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THE COLORADO INCOME INDEX

 (IN PERCENTS)
 Week Ending Previous Net
 12/31/93 Week Change(+)
 SHORT TERM
 Prime Rate 6.00% 6.00% ---
 Money Market Mutual Funds 2.76% 2.72% +.04%
 Bank Money Market Savings 2.29% 2.29% ---
 Bank Interest Bearing Check. Acct. 1.62% 1.62% ---
 3 Month Treasury Bills 3.00% 3.10% -.10%
 3 Month Bank Cert. Of Dep. 3.10% 3.00% +.10%
 6 Month Treasury Bills 3.25% 3.30% -.05%
 1 Year Treasury Bills 3.50% 3.55% -.05%
 INTERMEDIATE TERM
 2 Year Cert. Of Dep. 4.05% 4.10% -.05%
 5 Year Cert. Of Dep. 4.55% 5.00% -.45%
 5 Year Treasury Notes 5.15% 5.20% -.05%
 10 Year Treasury Notes 5.75% 5.80% -.05%
 5 Year Zero Coupon Bonds 5.18% 5.25% -.07%
 10 Year Zero Coupon Bonds 6.00% 6.09% -.09%
 5 Year Finance Co. Notes 5.70% 5.75% -.05%
 10 Year Finance Co. Notes 6.35% 6.45% -.10%
 U.S. Backed GNMA Bonds 6.13% 6.17% -.04%
 LONG TERM
 20 Year Zero Coupon Bonds 6.89% 6.91% -.02%
 30 Year Treasury Bonds 6.30% 6.30% ---
 30 Year A-rated Indust. Bonds 7.15% 7.15% ---
 30 Year A-rated Utility Bonds 7.00% 7.20% -.20%
 TAX EXEMPT MUNICIPAL BONDS - COLORADO
 5 Year A-rated Gen'l. Oblig. 3.90% 3.90% ---
 10 Year A-rated Gen'l. Oblig. 4.35% 4.40% -.05%
 15 Year A-rated Gen'l. Oblig. 5.00% 5.00% ---
 20 Year A-rated Gen'l. Oblig. 5.15% 5.20% -.05%
 30 Year Aa-rated Housing Rev. 5.60% 5.60% ---
 30 Year A-rated Hospital Rev. 5.70% 5.60% +.10%
 The above rates, gathered and supplied by Piper Jaffray Inc. (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.
 PIPER JAFFRAY INCOME INDEX
 MARKET COMMENTARY
 WEEK ENDING 12/31/93
 The Bond Market remained basically unchanged this week on thin, quiet trade ahead of the new year. Even economic data suggesting continued economic expansion failed to rouse much of a reaction from market participants. Many are now looking to first quarter 1994 data to gauge whether inflation appears to be threatening.
 The 30-year treasury closed Thursday to yield 6.30%, unchanged from last week.
 /CONTACT: Fixed Income Research, Linda Bauch 612/342-6615/
 -0- 12/31/93
 /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

DS -- MN002C -- 8275 12/31/93 09:35 EST
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Publication:PR Newswire
Date:Dec 31, 1993
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