The Bond Buyer back issues from November 1992:
Muni prices see slight recovery; election outcome will shape tone. (The Municipal Market) (Column)
Nov 02, 1992; ... Prices made gains against supply late last week, but activity was stifled because of tomorrow's presidential election, the outcome of which will dictate price movement for the near-term, players say. Over the past two weeks, municipals were quickly moving lower under heavy ...
California budget won't undermine increment bonds, S&P report says. (municipal tax increment bonds, Standard and Poor's Corp.)
Nov 02, 1992; ... LOS ANGELES -- Recent California budget legislation that diverts a portion of redevelopment agency funds to school districts will not affect ratings on local tax increment bonds, according to Standard & Poor's Corp. "The legislation clearly stipulates that existing indebtedness ...
Municipal sales lift short-term funds' assets, but gains aren't expected to last after election.
Nov 02, 1992; ... Tax-exempt money market funds are gaining cash from the massive amount of long-term municipal bond sales during the month of October, managers of those funds and some bond dealers say. But in spite of these cash infusions, some fund managers think the attraction to short-term ...
Rating agencies slight city finance reforms, role of leadership, D.C. fiscal head says. (Washington, D.C. Chief Financial Officer Ellen M. O'Connor)
Nov 02, 1992; ... Ellen M. O'Connor, Washington's chief financial officer, asked rating agency officials on Friday to dispense with a "puritan streak" that has led them to downgrade many of the nation's municipalities. O'Connor said further that rating analysts deal only in "absolute abstracts," ...
SEC probes sales of bonds issued for Colorado special district. (Securities and Exchange Commission, Colorado Centre Metropolitan District)
Nov 02, 1992; ... WASHINGTON -- The Securities and Exchange Commission is investigating the sales and purchases of bonds issued for one of the most notorious of the failed Colorado metropolitan development districts, bankruptcy documents and knowledgeable sources say. Investors who bought ...
Marcade Group Inc. files Chapter 11, Apollo groups figure in health plan. (Apollo Advisors L.P.)
Nov 02, 1992; ... Marcade Group Inc. said it filed Chapter 11 Friday, less than three months after escaping a bid by a small group of its bondholders to force it into bankruptcy. The company's reorganization plans contemplate a hefty investment by some Apollo Advisors L.P.-related entities. ...
Trading likely to remain choppy given election, supply, jobs data. (Treasury Market)
Nov 02, 1992; ... The Treasury market is expected to remain volatile this week as traders deal with successive shock waves from the presidential election, the announcement of the quarterly refunding, and the October employment report. Economists say current Treasury prices look cheap, given the ...
Louisiana plans deal of up to $400 million, seeks financial adviser. (general obligation bonds)
Nov 02, 1992; ... ATLANTA -- Louisiana is planning a negotiated sale of up to $400 million of general obligation bonds early next year, including $100 million of new-money debt, the State Bond Commission's director said last week. The state is also seeking a new financial adviser, given the ...
Philadelphia gets funds to pay down deficit and undertake capital projects long on hold. (Philadelphia, Pennsylvania, bond proceeds)
Nov 02, 1992; ... Philadelphia's oversight board last week gave the city its first installment of bond proceeds to pay off the fiscal 1992 deficit, which city officials now say is smaller than previous estimates. The board, known as the Pennsylvania Intergovernmental Cooperation Authority, also ...
IRS' field service division plays greater role in muni legal issues, enforcement. (Internal Revenue Service, municipal bonds)
Nov 02, 1992; ... WASHINGTON -- The Internal Revenue Service's recently created field service division is playing a much greater role in advising the agency's district offices on legal issues and enforcement activities in the bond area than its predecessor, an IRS official said in an interview last week. ...
After a flood of issues, Colorado awaits tomorrow's vote on tax and spending limits.
Nov 02, 1992; ... DENVER -- No matter what Colorado voters decide tomorrow about proposed tax and spending limits on local government, bond dealers expect slow times ahead. The reason: Prompted by concerns that a proposed constitutional amendment could shut them out of the credit markets, local ...
Job losses in big industrial states provide Clinton with a roadmap to victory. (Bill Clinton)
Nov 02, 1992; ... WASHINGTON -- When it comes to economic policy, the choice between President Bush and Bill Clinton is clear and reflects long-standing party differences over the role of government in managing the nation's affairs. But the widespread job losses in many parts of the country have ...
Interest rate swaps and their advantages; inverted floaters, embedded derivatives. (part 1)
Nov 02, 1992; ... The following excerpts are taken from a speech delivered to the National Association of State Treasurers' State Debt. Management Network on Sept. 10 in Orlando, Fla. The second part will appear next Monday and their part on Nov. 16. There are numerous instances of new approaches ...
