Tuesday, January 15 | |||||||||||||
Issuer | St | Description | Amount ($000s) | Time of Sale | Financial Adviser | Legal Opinion | Maturing | Insurer | Mdy's | S & P | Fitch | Bank -Qual. | Latest Details |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Yountville Fin Auth | CA | Lease Rev | *4,275 | 9 am P | Columbia Cap Mgmt | Quint & Thimmig | 13-27 | --- | --- | --- | A+ | BQ | Dec 31 |
Madison Cons Schs | IN | GO | 2,000 | 11 am E | Umbaugh | Ice Miller | 14-18 | --- | --- | AA+ | --- | BQ | Jan 8 |
Clay Center | KS | GO Ref | *9,000 | 11 am C | Ranson Financial | Triplett Woolf | 13-32 | --- | --- | A | --- | BQ | Jan 4 |
Wichita | KS | GO | *3,645 | 10 am C | Municipal Official | Kutak Rock | 14-33 | --- | Aa1 | AA+ | --- | --- | Jan 10 |
Wichita | KS | GO | *9,800 | 10 am C | Municipal Official | Kutak Rock | 14-23 | --- | Aa1 | AA+ | --- | --- | Jan 10 |
Adair Co SD Fin Corp | KY | Sch Bldg Ref Rev | *9,230 | 11 am E | Ross Sinclaire | Steptoe & Johnson | 13-25 | --- | --- | --- | --- | BQ | Jan 9 |
Hopkins Co SD Fin Corp | KY | Sch Bldg Ref Rev | *1,215 | 11:30 am E | J.J.B. Hilliard | Rubin & Hays | 13-25 | --- | --- | --- | --- | BQ | Jan 10 |
Swampscott (Town) | MA | GO Ref | *3,910 | 11 am E | UniBank Fiscal Adv | Edwards Wildman | 13-25 | --- | Aa2 | --- | --- | BQ | Jan 10 |
Swampscott (Town) | MA | GO Muni Purp Loan | 4,598 | 11 am E | UniBank Fiscal Adv | Edwards Wildman | 13-32 | --- | Aa2 | --- | --- | BQ | Jan 10 |
Worcester County | MD | Ref (Tax) | *4,675 | 10:30 am E | Davenport | Miles & Stockbridge | 18-32 | --- | Aa2 | --- | AA | --- | Jan 7 |
Worcester County | MD | Pub Imp Ref | *9,630 | 11 am E | Davenport | Miles & Stockbridge | 13-19 | --- | Aa2 | --- | AA | --- | Jan 7 |
Coon Rapids | MN | GO Imp Ref | 6,710 | 10 am C | Ehlers | Kennedy & Graven | 14-28 | --- | Aa1 | --- | --- | BQ | Dec 31 |
Elk River Econ Dev Auth | MN | GO Ref | 9,855 | 11 am C | Ehlers | Kennedy & Graven | 18-33 | --- | --- | AA+ | --- | BQ | Dec 12 |
Hennepin County | MN | GO | *7,295 | 10:30 am C | Public Fin Mgmt | Dorsey & Whitney | 13-32 | --- | Aaa | AAA | AAA | --- | Jan 7 |
Hennepin County | MN | GO | *43,130 | 10:30 am C | Public Fin Mgmt | Dorsey & Whitney | 13-21 | --- | Aaa | AAA | AAA | --- | Jan 7 |
P Orchard Farm SD #5 | MO | GO Ref | 1,565 | 10 am C | WM Fin Strategies | Gilmore & Bell | 14-19 | --- | --- | AA+ | --- | BQ | Dec 20 |
Mountain Lakes Borough | NJ | General | 3,035 | 11 am E | Municipal Official | Hawkins Delafield | 14-25 | --- | --- | AA+ | --- | BQ | Jan 2 |
P Princeton BOE | NJ | Sch | 10,980 | 11:45 am E | Phoenix Advisors | McManimon Scotland | 14-23 | --- | Aaa | --- | --- | --- | Jan 2 |
Nye Co SD | NV | GO Ref | *9,350 | 8:30 am P | JNA Consulting | Swendseid & Stern | 16-25 | PSF | Aaa | --- | --- | BQ | Jan 9 |
Cumru Twp | PA | GO | *2,875 | 11:15 am E | Concord Pub Fin Adv | Georgeadis Setley | 13-25 | --- | --- | A+ | --- | BQ | Jan 10 |
Copperas Cove | TX | Limited Tax Notes | 2,630 | 9:30 am C | Specialized Pub Fin | Bracewell & Giuliani | 14-19 | --- | --- | AA- | --- | BQ | Jan 7 |
