Fixed Income Offerings

Transcription

1 Fixed Income Offerings Prepared For: Customers Assuming 0% tax rate Prepared By: David Smith Hilltop Securities Inc - Member: NYSE/FINRA/SIPC Wilshire Boulevard - Suite Beverly Hills, CA Phone: dcsmith@hilltopsecurities.com

2 UFP8 Aa3/AA- California Health Facs Fing Auth Rev Callable - Extraordinary Calls - Hospitals Use - - Sinking Fund 10/42@ % 10/01/2047 CA $ % (c) $ $155, $155, % 3.100% AZ5 A3/AA Inglewood Calif Callable 09/27@100 - TAXABLE - Sinking Fund 09/41@100 - AGMC insured AW5 -/- Napa Calif Spl Tax Callable 09/24@103 - OID - Par Call 09/27 - Extraordinary Calls - Gen Purp/Pub Impt Use - Sinking Fund 09/43@ T4Q3 Baa2/- California Mun Fin Auth Rev Callable 07/27@100 - Extraordinary Calls - Hospitals Use - Sinking Fund 07/43@100 1, DET1 Aa2/AA California St Callable 12/27@100 - Extraordinary Calls - Veterans Use - Sinking Fund 12/44@ NZ9 -/AA Monterey Cnty Calif Ctfs Partn Callable 10/25@100 - OID - Extraordinary Calls - Gen Purp/Pub Impt Use - - Sinking Fund 10/39@ CC9 -/A+ North Kern Cawelo Fing Auth Calif Wtr Rev Callable 04/25@100 - OID - Extraordinary Calls - Water Use - - Sinking Fund 04/36@ % 09/01/2047 CA $ % (c) $30.21 $26, $26, % 3.715% 3.750% 09/01/2047 CA $ % (p) $0.00 $503, $503, % 3.535% 4.000% 07/01/2047 CA $ % (c) $4, $319, $324, % 3.200% 3.250% 12/01/2045 CA $ % (c) $ $1,512, $1,512, % 3.156% 4.000% 09/01/2045 CA $ % (c) $ $54, $54, % 2.800% 4.125% 04/01/2045 CA $ % (c) $ $54, $54, % 2.900% LK7 A1/AA Murrieta Vy Calif Uni Sch Dist Callable 03/25@100 - OID - - Sinking Fund 09/40@100 - AGMC insured AV7 -/- Napa Calif Spl Tax Callable 09/24@103 - Par Call 09/27 - Extraordinary Calls - Gen Purp/Pub Impt Use - Sinking Fund 09/38@ E27 -/AA Riverside Calif Uni Sch Dist Spl Tax Callable 09/24@103 - OID - Par Call 09/27 - Extraordinary Calls - Prim/Secndry Ed Use - Sinking Fund 09/38@100 - BAM insured 4.000% 09/01/2044 CA $ % (c) $ $53, $54, % 2.850% 4.000% 09/01/2042 CA $ % (p) $0.00 $742, $742, % 3.265% 3.375% 09/01/2041 CA $ % (p) $0.00 $180, $180, % 3.314% Page 2 of 7

