Los Angeles Metro Rides Hot Muni Market To Savings
The advantages a hot municipal bond market creates for issuers were on display this week when the Los Angeles County Metropolitan Transportation Authority priced a refunding deal.
The Los Angeles County Metropolitan Transportation Authority, which this week opened a new light rail line to Santa Monica, sold $86.6 million of sales tax revenue refunding bonds into a market favorable to issuers
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In its first deal with Frost Bank as its financial advisor, San Antonio Independent School District achieved savings of more than 18% on the refunding portion of a $123.7 million issue. The negotiated sale is scheduled to close June 9.  more »
Minnesota-based HealthEast Care System lost its Fitch Ratings investment grade rating over its lack of progress in improving profitability.  more »
The New Jersey Senate and Assembly passed a compromise rescue package that allows Atlantic City to avoid an immediate default by providing a bridge loan.  more »

Daniel Berger, Senior Market Strategist at Municipal Market Data, talks about the recent rally in municipal bonds which has brought long-term yields down to record lows. He talks about continuing demand from retail investors in light of the upcoming Summer redemption season and he discusses the allure that the American tax-exempt market has for overseas buyers. He outlines the recent spread compression in quality credits and also looks at some of the market's outliers -- Puerto Rico and Chicago.

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