The Bond Buyer back issues from August 1995:
Munis close flat to up 1/4 point as N.Y.C. deal attracts interest.(Municipal Market)(Column)
Aug 01, 1995; ... New York City secured over $300 million in retail orders for its $997.1 million general obligation bond issue ahead of today's pricing for institutions.Lead underwriter J.P. Morgan Securities Inc. said there was very strong retail interest in the first five years of the loan, with ...
Both California houses pass tax-diversion transit bill.
Aug 01, 1995; ... Both houses of the California Legislature have approved a controversial tax-diversion measure that may allow bankrupt Orange County and near-bankrupt Los Angeles County to tap into millions of dollars of transit revenues.If Gov. Pete Wilson signs the bill, approved over the ...
Lebenthal's 31-year-old leader wants customers like herself.(Alexandra Lebenthal)
Aug 01, 1995; ... Alexandra Lebenthal wants to change the face of Lebenthal & Co.'s aging client base much the way her recent promotion has changed the face of the firm's leadership."It's one of the things I've thought very carefully about over the last couple of years," said the 31-year-old ...
Ways and Means bond proposals get little support from White House.
Aug 01, 1995; ... The Clinton administration actively supports only one of 16 proposals to ease tax-exempt bond curbs suggested last month by House tax lawmakers: a rifle shot that would let New York City issue bonds to expand the offices of the United Nations.In a statement issued late Friday, the ...
Five new MSRB members elected; board takes 'giant step' to diversity.(Municipal Securities Rulemaking Board)
Aug 01, 1995; ... The Municipal Securities Rulemaking Board said yesterday that it has elected five new board members, including Phyllis E. Currie, the chief financial officer for the Los Angeles Department of Water and Power, who is the first black person ever named to the board. Currie's selection comes as ...
A correction.(July 31, 1995 article on New Jersey Housing and Mortgage Finance Agency)(Correction Notice)
Aug 01, 1995 ... An article on the Northeast market that appeared yesterday incorrectly stated that the New Jersey Housing and Mortgage Finance Agency was set to sell $220 million of multifamily housing revenue bonds yesterday. No such sale was planned. The agency in the next few weeks is planning to bid ...
Treasury prices rise as economy slows.(Markets)
Aug 01, 1995; ... Evidence that the economy is cooling buoyed Treasury prices in light trading yesterday.The 30-year bond closed up #25/32, at 109#26/32, to yield 6.84%. The 10-year note was up #11/32 to yield 6.43%.Factors yesterday such as the firm dollar, a downturn in commodity ...
Rates decrease in Treasury bill auctions.
Aug 01, 1995 ... The Treasury sold $25.50 billion of 91-day and 182-day bills at lower rates yesterday. The three-months incurred an average rate of 5.44%, down from the 5.47% average incurred in the previous auction on July 24 and the lowest since the 5.40% incurred in the auction on Nov. 21, 1994. The ...
California budget blocked; bond planes make headway.
Aug 01, 1995; ... After a weekend of late-night sessions, the California State Assembly derailed a $56 billion budget proposal forged last week by Gov. Pete Wilson and top lawmakers of both parties.Another vote was expected late yesterday, but officials were not optimistic as the state went one ...
Creditors group reveals relief plan calling for county to sell assets.(Orange County, California)
Aug 01, 1995; ... The creditors committee representing local government participants in the failed Orange County investment pool unveiled its own bankruptcy recovery plan late yesterday, calling for the county to sell its major assets and pay noteholders in full.Pool committee members - including ...
Boost coming from IRS for states that used '94 housing tax credits.
Aug 01, 1995; ... The IRS said it will augment the 1995 low-income housing tax credit allocations of 39 states and the District of Columbia by giving them an additional $16.5 million from the so-called National Pool, which contains unused credits from prior years.The $16.5 million of unused tax ...
PNC Securities creates chief operating post.
Aug 01, 1995; ... PNC Securities Corp., a subsidiary of PNC Bank Corp., announced yesterday that it promoted Robert E. Cline to the newly created position of executive vice president and chief operating officer.Cline had been senior vice president and manager of municipal trading, underwriting, and ...
Louisiana school district may stall vote on tax shift.(Orleans Parish, Louisiana, School District)
Aug 01, 1995; ... Louisiana's Orleans Parish School District may reschedule a public vote needed to steer property taxes from local casinos into paying off its recently approved $175 million in general obligation bonds.The GOs were approved in a July 15 referendum, with voters counting on a promise ...
