US MUNICIPALS REVIEW UNDERWRITERS, FINANCIAL ADVISORS & CREDIT ENHANCERS

Transcription

1 REUTERS / Carlo Allegri US MUNICIPALS REVIEW UNDERWRITERS, FINANCIAL ADVISORS & CREDIT ENHANCERS First Quarter 0

2 Table of Contents US Municipals US Municipal Markets Review US Municipal Debt Overview Composite Amount US$0 Million & Under US Municipals Deals Intelligence Leading Underwriter Long Term US$0 Million & Under (AT) Top Largest Long Term Deals (A) Leading Co_Manager Long Term US$0 Million & Under (ATa) US Municipal Issuer (AT) Leading Negotiated Underwriter US$0 Million & Under (AT) Leading Underwriters Long Term (AT) Leading Competitive Underwriter US$0 Million & Under (AT0) Leading Financial Advisor US$0 Million and Under (ATa) Leading Underwriters Credit Enhancers Leading Negotiated Underwriter Long Term (AT) Leading Letter of Credit Leading Competitive Underwriter Long Term (AT) Leading Bond Insurer Leading Underwriter Long & Short Term (AT) Leading Largest Issuers by Insured Amount Leading Minority Owned Firms (AT) Leading Co-Manager Long Term (AT) Leading Financial Advisors Leading Financial Advisor Long Term (AT) Leading Financial Advisors Long & Short Term (AT8) Leading Negotiated Long Term Financial Advisor (ATb) Leading Competitive Long Term Financial Advisor (ATc) Leading Private Deals Public & Private Long Term Issuer (AT) Leading Private Agent / Purchaser (AT) Leading Private Financial Advisor (AT) Leading Private Issuer (AT) Criteria Summary Leading Long Term Financial Advisor by # of Issues (ATd) Municipal Debt Criteria Summary Thomson Reuters Solutions for the Deal Making Community 8

3 r dvisors First Quarter 0 US Municipals Underwriters Financial Advisors Credit Enhancers Private Deals US Municipals Review US Municipal Bond Volume Up % Citi Top Long Term US Municipals Deals Intelligence U.S. Municipal volume rose.% in the first quarter of 0 -- to $US0.8 billion from the US$0. billion raised in the first quarter of 0. The first quarter volume represented the sixth largest first quarter volume since 00 and third largest on record. Volume was driven by 9 long-term deals which surpassed the US$ billion mark, totaling US$. billion; California- and Texas-based issuers led in the mega-deal segment. The largest use of proceeds gains year-on-year were Electric Power (+.%) totaling US$. billion from US$9 million in Q 0; Healthcare (+0%) totaling US$8 billion from US$. billion; and Education (+9.%) totaling US$8. billion from US$. billion. Special revenue bonds dispensed for Pension, Motor Fuel Oil and Sales Tax all achieved the largest gains in proceeds, up by,0%, 0% and 0%, respectively. Among all long-term issues, 9.% were structured with fixed rate coupons, nearly unchanged from 0; the number of issues increased.% -- to,0 from,9. Approximately % of issues were structured with linked-rate coupons, up.8% from first quarter 0. US Municipal - Top Largest Long Term Deals (AT) Sale Date //0 //0 //0 Issuer California Regents of the Univ of California //0 Atlanta City-Georgia Proceeds US$m,9.9 N Public Resource Advisory Group,. N,. N Bid Lead Managers Golden State Tobacco Sec Corp,9. N Barclays Citi //0 Texas Transportation Commission,08. N Barclays Barclays Loop Capital Markets Goldman Sachs & Co Financial Advisor FirstSouthwest Grant & Associates Public Resource Advisory Group Lamont Financial Services Corp Swap Financial LLC Estrada Hinojosa & Company Inc New money issuance climbed %, to US$. billion from US$. billion in the same period a year ago. Use of Municipal Bond Proceeds - Top 0 Underwriters US Municipal Issuer Type by Proceeds 00% 90% 80% 0% 0% 0% 0% 0% 0% 0% 0% General Purpose Healthcare Utilities Transportation Education Electric Housing Public Facs Environmental Development College or University $.0 $. Q 0 Q 0 County /Parish $. $. Local authority $. $. City, Town or Village $0. $. State $. $9. District $. $. State authority $. $ Proceeds (US$b) US Municipal - (AT) US Municipal - Issuer (AT) 0 Rank Citi Barclays Wells Fargo & Co Rank Proceeds Share (%) Share Ch. Deals Share (%) # of Deals Issuer, Regents of the Univ of California -, , California, , Michigan Finance Authority -, , Golden State Tobacco Sec Corp -, , Texas Transportation Commission, ,., NYC Transitional Finance Auth NYS Dorm Authority 0,.8, , Washington 8 8, , Atlanta City-Georgia 9, , Metropolitan Transport Auth (MTA) 0 *, ,..,.. 0, ,0 +,08 0, ,0 +,08.%.%.%.9%.%.%.%.9%

