as of Dec. 31, 2015. Short-term notes, private placements, and deals not meeting Thomson Reuters’s T+5 policy rule are excluded. Source: Thomson Reuters (as recompiled by The Bond Buyer on Jan. 4, 2016)

Top Senior Managers: All IssuesFull Year 2015 - True Economics to Book-Runners

Rank Firm Volume Market Share Issues 1 Bank of America Merrill Lynch $49,301.6 13.1% 468 2 Citi 43,489.4 11.5 484 3 J P Morgan Securities LLC 41,694.0 11.0 392 4 Morgan Stanley 31,648.7 8.4 430 5 Wells Fargo & Co 24,843.9 6.6 308 6 RBC Capital Markets 24,530.0 6.5 722 7 Stifel Nicolaus & Co Inc 17,528.3 4.6 889 8 Barclays 16,765.1 4.4 141 9 Raymond James 16,555.0 4.4 820 10 Piper Jaffray & Co 14,775.4 3.9 715This is Thomson Reuters’s “AT1” league table. Dollar amounts are in millions. Rankings are final as of Dec. 31, 2015. Short-term notes, private placements,and deals not meeting Thomson Reuters’s T+5 policy rule are excluded. The full par amount of an issue is credited to the book-running manager; in issues with multiple k-runners, each firm is credited with the allocation that it received. Source: Thomson Reuters (as recompiled by The Bond Buyer on Jan. 4, 2016)

Top Financial Advisors: All IssuesFull Year 2015 - Equal Credit to Each Firm

Rank Firm Volume Market Share Issues 1 Public Financial Management Inc $62,074.3 19.9% 1009 2 FirstSouthwest 32,145.3 10.3 845 3 Public Resources Advisory Group 30,902.0 9.9 155 4 Piper Jaffray & Co 9,575.4 3.1 234 5 Acacia Financial Group Inc 9,092.8 2.9 170 6 RBC Capital Markets 6,679.7 2.1 170 7 Estrada Hinojosa & Company Inc 6,514.9 2.1 92 8 KNN Public Finance 6,377.0 2.1 72 9 Kaufman Hall & Associates Inc 5,343.6 1.7 40 10 Montague DeRose & Associates LLC 4,728.8 1.5 38This is Thomson Reuters’s “AT7” league table. Dollar amounts are in millions. Rankings are final as of Dec. 31, 2015. Short-term notes, private placements, and deals not meeting Thomson Reuters’s T+5 policy rule are excluded. In issues with multiple advisors, the par amount is divided equally among the firms. Source: Thomson Reuters (as recompiled by The Bond Buyer on Jan. 4, 2016)

Top Senior Managers: Negotiated IssuesFull Year 2015 - True Economics to Book-Runners

Rank Firm Volume Market Share Issues 1 Citi $32,917.2 11.3% 337 2 Bank of America Merrill Lynch 32,880.4 11.3 305 3 J P Morgan Securities LLC 32,115.8 11.1 275 4 RBC Capital Markets 23,475.1 8.1 669 5 Morgan Stanley 23,455.0 8.1 257 6 Stifel Nicolaus & Co Inc 16,718.3 5.8 811 7 Wells Fargo & Co 16,673.4 5.7 191 8 Barclays 14,280.9 4.9 123 9 Raymond James 13,583.2 4.7 479 10 Piper Jaffray & Co 12,017.2 4.1 498 This is Thomson Reuters’s “AT3” league table for negotiated offerings. Dollar amounts are in millions. Rankings are final as of Dec. 31, 2015. Short-term notes, private placements, and deals not meeting Thomson Reuters’s T+5 policy rule are excluded. The full par amount of an issue is credited to the book-running manager; in issues with multiple book-runners, each firm is credited with the allocation that it received. Source: Thomson Reuters (as recompiled by The Bond Buyer on Jan. 4, 2016)

Top Financial Advisors: Negotiated IssuesFull Year 2015 - Equal Credit to Each Firm

