Taxable Municipal Guide - Piper Jaffray

September 2010
Indiana
State Summary ‐ Indiana (IN)
Rank
Population (July 2009) 6,423,113 16
Land Area (Sq Miles) 35,867 38
Population Density (Sq Miles) 179.1 16
2008 Gross State Production ($ Millions) $254,861.00 17
Surplus (Deficit) ($ in Millions) ($1,400.00) 28
Deficit % of Gen Fund Budget 10.60% 43
Deficit % of Gross State Product 0.55% 41
Unemployment Rate 10.20% 40
Moody's Recalibration
Indiana Rating History
Aaa
Aa1
Aa2
Aa3
A1
A2
A3
Baa1
Baa2
Baa3
1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010
Moody's Rating
S&P Rating
Indiana
IN
2009‐2010* Issuance 2009‐2010* Secondary Trading
Tax Exempt Total (U.S.) $480,234 BAB Total $120,584 Secondary Trade Total $369,603
Tax Exempt IN $7,297 BAB IN $1,560 Secondary Trade IN $6,925
Tax Exempt IN (% of U.S.) 1.5% BAB IN (%) 1.3% Secondary Trade IN (%) 1.9%
Tax Exempt IN (Rank) 18 BAB IN (Rank) 20 Secondary Trade IN (Rank) 15
Taxable Total (U.S.) $160,730 QSCB Total $5,684 Secondary Trade Total 81469
Taxable IN $2,074 QSCB IN $95 Secondary Trade IN 1620
Taxable IN (% of U.S.) 1.3% QSCB IN (%) 1.7% Secondary Trade IN (%) 2.0%
Taxable IN (Rank) 20 QSCB IN (Rank) 22 Secondary Trade IN (Rank) 14
>250MM Total $135,969 RZEDB Total $2,476
>250MM IN $250 RZEDB IN $21 $ in U.S. Millions
>250MM IN (%) 0.2% RZEDB IN (%) 0.8% * 2010 Issuance/Trade Data Through 7/31/2010
>250MM IN (Rank) 26 RZEDB IN (Rank) 28
$ in Millions
$800
2009‐2010 Par Amount Issued by Issue Size
$700
$600
$500
$400
$300
$200
$100
$0
250MM
Rating Distribution
BBB
NR
A
Aaa
$ in Millions
$1,500
$1,000
$500
Obligor
Number
400
300
200
100
0
2009‐2010 Number of Deals by Issue Size
250MM
Public Facilities
Sector
Utilities
Housing
Healthcare
Education
Aa
$0
Local
Revenue
State
GO
General
Purpose/Other
30
Largest Issues by Issue Type ($ in U.S. Millions)
Issuer Maturity Maturity Size Coupon Issue Spread
Moody's/
S&P/Fitch
Award Date CUSIP
Build America Bonds
INDIANAPOLIS IND LOC PUB IMPT 1/15/2040 $250.00 6.116 150 Aa1/AA+/AA+ 02/24/2010 45528S5S1
INDIANA ST FIN AUTH REV 2/1/2039 $191.57 6.596 220 Aa2/AA+/AA+ 06/23/2009 455057SV2
INDIANAPOLIS IND LOC PUB IMPT 1/15/2030 $109.33 5.966 135 Aa1/AA+/AA+ 02/24/2010 45528S5R3
INDIANAPOLIS IND LOC PUB IMPT 1/15/2040 $102.55 6.004 145 Aa1/AA+/AAA 02/03/2010 45528S4Z6
IPS MULTI‐SCH BLDG CORP IND 7/15/2029 $68.46 5.731 170 Aa2/AA+/NA 09/29/2009 46263RHE8
INDIANAPOLIS IND LOC PUB IMPT 1/15/2030 $51.65 5.854 130 Aa1/AA+/AAA 02/03/2010 45528S4Y9
EVANSVILLE IND REDEV AUTH REDE 2/1/2039 $50.68 7.210 258.4 Aa3/A/NA
04/28/2010 299398BQ9
COLUMBUS IND MULTI‐HIGH SCH 1/15/2030 $33.23 6.446 279.9 NA/AA+/NA 01/20/2010 19923PBB3
EVANSVILLE‐VANDERBURGH IND SCH 1/15/2030 $23.44 6.350 276.5 NA/AA+/NA 01/21/2010 299620EF7
PURDUE UNIV IND CTFS PARTN 7/1/2031 $21.69 5.957 175 Aaa/AA/NA 08/28/2009 746173FW8
Qualified School Construction Bonds
IPS MULTI‐SCH BLDG CORP IND 7/15/2025 $36.72 5.000 158 Aa2/AA+/NA 05/18/2010 46263RLM5
NORTHWESTERN CONS SCH BLDG 1/15/2027 $10.0000 5.610 150 NA/AA+/NA
05/26/2010 668068AT6
CARLISLE‐SULLIVAN IND SCH BLDG 1/15/2027 $2.00 5.750 257 NA/AA+/NA 05/26/2010 142523BJ7
WASHINGTON IND ELEM SCH BLDG C 1/15/2027 $1.85 5.900 254 NA/AA+/NA 05/27/2010 939042DS3
ROCHESTER IND CMNTY SCH CORP 1/1/2022 $1.65 5.650 222 NA/NA/NA 06/02/2010 771420AE6
Recovery Zone Bonds
ELKHART IND PK DIST 1/1/2030 $2.48 6.600 325 NA/A+/NA 12/03/2009 287560CC8
HAMMOND IND MULTI‐SCH BLDG COR 1/15/2030 $2.19 6.130 377 NA/AA+/NA 07/14/2010 408395PJ4
ELKHART IND PK DIST 7/1/2026 $0.66 6.100 201 NA/A+/NA 12/03/2009 287560BV7
ELKHART IND PK DIST 7/1/2025 $0.64 6.000 198 NA/A+/NA
12/03/2009 287560BT2
ELKHART IND PK DIST 7/1/2024 $0.62 5.900 352 NA/A+/NA 12/03/2009 287560BR6
N/A
Piper Jaffray Taxable Municipal Guide