TENNESSEE: First Half

2003 2002

Volume No. of Volume No. of Pct.

($000s) Issues ($000s) Issues Chg TOTAL $1,514,600 103 $3,089,500 107 -51.0 % First Quarter 608,600 47 1,019,100 50 -40.3 Second Quarter 906,000 56 2,070,400 57 -56.2 Development 12,400 3 17,100 3 -27.5 Education 223,200 20 817,100 20 -72.7 Electric Power 43,500 4 88,100 6 -50.6 Health Care 110,700 3 458,300 6 -75.8 Housing 168,300 18 170,000 4 -1.0 Public Facilities 20,100 2 252,700 4 -92.0 Transportation 42,100 2 121,000 4 -65.2 Utilities 36,400 12 170,200 24 -78.6 General Purpose 857,900 39 995,000 36 -13.8 Tax-Exempt 1,376,900 88 2,383,500 95 -42.2 Minimum-Tax 130,100 8 304,200 6 -57.2 Taxable 7,600 7 401,800 6 -98.1 New-Money 909,000 43 2,484,400 52 -63.4 Refunding 545,800 58 550,200 47 -0.8 Combined 59,800 2 54,900 8 +8.9 Negotiated 1,062,100 75 2,349,600 74 -54.8 Competitive 422,500 22 715,300 28 -40.9 Private Placements 30,000 6 24,600 5 +22.0 Revenue 712,100 49 2,066,000 51 -65.5 General Obligation 802,500 54 1,023,500 56 -21.6 Fixed-Rate 1,017,900 78 2,063,000 84 -50.7 Variable-Rate (Short Put) 369,000 20 513,100 18 -28.1 Variable-Rate (Long/No Put) 7,900 2 0 2 n.m. Zero-Coupon 0 0 7,800 3 -100.0 Linked-Rate 119,800 5 505,600 3 -76.3 Bank-Qualified 72,700 21 81,900 25 -11.2 Bond Insurance 715,600 50 911,500 50 -21.5 Letters of Credit 297,100 16 282,000 10 +5.4 Insured Mortgages 21,800 7 0 0 n.m. State Government 0 0 164,100 2 -100.0 Standby Purchase Agreements 0 0 125,100 3 -100.0 State Agencies 118,300 5 289,100 5 -59.1 Municipalities 703,000 61 784,300 67 -10.4 Local Authorities 693,400 37 1,346,400 30 -48.5 Direct Issuers 0 0 505,600 3 -100.0 Private placements and municipal forwards are included, but short-term notes and remarketings are excluded. n.m. -- not meaningful; unch -- unchanged. Source: Thomson Financial (7/12/03)