Last Updated May 15, 2012

Rates
Years U.S.
Treasury
Uncollateralized
Inv. Agreement
Collateralized
Inv. Agreement
SIFMA
Swap
LIBOR
Swap
1 0.18% 0.94% 0.64% 0.30% 0.59%
1.5 0.22% 1.17% 0.87% 0.35% 0.62%
2 0.27% 1.25% 0.95% 0.40% 0.65%
3 0.37% 1.29% 0.79% 0.51% 0.74%
4 0.55% 1.31% 0.81% 0.67% 0.91%
5 0.74% 1.36% 0.86% 0.86% 1.11%
7 1.20% 1.86% 1.36% 1.21% 1.51%
10 1.79% 2.24% 1.74% 1.60% 1.94%
15 2.25% 2.69% 2.18% 2.01% 2.36%
20 2.48% 2.72% 2.23% 2.23% 2.52%
30 2.94% 2.75% 2.25% 2.45% 2.65%

Investment agreements generally allow funds to be drawn at any time, without cost or penalty, for fund purposes. DSRF amount of at least $1m and "A" rated issuer. Program Fund IA rates correspond to the anticipated average life, $20m.  All swap rates are mid market.

 

Interest at Closing
Years DSR % of
Invested Amount
Revenue Fund
% of Principal
5 20% 0.50%
7 26% 0.60%
10 34% 0.80%
15 43% 1.00%
20 52% 1.15%
30 60% 1.45%

The above percentages when multiplied by the DSR amount or the par amount of bonds indicate the amount of money that may be paid to the issuer at the closing of the investment, and represent the present value of the interest earnings over the specified term, Actual amounts will vary based on issuer credit. Revenue fund percentages assume 1/6, 1/12 deposits.

 

SIFMA Cap Prices in Basis Points at Closing
Years 4.00% 5.00% 6.00%
3 26 24 24
5 45 51 49
7 182 134 104
10 387 276 207
15 843 605 455

 

 

Market Indices
SIFMA Index 0.22%
1 mo. LIBOR 0.24%
3 mo. LIBOR 0.47%

  

Please note that all rates and prices are indications only.  IA rates do not include the valu-e of the option to withdraw at par under any market condition.
 
11845 W. Olympic Blvd., #540
Los Angeles, CA 90064
Tel:  (310) 954-8800
Fax: (310) 954-8900

Christopher Winters
cwinters@winters-co.com
 

 
2309 Ossenfort Road
St. Louis, MO 63038
Tel:  (636) 273-9440
Fax: (801) 469-0453

Patrick Murphy
patrick.murphy@winters-co.com