The Bond Buyer back issues from December 1993:
Yields resume rise as 'minor' reports surprise the players with their impact. (The Municipal Market) (Column)
Dec 01, 1993; ... Yields resumed their recent upward trend yesterday after seemingly minor economic data had a major negative impact, eradicating gains posted Monday. Bonds opened lower after rising 1/4 to 3/8 point Monday on sharply lower prices for oil and other commodities. Just after the New ...
Mississippi judge says governor acted unconstitutionally in vetoing bonds. (Kirk Fordice)
Dec 01, 1993; ... ATLANTA -- Mississippi Gov. Kirk Fordice overstepped the state constitution in using a line-item veto to reject $60.4 million of general obligation debt, a state judge has ruled. In response to a lawsuit find against the governor by three state legislators, Judge Chet Dillard of ...
SEC looks to Dec. 15 to hold vote on tax-free money market funds. (Securities and Exchange Commission)
Dec 01, 1993; ... WASHINGTON -- The Securities and Exchange Commission is tentatively scheduled to vote Dec. 15 on whether to propose a rule that would tighten credit quality standards for tax-exempt money market funds, agency sources said yesterday. The agency also may vote on a controversial ...
San Jose, Calif., agency to price big issue before law limiting maturities kicks in. (Redevelopment Agency)(Deal in the Spotlight)
Dec 01, 1993; ... LOS ANGELES -- The San Jose Redevelopment Agency plans today to price an unsually large issue of tax allocation bonds, partly to lock in favorable terms before California's redevelopment reforms take effect on Jan. 1. The $700 million bond sale will allow the agency to deposit ...
Trustee's recklessness sufficient to establish that it aided fraud, lawyer tells high court.
Dec 01, 1993; ... WASHINGTON -- A Colorado municipal bond trustee's alleged reckless behavior in administering a troubled bond issue constitutes aiding and abetting the issuer in committing securities fraud, a lawyer for bondholders told the Supreme Court yesterday. The role of the trustee "was ...
As economy serves up strength, investors push away from table. (Treasury Market) (Column)
Dec 01, 1993; ... Strong news on the economy gave the Treasury market a case of indigestion yesterday, and investors sold securities across the yield spectrum. The 30-year bond ended down almost a point, to yield 6.29%. Consumer confidence surged in November, as did manufacturing ...
WestPoint Stevens junk offering increased to $950 million, following intense demand. (Corporate Securities) (Column)
Dec 01, 1993; ... Big demand -- some of it from investment-grade buyers -- has vaulted WestPoint Stevens Inc.'s junk deal to $950 million from $600 million, high-yield sources said yesterday. The offering is expected to be priced today. "It's the first big deal that we've had in quite ...
Consumer confidence greatly improved in November, Conference Board finds.
Dec 01, 1993; ... WASHINGTON -- Consumer confidence surged in November, buoyed by gains in nearly every region of the country, the Conference Board reported yesterday. The private research group's consumer confidence index advanced 10.7 points in November to a reading of 71.2, the highest level ...
To build stadium, investors ask Arizona county to enact sales tax. (Maricopa County)
Dec 01, 1993; ... LOS ANGELES -- Supervisors in Maricopa County, Ariz., have been asked to enact a quarter-cent sales tax to finance construction of a major league baseball stadium in Phoenix. A group of investors led by Jerry Colangelo, majority owner and president of the Phoenix Suns basketball ...
Massachusetts official criticizes water agency's plans for sewage treatment plant. (Robert A. Cerasoli, Massachusetts Water Resources Authority)
Dec 01, 1993; ... The conflict between the Massachusetts Water Resources Authority and the state inspector general's office continued yesterday when the inspector general released a report critical of the authority. In a 57-page report, Inspector General Robert A. Cerasoli spelled out his ...
New Jersey offers three-in-one derivatives mix. (Deal in the Spotlight)
Dec 01, 1993; ... New Jersey plans to sell $1.3 billion of short-term notes today, using a competitive structure in which firms can bid on the deal as either fixed-rate notes, standard variable-rate demand notes, notes pegged to an index, or a mixture of the three. The two variable-rate portions ...
Interest rate caps, floors, and collars help buyers hedge, bet on rate moves.
Dec 01, 1993; ... The interest rate swap is not the only hedging and investing tool in the derivatives arsenal. Investors and issuers can also purchase related derivatives known as interest rate caps, floors, and collars. These other derivatives provide conditional protection or profit based on ...
Forward swaps on table; new deals may see derivatives.
