First Empire Securities Expands to New Issues; Midwest
The 32-year-old national fixed-income shop First Empire Securities has begun underwriting new-issue municipal bonds it could offer to its institutional clients and opened a Chicago office.
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With a fresh upgrade in hand and the prospects of more to come, Detroit's water and sewer department is selling its final deal before handing its more than $5 billion of debt over to the Great Lakes Water Authority. more »
Municipal market trading plummeted to $551 billion in the third quarter, the lowest level since at least 2005 when the Municipal Securities Rulemaking Board began recording the statistics, according to the board. more »
Tennessee said a recent general obligation offering was oversubscribed more than five times helping to generate some of the lowest interest rates in its history. more »
The next few weeks will be perilous for Puerto Rico, several economists and policy experts told The Bond Buyer, though they disagreed about the actions the commonwealth should take. more »
The Chicago City Council adopted new rules governing any future asset privatization deals against a backdrop of lingering political and public anger over the city’s parking meter lease fiasco. more »
The Navajo Nation closed its first-ever bond transaction this week when it sold $52.9 million of investment-grade general obligation bonds in a private placement. more »
Rhode Island selected Public Resources Advisory Group as its financial advisor, General Treasurer Seth Magaziner announced. more »
Chicago-based Mesirow Financial has hired veteran infrastructure banker and public-private partnership specialist Walter Kulakowski in its New York office. more »
New York MTA plans $700 million of new-money transportation revenue bond anticipation notes and a $43.8 million remarketing next month, said finance manager Patrick McCoy. more »
Bond insurers reported lackluster third-quarter earnings, as a low interest rate environment continued to constrain their growth. more »
Stepping into the state budget fray, the Illinois Finance Authority expects to soon finalize a $115 million state moral-obligation backed financing to speed up overdue payments for essential goods and services. more »
The municipal high yield sector, slumping since before the second quarter, started to rally in October. more »
Puerto Rico Highways and Transportation Authority repurchased $228.5 million of transportation revenue refunding bonds issued in 2007, reducing Ambac Financial Group, Inc.'s exposure in Puerto Rico. more »

Career Zone


New York State Assemblyman Phillip Goldfeder, D-Queens, examines outer-borough growth and transit needs in New York City, as well as efforts to harden its water-exposed neighborhoods.

The notion of option-adjusted spread (OAS) is the standard analytical tool for taxable fixed income securities. It is also making inroads into the muni market. Unfortunately the usual implementation for munis is flawed, rendering the results virtually meaningless. So it is understandable that many muni professionals shy away from OAS in favor of the archaic ‘yield-to-worst’ approach. Correct implementation would undoubtedly attract converts.

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