Portfolio Managers Report 08/24/2018

Friday, August 24, 2018
MANAGING DIRECTOR: Scott Carrithers PORTFOLIO SALES AND SERVICE: Steve Panknin • George Morris • Jeff Goble • Chris Thompson • Sean Doherty Kevin Doyle • Lonnie Harris • Mark Tranckino • Robert Schuyler • Tom Toburen • Josh Kiefer Nicole Burczyk • Kelley Frye • Natalie Regan • Aaron Stoffer • Chuck Honeywell • Gus Koppen

US Treasury Market
Date	1 mo	3 mo	6 mo	1 yr	2 yr	3 yr	5 yr	7 yr	10 yr	20 yr	30 yr
8/17/18	1.95	2.05	2.24	2.44	2.61	2.68	2.75	2.82	2.87	2.95	3.03
8/20/18	1.93	2.06	2.25	2.43	2.60	2.65	2.70	2.77	2.82	2.91	2.99
8/21/18	1.94	2.08	2.25	2.45	2.61	2.67	2.73	2.80	2.85	2.93	3.00
8/22/18	1.95	2.09	2.24	2.43	2.60	2.65	2.70	2.77	2.82	2.91	2.99
8/23/18	1.94	2.08	2.23	2.43	2.61	2.66	2.72	2.78	2.82	2.90	2.97

Source: U.S. Department of the Treasury, as of 08/23/2018

A Municipal Traders Perspective…

Municipals have performed very well this week as buyers continue to invest September 1 roll-off into a very light calendar. The competitive calendar is even lighter next week with only 42 total issues selling.

The market has also absorbed a heavy supply of bids wanted in both the short end (inside of 4 years) and long end (15 years+) of the curve. We encourage banks to take advantage of the strength in the short end of the market if you have liquidity needs.

The chart below shows the AAA muni curve vs. the US Treasury.

Recent example of a rated bank qualified issue:

This information is intended for institutional investors only. The material provided in this document/presentation is for informational purposes only and is intended solely for private use. Past performance is not indicative of future results. This material is not intended as an offer or solicitation for the purchase or sale of any financial instruments.

•Not FDIC Insured •No Bank Guarantee •May Lose Value