FAS87 ASC715 discount rates and Moody's Rates

[david rigby]

Data as of 30-APR-10

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 5.13 5.13

Aa 5.44 5.33 5.39

A 5.60 5.56 5.58

Baa 5.98 6.15 6.07

Avg 5.67 5.54 5.61

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 0.68

Medium-Term (5-10 yrs) 2.33

Long-Term (10+ yrs) 4.03

[david rigby]

Data as of 28-MAY-10 (Friday before Memorial Day)

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 5.01 5.01

Aa 5.32 5.23 5.28

A 5.57 5.51 5.54

Baa 6.16 6.24 6.20

Avg 5.68 5.50 5.59

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 0.54

Medium-Term (5-10 yrs) 2.02

Long-Term (10+ yrs) 3.72

[david rigby]

Data as of 30-JUN-10

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 4.66 4.66

Aa 4.95 4.86 4.91

A 5.21 5.17 5.19

Baa 6.00 6.10 6.05

Avg 5.39 5.20 5.30

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 0.40

Medium-Term (5-10 yrs) 1.69

Long-Term (10+ yrs) 3.37

[david rigby]

Data as of 30-JUL-10 (Friday)

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 4.70 4.70

Aa 4.87 4.86 4.87

A 5.17 5.14 5.16

Baa 5.80 5.90 5.85

Avg 5.28 5.15 5.22

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 0.33

Medium-Term (5-10 yrs) 1.51

Long-Term (10+ yrs) 3.31

[david rigby]

Data as of 31-AUG-10 (Tuesday)

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 4.26 4.26

Aa 4.53 4.48 4.51

A 4.78 4.78 4.78

Baa 5.36 5.60 5.48

Avg 4.89 4.78 4.84

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 0.28

Medium-Term (5-10 yrs) 1.23

Long-Term (10+ yrs) 2.83

[david rigby]

Data as of 30-SEP-10 (Thursday)

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 4.54 4.54

Aa 4.71 4.62 4.67

A 4.93 4.93 4.93

Baa 5.45 5.70 5.58

Avg 5.03 4.95 4.99

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 0.24

Medium-Term (5-10 yrs) 1.16

Long-Term (10+ yrs) 2.92

[david rigby]

Data as of 29-OCT-10 (Friday)

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 4.75 4.75

Aa 4.97 4.89 4.93

A 5.21 5.17 5.19

Baa 5.70 5.86 5.78

Avg 5.29 5.17 5.23

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 0.19

Medium-Term (5-10 yrs) 1.06

Long-Term (10+ yrs) 3.08

[david rigby]

Data as of 30-NOV-10 (Tuesday)

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 4.79 4.79

Aa 5.03 4.93 4.98

A 5.28 5.21 5.25

Baa 5.75 5.93 5.84

Avg 5.35 5.21 5.29

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 0.23

Medium-Term (5-10 yrs) 1.24

Long-Term (10+ yrs) 3.22

[david rigby]

Data as of 31-DEC-10 (Friday)

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 4.88 4.88

Aa 5.23 5.07 5.15

A 5.45 5.35 5.40

Baa 5.93 6.02 5.98

Avg 5.54 5.33 5.44

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 0.32

Medium-Term (5-10 yrs) 1.64

Long-Term (10+ yrs) 3.65

[david rigby]

Data as of 31-JAN-11 (Monday)

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 5.12 5.12

Aa 5.34 5.28 5.31

A 5.61 5.52 5.57

Baa 6.05 6.15 6.10

Avg 5.67 5.52 5.60

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 0.27

Medium-Term (5-10 yrs) 1.56

Long-Term (10+ yrs) 3.75

[david rigby]

Data as of 28-FEB-11 (Monday)

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 5.09 5.09

Aa 5.27 5.17 5.22

A 5.51 5.45 5.48

Baa 5.92 6.06 5.99

Avg 5.57 5.44 5.51

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 0.25

Medium-Term (5-10 yrs) 1.68

Long-Term (10+ yrs) 3.73

[david rigby]

Data as of 31-MAR-11 (Thursday)

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 5.15 5.15

Aa 5.35 5.25 5.30

A 5.57 5.50 5.54

Baa 5.99 6.11 6.05

Avg 5.64 5.50 5.57

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 0.27

Medium-Term (5-10 yrs) 1.75

Long-Term (10+ yrs) 3.77

[david rigby]

Data as of 29-APR-11 (Friday)

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 5.09 5.09

Aa 5.20 5.15 5.18

A 5.46 5.38 5.42

Baa 5.86 5.93 5.90

Avg 5.51 5.39 5.45

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 0.23

Medium-Term (5-10 yrs) 1.48

Long-Term (10+ yrs) 3.63

[david rigby]

Data as of 31-MAY-11 (Tuesday)

