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Muni Prices Close Out The Week Mixed
Prices of top-rated municipal bonds finished mixed on Friday, traders said, as yields were unchanged to up by two basis points on the long end. While watching muni yields closely, market professionals will also be looking at another week of heavy issuance, when almost $9 billion of new supply is set to come to market.
Bond Buyer Markets Reporter Chip Barnett
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Standard & Poor's Ratings Services lowered its rating on Puerto Rico Infrastructure Financing Authority's series 2011B and 2011C revenue bonds (the port authority project) (Government Development Bank for Puerto Rico letter-of-credit-backed U.S. public finance issue) to 'B-' from 'BB-'. more »
Strong overall demand for municipals and opportunities for relatively attractive yields in the new-issue market should propel interest in next week's primary market sized at nearly $9 billion. more »
Standard & Poor's Ratings Services said it lowered its rating on Hillview, Ky.'s series 2010 general obligation refunding bonds four notches to BB-plus from A-minus. more »
Federal Reserve Vice Chairman Stanley Fischer said the central bank's massive asset purchases were a "critical means" for stimulating the economy with interest rates near zero, though they still may pose a risk. more »
Standard & Poor's had more than two times more upgrades than downgrades in 2014. more »
Standard & Poor's Ratings Services said it raised its underlying rating on Pittsburgh School District, Pa.'s general obligation bonds to A from A-minus. more »
Prices of top-rated municipal bonds were mixed at mid-session, according to traders, as yields were unchanged to up as much as two basis points in spots. more »
Municipal bond volume extended its surge in February, once again driven by refundings as issuers continued to take advantage of lower interest rates. more »
The Federal Reserve should delay its first increase in interest rates then raise them more sharply thereafter, according to research by a group of economists including Jan Hatzius of Goldman Sachs Group Inc. and Ethan Harris of Bank of America Corp. more »
Standard & Poor's Ratings Services said it raised its long-term rating on Howell, Mich.'s existing sewage-backed debt to A-plus from A. more »
William C. Dudley, president of the Federal Reserve Bank of New York, said he sees reason for caution on how soon or how quickly to raise interest rates. more »
The University of Michigan's final February consumer sentiment index reading was 95.4, compared to the preliminary February 93.6, and the final January 98.1, according to market sources. more »
Pending home sales increased 1.7% to an index reading of 104.2 in January, after a revised 1.5% decrease to 102.5 in December, according to a report released Friday by the National Association of Realtors. more »

Doubts as to the quality or effectiveness of Indiana's intercept program are misplaced.

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