Dec 01, 1993; ... With interest rates unsettled and most of the market away for the Thanksgiving holiday, the small amount of derivatives action within the last week was dominated by forward swaps activity. But heavy bond issuance in upcoming weeks could provide fertile ground for embedded derivatives in ...
Bond volume stalls in November; 11-month total up 23% from '92.
Dec 02, 1993; ... Municipal bond sales faltered in November's chilly market conditions, but still remained well above 1992 levels for the year, according to data extracted by The Bond Buyer from Securities Data Co.'s data base. Rising interest rates and uncertainty about the U.S. economy pushed ...
All sound and fury signifying nothing: players rattle sabers but fail to attack. (The Municipal Market) (Column)
Dec 02, 1993; ... Over $2 billion of new deals were met by good investor demand yesterday and secondary prices improved marginally. But the improved tone was tempered by widespread caution and some obvious signs of bearishness. Continued selling and year-end defensiveness left the market with a ...
Columbus, Ohio, adds call provision to reduce tremors on deal's tax status.
Dec 02, 1993; ... CHICAGO -- Columbus, Ohio, added a rarely used call provision to its tax-exempt $27.12 million general obligation issue priced yesterday to attempt to overcome market concerns about the tax status of the bonds. Dan Rohr, a managing director at Banc One Capital Corp., the ...
Local California credits need careful study - some overrated, Sanford Bernstein says.
Dec 02, 1993; ... LOS ANGELES -- A new Sanford C. Bernstein & Co. report recommends treating local credits in California with caution, saying that their long-term prospects "are less healthy" than those of the state itself. The report is especially concerned about California counties, concluding ...
Jacksonville to sell bonds to renovate Gator Bowl for NFL's newest team.
Dec 02, 1993; ... ATLANTA -- Jacksonville officials said yesterday that the city plans to sell $121 million of tax-exempt debt to renovate the Gator Bowl for the National Football League's newest expansion team, the Jaguars. On Tuesday in a surprise decision, the NFL awarded Jacksonville, a city ...
SEC's Beese slated to warn industry to prevent abuses or face sanctions. (J. Carter Beese Jr.)
Dec 02, 1993; ... WASHINGTON -- The securities industry must act to prevent repeated offenses by brokers or face tougher federal sanctions, SEC member J. Carter Beese, Jr., is scheduled to warn the Securities Industry Association this morning. "The clock is ticking in Washington," Beese said in a ...
Players shrug off current news; they'd rather wait for Friday. (Treasury Market) (Column)
Dec 02, 1993; ... The market shrugged off decent news on the U.S. economy yesterday and prices ended higher as players began to set their sights on the November employment report. The 30-year bond finished 1/2 point higher yesterday, to yield 6.25%. The market sustained a modest ...
WestPoint Stevens, WMX Technologies price offerings that prove popular with investors. (Corporate Securities) (Column)
Dec 02, 1993; ... WestPoint Stevens Inc.'s $950 million high-yield offering was rumored to be about three times oversubscribed yesterday. "They are very pleased," Steven S. Anreder, a spokesman for Valley Fashions Corp. and its 95%-owned subsidiary, WestPoint-Pepperell Inc., said of company ...
Gonzalez tells Fed to hire and promote women, minorities. (Henry B. Gonzalez)
Dec 02, 1993; ... WASHINGTON -- House Banking Committee Chairman Henry Gonzalez, D-Texas, yesterday called on Federal Reserve officials to act immediately to step up the hiring and and promotion of women and minorities. A staff report issued by Gonzalez says there are "no minorities and few ...
Further gains in manufacturing, construction put economy on surer footing.
Dec 02, 1993; ... WASHINGTON -- The manufacturing and construction sectors are continuing to strengthen, helping to put the economy on a solid growth track, according to another batch of statistics released yesterday. "The bond guys hate it, but the bond market may finally have to make that awful ...
New York City's deputy mayor for finance bows out to lead business organization. (Barry Sullivan)
Dec 02, 1993; ... Barry Sullivan, the deputy mayor for finance and economic development for New York City, yesterday announced he has resigned from the post to head a Manhattan-based business trade organization. Sullivan, who was appointed deputy mayor in March 1992, will succeed Ronald K. Shelp ...
Demand for mutual funds drives NationsSecurities to step up hiring.
Dec 02, 1993; ... NationsSecurities is adding sales representatives at a faster pace than initially anticipated to meet investor demand for mutual funds, according to executives heading the program. The company, a joint venture between NationsBank of North Carolina and Dean Witter Financial ...
Are mini-bonds worth the extra cost? N.Y. Dorm issue raises question again. (New York State Dormitory Authority)
Dec 02, 1993; ... The planned sale of $50 million in so-called mini-bonds by the New York State Dormitory Authority has some market participants debating once again whether it makes fiscal sense to have a program specifically designed to help small investors afford municipal securities. The sale ...
