Market Close: Maryland GO Draws Interest, as P.R. Trading Slows
Maryland's general obligation sale was the most talked about story on trading desks this past week as the market anticipated the gilt edged deal might move the MMD triple-A scale. Trading on Puerto Rico's GO was muted.
Bond Buyer Markets Reporter Kate Smith
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Traders were attempting to unload bonds in the belly of the curve as the market strengthened on Friday. more »
Municipal Assurance Corp., Assured Guaranty's municipal-only business, has been licensed by the California Department of Insurance to write financial guaranty insurance in the state alongside its affiliates Assured Guaranty Municipal Corp. and Assured Guaranty Corp. more »
After a relatively healthy week of issuance totaling roughly $6 billion, the primary market will cool off, with no competitive deals scheduled to close Friday, according to data provided by TM3, and weekly issuance forecast to slip to $4.2 billion next week, according to Ipreo and The Bond Buyer. more »
WASHINGTON (MNI) - The latest U.S. durables orders data suggest continuing business growth. June durables orders rose 0.7%, ex-transportation orders rose 0.8%, and ex-defense orders rose 0.7%, about as expected and a solid showing. Durables orders now are up in four of the last five months (May's decline is the outlier), suggesting solid gains. The only points of weakness were -0.6% in communications, -0.2% in electronics, and -2.1% in motor vehicles orders. … more »
Municipal funds reported their highest inflows in 11 weeks. more »
The Bond Buyer’s muni bond indexes strengthened in the week ending July 24. more »
Rating agency announcements were the catalysts for a bulk of Thursday's secondary market trading, widening spreads on Illinois and Atlantic City debt. more »
Hospital bankruptcies are on pace to set a record in 2014 and investors should get more involved with restructuring efforts, a firm specializing the field says. more »
Atlantic City bond yields jumped and trading on the New Jersey city's debt spiked after a downgrade, as traders looked to get out of what one of them called a "dying gambling metropolis." more »
Outflows from tax-exempt money market funds decreased to $66 million in the week ended July 21, as total net assets settled at $256.75 billion, according to The Money Fund Report, a service of iMoneyNet.com. more »
WASHINGTON (MNI) - The pace of new single-family home sales reversed lower in June, falling by 8.1% to a 406,000 annual sales rate after surging 8.3% in May, the Census Bureau reported Thursday morning. The median forecast of economists surveyed by MNI was for the pace of new home sales to decrease to a 475,000 annual rate from the 504,000 rate seen in May. However, May was revised down sharply to 442,000 and June fell short… more »
Maryland's general obligation pricing, which pushed yields on the MMD scale lower earlier in the week, may bode well for the $163.6 million Louisiana Public Facilities Authority deal scheduled to enter the market on Thursday. more »
WASHINGTON (MNI) - Initial jobless claims for U.S. state unemployment benefits fell 19,000 to 284,000 in the week ending July 19 - the lowest since February 2006 - the Labor Department reported Thursday. The 284,000 jobless claims was below the 308,000 median expectation from a survey of forecasts compiled by MNI. The July 12 week was revised up 1,000 to 303,000. … more »

Since the release of the Securities and Exchange Commission's final municipal advisor registration rule in September 2013, the Bond Dealers of America and its members have dedicated significant efforts and resources to work with regulators, educate issuers and ultimately be prepared to make a successful implementation of the rule.

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