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Chicago, Pa. Deals Highlight Holiday Shortened Week
Volume will drop below $6 billion in the coming week as new issuance tapers off after observance of Memorial Day on Monday.
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The market for Florida debt is holding up in the face of a possible government shutdown, while the Chicago market is being penalized with wider spreads, higher yields, and a swell in bid-wanted lists after being downgraded to junk. more »
The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, increased four basis points to 4.45% for the week ended May 21 from 4.41% in the previous week. more »
Municipal credit prospects may be clouded for the next several years by underfunded pension obligations and a possible uptick in bankruptcies, according to panelists at a forum in New York. more »
The closure of the Treasury SLGS window has added a degree of difficulty to some refunding deals. more »
It will be yet another busy week in the primary market as issuers continue to take advantage of the current low interest rate environment. Long-term municipal bond volume for the week of May 18 is expected to total roughly $9 billion, according to estimates from Ipreo and The Bond Buyermore »
For the week ended May 14, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, increased two basis points to 4.41% from 4.39% the previous week. more »
Expect more downgrades for Chicago after Moody’s Investors Service dropped the city to junk, creating new liquidity concerns, warns Nuveen Asset Management LLC. more »
For investors with risk tolerance, uninsured senior COFINA bonds are attractive compared with other island debt as well as COFINA’s own subordinate debt, Barclays analysts said. more »
State Rep. John McGinnis wants to shorten the Pennsylvania pension amortization period from 30 years to 20. more »
The municipal market’s credit and rate volatility last month could produce buying opportunities, according to a report from BlackRock Inc. more »
Weekly volume is estimated to come in at $8.4 billion, with the Salt River Project agricultural improvement and power district's $833 million of electric system revenue bonds leading the way. The state of Connecticut is coming with $500 million of GO bonds and the PA turnpike commission is scheduled to come with $494.56 million of turnpike revenue bonds. more »
The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, increased nine basis points to 4.39% in the week ended May 7 from 4.30% in the previous week. more »
Default rates are far higher for corporates than for munis with the same ratings, a discrepancy regulators are hoping to address with a rule that takes effect June 15. more »

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