The Bond Buyer back issues from April 1993:
Texas Senate passes bill to guarantee local debt with sales tax revenues.
Apr 01, 1993; ... DALLAS -- The Texas Senate yesterday approved a bill that would allow cities, counties, and hospital districts to guarantee bonds by letting the state use the issuers' sales tax revenues to assure debt service payments. The 31-member chamber unanimously approved Senate Bill 1271 ...
Prices meander as demand falls; but California finds investors. (The Municipal Market) (Column)
Apr 01, 1993; ... Prices were mixed yesterday for the third session in a row as traders ruminated on perplexing market conditions. However, California was spared the market malaise, according to underwriters. Investor uncertainty about the future direction of interest rates coupled ...
Appleton to fill bond-built jail with prisoners from Puerto Rico. (Appleton, Minnesota)
Apr 01, 1993; ... CHICAGO -- Appleton, Minn., has signed a contract to house 516 prisoners from Puerto Rico at a city-owned jail that was financed by $28.4 million of bonds, officials there said yesterday. In February, the city defaulted on a $1.5 million debt service payment because the jail was ...
House panel wants to hear SEC views on 'cherry picking' practices by dealers. (securities subcommittee, Securities and Exchange Commission)
Apr 01, 1993; ... WASHINGTON -- The House securities subcommittee is trying to get the Securities and Exchange Commission to say whether legislation is needed to prevent government securities dealers from "cherry picking" trades that favor some customers over others, congressional aides said yesterday. ...
Budget accord favors bonds, speedy action on debt limit.
Apr 01, 1993; ... WASHINGTON -- House and Senate negotiators announced a budget agreement yesterday designed to preserve President Clinton's proposed bond initiatives while using novel procedures to pave the way for enactment of a temporary debt limit increase this week. The fiscal 1994 budget ...
Future downgrades could mean 'upgrades' for hospital deals with unusual provision.
Apr 01, 1993; ... When is a downgrade really an upgrade? For $270 million of A-rated health-care deals, one more downgrade could trigger an unusual reinsurance policy that pushes the issues to triple-A status. Industrial Indemnity Co., whose Health Industry Bond Insurance unit backe ...
Proposal could devalue Chicago hospital bonds by 65%. (Hyde Park Hospital)
Apr 01, 1993; ... CHICAGO -- Bondholders would receive no more than 35% of the principal amount of $16.5 million of outstanding revenue bonds under a settlement offered by a bankrupt Chicago hospital. Attorneys for Hyde Park Hospital and the indenture trustee, Continental Bank National ...
Looks like New York will miss budget mark again this fiscal year. (New York State)
Apr 01, 1993; ... For the past eight years, New York State has failed to adopt its fiscal-year budget on time. It looks like fiscal 1994 will be no different. State officials say the administration of Gov. Mario M. Cuomo and key lawmakers from the Senate and Assembly are likely to miss ...
First-quarter bond volume sets mark, as low rates lure issuers to market. (Corporate Securities) (Column)
Apr 01, 1993; ... Bond issuance in the first quarter of 1993 hit $122 billion, snapping the previous corporate record of $87 billion set in the third quarter of last year, according to Securities Data Co. Merrill Lynch & Co. was the top-ranked underwriter, bringing deals worth almost $30 billion ...
Traders play the waiting game ahead of tomorrow's jobs report. (Treasury Market) (Column)
Apr 01, 1993; ... Treasury prices drifted lower in quiet trading yesterday as participants waited for tomorrow's March employment report, which is expected to set the market's direction for the next few weeks. Late in the afternoon, the 30-year bond was off 1/4 point to yield 6.92% and note ...
Study shows economies of cities and suburbs move together. (National League of Cities reports)
Apr 01, 1993; ... WASHINGTON -- Can a city's economy deteriorate without dragging down the surrounding suburbs? The answer is no, according to a study from the National League of Cities called "All In It Together." "Cities and their suburbs are not two distinct economies," the study ...
Court ruling improves prospects for holders of Executive Life-backed bonds.
Apr 01, 1993; ... Prices of taxable municipal bonds backed by Executive Life Insurance Co. of California are firmer in the wake of a favorable court ruling and other actions. Last week, a California appeals court struck down a two-tier payment system and several other components of a ...
Merrill beats Goldman to lead underwriters during first quarter. (Merrill Lynch and Company Inc., Goldman Sachs and Co.)
Apr 02, 1993; ... Merrill Lynch & Co. toppled Goldman Sachs & Co. to become the highest ranked underwriter of long-term municipal bonds for the first quarter of 1993, according to Securities Data Co. Merrill underwrote 94 issues totaling more than $7.37 billion, capturing an 11.4% market share, ...
