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SIFMA's David Cohen says the MSRB's best-ex proposal is unnecessary and SMMP changes will be even more costly and burdensome.
Dealers are objecting to new provisions added to the best execution standard the Municipal Securities Rulemaking Board filed with the Securities and Exchange Commission for approval that would increase the information customers have to provide to be considered sophisticated municipal market professionals who are exempt from the standard.
Municipal Market Advisors' recent research on ratings seems to counter recently raised concerns that Standard & Poor's ratings for some local governments may be too high and out of step with current credit conditions.  more »
Despite intense popularity for the short end of San Diego's Transportation deal, the Municipal Market Data triple-A 5% scale remains unscathed, with just strengthening in the long end.  more »
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The Puerto Rico Electric Power Authority's decision in its forbearance agreement to disclose certain information to only some its bondholders could put both PREPA and those investors at an increased risk of committing securities law violations, disclosure experts said Wednesday.  more »
This fall, Oregon voters will decide whether to approve a constitutional amendment that would allow the state to start an endowment fund for student aid using general obligation bond proceeds.  more »
Bond Buyer Markets Reporter Kate Smith
Despite intense popularity for the short end of San Diego's Transportation deal, the Municipal Market Data triple-A 5% scale remains unscathed, with just strengthening in the long end.  more »
Amount
Issuer
St
Description
Sale Date
Sale Time
$350,000
San Diego Co. RTC
CA
Revenue bonds
08/20/14
9am ET
$345,240
Wake County
NC
GOs
08/19/14
11am ET
$303,490
Univ. of Colorado
CO
Revenue bonds
08/21/14
9am ET
$212,875
Kansas
KS
Revenue bonds
08/20/14
9am ET
$185,155
Albuquerque Water
NM
Revenue bonds
08/11/14
9am ET
Index
Current
Previous
High
Low
Rev. Bond
4.85%
4.86%
5.40%
4.19%
20-Bond
4.21%
4.24%
5.03%
3.53%
11-Bond
3.94%
3.97%
4.75%
3.29%
 
Current
Previous
High*
Low*
BB40 Index
123-12
123-06
132-15
107-01
Average Price
107.04
106.90
107.21
84.90
Yield to Par Call
3.96
3.98
6.35
3.57
Yield to Maturity
4.45
4.46
5.34
3.94

(* for calendar year)

There are no competitive bond sales scheduled for August 22, 2014.

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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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