Dealer groups said Tuesday that they support Municipal Securities Rulemaking Board proposed rule changes on retail order periods, but non-dealer financial advisors warn issuers can be exploited, with underwriters simply determining for them which "retail" investors can buy the bonds in offerings.
St. Louis Metro transit enters the market next week with a $375 million issue under a long-planned restructuring and refunding that will introduce a new debt lien supported by revenues from a 2010 voter-approved sales tax.
A recent research paper suggests widespread violations of MSRB fair pricing rules are rampant in the municipal market. But scratching just below the surface reveals serious flaws in the methodology and assumptions underlying the authors' conclusions.
Photos from The Bond Buyer's 2nd Annual Symposium on Distressed Municipalities, held March 18-19 at the Omni Providence Hotel in Providence, Rhode Island.
Robust demand drove the muni market in 2012 as supply was unable to match demand for much of the year, said Peter Hayes, managing director and head of the municipal bond group at BlackRock Inc.
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