Public finance

ILLINOISRock Island (City)Aug 8, 2011 . . . . . . $2,065,000

When Moody's Investors Service warned of a possible downgrade to the United States' sovereign credit last month, it said hundreds of triple-A muni credits ¯ including five of the 15 states it rates Aaa ¯ could likely follow.

Calm, yet cautious. Skeptical and apprehensive. Unfazed. Those are the mixed emotions that both retail and institutional investors have amid all the speculation and uncertainty swirling through the municipal market following last week's unprecedented downgrade of the U.S. by Standard & Poor's.

MINNESOTABarnesville (City)Aug 8, 2011 . . . . . . $2,020,000

CALIFORNIACalifornia Statewide Communities Development AuthorityAug 5, 2011 . . . . . . $10,675,000

Nobody knows exactly what the long-term impact of the United States losing its AAA rating from Standard & Poor's means for municipal bonds, but that didn’t stop the experts from speculating.

NEW JERSEYElmwood Park BoroughAug 4, 2011 . . . . . . $5,900,000

ALABAMARed Bay Waterworks and Gas BoardAug 4, 2011 . . . . . . $4,135,000

Table as of: 08/05/2011 16:09 PM Invisible Supply Issuer and purpose Amount* Approval

Moody’s Investors Service called the second-quarter a "critical test" for liquidity facilities supporting the variable-rate demand market. So kudos all around, for the market passed with "near-universal success."

Even with municipal bond yields across the curve dropping to 2011 lows last week, borrowers are still not jumping at the opportunity to come to market.

CALIFORNIADavis Joint Unified School DistrictAug 4, 2011 . . . . . . $9,475,000

ARIZONAMadison Elementary School District No. 38Aug 4, 2011 . . . . . . $12,000,000

Table as of: 08/09/2011 12:24 PM Invisible Supply Issuer and purpose Amount* Approval

In a historic week for the nation and the financial markets, money market funds saw outflows across the board. As Congress was busy ironing out a resolution to the debt-ceiling crisis before the Aug. 2 deadline, investors withdrew $1.23 billion from tax-exempt money funds in the week ended Aug. 1, according to the Money Fund Report, a service of iMoneyNet.com.

CONNECTICUTBarkhamsted (Town)Aug 3, 2011 . . . . . . $2,000,000

ALABAMAAttalla Water Works BoardAug 3, 2011 . . . . . . $1,885,000

Table as of: 08/04/2011 12:10 PM Invisible Supply Issuer and purpose Amount* Approval

Health care and housing remain two of the most risky sectors in the municipal market, with the federal health care bill and the sluggish real estate market contributing to skepticism about the sectors. But muni experts say some distressed debt is safe enough to be a buying opportunity.

CONNECTICUTEast Haddam (Town)Aug 2, 2011 . . . . . . $720,000