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Muni Prices End Higher as More Supply Hits
Prices of top-rated municipal bonds finished higher on Thursday, traders said, with yields on some maturities falling by as much as two basis points. And a day after Chicago grabbed all the headlines, municipal bond traders saw the rest of the week’s new issuance come to market.
Bond Buyer Market Reporter Chip Barnett
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For the week ended May 28, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, decreased two basis points to 4.43% from 4.45% from the previous week. more »
Moody's Investors Service said it has downgraded Chippewa Hills School District, Mich.'s general obligation rating to A2 from A1. more »
The Federal Open Market Committee must display extraordinary patience and hold off raising the fed funds rate this year to reach its dual mandate, Federal Reserve Bank of Minneapolis President Narayana Kocherlakota said Thursday. more »
Standard & Poor's Ratings Services said it has lowered its long-term rating on La Vernia Higher Education Financial Corp., Texas' $8 million series 2009 education revenue bonds, issued on behalf of Winfree Academy Charter Schools to BB-minus from BB. more »
Moody's Investors Service said it has downgraded the rating to Aa3 from Aa2 on the city of Manchester, N.H.'s $178.5 million of general obligation debt and to A1 from Aa3 on the city's $73.8 million appropriation-backed school facility revenue bonds more »
Moody's Investors Service said it has downgraded to A2 from A1 the rating on Louisville City School District, Ohio's outstanding general obligation debt. more »
Financial and investing guru John C. Bogle says municipal buyers should be buy-and-hold investors, not trading speculators. more »
Australian fund manager IFM Investors has paid $5.72 billion to lease the Indiana Toll Road for 66 years, marking the largest privatization for an existing U.S. asset and the first time major US pension funds have invested in American infrastructure. more »
The Treasury Department auctioned $29 billion of seven-year notes, with a 1 7/8% coupon and a 1.820% high yield, a price of 99.915114. more »
Promising higher prices, which would increase inflation, may be the best policy to relieve credit market stress when zero lower bound rates threaten, according to a study released by the Federal Reserve Bank of St. Louis Thursday. more »
Standard & Poor's Ratings Services said it has raised its underlying rating on Hampton Township, Pa.'s general obligation debt one notch to AA-minus from A-plus. more »
Prices of top-rated municipal bonds were higher at mid-session, traders said, with yield on some maturities falling by as much as two basis points. more »
Standard & Poor's Ratings Services said it raised its long-term rating to AA-minus from A-plus on Freeman School District 33-1, S.D.'s limited-tax general obligation certificates outstanding. more »

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