The Rascal King: The Life And Times of James Michael Curley, An Epic Of Urban Politics And Irish America.
Nov 02, 1992; ... The Rascal King: The Life and Times of James Michael Curley, An Epic of Urban Politics and Irish America <Pre> By Jack Beatty V3 Addison-Wesley V3 571 pages $25.00V3 </Pre> New York's hot U.S. Senate battle, ...
Profits climb 21.4% among bond insurers in first nine months.
Nov 03, 1992; ... The municipal bond insurance industry has continued its steady march through 1992, with all six major players chalking up big profits for the first nine months. Profits for the industry as a whole surged 21.4%, to $400.1 million from $329.5 million during the first three ...
New issuance shoots up 43%, to $191 billion, from year ago.
Nov 03, 1992; ... New-issue municipal bond volume continued to surge through the first 10 months of 1992, rising 43% to $191.5 billion from $133.55 billion in the same period of 1991, according to figures compiled by Securities Data Co. Although refundings continue to fuel the growth of long-term ...
Cuomo's estimates may not stand up, some analysts say of bond act debate. (Mario Cuomo)
Nov 03, 1992; ... Gov. Mario M. Cuomo's $800 million jobs bond act relies on statistical data that raise doubts about New York's prediction that the measure would generate at least 78,677 permanent private-sector jobs by the end of the century, several researchers say. At issue, according to four ...
WPPSS bondholders on verge of a payout as the Supreme Court declines to hear case. (Washington Public Power Supply System)
Nov 03, 1992; ... LOS ANGELES -- Investors in defaulted Washington Public Power Supply System bonds finally appear close to receiving a partial payment on their losses after almost a decade of waiting. The U.S. Supreme Court yesterday declined to hear a final challenge to settlements in the WPPSS ...
Nuclear decommissioning funds are unlikely to fully eliminate municipals, analysts say.
Nov 03, 1992; ... WASHINGTON -- Although the new energy law is expected to drive nuclear decommissioning trust funds away from municipal bonds, the exodus won't begin immediately and won't be a complete departure, analysts say. "Muni people should not give up hope," said Tom Tuschen, vice ...
All is quiet on municipal front; market awaits election victor. (The Municipal Market) (Column)
Nov 03, 1992; ... The market was inactive yesterday as players did little but speculate prices will rally on a Bush presidential win and sink on a Clinton victory. No deals of significant size were priced yesterday. Despite the lackluster tone, municipals, which made progress at the ...
Oklahomans may vote for issue, block taxes that go with it.
Nov 03, 1992; ... DALLAS -- When Oklahoma voters decide today whether to back the state's first general obligation bond plan since 1968, they could authorize the $350 million in debt while rejecting the taxes to pay for the issue, observers say. "I would say it's pretty much a toss-up right now," ...
Student loan guarantee agencies ask Moody's to grade them on their claims-paying ability. (Moody's Investors Service)
Nov 03, 1992; ... CHICAGO -- Student loan guarantee agencies are seeking ratings of their claims-paying ability to differentiate themselves and to allay concerns raised by the insolvency of a national agency in 1990. The Nebraska Student Loan Program Inc. last week received an A2 rating on its ...
Supreme Court decides not to review securities fraud case.
Nov 03, 1992; ... WASHINGTON -- The Supreme Court yesterday left intact a lower court ruling that may make it easier for investors to hold financial firms liable for securities fraud committed by their employees. The high court's justices declined to review a ruling by the U.S. Court of Appeals ...
Two new reports show economy is continuing its turtle pace, analysts say.
Nov 03, 1992; ... WASHINGTON -- Two reports issued yesterday on the manufacturing and construction industries signaled that the U.S. economy is continuing to move forward at a slow pace, analysts said. The index of the National Association of Purchasing Management for October climbed back to ...
Cuomo, Regan on the New York Jobs Bond Act. (Mario Cuomo; Edward V. Regan) (Interview)
Nov 03, 1992; ... In dining halls, meeting rooms and other public forums throughout New York, Gov. Mario M. Cuomo and Comptroller Edward V. Regan have spent the past six weeks waging a fierce public debate over the merits of a jobs-creating bond act proposed by the governor during his State of the State ...
Federal Reserve mulls call for more openess.
Nov 03, 1992; ... WASHINGTON -- Federal Reserve officials will consider an appeal to provide a more detailed record of closed-door meetings on monetary policy, House Banking Committee Chairman Henry Gonzales, D-Tex., said yesterday. In a statement, Gonzales said he had been informed by a Federal ...
Rates rise in Treasury bill auctions.
