The Bond Buyer back issues from June 1995:
Reduced yields no obstacle as California bonds are snapped up.(Foothill Eastern Transportation Corridor)(Municipal Market)(Column)
Jun 01, 1995; ... J.P. Morgan Securities Inc. said it closed the account on yesterday's $1.26 billion bond issue for the Foothill/Eastern Transportation Corridor toll road project in California, even after cutting some yields by as much as 20 basis points at the repricing.In secondary trading, ...
Sale of recovery bonds clears one court hurdle.(Orange County, California)
Jun 01, 1995; ... Orange County won an important victory in court yesterday that may pave the way for the sale of $275 million of bankruptcy recovery bonds backed by MBIA Insurance Corp.A Superior Court judge dismissed the first of five challenges to the bond sale, and indicated that he will ...
Wilson must abide by Rule G-37, MSRB informs campaign counsel.(Governor Pete Wilson, Municipal Securities Rulemaking Board campaign contribution rule)
Jun 01, 1995; ... The Municipal Securities Rulemaking Board's Rule G-37 applies to California Gov. Pete Wilson in his presidential election bid, but not to President Clinton or other current presidential candidates, the MSRB told Wilson's campaign counsel yesterday.In a letter to Benjamin Ginsberg, ...
Volume continues to lag 1994 levels, but gap narrows again this month.
Jun 01, 1995; ... Municipal bond issuance through the end of May remained well below 1994 levels, but the monthly declines continue to narrow, according to figures compiled from Securities Data Co.State and local governments sold 3,379 issues totaling $48.98 billion in the first five months of this ...
Bulk of school debt for Charlotte, N.C., doesn't win votes.(Mecklenburg County, North Carolina)
Jun 01, 1995; ... Charlotte, N.C.-area voters jolted local officials yesterday by rejecting the lion's share of a three-part, $347 million bond referendum for county schools and libraries.The defeat of the school bonds, which surprised proponents and critics alike, will probably send the school ...
NASD sales practice proposal faulted for unclear suitability guidelines.(National Association of Securities Dealers, Office of the Comptroller of the Currency)
Jun 01, 1995; ... The National Association of Securities Dealers' latest sales practice proposal is not workable because it does not provide government securities dealers with enough guidance to determine when a transaction is suitable for some institutional customers, the Office of the Comptroller of the ...
Three municipal executives leave RRZ.(RRZ Public Markets Inc.)
Jun 01, 1995; ... Three key public finance executives with RRZ Public Markets Inc. in Pittsburgh have left the firm, and two have plans to open an office in that city for A.H. Williams & Co., sources said this week.The three top-ranking executives who left RRZ's public finance department were ...
GDP report bolsters drooping market.(Markets)
Jun 01, 1995; ... Treasury bonds ended about unchanged yesterday after the preliminary first-quarter growth report pushed prices down and other reports and the expectation of more news of weakness later this week pulled prices higher.Late yesterday, the long bond was quoted up #2/32 at 112#15/32 to ...
MBIA agrees to back June 14 refinancing for Denver airport.(MBIA Insurance Corp., Denver International Airport)
Jun 01, 1995; ... Denver International Airport's upcoming $295 million refinancing will be backed by insurance, resulting in an expected $13 million additional reduction in debt costs over the 30-year life of the bonds, Denver officials said late Tuesday.The agreement with MBIA Insurance Corp ....
Utah approves light-rail line; awaits federal funds.(Utah Transit Authority)
Jun 01, 1995; ... Utah moved a step closer toward building its first-ever light-rail passenger line last week when the Utah Transit Authority approved a proposed funding grant agreement with the federal government for the $294 million project.The contract, approved by a 12-to-2 vote on May 24, ...
HUD's risk-sharing plan seen as guide for revamping FHA.(Department of House and Urban Development, Federal Housing Administration)
Jun 01, 1995; ... HUD's fledgling program for sharing multifamily insurance risk with state and local housing agencies has been so successful it should be a model for restructuring the way the Federal Housing Administration does business, according to a Harvard University study released yesterday. ...
Institutional marketing VP for Asset Guaranty.(Maria L. Pisoni, Asset Guaranty Insurance Co.)
Jun 01, 1995; ... Enhance Financial Services Group Inc., a bond reinsurer, said yesterday it hired former AMBAC Indemnity Corp. executive Maria L. Pisoni as vice president of institutional marketing for its subsidiary, Asset Guaranty Insurance Co. ...
Clinton picks economist to head D.C. control board.(Andrew F. Brimmer)
Jun 01, 1995; ... Ending weeks of speculation, President Clinton yesterday appointed economist and former Federal Reserve Board member Andrew F. Brimmer to head the new District of Columbia financial control board. Clinton also named Joyce A. Ladner, recently interim president of Howard University, and ...
