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Market Makers & Participants <br /> • Underwriters(and their motto) <br /> — Firms that purchase bonds and distribute them to"the market" <br /> — "We're not happy until you're not happy" <br /> • Investors(and their motto) <br /> — Retail—focus is on Coupon rate <br /> • Tend to ignore actual yield <br /> — Institutional—focus is on Yield and Premium/Discount <br /> • Focus is on high sustained value—YTC, not YTM <br /> • Issuers <br /> — The highest compliment we can give our client is: <br /> "I wouldn't buy your bonds for my portfolio—the rate is too low." <br /> Public Sector Advisors a Springsted <br /> U.S. Financial Markets <br /> 1 <br /> Equity Markets Debt Markets Commodity Foreign Federal Reserve <br /> Markets Exchange System(Banks) <br /> 1 Markets <br /> Taxable Debt <br /> (Municipal Bonds) <br /> l <br /> Gov rnment Federal Corporate <br /> Securities Agencies Debt <br /> T-Bills GNMA Commerdal Paoer <br /> Notes FNMA Corporate Bonds <br /> Bonds FHLMC Preferred stock <br /> I <br /> Public Sector Advisors 7 Springsted <br />