4 w First Quarter 0 US Municipals Underwriters Financial Advisors Credit Enhancers Private Deals Underwriter Review US Municipal - Negotiated Offerings (AT) US Municipal Annual Bond Volume 0, Citi 9, , , Barclays, , , , Wells Fargo & Co 9, , ,. 8. 8,. 00.0, %.% 0.%.% Proceeds (US$b) $0 $00,000 $0,000 $00 9,000 $0 $00,000 $0,000 $00 $0,000 $0, Q Volume (US$b) Q Volume (US$b) Q Volume (US$b) Q Volume (US$b) #of Issues # of Issues US Municipal - Competitive Offerings (AT) US Municipal - Long & Short-Term (AT) 0 Rank Citi Robert W Baird & Co Inc Wells Fargo & Co Hutchinson Shockey Erley & Co 8 9 Janney Montgomery Scott LLC 0 True Economics to Each 0 Rank Proceeds Share (%) Share Ch. Deals Share (%) # of Deals, , , , , Citi, , , , Barclays, , , Wells Fargo & Co, , , , ,. 8. 8,.8., ,09 + 0, , +,0.% 0.%.%.%.9%.8%.% -.0% US Municipal - Minority Owned Firms US Municipal - Co-Manager (AT) Equal to Each Co-Manager Proceeds per Co-Manager (US$m) # of Deals per Co-Manager` Co-Manager Ramirez & Co Inc Wells Fargo & Co 8, Loop Capital Markets , Cabrera Capital Markets Inc , Rice Financial Products Company , Siebert Brandford Shank & Co , Estrada Hinojosa & Company Inc Loop Capital Markets, Duncan-Williams Inc , Powell Capital Markets Inc Oppenheimer & Co 8, Stern Brothers & Co , Siebert Brandford Shank & Co 0 9, ,0..,. 0.9 * 9, , ,0 +,08.8% -.8% * Industry totals reflect only deals in which a minoirity firm was in the underwriting group (whether as bookrunner or co-manager). 8.% -.%.%.%.%.9%

5 First Quarter 0 US Municipals Underwriters Financial Advisors Credit Enhancers Private Deals Financial Advisor Review US Municipal - Financial Advisor (AT) US Municipal - Financial Advisor Long & Short Term(AT8) Full to Each, Equal if Joint Financial Advisor Public Financial Management Inc FirstSouthwest Public Resources Advisory Group Swap Financial LLC Lamont Financial Services Corp Estrada Hinojosa & Company Inc Montague DeRose & Associates LLC Zions First National Bank Proceeds per Financial Advisor (US$m) # of Deals per Financial Adv Full to Each, Equal if Joint Proceeds per Financial Advisor (US$m) # of Deals per Financial Adv Financial Advisor, Public Financial Management Inc, , FirstSouthwest 8, , Public Resources Advisory Group, , Swap Financial LLC -, , , , Lamont Financial Services Corp, , , , Estrada Hinojosa & Company Inc 8, , Acacia Financial Group Inc 9, , Montague DeRose & Associates LLC 0, ,8..0,.8. 8, , , ,9 +9.0%.8%.%.%.%.%.9% -.% US Municipal - Financial Advisor Negotiated (ATb) US Municipal Bond Proceeds by Region (US$m) Full to Each, Equal if Joint Proceeds per Financial Advisor (US$m) Market Market Financial Advisor Rank Rank Proceeds Share (%) Share Ch. Public Financial Management Inc 0,... FirstSouthwest,.. 0. Public Resources Advisory Group, Swap Financial LLC -,80... Lamont Financial Services Corp, Estrada Hinojosa & Company Inc, ,... Kaufman Hall & Associates Inc 8,8... 9,90... Melio & Company LLC 0, , , # of Deals per Financial Adv # of Market Change in Deals Share (%) # of Deals ,0-0.%.% 9.% -.% Mideast Midwest Northeast Southeast Southwest West US Municipal - Financial Advisor Competitive (ATc) US Municipal - Financial Advisor by # of Issues (ATd) Full to Each, Equal if Joint Proceeds per Financial Advisor (US$m) # of Deals per Financial Adv Based on Number of Deals # of Deals per Financial Adv Proceeds per Financial Adv (US$m) # of Market Change in Market Market Financial Advisor Financial Advisor Rank Rank Deals Share (%) # of Deals Proceeds Share (%) Share Ch. Public Financial Management Inc, Public Financial Management Inc. +9, , FirstSouthwest , Public Resources Advisory Group, Stauder Barch & Associates Montague DeRose & Associates LLC, Ehlers & Associates * FirstSouthwest * * 0. +, Zions First National Bank Ross Sinclaire & Associates LLC * * Davenport & Company LLC , Ehlers & Associates Robert W Baird & Co Inc 8* * Compass Municipal Advisors LLC Springsted Incorporated 8* Springsted Incorporated Phoenix Advisors LLC ,.9., ,. 00.0,0 +, , %.8%.8%.%.%.%.0%.8%