Copperas Cove | TX | GO | 4,685 | 9:30 am C | Specialized Pub Fin | Bracewell & Giuliani | 14-33 | --- | --- | AA- | --- | BQ | Jan 7 |
Point Aquarius MUD | TX | Unltd Tax | 2,800 | 11 am C | GMS Group | Coats Rose | 23-39 | --- | --- | --- | --- | BQ | Jan 3 |
Rosenberg | TX | Combined Tax Rev | 9,000 | 2 pm C | FirstSouthwest | Fulbright & Jaworski | 14-33 | --- | --- | --- | --- | BQ | Jan 10 |
Virginia Hsg Dev Auth | VA | Mtg (Rmkt) | *90,000 | 11 am E | Municipal Official | Hunton & Williams | 16-38 | --- | Aaa | --- | --- | --- | Jan 8 |
Columbus | WI | GO Ind | *1,885 | 10 am C | Ehlers | Quarles & Brady | 14-32 | --- | --- | --- | --- | BQ | Jan 9 |
Wednesday, January 16 | |||||||||||||
Issuer | St | Description | Amount ($000s) | Time of Sale | Financial Adviser | Legal Opinion | Maturing | Insurer | Mdy's | S & P | Fitch | Bank -Qual. | Latest Details |
P Los Altos SD | CA | GO Ref | *26,730 | 9:30 am P | KNN Public Finance | Quint & Thimmig | 13-23 | --- | --- | AA+ | --- | --- | Jan 7 |
Cresco | IA | GO Cap Loan | *1,715 | 11 am C | Piper Jaffray | Ahlers & Cooney | 14-24 | --- | --- | --- | --- | BQ | Jan 3 |
Montezuma Comm SD | IA | Sales & Srvc Tax Rev | *3,520 | 12 pm C | Piper Jaffray | Ahlers & Cooney | 14-30 | --- | --- | A | --- | BQ | Jan 4 |
Russell Co SD Fin Corp | KY | Sch Bldg Ref Rev | *4,935 | 11:30 am E | Ross Sinclaire | Steptoe & Johnson | 13-25 | --- | --- | --- | --- | BQ | Jan 11 |
North Carolina | NC | Cap Imp | *250,000 | 11 am E | FirstSouthwest | Hunton & Williams | 14-33 | --- | Aa1 | AA+ | AA+ | --- | Jan 10 |
Leeds Pub SD #6 | ND | Limited Tax | *1,350 | 12 pm C | Public Fin Mgmt | Arntson Stewart | 13-27 | --- | Aa3 | --- | --- | BQ | Jan 11 |
Concord | NH | GO | *14,590 | 11 am E | FirstSouthwest | Devine Millimet | 14-33 | --- | Aa1 | --- | --- | --- | Jan 14 |
Floral Park Vlg | NY | Ref | *2,530 | 11 am E | Munistat Services | Hawkins Delafield | 13-21 | --- | --- | --- | --- | BQ | Jan 10 |
Garden City UFSD | NY | Sch Dist | 3,600 | 11 am E | NYMAC | Hawkins Delafield | 15-33 | --- | --- | --- | --- | BQ | Jan 9 |
Niagara County | NY | GO | 1,870 | 11 am E | Capital Markets Adv | Harris Beach | 14-33 | --- | --- | --- | --- | --- | Jan 10 |
Orangeburg Co Cons SD #4 | SC | GO & Ref | *12,270 | 11 am E | Southwest Securities | Haynsworth Sinkler | 14-27 | --- | A2 | --- | --- | --- | Jan 8 |
Crosby ISD | TX | Ref | *26,195 | 10 am C | Southwest Securities | Fulbright & Jaworski | 14-29 | PSF | --- | AAA | --- | --- | Jan 11 |
Lovejoy ISD | TX | Ref | *9,200 | 10:30 am C | Southwest Securities | McCall Parkhurst | 14-29 | PSF | Aaa | AAA | --- | BQ | Jan 11 |
Thursday, January 17 | |||||||||||||
Issuer | St | Description | Amount ($000s) | Time of Sale | Financial Adviser | Legal Opinion | Maturing | Insurer | Mdy's | S & P | Fitch | Bank -Qual. | Latest Details |
Greenwich (Town) | CT | GO | 21,000 | 11 am E | Independent Bond | Robinson & Cole | 14-18 | --- | --- | AAA | AAA | --- | Jan 10 |
