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"The case for high yield munis is even more compelling on a tax-adjusted basis," said Triet Nguyen, managing partner at Axios Advisors LLC
Sophisticated investors are grabbing for high-yield municipal debt whenever they can find it, creating demand for alternatives beyond the Puerto Rico, Detroit, and tobacco bonds that dominate the non-investment grade segment of the secondary market.
The Detroit City Council Friday approved a new regional water authority to take over the bulk of the Detroit Water and Sewer Department and also gave the green light to the city's bankruptcy settlement with bond insurer Syncora Guarantee Inc.  more »
Crystal City, Texas has reached an agreement with the Internal Revenue Service to settle tax rule violations and preserve the tax-exempt status of interest already paid on $13.94 million of jail bonds issued by an authority in 2003 and now in default.  more »
California's new groundwater laws are a credit positive for the state's economically struggling Central Valley region, according to Moody's Investors Service.  more »
Image: Fotolia
Volume is expected to edge up for the second week in a row as over $7 billion is predicted to arrive in the primary market, anchored by a pair of billion-dollar deals from New York and California.  more »
Amount
Issuer
St
Description
Sale Date
Sale Time
$2,090,000
California
CA
GOs
09/23/14
9am ET
$2,000,000
New York City STARC
NY
Revenue bonds
09/23/14
9am ET
$500,000
Texas Pub Fin Auth
TX
Revenue bonds
09/23/14
9am ET
$400,000
Massachusetts
MA
RANs
09/24/14
10am ET
$400,000
Massachusetts
MA
RANs
09/24/14
10:15am ET
Index
Current
Previous
High
Low
Rev. Bond
4.90%
4.86%
5.40%
4.19%
20-Bond
4.17%
4.14%
5.03%
3.53%
11-Bond
4.02%
3.99%
4.75%
3.29%
 
Current
Previous
High*
Low*
BB40 Index
123-12
123-07
132-15
107-01
Average Price
107.07
106.93
107.67
84.90
Yield to Par Call
3.95
3.96
6.35
3.57
Yield to Maturity
4.45
4.46
5.34
3.94

(* for calendar year)

Amount
Issuer
St
Description
Sale Date
Sale Time
$54,035
West Chester ASD
PA
GOs
09/22/14
12:15pm ET
$21,190
Rio Rancho PSD 94
NM
GOs
09/22/14
12:30pm ET
$9,500
Chambers Co.
TX
Revenue bonds
09/22/14
11am ET
$9,210
Pearland
TX
Revenue bonds
09/22/14
12pm ET
$6,000
Regional SD 16
CT
BANs
09/22/14
11:30am ET

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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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