Bloomberg Municipal Market Q2 StatBook

2Q 2013 STAT Book
AUG. 1, 2013
MUNICIPAL MARKET
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<
Sponsored by
Change comes at the margin, and in municipals during the second quarter of 2013
this meant certain issuers deciding not to honor their full faith and credit general
obligations. States and municipalities borrowed less as interest rates rose. The
Story of the Year, the Detroit bankruptcy, was waiting in the wings.

Quarter in review
The most disturbing news of
the second quarter was that
certain municipalities, and
even one state’s lawmakers,
were having second thoughts
about paying their general
obligation debt.
Page 2
The Ratio
Yields soared after Fed chair-
man Bernanke said that the
Fed would begin to curtail
its monthly bond-buying
program. Tax-exempts yielded
100%-plus of Treasuries.
Page 4
YIELDS CLIMB
Benchmark 10-year AAA
municipal-bond yields surged
to 2.78 percent at the end
of the second quarter from
2 percent at the beginning
of the period, the big-
gest jump since the three
months through December
2010.Yields reached 2.96
percent on June 25, the
highest since April 2011.
Page 4
Volume Flags
States and municipalities
sold $188.4 billion in long-
and short-term securities
during the first half, down
11 percent from the $211.1
billion they sold during the
same period in 2012. Just
over 3 percent was insured.
Page 5
By the billion
Issuers sold four issues
of $2 billion-plus and
nine of at least $1 bil-
lion during the first half.
Page 5
who’s #1?
Bank of America Merrill
Lynch was the top under-
writer in 11 states, followed
by JPMorgan, which led
in nine. Fifteen different
underwiters took the top spot
somewhere in the market.
Page 6
the winner is
Bank of America Merrill
Lynch was the top under-
writer over all. The top 10
firms accounted for more
than 70 percent of the
bonds sold during the half.
Page 8
Spreads shrink
Underwriting spreads fell to
$5.34 per $1,000 bond, down
from $5.84 in 2012. North
Dakota paid the most, New
Jersey the least.
Page 9
PERFORMANCE REVIEW
During the worst quarterly
rout since 2010, tobacco and
housing debt were the only
two segments to lose less
than 2 percent, according
to data from Barclays Plc.
Page 10
rocky road
Issuers defaulted on almost
$7 billion in munis during
the first half. There were only
three Chapter 9 filings, none
of them for what is com-
monly considered a mu-
nicipality. Detroit came later.
Page 11
Contents
Second Quarter In Review
It used to be that a GO was a GO was a
GO. Investors took the municipal general
obligation full faith and credit pledge to
mean just that: A municipality promised to
do everything in its power to pay its debt.
Even in the unlikely event of a bank-
ruptcy, municipalities would pay their GO
debt, although, as many bond lawyers
pointed out, such debt usually wasn’t tied
to a specific stream of revenue, like, for
example, water and sewer bonds.
This was a tradition. Investors relied
on tradition, on market convention, and
so states and municipalities borrowing
money on their GO pledge did so on the
cheapest terms.
During the second quarter of 2013, it
became apparent that the GO pledge,
“sacrosanct,’’ and “inviolable’’ as many
analysts deemed it, wasn’t quite all it was
cracked up to be. If it wasn’t secured to a
particular stream of cash, sorry, bondhold-
ers, please join the unsecured creditors at
the end of the line.
There were exceptions, of course; in
Muniland, there always are. Some states
say specifically that GO bondholders have
a statutory lien on taxes. Some lawyers
insist that a GO bond by its very nature is
secured by the tax base.
What was starting to become apparent
to many analysts, investors and students
of the market was that some munici-
palities in bankruptcy, some in financial
distress (Harrisburg, Pennsylvania, and
Detroit, which hadn’t yet declared bank-
ruptcy) and some just because they
were having second thoughts (the state
of Rhode Island) either intended not to
pay their GO debt in full or were thinking
about it.
This realization may have profound ef-
fects on ratings, analysis and investment.
The other thing that became apparent
during the second quarter was that all
good things must come to an end, includ-
ing the Fed’s easy money policy. In June,
Fed chairman Ben S. Bernanke said
those days were not far off. Interest rates
shot higher, and the ratio of tax-exempt to
Treasury yields lodged over 100 percent.
Analysts lowered their forecasts for 2013’s
bond sales as opportunities for issuers to
refinance outstanding debt dwindled.