Rank Firm Volume Market Share Issues 1 Public Financial Management Inc $47,108.5 20.6% 617 2 FirstSouthwest 26,280.1 11.5 505 3 Public Resources Advisory Group 18,452.5 8.1 80 4 Acacia Financial Group Inc 7,448.9 3.3 125 5 Estrada Hinojosa & Company Inc 6,288.7 2.8 86 6 KNN Public Finance 5,795.6 2.5 59 7 RBC Capital Markets 5,745.0 2.5 120 8 Kaufman Hall & Associates Inc 5,343.6 2.3 40 9 Piper Jaffray & Co 4,941.3 2.2 88 10 Fieldman Rolapp & Associates 4,119.4 1.8 102This is Thomson Reuters’s “AT7b” league table for negotiated offerings. Dollar amounts are in millions. Rankings are final as of Dec. 31, 2015. Short-term notes,

private placements, and deals not meeting Thomson Reuters’s T+5 policy rule are excluded. In issues with multiple advisors, the par amount is divided equally among the firms. Source: Thomson Reuters (as recompiled by The Bond Buyer on Jan. 4, 2016)

annual review

Top Senior Managers: Competitive IssuesFull Year 2015 - True Economics to Book-Runners

Rank Firm Volume Market Share Issues 1 Bank of America Merrill Lynch $16,421.2 18.8% 163 2 Citi 10,572.2 12.1 147 3 J P Morgan Securities LLC 9,578.2 11.0 117 4 Morgan Stanley 8,193.8 9.4 173 5 Wells Fargo & Co 8,170.5 9.4 117 6 Robert W Baird & Co Inc 6,329.0 7.3 553 7 Raymond James 2,971.7 3.4 341 8 Piper Jaffray & Co 2,758.2 3.2 217 9 Hutchinson Shockey Erley & Co 2,503.5 2.9 163 10 Barclays 2,484.2 2.9 18This is Thomson Reuters’s “AT4” league table for competitive offerings. Dollar amounts are in millions. Rankings are final as of Dec. 31, 2015. Short-term notes, private placements, and deals not meeting Thomson Reuters’s T+5 policy rule are excluded. The full par amount of an issue is credited to the book-running manager; in issues with multiple book-runners, each firm is credited with the allocation that it received. Source: Thomson Reuters (as recompiled by The Bond Buyer on Jan. 4, 2016)

Top Financial Advisors: Competitive IssuesFull Year 2015 - Equal Credit to Each Firm

Rank Firm Volume Market Share Issues 1 Public Financial Management Inc $14,965.8 18.0% 392 2 Public Resources Advisory Group 12,449.5 15.0 75 3 FirstSouthwest 5,865.2 7.1 340 4 Piper Jaffray & Co 4,634.0 5.6 146 5 Ehlers & Associates 2,577.8 3.1 307 6 Springsted Incorporated 2,514.9 3.0 210 7 Davenport & Company LLC 2,514.0 3.0 49 8 Zions First National Bank 2,088.9 2.5 40 9 Montague DeRose & Associates LLC 1,687.9 2.0 17 10 Acacia Financial Group Inc 1,643.9 2.0 45

This is Thomson Reuters’s “AT7c” league table for competitive offerings. Dollar amounts are in millions. Rankings are final as of Dec. 31, 2015. Short-term notes, private placements, and deals not meeting Thomson Reuters’s T+5 policy rule are excluded. In issues with multiple advisors, the par amount is divided equally among the firms. Source: Thomson Reuters (as recompiled by The Bond Buyer on Jan. 4, 2016)

Top Senior Managers: Small IssuesFull Year 2015 - True Economics to Book-Runners

Rank Firm Volume Market Share Issues 1 Robert W Baird & Co Inc $2,758.4 9.6% 585 2 Raymond James 2,285.8 7.9 460 3 Stifel Nicolaus & Co Inc 2,158.3 7.5 397 4 Piper Jaffray & Co 1,914.0 6.7 345 5 RBC Capital Markets 1,762.6 6.1 312 6 Roosevelt & Cross Inc 1,240.8 4.3 330 7 FTN Financial Capital Markets 1,091.9 3.8 189 8 Janney Montgomery Scott LLC 1,044.4 3.6 155 9 D A Davidson & Co 1,012.0 3.5 262 10 BOK Financial Corp 868.8 3.0 228This is Thomson Reuters’s “AT2” league table for small-issue offerings. Dollar amounts are in millions. Rankings are final as of Dec. 31, 2015. Short-term notes, private placements, and deals not meeting Thomson Reuters’s T+5 policy rule are excluded. The full par amount of an issue is credited to the book-running manager; in issues with multiple book-runners, each firm is credited with the allocation that it received. Source: Thomson Reuters (as recompiled by The Bond Buyer on Jan. 4, 2016)

