Friday's market column contained several errors. The headline identified Illinois' $1 billion deal as consisting of Build America Bonds when it was actually notes, and the issue is rated SP-1, not SP-1-plus, by Standard & Poor's. In addition, the notes were priced at an aggregate interest rate of 1.86%, with re-offering yields of 1.68% on the notes maturing in April 2010, and 1.73% on the notes maturing in May 2010.
"April has been one of the worst-performing months over the past five years, which we believe warrants continued caution," BlackRock strategists said.
The public finance industry has been tracking the growth of the IRS budget with concerns that funding boosts would translate into higher audit rates for bond transactions.
Los Angeles Mayor Karen Bass aimed high in her State of the City speech just days before she will release a budget that needs to close a nearly half-billion-dollar deficit.
"We believe in this," Transportation Secretary Pete Buttigieg said.
The firm said Saporito's hiring is among several other additions made to beef up Wells Fargo's commitment to munis.
While Kansas' sales tax and revenue (STAR) bond program recorded its first default late last year, Bonner Springs is considering using it for a development that includes a Mattel toy-themed amusement park.