Detroit council overrides mayor's budget vetoes, restores $4.1 million.(Dennis Archer)
Jun 01, 1995; ... The Detroit City Council took final action yesterday on the city's $2.16 billion fiscal 1996 budget by overriding $4.1 million of Mayor Dennis Archer's vetoes.In a unanimous vote, the council restored the money it had added to Archer's original budget proposal as a result of higher ...
Puerto Rico bonds are in demand, and prices show it.(Investors and Investing)
Jun 01, 1995; ... Demand for Puerto Rico's debt is so strong that an insured issue was sold at yields of up to five basis points below pure triple-A last month, according to J.P. Morgan Securities Inc. analyst Christopher M. Dillon.The May 9 offering of $324 million in University of Puerto Rico ...
Private colleges will run into downgrades, S&P says.(Standard and Poor's Corp.)
Jun 01, 1995; ... The financial outlook for private colleges is gloomy and unlikely to improve over the next few years, says Joshua Stern of Standard & Poor's Corp.Private colleges face serious problems, and more schools will be downgraded in the years to come, said Stern, associate director of the ...
Past city limits, firms find versatility sells.(Southeast: Trends in the Region)
Jun 01, 1995; ... For some securities firms, underwriting a local bond issue in the South is a much trickier business than simply smart pricing and reselling.Take Little Rock-based Stephens Inc.'s recently won engagement to market $15 million in school bonds for Glynn County, Ga., assuming voters ...
Region's slim pickings have traders lining up for three GO offerings.(North Carolina, Mississippi, and Margate, Florida, general obligation bonds)(Southeast: Market)
Jun 01, 1995; ... With issuance slowed to a crawl in the Southeast, three offerings received strong attention in the market yesterday.North Carolina's competitive issue of $60 million in general obligation debt was won by the Wachovia Bank of North Carolina with a net interest cost of 5.206%. The ...
Southeast bond-watch.
Jun 01, 1995; ... Rather than replace the comptroller whose investments in derivatives led to millions of dollars in losses for Escambia County, the state Legislature has voted to eliminate the position.Joseph Flowers, who had held the comptroller's post since its creation in 1973, resigned in March ...
GFOA: MSRB rule G-38 may not be needed.(Government Finance Officers Association, Municipal Securities Rulemaking Board disclosure rule)
Jun 01, 1995; ... The Government Finance Officers Association is questioning the need for a rule proposed by the MSRB that would require municipal dealers to disclose more information about the consultants they hire, including any underwriters' counsel designated by the issuer.In comments filed with ...
Moody's reconfirms GW University's rating.(Moody's Investors Service, George Washington University)
Jun 01, 1995; ... Moody's Investors Service reconfirmed its A1 rating of about $140 million of George Washington University obligations yesterday as part of its ongoing review of five hospitals in the District of Columbia area.George Washington, which owns and operates a medical center, is the ...
Frank Paul joins Prudential Financial.(Principal Financial Securities Inc.)
Jun 01, 1995; ... Frank C. Paul, an investment banker formerly with Clayton Brown and Associates, has joined Principal Financial Securities' Chicago office as a senior vice president in public finance."We are pleased to have a banker of his capability on staff," said Paul Larkin, Principal's ...
California's Fong calls meeting to prepare for Trans season.(Matt Fong, tax and revenue anticipation notes)
Jun 01, 1995; ... Treasurer Matt Fong of California convened a closed-door "Trans Summit" Tuesday with a group of public finance professionals who are concerned that the Orange County fiscal debacle will have a negative impact on this year's local government cash-flow borrowings."The point of the ...
Income tax commission includes 2 state treasurers.
Jun 01, 1995; ... Two state treasurers and a former member of the Anthony Public Finance Commission have been named to a national commission formed by congressional leaders to examine how to make the income tax system fairer and simpler.Commission members, who were announced last week, include ...
Massachusetts committee finishes up Megaplex report.
Jun 01, 1995; ... A special state committee in Massachusetts is putting the final touches on a proposal for a new convention center and stadium complex, according to several sources in Boston.The committee is expected to recommend building the combined facility, dubbed the Megaplex, in its scheduled ...
Munis outpaced by Treasury rally as market waits for jobless data.(Municipal Market)(Column)
Jun 02, 1995; ... Frustration was evident in the secondary market yesterday as municipal bond prices failed to play catch-up with a rallying Treasury market.Munis closed unchanged to up #1/8 in spots as players sat on their hands waiting for today's release of employment data. In the Treasury ...
