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THE INCOME INDEX (In percents)

 COLORADO
 Week Ending Previous Net
 09/10/93 Week Change(+)
 SHORT TERM
 Prime Rate 6.00 6.00 ---
 Money Market Mutual Funds 2.68 2.68 ---
 Bank Money Market Savings 2.51 2.51 ---
 Bank Interest Bearing Check. Acct. 1.77 1.77 ---
 3 Month Treasury Bills 3.00 3.05 -.05
 3 Month Bank Cert. Of Dep. 2.90 3.00 -.10
 6 Month Treasury Bills 3.15 3.15 ---
 1 Year Treasury Bills 3.30 3.30 ---
 INTERMEDIATE TERM
 2 Year Cert. Of Dep. 3.75 3.85 -.10
 5 Year Cert. Of Dep. 5.00 5.05 -.05
 5 Year Treasury Notes 4.65 4.75 -.10
 10 Year Treasury Notes 5.25 5.40 -.15
 5 Year Zero Coupon Bonds 4.74 4.82 -.08
 10 Year Zero Coupon Bonds 5.60 5.74 -.14
 5 Year Finance Co. Notes 5.45 5.50 -.05
 10 Year Finance Co. Notes 6.05 6.15 -.10
 U.S. Backed GNMA Bonds 5.80 5.85 -.05
 LONG TERM
 20 Year Zero Coupon Bonds 6.58 6.65 -.07
 30 Year Treasury Bonds 5.90 6.05 -.15
 30 Year A-rated Indust. Bonds 6.78 6.74 +.04
 30 Year A-rated Utility Bonds 6.83 6.79 +.04
 TAX EXEMPT MUNICIPAL BONDS - COLORADO
 5 Year A-rated Gen'l. Oblig. 3.85 4.00 -.15
 10 Year A-rated Gen'l. Oblig. 3.50 4.60 -1.10
 15 Year A-rated Gen'l. Oblig. 5.00 5.10 -.10
 20 Year A-rated Gen'l. Oblig. 5.15 5.25 -.10
 30 Year Aa-rated Housing Rev. 5.45 5.60 -.15
 30 Year A-rated Hospital Rev. 5.50 5.65 -.15
 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 09/10/93
 The bond market rally rolls along this week with long term Treasuries in record low yield territory. At these levels, profit taking could take place, especially ahead of the inflation numbers. Exceptional values continue to be found in the municipal area as some muni yields are over 90 percent of the comparable Treasury yield. The 30-year Treasury due August 2023 closed to yield 5.90 percent, vs. 6.05 percent last week.
 Fixed Income Marketing: Rich Johnson 612-342-6662
 -0- 9/17/93
 /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

KH -- MN002C -- 2977 09/17/93 09:55 EDT
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Publication:PR Newswire
Date:Sep 17, 1993
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