March proved cruel to munis; market waiting for jobs data. (The Municipal Market) (Column)
Apr 02, 1993; ...The Municipal Market An already battered municipal market yesterday braced for today's employment report. Prices continued to meander, ending mixed with a downward bias. Tremendous supply pressure and fear about near-term price prospects combined to ...
Low rates give muni market quickest start in first quarter.
Apr 02, 1993; ... The municipal bond market got off to its fastest start ever in the first quarter of 1993, as issuers took advantage of the lowest interest rates in 15 years to offer record amounts of refunding bonds. Sales of new long-term bonds jumped 27% in the first three months of 1993, to ...
Treasury panel says more short-term debt won't do the trick to bring down costs. (Treasury Borrowing Advisory Committee of the Public Securities Association)
Apr 02, 1993; ... WASHINGTON -- The government should drop plans to try to trim federal borrowing costs by issuing more short-term debt, says an advisory panel to the Treasury Department. The Treasury Borrowing Advisory Committee of the Public Securities Association concluded during a recent ...
House panel adds investor safeguards before sending on advisers measure. (Subcommittee on Telecommunications and Finance)
Apr 02, 1993; ... WASHINGTON -- The House securities subcommittee approved a bill yesterday that would tighten the regulation of investment advisers, after adding two provisions designed to help investors protect themselves against fraud. The measure, H.R. 578, was approved unanimously by the ...
Two more Texas MUDs seek authorization from water agency to file for bankruptcy. (Cypress Hill and Montgomery County municipal utility districts, Texas Water Commission)
Apr 02, 1993; ... DALLAS -- Two more Texas municipal utility districts are seeking state approval to file for Chapter 9 bankruptcy protection after defaulting on a total of $7 million of debt. If the requests are approved by the Texas Water Commission, the Cypress Hill MUD No. 1 and Montgomery ...
Michigan to decide on property tax, school funding reforms.
Apr 02, 1993; ... CHICAGO -- Gov. John Engler of Michigan and lawmakers have agreed to place on the ballot a proposed change in the state constitution that would limit property assessment growth and equalize state funding of schools. The plan, approved by both houses of the Legislature on ...
Cuomo and lawmakers go into extra innings over New York budget. (Mario M. Cuomo)
Apr 02, 1993; ... New York State officials yesterday continued to hammer away at the details of a $60 billion fiscal 1994 budget, including a proposal to help reform the state's long-term borrowing practices, state officials say. Although the state's budget is late for the ninth straight time -- ...
Judge leans toward reworking failed plan for Executive Life.
Apr 02, 1993; ... LOS ANGELES -- A California judge yesterday appeared to favor attempts to salvage a sale of failed Executive Life Insurance Co. to a group of French investors before consideration is given to unwinding any other parts of a proposed rehabilitation plan. "The first priority is to ...
Munifacts Plus displays information on trusts. (unit investment trusts)
Apr 02, 1993; ... Munifacts Plus has begun providing daily yield and pricing information on two New York tax-free unit investment trusts to broker-dealers and underwriters. The service, which will supply data on Empire State and Empire Gtd. trusts, replaces fax broadcasts of the yield and price ...
Pace of new bond offerings weakens; as issuers wait for employment news. (Corporate Securities) (Column)
Apr 02, 1993; ... The new issue pace slowed yesterday ahead of today's March employment report. "I think everybody's really focusing on the number," said a member of one high-grade syndicate desk. Quite a few issuers are watching the market, however, and, depending on how the number ...
Long end wilts on eve of jobs data despite some friendly indicators. (Treasury Market) (Column)
Apr 02, 1993; ... Long-term securities lost ground yesterday in spite of some weaker-than-expected economic indicators as participants prepared for today's March employment report. Late in the afternoon, the 30-year bond was off 1/2 point and yielded 6.96%. Yesterday's favorable news ...
Index yields up again on burgeoning supply and lack of demand.
Apr 02, 1993; ... Municipal bond prices were buffeted by eager issuers and cautious investors this week, pushing yields on The Bond Buyer's weekly indexes moderately higher for the fourth straight week. The 20-bond index of general obligation bonds rose eight basis points, to 5.86% from 5.78% ....
Clinton's bond, infrastructure proposals included in Congress' final budget action.
Apr 02, 1993; ... WASHINGTON -- The Senate gave final congressional approval yesterday to a fiscal 1994 budget resolution designed to carry out most of President Clinton's five-year economic program, including his bond and infrastructure initiatives. The Senate's 55-to-45 vote, mostly along party ...