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 4.94 4.94

Aa 5.00 5.01 5.01

A 5.23 5.21 5.22

Baa 5.64 5.75 5.70

Avg 5.29 5.23 5.26

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 0.18

Medium-Term (5-10 yrs) 1.21

Long-Term (10+ yrs) 3.35

[david rigby]

Data as of 30-JUN-11 (Thursday)

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 5.14 5.14

Aa 5.19 5.16 5.18

A 5.41 5.40 5.41

Baa 5.82 5.97 5.90

Avg 5.47 5.42 5.45

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 0.17

Medium-Term (5-10 yrs) 1.26

Long-Term (10+ yrs) 3.50

[david rigby]

Data as of 29-JUL-11 (Friday)

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 4.67 4.67

Aa 4.90 4.81 4.86

A 5.09 5.08 5.09

Baa 5.54 5.64 5.59

Avg 5.18 5.05 5.12

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 0.21

Medium-Term (5-10 yrs) 1.11

Long-Term (10+ yrs) 3.28

[david rigby]

Data as of 31-AUG-11 (Wednesday)

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 4.41 4.41

Aa 4.48 4.54 4.51

A 4.74 4.86 4.80

Baa 5.33 5.62 5.48

Avg 4.85 4.86 4.86

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 0.43

Medium-Term (5-10 yrs) 1.25

Long-Term (10+ yrs) 3.05

[david rigby]

Data as of 30-SEP-11 (Friday)

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 3.96 3.96

Aa 4.13 4.01 4.07

A 4.38 4.47 4.43

Baa 5.07 5.36 5.22

Avg 4.53 4.45 4.49

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 0.58

Medium-Term (5-10 yrs) 1.36

Long-Term (10+ yrs) 2.55

[david rigby]

Data as of 31-OCT-11 (Monday)

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 3.88 3.88

Aa 4.01 4.03 4.02

A 4.42 4.43 4.43

Baa 5.08 5.29 5.19

Avg 4.50 4.41 4.46

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 0.68

Medium-Term (5-10 yrs) 1.61

Long-Term (10+ yrs) 2.81

[david rigby]

Data as of 30-NOV-11 (Wednesday)

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 4.07 4.07

Aa 4.04 4.29 4.17

A 4.38 4.64 4.51

Baa 5.07 5.57 5.32

Avg 4.50 4.64 4.57

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 0.60

Medium-Term (5-10 yrs) 1.49

Long-Term (10+ yrs) 2.65

[Guest Liz Plauc]

Hi David, Do you by any chance have the yield averages for 11/23/11 and 12/8/11? Thank you!

[david rigby]

Hi David, Do you by any chance have the yield averages for 11/23/11 and 12/8/11? Thank you!

Sorry, I do not have those. Each day, Moody's posts the prior day's yield rates, but does not save the history. If you want history, you have to pay for it.

FYI, Data as of 20-DEC-11

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 3.87 3.87

Aa 3.95 4.00 3.98

A 4.28 4.38 4.33

Baa 5.03 5.38 5.21

Avg 4.42 4.41 4.42

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 0.54

Medium-Term (5-10 yrs) 1.34

Long-Term (10+ yrs) 2.50

[david rigby]

Data as of 30-DEC-11 (Friday)

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 3.77 3.77

Aa 3.91 3.90 3.91

A 4.24 4.34 4.29

Baa 4.99 5.33 5.16

Avg 4.38 4.34 4.36

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 0.60

Medium-Term (5-10 yrs) 1.39

Long-Term (10+ yrs) 2.49

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By the way, corresponding Bond Yield Averages for December 28 were (about) 2 basis points higher than 12/30/11. Corresponding rates for 12/23/11 were (about) 18-20 basis points higher than 12/30/11.

Some users/reviewers of these items have questioned whether these rates are appropriate for FAS87 purposes. I agree that Moody's rate may not be the best choice. However, I continue to post them as a reference, and not as a recommended discount rate.

If you desire to discuss what is an appropriate rate, you may contact me directly.

[david rigby]

Data as of 31-JAN-12 (Tuesday)

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 3.72 3.72

Aa 3.91 3.88 3.90

A 4.22 4.31 4.27

Baa 4.91 5.23 5.07

Avg 4.35 4.29 4.32

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 0.43

Medium-Term (5-10 yrs) 1.25

Long-Term (10+ yrs) 2.49

[david rigby]

I forgot to look up the rates from 02/29/2012, so here is the next day:

Data as of 01-MAR-12

Moody's Daily Long-term Corporate Bond Yield Averages

Utilities Industrial Corporate

Aaa NA 3.87 3.87

Aa 4.03 3.99 4.01

A 4.36 4.41 4.39

Baa 5.05 5.20 5.13

Avg 4.48 4.37 4.43

Moody's Daily Treasury Yield Averages

Short-Term (3-5 yrs) 0.60

Medium-Term (5-10 yrs) 1.45

Long-Term (10+ yrs) 2.70