Moorlach says pool control should revert to county.(John Moorlach of Orange County, California; public investment pool)
Jun 02, 1995; ... Orange County treasurer-tax collector John Moorlach is seeking to remove Salomon Brothers Inc. as manager of the county investment pool so the treasurer's office can resume its former position as custodian of the $3.4 billion fund.In a report to the Orange County Treasury Oversight ...
Moody's to drop more waste ratings unless flow control laws protected.(Moody's Investors Service)
Jun 02, 1995; ... Moody's Investors Service said it will continue to lower ratings of solid-waste bonds if Congress does not pass legislation that protects state and local flow control laws from the effects of a year-old Supreme Court ruling.So far, the agency has lowered 14 ratings affecting $1.1 ...
Senate passes bill to fund roadwork with revenue debt.(Louisiana Senate)
Jun 02, 1995; ... The Louisiana Senate approved a measure this week that paves the way for a major slate of bond-financed highway construction to be paid off through road tolls.While specific cost figures remain elusive, Blaise Carrier, a consultant who worked on the legislation, estimated that the ...
NCSHA aide doubts survival of HUD multifamily insurance.(Barbara Thompson of the National Council of State Housing Agencies)
Jun 02, 1995; ... A House budget proposal for eliminating HUD's multifamily insurance programs appears to be gaining favor in Congress, to the consternation of state housing agencies that rely on the insurance to back many bond-financed housing projects, an industry official said yesterday."It's ...
Louisiana legislature considers state depository.(information depository)
Jun 02, 1995; ... A bill before Louisiana lawmakers would grant the State Bond Commission authority to approve a state information depository for municipal bond disclosure, if an ongoing study recommends its creation.Under secondary market rules approved by the Securities and Exchange Commission ...
Market closes up on mixed economic data.(Markets)
Jun 02, 1995; ... The Treasury security market ended higher across the board yesterday after chewing on a lot of both bullish and bearish news. Bond yields fell two basis points to 6.62%.The benchmark long bond late yesterday was quoted up #14/32 at 112#31/32 to yield 6.62%. The rest of the yield ...
Two leave Pennsylvania treasurer's office.(Henry Sciortino, Michael Arpey)
Jun 02, 1995; ... Two key officials in the office of Pennsylvania Treasurer Catherine Baker Knoll have resigned - one to join a private sector firm and the other to take a position in New York State government.Henry Sciortino, formerly deputy Pennsylvania treasurer and chief investment officer, has ...
New law hands Chicago schools responsibility to mayor.(Richard M. Daley)
Jun 02, 1995; ... Illinois Gov. Jim Edgar this week signed a bill to overhaul Chicago Public Schools' management and finances, saying it gives Mayor Richard M. Daley enough rope to rein in the schools' runaway deficit. Analysts say it also gives the mayor latitude to funnel city money to the schools. ...
S&P warns of third-party note risk in California.(Standard and Poor's Corp.)
Jun 02, 1995; ... Standard & Poor's Corp. said Wednesday that California local governments may be creating risk - not reducing it - by handing over proceeds of short-term note issuances to third-party fiscal agents.Because the Orange County bankruptcy has created uncertainty in the California ...
Texas college refunds bonds just in time to pay debt service.(Odessa Junior College)
Jun 02, 1995; ... Derivative-plagued Odessa Junior College Wednesday closed a deal to sell $28.5 million of bonds to refinance debt in a move to create financial breathing room after posting substantial investment losses last year.A source at the west Texas college confirmed yesterday that the sale ...
PSA urges dropping rule G-38, broadening G-37.(Public Securities Association, Municipal Securities Rulemaking Board campaign fund and disclosure rules)
Jun 02, 1995; ... The Public Securities Association wants the MSRB to abandon a proposed rule that would require dealers to disclose more about the consultants they hire, warning the rule is so broad it would "impair and discourage the traditional business relationships among professionals in the industry." ...
Indexes drop a bit as fear of market correction derails rally.
Jun 02, 1995; ... Yields on The Bond Buyer indexes were only moderately lower this week as concerns about a market correction overshadowed positive economic reports to stall the municipal rally.The 20-bond index of general obligation yields inched down four basis points to 5.79% and the 11-bond ...
FGIC policy may help Fitch chip away at rating giants.(Fitch Investors Service Inc., bond rating)
Jun 02, 1995; ... A recent move by FGIC may help Fitch Investors Service make some headway in its bid to siphon off business from its two larger competitors in rating insured municipal bonds.Financial Guaranty Insurance Co. has inserted letters in the commitment packages sent to insurance purchasers ...
