With the trading week abridged for the Christmas holiday, and the end of the year rapidly approaching, the primary new-issue market is nearly inactive this week, as just $110 million of bonds and notes are scheduled to sell in the week’s three remaining sessions. This estimate is down sizably from the $1.4 billion of bonds priced last week, which in itself was a steep drop from weeks prior. Next week looks like being in holiday mode as well, with the market open for half a day Monday and closed Tuesday due to New Year’s Day. As of Friday afternoon, just $485 million was slated to price next week.“The market just wants the year to be done,” said Matt Fabian, managing director at Municipal Market Advisors. “It is doing what it can to close out the year as positively as possible, but it was a very difficult year. And now with the bond insurance situation, and the January reinvest, among other things, there’s a lot of uncertainty as to where next year will begin. At this point, the best scenario is to not be in the market.”In the week’s largest scheduled transaction, Indiana’s Merrillville Community School Corp. tomorrow will competitively sell $15.7 million of temporary loan warrants. The notes mature in December 2008.New York’s Cattaragus, Allegany, Erie, and Wyoming Counties Board of Cooperative Educational Services tomorrow will competitively sell $13 million of revenue anticipation notes. The notes mature in December 2008.Bergen Capital will price $12 million of multi-jurisdictional, multifamily housing revenue bonds in two series for Shalimar, Fla.Dyer, Ind., will competitively sell $11.4 million of taxable and tax-exempt warrants tomorrow. The $7.2 million of tax-exempt warrants mature in December 2008. The $4.2 million of taxable warrants mature next month.Hightstown, N.J., will competitively sell $7.3 million of bond anticipation notes tomorrow. The Bans mature in February 2008.In the week’s only scheduled competitive bond sale, Avon, Ind., will competitively sell $3.6 million of general obligation bonds tomorrow. The bonds mature from 2009 through 2028, and are callable at par in 2017. The credit is rated A3 by Moody’s Investors Service.
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"Municipal outperformance against taxable sectors has moved short-term ratios on or through their 252-day moving averages, while intermediate and long maturities are holding at or above average ranges," said Kim Olsan, senior fixed income portfolio manager at NewSquare Capital.
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New Jersey's Toms River school district was downgraded two notches by S&P after refusing to adopt a budget and discussing bankruptcy.
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The U.S. territory is struggling with debt and pension liabilities as its economy remains weak and federal aid is cut back.
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Isaak Bond Investments has agreed to pay a $20,000 fine to settle allegations brought by the Financial Industry Regulatory Authority.
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Moody's has downwardly revised the outlook for Baltimore's issuer rating and several classes of bonds due to a trend of declining fund balance levels in a city dependent on a major international shipping port.
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Michigan's Great Lakes Water Authority went to market in June with roughly a billion dollars of bonds, part of a complex transaction that included a tender.
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