Top Financial Advisors: Small IssuesFull Year 2015 - Equal Credit to Each Firm

Rank Firm Volume Market Share Issues 1 Public Financial Management Inc $1,903.1 9.8% 330 2 FirstSouthwest 1,757.0 9.0 350 3 Ehlers & Associates 984.4 5.1 268 4 Springsted Incorporated 609.5 3.1 144 5 Robert W Baird & Co Inc 585.0 3.0 136 6 Umbaugh LLP 561.4 2.9 151 7 Phoenix Advisors LLC 525.0 2.7 100 8 PMA Securities Inc 516.4 2.7 99 9 Samco Capital Markets 479.2 2.5 77 10 Piper Jaffray & Co 469.3 2.4 107

This is Thomson Reuters’s “AT7a” league table for small-issue offerings. Dollar amounts are in millions. Rankings are final as of Dec. 31, 2015. Short-term notes, private placements, and deals not meeting Thomson Reuters’s T+5 policy rule are excluded. In issues with multiple advisors, the par amount is divided equally among the firms. Source: Thomson Reuters (as recompiled by The Bond Buyer on Jan. 4, 2016)



Top Trustee Banks: All IssuesFull Year 2015 - Ranked by Dollar Volume

Rank Firm Volume Market Share Issues 1 The Bank of New York Mellon $73,364.6 39.6% 761 2 US Bank NA 61,655.5 33.3 1,027 3 Wells Fargo Bank 17,102.7 9.2 290 4 Regions Bank 6,562.4 3.5 153 5 Manufacturers & Traders Tr Co 5,754.7 3.1 130 6 Zions First National Bank 4,839.1 2.6 97 7 UMB Bank NA 3,206.3 1.7 153 8 BOK Financial Corp 1,680.0 0.9 91 9 MUFG Union Bank NA 1,642.9 0.9 56 10 Hancock Bank 1,152.9 0.6 17 This is Thomson Reuters’s “AT8” league table. Dollar amounts are in millions. Rankings are final as of Dec. 31, 2015. Short-term notes, private placements, and

deals not meeting Thomson Reuters’s T+5 policy rule are excluded. Source: Thomson Reuters (Jan. 8, 2016)

Top Bond Counsel: All IssuesFull Year 2015 - Equal Credit to Each Firm

Rank Firm Volume Market Share Issues 1 Orrick Herrington & Sutcliffe LLP $37,545.1 10.0% 391 2 Hawkins Delafield & Wood LLP 23,077.8 6.2 396 3 McCall Parkhurst & Horton LLP 14,502.8 3.9 436 4 Norton Rose Fulbright 13,398.4 3.6 368 5 Kutak Rock LLP 13,334.3 3.6 412 6 Gilmore & Bell PC 9,127.8 2.4 464 7 Ballard Spahr LLP 8,938.9 2.4 134 8 Sidley Austin LLP 8,540.7 2.3 43 9 Chapman and Cutler LLP 8,510.1 2.3 408 10 Squire Patton Boggs 8,468.3 2.3 194This is Thomson Reuters’s “AT5” league table. Dollar amounts are in millions. Rankings are final as of Dec. 31, 2015. Short-term notes, private placements, and deals not meeting Thomson Reuters’s T+5 policy rule are excluded. In issues with co-counsel, the par amount is divided equally among the firms. Source: Thomson Reuters (Jan. 8, 2016)

Top Underwriter’s Counsel: All IssuesFull Year 2015 - Equal Credit to Each Firm

Rank Firm Volume Market Share Issues 1 Hawkins Delafield & Wood LLP $17,371.6 6.6% 147 2 Nixon Peabody LLP 12,228.6 4.6 134 3 Norton Rose Fulbright 10,267.0 3.9 320 4 Stradling Yocca Carlson & Rauth 9,105.0 3.5 152 5 Squire Patton Boggs 8,830.3 3.4 107 6 Orrick Herrington & Sutcliffe LLP 8,544.6 3.2 114 7 Winston & Strawn 8,194.3 3.1 34 8 Andrews Kurth LLP 7,668.2 2.9 214 9 Kutak Rock LLP 7,447.3 2.8 206 10 Greenberg Traurig LLP 7,126.9 2.7 115This is Thomson Reuters’s “AT6” league table. Dollar amounts are in millions. Rankings are final as of Dec. 31, 2015. Short-term notes, private placements, and deals not meeting Thomson Reuters’s T+5 policy rule are excluded. In issues with co-counsel, the par amount is divided equally among the firms. Source: Thomson Reuters (Jan. 8, 2016)

