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Zions Direct Announces Corporate Bond Auction Results

Russell Fisher — Wed, 08 Feb 2012 15:00:26 +0000

Auctions of Corporate Bonds for week ending February 3, 2012

SALT LAKE CITY – Zions Direct, the online broker-dealer that allows its customers to purchase corporate bonds in its daily web-based auctions, announces its weekly auction results. In auctions closed from January 30, 2012 to February 3, 2012, investors purchasing corporate bonds in the auctions received average taxable yields 0.63 percentage points, or 63 basis points, higher than comparable bonds reported in FINRA’s Trade Reporting and Compliance Engine (TRACE).

Zions Direct, in conjunction with BondDesk Group LLC, regularly publishes a Market Snapshot for investors to help understand the current bond market, summarizing current weighted-average yields of investment-grade municipal and corporate bonds. Findings are compared against similar securities auctioned at Zions Direct Auctions. Since February 2007, Zions Direct has auctioned over 1.1 billion dollars in more than 4,000 fixed-income auctions.

ZIONS DIRECT / BONDDESK® MARKET SNAPSHOT

Corporate Bonds’ Average Yields Trade Data (source: FINRA’s TRACE)

	2011 – 2012	2012	2013	2014	2016	2018	2021
Rating	<9mo	1 yr	2 yr	3 yr	5 yr	7 yr	10 yr
AAA	0.21%	0.23%	0.26%	1.39%	1.23%	1.67%	2.07%
AA	0.26%	0.60%	1.08%	1.43%	2.21%	3.08%	3.63%
A	0.62%	0.69%	1.40%	2.17%	2.78%	3.60%	3.88%
BBB	0.95%	1.64%	2.00%	2.75%	3.46%	4.17%	4.42%

Corporate Bond Auction Comparison Data (auction data from auctions.zionsdirect.com)

Issuer	Term	Rating	Auction Yield	TRACE	Difference
				Avg Yield	(basis points)
John Deere Capital Corp	1 Month	A	1.69%	0.62%	107
JP Morgan / Bank One	1 Year	A	1.69%	0.69%	100
Caterpillar Fin Srvcs	14 Month	A	1.34%	0.69%	65
Hewlett-Packard Co	1 Month	BBB	1.85%	0.95%	90
Ontario (Province of)	4 Month	AA	1.25%	0.26%	99
General Electric Capital Corp	11 Month	AA	1.15%	0.60%	55
Autozone Inc.	16 Month	BBB	1.88%	1.64%	24
Caterpillar Fin Srvcs	1 Month	A	1.21%	0.62%	59
Dow Chemical Co	6 Month	BBB	1.84%	0.95%	89
Goldman Sachs Group Inc	9 Month	A	1.23%	0.69%	54
Wells Fargo & Company	1 Year	A	1.01%	0.69%	32
Costco Wholesale Corp	1 Month	A	1.15%	0.62%	53
General Electric Capital Corp	4 Month	AA	0.90%	0.26%	64
Citigroup, Inc.	8 Month	A	1.48%	0.62%	86
Diageo Capital PLC	1 Year	A	1.37%	0.69%	68
Target Corp	1 Month	A	0.95%	0.62%	33
Shell International Finance	1 Month	AA	0.93%	0.26%	67
Prudential Financial Inc	7 Month	BBB	1.26%	0.95%	31
Praxair Inc	9 Month	A	0.93%	0.69%	24
Average Difference					63

For more information on Zions Direct and the BondDesk Market Snapshot go to zionsdirect.com to sign up to receive the free weekly newsletter or visit think.zionsdirect.com to view a Market Snapshot archive.

THE INFORMATION IN THE MARKET SNAPSHOT IS NOT INTENDED TO SERVE AS THE BASIS FOR INVESTMENT DECISIONS. PAST PERFORMANCE IS NOT AN INDICATION OF FUTURE RESULTS.

About Zions Direct

Zions Direct is a broker-dealer that specializes in offering securities for self-directed and fixed income-focused investors. Zions Direct allows retail investors to buy FDIC-insured certificates of deposit, corporate and municipal bonds, and other investment products through its web-based Bond Store and auction platforms. In addition, clients can invest in stocks, mutual funds, and exchange-traded funds online or through a Zions Direct financial representative.

About BondDesk Group LLC

BondDesk Group LLC is a financial technology firm, providing enterprise-wide fixed income solutions to many of the top broker-dealers in North America. The BondDesk Alternative Trading System (ATS), run by BondDesk Trading LLC, connects broker-dealers through a centralized marketplace by offering a diverse pool of liquidity for odd-lot fixed income securities in multiple asset classes. The BondDesk ATS executes over 20,000 transactions per day by providing 2,000 broker-dealers access to 35,000 live and executable offerings from over 100 premier fixed income dealers. In addition, BondDesk Group is a leading provider of innovative fixed income wealth management solutions, advisor workstations and fixed income analytical tools and applications.

