MuniOASTM - Accuracy You Can Count On

Selected Bond     
MICHIGAN ST 2.65's due 05/15/2024
Issued 04/18/2013
Callable at 100.000 on 05/15/2023 (AMERICAN)		 Pmt Frequency
Semiannual		 Amt Outstanding
17,225,000
Terms From:
Benchmark Yield Curve & Interest Rate Volatility
5% Callable Scale
1-yr
1.619
3-yr
1.801
5-yr
1.981
7-yr
2.158
10-yr
2.541
20-yr
3.138
30-yr
3.318
 Rates From:

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Volatility %  
Price or OAS?
Price
 OAS
 Income Tax Rate
 S/T Gains Rate
 L/T Gains Rate
 Horizon
  
Do the Magic!
Results
Valuation
Price
        		 Accrued Int.
        		 Muni OAS (bps)
        		 Conventional OAS (bps)*
        
Effective Risk Measures Duration Convexity DV 01   Yields YTC YTM
MuniOASTM Approach                              After-Tax                  
Conventional*                              Pre-Tax                  
*Conventional measures fail to reflect the negative effect of taxes on the prices of discount munis.


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