March 08, 2012 Addition

Differences between these numbers and what Bloomberg aggregates report:

Report data does not include: commercial paper with liquidity wraps; long-term fixed rate bonds with liquidity puts; closed-end fund variable rate preferred shares with liquidity wraps; tender option bonds. Will also not include bonds still outstanding that are no longer resetting. Outstandings are based in part on dated date and early call/mandatory redemption date, but also require a minimum of one reset before end of the month in order to accurately count remarketings and bonds converting to variable rate. In conflicts of liquidity provider reported between EMMA and Bloomberg, EMMA takes precedence. In conflicts of last reset date reported between EMMA and Bloomberg, the most recent reset date reported between the two takes precedence.

About the Report

A brief update to the municipal VRDO market for the period ending December 31, 2011, in excel format only.

Credits

SIFMA Research

• Director, Research: Sharon Sung