Market Snapshot Information Disclaimer

TRACE bond trade data displayed as weighted average yield. Corporate bond information from FINRA’s Trade Reporting and Compliance Engine (TRACE) as of February 3, 2012. The Trade Data was developed by BondDesk Group based on trade reporting information from TRACE, and excludes transactions in callable and floating-rate coupon bonds. Auction information from auctions.zionsdirect.com as of February 3, 2012. The aggregate rating for each bond is based on average ratings from Moody’s and S&P (when available).

Although information in this Market Snapshot is believed to be reliable, Zions Direct and BondDesk make no express or implied warranties of any kind regarding this information, including as to its accuracy or completeness. Auction data excludes bonds in undersubscribed auctions. Any specific weekly results may be heavily influenced by large, atypical volatility, trade volume, or other unusual investing events.

Terms are defined as follows: < 9 months = anything up to .75 years to maturity; 1 year = anything greater than 0.75 years up to 1.5 years to maturity; 2 years = anything greater than 1.5 years up to 2.5 years to maturity; 3 years = anything greater than 2.5 years up to 4 years to maturity; 5 years = anything greater than 4 years up to 6 years to maturity; 7 years = anything greater than 6 years up to 8.5 years to maturity; 10 years = anything greater than 8.5 years up to 11.5 years to maturity.

Investment products and services offered through Zions Direct, member of FINRA/SIPC, a non-bank subsidiary of Zions Bank are NOT insured by the FDIC or any federal or state governmental agency, are NOT deposits or other obligations of, or guaranteed by, Zions Bancorporation or its affiliates, and MAY be subject to investment risks, including the possible loss of principal value or amount invested.

Zions Direct Announces Corporate Bond Auction Results

Russell Fisher — Wed, 01 Feb 2012 15:00:41 +0000

Auctions of Corporate Bonds for week ending January 27, 2012

SALT LAKE CITY – Zions Direct, the online broker-dealer that allows its customers to purchase corporate bonds in its daily web-based auctions, announces its weekly auction results. In auctions closed from January 23, 2012 to January 27, 2012, investors purchasing corporate bonds in the auctions received average taxable yields 0.40 percentage points, or 40 basis points, higher than comparable bonds reported in FINRA’s Trade Reporting and Compliance Engine (TRACE).

Corporate Bonds’ Average Yields Trade Data (source: FINRA’s TRACE)

	2011 – 2012	2012	2013	2014	2016	2018	2021
Rating	<9mo	1 yr	2 yr	3 yr	5 yr	7 yr	10 yr
AAA	0.26%	0.36%	0.28%	1.51%	1.47%	1.78%	2.30%
AA	0.29%	0.63%	1.15%	1.52%	2.20%	3.40%	3.78%
A	0.64%	1.06%	1.48%	2.23%	2.81%	3.86%	4.25%
BBB	0.95%	1.79%	2.07%	2.74%	3.51%	4.40%	4.54%

Corporate Bond Auction Comparison Data (auction data from auctions.zionsdirect.com)

Issuer	Term	Rating	Auction Yield	TRACE	Difference
				Avg Yield	(basis points)
General Electric Capital Corp	1 Month	AA	0.64%	0.29%	35
Morgan Stanley	2 Month	A	0.93%	0.64%	29
Boeing Company	10 Month	A	0.84%	1.06%	-22
Georgia Power Co.	20 Month	A	1.30%	1.48%	-18
Vodafone Group PLC	1 Month	A	1.45%	0.64%	81
Time Warner Inc	3 Month	BBB	1.15%	0.95%	20
JP Morgan Chase & Co.	8 Month	A	0.92%	0.64%	28
AT&T Inc	1 Year	A	0.94%	1.06%	-12
Walt Disney Company	1 Month	A	0.90%	0.64%	26
General Electric Capital Corp	5 Month	AA	1.53%	0.29%	124
E.I. Du Pont de Nemours	1 Year	A	1.43%	1.06%	37
Analog Devices	2.5 Year	A	2.62%	1.48%	114
General Electric Cap (FDIC Ins)	1 Month	AA	0.90%	0.29%	61
Goldman Sachs Group Inc	6 Month	A	1.40%	0.64%	76
Boeing Capital Corp	11 Month	A	0.85%	1.06%	-21
John Deere Capital Corp	14 Month	A	1.14%	1.06%	08
Caterpillar Fin Srvcs	1 Month	A	1.45%	0.64%	81
Goldman Sachs Group Inc	7 Month	A	1.53%	0.64%	89
HSBC Finance Corp	10 Month	A	1.84%	1.06%	78
Dell Inc	19 Month	A	1.31%	1.48%	-18
Average Difference					40

THE INFORMATION IN THE MARKET SNAPSHOT IS NOT INTENDED TO SERVE AS THE BASIS FOR INVESTMENT DECISIONS. PAST PERFORMANCE IS NOT AN INDICATION OF FUTURE RESULTS.

