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Demand for municipal bonds has been so strong in 2016 that not even the arrival of income tax season could put a stopper on the flow of money into the industry.
The Securities and Exchange Commission on Friday approved Municipal Securities Rulemaking Board amendments to facilitate moving the municipal securities industry to a two- instead of three-day settlement cycle.  more »
Investors in Harvey, Illinois debt report being stiffed on a bond payment, though the city has not made any disclosures through the EMMA system.  more »
In a near unanimous vote, the Senate Environment and Public Works Committee on Thursday passed a bill that includes $1.4 billion in federal funding for Flint, Mich. as well as any other community facing a water crisis.  more »
Top rated municipal bonds finished steady to stronger on Friday, according to traders, who once again looked ahead to a healthy new issue slate. Total volume for the upcoming week is estimated by Ipreo at $8.17 billion.  more »
Amount
Issuer
St
Description
Sale Date
Sale Time
$1,855,940
Ascension Health
IL
Revs
04/26/16
9am ET
$883,000
Calif Statewide
CA
Revs
04/27/16
9am ET
$350,445
Miami-Dade Co
FL
GOs
04/26/16
10:30am ET
$272,000
Texas Private Activity
TX
Revs
04/27/16
9am ET
$198,000
Mission Economic Dev Corp
NY
Revs
04/28/16
9am ET
Index
Current
Previous
High
Low
Rev. Bond
3.71%
3.68%
5.40%
3.68%
20-Bond
3.32%
3.28%
5.03%
3.27%
11-Bond
2.84%
2.80%
4.75%
2.79%
 
Current
Previous
High*
Low*
BB40 Index
130-26
130-24
132-15
107-01
Average Price
110.50
110.46
110.87
84.90
Yield to Par Call
3.10
3.10
6.35
3.08
Yield to Maturity
3.94
3.94
5.34
3.93

(* for calendar year)

Amount
Issuer
St
Description
Sale Date
Sale Time
$41,315
Robbinsdale #ISD 281
MN
GOs
05/02/16
11am ET
$10,905
Polk County
IA
GOs
05/02/16
12pm ET
$10,785
Prairie Village
KS
GOs
05/02/16
11:30am ET
$10,000
PCM Comm SD
IA
GOs
05/02/16
11am ET
$7,805
Swift County
MN
GOs
05/02/16
11:30am ET

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Brian Fraser, co-chair of the litigation department at Richards Kibbe & Orbe LLP, examines the challenges of distinguishing a loan from a bond and a loan from a security, in a chat with Bond Buyer northeast regional editor Paul Burton.

Worst case, to-maturity debt service calculations that ignore the issuer's optional redemption feature lead to flatly wrong calculations for critical items like expected capital cost, refunding savings, and simple, basic principal and interest payments.

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