Calif. Deals Propel More Muni Volume
If estimates hold, the market is heading into a 12th week in a row with supply more than $8 billion, as issuers look to take advantage of historically low interest rates.
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The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, decreased five basis points to 4.20% from 4.25% for the week ended March 19. more »
Franklin Templeton Investments filed its first brief on March 25 appealing the ruling that allowed Stockton to exit bankruptcy. more »
The Florida Hurricane Catastrophe Fund will explore using taxable munis and reinsurance to provide $2.2 billion in liquidity for the upcoming Atlantic hurricane season. more »
Tobacco bonds may be on their way to the biggest volume since 2007, led by Wednesday's $1.7 billion sale from California, as issuers refinance amid a decline in smoking that's cut deeply into revenue. more »
Within two to three months Ipreo will serve as point of origination for CUSIP requests, the companies said. more »
Municipal analysts blame the lull in municipal high-yield investment on a range of factors, from uncertainty over interest rates to bulging supply in the investment-grade sector. more »
Weekly volume is expected to exceed $8 billion again, with most of the bigger deals related to education. more »
The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, decreased six basis points to 4.25% from 4.31% for the week ended March 12. more »
Bel Air Investment Advisors LLC opens, a Los Angeles-area firm that manages $7 billion in assets including many munis, opened a San Francisco office as part of a larger expansion plan. more »
Fitch Ratings last year had more positive ratings than negative ones in United States public finance for the first time since 2008. more »
A federal ruling against states may set a precedent for risky local spending on broadband, credit analysts said. more »
Municipal volume is expected to exceed $8 billion for a 10th straight week, led by a rare issue from Honolulu. more »
Tax revenue in the top oil producing states has fallen sharply, dropping by 40% in Texas, according to the U.S. Energy Information Administration. more »

Although defaults have not yet occurred, it is not too early for holders to take a hard look at the applicable bond documents to evaluate their rights and leverage in the restructurings or refinancings that have begun and which may proliferate in the years ahead.

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