Nov 03, 1992 ... WASHINGTON -- The Treasury sold $ 23.64 billion of 91-day and 182-day bills at higher rates yesterday, as the three-months incurred an average rate of 3.05%, up from 2.97% in the previous auction on Oct. 26 and the highest since the average of 3.10% on Aug. 31, 1992. The six-months ...
Additional plaintiffs consider joining bondholder lawsuit against Marriott. (Corporate Securities) (Column)
Nov 03, 1992; ... "Several" more plaintiffs may join a bondholders' suit against Marriott Corp., a lawyer from the firm representing the bondholders said yesterday. "Others have indicated an interest in joining," said Lawrence Kill, a partner at Anderson Kill Olick & Oshinsky P.C., adding that ...
Kentucky names Mulloy chief fiscal manager, his first government job. (J. Patrick Mulloy)
Nov 03, 1992; ... ATLANTA -- Kentucky Gov. Brereton Jones has named W. Patrick Mulloy 3d to replace Joseph W. Prather as secretary of the state Finance and Administration Cabinet. Mulloy, a Louisville attorney and real estate developer who has long been active in the Democratic Party, has not ...
Artemis Capital Group opens Chicago office.
Nov 03, 1992; ... CHICAGO -- Artemis Capital Group Inc. opened a public finance office in Chicago yesterday, making it the third women-owned firm to establish a presence in the metropolitan are in the last five months. Robin Wiessmann, a principal at Artemis, said the New York-based firm opened ...
Michigan. (Detroit utility tax)(Around the Nation )
Nov 03, 1992; ... Detroit has won the latest battle in a long-running dispute over its ability to collect a 5% utility tax that generates about $50 million in revenues to the cash-strapped city each year. The Michigan Court of Appeals on Oct. 20 affirmed a lower court ruling upholding the ...
New York. (Capital Markets Assurance Corp., Household Finance Corp.)(Around the Nation)
Nov 03, 1992; ... Capital Markets Assurance Corp. last week announced it had enhanced a $757 million issue from Household Finance Corp. backed by home equity loans. CapMAC, which market sources say is preparing to insure its first municipal transaction, has provided enhancement on over $4 billion ...
Pennsylvania. (Home Equity Conversion Mortgage Program)(Around the Nation)
Nov 03, 1992; ... State Treasurer Catherine Baker Knoll last week announced that the state would help remove obstacles that prevent senior citizens from borrowing against the equity in their homes. The new Home Equity Conversion Mortgage Program aims to help Pennsylvania's 1.8 million senior ...
Florida. (Spaceport Florida Authority)(Around the Nation)
Nov 03, 1992; ... Gov. Lawton Chiles has appointed new members to the board of supervisors at the Spaceport Florida Authority. The appointment of Sheldon Busansky, Forrest McCartney, and Thomas Ogden last month brings the board up to its full slate of nine members for the first time since June, ...
Rhode Island. (uninsured health-care coverage)(Around the Nation)
Nov 03, 1992; ... Rhode Island Gov. Bruce G. Sundlun last week announced a plan to make $7 million available by 1994 to provide health-care coverage for all uninsured children under the age of six and for all uninsured pregnant women. Sundlun said the plan would be the first step toward providing ...
Minnesota. (revenue forecast)(Around the Nation)
Nov 03, 1992; ... Minnesota revenues have exceeded state forecasts by $111 million in the first quarter of fiscal 1993 despite a lagging economy, according to a report by the Minnesota Department of Finance. Tax receipts for the first quarter of the fiscal year that began July 1 were $1.68 ...
Illinois. (employee head tax phase out proposal)(Around the Nation)
Nov 03, 1992; ... Mayor Richard M. Daley of Chicago last week vowed the city would phase out an employee head tax that generates $35 million a year if a proposed $2 billion casino-entertainment complex is built on the city's lakefront. Currently, companies in the city with 15 or more employees ...
National. (proposed National Association of Public Pension Fund Trustees)(Around the Nation)
Nov 03, 1992; ... Washington State Treasurer Daniel K. Grimm and Oregon Treasurer Tony Meeker are sponsoring an organizational meeting Jan. 11 and 12 at the Westin Hotel in Seattle to launch the National Association of Public Pension Fund Trustees, according to Lyle Jacobsen, assistant treasurer of ...
Market inclined to see Clinton in better light; prices lifted. (The Municipal Market) (Brief Article)
Nov 04, 1992; ... Prices rose modestly yesterday as fears about a Clinton presidency subsided, and the market instead focused on signs that augur lower yields. Market players, who sold bonds during previous sessions on fears of a Clinton presidency, covered short positions and bought bonds ...