About Zions Direct

TRACE bond trade data displayed as weighted average yield. Corporate bond information from FINRA’s Trade Reporting and Compliance Engine (TRACE) as of January 27, 2012. The Trade Data was developed by BondDesk Group based on trade reporting information from TRACE, and excludes transactions in callable and floating-rate coupon bonds. Auction information from auctions.zionsdirect.com as of January 27, 2012. The aggregate rating for each bond is based on average ratings from Moody’s and S&P (when available).

Zions Direct Announces Corporate Bond Auction Results

Russell Fisher — Wed, 25 Jan 2012 15:00:13 +0000

Auctions of Corporate Bonds for week ending January 20, 2012

SALT LAKE CITY – Zions Direct, the online broker-dealer that allows its customers to purchase corporate bonds in its daily web-based auctions, announces its weekly auction results. In auctions closed from January 16, 2012 to January 20, 2012, investors purchasing corporate bonds in the auctions received average taxable yields 0.29 percentage points, or 29 basis points, higher than comparable bonds reported in FINRA’s Trade Reporting and Compliance Engine (TRACE).

Corporate Bonds’ Average Yields Trade Data (source: FINRA’s TRACE)

	2011 – 2012	2012	2013	2014	2016	2018	2021
Rating	<9mo	1 yr	2 yr	3 yr	5 yr	7 yr	10 yr
AAA	0.19%	0.27%	0.44%	1.78%	0.88%	1.91%	2.14%
AA	0.33%	0.77%	1.20%	1.84%	2.58%	3.24%	3.90%
A	0.66%	0.98%	1.62%	2.54%	3.04%	3.79%	4.23%
BBB	0.98%	2.00%	2.33%	3.27%	3.77%	4.51%	4.44%

Corporate Bond Auction Comparison Data (auction data from auctions.zionsdirect.com)

Issuer	Term	Rating	Auction Yield	TRACE	Difference
				Avg Yield	(basis points)
Eli Lilly & Co	2 Month	A	1.01%	0.66%	35
Bank of America (FDIC Ins)	5 Month	AA	0.99%	0.33%	66
AT&T Inc (SBC Comm)	7 Month	A	1.23%	0.66%	57
General Electric Cap (FDIC Ins)	11 Month	AA	0.99%	0.77%	22
Goldman Sachs (FDIC Ins)	5 Month	AA	1.00%	0.33%	67
ConocoPhillips	9 Month	A	0.93%	0.66%	27
Praxair Inc	10 Month	A	0.91%	0.98%	-07
IBM Corp	10 Month	A	0.95%	0.98%	-04
JP Morgan Chase (FDIC Ins)	5 Month	AA	1.00%	0.33%	67
Citigroup Fndg Inc., (FDIC Ins)	9 Month	AA	0.89%	0.77%	12
E.I. Du Pont de Nemours	10 Month	A	0.95%	0.98%	-04
Diageo Capital PLC	1 Year	A	1.10%	0.98%	12
Goldman Sachs Group Inc	1 Month	A	0.99%	0.66%	33
Citigroup, Inc.	1 Month	A	1.08%	0.66%	42
Bank Of New York Mellon	9 Month	A	0.94%	0.98%	-04
Protective Life Ins Co	16 Month	A	1.34%	0.98%	36
Average Difference					29

THE INFORMATION IN THE MARKET SNAPSHOT IS NOT INTENDED TO SERVE AS THE BASIS FOR INVESTMENT DECISIONS. PAST PERFORMANCE IS NOT AN INDICATION OF FUTURE RESULTS.

About Zions Direct

TRACE bond trade data displayed as weighted average yield. Corporate bond information from FINRA’s Trade Reporting and Compliance Engine (TRACE) as of January 20, 2012. The Trade Data was developed by BondDesk Group based on trade reporting information from TRACE, and excludes transactions in callable and floating-rate coupon bonds. Auction information from auctions.zionsdirect.com as of January 20, 2012. The aggregate rating for each bond is based on average ratings from Moody’s and S&P (when available).

