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Bond Buyer
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THE WEEK AHEAD: Georgia's $542M Leads Light Holiday-Shortened Slate
With the Thanksgiving holiday on the menu, issuers, underwriters, and bankers have very few deals scheduled to take place during the shortened trading week. Estimated long-term volume is expected to shrink to $1.99 billion this week, according to Ipr....
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MUTUAL FUNDS: Weekly Reporters See $581.5M of Inflows, Smallest in Seven Months
Investors last week handed municipal bond mutual funds the puniest slug of cash in seven months, cementing the slower trend of new money flowing to the industry. Municipal bond mutual funds that post their figures weekly reported $581.5 million in ne....
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Munis Firmer Amid Light Secondary Action
The municipal market was slightly firmer Friday amid fairly light secondary trading. "There isn't a whole lot going on out there, but there is some firmness," a trader in New York said. "The secondary market is somewhat quiet, but I think we're bette....
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S&P Drops Greenville, S.C., Toll Road to Negative C
Standard & Poor's lowered its rating to C from CC on Connector 2000 Association Inc. of Greenville, S.C.'s bonds and placed the rating on CreditWatch with negative implications. "The rating actions reflect our view that a payment default on the senio....
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New Hampshire Hospital Bonds Downgraded by S&P
Standard & Poor's lowered its rating on New Hampshire Health and Educational Facilities Authority's Series 2003B revenue bonds, issued for Elliot Hospital, one notch to BBB-plus from A-minus. The rating agency attributed the move to the hospital's pr....
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DEAL IN FOCUS: PennPike Eyes Floating Rate Conversion
The Pennsylvania Turnpike Commission is watching for an opportunity to refinance nearly $600 million of floating-rate debt, including variable-rate bonds now owned by banks. The commission is hoping to use a combination of fixed-rate and floating-rat....
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Northeast Bond-Watch
MARYLAND Prince George's Revise Prince George's County's credit outlook was revised to negative by Fitch Ratings on Friday ahead of a $30 million general obligation school construction bond sale. The $25 million of taxable qualified school constructi....
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Detroit Planning $250M Sale Change in State Law Is Required
CHICAGO - Detroit hopes to issue up to $250 million of fiscal stabilization bonds - a move that would require a change in Michigan law - as part of Mayor Dave Bing's plan to eliminate the city's $325 million deficit and avoid running out of cash by e....
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Plan for New California Death Row Prompts Yanking of Big Bond Issue
SAN FRANCISCO - The California State Public Works Board abruptly removed more than half a billion dollars from last week's lease-revenue bond sale after two state lawmakers issued a last-minute letter warning of legal challenges to a project that was....
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Philly Mayor Praises Muni Pros as He Looks Back on a Tough Year
Like many mayors, it's been a difficult year for Philadelphia Mayor Michael Nutter, as the city was forced to cut its five-year budget by $2 billion and watch state lawmakers delay action on measures that eventually helped close the city's current bu....
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Rhode Island Agency Returns to Housing Bond Market
With a little help from the U.S. Treasury, the Rhode Island Housing and Mortgage Finance Corp. plans a return to the housing bond market today after a nearly 15 month hiatus. "We normally would be in the market about every four months or so, and we h....
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Illinois RTA Board OKs $166M To Trim Chicago Transit Deficit
CHICAGO - The board of the Regional Transportation Authority of Illinois late last week approved the issuance of up to $166 million of bonds to free up federal capital funds to help trim a Chicago Transit Authority budget deficit and stave off a fare....
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Illinois Tollway's $280M BAB Sale Will Complete Makeover
CHICAGO - The Illinois State Toll Highway Authority tomorrow enters the market with its second Build America Bond sale of the year - a $280 million revenue bond issue that marks the final borrowing needed for the agency's five-year-old $6 billion reb....
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NEW HIRES: Piper Boosts Transportation Team
WASHINGTON - As infrastructure increasingly plays a key role in investment decisions nationwide, Minneapolis-based Piper Jaffray & Co. has expanded its transportation banking team and added to its Northeast staff. The new hires are part of an overall....
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Whatever Happened to Super-BABs? Less Than 4% of Allocation Sold
Build America Bonds have been called the success story of 2009 as issuers rush to take advantage of the 35% interest payment subsidy offered by the federal government. Yet few are flocking to an even better offer - recovery zone economic development ....
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