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The judge overseeing Detroit's bankruptcy chastised bond insurer Syncora Guarantee Inc. for attacking federal mediators as biased and ordered the insurer to defend why it shouldn't face sanctions.
August's volume this year came in higher than it did for the same month during 2013, but analysts are divided over whether this means issuance will pick up for the rest of the year.  more »
Nearly 20 years after the airport opened, Denver International Airport is restructuring variable-rate debt as part of a deal that adds a decade to the lease of its major carrier United Airlines by reducing carrier operating costs.  more »
The Securities and Exchange Commission's new credit rating agency reforms seem to make some positive strides for the muni market by creating parity between municipal and corporate bond ratings and increasing rating methodology transparency, sources said.  more »
Bond Buyer Markets Reporter Kate Smith
The recently issued Texas tax ancipation revenue notes strengthened in secondary trading throughout the week, demonstrating the market’s insatiable appetite for protection against rising interest rates.  more »
Amount
Issuer
St
Description
Sale Date
Sale Time
$5,400,000
Texas
TX
TRANs
08/26/14
11am ET
$317,135
Virginia Pub Bldg
VA
Revenue bonds
08/27/14
11am ET
$160,870
Austin
TX
Improvement bonds
08/27/14
9am ET
$141,343
SCAGO
SC
COPs
08/27/14
11am ET
$118,875
Bossier City
LA
Revenue bonds
08/27/14
9am ET
Index
Current
Previous
High
Low
Rev. Bond
4.80%
4.85%
5.40%
4.19%
20-Bond
4.17%
4.21%
5.03%
3.53%
11-Bond
3.90%
3.94%
4.75%
3.29%
 
Current
Previous
High*
Low*
BB40 Index
124-11
124-07
132-15
107-01
Average Price
107.89
107.80
107.21
84.90
Yield to Par Call
3.85
3.86
6.35
3.57
Yield to Maturity
4.40
4.41
5.34
3.94

(* for calendar year)

There are no competitive bond sales over $1 million scheduled for August 29, 2014.

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Issuance of municipal MSA tobacco bonds by states was the subject of a highly critical article published by ProPublica. The article attempts to make a case that states erred in deciding to issue tobacco bonds. The article was widely circulated across social media. As we frequently observe, the national media focus on the muni market is appreciated, but the facts got muddied in the pursuit of a good story.

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