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Image: Bloomberg News
"South Miami’s fraudulent conduct put bondholders in danger of incurring significant additional costs associated with their investments,” said Elaine Greenberg, chief of the SEC enforcement division’s municipal securities and public pensions unit.
Washington
SEC Charges South Miami with Securities Fraud - UPDATED
by: Kyle Glazier
The Securities and Exchange Commission has charged South Miami, Fla. with defrauding investors by negligently making misstatements and failing to disclose actions it took that jeopardized the tax-exempt status of $12 million of bonds.

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Washington
More SEC Pension, Disclosure Cases May Be On Way
The Securities and Exchange Commission will continue to consider possible enforcement actions over pension and other disclosure failures such as those that occurred in Illinois and Harrisburg, Pa., the SEC's muni office chief said Wednesday.  more »
Regional News
Ramapo, N.Y., Alters $39 Million Sale Following FBI Raid
After an FBI raid on Ramapo, N.Y.'s town hall on May 15, the town has decided to replace a sale of $39 million in general obligation bonds Thursday with a note sale.  more »
Regional News
CalPERS Wants to Ban Winston & Strawn from Chapter 9 Cases
Regional News
Michigan Governor, Leaders Agree on Budget Framework
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Markets
Bond Buyer Markets Reporter Taylor Riggs
Market Close: Munis Lower On Fed Day Amid Swings In Treas., Stocks
The municipal bond market ended only slightly weaker Wednesday, amid swings in Treasuries and the stock market, as Federal Reserve Chairman Ben Bernanke said the Fed will continue buying $85 billion a month of bonds, though it may start tapering the pace of purchases in a few months.  more »
Washington
Image: Fotolia
Morgan Stanley: State Credit Improves, But Challenges Remain
States have moved beyond the recession-driven liquidity crisis but there are sources of ongoing weaknesses such as unfunded pensions that make states unable to rely on economic growth alone to mitigate risks of default and future structural budget stability, Morgan Stanley concludes in a report.  more »
Regional News
Image: Fotolia
Arkansas Treasurer Formally Accused of Extortion
Arkansas Treasurer Martha Shoffner faces federal extortion charges for accepting $36,000 in bribes in an alleged pay for play scheme.  more »
Indexes
Amount
Issuer
St
Description
Sale Date
Sale Time
$800,000
New York City
NY
GOs
05/22/13
9am ET
$480,000
Los Angeles DWR
CA
Revenue bonds
05/21/13
9am ET
$216,650
Prince's George County
MD
GOs
05/21/13
11am ET
$162,000
Louisiana
LA
GOs
05/23/13
9am ET
$140,000
Ohio University
OH
Revenue bonds
05/22/13
9am ET
Index
Current
Previous
High
Low
Rev. Bond
4.25%
4.22%
4.93%
4.06%
20-Bond
3.61%
3.67%
4.08%
3.27%
11-Bond
3.37%
3.44%
3.86%
3.03%
 
Current
Previous
High*
Low*
BB40 Index
128-17
128-27
132-25
128-11
Average Price
100.29
100.55
105.42
100.29
Yield to Par Call
4.13
4.10
4.13
3.57
Yield to Maturity
4.15
4.14
4.17
3.94

(* for calendar year)

Amount
Issuer
St
Description
Sale Date
Sale Time
$53,500
Putnam County
TN
GOs
05/22/13
10:30am ET
$32,500
Concord-Carlisle RSD
MA
GOs
05/22/13
11am ET
$22,519
Paterson
NJ
GOs
05/22/13
10:45am ET
$22,090
Santa Barbara
CA
Revenue bonds
05/22/13
12:30pm ET
$15,645
Auraria Higher Ed
CO
Revenue bonds
05/22/13
12pm ET
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Commentary - When It May Be Virtually Free to Be Tax Free
Before the financial crisis of 2008-09, it would have been significant news if yields on municipal bonds had exceeded those on Treasury securities at any maturity, and that occurrence likely would have attracted a variety of investors seeking to take advantage of the relative-value opportunity.

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