Public finance

Yield and spread opportunities in the tax-exempt market in the first half of 2011 led banks to invest a larger portion of their assets in municipal securities compared to the same period last year, according to industry analysts and quarterly data provided by Highline Financial LLC.

LOUISIANASt. John the Baptist Parish School District No 1Sep 22, 2011 . . . . . . $8,000,000

ARIZONALa Paz CountySep 22, 2011 . . . . . . $18,115,000

Muni investors have herded into short-term debt the last few months thinking that if rates rise, longer-term bonds will plummet in value and it will be good to have cash on hand to reinvest at higher rates. But are short-term bonds really such a safe haven?

Plunging interest rates are luring more issuers to market, encouraging market participants to believe muni volume for the final months of 2011 can increase from recent anemic levels.

ARKANSASHot Springs School District No. 6 of Garland CountySep 22, 2011 . . . . . . $21,665,000

ALABAMAChambers County Board of EducationSep 21, 2011 . . . . . . $6,040,000

Eye-popping declines in muni yields on Thursday might finally prod investors into accepting low yields and prompt issuers to take advantage of some of the lowest borrowing costs in history.

FLORIDAMiami-Dade CountySep 21, 2011 . . . . . . $86,890,000

ALABAMAGreenville (City)Sep 21, 2011 . . . . . . $9,565,000

Table as of: 09/20/2011 17:02 PM Invisible Supply Issuer and purpose Amount

ARKANSASDierks School District No. 2 of Howard CountySep 20, 2011 . . . . . . $2,150,000

ARKANSASPine Bluff (City)Sep 19, 2011 . . . . . . $9,640,000

IOWANortheast Iowa Community CollegeSep 19, 2011 . . . . . . $3,055,000

ARKANSASPleasant View Water Facilities Board of Franklin CountySep 19, 2011 . . . . . . $2,760,000

Low new-issue volume and active early redemption of debt contributed to a decline in the amount of outstanding municipal debt in the second quarter to $2.89 trillion.

Table as of: 09/16/2011 14:31 PM Invisible Supply Issuer and purpose Amount* Approval

IOWAMonona (City)Sep 13, 2011 . . . . . . $825,000

ALABAMAMadison County Board of EducationSep 15, 2011 . . . . . . $42,035,000

The summer doldrums are officially over, as issuance in the municipal market is expected to surge this week.