Dormitory ad campaign won't put Cuomo's face on the television screen. (New York State Dormitory Authority)
Dec 02, 1993; ... Aides to Gov. Mario M. Cuomo this week said he will not appear in upcoming advertisements promoting the first issuance of mini-bonds by a New York State authority. Controversy had erupted over advertising for the planned $50 million bond sale by the state Dormitory Authority of ...
Banks are lax in warning about risks of mutual funds, spot check indicates. (Investor Beat)
Dec 02, 1993; ... Spot checks in the New York City area by the American Banker suggest that many banks are failing to adequately warn customers about the risks of mutual fund investments. In fact, only two of 10 surveyed branches volunteered that mutual funds, unlike bank deposits, are not ...
Prices driven up by improved bids; cash bonds rise a solid 1/4 point. (The Municipal Market) (Column)
Dec 03, 1993; ... A better bid for bonds pushed prices up yesterday, helping municipals tooutperform the Treasury market. Government bonds headed lower after the Labor Department reported initial state unemployment insurance claims fell 17,000 to a seasonally adjusted 321,000 in the ...
Oklahoma treasurer may be impeached as officials charge she neglected duty. (Claudette Henry)
Dec 03, 1993; ... DALLAS - An Oklahoma state, representative has filed a resolution calling for the impeachment of state Treasurer Claudette Henry, citing al legations that she neglected her duties when the treasury paid millions of dollars in excess brokers fees for securities trades. "The loss ...
Columbus cancels deal after IRS questions issue's tax-exemption.
Dec 03, 1993; ... CHICAGO - The Internal Revenue Service on Wednesday stepped into a controversial Columbus, Ohio, bond deal in the midst of its final pricing and raised serious concerns about the tax-exempt status of the bonds, forcing the city to cancel the issue. Hugh Dorrian, Columbus' ...
With SEC breathing down industry's neck, eight groups convene to improve disclosure.
Dec 03, 1993; ... WASHINGTON - Responding to pressure from the Securities and Exchange Commission, representatives of eight municipal industry groups have been meeting quietly for several weeks to find ways to improve secondary market disclosure, a source said yesterday. "We're trying to reach ...
San Diego officials, private developer to discuss $155 million sports arena. (Arena Group 2000, San Diego Entertainment and Sports Center)
Dec 03, 1993; ... LOS ANGELES - San Diego officials are scheduled to meet with a private developer today to negotiate a financial strategy to build a $155 million multipurpose sports arena. San Diego Mayor Susan Golding said she is hopeful that the proposed 18,000-seat San Diego Entertainment and ...
Market holds tight, anticipating November employment figures. (Treasury Market) (Column)
Dec 03, 1993; ... For all the reports that blow through trading floors each month, the Treasury market relies on a select few to gauge the economy's performance. Today's November employment report is one of the best barometers for the market, and prices ended lower across the board yesterday as ...
Marriott's $150 million deal proves popular among some - but not all - note buyers. (Corporate Securities) (Column)
Dec 03, 1993; ... If investors are still steamed at Marriott, you wouldn't know it from yesterday's $150 million Marriott International Inc. deal. "It blew out," one trader said. Marriott Corp. last year angered bondholders with its decision to split into two companies and saddle one, ...
Administration official sees small rise in rates, forecasts moderate economic growth next year.
Dec 03, 1993; ... WASHINGTON - The Clinton Administration is generally sticking to its midyear budget forecast that calls for moderate economic growth next year with slightly higher short-term interest rates, an administration official said yesterday. The official, who did not wish to be ...
First issue of New York City's commercial paper program may be postponed.
Dec 03, 1993; ... The administration of New York City Mayor David N. Dinkins may hold off issuing debt under a proposed commercial paper program that had been targeted to begin by year's end, city officials said. Mark Page, deputy director of the city's Office of Management and Budget and ...
Stephens hires two bankers to open branch in New Orleans to further business in South.
Dec 03, 1993; ... ATLANTA - In an effort to expand its municipal bond business in Louisiana, Little Rock-based Stephens Inc. yesterday hired two senior investment bankers from Howard Weil, Labouisse, Friedrichs Inc. of New Orleans. William Bethea, Stephens' manager of public finance, said that ...
Lehman executive tapped as chairman of PSA board. (R. Fenn Putman, Public Securities Association)
Dec 03, 1993; ... R. Fenn Putman, managing director in public finance at Lehman Brothers, will be the next chairman of the Public Securities Association's board of directors, the PSA announced. On Jan. 1, 1994, Putman will replace outgoing chairman Don B. Taggart, senior vice president in the ...