Top Bond Counsel: All IssuesFull Year 2015 - Full Credit to Each Firm

Rank Firm Volume Market Share Issues 1 Orrick Herrington & Sutcliffe LLP $38,294.4 10.1% 391 2 Hawkins Delafield & Wood LLP 27,150.4 7.2 396 3 McCall Parkhurst & Horton LLP 16,349.2 4.3 439 4 Norton Rose Fulbright 15,246.1 4.0 375 5 Kutak Rock LLP 13,900.3 3.7 412 6 Ballard Spahr LLP 9,731.8 2.6 134 7 Squire Patton Boggs 9,547.7 2.5 194 8 Gilmore & Bell PC 9,456.7 2.5 464 9 Chapman and Cutler LLP 9,054.3 2.4 408 10 Sidley Austin LLP 9,000.7 2.4 43This is a modified version of Thomson Reuters’s “AT5” league table. Dollar amounts are in millions. Rankings are final as of Dec. 31, 2015. Short-term notes, private placements, and deals not meeting Thomson Reuters’s T+5 policy rule are excluded. In issues with co-counsel, each firm is credited with the full par amount of the issue. Source: Thomson Reuters (Jan. 8, 2016)

Top Underwriter’s Counsel: All IssuesFull Year 2015 - Full Credit to Each Firm

Rank Firm Volume Market Share Issues 1 Hawkins Delafield & Wood LLP $19,486.7 7.4% 147 2 Nixon Peabody LLP 12,228.6 4.6 134 3 Squire Patton Boggs 11,638.9 4.4 107 4 Norton Rose Fulbright 11,463.5 4.4 320 5 Winston & Strawn 10,670.7 4.1 34 6 Stradling Yocca Carlson & Rauth 9,340.4 3.6 152 7 Orrick Herrington & Sutcliffe LLP 8,719.6 3.3 114 8 Gonzalez Saggio & Harlan LLP 8,584.6 3.3 39 9 Andrews Kurth LLP 8,369.3 3.2 214 10 Kutak Rock LLP 7,447.3 2.8 206This is a modified version of Thomson Reuters’s “AT6” league table. Dollar amounts are in millions. Rankings are final as of Dec. 31, 2015. Short-term notes, private placements, and deals not meeting Thomson Reuters’s T+5 policy rule are excluded. In issues with co-counsel, each firm is credited with the full par amount of the issue. Source: Thomson Reuters (Jan. 8, 2016)

annual review

Top Bond Counsel: Negotiated IssuesFull Year 2015 - Equal Credit to Each Firm

Rank Firm Volume Market Share Issues 1 Orrick Herrington & Sutcliffe LLP $34,498.3 12.0% 303 2 Hawkins Delafield & Wood LLP 17,985.1 6.3 242 3 McCall Parkhurst & Horton LLP 12,756.0 4.4 317 4 Norton Rose Fulbright 12,089.8 4.2 269 5 Kutak Rock LLP 10,623.6 3.7 362 6 Stradling Yocca Carlson & Rauth 7,610.3 2.7 184 7 Chapman and Cutler LLP 6,838.6 2.4 274 8 Ballard Spahr LLP 6,796.9 2.4 111 9 Squire Patton Boggs 6,721.3 2.3 168 10 Sidley Austin LLP 6,697.0 2.3 29

This is Thomson Reuters’s “AT5a” league table for negotiated offerings. Dollar amounts are in millions. Rankings are final as of Dec. 31, 2015. Short-term notes, private placements, and deals not meeting Thomson Reuters’s T+5 policy rule are excluded. In issues with co-counsel, the par amount is divided equally among the firms. Source: Thomson Reuters (Jan. 8, 2016)

