Taxable Municipal Guide - Piper Jaffray

September 2010
Michigan
State Summary ‐ Michigan (MI)
Rank
Population (July 2009) 9,969,727 8
Land Area (Sq Miles) 56,804 22
Population Density (Sq Miles) 175.5 17
2008 Gross State Production ($ Millions) $382,544.00 12
Surplus (Deficit) ($ in Millions) ($3,300.00) 18
Deficit % of Gen Fund Budget 15.80% 38
Deficit % of Gross State Product 0.86% 33
Unemployment Rate 13.10% 49
Michigan 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
Michigan
MI
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 MI $6,957 BAB MI $2,212 Secondary Trade MI $11,889
Tax Exempt MI (% of U.S.) 1.4% BAB MI (%) 1.8% Secondary Trade MI (%) 3.2%
Tax Exempt MI (Rank) 22 BAB MI (Rank) 15 Secondary Trade MI (Rank) 7
Taxable Total (U.S.) $160,730 QSCB Total $5,684 Secondary Trade Total 81469
Taxable MI $4,036 QSCB MI $356 Secondary Trade MI 3127
Taxable MI (% of U.S.) 2.5% QSCB MI (%) 6.3% Secondary Trade MI (%) 3.8%
Taxable MI (Rank) 9 QSCB MI (Rank) 3 Secondary Trade MI (Rank) 5
>250MM Total $135,969 RZEDB Total $2,476
>250MM MI $282 RZEDB MI $115 $ in U.S. Millions
>250MM MI (%) 0.2% RZEDB MI (%) 4.6% * 2010 Issuance/Trade Data Through 7/31/2010
>250MM MI (Rank) 25 RZEDB MI (Rank) 5
$ in Millions
$2,000
$1,500
$1,000
$500
$0
2009‐2010 Par Amount Issued by Issue Size
250MM
Rating Distribution
NR
Aaa
BBB
A
Aa
$ in Millions
Obligor
$4,000
$3,000
$2,000
$1,000
$0
Local
State
Revenue
GO
Number
1400
1200
1000
800
600
400
200
0
2009‐2010 Number of Deals by Issue Size
250MM
Transportation
Sector
Utilities
Public Facilities
Healthcare
General
Education
Purpose/Other
38
Largest Issues by Issue Type ($ in U.S. Millions)
Issuer Maturity Maturity Size Coupon Issue Spread
Moody's/
S&P/Fitch
Award Date CUSIP
Build America Bonds
MICHIGAN ST 9/15/2027 $281.91 7.625 325 Aa3/AA/NA 06/17/2009 5946105T0
MICHIGAN ST UNIV REVS 2/15/2050 $205.0000 6.173 150 Aa1/AA/NA 04/20/2010 594712PP0
DETROIT MICH CITY SCH DIST 5/1/2039 $181.05 7.747 325 Aa2/AA‐/NA 12/16/2009 2511295D0
UNIVERSITY MICH UNIV REVS 4/1/2030 $78.27 5.513 87 Aaa/AAA/NA 01/13/2010 914455JZ4
UNIVERSITY MICH UNIV REVS 4/1/2040 $77.59 5.593 95 Aaa/AAA/NA 01/13/2010 914455KA7
UNIVERSITY MICH UNIV REVS 4/1/2030 $42.71 6.172 160 Aaa/AAA/NA 06/16/2009 914455JT8
VAN BUREN MICH PUB SCHS 5/1/2039 $36.81 6.580 240 Aa2/AA‐/NA 05/13/2009 920729HE3
EASTERN MICH UNIV REVS 2/15/2034 $28.01 7.110 255 A1/A‐/NA 05/28/2009 276731YF7
BARAGA CNTY MICH MEM HOSP REV 9/20/2036 $25.12 6.500 201 NA/AAA/NA 01/21/2010 067054AA4
EASTERN MICH UNIV REVS 2/15/2038 $21.23 7.210 265 A1/A‐/NA 05/28/2009 276731YG5
Qualified School Construction Bonds
OXFORD MICH CMNTY SCHS 5/1/2027 $15.00 6.625 284 NA/AA‐/NA 04/20/2010 691610BF5
DEARBORN MICH SCH DIST 5/1/2027 $15.00 6.625625 347 NA/AAA/NA
05/25/2010 242595RG3
MARSHALL MICH PUB SCHS DIST 5/1/2027 $15.00 6.375 312 NA/AA‐/NA 06/01/2010 572461MC2
WARREN MICH CONS SCH DIST 5/1/2027 $15.00 6.375 302 NA/AA/NA
06/03/2010 935341YB7
HOLLAND MICH SCH DIST 5/1/2027 $15.00 6.300 312 NA/AA‐/NA 06/08/2010 435236HT4
Recovery Zone Bonds
KENT CNTY MICH BLDG AUTH 12/1/2030 $12.63 6.250 185 Aaa/AAA/NA 11/10/2009 490303HZ0
KENT CNTY MICH BLDG AUTH 12/1/2024 $8.81 5.730 225 Aaa/AAA/NA 11/10/2009 490303HY3
NORTH GRATIOT INTERCEPTOR 5/1/2035 $4.56 6.350 173 NA/AAA/NA 04/28/2010 65949KCB6
CALHOUN CNTY MICH 4/1/2031 $2.87 6.550 232 NA/AA‐/NA 06/10/2010 129644UH1
CASSOPOLIS MICH PUB SCH DIST 5/1/2030 $2.64 6.500 239 NA/AA‐/NA 06/09/2010 148303EV8
N/A
Piper Jaffray Taxable Municipal Guide