Sparse calendar, bond-buying interest push index yields lower.
Dec 03, 1993; ... A light calendar and an influx of investor money helped chop down yields on The Bond Buyer's weekly indexes for the first time in six weeks. The 20-bond and 11-bond indexes of general obligation bond yields both declined three basis points in the week ended Thursday, to 5.46% ...
Panel lays out steps to eliminate NYC's structural imbalance.
Dec 03, 1993; ... A panel of budget experts yesterday called on New York City officials to enact a combination of tax increases and deep budget cuts, including a reduction in its capital program, to eliminate the city's structural budget deficit. The panel, appointed by the administration of ...
'We are not reducing revenues, we are just changing the source.' (Michigan Chief Deputy Treasurer Nick Khouri) (Interview)
Dec 03, 1993; ... Q: Concerns have been raised about the impact of the elimination school property taxes on the outstanding debt of school districts. How is the administration addressing those concerns? A: We were well aware of the impact of any proposals for school reform in Michigan on ...
Healthy bidding in the secondary leads second day of price advances. (The Municipal Market) (Column)
Dec 06, 1993; ... Municipals outperformed most of the government market Friday for the second straight session as players bid up for secondary bonds. Treasury bonds headed mostly lower after a stronger than expected employment report. But municipals began to improve, thanks to better bids for ...
When swaps go bad: Philadelphia's deal provides a lesson in basis risk for issuers. (Derivatives Beat)
Dec 06, 1993; ... When Philadelphia signed a groundbreaking swap agreement 1990, the city hoped to save half a million dollars a year in debt service over an ordinary bond issue. Instead. little of the savings have materialized, and the city is out the $1.5 million in fees it paid Merrill Lynch & Co. for ...
Oklahoma City schools delay bond issue as no bids made.
Dec 06, 1993; ... DALLAS - Embroiled in an arbitrage payment flap with the Internal Revenue Service, the Oklahoma City school district was forced to delay its $90 million bond sale last week after, investment banking firms failed to bid on the competitive issue, industry sources said. "No one is ...
Roberts says SEC may vote by February on a legal interpretation of disclosure. (Richard Roberts of the Securities and Exchange Commission)
Dec 06, 1993; ... The Securities and Exchange Commission may vote by February on whether to issue a legal interpretation aimed at shoring up disclosure by municipal issuers, commissioner Richard Roberts said yesterday. "It is my understanding that the staff has been working furiously to develop ...
Campaign contributions from bond firms may raise tax concerns, IRS official says. (Marcus Owens)
Dec 06, 1993; ... WASHINGTON - Political campaign contributions by bond firms could pose tax law problems in some cases, an Internal Revenue Service official said at a conference here on Friday. Tax law violations could result if bonds firms are making campaign contributions to state and local ...
Market waits on inflation report as jobs data have little impact. (Treasury Market) (Column)
Dec 06, 1993; ... The Treasury market got past the November employment report without a scratch, and players are a touch more optimistic this week on expectations of good inflation news. Players pushed the market higher in late trading Friday, convinced once and for all that strong growth in the ...
Sales of junk and high-grade new issues to total at least $1.45 billion this week. (Corporate Securities) (Column)
Dec 06, 1993; ... Argentina's $75 million global offering is expected to be included in $1.45 billion or more of new junk and high-grade issues set for this week. The Republic of Argentina's 10-year global bond offering is expected to be launched late this week, market sources said Friday. ...
Signs of growth may upset Fed's neutral stance on short-term rates, analysts say.
Dec 06, 1993; ... WASHINGTON - Federal Reserve officials may soon have to abandon their neutral policy on short-term interest rates, given the latest evidence of a stronger economy that is creating more jobs, analysts said Friday. Some analysts now believe members of the Federal Open Market ...
Howard Weil plans to hire bankers to replace defectors to Stephens. (Howard, Weil, Labouisse, Friedrichs Inc.)
Dec 06, 1993; ... ATLANTA - Howard, Weil, Labouisse, Friedrichs Inc. plans to hire up to four municipal finance bankers next year to replace three bankers who resigned last week, its chairman John Levert said Friday. Levert also said the New Orleans-based firm will change its public finance ...
SEC zeroing in on firms failing to catch lawbreakers, Beese tells SIA. (J. Carter Beese Jr., Securities Industry Association)(Watch Dogs)
Dec 06, 1993; ... The clock is ticking in Washington. So said Securities and Exchange Commission member J. Carter Beese Jr. Thursday in a speech before the Securities Industry Association where he put Wall Street on notice that regulators are cracking down on officials at firms that inadequately ...
