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Municipal Markets

Municipal Market 12.3.14

Muni Bond 30-Day Visible Supply Reaches Four-Year High as Rates Head Lower

December 3, 2014

Issuers have scheduled $20.9 billion of bond sales for the next 30 days, the most since December 2010, as borrowing costs fell for a ninth straight session. Bloomberg’s AAA muni benchmark 10-year yield fell to 2.18 percent on Tuesday, down from 2.31 percent on Nov. 18 and down from 3 percent at the beginning of the year. State

FBI Raids Office of Puerto Rico Water Agency

November 26, 2014

BY MICHELLE KASKE FBI agents raided the office of the Puerto Rico Aqueduct & Sewer Authority in San Juan, according to Moises Quinones, a spokesman for the law-enforcement agency. Officials from the Federal Bureau of Investigation entered the water authority’s office, stayed for about 2 1/2 hours and collected documents, said Quinones, who’s

The Muni-Meltdown That Wasn’t

November 25, 2014

“An old-media kind of guy, I still keep file folders of stories, blog entries, clippings, messages and reports printed out and more or less sorted. Back in early 2009, I started a file labeled “Hysteria’’ to hold the physical evidence of what I thought the most unusual and even outlandish claims being leveled against

Muni Meltdown Animated Introduction

November 25, 2014

Watch our special Meltdown Animation. You can view the full report by clicking on the link at the end.

Puerto Rico Modeled as Riskiest Credit, Pricing 9 Percent Above Top Rated Munis

November 19, 2014

Puerto Rico is the riskiest credit in the municipal market, with spreads 900 basis points above Bloomberg’s AAA muni benchmark scale, followed by Alabama with spreads 400 basis points above the benchmark scale, according to Bloomberg’s municipal credit risk model. Spreads on Puerto Rico bonds widened 20 basis points in the week ended Nov. 7. Illinois and Connecticut

Houston Schools Sells Debt on Low Unemployment, Property Tax Revenue Growth

November 17, 2014

Houston Independent School District is expected to sell $356 million of unlimited tax general obligation bonds Tuesday, with AAA backing from the Permanent School Fund. Property tax revenue grew 3.5 percent over the last three years to over $1 billion. Houston has an unemployment rate of 5.5 percent and over $31,000 income per capita. In September, Houston joined Dallas

Ohio Cuts OPEB Liabilities by Most, Florida Sees Biggest Increase

November 12, 2014

The map below shows the percent change in other post-employment benefits, or OPEB, between fiscal year 2011 and fiscal year 2013, according to Moody’s Investors Service. Ohio saw the biggest reduction, cutting OPEB liabilities by 65 percent. Michigan and Iowa cut OPEB liabilities by 40 percent. Florida saw the biggest increase, as

Voters Approve at Least $13 Billion of Munis, Led by Water Debt

November 5, 2014

BY DARRELL PRESTON AND BRIAN CHAPPATTA U.S. voters passed at least $13 billion of municipal bond measures, led by borrowing for drought-fighting steps in California and school technology in New York. With interest rates close to generational lows, localities nationwide sought approval for $44 billion of debt yesterday to finance schools, water systems, roads and hospitals, according to Ipreo, a

Municipal Market- Q3 2014 Stat Book

November 3, 2014

The municipal bond market continued its rally in the third quarter as the 10-year AAA benchmark yield fell to a 17-month low. Munis posted positive returns every month in the first three quarters of the year for the first time in at least 25 years. Favorable supply and demand factors

California Earthquake Prices With 165-Basis-Point Spread on 2% Premium Increase

October 29, 2014

The California Earthquake Authority sold $350 million of taxable revenue bonds Tuesday, rated A3 by Moody’s and A by Fitch. Bonds maturing in 5 years were priced at par to yield 2.81 percent, compared to 1.45 percent for a five-year bond on Bloomberg’s A-rated revenue bond scale. Investors were able to get an extra 165 basis points