DELAWARE: Full Year

2001 2000

Volume No. of Volume No. of Pct.

($000s) Issues ($000s) Issues Chg TOTAL $564,700 20 $1,062,900 20 -46.9 % First Quarter 27,000 2 11,700 1 +130.8 Second Quarter 90,600 5 834,900 11 -89.1 Third Quarter 238,200 4 93,800 4 +153.9 Fourth Quarter 208,900 9 122,500 4 +70.5 Development 24,500 2 10,300 1 +137.9 Education 80,800 5 609,500 7 -86.7 Electric Power 34,800 1 0 0 n.m. Environmental Facilities 34,500 1 70,100 4 -50.8 Health Care 0 0 0 0 unch Housing 85,300 4 51,500 1 +65.6 Public Facilities 0 0 0 0 unch Transportation 85,000 1 212,800 3 -60.1 Utilities 0 0 0 0 unch General Purpose 219,800 6 108,700 4 +102.2 Tax-Exempt 515,700 17 390,600 14 +32.0 Minimum-Tax 49,000 3 95,500 3 -48.7 Taxable 0 0 576,800 3 -100.0 New-Money 319,000 14 941,300 15 -66.1 Refunding 63,500 4 70,100 4 -9.4 Combined 182,200 2 51,500 1 +253.8 Negotiated 314,200 17 873,200 16 -64.0 Competitive 250,500 3 186,700 3 +34.2 Private Placements 0 0 3,000 1 -100.0 Revenue 324,900 13 954,200 16 -66.0 General Obligation 239,800 7 108,700 4 +120.6 Fixed-Rate 437,900 12 355,000 9 +23.4 Variable-Rate (Short Put) 92,300 7 567,200 8 -83.7 Variable-Rate (Long/No) 34,500 1 31,200 2 +10.6 Linked-Rate 0 0 109,500 1 -100.0 Bank-Qualified 5,100 2 16,700 4 -69.5 Bond Insurance 261,400 10 252,700 8 +3.4 Letters of Credit 39,600 3 23,300 3 +70.0 Standby Purchase Agreements 21,200 1 30,000 1 -29.3 State Governments 155,800 2 100,000 1 +55.8 State Agencies 230,300 8 349,000 10 -34.0 Municipalities 97,000 7 29,300 6 +231.1 Public Colleges 46,800 2 8,000 1 +485.0 Direct Issuers 34,800 1 576,500 2 -94.0 Private placements and municipal forwards are included, but short-term notes and remarketings are excluded. n.m. not meaningful; unch unchanged. Source: Thomson Financial Securities Data (1/13/02)