Top Disclosure Counsel: All IssuesFull Year 2015 - Equal Credit to Each Firm

Rank Firm Volume Market Share Issues 1 Orrick Herrington & Sutcliffe LLP $20,332.1 15.1% 131 2 Stradling Yocca Carlson & Rauth 10,529.1 7.8 223 3 Hawkins Delafield & Wood LLP 7,512.3 5.6 66 4 Kutak Rock LLP 5,239.2 3.9 138 5 McCall Parkhurst & Horton LLP 5,174.1 3.9 65 6 Foster Pepper PLLC 4,969.6 3.7 35 7 Squire Patton Boggs 4,414.2 3.3 49 8 Norton Rose Fulbright 4,118.3 3.1 96 9 Jones Hall 3,943.5 2.9 200 10 Chapman and Cutler LLP 3,704.8 2.8 257

This is Thomson Reuters’s “AT23” league table for competitive offerings. Dollar amounts are in millions. Rankings are final as of Dec. 31, 2015. Short-term notes, private placements, and deals not meeting Thomson Reuters’s T+5 policy rule are excluded. In issues with co-counsel, each firm is credited with the full par amount of the issue. Source: Thomson Reuters (Jan. 8, 2016)

Top Bond Counsel: Competitive IssuesFull Year 2015 - Equal Credit to Each Firm

Rank Firm Volume Market Share Issues 1 Hawkins Delafield & Wood LLP $5,092.7 5.9% 154 2 Foster Pepper PLLC 3,811.0 4.4 28 3 Locke Lord LLP 3,468.3 4.0 218 4 Orrick Herrington & Sutcliffe LLP 3,046.8 3.5 88 5 McKennon Shelton & Henn LLP 2,882.2 3.3 18 6 Sherman & Howard 2,810.8 3.2 28 7 Kutak Rock LLP 2,710.7 3.1 50 8 Gilmore & Bell PC 2,568.4 3.0 172 9 Ballard Spahr LLP 2,142.0 2.5 23 10 Sidley Austin LLP 1,843.8 2.1 14

This is Thomson Reuters’s “AT5b” league table for competitive offerings. Dollar amounts are in millions. Rankings are final as of Dec. 31, 2015. Short-term notes, private placements, and deals not meeting Thomson Reuters’s T+5 policy rule are excluded. In issues with co-counsel, the par amount is divided equally among the firms. Source: Thomson Reuters (Jan. 8, 2016)

Top Trustee Banks: All IssuesFull Year 2015 – Ranked by Number of Issues

Rank Firm Issues Market Share Volume 1 US Bank NA 1,027 32.4% $61,655.5 2 The Bank of New York Mellon 761 24.0 73,364.6 3 Wells Fargo Bank 290 9.1 17,102.7 4* Regions Bank 153 4.8 6,562.4 4* UMB Bank NA 153 4.8 3,206.3 6 Manufacturers & Traders Tr Co 130 4.1 5,754.7 7 Zions First National Bank 97 3.1 4,839.1 8 BOK Financial Corp 91 2.9 1,680.0 9 Huntington National Bank 60 1.9 1,037.2 10 MUFG Union Bank NA 56 1.8 1,642.9

*Tie. This is Thomson Reuters’s “AT9” league table. Dollar amounts are in millions. Rankings are final as of Dec. 31, 2015. Short-term notes, private placements, and deals not meeting Thomson Reuters’s T+5 policy rule are excluded. Source: Thomson Reuters (Jan. 8, 2016)

Top Special Tax Counsel: All IssuesFull Year 2015 - Ranked by Tax Amount

Rank Firm Volume Market Share Issues 1 Norton Rose Fulbright $6,608.6 35.6% 27 2 Orrick Herrington & Sutcliffe LLP 1,347.2 7.3 8 3 Greenberg Traurig LLP 995.3 5.4 14 4 Miller Canfield Paddock and Stone 989.3 5.3 1 5 Polsinelli PC 924.5 5.0 2 6* Finn Dixon & Herling 840.3 4.5 31 6* Soeder & Associates LLC 840.3 4.5 31 6* Robinson & Cole LLP 840.3 4.5 31 9 Edwards & Associates PA 821.0 4.4 11 10 Kutak Rock LLP 820.2 4.4 34*Tie. Dollar amounts are in millions. Rankings are final as of Dec. 31, 2015. Short-term notes, private placements, and deals not meeting Thomson Reuters’s T+5 policy rule are excluded. Each firm is credited with the actual amount that it enhanced within the issue. Source: Thomson Reuters (Feb. 2, 2016)



Explanation of the IndexesThe Municipal Bond Index

The Bond Buyer Municipal Bond Index is a daily price index based on 40 long-term municipal bonds. The index’s value is expressed in points and 32ds. The figures shown are weekly averages of the index’s daily figures for each week ending Thursday.

