Taxable Municipal Guide - Piper Jaffray

September 2010
Massachusetts
State Summary ‐ Massachusetts (MA)
Rank
Population (July 2009) 6,593,587 15
Land Area (Sq Miles) 7,840 45
Population Density (Sq Miles) 841.0 3
2008 Gross State Production ($ Millions) $364,988.00 13
Surplus (Deficit) ($ in Millions) ($5,600.00) 8
Deficit % of Gen Fund Budget 20.40% 33
Deficit % of Gross State Product 1.53% 13
Unemployment Rate 9.00% 30
Massachusetts Rating History
Aaa
Aa1
Aa2
Aa3
A1
A2
A3
Baa1
Baa2
Baa3
Moody's Recalibration
1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010
Moody's Rating
S&P Rating
MA
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 MA $14,836 BAB MA $2,697 Secondary Trade MA $6,411
Tax Exempt MA (% of U.S.) 3.1% BAB MA (%) 2.2% Secondary Trade MA (%) 1.7%
Tax Exempt MA (Rank) 7 BAB MA (Rank) 13 Secondary Trade MA (Rank) 17
Taxable Total (U.S.) $160,730 QSCB Total $5,684 Secondary Trade Total 81469
Taxable MA $3,250 QSCB MA $206 Secondary Trade MA 957
Taxable MA (% of U.S.) 2.0% QSCB MA (%) 3.6% Secondary Trade MA (%) 1.2%
Taxable MA (Rank) 15 QSCB MA (Rank) 9 Secondary Trade MA (Rank) 24
>250MM Total $135,969 RZEDB Total $2,476
>250MM MA $1,759 RZEDB MA $17 $ in U.S. Millions
>250MM MA (%) 1.3% RZEDB MA (%) 0.7% * 2010 Issuance/Trade Data Through 7/31/2010
>250MM MA (Rank) 7 RZEDB MA (Rank) 31
$ in Millions
$2,000
$1,500
$1,000
$500
$0
A
2009‐2010 Par Amount Issued by Issue Size
250MM
Rating Distribution
BBB
NR
Aaa
$ in Millions
Obligor
$2,500
$2,000
$1,500
$1,000
$500
Number
140
120
100
80
60
40
20
0
2009‐2010 Number of Deals by Issue Size
250MM
Transportation
Sector
Utilities
Public Facilities
Housing
Education
Healthcare
Massachusetts
Aa
$0
Local
Revenue
State
GO
General
Purpose/Other
Largest Issues by Issue Type ($ in U.S. Millions)
Issuer Maturity Maturity Size Coupon Issue Spread
Moody's/
S&P/Fitch
Award Date CUSIP
Build America Bonds
MASSACHUSETTS ST 12/1/2039 $756.45 5.456 120 Aa1/AA/AA+ 12/01/2009 57582PUE8
MASSACHUSETTS ST SCH BLDG AUTH 8/15/2039 $450.0000 5.715 125 Aa1/AA+/AA+ 12/10/2009 576000KV4
MASSACHUSETTS ST 5/1/2029 $300.00 4.910 52 Aa1/AA/AA+ 05/05/2010 57582PUT5
MASSACHUSETTS ST WTR POLLUTN A 8/1/2040 $252.60 5.192 125 Aaa/AAA/AAA 06/30/2010 57604P5P5
MASSACHUSETTS ST 1/1/2030 $200.00 5.306 105 Aa1/AA/AA+ 12/01/2009 57582PUD0
MASSACHUSETTS BAY TRANSN AUTH 7/1/2039 $177.00 5.569 140 Aa1/AAA/NA 10/20/2009 575579VP9
UNIVERSITY MASS BLDG AUTH PROJ 5/1/2039 $167.09 6.573 230 Aa2/A+/NA 10/15/2009 914440KK7
UNIVERSITY MASS BLDG AUTH PROJ 5/1/2029 $104.77 6.423 215 Aa2/A+/NA 10/15/2009 914440KJ0
MASSACHUSETTS ST 5/1/2027 $75.00 4.760 37 Aa1/AA/AA+ 05/05/2010 57582PUS7
MASSACHUSETTS ST 5/1/2026 $35.00 4.680 112 Aa1/AA/AA+ 05/05/2010 57582PUR9
Qualified School Construction Bonds
MASSACHUSETTS ST SCH BLDG AUTH 6/15/2027 $151.00 5.468 125 Aa2/AA/AA 06/15/2010 576000KW2
SPRINGFIELD MASS 6/1/2027 $17.86 6.000 275 Aa2/AA‐/NA
06/10/2010 850752LP9
BOSTON MASS 4/1/2022 $3.49 4.800 92 Aaa/AA+/NA 03/25/2010 100853ME7
BOSTON MASS 4/1/2023 $3.49 5.000 112 Aaa/AA+/NA 03/25/2010 100853MF4
BOSTON MASS 4/1/2024 $3.49 5.100 122 Aaa/AA+/NA 03/25/2010 100853MG2
Recovery Zone Bonds
BOSTON MASS 4/1/2020 $2.39 4.100 165 Aaa/AA+/NA 03/19/2010 100853LT5
BOSTON MASS 4/1/2019 $2.34 4.000 155 Aaa/AA+/NA 03/19/2010 100853LS7
BOSTON MASS 4/1/2018 $2.28 3.900 145 Aaa/AA+/NA 03/19/2010 100853LR9
BOSTON MASS 4/1/2017 $2.24 3.700 125 Aaa/AA+/NA 03/19/2010 100853LQ1
BOSTON MASS 4/1/2016 $2.20 3.250 80 Aaa/AA+/NA 03/19/2010 100853LP3
N/A
Piper Jaffray Taxable Municipal Guide
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