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Long-term municipal bond volume declined in April for the eighth consecutive month, as a rise in new-money issuance could not make up for a steep drop in refundings.
As Puerto Rico faces bond defaults on Monday and July 1 without legislative relief from Congress, analysts say new litigation is increasingly likely.  more »
Some investors in Harvey, Illinois debt report being stiffed on a bond payment, though the city has not made any disclosures through the EMMA system.  more »
As Pennsylvania lawmakers debate Gov. Tom Wolf's proposed $32 billion fiscal 2017 spending plan, many municipal analysts view the state's prospects in a negative light.  more »
Top rated municipal bonds finished steady to stronger on Friday, according to traders, who once again looked ahead to a healthy new issue slate. Total volume for the upcoming week is estimated by Ipreo at $8.17 billion.  more »
Amount
Issuer
St
Description
Sale Date
Sale Time
$947,020
North Texas Tollway Auth
TX
Revs
05/02/16
9am ET
$800,000
NYS Thruway Auth
NY
Revs
05/04/16
9am ET
$484,940
Illinois Finance Auth
IL
Revs
05/04/16
9am ET
$475,000
Port Auth of NY/NJ
NY/NJ
Revs
05/05/16
9am ET
$275,985
Virginia Trans Bd
Va
Revs
05/04/16
10:30am ET
Index
Current
Previous
High
Low
Rev. Bond
3.71%
3.68%
5.40%
3.68%
20-Bond
3.32%
3.28%
5.03%
3.27%
11-Bond
2.84%
2.80%
4.75%
2.79%
 
Current
Previous
High*
Low*
BB40 Index
130-26
130-24
132-15
107-01
Average Price
110.50
110.46
110.87
84.90
Yield to Par Call
3.10
3.10
6.35
3.08
Yield to Maturity
3.94
3.94
5.34
3.93

(* for calendar year)

Amount
Issuer
St
Description
Sale Date
Sale Time
$41,315
Robbinsdale #ISD 281
MN
GOs
05/02/16
11am ET
$10,905
Polk County
IA
GOs
05/02/16
12pm ET
$10,785
Prairie Village
KS
GOs
05/02/16
11:30am ET
$10,000
PCM Comm SD
IA
GOs
05/02/16
11am ET
$7,805
Swift County
MN
GOs
05/02/16
11:30am ET

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Brian Fraser, co-chair of the litigation department at Richards Kibbe & Orbe LLP, examines the challenges of distinguishing a loan from a bond and a loan from a security, in a chat with Bond Buyer northeast regional editor Paul Burton.

Worst case, to-maturity debt service calculations that ignore the issuer's optional redemption feature lead to flatly wrong calculations for critical items like expected capital cost, refunding savings, and simple, basic principal and interest payments.

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