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“A portfolio with 50 different school district bonds may list 50 names, but is not truly diversified in our opinion,” said John Donaldson, director of fixed income at The Haverford Trust Company.
Managers say the uptick in volume in recent weeks has helped them diversity clients' portfolios, lowering their exposure to losses from unforeseen calamities.
Gov. Jerry Brown on Monday signed into law a bill that will make it easier for local governments to take advantage of a current infrastructure financing law.  more »
Bond insurer Financial Guaranty Insurance Co., the last major holdout creditor in Detroit's bankruptcy, is reportedly nearing a settlement with the city that includes a mix of cash and city assets.  more »
As other Arizona cities took on long-term debt for professional sports facilities, the Phoenix suburb of Chandler gave Major League Baseball its walking papers and pursued more promising ventures. Spring training left but prosperity followed.  more »
Bond Buyer Markets Reporter Kate Smith
Iowa Fertilizer bonds have enjoyed a month-long rally as trading volumes have rebounded from a slow summer. The recent activity has left traders wondering if it is market or event driven.  more »
Amount
Issuer
St
Description
Sale Date
Sale Time
$1,100,000
Texas Trans Comm
TX
GOs
09/30/14
9am ET
$730,000
Connecticut
CT
GOs
09/30/14
9am ET
$625,000
Calif Water Res
CA
Revs
09/30/14
9am ET
$250,000
Alachua Co Hlth Facs
FL
Revs
10/01/14
9am ET
$195,000
Chandler
AZ
GOs
09/30/14
9am ET
Index
Current
Previous
High
Low
Rev. Bond
4.78%
4.90%
5.40%
4.19%
20-Bond
4.11%
4.17%
5.03%
3.53%
11-Bond
3.96%
4.02%
4.75%
3.29%
 
Current
Previous
High*
Low*
BB40 Index
124-04
123-31
132-15
107-01
Average Price
107.70
107.58
107.67
84.90
Yield to Par Call
3.86
3.88
6.35
3.57
Yield to Maturity
4.41
4.42
5.34
3.94

(* for calendar year)

Amount
Issuer
St
Description
Sale Date
Sale Time
$223,355
Florida DEP
FL
Revenue bonds
09/30/14
12pm ET
$150,000
Ohio Pub Facs
OH
GOs
09/30/14
10:30am ET
$42,500
Half Hollow Hills SD
NY
TANs
09/30/14
11am ET
$42,435
St. Petersburg
FL
Revenue bonds
09/30/14
11am ET
$35,000
Ohio Pub Facs
OH
GOs
09/30/14
11am ET

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Issuance of municipal MSA tobacco bonds by states was the subject of a highly critical article published by ProPublica. The article attempts to make a case that states erred in deciding to issue tobacco bonds. The article was widely circulated across social media. As we frequently observe, the national media focus on the muni market is appreciated, but the facts got muddied in the pursuit of a good story.

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