MICHIGAN: FIRST-QUARTER VOLUME

TOTAL $613,300 66 $1,563,600 116 60.8 %

January 373,800 20 465,100 37 19.6

February 158,400 29 437,700 41 63.8

March 81,100 17 660,800 38 87.7

Development 6,900 3 79,100 2 91.3

Education 186,400 18 291,800 35 36.1

Electric Power 0 0 9,000 2 100.0

Environmental 0 0 79,500 2 100.0

Health Care 268,800 5 305,700 13 12.1

Housing 73,800 4 216,200 7 65.9

Public Facilities 11,700 7 215,300 18 94.6

Transportation 3,300 2 243,400 4 98.6

Utilities 26,500 10 72,100 18 63.2

General Purpose 35,900 17 51,500 15 30.3

Tax-Exempt 581,000 62 1,461,800 112 60.3

Minimum-Tax 19,100 1 97,000 2 80.3

Taxable 13,200 3 4,800 2 175.0

New-Money 322,900 56 591,000 54 45.4

Refunding 273,500 9 918,000 58 70.2

Combined 16,900 1 54,600 4 69.0

Negotiated 414,300 21 1,236,900 68 66.5

Competitive 196,600 42 318,100 43 38.2

Private Placements 2,400 3 8,600 5 72.1

Revenue 374,300 21 1,181,600 46 68.3

General Obligation 239,000 45 382,000 70 37.4

Fixed-Rate 580,200 62 1,449,800 109 60.0

Variable-Rate 33,100 4 113,800 7 70.9

Bank-Qualified 65,600 29 152,200 48 56.9

Bond Insurance 139,800 15 701,900 40 80.1

Letters of Credit 36,200 3 110,800 7 67.3

Insured Mortgages 5,800 2 28,800 3 79.9

Surety Bonds 0 0 0 0 unch

State Governments 0 0 241,000 2 100.0

State Agencies 340,300 12 714,800 28 52.4

Municipalities 212,900 38 371,700 62 42.7

Local Authorities 60,100 16 225,100 23 73.3

Public Colleges 0 0 11,000 1 100.0

NOTES: Private placements and municipal forwards are included, but short-term notes and remarketings are excluded. n.m. - not meaningful; unch - unchanged. Source: Securities Data Co. (4/8/95 ===

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