Sheila Bair to leave CFTC for post with N.Y. Stock Exchange.(Commodity Futures Trading Commission)
Jun 02, 1995; ... Sheila Bair, a member of the Commodity Futures Trading Commission, announced yesterday she is resigning effective June 16 to take a position with the New York Stock Exchange.Bair, who was appointed to the CFTC by President Bush in May 1991, said she will join the exchange's ...
Loews/CNA's Lisa Hess prunes portfolio she inherited.
Jun 02, 1995; ... For someone who's no fan of housing bonds, Lisa W. Hess of Loews/CNA Holdings has a lot of them in her primary portfolio - $1.36 billion par value in her biggest 20 housing issues alone.As of Dec. 31, 1994, 24 of Continental Casualty Co.'s 40 top individual holdings were housing ...
Tax reform aside, fund manager sees clear skies for munis.(Richard P. Davis of Flagship Funds)
Jun 02, 1995; ... The threat of tax reform is the only black cloud on the municipal market's horizon, according to Richard P. Davis, president and co- founder of Flagship Funds.And even tax reform is unlikely to be as serious a threat as it now appears, Davis believes, because any changes in tax ...
Texas judge awards investors $34 million in jail default suit.(Jail Facilities Corp.)
Jun 02, 1995; ... A federal judge in Houston last week awarded $34 million to a group of investors in municipal bonds issued to fund prisons, ending a lawsuit filed after the issuer, Jail Facilities Corp., defaulted in October 1992.U.S. District Judge Simeon Lake adjusted the award from the $84 ...
Negotiated deals: widespread but suspect.(Far West: Trends in the Region)
Jun 02, 1995; ... A bill on the desk of Hawaii's governor would end competitive bidding requirements for doctors, lawyers, engineers, and accountants - but not underwriters.One reason is that the federal government doesn't classify underwriters as professionals. But in Hawaii, as in other Western ...
California note sales begin briskly, despite Orange County concerns.(Far West: Market)
Jun 02, 1995; ... Marin County and Anaheim kicked off California's annual note season this week, and judging by aggressive demand - each locality received 13 sealed bids - cash-flow borrowings are off to a good start despite market uncertainties caused by the Orange County bankruptcy.The parade of ...
Far West bond-watch.
Jun 02, 1995; ... CaliforniaLos Angeles has agreed to provide a $125 million loan to California to finance the state's portion of rebuilding costs associated with the 1994 Northridge earthquake.The first-of-its-kind deal allows the state to borrow some of the city's block grant federal ...
Golden joins SEC's municipal securities office.(Susan M. Golden)
Jun 02, 1995; ... Susan M. Golden is joining the Securities and Exchange Commission's new Office of Municipal Securities, sources said yesterday.Golden has been working in the SEC's enforcement division and is expected to be a key addition to the new office, which will be providing a lot of ...
Weak job report sparks upswing in Treasuries as munis lag again.(Municipal Market)(Column)
Jun 05, 1995; ... The municipal market once again was left in a trail of dust Friday, as Treasuries rallied in reaction to a shockingly weak jobs report."We're just continually getting cheaper to governments as we go along," said one frustrated muni trader.The long bond shot up by as much ...
Georgia investigates trades firm made for state pool.(investment pool)
Jun 05, 1995; ... Gov. Zell Miller of Georgia has dispatched state investigators to examine certain trades a broker-dealer made for the $4.2 billion, state-managed local government investment pool.In a letter written May 26 to pool participants, Steve McCoy, director of the state Office of Treasury ...
Brokers roll out high-tech tools to meet SEC's T-plus-3 regulations.(trade plus 3 days settlement rules)
Jun 05, 1995; ... Computers, faxes, and electronic mail are on the leading edge of brokers' efforts to comply with the Securities and Exchange Commission's T plus-3 rules that start Wednesday.But for those individuals who do not have access to the latest technology - a particular problem in the ...
Florida governor will ask cabinet to confirm head of bond division.(Lawton Chiles)
Jun 05, 1995; ... After an 11-month delay, Florida Gov. Lawton Chiles will seek cabinet approval this month of his choice to head the state's division of bond finance, officials said last week.Curtis Richardson, the governor's deputy director for cabinet affairs, said the seven-member cabinet is ...
Cities ask senators to help review, maybe scrap SEC rules.(National League of Cities)
Jun 05, 1995; ... The National League of Cities is urging two Republican senators from Texas to lead a charge to get Congress to force the Securities and Exchange Commission to modify or scrap its new municipal disclosure rules.The group, which represents many of the nation's municipal bond ...