Broadview Pub Lib Dist | IL | GO Library | *4,100 | 11 am C | Ehlers | Chapman & Cutler | 13-32 | --- | --- | A+ | --- | BQ | Jan 8 |
Hinsdale Comm SD #181 | IL | GO Ref | 9,670 | 10 am C | PMA Securities | Chapman & Cutler | 14-23 | --- | --- | --- | --- | BQ | Jan 10 |
Franklin Co SD Fin Corp | KY | Sch Bldg Ref Rev | 10,500 | 11 am E | Ross Sinclaire | Steptoe & Johnson | 13-25 | --- | --- | --- | --- | --- | Jan 10 |
Frederick | MD | Ref | *54,365 | 10:30 am E | Davenport | DLA Piper US | 13-25 | --- | Aa2 | --- | --- | --- | Jan 9 |
Western SD | MI | Sch Bldg & Site | 7,360 | 1:30 pm E | Stauder Barch | Thrun Law Firm | 14-25 | --- | Aa2 | --- | --- | BQ | Jan 8 |
S Orange Vlg Twp | NJ | Gen Imp | *34,445 | 11:45 am E | Phoenix Advisors | Wolff & Samson | 14-28 | --- | Aa2 | --- | --- | --- | Jan 10 |
Warren Co SD | PA | GO | *9,700 | 11:15 am E | Public Fin Mgmt | Knox McLaughlin | 14-33 | --- | --- | --- | --- | BQ | Today |
San Augustine ISD | TX | Sch Bldg | *5,000 | 10 am C | Southwest Securities | Fulbright & Jaworski | 14-18 | PSF | --- | AAA | --- | BQ | Jan 9 |
Shasla Pub Util Dt | TX | Unltd Tax | 1,000 | 12 pm C | Blitch Associates | Young & Brooks | 14-30 | --- | --- | --- | --- | BQ | Jan 4 |
Tuesday, January 22 | |||||||||||||
Issuer | St | Description | Amount ($000s) | Time of Sale | Financial Adviser | Legal Opinion | Maturing | Insurer | Mdy's | S & P | Fitch | Bank -Qual. | Latest Details |
Flagstaff USD #1 | AZ | Sch Imp | 10,600 | 10 am M | Piper Jaffray | Gust Rosenfeld | 14-24 | --- | Aa2 | AA- | --- | --- | Jan 14 |
Bel Aire | KS | GO Temp | 3,190 | 11 am C | Springsted | Gilmore & Bell | 15 | --- | --- | --- | --- | BQ | Dec 17 |
Madison Co SD Fin Corp | KY | Sch Bldg Ref Rev | *13,570 | 11 am E | Ross Sinclaire | Steptoe & Johnson | 13-24 | --- | --- | --- | --- | --- | Today |
Alpena Comm College | MI | Ref & Imp | *2,075 | 1:30 pm E | Stauder Barch | Thrun Law Firm | 14-23 | --- | --- | --- | --- | --- | Today |
P Ann Arbor | MI | Cap Imp (Tax) | 4,045 | 2 pm E | Stauder Barch | Dykema Gossett | 14-32 | --- | --- | --- | --- | --- | Jan 14 |
P Ann Arbor | MI | Cap Imp | 4,480 | 1:30 pm E | Stauder Barch | Dykema Gossett | 14-32 | --- | --- | --- | --- | --- | Jan 14 |
Eden Prairie ISD #272 | MN | GO Alt Facs | *11,000 | 10 am C | Ehlers | Kennedy & Graven | 14-24 | --- | --- | --- | --- | --- | Jan 9 |
Hastings | MN | GO Ref | 5,965 | 11:30 am C | Springsted | Briggs & Morgan | 14-27 | --- | --- | --- | --- | BQ | Dec 24 |
Jackson County | MN | GO Drain | 700 | 10 am C | David Drown | Briggs & Morgan | 15-34 | --- | --- | --- | --- | --- | Jan 11 |
Jackson County | MN | GO Cap Imp | 14,260 | 10 am C | David Drown | Briggs & Morgan | 15-38 | --- | --- | --- | NR | --- | Jan 11 |
Pennington County | MN | GO Drain | *1,050 | 10:30 am C | Northland Securities | Kennedy & Graven | 14-33 | --- | --- | --- | --- | BQ | Jan 14 |
Haddon Twp | NJ | GO Ref | *1,295 | 11 am E | --- | Parker McCay | 13-21 | --- | --- | --- | --- | BQ | Today |
Haddon Twp | NJ | Var Purp | 8,132 | 11 am E | --- | Parker McCay | 13-32 | --- | --- | --- | --- | BQ | Today |
