Taxable Municipal Guide - Piper Jaffray

September 2010
Pennsylvania
State Summary ‐ Pennsylvania (PA)
Rank
Population (July 2009) 12,604,767 6
Land Area (Sq Miles) 44,817 32
Population Density (Sq Miles) 281.2 10
2008 Gross State Production ($ Millions) $553,301.00 6
Surplus (Deficit) ($ in Millions) ($5,900.00) 7
Deficit % of Gen Fund Budget 23.60% 26
Deficit % of Gross State Product 1.07% 24
Unemployment Rate 9.30% 32
Pennsylvania 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
Pennsylvania
PA
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 PA $26,225 BAB PA $3,310 Secondary Trade PA $15,005
Tax Exempt PA (% of U.S.) 5.5% BAB PA (%) 2.7% Secondary Trade PA (%) 4.1%
Tax Exempt PA (Rank) 4 BAB PA (Rank) 10 Secondary Trade PA (Rank) 5
Taxable Total (U.S.) $160,730 QSCB Total $5,684 Secondary Trade Total 81469
Taxable PA $3,580 QSCB PA NA Secondary Trade PA 3095
Taxable PA (% of U.S.) 2.2% QSCB PA (%) NA Secondary Trade PA (%) 3.8%
Taxable PA (Rank) 12 QSCB PA (Rank) NA Secondary Trade PA (Rank) 6
>250MM Total $135,969 RZEDB Total $2,476
>250MM PA $1,337 RZEDB PA $12 $ in U.S. Millions
>250MM PA (%) 1.0% RZEDB PA (%) 0.5% * 2010 Issuance/Trade Data Through 7/31/2010
>250MM PA (Rank) 10 RZEDB PA (Rank) 36
$ in Millions
$1,600
2009‐2010 Par Amount Issued by Issue Size
$1,400
$1,200
$1,000
$800
$600
$400
$200
$0
250MM
Rating Distribution
Obligor
$2,500
NR
Aaa
$2,000
Number
400
300
200
100
0
2009‐2010 Number of Deals by Issue Size
250MM
Utilities
Sector
Transportation
Education
A
$ in Millions
$1,500
$1,000
$500
Public Facilities
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
PENNSYLVANIA ST TPK COMMN TPK 12/1/2039 $275.00 6.105 165 Aa3/A+/A+ 06/22/2009 709223VZ1
PENNSYLVANIA ST 5/1/2030 $274.11 5.350 111 Aa1/AA/AA+ 05/19/2010 70914PNE8
COMMONWEALTH FING AUTH PA REV 6/1/2039 $269.80 6.218 181.9 Aa3/AA‐/AA 11/04/2009 20281PCT7
PENNSYLVANIA ST 2/15/2030 $262.01 5.450 80 Aa1/AA/AA+ 01/13/2010 70914PMJ8
PENNSYLVANIA ST 2/15/2026 $256.03 4.650 90 Aa1/AA/AA+ 01/13/2010 70914PME9
PENNSYLVANIA ECONOMIC DEV FING 6/15/2039 $167.86 6.532 182 Aa3/NA/AA‐ 04/16/2010 70869PFT9
PENNSYLVANIA ST TPK COMMN OIL 12/1/2037 $127.17 5.848 180 Aa3/AA/NA 10/07/2009 709221TF2
PHILADELPHIA PA SCH DIST 6/1/2040 $119.07 6.765 205 Aa2/A+/AA‐ 03/10/2010 717883KL5
PENNSYLVANIA ST TPK COMMN OIL 12/1/2037 $102.51 6.378 233 A2/A+/NA
10/07/2009 709221TG0
PENNSYLVANIA ST HIGHER EDL 4/1/2040 $74.12 6.291 160 Aa3/A+/NA 04/14/2010 70917RB61
Qualified School Construction Bonds
Recovery Zone Bonds
LYCOMING CNTY PA 8/15/2040 $3.06 6.599 185 Aa3/AAA/NA 04/01/2010 550799PA2
LYCOMING CNTY PA 8/15/2030 $0.69 6.349 160 Aa3/AAA/NA 04/01/2010 550799NZ9
LYCOMING CNTY PA 8/15/2020 $0.06 5.099 125 Aa3/AAA/NA 04/01/2010 550799NY2
N/A
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Piper Jaffray Taxable Municipal Guide