3 HK8 Aa1/AA Arcadia Calif Uni Sch Dist Callable 79770GHY5 -/AA- San Francisco Calif City & Cnty Redev Agy Successor Agy Tax Allocation Callable - OID - - Sinking Fund 08/38@ % 08/01/2041 CA $ % (c) $4, $359, $363, % 2.850% 08/01/2041 CA $ $0.00 $80, $80, BZ8 -/AA Woodland-Davis Clean Wtr Agy Calif Wtr Rev Callable 03/28@100 - OID - BAM insured AU9 -/- Napa Calif Spl Tax Callable 09/24@103 - OID - Par Call 09/27 - Extraordinary Calls - Gen Purp/Pub Impt Use LBP9 A1/A+ California St Pub Wks Brd Lease Rev Callable 04/22@100 - OID - Extraordinary Calls - Public Higher Education Use - - Sinking Fund 04/33@ % 03/01/2039 CA $ % $0.00 $175, $175, % 3.200% 3.625% 09/01/2037 CA $ % (p) $0.00 $30, $30, % 3.502% 4.000% 04/01/2037 CA $ % (c) $88.33 $16, $16, % 2.000% NJ2 Aa3/AA California St Dept Vet Affairs Home Pur Rev Callable 06/26@100 - OID - - Sinking Fund 06/32@ UAL8 -/AA Commerce Calif Cmnty Dev Commn Successor Agy Tax Allocation Callable 08/26@100 - OID - - AGMC insured K52 A2/AA San Jose Calif Redev Agy Tax Allocation Callable 12/17@100 - OID - - Sinking Fund 08/34@100 - RADIA insured 3.250% 12/01/2036 CA $ % (c) $ $56, $57, % 2.964% 08/01/2035 CA $ (c) $ $25, $25, % 4.500% 08/01/2035 CA $ % (c) $ $30, $30, % 0.252% BV9 Aa3/A+ Northern Calif Transmission Agy Rev Callable 05/26@100 - OID HC2 A2/AA Alameda Corridor Transn Auth Calif Rev Callable 10/26@100 - OID - Extraordinary Calls - Mass/Rapid Tran Use - - AGMC insured 05/01/2035 CA $ % $ $79, $79, % 3.050% 10/01/2034 CA $ $ $145, $145, Page 3 of 7

4 EE7 -/AA Fontana Calif Uni Sch Dist Ctfs Partn Callable - Extraordinary Calls - Prim/Secndry Ed Use - - AGMC insured 09/01/2034 CA $ $ $25, $25, AQ4 -/AA- San Leandro Calif Redev Agy Successor Agy Tax Allocation Callable 09/24@100 - OID - - Sinking Fund 09/32@ WR4 Aa3/AA- Oakland Calif Uni Sch Dist Alameda Cnty Callable 08/22@100 - Extraordinary Calls - Prim/Secndry Ed Use - TAXABLE - (Build America Bond) % 09/01/2034 CA $ % (c) $80.69 $10, $10, % 2.761% 6.877% 08/01/2033 CA $ % (c) $ $35, $35, % 2.800% UAW9 -/AA- Dublin San Ramon Svcs Dist Calif Wtr Rev Callable 02/21@100 - OID - - Sinking Fund 08/30@ % 08/01/2032 CA $ % (c) $1, $68, $69, % 1.200% PCM3 -/AA+ Santa Clarita Calif Pub Fing Auth Lease Rev Callable 10/26@100 - OID - Extraordinary Calls - Gen Purp/Pub Impt Use % 10/01/2031 CA $ % $ $104, $105, % 2.787% D36 -/- Riverside Calif Uni Sch Dist Spl Tax Callable 09/24@103 - OID - Par Call 09/27 - Extraordinary Calls - Prim/Secndry Ed Use HAP7 Aa3/A California Statewide Cmntys Dev Auth Pollution Ctl Rev Callable 09/20@100 - Extraordinary Calls - Pollutn Ctrl Use AP3 -/BBB+ Anderson Calif Redev Agy Successor Agy Tax Allocation Callable 08/25@100 - OID - 09/01/2031 CA $ $0.00 $200, $200, % 09/01/2029 CA $ % (c) $ $54, $54, % 1.449% 3.750% 08/01/2029 CA $ % (c) $ $15, $16, % 2.900% PX1 Aa3/AA Norwalk La Mirada Calif Uni Sch Dist - FGIC,AGMC insured 0.000% 08/01/2027 CA $ % $0.00 $59, $59, % 2.476% Page 4 of 7