Zions Direct Announces Corporate Bond Auction Results

Russell Fisher — Wed, 18 Jan 2012 15:00:12 +0000

Auctions of Corporate Bonds for week ending January 13, 2012

SALT LAKE CITY – Zions Direct, the online broker-dealer that allows its customers to purchase corporate bonds in its daily web-based auctions, announces its weekly auction results. In auctions closed from January 9, 2012 to January 13, 2012, investors purchasing corporate bonds in the auctions received average taxable yields 0.17 percentage points, or 17 basis points, higher than comparable bonds reported in FINRA’s Trade Reporting and Compliance Engine (TRACE).

Corporate Bonds’ Average Yields Trade Data (source: FINRA’s TRACE)

	2011 – 2012	2012	2013	2014	2016	2018	2021
Rating	<9mo	1 yr	2 yr	3 yr	5 yr	7 yr	10 yr
AAA	0.16%	0.42%	0.23%	2.06%	0.95%	2.90%	2.17%
AA	0.38%	0.87%	1.30%	1.95%	2.69%	3.35%	4.09%
A	0.79%	1.39%	2.01%	2.48%	2.95%	4.23%	4.03%
BBB	1.49%	2.43%	2.88%	3.14%	4.16%	4.62%	4.59%

Corporate Bond Auction Comparison Data (auction data from auctions.zionsdirect.com)

Issuer	Term	Rating	Auction Yield	TRACE	Difference
				Avg Yield	(basis points)
National Rural Utilities	2 Month	A	1.10%	0.79%	31
Kraft Foods Inc	5 Month	BBB	1.42%	1.49%	-08
Walt Disney Company	11 Month	A	0.95%	1.39%	-44
Target Corp	2 Month	A	1.39%	0.79%	60
Time Warner Inc	4 Month	BBB	1.17%	1.49%	-32
Boeing Company	10 Month	A	1.00%	1.39%	-39
Pepsico Inc	4 Month	A	0.90%	0.79%	11
Johnson & Johnson	7 Month	AAA	1.00%	0.16%	84
Bellsouth Corp (AT&T)	10 Month	A	1.05%	1.39%	-34
Hewlett-Packard Co	1 Month	BBB	2.35%	1.49%	86
General Mills Inc	8 Month	BBB	1.25%	1.49%	-24
United Parcel Services	1 Year	AA	0.95%	0.87%	08
General Electric Capital Corp	1 Month	AA	2.35%	0.38%	197
Dow Chemical Co	7 Month	BBB	1.49%	1.49%	00
Abbott Labs	10 Month	A	0.95%	1.39%	-45
Average Difference					17

THE INFORMATION IN THE MARKET SNAPSHOT IS NOT INTENDED TO SERVE AS THE BASIS FOR INVESTMENT DECISIONS. PAST PERFORMANCE IS NOT AN INDICATION OF FUTURE RESULTS.

About Zions Direct

TRACE bond trade data displayed as weighted average yield. Corporate bond information from FINRA’s Trade Reporting and Compliance Engine (TRACE) as of January 13, 2012. The Trade Data was developed by BondDesk Group based on trade reporting information from TRACE, and excludes transactions in callable and floating-rate coupon bonds. Auction information from auctions.zionsdirect.com as of January 13, 2012. The aggregate rating for each bond is based on average ratings from Moody’s and S&P (when available).

Zions Direct Announces Corporate Bond Auction Results

Russell Fisher — Wed, 11 Jan 2012 15:00:26 +0000

Auctions of Corporate Bonds for week ending January 6, 2012

SALT LAKE CITY – Zions Direct, the online broker-dealer that allows its customers to purchase corporate bonds in its daily web-based auctions, announces its weekly auction results. In auctions closed from January 2, 2012 to January 6, 2012, investors purchasing corporate bonds in the auctions received average taxable yields 0.25 percentage points, or 25 basis points, higher than comparable bonds reported in FINRA’s Trade Reporting and Compliance Engine (TRACE).

Corporate Bonds’ Average Yields Trade Data (source: FINRA’s TRACE)

	2011 – 2012	2012	2013	2014	2016	2018	2021
Rating	<9mo	1 yr	2 yr	3 yr	5 yr	7 yr	10 yr
AAA	0.30%	0.44%	0.36%	1.79%	2.11%	2.82%	2.21%
AA	0.28%	0.86%	1.47%	1.92%	2.49%	3.41%	3.95%
A	1.22%	1.68%	2.18%	2.80%	2.93%	3.81%	4.26%
BBB	1.98%	2.86%	3.18%	3.43%	3.90%	4.66%	4.58%

Corporate Bond Auction Comparison Data (auction data from auctions.zionsdirect.com)

