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Munis Mostly Steady as Market Gears for $9.1B Week
Municipal bonds finished mostly unchanged on Friday, as traders prepared for a jolt of new issuance in the coming week.
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Consumer credit increased by $21.3 billion in December to $3.549 trillion, the Federal Reserve reported Friday. more »
Newly issued Treasury securities held in stripped form increased about $1.103 billion in January to a total of $216.827 billion, the Bureau of the Public Debt reported Thursday. more »
With a wild week in the rear view mirror, municipal market participants are eagerly anticipating a spike in weekly issuance. more »
Steven Paradise has joined Richards Kibbe & Orbe LLC as a partner in the litigation group, focusing on securities-related cases. more »
The primary market had it all this week, including a deal that didn't happen and shouldn't have been expected, but was only after it was "accidently placed on the Dalcomp calendar" and another that came to market after getting pulled last week. more »
U.S. inflationary pressures were up in January, as the U.S. future inflation gauge gained to 102.7 from an unrevised 102.3 reading in December, according to data released Friday morning by the Economic Cycle Research Institute. more »
The U.S. December trade balance was reported at a $43.4 billion deficit after a $42.2 billion shortage in November. more »
Non-farm payrolls posted only a 151,000 gain in January, more than 30,000 below expectations, and the net revision for the prior two months was down 2,000. more »
Federal Reserve Bank of Cleveland President Loretta Mester said she continues to expect the U.S. economy to warrant gradual interest-rate increases, even after financial market turbulence spurred by a darkening outlook for global growth. more »
The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, was 11 basis points lower to 4.05% from 4.16% for the previous week. more »
Thursday was the busiest day of the week in terms of the number of larger deals that priced, as issuers from Texas, Maryland and Georgia hit the primary market. Munis were stronger to close Thursday, as yields on some maturities were as many as five basis points lower, according to traders. more »
Kansas House Speaker Ray Merrick said the University of Kansas should have used a state-authorized issuer for its $327 million of bonds.
A $327 million University of Kansas bond sale that used a Wisconsin conduit issuer drew criticism from lawmakers seeking to ban future out-of-state deals. more »
The busiest day of the week is underway as deals from issuers in Texas, Maryland and Georgia have hit screens. more »

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New York City Comptroller Scott Stringer discusses improving the city's pension system with Bond Buyer senior Northeast reporter Paul Burton. Stringer also examines the effect of the proposed state budget on the city and reminisces about his cousin, the late Congresswoman Bella Abzug.

While the SEC's MCDC Initiative has provided some clarity with regard to materiality and confirmed that the reasonable diligence standard of Rule 15c2-12 applies to both negotiated and competitive deals, no clarity has been offered with regard to the extent of the reasonable diligence obligations of those participating in competitive deals, as co-managers, syndicate members or selling dealers. ...

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