14 155 17 185 2 215 23 245 26 275 29 305 32 74 78 82 86 90 94 98 102 106 110 912016 7132017 5242018 492019 YIeld 10 Value Ratio 10Yr Rel Val Left Axis 10Yr UST 10Yr A ID: 835837
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1 1.4 1.55 1.7 1.85 2 2.15 2.3 2.45 2.6 2.
1.4 1.55 1.7 1.85 2 2.15 2.3 2.45 2.6 2.75
2 2.9 3.05 3.2 74 78 82 86 90 94 98 102 1
2.9 3.05 3.2 74 78 82 86 90 94 98 102 106
3 110 9/1/2016 7/13/2017 5/24/2018 4/9/20
110 9/1/2016 7/13/2017 5/24/2018 4/9/2019
4 YIeld (%) 10 - Yr Relative - Value Rat
YIeld (%) 10 - Yr Relative - Value Ratio
5 10-Yr Rel Val (Left Axis) 10-Yr UST 10-
10-Yr Rel Val (Left Axis) 10-Yr UST 10-Yr
6 AAA MMD 1 1.5 2 2.5 3 3.5 4 4.5 5 5.5 M
AAA MMD 1 1.5 2 2.5 3 3.5 4 4.5 5 5.5 Mar
7 '05 Mar '07 Mar '09 Mar '11 Mar '13 Mar
'05 Mar '07 Mar '09 Mar '11 Mar '13 Mar '
8 15 Mar '17 Mar '19 Yield (%) 10-YR UST
15 Mar '17 Mar '19 Yield (%) 10-YR UST 10
9 -YR AAA Muni 1.2 1.6 2 2.4 2.8 3.2 Mar 1
-YR AAA Muni 1.2 1.6 2 2.4 2.8 3.2 Mar 16
10 Mar 19 0 40 80 120 160 200 240 280 320 3
Mar 19 0 40 80 120 160 200 240 280 320 360
11 Feb '05 Nov '06 Aug '08 May '10 Feb '12
Feb '05 Nov '06 Aug '08 May '10 Feb '12 N
12 ov '13 Aug '15 Jun '17 Mar '19 Basis Poi
ov '13 Aug '15 Jun '17 Mar '19 Basis Point
13 s A A AVG BBB BBB AVG 70 90 110 Feb '16
s A A AVG BBB BBB AVG 70 90 110 Feb '16 Ma
14 r '19 41 53 65 Feb '16 Mar '19 0 20 40 6
r '19 41 53 65 Feb '16 Mar '19 0 20 40 60
15 80 100 120 10/1/1997 2/19/2003 7/2/2008
80 100 120 10/1/1997 2/19/2003 7/2/2008 11
16 /19/2013 4/9/2019 Spread to AAA (Basis P
/19/2013 4/9/2019 Spread to AAA (Basis Poi
17 nts) CT GO CT Appropriated 1.5 2 2.5 3 3
nts) CT GO CT Appropriated 1.5 2 2.5 3 3.5
18 4 4.5 5 5.5 6 10/01/1997 2/19/2003 7/2/
4 4.5 5 5.5 6 10/01/1997 2/19/2003 7/2/20
19 08 11/19/2013 4/9/2019 10 - Yr Nominal Y
08 11/19/2013 4/9/2019 10 - Yr Nominal Yie
20 ld (%) CT GO Yield CT Appropriated Yield
ld (%) CT GO Yield CT Appropriated Yield 0
21 0.5 1 1.5 2 2.5 3 3.5 1 2 3 4 5 6 7 8 9
0.5 1 1.5 2 2.5 3 3.5 1 2 3 4 5 6 7 8 9 1
22 0 11 12 13 14 15 16 17 18 19 20 21 22 23
0 11 12 13 14 15 16 17 18 19 20 21 22 23 2
23 4 25 26 27 28 29 30 Yield (%) 2015 2016
4 25 26 27 28 29 30 Yield (%) 2015 2016 20
24 17 2018 2019 0 5 10 15 20 25 30 35 40 Ja
17 2018 2019 0 5 10 15 20 25 30 35 40 Jan
25 Feb Mar Apr May Jun July Aug Sep Oct Nov
Feb Mar Apr May Jun July Aug Sep Oct Nov D
26 ec 0 7 14 21 28 35 42 Jan Feb Mar Apr Ma
ec 0 7 14 21 28 35 42 Jan Feb Mar Apr May
27 Jun Jul Aug Sep Oct Nov Dec Sector Min
Jun Jul Aug Sep Oct Nov Dec Sector Minim
28 um Rating* Commentary State GO & S
um Rating* Commentary State GO & Sta
29 te Appropriated A1/A+ Pe nsion/OPEB
te Appropriated A1/A+ Pe nsion/OPEB c
30 hallenges exist . High - tax state SA
hallenges exist . High - tax state SALT
31 challenges possible . Volatility / do
challenges possible . Volatility / down
32 grades continue . Be selective . Local
grades continue . Be selective . Local G
33 O Aa1/AA+ State aid, p ension chall
O Aa1/AA+ State aid, p ension challen
34 ges , and SALT challenges apparent. W
ges , and SALT challenges apparent. W e
35 strongly advocate selectivity and hig
strongly advocate selectivity and high
36 credit quality . Essential Service (W
credit quality . Essential Service (Wat
37 er & Sewer) A2 /A Essential purpos
er & Sewer) A2 /A Essential purpose
38 beneficial, where applicable ; capital
beneficial, where applicable ; capital ne
39 eds may create select challenges . US
eds may create select challenges . US Pu
40 blic Power A2 /A Favorable non - cyc
blic Power A2 /A Favorable non - cycli
41 cality of re venues; evolving power mark
cality of re venues; evolving power market
42 s and regulation may create select cha
s and regulation may create select chall
43 enges . State Housing Finance Agencies
enges . State Housing Finance Agencies
44 Aa2 /A A E xposed to housing market m
Aa2 /A A E xposed to housing market mom
45 entum ; d iversified business model s ;
entum ; d iversified business model s ; re
46 cession risk; SALT challenges in high -
cession risk; SALT challenges in high - ta
47 x states . Higher Education Aa3 /A A
x states . Higher Education Aa3 /A A -
48 We recommend higher - rated, well - e
We recommend higher - rated, well - est
49 ablished instituti ons due to student se
ablished instituti ons due to student sele
50 ctivity and price sensitivity . Tran
ctivity and price sensitivity . Transp
51 ortation A2 /A Bolstered by econom
ortation A2 /A Bolstered by economic
52 growth and manageable oil prices. R
growth and manageable oil prices. R e
53 cession risk exists. Not - for - Pro
cession risk exists. Not - for - Profi
54 t Hospitals A1 /A + Medicaid expansi
t Hospitals A1 /A + Medicaid expansion
55 support and near - term ACA stability
support and near - term ACA stability h
56 elp credit quality. Focus on larger sy
elp credit quality. Focus on larger syst
57 ems. Tax - Secured / Dedicated - Ta
ems. Tax - Secured / Dedicated - Tax
58 A1/A+ Generally less political r
A1/A+ Generally less political ris
59 k. We prefer high - quality income, sale
k. We prefer high - quality income, sales,
60 and utility tax bonds with no commingli
and utility tax bonds with no commingling