The Story of the Year lay somewhat in
the future. The housing recovery ac-
celerated, the high-yield muni market
seemed to revive, a bridge in Washington
collapsed signalling the inevitable hand-
wringing over the nation’s crumbling in-
frastructure should begin anew. Meredith
Whitney’s long-awaited book, ‘Fate of the
States’ was published.
In July, Detroit filed the largest ever
Chapter 9 municipal banbkruptcy.
— Joe Mysak
Bloomberg Brief Municipal Market
Newsletter Ted Merz
Executive Editor tmerz@bloomberg.net
212-617-2309
Bloomberg News William Glasgall
Managing Editor wglasgall@bloomberg.net
212-617-3023
Municipal Market Joe Mysak
Editor jmysakjr@bloomberg.net
212-617-2323
Reporter Brian Chappatta
bchappatta1@bloomberg.net
212-617-0698
Contributing Sowjana Sivaloganathan,
Analysts Bert Louis,Matthew Kelly
Newsletter Nick Ferris
Business Manager nferris2@bloomberg.net
212-617-6975
Advertising bbrief@bloomberg.net
212-617-6975
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07.31.13 www.bloombergbriefs.com Bloomberg Brief | Municipal Market 2
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Interest Rates
The Ratio Surges After Bernanke Says End of Bond Buying in Sight
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1.6
1.8
2.0
2.2
2.4
2.6
2.8
3.0
4/1 4/8 4/15 4/22 4/29 5/6 5/13 5/20 5/27 6/3 6/10 6/17 6/24
Yield(%)
Date
10-Year Muni Yields Surge in Worst Quarter Since 2010
10-Year AAA Muni Yield
Source: Bloomberg
85
90
95
100
105
110
115
4/1 4/8 4/15 4/22 4/29 5/6 5/13 5/20 5/27 6/3 6/10 6/17 6/24
Percentage
Date
Muni-Treasury Ratio Ends Where it Started in 2Q
10-Year Muni-Treasury Ratio
Source: Bloomberg
The 10-year muni-Treasury ratio ended
the second quarter of 2013 close to
where it started — about 107 percent.
The slump intensified after Fed Chair-
man Ben S. Bernanke made comments
during the penultimate week of June that
the central bank planned to slow bond-
buying this year and end purchases in
mid-2014 if the economy improves. The
average ratio since 2001 is about 93
percent, though in the past two years the
figure has averaged 102 percent.
— Brian Chappatta
Benchmark 10-year AAA yields surged
to 2.78 percent at the end of the second
quarter from 2 percent at the beginning
of the period, the biggest jump since the
three months through December 2010.
Yields reached 2.96 percent on June
25, the highest since April 2011. The day
before, institutional bondholders put the
most munis up for sale since at least
1996. Individuals pulled about $4.5 billion
from mutual funds in the week through
June 26, the most since at least 1992,
when Lipper US Fund Flows data begins.
The 10-year yield fell to as low as 1.76
percent on May 2 before climbing to 2013
highs by the end of the month.
— Brian Chappatta
Muni-Treasury Ratio Ends Where it Started in 2Q
10-Year Muni Yields Surge in Worst Quarter Since 2010
1 2 3 4 5 6 7 8 9 10 11 12

Issuers
States, Localities Sold $188 Billion in Both Long and Short-Term Securities During First Half
0
10
20
30
40
50
60
Jan Feb March April May June
Billions
2012 2013
Source: Bloomberg
States and municipalities sold $188.4 bil-
lion in short- and long-term securities, both
fixed- and variable-rate, during the first half of
2013, down 11 percent from the $211.1 billion
they sold during the same period in 2012.
Issuance flagged in June after Fed chairman
Ben S. Bernanke said the Fed would begin
to phase out its easing policy later in the year
and interest rates soared.