Issuer	Term	Rating	Auction Yield	TRACE	Difference
				Avg Yield	(basis points)
General Electric Capital Corp	1 Month	AA	1.23%	0.28%	95
Wal-Mart Stores Inc	3 Month	AA	0.94%	0.28%	66
Goldman Sachs Group Inc	7 Month	A	2.00%	1.22%	78
Hewlett-Packard Co	2 Month	BBB	1.45%	1.98%	-53
Natl Rural Utilities Co-op	2 Month	A	1.05%	1.22%	-17
US Bancorp (FDIC Ins)	4 Month	AA	0.93%	0.28%	65
Vodafone Group PLC	2 Month	A	1.39%	1.22%	17
Walt Disney Company	2 Month	A	1.02%	1.22%	-21
Shell International Finance	2 Month	AA	0.95%	0.28%	67
General Electric Capital Corp	2 Month	AA	0.90%	0.28%	62
John Deere Capital Corp	9 Month	A	1.09%	1.22%	-13
Blackrock Inc	11 Month	A	1.19%	1.68%	-49
Average Difference					25

THE INFORMATION IN THE MARKET SNAPSHOT IS NOT INTENDED TO SERVE AS THE BASIS FOR INVESTMENT DECISIONS. PAST PERFORMANCE IS NOT AN INDICATION OF FUTURE RESULTS.

About Zions Direct

TRACE bond trade data displayed as weighted average yield. Corporate bond information from FINRA’s Trade Reporting and Compliance Engine (TRACE) as of January 6, 2012. The Trade Data was developed by BondDesk Group based on trade reporting information from TRACE, and excludes transactions in callable and floating-rate coupon bonds. Auction information from auctions.zionsdirect.com as of January 6, 2012. The aggregate rating for each bond is based on average ratings from Moody’s and S&P (when available).

Zions Direct Announces Corporate Bond Auction Results

Russell Fisher — Wed, 04 Jan 2012 15:00:12 +0000

Auctions of Corporate Bonds for week ending December 30, 2011

SALT LAKE CITY – Zions Direct, the online broker-dealer that allows its customers to purchase corporate bonds in its daily web-based auctions, announces its weekly auction results. In auctions closed from December 26, 2011 to December 30, 2011, investors purchasing corporate bonds in the auctions received average taxable yields 0.40 percentage points, or 40 basis points, higher than comparable bonds reported in FINRA’s Trade Reporting and Compliance Engine (TRACE).

Corporate Bonds’ Average Yields Trade Data (source: FINRA’s TRACE)

	2011 – 2012	2012	2013	2014	2016	2018	2021
Rating	<9mo	1 yr	2 yr	3 yr	5 yr	7 yr	10 yr
AAA	0.75%	0.00%	0.37%	1.19%	1.51%	3.18%	2.08%
AA	0.23%	0.68%	1.47%	1.69%	2.39%	3.65%	3.97%
A	1.10%	1.43%	1.89%	2.35%	2.79%	4.09%	3.71%
BBB	1.19%	2.58%	3.23%	3.67%	4.38%	4.45%	4.51%

Corporate Bond Auction Comparison Data (auction data from auctions.zionsdirect.com)

Issuer	Term	Rating	Auction Yield	TRACE	Difference
				Avg Yield	(basis points)
Caterpillar Fin Srvcs	2 Month	A	0.78%	1.10%	-32
Pepsico Inc	5 Month	A	1.20%	1.10%	10
Time Warner Cable Inc	6 Month	BBB	1.95%	1.19%	76
Kimberly-Clark Corp	1 Month	A	1.46%	1.10%	36
Eli Lilly & Co	2 Month	A	1.01%	1.10%	-09
Goldman Sachs Group Inc	7 Month	A	2.63%	1.10%	153
JP Morgan Chase & Co.	1 Month	A	0.69%	1.10%	-41
General Electric Capital Corp	1 Month	AA	1.95%	0.23%	172
Costco Wholesale Corp	2 Month	A	0.92%	1.10%	-18
Wells Fargo & Company	10 Month	A	1.36%	1.43%	-07
Zions Bancorporation Senior Note	5 Year	BBB	5.43%	4.38%	105
Average Difference					40

THE INFORMATION IN THE MARKET SNAPSHOT IS NOT INTENDED TO SERVE AS THE BASIS FOR INVESTMENT DECISIONS. PAST PERFORMANCE IS NOT AN INDICATION OF FUTURE RESULTS.

