Market Close: Zeal for Illinois Fades as State's Paper Abounds
Illinois primary paper has had a good run, but 10-year spreads to MMD were wider than in previous bond sales this year and questions remain about the state’s credit.
Bond Buyer Markets Reporters Oliver Renick & Maria Bonello
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The Bond Buyer's muni bond indexes were mostly stable in the week ending April 24, as Treasuries firmed. more »
Moody's Investors Service has downgraded to B3 from B2 the issuer rating of Detroit Public Schools, MI (DPS). more »
Municipal mutual funds reported inflows increased to $244.26 million in the week ended April 23 from $74.03 million of inflows the week before. more »
Standard & Poor's Ratings Services said it lowered its school issuer credit rating on Shelby Eastern Schools, Ind., to A-plus from AA-minus. more »
Tax-exempt money market funds reported losses of $5.61 billion – the largest decline in assets in a year – as total net assets fell to $261.10 billion in the week ended April 21, according to The Money Fund Report, a service of iMoneyNet.com. more »
After several weeks of reassuring unemployment data, jobless claims jumped Thursday, adding to economic woes that came to light earlier in the week with a sharp drop in new home sales. more »
The Treasury Department auctioned $29 billion of seven-year notes, with a 2.25% coupon, a 2.317% high yield, a price of 99.569351. more »
Municipal bond buyers trapped in a low-supply market this month are hoping $750 million of Illinois bonds scheduled for sale Thursday will present an opportunity for some yield. more »
Standard & Poor's Ratings Services said it raised its long-term rating to AA-minus from A-plus on Miami County Unified School District No. 368 (Paola), Kan.'s existing general obligation debt. more »
The Treasury Department said it will auction $15 billion two-year notes floating rate notes on Tuesday, April 29. more »
The Treasury Department said it will auction $25 billion year bills on April 29. more »
The Treasury Department said Thursday it will auction $25 billion 91-day bills and $23 billion 182-day discount bills Monday. more »
Manufacturing activity in the Federal Reserve Bank of Kansas City's region "moderated slightly after rising to a two-year high in March, but producers' expectations for future factory activity climbed higher," according to the bank's monthly manufacturing survey, released Thursday. 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.

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