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PREPA has little cash on hand, said Joan Vidra, managing director of Opportunities Emerging & Frontier Markets Advisory, LLC.
Many analysts see a default by the Puerto Rico Electric Power Authority as a probability, though they differ in how that would happen and what the impact of the default would be on other Puerto Rico credits.
Ambac Assurance Corp. said the ink is dry on its Detroit limited-tax GO settlement that calls for a 34% repayment, plus additional recovery if the city wins a lawsuit that seeks to repudiate its pension certificates.  more »
The Securities and Exchange Commission's new money market fund rules will make MMF investors more conservative while retaining the funds' usefulness for most market participants, including tax-exempt investors and municipalities, according to a new report from Moody's Investors Service.  more »
Municipal bond issuers, dealers, and lawyers are making another push to alter the Securities and Exchange Commission's Municipalities Continuing Disclosure Cooperation initiative, asking the SEC to narrow the program's scope and delay its deadline by several months.  more »
Credit spreads on California's general obligation have been narrowing, both before and after the state's upgrade to Aa3 by Moody's Investors Service.  more »
Bond Buyer Markets Reporter Kate Smith
Maryland's general obligation sale was the most talked about story on trading desks this past week as the market anticipated the gilt edged deal might move the MMD triple-A scale. Trading on Puerto Rico's GO was muted.  more »
Amount
Issuer
St
Description
Sale Date
Sale Time
$722,910
New Mexico Mun Auth
NM
Revs
07/22/14
9am ET
$400,000
Maryland
MD
GOs
07/23/14
11am ET
$383,570
Beaverton SD
OR
GOs
07/22/14
9am ET
$379,745
Maryland
MD
GOs
07/23/14
10:45am ET
$310,000
Miami-Dade Co
FL
TANs
07/22/14
11am ET
Index
Current
Previous
High
Low
Rev. Bond
4.99%
5.07%
5.40%
4.19%
20-Bond
4.29%
4.36%
5.03%
3.53%
11-Bond
4.02%
4.09%
4.75%
3.29%
 
Current
Previous
High*
Low*
BB40 Index
122-02
121-26
132-15
107-01
Average Price
106.04
105.82
105.98
84.90
Yield to Par Call
4.09
4.12
6.35
3.57
Yield to Maturity
4.51
4.53
5.34
3.94

(* for calendar year)

Amount
Issuer
St
Description
Sale Date
Sale Time
$3,100
Skaneateles CSD
NY
BANs
07/25/14
11am ET

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Since the release of the Securities and Exchange Commission's final municipal advisor registration rule in September 2013, the Bond Dealers of America and its members have dedicated significant efforts and resources to work with regulators, educate issuers and ultimately be prepared to make a successful implementation of the rule.

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