--Joe Mysak
Issuance Fell After Rates Rose
Issue State
Sale
Date
Book Running Lead Manager(s)
Sale
Method
Deal Size
($millions)
Bloomberg Market Sector
California-Various Purpose CA 4/8/2013 Bank of America Merrill Negotiated 2,630 General Obligation
California-Various Purpose CA 3/11/13 JP Morgan/Goldman Negotiated 2,472 General Obligation
New Jersey Econ Dev Auth-Sch Facs NJ 1/21/13 Bank of America Merrill Negotiated 2,253 Appropriations
Florida Hurricane Catastrophe FL 4/8/2013 Barclays Negotiated 2,000 Miscellaneous
University of California Regents CA 2/25/13 JP Morgan/Bank of America Merrill Negotiated 1,594 Higher Education
New Jersey Turnpike NJ 3/18/13 JP Morgan Negotiated 1,400 Toll Highways/Bridges/Tunnels
Los Angeles-TRANS CA 6/24/2013 E.J. De La Rosa Negotiated 1,325 General Obligation
Illinois IL 6/24/2013 Wells Fargo Bank Negotiated 1,300 General Obligation
Posey County-Midwest Fertilizer IN 6/24/2013 Guggenheim Negotiated 1,259 Economic Development
Iowa Fin Auth-IA Fertilizer IA 4/29/2013 Citigroup Negotiated 1,185 Economic Development
JobsOhio Beverage System Liquor OH 1/28/13 JP Morgan/Citigroup Negotiated 1,106 Miscellaneous Tax
New York City Transitional Finance NY 3/18/13 Wells Fargo/Citigroup Negotiated 1,001 Income Tax
Los Angeles County-TRANS CA 6/3/2013 Goldman Negotiated 1,000 General Obligation
New York City NY 2/25/13 Morgan Stanley/JP Morgan Competitive 973 General Obligation
Missouri Hgr Ed Loan MO 5/22/13 Morgan Stanley Negotiated 956 Student Loans
Pennsylvania PA 4/3/2013 Bank of America Merrill Competitive 950 General Obligation
New York City NY 5/20/2013 Bank of America Merrill Negotiated 949 General Obligation
New Jersey Transportation NJ 4/15/2013 Goldman Negotiated 877 Appropriations
New York State Urban Dev NY 3/11/13 Wells Fargo/JP Morgan Negotiated 843 Income Tax
Rutgers State Univ NJ 6/10/2013 Morgan Stanley Negotiated 827 Higher Education
Source: Bloomberg
Largest Debt Issuances First Half 2013
1 2 3 4 5 6 7 8 9 10 11 12

Underwriters
Who’s Number 1 Underwriter? BofA Merrill is Tops in 11 States, JPM in 9
The following table shows the top underwriter in the 50 states, District of Columbia, and Guam. The figures are calculated upon all
long-term debt issued in 2013 based on dated date, both fixed- and variable-rate, negotiated and competitive, with full credit given to the
lead manager. The results show that Bank of America Merrill Lynch was the top underwriter in 11 states, followed by JPMorgan in nine
and Citigroup in six. Fifteen different firms took the top spot somewhere in the municipal market.
— Joe Mysak
State Underwriter
Issuance
($Millions)
% of
Issuance
in State
State Underwriter
Issuance
($Millions)
% of
Issuance
in State
State Underwriter
Issuance
($Millions)
% of
Issuance
in State
CA Total 26,744
1 Bk of America Merrill 5,171 19
2 JP Morgan 4,170 16
3 Piper Jaffray 2,657 10
NY Total 15,955
1 Citigroup 2,488 16
2 Wells Fargo 2,066 13
TX Total 15,918
3 Raymond James 1,495 9
NJ Total 8,576
FL Total 7,150
1 Barclays 2,066 29
3 Wells Fargo 916 13
OH Total 6,951
2 Barclays 1,204 17
3 Stifel 779 11
PA Total 5,987
1 RBC Capital 1,277 21
2 Bank of America Merrill 1,228 21
3 Barclays 700 12
IL Total 5,819
2 Bank of America Merrill 862 15
3 Barclays 636 11
NC Total 4,899
2 Wells Fargo 1,157 24
3 Citigroup 659 13
VA Total 4,618
WA Total 4,171
1 Citigroup 934 22
2 JP Morgan 879 21
3 D.A. Davidson 538 13
AZ Total 3,905
1 JP Morgan 895 23
3 RBC Capital 679 17
WI Total 3,792
1 JP Morgan 867 23
2 Morgan Stanley 615 16
3 Robert W. Baird 429 11
MA Total 3,760
2 JP Morgan 668 18
MD Total 3,594
CO Total 2,902
1 RBC Capital 1,256 43
3 George K. Baum 271 9
MO Total 2,898
3 Piper Jaffray 327 11
IN Total 2,694
1 City Securities 791 29
3 Wells Fargo 163 6
MI Total 2,633