Money managers cut fixed-income holdings, buy stocks.
Dec 06, 1993; ... As portfolio managers set their investment compasses for 1994, many say the needles are pointing toward equities and away from fixed-income instruments. Realizing that they will be hard pressed to match the stellar performances in the U.S. bond market this year, many money ...
Bank's payment of delinquencies spares Sacramento, Calif., district from default. (National Westminster Bank, Bell Avenue Assessment District)
Dec 06, 1993; ... LOS ANGELES - A bank has stepped in and paid virtually all assessment delinquencies that had posed a default risk for the Bell Avenue Assessment District in Sacramento Calif., the city reported Friday. National Westminster Bank paid the city slightly more than $494,000 to cover ...
Cities' League scheduled to vote on resolution blasting MSRB ban. (National League of Cities, Municipal Securities Rulemaking Board)
Dec 06, 1993; ... The National league of Cities was scheduled to vote yesterday on whether to adopt a stinging resolution in opposition to the Municipal Securities Rulemaking Board's up-coming political contributions rule. The MSRB on Nov. 11 announced that it will propose a tough new standard ...
Wrestling with disclosure. (The Bond Beat) (Column)
Dec 06, 1993; ... When a market raises more than $300 billion in a year, it had better run according to the rules if it is to continue to expand and serve both issuers and investors. And a fundamental rule of efficient capital markets is that issuers provide investors with sufficient ongoing information to ...
Clinton riding tall in saddle after success with airlines, Nafta, and deficit reduction.
Dec 06, 1993; ... WASHINGTON - After a rocky start, President Clinton has begun to demonstrate the kind of leadership that people like to see in their chief executive. When Clinton ended the strike at American Airlines by persuading the flight attendants and management to submit to binding ...
This week, the good news. (federal regulation of the municipal market)(Washington Watch) (Column)
Dec 06, 1993; ... WASHINGTON - "It was the best of times. It was the worst of times." Depending how you look at it, the opening lines from Dickens' "A Tale of Two Cities" are a good measure of how the municipal bond market fared at the hands of federal legislators and regulators this year. ...
New options for managing public funds investment multiply risks, but they offer rewards to the wise.
Dec 06, 1993; ... For decades, public entities invested operating funds almost exclusively with local banks. About 20 years ago, the picture began to change very slowly, almost imperceptibly. Public entities began investing some of their funds with other kinds of institutions for three reasons. ...
Do the right thing. (overreporting property taxes and income tax deductions)(Congress of Cities Supplement)
Dec 06, 1993; ... This is a story about federalism with an unusual twist: It may be on its way to a happy ending For some time now, the federal government has been asking state and local governments to report the amount of property taxes residents pay each year that are deductible from federal ...
Supreme Court's next bombshell may be flow control. (solid waste disposal)(Congress of Cities Supplement)
Dec 06, 1993; ... Fifty-two years ago tomorrow, a Japanese surprise attack decimated the U.S. fleet at Pearl Harbor and led President Roosevelt to proclaim Dec. 7 as "a day that will live in infamy." Tomorrow, the U.S. Supreme Court will hear arguments in a case that could spell disaster for some ...
Pragmatic Columbus gains stature as Ohio's top city. (Congress of Cities Supplement)
Dec 06, 1993; ... St. Louis has its arch. Seattle has its space needle. And Columbus, Ohio's capital city, could have a 311-foot-tall statue depicting name-sake Christopher Columbus and his voyage to the new world. But the city already has a few Columbus statues. And the fiscally sensible city ...
President Clinton and the cities: still some promises left to keep. (Congress of Cities Supplement)
Dec 06, 1993; ... A little over a year ago President Clinton's election elicited high hopes among many city officials and state legislators that, at long last, an administration was coming to power with a sense of urgency about addressing city problems. In his campaign, Clinton talked about ...
Revenues pour when Tinseltown comes to your town. (movie industry and small town locations)(Congress of Cities Supplement)
Dec 06, 1993; ... With $3 billion of film production dollars exported annually out of California, many big cities are vying for starring roles in major motion pictures. Even cities as small as Moab, Utah - population 2,800 - are making an effort to attract fame and fortune. Besides ...
Munis rebound as investors buy and governments regain ground. (The Municipal Market) (Column)
Dec 07, 1993; ... Tax-exempts climbed heartily yesterday, thanks to an influx of investor cash and a stronger Treasury market. Customers bid up for bonds for the third straight session, ending weeks of losses. Market players speculated that buyers were eager to snap up bonds ahead of ...