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The former Showboat Atlantic City casino hotel, where Stockton University is looking to open a residential Island Campus with classes beginning in Fall 2015. credit: Stockton University.
A network interruption brought down the financial market’s largest inventory management system Friday morning, stifling municipal bond trading on some platforms and highlighting highlighted vulnerability of the market to technological failures.  more »
House Speaker Michael Madigan is taking aim at Illinois Gov. Bruce Rauner’s proposed $32 billion fiscal 2016 budget with the formation of a special oversight panel that will “closely examine” Rauner’s spending cuts.  more »
Moody's Investors Service upgraded the Sacramento Municipal Utility District Financing authority's outstanding bonds ahead of plans to price a $195 million refunding of electric revenue bonds on April 22.  more »
Bond Buyer Markets Reporter Chip Barnett
Prices of top-rated municipal bonds finished out the week little changed, according to traders, as the market worked off the week’s hefty volume. Almost $8 billion of bonds came to market during the week ended April 17, according to Thomson Reuters, with the calendar consisting of about $5.4 billion of negotiated deals and $2.6 billion of competitive sales.  more »
Amount
Issuer
St
Description
Sale Date
Sale Time
$775,000
Port Auth NY/NJ
NY/NJ
Revs
04/15/15
9am ET
$650,000
NYC Trans Fin Auth
NY
Revs
04/16/15
9am ET
$550,000
Baylor Scott & White
TX
Revs
04/15/15
9am ET
$367,000
U. of Pa. Health
PA
Revs
04/13/15
9am ET
$360,000
Washington Health
WA
Revs
04/16/15
9am ET
Index
Current
Previous
High
Low
Rev. Bond
4.18%
4.18%
5.40%
4.06%
20-Bond
3.45%
3.49%
5.03%
3.29%
11-Bond
3.30%
3.34%
4.75%
3.14%
 
Current
Previous
High*
Low*
BB40 Index
126-18
126-18
132-15
107-01
Average Price
107.33
107.32
110.87
84.90
Yield to Par Call
3.69
3.69
6.35
3.31
Yield to Maturity
4.24
4.24
5.34
3.94

(* for calendar year)

There are no competitive bond sales over $1 million scheduled for April 17, 2015.

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Although defaults have not yet occurred, it is not too early for holders to take a hard look at the applicable bond documents to evaluate their rights and leverage in the restructurings or refinancings that have begun and which may proliferate in the years ahead.

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