Financing Options in an Uncertain World. Chris Mier Municipal Strategist April 12, 2011

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1 International Bridge, Tunnel and Turnpike Association (IBTTA) Presentation Financing Options in an Uncertain World Chris Mier Municipal Strategist April 12, 2011 Hyatt Regency, Jersey City F

2 Ability of the Tax Exempt Market to Absorb Volume without BABs We have a good sense of supply, but what has happened to demand? 30, Day Visible Supply ($ Million) 25,000 20,000 15,000 10,000 5,000 0 Price (Low Yield) S 1 S 0 D 0 D 1 Lower Yields Volume 2

3 Forecasts of Municipal Volume for 2011 Most forecasts at between $325 and $375 billion Why did we miss it by so much? 3

4 Ten Years of Volume Q1 NEW ISSUE VOLUME ($ Billion) Q1 clearly not simpatico with history, but why? 4

5 The Political Milieu Issuers strike reflects new political reality of Less, not More 5

6 18 Weeks of Redemptions 8.00 Weekly Muni Mutual Fund Inflows ($ Billion) Fund flows are out of muni bond funds and into equity funds This suggests that demand will be lower for a reasonable length of time (asset re-allocation) 6

7 Ratios 110% 105% 100% 95% 90% 85% 80% 75% 70% 10 Year Muni/Treasury Ratio Cheap and likely to stay that way 7

8 Outlook Liquidity will be there for the best rated issuers Liquidity cannot be guaranteed 8

9 Loop Capital Markets Disclaimer Loop Capital Markets LLC, an in vestm en t ban k, prepared th is docum en t for in form ation al purposes on ly. Loop Capital Markets LLC does not provide research services, therefore th is product is not a research report an d it should not be construed as such. All m aterials, including proposed term s an d con dition s, are indicative and for discussion purposes only. Finalized terms and conditions are subject to further discussion and negotiation an d will be eviden ced by a formal agreement. Opinions expressed are our presen t opin ion s on ly an d are subject to ch an ge with out furth er n otice. Th e inform ation con tain ed h erein is con fiden tial. By acceptin g th is inform ation, the recipien t agrees th at it will, an d it will cause its directors, partners, officers, employees and representatives to use th e in form ation on ly to evaluate its poten tial in terest in th e strategies described herein an d for n o oth er purpose an d will n ot divulge an y such in form ation to an y oth er party. An y reproduction of th is in form ation, in wh ole or in part, is proh ibited. Except in so far as required to do so to com ply with applicable law or regulation, express or im plied, n o warran ty wh atsoever, in cludin g but n ot lim ited to, warran ties as to quality, accuracy, performance, tim elines, con tin ued availability or com pleten ess of an y in form ation con tain ed h erein is m ade. Opin ion s expressed h erein are curren t opin ion s on ly as of the date indicated. Any historical price(s) or value(s) are also only as of the date indicated and as applicable from any source that may be noted. We are under no obligation to update opin ion s or oth er in form ation. Th e in form ation con tained h erein h as been prepared solely for inform ation al purposes an d is n ot an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrum en t or to participate in an y tradin g strategy. Loop Capital Markets LLC does n ot provide accoun tin g, tax or legal advice; h owever, you sh ould be aware th at an y proposed in dicative tran saction could have accounting, tax, legal or oth er im plication s th at sh ould be discussed with your advisors an d or coun sel. Th e m aterials sh ould n ot be relied upon for th e maintenance of your books and records or for any tax, accounting, legal or other purposes. p In addition, we mutually agree that, subject to applicable law, you may disclose an y and all aspects of an y poten tial tran saction or structure described h erein th at are n ecessary to support an y U.S. federal in com e tax benefits, without Loop Capital Markets LLC im posin g an y lim itation of an y kin d an d its affiliates, officers, directors, an d em ployees, in cludin g person s in volved in the preparation or issuance of this material, may from time to time have long or short positions in and buy or sell, the securities, derivatives (including options) or other fin an cial products thereof, of en tities m ention ed h erein. In addition, Loop Capital Markets LLC an d/or affiliates m ay h ave served as manager or co-manager of a public offering of securities by any such entity. Further information may be available regarding this material and may be obtained upon request. Loop Capital Markets LLC sh all h ave n o liability, con tin gen t or oth erwise, to th e user or to th ird parties, or an y responsibility whatsoever, for the correctness, quality, accuracy, timeliness, ess pricing, reliability, performance or com pleteness of the data or form ulae provided herein or for any other aspect of the perform an ce of th ere m aterials. In n o event will Loop Capital Markets LLC be liable for an y special, in direct, in ciden tal or consequential damages which may be incurred or experienced on account of the user using the data provided herein or these materials, even if Loop Capital Markets LLC h as been advised or th e possibility of such dam ages. Loop Capital Markets LLC will have n o responsibility to in form the user of an y difficulties experien ced by th ird parties with respect to the use of the materials or to take any action in connection therewith. The fact that Loop Capital Markets LLC has made the materials or any other materials available to you constitutes neither a recommendation that you enter in to or m ain tain a particular transaction or position n or a represen tation th at an y tran saction is suitable or appropriate for you Tran saction s in volving derivative or other products m ay involve sign ificant risk and you sh ould not enter in to any transaction ti unless you fully understand d all such risks an d h ave in depen den tly determ in ed th at such transaction is appropriate for you. Loop Capital Markets LLC is actin g in th e capacity of an arm s-length contractual counterparty to the user in connection with any transaction Loop Capital Markets LLC may enter into with the user and not as a fin an cial advisor or a fiduciary. Th is docum en t is confiden tial, an d n o part of it m ay be reproduced, distributed or tran sm itted with out th e prior written perm ission of Loop Capital Markets LLC. 9

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