1 Stifel 561 21
2 Fifth Third 458 17
OR Total 2,590
1 Citigroup 784 30
2 Seattle-Northwest 397 15
GA Total 2,533
1 Bk of America Merrill 636 25
2 JP Morgan 573 23
LA Total 2,503
1 Raymond James 614 25
3 JP Morgan 315 13
IA Total 2,315
TN Total 2,224
2 Goldman Sachs 375 17
SC Total 2,158
2 JP Morgan 353 16
KY Total 2,059
2 Citigroup 386 19
MN Total 2,013
3 Northland 206 10
CT Total 1,727
1 Citigroup 428 25
OK Total 1,674
3 Bosc 171 10
AL Total 1,333
2 Merchant Capital 185 14
continued next page
1 2 3 4 5 6 7 8 9 10 11 12

State Underwriter
Issuance
($Millions)
% of
Issuance
in State
State Underwriter
Issuance
($Millions)
% of
Issuance
in State
State Underwriter
Issuance
($Millions)
% of
Issuance
in State
KS Total 1,004
3 Oppenheimer 96 10
NV Total 975
2 Citigroup 196 20
NM Total 975
2 William Blair 137 14
AK Total 908
1 Stephens 445 49
3 Crews & Associates 111 12
UT Total 852
1 JP Morgan 312 37
2 Zions 123 14
NE Total 786
1 Ameritas 298 38
3 JP Morgan 100 13
DE Total 734
1 JP Morgan 225 31
MS Total 713
2 Rice Financial 191 27
3 Duncan Williams 108 15
ME Total 685
3 Citigroup 95 14
RI Total 672
3 Janney Montgomery 98 15
AK Total 621
2 Citigroup 162 26
3 Keybanc 87 14
VT Total 422
2 RBC Capital 18 4
SD Total 406
1 Barclays 170 42
2 Dougherty 109 27
WV Total 389
3 Crews & Associates 47 12
MT Total 386
1 JP Morgan 162 42
3 RBC Capital 73 19
NH Total 311
2 RBC Capital 45 14
DC Total 195
ND Total 171
2 Dougherty 47 27
3 First Southwest 33 19
WY Total 140
2 Wells Fargo 27 19
HI Total 125
ID Total 105
1 Barclays 36 34
3 Municipal Capital 18 17
GU Total 23
1 Barclays 23 100
Source: Bloomberg Numbers run as of July 29,2013
Excludes derivatives & notes, full credit to bookrunning manager, based on dated date
Underwriters
what state offers the best value in
the municipal market?mbm
<Go>
1 2 3 4 5 6 7 8 9 10 11 12

Underwriters
Q1-Q2 2013 Position Underwriter Issuance ($billions) % Issuance
1 Bank of America Merrill 25.70 15.3
2 JP Morgan 22.22 13.2
3 Citigroup 17.60 10.5
4 Morgan Stanley 9.83 5.8
5 RBC Capital 9.63 5.7
6 Wells Fargo 9.36 5.6
7 Barclays 9.34 5.5
8 Piper Jaffray 6.14 3.6
9 Raymond James 5.58 3.3
10 Robert W. Baird 5.20 3.1
Total 168.30
*excludes derivatives & notes, full credit to bookrunning manager, based on dated date
Top 10 Underwriters Q1-Q2 2013 ($billions) Numbers run as of July 24 2013
3 JP Morgan 5.00 13.3
4 Robert W. Baird 2.86 7.6
6 Raymond James 1.27 3.4
8 Hutchinson Shockey 0.99 2.6
10 Janney Montgomery 0.91 2.4
Total 37.54
*excludes derivatives & notes, full credit to bookrunning manager, based on dated date
Top 10 Competitive Underwriters Q1-Q2 2013 ($billions) Numbers run as of July 24 2013
2 JP Morgan 17.22 13.2
4 RBC Capital 9.11 7.0
5 Barclays 8.94 6.8
9 Stifel Nicolaus 4.85 3.7
10 Goldman 4.39 3.4
Total 130.76
*excludes derivatives & notes, full credit to bookrunning manager, based on dated date Source: Bloomberg
Top 10 Negotiated Underwriters Q2 2013 ($billions) Numbers run as of July 24 2013
1 2 3 4 5 6 7 8 9 10 11 12

UNDERWRITERS
The Average Cost of Municipal Underwriting: $5.34 a Bond
The map shows the average cost of bond issuance by state, using the cost of issuance/underwriter discount disclosed in official statements, weighted
by transaction size and expressed as a percentage. Translated into dollars and cents, the data show that New Jersey issuers paid the least to sell
bonds, $25,800 per $10 million borrowed, or $2.58 per $1,000 bond. It cost North Dakota issuers the most to tap the market, an average of almost
$200,000 to sell the same $10 million in bonds.The average underwriting cost across the entire municipal market was $5.34 per $1,000 bond. The
information on underwriting costs was collected from long-term transactions sold during the second quarter of 2013.