The index contains 40 long-term municipal bonds. Taxable bonds, variable-rate bonds, and private placements are excluded, but bonds subject to the alternative minimum tax and fixed-rate remarketings can be included. The index is based on price quotations provided by Standard & Poor’s Securities Evaluations. It is calculated every business day using prices as of 4 p.m. Eastern time.

The index’s value is calculated by taking the dollar bid price for each bond, converting it to represent what the price would be if the bond had a standard 6% coupon rate, averaging the converted prices, and multiplying the result by the current value of the coefficient. The coefficient compensates for the changes made twice a month in the composition of the index.

The average yield to par call is calculated using the average coupon rate, average par call date, and average dollar price. The average yield to maturity is calculated using the average maturity date.

The Weekly Bond IndexesThe three weekly bond indexes are calculated every Thursday (or Wednesday if Thursday or Friday is a legal holiday).

They represent theoretical yields rather than actual price or yield quotations. Municipal bond dealers and banks are asked to estimate what a current-coupon bond for each issuer would yield if the bond was sold at par value. The indexes are simple averages of the average estimated yields of the bonds.

The 20-Bond Index consists of 20 general obligation bonds that mature in 20 years. The average rating of the 20 bonds is roughly equivalent to Moody’s Investors Service’s Aa2 and Standard & Poor’s Corp.’s AA. (No average Fitch rating is provided because Fitch does not rate all of the bonds in the index.)

The 11-Bond Index uses a select group of 11 bonds in the 20-Bond Index. The average rating of the 11 bonds is roughly equivalent to Moody’s Aa1 rating and S&P’s AA-plus. (No average Fitch rating is provided.)

The bonds currently used in the two indexes are listed below. The bonds in the 11-Bond Index are marked with an asterisk. Moody’s/S&P/Fitch Moody’s/S&P/Fitch Moody’s/S&P/FitchBaltimore, Md. Aa2 / AA– / A+ *Massachusetts. Aa1 / AA+ / AA+ Pennsylvania. Aa3 / AA–/ AA–California Aa3 / A+ / A+ Memphis, Tenn. Aa2 / AA / AA– *Phoenix, Ariz Aa1 / AAA / NR*Denver, Colo. Aaa / AAA / AA+ Miami-Dade Co., Fla. Aa2 / AA / NR *Seattle, Wash. Aaa / AAA / AAA*Florida Aa1 / AAA / AAA Milwaukee, Wis. Aa2 / AA / AA *South Carolina Aaa / AA+ / AAA*Georgia Aaa / AAA / AAA New York City Aa2 / AA / AA *Texas AAA / Aaa / AAAHouston, Tex. Aa2 / AA / AA *New York State Aa1 / AA+ / AA+ *Washington Aa1 / AA+ / AA+*Maryland AAA / Aaa / AAA North Carolina Aaa / AAA / AAA

The Revenue Bond IndexThe Revenue Bond Index consists of 25 various revenue bonds that mature in 30 years. The average rating is roughly

equivalent to Moody’s A1 and S&P’s A-plus. (No average Fitch rating is provided because Fitch does not rate all the bonds in the index.) The bonds currently used in the index and their ratings are listed below.

