Municipal Market Yields

Values at 7/11/2003 -- Basis Point Change from 7/3/2003

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Aaa Aa A Baa 2004 1.03 +02 1.17 +02 1.40 +03 1.74 +03 2008 2.23 -01 2.38 -01 2.63 00 2.92 00 2013 3.31 -01 3.48 -01 3.76 00 4.06 00 2018 3.95 -01 4.12 -01 4.40 00 4.70 00 2023 4.37 00 4.54 00 4.80 +02 5.10 +02 2028 4.51 00 4.66 00 4.94 +02 5.24 +02 2033 4.55 00 4.70 00 4.98 +02 5.28 +02 (+) Prices increase, yields decline. (-) Prices decline, yields increase. (00) Prices and yields unchanged. Source: Delphis Hanover Corp.

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