State
State
Code
Issuance
Volume
($Millions)
Cost of
Issuance
%
State
State
Code
Issuance
Volume
($Millions)
Cost of
Issuance
%
State
State
Code
Issuance
Volume
($Millions)
Cost of
Issuance
%
2Q 2013 State-by-State Cost of Issuance Excludes Derivatives, Notes
Source: Bloomberg Numbers run as of July 24, 2013
Source: Bloomberg
California CA 14,274 0.482
Texas TX 9,553 0.551
New York NY 6,832 0.533
New Jersey NJ 5,074 0.258
Illinois IL 4,489 0.418
Florida FL 3,971 0.554
Ohio OH 3,509 0.459
Pennsylvania PA 3,146 0.551
Virginia VA 2,948 0.364
Wisconsin WI 2,388 0.508
Massachusetts MA 2,170 0.347
Missouri MO 2,091 0.557
Iowa IA 2,000 1.333
Washington WA 1,877 0.499
Arizona AZ 1,873 0.729
Maryland MD 1,722 0.451
North Carolina NC 1,674 0.519
Colorado CO 1,608 0.572
Louisiana LA 1,593 0.624
Tennessee TN 1,506 0.601
Indiana IN 1,489 0.702
Michigan MI 1,487 0.499
South Carolina SC 1,380 0.428
Georgia GA 1,321 0.442
Minnesota MN 1,024 0.907
Oregon OR 980 0.470
Alabama AL 960 0.766
Kentucky KY 947 0.837
Nevada NV 898 0.365
Oklahoma OK 880 0.556
New Mexico NM 853 0.415
Connecticut CT 688 0.471
Utah UT 674 0.399
Kansas KS 596 0.981
Nebraska NE 542 0.913
Mississippi MS 535 0.814
Arkansas AR 496 0.835
Vermont VT 422 0.617
Rhode Island RI 388 0.496
Maine ME 350 0.666
Montana MT 315 0.682
Delaware DE 302 0.505
New Hampshire NH 223 0.527
Alaska AK 173 0.428
South Dakota SD 164 0.743
West Virginia WV 156 0.999
Wyoming WY 128 0.822
District of Columbia DC 87 -
Idaho ID 83 1.022
North Dakota ND 78 1.989
Total US 92,917 0.534
1 2 3 4 5 6 7 8 9 10 11 12

Investors
Ticker Name Management Company
2ND
Quarter
of 2013
Assets
Expense
ratio
MGMT
Fee
ATOIX US Alpine Ultra Short Tax Optimized Income Fund Alpine Woods Capital Investors 0.13 1,417 0.65 0.75
WUSMX US Wells Fargo Advantage Ultra Short-Term Muni Inc Wells Fargo Funds Management LLC 0.09 6,259 0.6 0.28
ORSYX US Oppenheimer Rochester Short Term Fund Muni Fund OppenheimerFunds -0.02 407 0.63 0.5
MUISX US BMO Ultra Short Tax Free BMO Asset Management -0.06 830 0.3 0.2
FMUSX US Federated Municipal Ultrashort Fund Federated Investment Management -0.11 3,543 0.53 0.4
WSBIX US Wells Fargo Advantage Short-Term Municipal Bond Fund Wells Fargo Funds Management LLC -0.12 5,642 0.4 0.3
DFSMX US DFA Short-Term Municipal Bond Portfolio DFA Dimensional Funds -0.16 1,647 0.22 0.2
WSTMX US Wells Fargo Advantage Short-Term Municipal Bond Fund Wells Fargo Funds Management LLC -0.17 5,642 0.6 0.3
SUMAX US SEI Tax Exempt Trust Short Duration Municipal Fund SEI Investments Management Corp -0.26 965 0.64 0.33
FMLCX US Fidelity Municipal Income 2015 Fund Fidelity Management & Research/USA -0.26 80 0.65 0.3
Source: Bloomberg
Ticker Name Management Company
2ND
Quarter
of 2013
Assets
Expense
ratio
MGMT
Fee
DFCMX US DFA California Short Term Municipal Bond Portfolio DFA Dimension Funds -0.33 457 0.23 0.2
HICOX US Colorado BondShares -- A Tax-Exempt Fund Freedom Funds Management Co -0.39 908 0.58 0.5
PCDIX US PIMCO California Short Duration Municipal Income Fund Pacific Investment Management Co LLC -0.44 207 0.33 0.33
SDCMX US Bernstein Short Duration California Municipal Portfolio Alliance Bernstein LP -0.57 87 0.67 0.45
SCTIX US Wells Fargo Advantage California Limited-Term Tax-Free Fund Wells Fargo Funds Management LLC -0.64 578 0.6 0.35
SDNYX US Bernstein Short Duration New York Municipal Portfolio Alliance Bernstein LP -0.66 103 0.64 0.45