About Zions Direct

TRACE bond trade data displayed as weighted average yield. Corporate bond information from FINRA’s Trade Reporting and Compliance Engine (TRACE) as of December 30, 2011. The Trade Data was developed by BondDesk Group based on trade reporting information from TRACE, and excludes transactions in callable and floating-rate coupon bonds. Auction information from auctions.zionsdirect.com as of December 30, 2011. The aggregate rating for each bond is based on average ratings from Moody’s and S&P (when available).

Zions Direct Announces Corporate Bond Auction Results

Russell Fisher — Wed, 28 Dec 2011 15:00:52 +0000

Auctions of Corporate Bonds for week ending December 23, 2011

SALT LAKE CITY – Zions Direct, the online broker-dealer that allows its customers to purchase corporate bonds in its daily web-based auctions, announces its weekly auction results. In auctions closed from December 19, 2011 to December 23, 2011, investors purchasing corporate bonds in the auctions received average taxable yields 0.20 percentage points, or 20 basis points, higher than comparable bonds reported in FINRA’s Trade Reporting and Compliance Engine (TRACE).

Corporate Bonds’ Average Yields Trade Data (source: FINRA’s TRACE)

	2011 – 2012	2012	2013	2014	2016	2018	2021
Rating	<9mo	1 yr	2 yr	3 yr	5 yr	7 yr	10 yr
AAA	0.29%	0.02%	0.61%	0.92%	1.17%	2.62%	2.20%
AA	0.33%	1.12%	1.39%	1.86%	2.37%	3.89%	3.98%
A	1.18%	1.67%	1.99%	2.63%	3.08%	4.05%	4.12%
BBB	2.01%	2.56%	2.59%	3.91%	4.16%	4.73%	4.70%

Corporate Bond Auction Comparison Data (auction data from auctions.zionsdirect.com)

Issuer	Term	Rating	Auction Yield	TRACE	Difference
				Avg Yield	(basis points)
General Electric Capital Corp	2 Month	AA	0.95%	0.33%	61
AT&T Inc (SBC Comm)	8 Month	A	1.24%	1.18%	06
John Deere Capital Corp	1 Year	A	1.30%	1.67%	-37
Goldman Sachs Group Inc	1 Month	A	1.99%	1.18%	81
Caterpillar Fin Srvcs	3 Month	A	1.49%	1.18%	31
Praxair Inc	11 Month	A	1.80%	1.67%	13
Daimler Finance NA LLC	1 Month	BBB	0.76%	2.01%	-125
Procter & Gamble Co	7 Month	AA	1.32%	0.33%	98
IBM Corp	11 Month	A	1.34%	1.67%	-33
Boeing Capital Corp	2 Month	A	0.61%	1.18%	-57
General Electric Capital Corp	6 Month	AA	0.91%	0.33%	58
General Mills Inc	8 Month	BBB	1.31%	2.01%	-70
Zions Bancorporation Senior Note	5 Year	BBB	5.40%	4.16%	124
Zions Bancorporation Senior Note	1 Year	BBB	3.88%	2.56%	132
Average Difference					20

THE INFORMATION IN THE MARKET SNAPSHOT IS NOT INTENDED TO SERVE AS THE BASIS FOR INVESTMENT DECISIONS. PAST PERFORMANCE IS NOT AN INDICATION OF FUTURE RESULTS.

About Zions Direct

TRACE bond trade data displayed as weighted average yield. Corporate bond information from FINRA’s Trade Reporting and Compliance Engine (TRACE) as of December 23, 2011. The Trade Data was developed by BondDesk Group based on trade reporting information from TRACE, and excludes transactions in callable and floating-rate coupon bonds. Auction information from auctions.zionsdirect.com as of December 23, 2011. The aggregate rating for each bond is based on average ratings from Moody’s and S&P (when available).

Zions Direct Announces Corporate Bond Auction Results

Russell Fisher — Wed, 21 Dec 2011 15:00:50 +0000

Auctions of Corporate Bonds for week ending December 16, 2011

SALT LAKE CITY – Zions Direct, the online broker-dealer that allows its customers to purchase corporate bonds in its daily web-based auctions, announces its weekly auction results. In auctions closed from December 12, 2011 to December 16, 2011, investors purchasing corporate bonds in the auctions received average taxable yields 0.16 percentage points, or 16 basis points, higher than comparable bonds reported in FINRA’s Trade Reporting and Compliance Engine (TRACE).