Comptroller says New York has to get serious about debt reform. (Edward V. Regan) (Interview)
Apr 02, 1993; ... Q: Why have you focused on debt reform as opposed to other state financial issues such as budget reform? A: The comptroller's office has a lot of credibility on issues concerning debt. In addition, [the Jobs for a New, New York Bond Act] allowed me to focus on the state's debt ...
Louisiana House approves debt limit; tax increases to fix gap are defeated.
Apr 02, 1993; ... ATLANTA -- Louisiana's House of Representatives late Wednesday approved a sweeping debt limitation bill linking yearly issuance of state bonds to revenue collections. ut as lawmakers began the state's regular 1993 session this week, there was little agreement on how to head off ...
Comerica terminates deal with First of Michigan after brokerage's finance unit joins Roney & Co.
Apr 02, 1993; ... CHICAGO -- Detroit-based Comerica Inc. has canceled an agreement to purchase First of Michigan Capital Corp. because First of Michigan's corporate finance department has joined another firm. Ronald S. Plaine, senior vice president in charge of capital markets at Comerica, said ...
Final version of budget resolution poses less risk to the need for student bonds.
Apr 02, 1993; ... WASHINGTON -- The final version of the congressional budget resolution poses less risk than expected to the federal Guaranteed Student Loan program and the need for tax-exempt student loan bonds. Earlier this month, the House and Senate each passed budget resolutions instructing ...
Market pounded by long streak of bleak Fridays; prices plummet. (The Municipal Market) (Column)
Apr 05, 1993; ... Bonds were hammered for the fifth Friday in a row as prices collapsed on fears of higher inflation. After a robust surge in prices during February, the municipal market first turned south on Friday March 5. On each Friday since then, the market has closed down, reflecting tough ...
New York city's Triborough Authority tries out lease deal with ironclad payment guarantee. (certificates of participation)(Deal in the Spotlight)
Apr 05, 1993; ... The Triborough Bridge and Tunnel Authority is planning to use a new structure to eliminate some of the risks of certificates of participation on an $88 million deal expected tomorrow. The market is worried about COPs because of the recent referendum in Brevard County, Fla., that ...
Senate leader says debt limit measure must wait for end of stimulus impasse. (George J. Mitchell of Maine)
Apr 05, 1993; ... WASHINGTON -- Congressional leaders tied the fate of the temporary debt limit extension to President Clinton's stalled job stimulus bill Friday, raising the possibility for the first time that the debt ceiling may not be increased before the Treasury runs out of cash on Wednesday. ...
California districts may still pursue suit after the high court declines to take case.
Apr 05, 1993; ... LOS ANGELES -- A group of Ventura County, Calif., special districts is studying its next step after the state Supreme Court refused to hear a lawsuit challenging the state's recent diversion of local property tax revenues for school purposes. The court's decision marks a victory ...
Lawsuit slams Sebring as utility defeases debt, sells off assets. (Sebring, Florida Utilities Commission)
Apr 05, 1993; ... ATLANTA -- The Sebring, Fla., Utilities Commission last week sold its assets and defeased $85.6 million of debt as scheduled on Thursday, but not before the troubled utility was hit with a last-minute federal lawsuit filed by a citizens group opposing the sale. The lawsuit, ...
Cuomo and lawmakers move closer to pact on reforming New York State debt practices. (Mario M. Cuomo)
Apr 05, 1993; ... The administration of New York State Gov. Mario M. Cuomo and legislative officials moved closer Friday to an agreement on creation of a constitutional amendment that would reform the state's long-term borrowing practices. As part of the pact, all sides agreed to ditch a ...
Economy expected to shrug off flat employment market performance in March. (Department of Labor report)
Apr 05, 1993; ... WASHINGTON -- A halt in jobs creation in March confirms the economy softened in the first three months of the year, but analysts expect things to pick up in the coming months. The Labor Department reported that the civilian unemployment rate remained unchanged at 7% last month, ...
Standard & Poor's Corp. lowers to A-plus from AA N.J. Transportation Fund.
Apr 05, 1993; ... Standard & Poor's Corp. Friday lowered to A-plus from AA its rating on $400 million of outstanding bonds issued by the New Jersey Transportation Trust Fund. The new rating also applies to a $567 million deal the fund is expected to announce shortly. The rating agency ...
Three high-yield offerings this week will add $1 billion to new-issue plate. (Container Corp., Penn Traffic Co., Quantum Chemical)(Corporate Securities)
Apr 05, 1993; ... Container Corp., Penn Traffic Co., and Quantum Chemical could bring a total of $1.05 billion of new-junk debt to market this week, syndicate and other sources said Friday. "I know all the names," one high-yield buyer said, adding that the companies are "attractive" credits and ...
