San Antonio ISD Saves More Than 18% in Refunding
In its first deal with Frost Bank as its financial advisor, San Antonio Independent School District achieved savings of more than 18% on the refunding portion of a $123.7 million issue. The negotiated sale is scheduled to close June 9.
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Standard & Poor's and Fitch Ratings both downgraded Connecticut's general obligation bonds to AA-minus from AA in advance of the state's $511 million sale. more »
Fitch Ratings said its withdrawal of its ratings on U.S. tobacco asset-securitization bonds, which affects over 40 tobacco issues from New York to California and Michigan to the U.S. Virgin Island, was prompted by uncertainty regarding changes in the terms it views as risks in the Master Settlement Agreement. more »
The use of “social impact bonds” as an alternative financing tool is on the rise and news that Chicago’s first venture into the space will pay off for investors demonstrates the benefits, market participants said. more »
The Santa Clara County, Calif. Financing Authority, which has sharply reduced its liabilities and placed itself in strong financial position over the past several years, will sell $160.85 million of highly-rated bonds in a competitive sale next week. more »
Chicago is moving to finalize the new money piece of an up to $1.25 billion general obligation bond sale. more »
Columbia Capital Management LLC has added Courtney Shea to its ownership team. more »
New Mexico is competitively selling $333 million of severance tax bonds after two downgrades attributed to declining oil and gas revenues. more »
Facing new federal constraints on tax-exempt debt for projects with a private revenue stream, El Paso County, Texas, refunded tax-exempts with taxable bonds and still achieved interest rate savings. more »
Investors snapped up Chicago's $537 million water revenue bond issue, allowing the city to trim the steep interest penalties its bonds typically face. more »
Indianapolis-based Umbaugh has named veteran Ohio public finance professional Mark Miller as its director in that state. more »
Build America Mutual followed suit with the other two active municipal bond insurers, reporting both ups and downs in its first-quarter results. more »
Ambac Assurance Corp. sued the Puerto Rico Highways and Transportation Authority to prevent what the insurer called improper siphoning of money. more »
New York City on Tuesday announced new selling groups for its general obligation bonds and securities issued by the Transitional Finance Authority and Municipal Water Finance Authority. more »

Daniel Berger, Senior Market Strategist at Municipal Market Data, talks about the recent rally in municipal bonds which has brought long-term yields down to record lows. He talks about continuing demand from retail investors in light of the upcoming Summer redemption season and he discusses the allure that the American tax-exempt market has for overseas buyers. He outlines the recent spread compression in quality credits and also looks at some of the market's outliers -- Puerto Rico and Chicago.

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