Zions Direct : Zions Direct Municipal Bond Market Snapshot for Week Ending April 26, 2013

  Zions Direct : Zions Direct Municipal Bond Market Snapshot for Week Ending
                                April 26, 2013


                                Russell Fisher
                                Vice President
                                (801) 844-7826

                               Alison Andersen
                            Communications Officer
                                (801) 844-7710

  Zions Direct Municipal Bond Market Snapshot for Week Ending April 26, 2013

 Auction results and MSRB trade data for the week of April 22, 2013 to April
                                   26, 2013

   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. Since 2006, Zions Direct has auctioned
          over $2 billion in more than 9,000 fixed-income auctions.

           Municipal Bond Auction Comparison Data(auction data from

   Issuer                                Term     Rating     Auction Yield
   Grand River Dam Auth, OK Rev          1 Month  Insured A  0.89%
   Tulsa, OK GO                          1 Month  AA         0.89%
   State of Ohio, Rev                    1 Month  Insured AA 0.98%
   Louisiana Ctzn Prty Insr Corp, LA Rev 1 Month  Insured A  1.09%
   Little Lake City Sch Dist, CA GO      2 Month  Insured AA 0.80%
   Beekmantown Cntl Sch Dist, NY GO      2 Month  BBB        0.90%
   Tullahoma, TN GO                      2 Month  Insured AA 0.98%
   Coconino Cnty Cmnty Clg, AZ GO        2 Month  AA         1.00%
   Boulder Cnty, CO Rev                  3 Month  AA         0.80%
   El Paso, TX GO                        4 Month  Insured A  0.83%
   Titus County Hospital, TX GO          4 Month  Insured A  0.99%
   Peace River / Manasota Wat, FL Rev    5 Month  Insured AA 0.84%
   University of Pittsburgh, PA Rev      5 Month  Insured AA 0.85%
   Exeter Twp Sch Dist, PA GO            6 Month  AA         0.75%
   Clark Cnty, NV GO                     6 Month  Insured AA 0.99%
   Toms River, NJ GO                     7 Month  AA         0.82%
   St Clair Cnty Brd of Ed, AL GO        9 Month  Insured AA 1.05%
   Anderson Cnty Sch Dist #3, SC GO      10 Month AA         0.90%
   Richland Cnty Sch Dist #1, SC GO      10 Month AA         0.95%
   Big Spring Sch Dist, PA GO            10 Month A          1.30%
   Cabarrus Cnty, NC Cop                 11 Month AA         0.95%
   Redmond Sch Dist #2J, OR GO           13 Month AA         1.10%
   Springfield, OR Rev                   13 Month AA         1.10%
   Arizona Trans Brd, AZ Rev             14 Month Insured AA 1.00%
   Chemeketa Cmnty Clg Dist, OR GO       14 Month A          1.16%
   Pima Cnty Indl Dev Auth, AZ Rev       16 Month AA         1.25%
   Chagrin Falls Vlg Sch Dist, OH GO     19 Month Insured AA 0.83%
   Reynolds Sch Dist #7, OR GO           2 Year   AA         1.35%

 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.

          Municipal Bonds' Average Yields Trade Data* (source: MSRB)

                          2013  2014  2015  2016  2018  2020  2023
           Rating         <9mo  1 yr  2 yr  3 yr  5 yr  7 yr  10 yr
           AAA            0.27% 0.32% 0.40% 0.57% 0.81% 1.18% 1.59%
           AA             0.31% 0.33% 0.45% 0.65% 0.99% 1.44% 1.94%
           A              0.34% 0.44% 1.30% 0.87% 1.27% 1.83% 2.32%
           BBB            0.89% 1.17% 1.77% 2.82% 1.85% 3.61% 3.56%
           Insured AAA-AA 0.47% 0.47% 0.53% 0.71% 1.03% 1.42% 1.89%

   *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.


  For more information about Zions Direct and to sign up to receive the free
weekly e-newsletter, visit zionsdirect.com. This and past Market Snapshots can
                      be found at think.zionsdirect.com.

                    Market Snapshot Information Disclaimer
   MSRB bond trade data displayed as weighted average yield. Municipal bond
 information from MSRB as of April 26, 2013. The Trade Data was developed by
    BondDesk Group based on information from MSRB's Real-Time Transaction
    Reporting System, and excludes transactions in taxable bonds. Auction
information from auctions.zionsdirect.com as of April 26, 2013. The aggregate
 rating for each bond is based on average ratings from Moody's and S&P (when

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.

 Municipal bonds are exempt from federal tax and may or may not be tax-exempt
in individual states. The inclusion of municipal bonds selected by tax-exempt
 status is generated from pertinent federal tax attributes as populated from
                   Muller, IDC, and/or BD ATS data sources.


   Investment products and services offered through Zions Direct, member of

  Investment Products: Not FDIC Insured · No Bank Guarantee · May Lose Value

      Zions Direct is a wholly owned non-bank subsidiary of Zions Bank.



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    (i) the releases contained herein are protected by copyright and other
                             applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
                        information contained therein.

                 Source: Zions Direct via Thomson Reuters ONE
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