Brookshire Mun Wtr Dt | TX | Unltd Tax | 815 | 12 pm C | Blitch Associates | --- | --- | --- | --- | --- | --- | BQ | Jan 11 |
Fort Bend Co MUD #34 | TX | Unltd Tax | 2,090 | 11 am C | FirstSouthwest | Schwartz Page | 14-35 | --- | --- | --- | --- | BQ | Today |
Harris Co MUD #172 | TX | Unltd Tax | 2,410 | 2 pm C | RBC Capital Mkts | --- | --- | --- | --- | --- | --- | BQ | Jan 11 |
Beloit | WI | GO Ref (Tax) | *895 | 11 am C | Ehlers | Quarles & Brady | 13-21 | --- | --- | --- | --- | --- | Today |
Beloit | WI | Wtr Ref Rev | *6,045 | 11 am C | Ehlers | Quarles & Brady | 13-19 | --- | --- | --- | --- | --- | Today |
Beloit | WI | GO Ref | *7,510 | 11 am C | Ehlers | Quarles & Brady | 13-27 | --- | --- | --- | --- | --- | Today |
Milwaukee Area Tech Coll | WI | GO Prom | 1,500 | 10 am C | Robert W. Baird | Michael Best | 14-17 | --- | Aa1 | --- | --- | --- | Today |
Pierce County | WI | GO Prom | *7,000 | 10:30 am C | Springsted | Godfrey & Kahn | 14-23 | --- | --- | --- | --- | BQ | Dec 17 |
Wednesday, January 23 | |||||||||||||
Issuer | St | Description | Amount ($000s) | Time of Sale | Financial Adviser | Legal Opinion | Maturing | Insurer | Mdy's | S & P | Fitch | Bank -Qual. | Latest Details |
Litchfield (Town) | CT | GO | 2,130 | 11:30 am E | Independent Bond | Joseph Fasi | 14-23 | --- | --- | --- | --- | BQ | Jan 14 |
Ctrl Lake Co Jt Action Wtr Agy | IL | Wtr Ref Rev | *47,185 | 10 am C | Speer Financial | Chapman & Cutler | 14-20 | --- | --- | --- | --- | --- | Jan 11 |
Lake Land Comm Coll Dt #517 | IL | GO | 5,350 | 10 am C | PMA Securities | Chapman & Cutler | 16-17 | --- | --- | --- | --- | --- | Jan 8 |
Biddeford | ME | GO | *5,315 | 11 am E | Moors & Cabot | Preti Flaherty | 13-32 | --- | --- | --- | --- | BQ | Jan 14 |
Grand Rapids Pub Sch | MI | Ref | *13,000 | 1:30 pm E | Stauder Barch | Varnum Riddering | 15-18 | --- | --- | --- | --- | --- | Today |
Rochester | MN | Elec Rev Ref | 4,140 | 10 am C | Springsted | Kennedy & Graven | 13-17 | --- | --- | --- | --- | --- | Dec 24 |
Woodbury | MN | GO Ref | *6,585 | 10 am C | Ehlers | Kennedy & Graven | 16-27 | --- | --- | --- | --- | --- | Dec 13 |
Woodbury | MN | GO Tax Abate | *16,845 | 10 am C | Ehlers | Kennedy & Graven | 16-35 | --- | --- | --- | --- | --- | Dec 13 |
Oneonta | NY | Pub Imp | *5,545 | 11 am E | Fiscal Adv & Mkt | Orrick Herrington | 14-32 | --- | --- | --- | --- | BQ | Today |
Washington | WA | GO Ref | *115,000 | --- | Seattle-Northwest | Foster Pepper | --- | --- | --- | --- | --- | --- | Dec 13 |
Washington | WA | Var GO | *246,045 | --- | Montague DeRose | Foster Pepper | --- | --- | --- | --- | --- | --- | Jan 14 |
Washington | WA | Motor Vehicle Fuel | *322,190 | --- | Montague DeRose | Foster Pepper | --- | --- | --- | --- | --- | --- | Jan 14 |
Washington | WA | GO Ref | *530,000 | --- | Seattle-Northwest | Foster Pepper | --- | --- | --- | --- | --- | --- | Dec 13 |
Thursday, January 24 | |||||||||||||
Issuer | St | Description | Amount ($000s) | Time of Sale | Financial Adviser | Legal Opinion | Maturing | Insurer | Mdy's | S & P | Fitch | Bank -Qual. | Latest Details |