Lawyers ask IRS to allow issuers to rebate rather than yield restrict.
Nov 04, 1992; ... WASHINGTON - The arbitrage rules should be simplified to allow issuers to comply with rebate rather than yield restriction requirements for most bond issues, a bond lawyers' group has told the Internal Revenue Service. The National Association of Bond Lawyers made the request in ...
NABL alters stance, saying it will support MSRB plan to widen document collection. (National Association of Bond Lawyers, Municipal Securities Rulemaking Board)
Nov 04, 1992; ... WASHINGTON - Bond lawyers dropped their opposition this week to a Municipal Securities Rulemaking Board plan to collect official statements of short-term debt and variable-rate demand notes for the first time. The National Association of Bond Lawyers wrote the Securities and ...
New report says Jan. 1 could be record-breaker redemption day. (The Bond Buyer Redemption Report)
Nov 04, 1992; ... More than $9 billion of municipal bonds may be redeemed or called from investors on Jan. 1, 1993, marking perhaps the largest redemption date in history, according to data compiled in the first issue of "The Bond Buyer Redemption Report." Due to the vast cash payments ...
Governor's staff works on bill to alleviate Richmond, Calif., district's financial woes. (Pete Wilson of California)
Nov 04, 1992; ... WASHINGTON - California Gov. Pete Wilson has charged his staff with helping to resolve the Richmond Unified School District's financial problems, but a solution is unlikely to come in time to prevent next month's court clash over the district's defaulted lease issue. The trustee ...
Harris County, Tex., judge has another plan for Houston Ship Channel bridge.
Nov 04, 1992; ... DALLAS - Harris County, Tex., Judge Jon Lindsay said yesterday he will seek legislative backing to buy outright the troubled Houston Ship Channel Bridge while continuing negotiations to take indirect control from the Texas Turnpike Authority. Lindsay decided to pursue the plan ...
Election puts primary market on hold as CreditWatch hits GM in secondary. (Corporate Securities) (Brief Article)
Nov 04, 1992; ... Election day kept the new-issue market on hold yesterday, with market participants expecting a mostly quiet week ahead. No new corporate issues were priced as the market spent the day awaiting the results of the presidential election. Traders said a Clinton victory ...
Prices up slightly in jittery trading as market awaits election results. (Treasury Market) (Column)
Nov 04, 1992; ... A small amount of buying helped Treasury prices inch higher yesterday in nervous pre-election trading. Late in the day, the 30-year bond was up 1/4 point to yield 7.64%. "The market did better because a lot of people had gone short in anticipation of the election ...
Index of leading indicators falls for second month in a row. (Department of Commerce report)
Nov 04, 1992; ... WASHINGTON - The U.S. economy could be in for another bout of weakness in the months ahead, economists said yesterday after the Commerce Department reported that the index of leading economic indicators fell 0.3% in September. The decline matched a revised 0.3% downturn in ...
First Eastern to sell Dolphin & Bradbury back to original owners.
Nov 04, 1992; ... First Eastern Corp. plans to sell Dolphin & Bradbury Inc., a securities dealer subsidiary located in Philadelphia. Dolphin & Bradbury was purchased by First Eastern Corp., a commercial bank, in 1987 and was part of First Eastern Capital Markets Group, another subsidiary. ...
Planned utility authority in California to focus on conservation, resource efficiency projects.
Nov 04, 1992; ... LOS ANGELES - A new joint powers agency to help fund conservation-related projects for California utilities could be operating by early next year, according to local officials working on the plan. "We think there's going to be a great deal of interest" in the concept, said Bill ...
Voters approve $7.29 billion of ballot bonds, reversing trend.
Nov 05, 1992; ... Voters ended a two-year Election Day trend of rejecting ballot bonds with an Overwhelming thumbs-up on Tuesday to this year's proposals. Around the nation, voters approved $7.3 billion of $11.73 billion of bonds, according to The Bond Buyer's preliminary results. They gave the ...
Munis continue to gain ground; post-election mood is calmer. (The Municipal Market) (Column)
Nov 05, 1992; ... Municipal prices jumped 1/4 to 1/2 point yesterday as an early boost. in the Government market helped strengthen tax-exempts. But even as the long Treasury bond drifted lower later in the day, market concern about the weak economy and the light visible supply, helped the ...
Committee members whose work affects bonds retain their positions in the House and Senate. (House Ways and Means and Banking committees, Senate Finance committee)
Nov 05, 1992; ... WASHINGTON - Tuesday's congressional elections produced no major upheavals in any of the House or Senate committees that handle legislation and regulation affecting tax-exempt bonds. Leaders of the House committees that deal with taxes, budget, banking, and securities all easily ...