6 First Quarter 0 US Municipals Underwriters Financial Advisors Credit Enhancers Private Deals Composite Amount US$0 Million & Under Review US Municipal Composite Amt $0 Million & Under (AT) Co-MGR US Municipal Comp Amt $0 Million & Under (ATa) Equal to Each Co-Manager Proceeds per Co-Manager (US$m) # of Deals per Co-Manager Co-Manager Underwriter Rank Rank Proceeds Share (%) Share Ch. Deals Share (&) # of Deals Robert W Baird & Co Inc Samco Capital Markets Sterne Agee & Leach Inc BOSC Inc SunTrust Capital Markets Inc * Roosevelt & Cross Inc * FTN Financial Capital Markets Ross Sinclaire & Associates LLC Janney Montgomery Scott LLC Ramirez & Co Inc D A Davidson & Co CL King & Associates BOSC Inc Coastal Securities , ,. 00.0, +8,. 00.0, +8.%.0% 8.% 0.% *tie.%.0% 8.% 0.% Negotiated Composite Amt $0 Million & Under (AT) US Municipal Composite Amt $0 Million & Under Robert W Baird & Co Inc D A Davidson & Co George K Baum & Company Inc Fifth Third Securities Inc LJ Hart & Company Samco Capital Markets ,9.., %.9%.0%.9% Proceeds (US$b) 0 8 0,00,,0,,,0,, $. $. $. $.0 $.8 $. $. $. Q Q Q Q Q Q Q Q Proceeds ($USb) # of Issues,000,00, # of issues Competitive Composite Amt $0 Million & Under (AT0) FA US Municipal Composite Amt $0 Million & Under (ATa) Robert W Baird & Co Inc FTN Financial Capital Markets Janney Montgomery Scott LLC Roosevelt & Cross Inc BOSC Inc SunTrust Capital Markets Inc JJB Hilliard WL Lyons Inc Full to Each, Equal if Joint Proceeds per Financial Advisor (US$m) # of Deals per Financial Adv Financial Advisor Public Financial Management Inc FirstSouthwest Stauder Barch & Associates Ehlers & Associates 0* Ross Sinclaire & Associates LLC Rathmann & Associates PMA Securities Inc * Robert W Baird & Co Inc Springsted Incorporated 0 0* ,..9,9..8, ,. 00.0,0 + 9.% -.% 9.% -.9% 0.% -.%.% -.8%

7 w First Quarter 0 US Municipals Underwriters Financial Advisors Credit Enhancers Private Deals Credit Enhancers Review Letter of Credit (AT9) True Economics to Each Proceeds per Letter of Credit (US$m) # of Deals per Letter of Credit Letter of Credit Bank Landesbank Hessen-Thuringen Bank of America Wells Fargo Bank Fed Home Loan Bk of San Fran East West Bank Northern Trust Company * First Quarter Municipal Volume by Credit Enhancement Type Proceeds (US$b) %.% -.9% -.% Insurance Letter of Credit Stand By Purchase Agreement Guaranteed Mortgage Backed Bond Insurer (AT0) Top Issuers by Insured Amount 0 True Economics to Each Proceeds per Bond Insurer (US$m) # of Deals per Insurer True Economics to Each Proceeds per US$ Insured Amount Insured 0 Proceeds Market Bond Insurer Issuer Rank US$m Ins Amt Proceeds Share (%) AGM formerly FSA Inc, Kentucky Municipal Power Agency Build America Mutual (BAM), Gloucester Co Improvement Auth Municipal Assurance Corp (MAC) Glendale City-Arizona National Public Fin Guarantee Allegheny Co (Montour) SD Hamden Town-Connecticut 8..0.,. Orange Co (Irvine) USD , St Johns Co-Florida... Tulsa Trustee Airport Imp Trust % 0.0% Flagler Co-Florida %.% Riverside Co (Val Verde) USD # of Deals

