2005 2004
Volume No. of Volume No. of Pct.
($000s) Issues ($000s) Issues Chg
TOTAL $7,094,300 191 $7,850,800 187 -9.6 %
First Quarter 1,288,900 41 852,800 28 +51.1
Second Quarter 1,510,400 47 1,942,400 47 -22.2
Third Quarter 2,802,100 49 2,752,400 50 +1.8
Fourth Quarter 1,492,900 54 2,303,200 62 -35.2
Development 284,200 19 70,300 9 +304.3
Education 1,957,400 48 1,670,800 47 +17.2
Electric Power 330,400 5 83,400 2 +296.2
Environmental Facilities 200,900 4 114,000 9 +76.2
Health Care 831,100 22 619,100 20 +34.2
Housing 156,200 16 491,800 28 -68.2
Public Facilities 297,100 12 134,700 6 +120.6
Transportation 403,100 6 1,552,700 13 -74.0
Utilities 885,100 21 1,776,900 24 -50.2
General Purpose 1,748,800 38 1,337,100 29 +30.8
Tax-Exempt 6,605,200 142 7,079,400 149 -6.7
Taxable 347,900 34 270,800 22 +28.5
Minimum-Tax 141,200 15 500,600 16 -71.8
New-Money 3,732,300 139 5,086,100 134 -26.6
Refunding 1,841,800 41 1,854,900 34 -0.7
Combined 1,520,200 11 909,800 19 +67.1
Negotiated 5,318,700 160 6,292,500 160 -15.5
Competitive 1,706,100 18 1,469,700 14 +16.1
Private Placements 69,500 13 88,600 13 -21.6
Revenue 4,855,100 155 6,002,500 154 -19.1
General Obligation 2,239,200 36 1,848,300 33 +21.1
Fixed-Rate 5,074,700 134 5,997,000 121 -15.4
Auction-Rate 841,500 11 741,600 10 +13.5
Variable-Rate (Short Put) 1,141,800 44 1,087,900 53 +5.0
Variable-Rate (Long Put) 1,300 12,000 2 -89.2
Zero-Coupon 35,000 12,300 2 +184.6
Bank-Qualified 58,000 10 73,300 14 -20.9
Bond Insurance 3,306,000 79 4,537,000 66 -27.1
Letters of Credit 653,100 34 879,800 42 -25.8
Insured Mortgages 27,500 65,200 5 -57.8
Standby Purchase Agreements 7,900 3 0 0 n.m.
Collateralization 0 0 1,000 1 -100.0
State Government 1,035,700 3 944,000 4 +9.7
State Agencies 1,095,200 14 267,900 11 +308.8
Municipalities 1,271,000 39 3,932,200 55 -67.7
Local Authorities 3,664,500 134 2,565,800 113 +42.8
Colleges & Universities 0 0 85,000 1 -100.0
Direct Issuers 27,800 1 55,900 3 -50.3
Private placements and municipal forwards are included, but short-term notes and remarketings are excluded. n.m. -- not meaningful; unch -- unchanged. Source: Thomson Financial (1/14/06)