5 YX6 Aa2/AA San Diego Calif Uni Sch Dist - AGMC insured 5.250% 07/01/2027 CA $ % $4, $260, $265, % 1.782% C8P8 Aa3/AA- California St 5.000% 08/01/2026 CA $ % $1, $81, $82, % 1.909% GK9 Aa3/A+ San Francisco Calif Cmnty College Dist Callable 06/25@ LWD5 Aa3/AA California Health Facs Fing Auth Rev Callable 11/21@100 - Extraordinary Calls - Hospitals Use % 06/15/2026 CA $ % (c) $ $30, $31, % 1.793% 5.000% 11/15/2025 CA $ % (c) $31.25 $28, $28, % 1.102% NLA5 -/- Lake Elsinore Calif Spl Tax Callable 09/24@103 - OID - Extraordinary Calls - Gen Purp/Pub Impt Use DDD8 A1/A+ San Francisco Calif City & Cnty Arpts Commn Intl Arpt Rev Callable 05/22@100 - Subject to AMT % 09/01/2025 CA $ % $0.00 $60, $60, % 2.250% 5.000% 05/01/2025 CA $ % (c) $ $137, $138, % 1.500% AF2 -/- Napa Calif Spl Tax Extraordinary Calls - Gen Purp/Pub Impt Use KP9 Aa2/AA Escondido Calif Un High Sch Dist OID - - AGC insured 09/01/2024 CA $ % $0.00 $350, $350, % 2.490% 0.000% 08/01/2024 CA $ % $0.00 $312, $312, % 1.907% SK5 Aa2/- Redondo Beach Calif Uni Sch Dist 5.000% 08/01/2024 CA $ % $ $183, $184, % 1.475% GRV9 Aa2/AA University Calif Revs For Previous Issues See 91412f Callable 05/23@ % 05/15/2024 CA $ % (c) $ $119, $119, % 1.371% Page 5 of 7

6 BQ8 -/AA Glendora Calif Wtrwks Rev Extraordinary Calls - Water Use % 10/01/2023 CA $ % $1, $179, $180, % 1.459% BL34 Aa3/AA- California St Callable 09/22@ % 09/01/2023 CA $ % (c) $10, $1,037, $1,047, % 1.271% BY3 A1/A Ukiah Calif Uni Sch Dist - Bank Qualified - NATL insured 0.000% 08/01/2021 CA $ % $0.00 $75, $75, % 1.504% HM9 Baa1/A California Edl Facs Auth Rev 5.000% 04/01/2021 CA $ % $ $72, $72, EA2 -/AA Carlsbad Calif Uni Sch Dist 5.000% 08/01/2020 CA $ % $1, $110, $111, % 1.512% 1.181% 1.181% SL4 A2/AA Stockton Calif Uni Sch Dist - AGMC insured CFL9 -/NR Los Angeles Calif Wastewater Sys Rev PreRefund 06/01/2020@ E29 -/AA- California Statewide Cmntys Dev Auth Rev 5.000% 07/01/2020 CA $ % $ $54, $55, % 1.400% 5.000% 06/01/2020 CA $ % (r) $ $21, $22, % 1.258% 5.000% 04/01/2019 CA $ % $ $78, $79, % 1.050% Page 6 of 7

7 YIELDS REPRESENT YIELD TO MATURITY OR YIELD TO WORST CALL AS INDICATED. PLEASE REVIEW THIS INFORMATION CAREFULLY WITH YOUR FINANCIAL ADVISOR TO ASSURE IT MEETS YOUR INVESTMENT OBJECTIVES Minimum purchases may apply. Prices and yields are subject to change based upon market conditions and availability. Certain early redemption features, such as a call at issuer's option, provide the issuer an option to repay principal prior to maturity and may change the term of the investment. If securities are sold prior to maturity, you may receive more or less than your initial investment due to market fluctuations. High yield bonds are not suitable for all investors and are generally considered speculative in nature with greater potential loss of interest and/or principal. Certain securities may not be suitable in IRAs, ERISA retirement accounts, and other accounts subject to the Department of Labors Conflict of Interest Rule. Credit quality ratings are assigned by Moody's Investors Service and Standard & Poor's. Insurance, if specified, relates to the timely payment of principal and interest. Insurance does not guarantee market value or protect against fluctuations in bond prices resulting from general market fluctuations. No representation is made as to the insurer's ability to meet its financial commitments. For more complete information about new issues, including charges and expenses, obtain a prospectus or municipal official statement from your Financial Advisor. Please read it carefully before you invest or send money. Interest from taxable zero coupon securities is subject to annual taxation as ordinary income, even though no income is received. Interest from Private Activity Municipal securities, although federally tax-exempt, may be subject to federal alternative minimum tax (AMT). Please contact your tax advisor regarding suitability of tax-exempt investments for your portfolio. Modified Duration and Convexity are measures of price sensitivity of a fixed-income security to changes in interest rates. The information in this report has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. This firm may have a long or short position in the securities presented in this report and may buy or sell such securities in the course of our regular business Page 7 of 7