Moody’s S&P FitchAtlanta, Ga., airport (AMT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aa3 A+ A+California Housing Finance Agency, multi-unit rental (AMT) . . . . . . . . . . . . . . . . . . . . . . . . . . . Aa2 A+ NRConnecticut Housing Finance Authority . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aaa AAA NRDallas-Fort Worth International Airport Board, Tex. (AMT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A1 A+ A+Energy Northwest (formerly WPPSS), Wash., power revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aa1 AA– AAIllinois Health Facilities Authority (Northwestern Memorial Hospital) . . . . . . . . . . . . . . . . . . . . . Aa2 AA+ NRIllinois Housing Development Authority, multifamily . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A1 A+ A+Intermountain Power Agency, Utah . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aa3 A+ AA–JEA (formerly Jacksonville Electric Authority), Fla. electric revenue . . . . . . . . . . . . . . . . . . . . . . Aa2 AA– AAKentucky Turnpike Authority . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aa2 AA+ A+Los Angeles Department of Water and Power, Calif., electric revenue . . . . . . . . . . . . . . . . . . . . . Aa3 A+ AA–Maricopa Co. Industrial Development Authority, Ariz. (Samaritan Health Service) . . . . . . . . . . . Baa1 BBB NRMassachusetts Port Authority (AMT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aa3 AA– AAMEAG Power (formerly Municipal Electric Authority of Georgia) . . . . . . . . . . . . . . . . . . . . . . . . . A1 A+ A+Nebraska Public Power District, power supply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A1 A+ A+New Jersey Turnpike Authority, turnpike revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A3 A ANew York State Local Government Assistance Corp., revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . A3 AA– A+New York State Power Authority, general purpose . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aa2 AA– AANorth Carolina Municipal Power Agency No. 1, Catawba electric revenue. . . . . . . . . . . . . . . . . . A2 A APort Authority of New York and New Jersey, consolidated (AMT) . . . . . . . . . . . . . . . . . . . . . . . . . Aa3 AA– AA–Puerto Rico Electric Power Authority . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Caa3 CCC CCSalt River Project Agricultural Improvement and Power District, Ariz., electric revenue . . . . . . . Aa2 AA NRSouth Carolina Public Service Authority, electric revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A1 AA– A+Texas Municipal Power Agency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A2 A+ A+Virginia Housing Development Authority (AMT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aa1 AA+ NR

Short-Term IndexesThe Bond Buyer One-Year Note Index was calculated once a week on Wednesday (Tuesday if Wednesday is a legal

holiday). It represented theoretical yields rather than actual price or yield quotations. The index is a simple average of the average estimated yields of the notes. The index was discontinued on Jan. 16, 2013.

Ten note issuers were used: California, Colorado, Idaho, Los Angeles County, Michigan, New Jersey, New York City (Rans), Pennsylvania, Texas, and Wisconsin. All issuers are rated MIG-1 by Moody’s Investors Service except New Jersey, which is rated MIG-2. Michigan, New Jersey, and New York City are rated SP-1 by Standard & Poor’s Corp., while all other issuers are rated SP-1-plus.

U.S. Treasury 10-Year Note and 30-Year BondThe U.S. Treasury 10-year note and 30-year bond yields are Thomson Reuters quotes as of 3:30 p.m. Eastern time.

annual review

Interest Rate Indexes: 2015 Municipal Bond Index Weekly Bond Indexes 6% Yield to Yield to 20-Bond 11-Bond 25-Bond 1-Year 10-Year 30-Year Date Index Per Call Maturity Gen Obl Gen Obl Revenue Note Treasury Treasury

Jan 8 127-20 3.53 4.20 3.42 3.27 4.26 0.00 2.02 2.60 15 129-07 3.36 4.13 3.29 3.14 4.06 0.00 1.76 2.40 22 128-11 3.44 4.15 3.36 3.21 4.08 0.00 1.89 2.46 29 129-07 3.35 4.11 3.36 3.21 4.06 0.00 1.77 2.33

Feb 5 128-10 3.48 4.15 3.49 3.34 4.16 0.00 1.82 2.42 12 126-20 3.66 4.23 3.60 3.45 4.23 0.00 1.99 2.58 19 126-10 3.71 4.26 3.62 3.47 4.28 0.00 2.11 2.73 26 126-15 3.69 4.25 3.62 3.47 4.28 0.00 2.03 2.63

Mar 5 125-25 3.76 4.28 3.68 3.53 4.32 0.00 2.11 2.72 12 125-23 3.77 4.29 3.62 3.47 4.31 0.00 2.10 2.68 19 127-05 3.62 4.20 3.52 3.37 4.19 0.00 1.98 2.54 26 126-28 3.64 4.22 3.52 3.37 4.17 0.00 2.01 2.60

Apr 2 126-24 3.66 4.22 3.49 3.34 4.18 0.00 1.91 2.53 9 126-16 3.68 4.23 3.49 3.34 4.18 0.00 1.96 2.60 16 126-18 3.69 4.24 3.45 3.30 4.18 0.00 1.89 2.57 23 125-22 3.79 4.28 3.52 3.37 4.22 0.00 1.95 2.63 30 124-13 3.93 4.34 3.62 3.47 4.31 0.00 2.04 2.75