Corporate Bonds’ Average Yields Trade Data (source: FINRA’s TRACE)

	2011 – 2012	2012	2013	2014	2016	2018	2021
Rating	<9mo	1 yr	2 yr	3 yr	5 yr	7 yr	10 yr
AAA	0.29%	0.25%	0.56%	1.22%	1.24%	2.05%	2.34%
AA	0.26%	0.87%	1.38%	1.80%	2.29%	3.46%	3.98%
A	1.42%	1.62%	1.55%	2.67%	3.06%	3.81%	3.99%
BBB	2.20%	2.15%	2.28%	3.52%	3.89%	4.69%	4.65%

Corporate Bond Auction Comparison Data (auction data from auctions.zionsdirect.com)

Issuer	Term	Rating	Auction Yield	TRACE	Difference
				Avg Yield	(basis points)
John Deere Capital (FDIC Ins)	6 Month	AA	0.90%	0.26%	64
Dow Chemical Co	8 Month	BBB	1.30%	2.20%	-90
Citigroup Fndg Inc., (FDIC Ins)	10 Month	AA	1.19%	0.87%	32
John Deere Capital Corp	3 Month	A	1.19%	1.42%	-23
Goldman Sachs Group Inc	8 Month	A	2.28%	1.42%	86
Dow Chemical Co	8 Month	BBB	1.94%	2.20%	-26
General Electric Capital Corp	2 Month	AA	1.36%	0.26%	110
Target Corp	2 Month	A	1.50%	1.42%	08
Boeing Capital Corp	13 Month	A	2.00%	1.62%	38
Walt Disney Company	2 Month	A	1.25%	1.42%	-17
General Electric Cap (FDIC Ins)	6 Month	AA	1.10%	0.26%	84
E.I. Du Pont de Nemours	13 Month	A	1.74%	1.62%	12
Hewlett-Packard Co	2 Month	BBB	1.75%	2.20%	-45
JP Morgan Chase (FDIC Ins)	6 Month	AA	0.75%	0.26%	49
John Deere Capital Corp	9 Month	A	1.24%	1.62%	-38
Average Difference					16

THE INFORMATION IN THE MARKET SNAPSHOT IS NOT INTENDED TO SERVE AS THE BASIS FOR INVESTMENT DECISIONS. PAST PERFORMANCE IS NOT AN INDICATION OF FUTURE RESULTS.

About Zions Direct

TRACE bond trade data displayed as weighted average yield. Corporate bond information from FINRA’s Trade Reporting and Compliance Engine (TRACE) as of December 16, 2011. The Trade Data was developed by BondDesk Group based on trade reporting information from TRACE, and excludes transactions in callable and floating-rate coupon bonds. Auction information from auctions.zionsdirect.com as of December 16, 2011. The aggregate rating for each bond is based on average ratings from Moody’s and S&P (when available).

Zions Direct Announces Corporate Bond Auction Results

Russell Fisher — Wed, 14 Dec 2011 15:00:40 +0000

Auctions of Corporate Bonds for week ending December 9, 2011

SALT LAKE CITY – Zions Direct, the online broker-dealer that allows its customers to purchase corporate bonds in its daily web-based auctions, announces its weekly auction results. In auctions closed from December 5, 2011 to December 9, 2011, investors purchasing corporate bonds in the auctions received average taxable yields 0.03 percentage points, or 3 basis points, higher than comparable bonds reported in FINRA’s Trade Reporting and Compliance Engine (TRACE).

Corporate Bonds’ Average Yields Trade Data (source: FINRA’s TRACE)

	2011 – 2012	2012	2013	2014	2016	2018	2021
Rating	<9mo	1 yr	2 yr	3 yr	5 yr	7 yr	10 yr
AAA	0.94%	0.37%	0.48%	1.59%	1.04%	2.12%	2.48%
AA	0.21%	0.79%	1.19%	1.89%	2.34%	3.50%	3.92%
A	1.68%	1.86%	1.69%	2.71%	2.86%	3.83%	4.07%
BBB	1.89%	2.48%	2.50%	3.63%	3.98%	4.60%	4.84%

Corporate Bond Auction Comparison Data (auction data from auctions.zionsdirect.com)

Issuer	Term	Rating	Auction Yield	TRACE	Difference
				Avg Yield	(basis points)
Eli Lilly & Co	3 Month	A	0.81%	1.68%	-87
Bank of America (FDIC Ins)	6 Month	AA	0.90%	0.21%	69
Bellsouth Corp (AT&T)	11 Month	A	1.35%	1.86%	-51
Key Bank (FDIC Ins)	6 Month	AA	0.91%	0.21%	70
Wells Fargo & Company	10 Month	A	1.36%	1.86%	-50
Costco Wholesale Corp	3 Month	A	1.05%	1.68%	-63
Teva Pharma Fin III, LLC	6 Month	A	1.25%	1.68%	-43
General Electric Cap (FDIC Ins)	1 Year	AA	0.99%	0.79%	20
General Electric Capital Corp	2 Month	AA	0.85%	0.21%	64
Kraft Foods Inc	6 Month	BBB	2.10%	1.89%	21
Johnson & Johnson	8 Month	AAA	0.90%	0.94%	-04
General Electric Capital Corp	6 Month	AA	1.25%	0.21%	104
Wells Fargo (FDIC Ins)	6 Month	AA	0.90%	0.21%	69
ConocoPhillips	10 Month	A	1.13%	1.86%	-74
Average Difference					3