8 s w First Quarter 0 US Municipals Underwriters Financial Advisors Credit Enhancers Private Deals Private Deals Review Private Agent / Purchaser (AT) Private Use of Proceeds True Economics To Each Proceeds per Agent / Purchaser (US$m) # of Deals per Agent / Purchaser Placement Agent / Purchaser Jefferies LLC TD Securities (USA) LLC Key Government Finance Inc BMO Capital Markets GKST Inc Citi Great Western Bank Kaiser and Company 0 * ,., % -.8% -.% -.% 9.% 0.8%.%.%.%.% 0.%.% 9.8% Transportation Healthcare Electric Power Education Development General Purpose Housing Utilities Public Facilities Private Financial Advisors (AT) Proceeds per Financial Advisor (US$m) # of Deals per Financial Advisor Financial Advisors Jefferies LLC Public Financial Management Inc Dunlap & Associates FirstSouthwest Public Resources Advisory Group Wulff Hansen & Co Wye River Group Incorporated Southeastern Capital Group Inc CSG Advisors Incorporated Private Issuers (AT) True Economics To Each Proceeds per Issuer (US$m) # of Deals per Issuer Issuers Indianapolis Loc Pub Imp Bond Bank Arkansas Development Fin Auth Florida Municipal Power Agency Mohegan Tribal Finance Auth Pasadena City-California El Centro Financing Authority Illinois Comm College Dt # Florida Keys Aqueduct Authority Montana Facility Finance Auth Seminole Co-Florida , % -.% -0.% -.9% -.% -.% -.8% -.% Public & Private Long-Term Issuers (AT) True Economics To Each Proceeds per Issuer (US$m) # of Deals per Issuer Issuer Regents of the Univ of California -, California, Michigan Finance Authority -, Golden State Tobacco Sec Corp -, Texas Transportation Commission, NYC Transitional Finance Auth, NYS Dorm Authority, Washington 8 8, Atlanta City-Georgia 9, Metropolitan Transport Auth (MTA) 0 8*, ,. 0,9..%.0% -0.%.8% , +,00

9 First Quarter 0 US Municipals Underwriters Financial Advisors Credit Enhancers Private Deals US Municipals Review Ranking Criteria Summary About Thomson Reuters Rankings and volume totals include all municipal new issues underwritten during the period from January, 0 to March, 0 and from January, 0 to March, 0, of which Thomson Reuters was made aware. All current data and previous year's data are as of 0:00am EDT on April, 0. Except where indicated, the rankings quoted above do not include shortterm, preliminary, private placement or rank-ineligible issues. s receive full credit or true allocation credit if joint, on each issue of which they provide underwriting services. Co-managers receive equal credit for each issue on which they provide co-manager services. Financial advisors receive full credit, equal if joint, on each deal on which they provide advisory services. Thomson Reuters introduced official League Table rankings of bank-contributed Municipal Private Deals as of January, 0. Only deals placed privately or purchased directly by banks or brokers are included in the Private Deals League Tables. Transactions purchased by Government Sponsored Entities, Private Institutions, and individual investors are recorded in Thomson Reuters databases but ineligible for League Table accreditation. Otherwise eligible private placements are included in the rankings regardless of size; direct purchases must be at least US$0 million for inclusion in the rankings. Thomson Reuters is the world s leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial, legal, tax and accounting, scientific, healthcare and media markets, powered by the world s most trusted news organization. With headquarters in New York and major operations in London, Hongkong and Tokyo, Thomson Reuters employs more than,000 people in 9 countries. Thomson Reuters shares are listed on the New York Stock Exchange (NYSE: TRI); Toronto Stock Exchange (TSX: TRI); London Stock Exchange (LSE: TRIL); and Nasdaq (NASDAQ: TRIN). For more information, go to If you would like to participate in the submission process, receive quarterly press releases, or have questions about league table criteria please contact: Lisett Rodriguez: Tel: Lisett.Rodriguez@thomsonreuters.com To purchase individual Thomson Reuters Deals or League Table reports, please contact our Thomson Reuters On Demand group: Web: trondemand@thomsonreuters.com While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document. 0 Thomson Reuters. All rights reserved. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.

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