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"The opportunity for the next leader on the table is well-established. There's a plan on the table," said Thompson. (Image: Bloomberg News)
Regional News
Harrisburg Mayor Ousted
by: Paul Burton
Bookstore owner Eric Papenfuse defeated incumbent Linda Thompson and city controller Dan Miller in the Democratic primary in distressed Harrisburg, Pa.

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Regional News
Garcetti Elected Los Angeles Mayor - UPDATED
Three-term City Councilman Eric Garcetti replaces termed-out Los Angeles Mayor Antonio Villaraigosa on July 1st following a hotly-contested run-off.  more »
Washington
CBPP: Critics of 28% Cap Miss Key Points
While municipal bond market participants oppose President Obama's proposal to limit the value of tax-expenditures, including the muni bond interest exclusion, to 28%, Republican proposals would be even harsher, the Center on Budget and Policy Priorities said in a recent paper.  more »
Regional News
Houston Sports Authority Fights MBIA in State Capitol
Markets
Can the 1994 Bond Collapse Repeat?
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Markets
Bond Buyer Markets Reporter Taylor Riggs
Market Post: Munis Flat as Bernanke's Testimony Pushes Treasuries Higher
A rally in the Treasury market following Federal Reserve Board Chairman Ben Bernanke's testimony to the Congressional Joint Economic Committee, that removing monetary policy accommodation now could halt the recovery, left munis unaffected Wednesday morning.  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
128-27
129-03
132-25
128-11
Average Price
100.55
100.74
105.42
100.55
Yield to Par Call
4.10
4.07
4.10
3.57
Yield to Maturity
4.14
4.13
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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