May 7 123-18 4.04 4.39 3.74 3.59 4.47 0.00 2.17 2.90 14 122-25 4.13 4.43 3.74 3.59 4.48 0.00 2.23 3.05 21 122-19 4.19 4.45 3.81 3.66 4.56 0.00 2.19 2.98 28 123-14 4.09 4.41 3.73 3.58 4.48 0.00 2.14 2.89

Jun 4 122-22 4.18 4.44 3.81 3.66 4.55 0.00 2.31 3.03 11 122-05 4.24 4.47 3.87 3.46 4.28 0.00 2.39 3.11 18 122-16 4.22 4.45 3.79 3.39 4.26 0.00 2.35 3.14 25 122-08 4.25 4.47 3.80 3.40 4.27 0.00 2.40 3.16

Jul 2 121-23 4.18 4.55 3.85 3.42 4.25 0.00 2.38 3.18 9 122-17 4.28 4.60 3.76 3.33 4.19 0.00 2.31 3.11 16 122-08 4.20 4.56 3.82 3.35 4.23 0.00 2.35 3.11 23 123-11 4.10 4.52 3.75 3.28 4.15 0.00 2.27 2.97 30 123-15 4.10 4.52 3.75 3.27 4.13 0.00 2.27 2.96

Aug 6 123-25 4.09 4.51 3.75 3.27 4.11 0.00 2.23 2.90 13 124-05 4.02 4.48 3.69 3.21 4.06 0.00 2.19 2.86 20 124-16 3.98 4.46 3.73 3.25 4.08 0.00 2.09 2.76 27 123-24 3.90 4.43 3.79 3.31 4.20 0.00 2.19 2.93

Sep 3 123-23 3.91 4.43 3.82 3.34 4.25 0.00 2.17 2.95 10 122-25 3.94 4.45 3.82 3.34 4.25 0.00 2.23 2.98 17 122-24 3.97 4.46 3.78 3.30 4.18 0.00 2.21 3.02 24 124-05 3.89 4.43 3.71 3.23 4.10 0.00 2.13 2.91

Oct 1 124-20 3.82 4.39 3.67 3.19 4.06 0.00 2.04 2.85 8 124-12 3.75 4.36 3.68 3.19 4.07 0.00 2.11 2.95 15 124-19 3.50 4.25 3.68 3.19 4.07 0.00 2.03 2.87 22 124-22 3.71 4.34 3.67 3.18 4.05 0.00 2.04 2.87 29 124-18 3.74 4.36 3.66 3.18 4.05 0.00 2.18 2.96

Nov 5 124-14 3.85 4.39 3.69 3.20 4.05 0.00 2.25 3.01 12 123-27 3.85 4.39 3.74 3.26 4.13 0.00 2.33 3.10 19 125-07 3.91 4.41 3.65 3.16 4.04 0.00 2.25 3.01 24 125-22 3.89 4.40 3.63 3.14 4.05 0.00 2.24 3.00

Dec 3 125-31 3.83 4.34 3.57 3.08 3.98 0.00 2.33 3.07 10 126-28 3.72 4.30 3.57 3.08 3.97 0.00 2.24 2.97 17 126-29 3.68 4.27 3.57 3.08 3.97 0.00 2.24 2.94 24 127-05 3.78 4.31 3.57 3.08 3.97 0.00 2.25 2.96 30 127-06 3.70 4.27 3.57 3.08 3.93 0.00 2.30 3.05

12-Month Average 124-73 3.85 4.36 3.65 3.32 4.18 0.00 2.14 2.85

20-Bond Index

Interest Rates: 2005-15

Sources: The Bond Buyer/ICAP plc/Thomson Reuters/Moody’s Investors Service Inc.

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Interest Rates: 2015

Sources: The Bond Buyer/ICAP plc/Thomson Reuters/Moody’s Investors Service Inc.

20-Bond GO Index 30-Year Treasury Bond 10-Year Treasury Note

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Documents

2015 IN STATISTICS...1996 199719992000 19982001 2002 2004 20032005 2007 200620092008 2010 2012 201120132014 2015 ALL BONDS $7.77 $7.18 $7.07 $7.14 $6.68 $6.48 $6.17 $5.78 $5.58 $5.45