Thirty-year yield moves above 7% as worries about inflation grow. (Treasury Market) (Column)
Apr 05, 1993; ... Treasury prices tumbled Friday when inflation fears caused an exodus from the long end of the market. Late in the day, the 30-year bond was off more than a point and yielded 7.04%. It was the first time since mid-February that the long bond closed above 7%. Friday ...
A rejuvenated HUD should lighten the work load of Congress. (Department of Housing and Urban Development)(View From the Hill)
Apr 05, 1993; ... WASHINGTON -- While the arrival of a new administration has made most of Capitol Hill seem busier than ever, housing lawmakers are likely to see some of their workload drop off this year. Housing industry officials would tell you that isn't all bad. That's because ...
Austin, Tex., seeks voter approval of bonds to convert base into city airport.
Apr 05, 1993; ... AUSTIN, Tex. -- With nearby Bergstrom Air Force Base closing, Austin officials say voters can turn empty runways into a new city airport by authorizing $400 million of revenue bonds on May 1 to convert the military base. City officials are confident voters will approve the ...
New York MTA chooses Jay Walder to replace the departing Downey. (New York State Metropolitan Transportation Authority)
Apr 05, 1993; ... The New York State Metropolitan Transportation Authority said last week that its chief of staff. Jay Walder, will replace Mortimer L. Downey as executive director and chief financial officer. Downey announced last month that he would leave the agency to take a senior post with ...
Opening day bypasses St. Petersburg, Florida; bonds couldn't buy a big league dream.
Apr 05, 1993; ... "If you build it, he will come." -- W.P. Kinsella, Shoeless Joe They built it, but no one came. Umpires in ballparks around the nation will shout "play ball!" today, kicking off the 1993 Major League Baseball season. But like the fans in Mudville, Tampa Bay residents are ...
Bonds and baseball: perfect together.
Apr 05, 1993 ... WASHINGTON -- As the boys of summer return to the field today to open Major League Baseball's 1993 season, they will play most of their games in publicly financed stadiums. Of the 28 stadiums used for big league ball, 22 were financed with municipal bonds, according to an ...
Relying on good intentions. (Washoe County, Nevada, Reno airport, and the Federal Aviation Administration)(The Bond Beat) (Column)
Apr 05, 1993; ... Washoe County in western Nevada sold an interesting issue of bonds last week to expand its airport. It was the first tax-exempt bond issue to base repayment on a pledge of the Federal Aviation Authority, and it pointed up a growing need to evaluate political risk. The Federal ...
Economic express may be delayed. (Congress and the Clinton economic program)(Washington Watch) (Column)
Apr 05, 1993; ... WASHINGTON -- Anyone who thinks that Congress will give final approval to President Clinton's economic and tax proposals by the Fourth of July had better think again. Even though last week's approval by Congress of a budget package was the earliest in the 17-year history of the ...
Lower rates take toll on consumers who are older or have more money. (interest rates)
Apr 05, 1993; ... WASHINGTON -- Lower interest rates are helping to lighten the nation's debt load and get the economy cracking again, right? Well, maybe so, but consumers on the whole are paying a price for those lower rates, says Lacy Hunt, chief U.S. economist for HSBC Holdings, the parent ...
Sorting out privatization is not enough; pay attention to problems that persist. (part 2)
Apr 05, 1993; ... This article is the second of a two-part series. The analytic questions outlined in the first part of this article last week can sharpen the debate about privatization and its application to real world opportunities. However, other problems may still impede our efforts to apply ...
Michigan ban on unfunded mandates stirs passions, gets results.
Apr 05, 1993; ... Fifteen years ago in Michigan, the idea seemed simple enough. Pass a constitutional amendment saying that the state government could no longer order local governments to set up programs unless the state paid for them. The goal was to eliminate the practice in which a state or ...
Investors idle; market pauses to catch wind after last week. (The Municipal Market) (Column)
Apr 06, 1993; ... Market players reported very little investor interest on the first day of the holiday week. The municipality market was practically dormant yesterday with prices ending mixed. Last Friday, prices collapsed over fears of higher inflation, despite a positive employment ...
Rep. Cardin holds out hope for legislation relaxing curbs on private-activity bonds. (Benjamin L. Cardin)
Apr 06, 1993; ... WASHINGTON -- Rep. Benjamin L. Cardin believes it may be possible to get legislation passed this year that would ease the private-activity bond volume cap and remove some alternative minimum tax restrictions on municipal bonds. For example, if Congress considers environment or ...