Lee's Summit | MO | GO | 15,185 | 11 am C | Springsted | --- | 14-23 | --- | --- | --- | --- | --- | Dec 24 |
Lee's Summit | MO | GO | 24,360 | 11 am C | Springsted | --- | 20 | --- | --- | --- | --- | --- | Dec 24 |
Everett | WA | Wtr & Swr Rev Ref | *62,260 | 9 am P | Piper Jaffray | K&L Gates | 13-30 | --- | --- | AA+ | --- | --- | Today |
Monday, January 28 | |||||||||||||
Issuer | St | Description | Amount ($000s) | Time of Sale | Financial Adviser | Legal Opinion | Maturing | Insurer | Mdy's | S & P | Fitch | Bank -Qual. | Latest Details |
Bemidji ISD #31 | MN | GO Ref | 18,995 | 10:30 am C | Springsted | Dorsey & Whitney | 14-19 | --- | --- | --- | --- | --- | Dec 24 |
Edina ISD #273 | MN | GO Alt Facs | *11,755 | 10 am C | Ehlers | Dorsey & Whitney | 14-26 | --- | --- | --- | --- | --- | Jan 14 |
Mankato | MN | GO | *8,060 | 10 am C | Springsted | --- | 15-24 | --- | --- | --- | --- | BQ | Dec 17 |
Nevis ISD #308 | MN | GO Sch Bldg | *2,445 | 10 am C | Ehlers | Knutson Flynn | 18-27 | --- | --- | --- | --- | BQ | Jan 9 |
Harris Co MUD #400 | TX | Unltd Tax | 2,300 | 12 pm C | Rathmann & Assoc | Schwartz Page | --- | --- | --- | --- | --- | BQ | Today |
Ladysmith SD | WI | GO Ref | *5,845 | 11 am C | Springsted | --- | 17-22 | --- | --- | --- | --- | BQ | Dec 17 |
Tuesday, January 29 | |||||||||||||
Issuer | St | Description | Amount ($000s) | Time of Sale | Financial Adviser | Legal Opinion | Maturing | Insurer | Mdy's | S & P | Fitch | Bank -Qual. | Latest Details |
Fort Bend Co MUD #50 | TX | Unltd Tax | 5,600 | 2 pm C | Rathmann & Assoc | Allen Boone | --- | --- | --- | --- | --- | BQ | Today |
Fairfax Co Redev & Hsg Auth | VA | Bond Antic | 24,675 | 11 am E | Public Fin Mgmt | Sidley Austin | 14-15 | --- | --- | AA+ | --- | --- | Dec 27 |
Wednesday, January 30 | |||||||||||||
Issuer | St | Description | Amount ($000s) | Time of Sale | Financial Adviser | Legal Opinion | Maturing | Insurer | Mdy's | S & P | Fitch | Bank -Qual. | Latest Details |
St Paul Port Auth | MN | GO (Tax) | *16,925 | 11 am C | Ehlers | Leonard Street | 14-38 | --- | --- | AAA | --- | --- | Jan 11 |
Monday, February 4 | |||||||||||||
Issuer | St | Description | Amount ($000s) | Time of Sale | Financial Adviser | Legal Opinion | Maturing | Insurer | Mdy's | S & P | Fitch | Bank -Qual. | Latest Details |
Carver County | MN | GO Ref | *5,225 | 11 am C | Ehlers | Faegre & Benson | 14-20 | --- | --- | --- | --- | BQ | Today |
Jordan | MN | GO | 5,530 | 10 am C | Springsted | --- | 14-23 | --- | --- | --- | --- | BQ | Dec 24 |
Shoreview | MN | GO Ref | *3,555 | 10 am C | Springsted | --- | 14-22 | --- | --- | --- | --- | BQ | Jan 14 |
Shoreview | MN | GO | *4,150 | 10 am C | Springsted | --- | 14-28 | --- | --- | --- | --- | BQ | Jan 14 |
Thursday, February 7 | |||||||||||||
Issuer | St | Description | Amount ($000s) | Time of Sale | Financial Adviser | Legal Opinion | Maturing | Insurer | Mdy's | S & P | Fitch | Bank -Qual. | Latest Details |
