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COLORADO PIPER JAFFRAY INCOME INDEX

 Week Ending Previous Net
 01/07/94 Week Change(+)


SHORT TERM
 Prime Rate 6.00% 6.00% ---
 Money Market Mutual Funds 2.78% 2.76% +.02%
 Bank Money Market Savings 2.29% 2.29% ---
 Bank Interest Bearing Check. Acct. 1.55% 1.62% -.07%
 3 Month Treasury Bills 3.10% 3.00% +.10%
 3 Month Bank Cert. Of Dep. 3.10% 3.10% ---
 6 Month Treasury Bills 3.30% 3.25% +.05%
 1 Year Treasury Bills 3.55% 3.50% +.05%


INTERMEDIATE TERM
 2 Year Cert. Of Dep. 4.10% 4.05% +.05%
 5 Year Cert. Of Dep. 5.15% 4.55% +.60%
 5 Year Treasury Notes 5.15% 5.15% ---
 10 Year Treasury Notes 5.80% 5.75% +.05%
 5 Year Zero Coupon Bonds 5.35% 5.18% +.17%
 10 Year Zero Coupon Bonds 6.20% 6.00% +.20%
 5 Year Finance Co. Notes 5.80% 5.70% +.10%
 10 Year Finance Co. Notes 6.25% 6.35% -.10%
 U.S. Backed GNMA Bonds 6.20% 6.13% +.07%


LONG TERM
 20 Year Zero Coupon Bonds 6.95% 6.89% +.06%
 30 Year Treasury Bonds 6.34% 6.30% +.04%
 30 Year A-rated Indust. Bonds 7.20% 7.15% +.05%
 30 Year A-rated Utility Bonds 7.15% 7.00% +.15%


TAX EXEMPT MUNICIPAL BONDS - COLORADO
 5 Year A-rated Gen'l. Oblig. 4.00% 3.90% +.10%
 10 Year A-rated Gen'l. Oblig. 4.45% 4.35% +.10%
 15 Year A-rated Gen'l. Oblig. 5.10% 5.00% +.10%
 20 Year A-rated Gen'l. Oblig. 5.25% 5.15% +.10%
 30 Year Aa-rated Housing Rev. 5.70% 5.60% +.10%
 30 Year A-rated Hospital Rev. 5.75% 5.70% +.05%
 The above rates, gathered and supplied by Piper Jaffray Inc. (612-442-1888), are representative rates available from banks, savings institutions and broker/dealer firms in the area. Rates may vary according to locality, size of purchase and rating. They do not include issues that are subject to alternative minimum tax and do not reflect transaction charges, if any. The figures for investments with maturities shorter than a year reflect annualized rates of return.
 Fixed Income Marketing
 Rich Johnson 612/342-6662
 PIPER JAFFRAY INCOME INDEX
 MARKET COMMENTARY
 WEEK ENDING 01/07/94
 The bond market has rallied this week after seeing yields on 30- year Treasuries getting over 6.4% early in the week. An increasing number of analysts are now feeling that first and second quarter growth will not be as robust as the fourth quarter of '93. The 30-year Treasury due February 2023 closed Thursday to yield 6.34%, up from 6.30% last week.
 -0- 01/07/94 R
 /CONTACT: Judy Milbauer Morke, 612-342-6541, or Suzanne Oney, 612-342-6543, both of Piper Jaffray/
 (PJC)


CO: Piper Jaffray Companies, Inc. ST: Colorado IN: FIN SU: ECO

CP -- MN001B -- 0166 01/07/94 12:55 EST
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Publication:PR Newswire
Date:Jan 7, 1994
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