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Municipal Markets

Average Daily Bids Wanted Decline in 2014, Tracking Drop in Muni Yields

October 8, 2014

Average daily bids wanted fell to a low of 1,626 in August from a year-to-date high of 2,564 in January even as issuance in August rose to $27.01 billion from January’s $18 billion. The decline in bids wanted fell with Bloomberg’s 10-year muni yield, which dropped to 2.17 percent at the end of August from 3 percent

Note Sales Lowest in at Least Eight Years on Improving Economy

October 1, 2014

Note sales this year are the lowest in at least eight years as municipalities are finding less need for short-term debt to plug cash shortfalls. Note sales as a percentage of total issuance fell to 14.2 percent, down from 15.5 percent in 2013.States and municipalities sold $34.15 billion of short-term debt, down from $54.8 billion in

Muni Slope Steepens to One-Month High as Long-Term Bond Yields Rise

September 24, 2014

The two-year to 30-year slope of the muni yield curve steepened to its highest in over a month as longer-dated bond yields increased. The difference between two-year and 30-year yields rose to 2.89 percent, the widest spread since Aug. 15 when the difference was 2.91 percent. The 30-year yield rose 11 basis points over that period to yield

Cleveland Clinic Sells $400 Million Taxable Century Bonds

September 17, 2014

The Cleveland Clinic Foundation sold $400 million of taxable century bonds last week, priced at par to yield 4.858 percent. On Sept. 11, prices reached a high of 100.36 and fell to a low of 98.66 on Sept. 12. Prices recovered Sept. 15, rising to 99.06. Moody’s rated the debt

Guam Power Readies Revenue Bond Sale as Debt Service Balance Increases

September 10, 2014

The Guam Power Authority is expected Guam Power Authority to sell $76.5 million of revenue bonds maturing between 2017 and 2044. The chart shows historical and projected operated revenue and expenses and the balance available for debt service. Operating expenses are expected to increase to $369.3 million in fiscal year 2018 from $339.8 million in fiscal 2009. Operating

Inflows Increase Threefold in August as Nuveen, Wells Fargo Lead Gains

September 3, 2014

Investors poured $1.56 billion of new Fund Flow Winners, Losers cash into municipal bond funds that report weekly to Lipper US Fund Flows in August, compared to $472.3 million in July. Nuveen, Wells Fargo and Invesco pulled in more money in August than in July, reporting $569 million, $196 million and $114 million, respectively. OppenheimerFunds also saw outflows

Some Equity Funds Buy Puerto Rico GOs

August 27, 2014

Franklin Resources Inc. is leading money managers in adding junk-rated Puerto Rico bonds to mutual funds that focus on equities or other asset classes. The companies bought GOs as prices on Puerto Rico debt set record lows this year on speculation the U.S. territory and its agencies would default. The firms join hedge funds and other non-traditional buyers of

Los Angeles Faces $15 Billion Bill as Pipes Spring Leaks

August 20, 2014

Los Angeles is showing its age, and city officials don’t have plans for financing the facelift. From buckling sidewalks to potholed thoroughfares to storm drains that can’t handle a little rain, the infrastructure that holds the second-largest U.S. city together is suffering from years of deferred maintenance. Bringing pipes that deliver water to 3.9 million people

Detroit Creditor Syncora Says Biased Mediators Brokered Art Deal

August 13, 2014

An $800 million settlement underpinning Detroit’s plan to exit from bankruptcy was brokered by biased mediators and should be thrown out, bond insurer Syncora Guarantee Inc. told a federal judge. Syncora, which may be forced to make up bondholder losses should the plan be approved, filed its objection to the proposal yesterday, as Judge Steven Rhodes

Brown Proposes $6 Billion Water Bond for California Amid Drought

August 6, 2014

California Governor Jerry Brown called on lawmakers to put a $6 billion “no-frills’’ bond measure on the November ballot, about half the size of a pending proposal, to secure the water supply amid a record drought. Brown’s plan would take the place of an $11.1 billion bond offering, scheduled for a vote in November, approved