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Market Close: Puerto Rico 8% Coupons Post Biggest Weekly Loss
Puerto Rico's 8% coupon bonds issued in the island's $3.5 billion deal capped off the worst weekly performance since they were issued on March 11.
Bond Buyer Markets Reporters Oliver Renick & Maria Bonello
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Municipal bond mutual funds reporting weekly had a second straight week of inflows in the week ending April 17, according to Lipper FMI data. more »
A recent phenomenon is the emergence of bonds with shorter call protection as funding alternatives for municipalities. However, the shorter call protection also dampens the potential upside for investors, which in turn reduces the price they are willing to pay. more »
Standard & Poor's Ratings Services raised its long-term rating to AA-minus from A-plus on the District of Columbia's revenue bonds, series 2009, issued on behalf of the Brookings Institution. more »
Tax-exempt money market funds reported losses of $3.67 billion in the week ended April 14 as total net assets fell to $266.72 billion, according to The Money Fund Report, a service of iMoneyNet.com. The losses come on the heels of the prior week's inflows of $1.58 billion. more »
Moody's Investors Service said it has upgraded to A3 from Baa1 the rating assigned to Baptist Hospital, Inc. and, The Baptist Manor's Inc., Fla., bonds issued by the Escambia County Health Facilities Authority. more »
The Treasury Department Thursday auctioned $18 billion of five-year inflation-indexed notes with a 0.125% coupon, a negative 0.213% high yield, an adjusted price of 101.874051. more »
Investors anticipate a quiet day as the municipal bond market is set to close Thursday afternoon at 2 p.m. and will closed for the Good Friday holiday. more »
The Treasury Department said it will auction $29 billion seven-year notes on Thursday, April 24. more »
The Treasury Department said Thursday it will auction $25 billion 91-day bills and $23 billion 182-day discount bills Monday. more »
Fitch Ratings notes that during the first quarter of 2014 and for the 21st consecutive quarter, U.S. public finance rating downgrades outnumbered upgrades. more »
The spread between MCDX's Series 22 and Series 21 presents investors with another way to short Puerto Rico and the Puerto Rico Electric Power Authority bonds. more »
BMO Capital Markets has hired Garth Salisbury as the managing director of its public finance group's energy and infrastructure banking team. Salisbury will be in BMO's San Francisco office. He jumped to BMO from RBC, where he had been a managing director. more »
The region's manufacturing sector expanded at a faster pace in April, as the general business conditions index climbed to 16.6 from 9.0 in March, this month's Federal Reserve Bank of Philadelphia Report on Business indicates. more »
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