Iowa BOR | IA | Parking Sys Rev | 25,000 | 10 am C | Springsted | --- | 16-35 | --- | --- | --- | --- | --- | Jan 14 |
Wyandotte Co Unified Govt | KS | GO (Tax) | *5,305 | 10:30 am E | Springsted | --- | 14-31 | --- | --- | --- | --- | --- | Jan 14 |
Wyandotte Co Unified Govt | KS | GO Imp | *15,250 | 10:30 am C | Springsted | --- | 13-33 | --- | --- | --- | --- | --- | Jan 14 |
Tuesday, February 12 | |||||||||||||
Issuer | St | Description | Amount ($000s) | Time of Sale | Financial Adviser | Legal Opinion | Maturing | Insurer | Mdy's | S & P | Fitch | Bank -Qual. | Latest Details |
Clay County | MN | Road | *10,920 | 9 am C | Ehlers | Dorsey & Whitney | 14-19 | --- | --- | --- | --- | --- | Jan 14 |
La Crosse | WI | GO Prom (Tax) | *560 | 10 am C | Springsted | --- | 13-21 | --- | --- | --- | --- | --- | Jan 14 |
La Crosse | WI | GO Prom | *1,865 | 10 am C | Springsted | --- | 13-21 | --- | --- | --- | --- | --- | Jan 14 |
La Crosse | WI | GO Corp Purp | *4,760 | 10 am C | Springsted | --- | 13-27 | --- | --- | --- | --- | --- | Jan 14 |
Stoughton | WI | Elec Sys Ref | *3,280 | 10:30 am C | Springsted | --- | 14-23 | --- | --- | --- | --- | BQ | Jan 14 |
Tuesday, February 19 | |||||||||||||
Issuer | St | Description | Amount ($000s) | Time of Sale | Financial Adviser | Legal Opinion | Maturing | Insurer | Mdy's | S & P | Fitch | Bank -Qual. | Latest Details |
Hugo | MN | GO Ref | *5,855 | 10:30 am C | Springsted | --- | 16-20 | --- | --- | --- | --- | BQ | Jan 14 |
Monday, March 4 | |||||||||||||
Issuer | St | Description | Amount ($000s) | Time of Sale | Financial Adviser | Legal Opinion | Maturing | Insurer | Mdy's | S & P | Fitch | Bank -Qual. | Latest Details |
Baldwin City | KS | Ref & Imp | *7,510 | 10 am C | Springsted | --- | 14-33 | --- | --- | --- | --- | BQ | Jan 14 |
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The California Supreme Court will hear a case challenging the state's 2013 pension changes, after seemingly settling the issue with a 2020 ruling.
10h ago -
The "impressive" investor appetite for tax-exempts has been "holding steady all quarter despite expensive valuations, supply surges and periods of low reinvestment demand," said GW&K Investment Management strategists in a report.
11h ago -
As space becomes an increasingly important frontier for development and competition, spaceports should enjoy the same financial benefits as airports and seaports, say supporters of the federal legislation.
April 24 -
The governor should have involved the legislature earlier in decision making on how to give the Water and Power Authority money to make a bond payment, lawmakers said.
April 24 -
A Utah law may be tapped to issue bonds to renovate a downtown Salt Lake City basketball arena to accommodate the former Arizona Coyotes.
April 24 -
Along with UBS' departure from the negotiated underwriting space, various firms have hired talent from both firms to increase their primary and secondary market presence. Many hope for some positive effects in both competition and secondary market liquidity as a result.
April 24