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Market Close: Limited Refundings for 2014, Blackrock Predicts
In an exclusive press briefing with Blackrock, strategists anticipated a ceiling of $5 billion of refunding opportunities, leaving investors with just new money offerings to fill portfolios.
Bond Buyer Markets Reporter Kate Smith
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Standard & Poor's Ratings Services raised its underlying rating to A-plus from A on West Sacramento Financing Authority, Calif.'s water revenue bonds, issued on behalf of the city of West Sacramento. more »
San Antonio's CPS Energy expects major savings with a $263.7 million refunding coming to market on Sept. 23. more »
Standard & Poor's Ratings Services has lowered its long-term rating on Plymouth Educational Center Charter School, Mich.'s $12.7 million series 2005 public school academy revenue and refunding bonds to B-minus from BB-minus. more »
Sophisticated investors are grabbing for high-yield municipal debt whenever they can find it, creating demand for alternatives beyond the Puerto Rico, Detroit, and tobacco bonds that dominate the non-investment grade segment of the secondary market. more »
The municipal market stayed flat on Friday, digesting a heavy week of issuance and preparing for an even larger week ahead. more »
Federal Reserve Bank of Dallas President Richard Fisher said the U.S. central bank risks derailing the economic recovery if it delays its first interest-rate increase for too long and then is forced to raise quickly. more »
Standard & Poor's Ratings Services said it raised its rating on Lake Dallas, Texas' general obligation debt two notches to A-minus from BBB. more »
Businesses expect inflation to be 2.1% over the next 12 months, according to the Federal Reserve Bank of Atlanta's September business inflation expectations survey. more »
The composite index of Leading Economic Indicators was up 0.2% in August following a revised 1.1% increase in July, first reported as a 0.9% climb, the Conference Board reported Friday more »
After an active week, municipals will cool down on Friday. more »
The Federal Open Market Committee's plan to not sell agency mortgage-backed securities (MBS) was criticized by Federal Reserve Bank of Richmond President Jeffrey Lacker. more »
Foreign investors' buildup in U.S. municipal bond holdings has heightened significance in the current low-supply high-demand market environment, in which an emerging group of buyers could cause competition for the limited amount of bonds available to spike. more »
Inflows to municipal bond funds dropped by 58% in the week ending Sept. 17. more »

Issuance of municipal MSA tobacco bonds by states was the subject of a highly critical article published by ProPublica. The article attempts to make a case that states erred in deciding to issue tobacco bonds. The article was widely circulated across social media. As we frequently observe, the national media focus on the muni market is appreciated, but the facts got muddied in the pursuit of a good story.

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