Friday's front-page story about closed-end funds using alternative methods of leverage as they exit the auction-rate market included incorrect information. Eaton Vance Management plans to provide a $100 million secondary liquidity backstop for its first issue of new floating-rate product. In addition, the firm's municipal closed-end funds used only tender-option bonds to redeem $580 million of the total $1.6 billion in auction-preferred shares.
A combination of a "stronger-than-expected economy, higher Treasury rates, robust supply, and rich valuations resulting in choppy markets" have made the trading environment in H124 "quite difficult," according to Barclays.
Two rating agencies upgraded Los Angeles Unified School District's bond ahead of multi-billion dollar refunding.
The Basel III Endgame proposal to restructure capital holding levels comes under fire.
Friday price talk for the unrated tax-exempt paper was between 11% and 15%.
The board approved that step at its second quarter board meeting held this week.
The Inflation Reduction Act, affordable housing and clean energy were among the topics discussed at Baker Tilly's DevelUP conference in Chicago this week.