Colorado voters choose to curtail governments' right to tax and spend.
Nov 05, 1992; ... DALLAS - After nearly two decades of rejecting the idea, Colorado voters this week adopted tax and spending limitations on government that bond experts predict will send local finances into a slow spiral downward. "It's a dark day for Colorado," said Dee Wisor, a bond lawyer at ...
IRS proposes rules on bond arbitrage that offer issuers rebate safe harbor.
Nov 05, 1992; ... WASHINGTON - The Internal Revenue Service yesterday proposed a drastic overhaul and simplification of its current arbitrage rules that would give bond issuers an unexpected new safe harbor from rebate requirements. The 178-page set of proposed rules, FI-36-92, the text of which ...
Arkansas officials say Clinton will be good for localities. (President-elect Bill Clinton)
Nov 05, 1992; ... DALLAS - If Arkansas Gov. Bill Clinton runs his presidency as he has the statehouse, local government officials in his home state say cities and counties will find a friend in the White House for the first time in years. "Gov. Clinton has always been good to us," said Sharp ...
Kraft, N.J. bond lawyer, joins Lowenstein Sandler. (John L. Kraft)
Nov 05, 1992; ... John L. Kraft, who last month quit the New Jersey bond counsel firm he founded in 1971, has announced he is joining Lowenstein, Sandler, Kohl, Fisher & Boylan in Roseland, N.J. "His presence provides us an opportunity to merge Jack's considerable bond practice with our own and ...
Bond exemptions remain suspended as Bush vetoes urban aid bill.
Nov 05, 1992; ... WASHINGTON - President Bush vetoed the urban aid tax bill yesterday, leaving the tax exemptions for mortgage revenue bonds and small-issue industrial development bonds in limbo for several more months and jettisoning a host of other provisions beneficial to the municipal market. ...
Economist predicts slow new-issue pace likely to continue through year's end. (John Lonski of Moody's Investors Service)(Corporate Securities) (Column)
Nov 05, 1992; ... One economist forecasts a "subdued" new-issue pace through 1992 as many corporations accelerated offering schedules this year to avoid the uncertainty surrounding the presidential election. "I think we are going to see a significantly slower pace of new issuance in the month of ...
Election results leave traders free to fret about jobs data, supply. (Treasury Market) (Column)
Nov 05, 1992; ... Arkansas Gov. Bill Clinton's victory in Tuesday's presidential election removed one source of the uncertainty that has clouded the Treasury market in recent weeks, but traders switched immediately to worrying about tomorrow's employment report and next week's refunding auctions. ...
Standard & Poor's says curbing budget powers may roil some ratings.
Nov 05, 1992; ... WASHINGTON - Voter-approved initiatives curbing budgeting authority in several big states could undermine the credit ratings of future bond issues. Standard & Poor's Corp. warned yesterday. The warning was directed at state and local credits in California, Colorado, Connecticut, ...
Fed board says economy's pickup varies among districts.
Nov 05, 1992; ... WASHINGTON - The economy is continuing to expand in most parts of the United States, "but at a slow and uneven pace," the Federal Reserve Board said in a report issued yesterday. The so-called beige book report, which is based on a survey of business conditions in the 12 Federal ...
Louisiana voters reject amendment to cap borrowing and spending.
Nov 05, 1992; ... ATLANTA - Louisiana voters Tuesday trounced a constitutional amendment to limit state borrowing and spending. The proposed amendment, which was hammered out in a state constitutional convention this summer, called for a gradual reduction in the amount of general obligation bonds ...
Former PaineWebber official rebuts charges that commitment letters were false. (Joseph T. Lhota)
Nov 05, 1992; ... WASHINGTON - A former PaineWebber Inc. official dealt a blow to the government's case against Lance Wilson by contradicting charges that the bond financing commitment letters Wilson wrote at PaineWebber were unauthorized and fraudulent. In testimony before the U.S. District ...
A Utah school district plans GO offering after voters set an authorization record. (Jordan School District of Sandy, Utah, general obligation bonds)
Nov 05, 1992; ... LOS ANGELES - A Utah school district set a state record Tuesday for the largest successful school bond election - $115 million - and expects to issue $75 million of the debt by early next month. The Jordan School District, based in Sandy just south of Salt Lake City, gained ...
Tax worries add to munis' luster; prices rise again, supply thins out. (The Municipal Market) (Column)
Nov 06, 1992; ... Municipals continued to rally yesterday, benefiting both from investors who have tax worries and an easing of supply pressure. The prospect of higher income taxes under the incoming Clinton administration sparked municipal gains for the second session in a row. ...