THE INFORMATION IN THE MARKET SNAPSHOT IS NOT INTENDED TO SERVE AS THE BASIS FOR INVESTMENT DECISIONS. PAST PERFORMANCE IS NOT AN INDICATION OF FUTURE RESULTS.

About Zions Direct

TRACE bond trade data displayed as weighted average yield. Corporate bond information from FINRA’s Trade Reporting and Compliance Engine (TRACE) as of December 9, 2011. The Trade Data was developed by BondDesk Group based on trade reporting information from TRACE, and excludes transactions in callable and floating-rate coupon bonds. Auction information from auctions.zionsdirect.com as of December 9, 2011. The aggregate rating for each bond is based on average ratings from Moody’s and S&P (when available).

Zions Direct Announces Corporate Bond Auction Results

Russell Fisher — Wed, 07 Dec 2011 15:00:14 +0000

Auctions of Corporate Bonds for week ending December 2, 2011

SALT LAKE CITY – Zions Direct, the online broker-dealer that allows its customers to purchase corporate bonds in its daily web-based auctions, announces its weekly auction results. In auctions closed from November 28, 2011 to December 2, 2011, investors purchasing corporate bonds in the auctions received average taxable yields 0.20 percentage points, or 20 basis points, lower than comparable bonds reported in FINRA’s Trade Reporting and Compliance Engine (TRACE).

Corporate Bonds’ Average Yields Trade Data (source: FINRA’s TRACE)

	2011 – 2012	2012	2013	2014	2016	2018	2021
Rating	<9mo	1 yr	2 yr	3 yr	5 yr	7 yr	10 yr
AAA	0.75%	0.23%	0.44%	1.57%	1.40%	2.26%	2.42%
AA	0.19%	0.94%	1.41%	1.99%	2.81%	3.62%	4.20%
A	1.79%	1.68%	1.84%	2.90%	3.31%	4.69%	4.49%
BBB	2.92%	2.37%	2.99%	3.93%	4.73%	5.06%	5.03%

Corporate Bond Auction Comparison Data (auction data from auctions.zionsdirect.com)

Issuer	Term	Rating	Auction Yield	TRACE	Difference
				Avg Yield	(basis points)
John Deere Capital Corp	3 Month	A	0.99%	1.79%	-80
AT&T Inc (SBC Comm)	8 Month	A	1.25%	1.79%	-54
General Mills Inc	9 Month	BBB	1.50%	2.37%	-87
Xerox Corp	5 Month	BBB	1.42%	2.92%	-150
JP Morgan / Bear Stearns Co	8 Month	A	1.50%	1.79%	-30
AT&T Inc (SBC Comm)	8 Month	A	1.25%	1.79%	-54
Sovereign Bank (FDIC Ins)	1 Month	AA	1.21%	0.19%	102
Praxair Inc	11 Month	A	1.70%	1.68%	02
Verizon New Jersey Inc	1 Month	A	1.15%	1.79%	-64
Goldman Sachs (FDIC Ins)	6 Month	AA	0.85%	0.19%	66
General Electric Capital Corp	10 Month	AA	1.30%	0.94%	36
General Electric Capital Corp	2 Month	AA	1.04%	0.19%	85
Time Warner Inc	5 Month	BBB	1.70%	2.92%	-122
Zions Bancorporation Senior Note	5 Year	BBB	5.79%	4.73%	106
Walt Disney Company	1 Year	A	1.20%	1.68%	-49
Average Difference					-20

THE INFORMATION IN THE MARKET SNAPSHOT IS NOT INTENDED TO SERVE AS THE BASIS FOR INVESTMENT DECISIONS. PAST PERFORMANCE IS NOT AN INDICATION OF FUTURE RESULTS.

About Zions Direct

TRACE bond trade data displayed as weighted average yield. Corporate bond information from FINRA’s Trade Reporting and Compliance Engine (TRACE) as of December 2, 2011. The Trade Data was developed by BondDesk Group based on trade reporting information from TRACE, and excludes transactions in callable and floating-rate coupon bonds. Auction information from auctions.zionsdirect.com as of December 2, 2011. The aggregate rating for each bond is based on average ratings from Moody’s and S&P (when available).