Virginia county may set school bond vote.(Prince William County, Virginia)
Jun 05, 1995; ... Prince William County, Va., voters would be asked to approve a $75 million general obligation bond issue in November to finance school construction, under a bond referendum proposal recently approved by the county School Board.The proposal, which is to be tied to a companion ...
Weak job report aids rally's momentum.(Markets)
Jun 05, 1995; ... The weak May employment report exceeded the hopes of even the most optimistic bond trader Friday, sparking another thundering rally in the Treasury security market. The yield on the long bond closed down nine basis points at 6.53%.Securities across the yield spectrum posted large ...
Western treasurers will see Orange as conference focuses on safe investing.(Orange County, California)
Jun 05, 1995; ... With the Orange County financial debacle continuing to dominate the landscape of public finance, conference organizers for the Western State Treasurers Association had little difficulty coming up with a theme for their annual meeting, which began here yesterday sunday.The agenda is ...
Commerce subcommittee to hear Greenspan, Levitt on Glass-Steagall.(House Committee on Commerce, Alan Greenspan, Arthur Levitt Jr., Glass-Steagall Act)
Jun 05, 1995; ... A House Commerce Committee panel is scheduled to hear testimony from Federal Reserve Board chairman Alan Greenspan at hearings beginning tomorrow on legislation to repeal the Glass- Steagall Act. Securities and Exchange Commission chairman Arthur Levitt also is expected to appear before the ...
N.Y. Assembly begins budget action; passage unlikely until later in week.(New York State Assembly)
Jun 05, 1995; ... The New York State Assembly on Friday began debate on the first in a series of bills that will make up the state's fiscal 1996 budget, and legislative sources said the entire budget would probably not be in place until sometime this week.After debating and passing a bill on the ...
Broker says noteholders may renounce rollover plan.(Stephen Ward of Charles Schwab and Co.; Orange County, California)
Jun 05, 1995; ... An official with a brokerage firm warned Friday that Orange County noteholders could reject a plan that would postpone repayment for one year of about $975 million in short-term debt.Stephen Ward, chief investment officer for San Francisco-based Charles A. Schwab & Co., said "major ...
Tennessee housing agency receives bonding authority, four months late.(Tennessee Housing Development Agency)
Jun 05, 1995; ... After a four-and-a-half-month holdup, Tennessee's Housing Development Agency has received its $75 million 1995 allocation of revenue bonds needed to meet surging demand for housing assistance.As a result, the agency on June 15 can accept applications for tax exempt bond financing ...
Orrick Herrington hires five lawyers from Mudge Rose.(Orrick Herrington and Sutcliffe)
Jun 05, 1995; ... Orrick, Herrington & Sutcliffe, one of the nation's top municipal bond law firms, has brought on five lawyers from Mudge Rose Guthrie Alexander & Ferdon, also a preeminent bond law firm.The additions bring the number of lawyers in Orrick's New York office to about 100, and augment ...
Interest groups prepare to sue Illinois over Chicago schools, Medicaid.
Jun 05, 1995; ... Less than a week after Illinois' lawmakers completed work on a Medicaid budget and a Chicago school reform law, a teachers group has decided to sue the state, and a hospital group may do the same.The Chicago Teachers Union says the school reform measure, signed by Gov. Jim Edgar ...
Limiting credit risk drives Minnesota fund's strategy.(Elizabeth H. Howell of Voyager Funds)(Interview)
Jun 05, 1995; ... Elizabeth H. Howell, vice president and senior portfolio manager for Voyageur Funds, oversees single-state municipal bond portfolios that run the maturity gamut from money market to long- term funds. The mix of funds gives investors the opportunity to tailor investments to their market ...
Fund managers hold on to cash, anticipating a market correction.
Jun 05, 1995; ... Fearful that a market correction is looming, municipal bond portfolio managers haven't been buying much recently, dealers lament. While dealers believe funds are seeing some cash, primarily from coupon payments, few managers are putting that money to work in the market. "People are waiting ...
New Jersey streamlines road agencies to save costs.(Northeast: Trends in the Region)
Jun 05, 1995; ... As Northeastern states look to tighten their transportation belts, New Jersey is leading the way with talk of a major streamlining or even merger of its three tollway agencies.For the past year, the New Jersey Turnpike Authority and the New Jersey Highway Authority, which manages ...
Slowing economy predicted to spur competition for new regional debt.(Northeast: Market)
Jun 05, 1995; ... As the economy slows down, competition for new issues throughout the Northeast will continue to be fierce for some time, municipal market players said last week.On Friday, the market saw particularly strong signs of a slowdown when the May nonfarm payroll jobs number dropped ...