Bond Sales to Customers by Rating
(May 1998 - April 1999)
Rating Trades % of Total Par Value % of Total Average Size
AAA 2,013,932 65.1% $308,738,008,347 66.9% $153,301
AA 513,728 16.6% $84,471,555,681 18.3% $164,429
A 245,999 7.9% $32,161,936,567 7.0% $130,740
BBB 85,102 2.8% $14,245,823,206 3.1% $167,397
BB or Lower 11,782 0.4% $1,664,854,434 0.4% $141,305
Not Rated 220,418 7.1% $15,994,456,059 3.5% $72,564
Not Available 3,557 0.1% $4,331,391,979 0.9% $1,217,709
Total 3,094,518 100.0% $461,608,026,273 100.0% $149,170
 Rating based the highest rating among S&P, Moody's, Fitch and Duff & Phelps as of June 1999.

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