Takeaway: Year over year, new issue volume has been down in every month of 2018 except April and July Source: Thomson Reuters (9/28/18)

Takeaway: Across the ten sectors where issuance volume is tracked, only Public Facilities and Utilities have experienced higher issuance volume in 2018 vs. 2017 Source: Thomson Reuters (9/28/18)

Takeaway: While new money issuance is up by >25% in 2018, refunding and combined issuances are down by >49% and >53%, respectively Source: Thomson Reuters (9/28/18)

Takeaways: YTD total issuance volume in 2018 (~$249 billion) is down almost 15% compared to 2017 (~$293 billion) For the first half of 2018, South Carolina issuance volume is down by <2% ($1.207 billion vs. $1.229 billion) Source: Thomson Reuters (9/28/18)

Takeaway: The average underwriting spread between 2017 and 2018 dropped by almost 6%; over the last decade, spreads have dropped by >31% * Does not include (a) private placements, (b) short term notes maturing in under 13 months, and (c) remarketing of VRDBs Source: Thomson Reuters/The Bond Buyer (8/20/2018)

Issuance Volume Banker Anxiety Takeaway: There is an inverse relationship between issuance volume and banker anxiety Source: Any banker

Question: How has the 2017 Tax Act affected your approach to structuring ‎new bond issues and analyzing future refunding opportunities?

Question: As it relates to your and/or your firm’s business model, post-2017 tax reform what sectors/credits/ geographic regions are faring better or worse than others? Was anyone not impacted at all?

Question: What is the next watershed event that will impact the way you presently do business?

Question: What should a borrower consider when weighing whether to execute a placement or an underwriting? Are there any factors in this consideration that have taken on a higher or lesser level of importance post-2017 tax reform?

Question: What kind of projects/deals/ credits are best suited to a placement rather than an underwriting?

Question: How do you think the mix of placements and underwritings will look in 2019 and beyond?