MASSACHUSETTS: First Half

1999 1998

Volume No. of Volume No. of Pct.

($000s) Issues ($000s) Issues Chg TOTAL $4,327,600 140 $5,259,400 155 17.7 % First Quarter 2,289,800 64 2,998,600 72 23.6 Second Quarter 2,037,800 76 2,260,800 83 9.9 Development 17,000 1 47,700 6 64.4 Education 689,000 35 733,600 30 6.1 Electric Power 0 0 0 0 unch Environmental 18,900 3 128,000 2 85.2 Health Care 557,100 12 829,200 17 32.8 Housing 214,400 11 556,500 12 61.5 Public Facilities 145,700 2 16,500 5 783.0 Transportation 1,142,000 7 1,222,400 7 6.6 Utilities 351,500 7 496,100 11 29.1 General Purpose 1,192,000 62 1,229,400 65 3.0 Tax-Exempt 3,826,500 126 4,595,600 140 16.7 Minimum-Tax 452,100 9 341,100 8 32.5 Taxable 49,000 5 322,700 7 84.8 New-Money 3,338,100 114 3,197,700 116 4.4 Refunding 644,700 20 1,483,200 31 56.5 Combined 344,800 6 578,500 8 40.4 Negotiated 2,991,300 68 4,051,900 78 26.2 Competitive 1,307,600 70 1,162,200 68 12.5 Private Placements 28,700 2 45,300 9 36.6 Revenue 2,942,400 58 3,024,700 68 2.7 General Obligation 1,385,200 82 2,234,700 87 38.0 Fixed-Rate 3,799,700 127 4,989,700 144 23.8 Variable (Short) 473,700 10 116,400 9 307.0 Variable (Long/No) 5,000 1 700 1 614.3 Zero-Coupon 27,200 2 73,400 1 62.9 Linked-Rate 22,000 1 79,200 3 72.2 Convertible 0 0 0 0 unch Bank-Qualified 206,000 54 251,900 64 18.2 Bond Insurance 2,445,200 71 3,463,600 88 29.4 Letters of Credit 112,000 3 33,600 5 233.3 Insured Mortgages 8,400 1 35,100 5 76.1 State Governments 495,100 2 1,100,000 3 55.0 State Agencies 2,829,900 56 3,227,000 62 12.3 Municipalities 980,600 81 828,300 82 18.4 Local Authorities 0 0 52,800 5 100.0 Public Colleges 22,000 1 42,000 1 47.6 Tribal Governments 0 0 0 0 unch Direct Issuers 0 0 9,300 2 100.0 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. (7/10/99)