CCSTX US Capital Group California Short-Term Municipal Fund Capital Guardian Trust Co -1.02 0.05 0.4 0.35
PTFSX US Pacific Capital Tax-Free Short Intermediate Securities Fund Boston Advisors LLLC -1.17 57 0.25 0.2
FCSTX US Fidelity California Short Intermediate Tax Free Bond Fund Fidelity Management & Research Co -1.2 751 0.35 0.37
ALABX US Williamsburg Investment Trust Alabama Tax-Free Bond Fund Leavell Investment Management Inc -1.33 33 0.65 0.35
Source: Bloomberg
Mutual Fund Performance — National Open End Funds
Mutual Fund Performance — Single State Open End Funds
Tobacco, Housing Did Best During First Half Market Rout
-5% -4% -3% -2% -1% 0%
IDR/PCR
Water and Sewer
Transportation
Education
Hospital
Special Tax
Leasing
Local G.O.
OVERALL INDEX
State G.O.
Resource Recovery
Electric
Housing
Tobacco
Sector
Tobacco, Housing Lose the Least During 2Q Market Rout
Total Return
Source: Barclays Plc.
During the worst quarterly rout since
2010, tobacco and housing debt were
the only two segments to lose less than
2 percent, according to Barclays Plc. To-
bacco has outperformed “because every-
body has been reinvesting their big turbo
payments,’’ said Lyle Fitterer, head of
tax-exempt fixed income for Wells Capital
Management, which oversees about $34
billion in munis. State GOs, the worst per-
former in 2012, lost 2.9 percent, less than
the overall index’s 3 percent decline. “In
this kind of market, people would rather
have high quality than lower quality,” said
Hugh McGuirk, head of municipal invest-
ments at T. Rowe Price Group Inc., which
oversees about $20 billion of munis.
— Brian Chappatta
Tobacco, Housing Lose the Least During 2Q Market Rout
1 2 3 4 5 6 7 8 9 10 11 12

INVESTORS
Fewer Deals, More Dollars, Defaulted During First Half
First Half Was Quiet for Municipal Bankruptcies. Biggest of All Was to Come in 3Q
Defaults
Bankruptcies
0
2
4
6
8
10
12
14
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Chapter 9 Filings
Source: Chapman & Cutler LLP
0
5
10
15
20
25
30
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Muni Defaults (Par in $ Billions)
Source: Distressed Debt Securities Newsletter
There were 20 issues in both monetary
and technical default totaling $6.96 billion
during the first half of 2013, according to
Richard Lehmann of the Distressed Debt
Securities Newsletter. The number of is-
sues was down from the 85 deals that de-
faulted during the first half of 2012, but up
from the $2.7 billion in dollar amount that
defaulted at the time. “Detroit is, of course,
the big story here with $6.446 billion in
bond debt outstanding,’’ Lehmann wrote.
In all of 2012, there were 156 issues in
default of $4.8 billion in debt.
--Joe Mysak
The first half of 2013 saw only three
Chapter 9 municipal bankruptcies, two
hospitals and a Nebraska sanitary district,
according to James Spiotto, bankruptcy
expert and partner at Chapman & Cutler
LLP in Chicago. On July 1, an Arkansas
improvement district filed. The biggest
bankruptcy of all was filed on Thursday,
July 18, by the city of Detroit. For all of
2012, there were 12 Chapter 9 filings,
down from the 18-year high of 13 in 2011.
--Joe Mysak
is municipal bond supply meeting demand in your state?
mbm
<go>
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File: 4635_Commitment
MysakQ2Stat
Insertion: July 22, 2013
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