Westchester County plans zero coupon sale similar to other New York offerings. (Westchester County, New York)
Apr 06, 1993; ... Officials in Westchester County, N.Y., say they are hoping to join the small club of municipalities in the state that have issued zero coupon bonds authorized under the 1991 amendments to the local finance law. Under the plan, which still needs approval from the estate ...
Senators move toward possible compromise on infrastructure funds in Clinton stimulus bill.
Apr 06, 1993; ... WASHINGTON--Senate Republicans and Democrats took steps toward a possible compromise yesteday that would pare back part of the $8 billion in infrastructure funds in President Clintonl's stalled stimulus package. But final action on the measure and the $225 billion debt increase ...
PSA proposes dealers disclose detachable calls on pricing wire. (Public Securities Association)
Apr 06, 1993; ... WASHINGTON -- Dealers selling bonds wiht detachable call options in the primary market should disclose that feature through so-called pricing wires such as the Munifacts News Wire Service, the Public Securities Association said in a recently-issued memorandum. The memo was ...
Clinton reform plan seen unlikely to hurt health-care ratings.
Apr 06, 1993; ... CHICAGO--Widespread health-care downgrades are not anticipated as a result of a Cliton administration health reform plan that could include managed competition as a key component, according to an article in yesterda's edition of Standard & Poor's Credit Week Municipal. ...
Majority of investors considering municipals, MBIA survey reports. (Municipal Bond Investors Assurance Corp.)
Apr 06, 1993; ... Almost 60% of investors who own or plan to buy stocks or bonds this year say they are considering municipals as part of their portfolio mix, according to a survey released yesterday by Municipal Bond Investors Assurance Corp. The survey, which MBIA said was conducted among a ...
New York State comptroller criticizes governor's reform plan. (Edward V. Regan, Mario M. Cuomo)
Apr 06, 1993; ... New York State Comptroller Edward V. Regan yesterday lashed out at an agreement reached over the weekend by the administration of Gov. Mario M. Cuomo and state lawmakers on the creation of a constitutional amendment that would reform the state's long-term borrowing practices. ...
Washington State may allow interest rate swaps for larger issuers.
Apr 06, 1993; ... LOS ANGELES -- A Washington State bill permitting some issuers to engage in interest rate swaps appears headed for approval in the Legislature. "I'm very hopeful that it will progress through," based on results so far, said Richard Dyer, director of finance of the Clark County ...
Holidays are expected to slow supply; $1.5 billion premier deal is expected. (Corporate Securities) (Column)
Apr 06, 1993; ... Mix a Monday with holidays, Friday's big backup in rates, and some impending economi data, and you get a slow start to what looks like a sluggish week for new issue. Just two offerings could be confirmed by late yesterday, a $100 million bank note deal by Comerica Bank and a ...
Long bond closes 3/8 point higher, retracing some of Friday's loses. (Treasury Market) (Column)
Apr 06, 1993; ... Treasury note and bond prices improved in thin trading yesterday, but rathers dismissed the gains as a technical rebound in the wake of Friday's big sell-off. Late in the afternoon, the 30-year bond was up 3/8 point to yield 7.02%. On Frida, fears of inflation pushed the long ...
High court: states may owe government interest on debt. (United States v. Texas)
Apr 06, 1993; ... WASHINGTON -- States may have to pay interest on debts they owe the federal government despite provisions of a 1982 law that had appeared to exempt them from such obligations, the Supreme Court ruled yesterday. In an 8-to-1 opinion delivered by Chief Justice William H. ...
Duvernay confirmed as HUD deputy secretary. (Terrence R. Duvernay, Department of Housing and Urban Development)
Apr 06, 1993; ... WASHINGTON -- Terrence R. Duvernay, a longtime advocate of tax-exempt housing bonds, was confirmed by the Senate last week as deputy secretary of the Department of Housing and Urban Development. Duvernay is a former president of the National Council of State Housing Agencies, ...
IRS extends deadline for public comments on housing notice.
Apr 06, 1993; ... WASHINGTON -- The Internal Revenue Service announced yesterday that it would extend to June 3 the deadline for public comments on a controversial "safe harbor" standard for low-income housing. The IRS' district offices are using the standard, which was published in Notice 93-1 ...
Florida lawmakers pass a $35 billion fiscal 1994 budget; reject new sales taxes.
Apr 06, 1993; ... ATLANTA -- The Florida Legislature on Sunday passed a $35.2 billion fiscal 1994 budget that includes no new statewide taxes and shoots down a plan to sell about $500 million in tax-exempt bonds for prisons. In passing the budget, lawmakers rejected Gov. Lawton Chiles' request ...