The Municipal Bond Index for Tuesday, Nov. 4, has been revised because Standard & Poor's Securities Evaluations Inc. priced one of the bonds incorrectly. The Long Island Power Authority's 6% bond due May 1, 2033, should have been priced at 100.385. As a result, the index for Nov. 4 is now 97-23, the average dollar price is 95.32, the average yield to par call is 6.23%, and the average yield maturity is 5.94%.
The tax-exempt muni market has performed "exceptionally well" so far this week, outperforming USTs, said J.P. Morgan strategists led by Peter DeGroot.
The Trump administration is requesting information on revitalizing Dulles International Airport, including the possibility of tapping a public-private partnership.
Cintra submitted a proposal calling for four new tolled managed lanes on I-76 that would be structured as a $5 billion, 50-year design-build-finance-operate-maintain P3.
SRI International had its outstanding bonds downgraded to Baa1 because of its exposure to declining federal grants.
C. Christopher Trower was the lead attorney before the Supreme Court in a case that upheld states' rights to preferential tax treatment of their own bonds.
FINRA found that the firm failed to include the non-transaction-based compensation indicator when reporting 12,066 municipal securities transactions.