North Carolina legislators adjourn with no school bond bill.
Aug 01, 1995; ... The North Carolina General Assembly adjourned over the weekend without taking action on a proposed $1.8 billion bond bill for public school construction and improvements.The measure will be taken up again in the spring session. In the interim, a special committee will study the ...
Rhode Island group criticizes one-shot use.(Rhode Island Public Expenditure Council)
Aug 01, 1995; ... The head of the Rhode Island Public Expenditure Council said yesterday that the state's budget relies too heavily on one-shots to meet expenditures.The watchdog group said Rhode Island's $1.7 billion budget for fiscal 1996, which began on July 1, contains at least $40 million in ...
First Fidelity loses capital markets chief.(Michael Basham)
Aug 01, 1995; ... Michael Basham, head of Newark-based First Fidelity Bancorp.'s securities group, has left the firm on the heels of the bank's June announcement that it will merge with First Union Corp. of Charlotte, N.C.Basham's underwriting and trading responsibilities are now being shared by ...
Budget deficit projected to shrink to $160 billion in 1995.
Aug 01, 1995; ... The federal deficit for the current fiscal year is now projected at $160 billion - some $30 billion less than the Clinton administration projected in February, the Office of Management and Budget announced yesterday.OMB also projected as part of its so-called mid-session review ...
NFMA fears some issuers may disclose less under SEC rules.(National Federation of Municipal Analysts)
Aug 01, 1995; ... Municipal analysts are concerned that some issuers and borrowers are planning to disclose less information to the municipal market under the Securities and Exchange Commission's new disclosure rules.The National Federation of Municipal Analysts detailed its concerns in a statement ...
Troy, N.Y., MAC to issue $16 million in notes if state loan goes through.
Aug 01, 1995; ... With its board now in place, the Troy, N.Y., Municipal Assistance Corp. will probably end up issuing new short-term paper to retire the cash- strapped city's bond anticipation notes that mature a week from today.Last Friday, Troy MAC officials asked state Comptroller H. Carl ...
Minnesota task force established to study sports stadium financing.
Aug 01, 1995; ... Minnesota officials have established an advisory task force to study whether and how new professional sports stadiums should be built in the state.The Metropolitan Sports Facilities Commission appointed a task force of city and state lawmakers and civic leaders at the informal ...
The web, women, under-40s: Lebenthal's generational shift.(Alexandra Lebenthal of Lebenthal and Company Inc.)
Aug 01, 1995; ... Alexandra Lebenthal - newly promoted president of Lebenthal & Co. - realizes that younger investors may have never heard her father Jim's high- energy, "love my sewers, love my bonds" radio pitches that air regularly on news-radio stations in New York City.Though she and her father ...
SEC chairman unveils standard 'profile prospectus' for mutual funds.(Arthur Levitt Jr.)
Aug 01, 1995; ... Securities and Exchange Commission chairman Arthur J. Levitt Jr. yesterday unveiled guidelines for an experimental "profile prospectus" that he hopes will make it easier for ordinary investors to evaluate mutual funds."Clearly, the SEC is partly responsible for the current state of ...
T. Rowe booklet explains funds.
Aug 01, 1995; ... A new booklet from T. Rowe Price Investment Services Inc. is designed to explain the basics of selecting a bond fund to individual investors.The 17-page free guide, called "How to Choose a Bond Fund," instructs potential investors to classify themselves in terms of their investment ...
New tax-free fund launched by MVA.(Mississippi Valley Advisers Inc.)
Aug 01, 1995; ... Mississippi Valley Advisors Inc. has started a tax-free bond fund designed to yield more than a money market fund yet carry less risk than a long-term, the company reported.The ARCH Short-Intermediate Municipal Portfolio's holdings will have an average maturity of two to five ...
Minturn moves to Invesco Group.(Brian Minturn)
Aug 01, 1995; ... Brian Minturn, formerly an executive vice president at Fidelity Investments, today joins Denver-based Invesco Funds Group as head of retail marketing for its 36 no-load funds.The funds include three municipal portfolios: the $253.6 million Tax- Free Long-Term Bond Fund, the ...
Gambling industry has its eye on Southwest.(Southwest: Trends in the Region)
Aug 01, 1995; ... When it comes to legalizing casino gambling, Southwestern states are going to "fall like dominoes," an industry advocate says.Mark Rivers, vice president of DeBartolo Entertainment Inc., which runs racetracks and gambling facilities in several states, predicts that economic ...
Players come to market on tiptoe, awaiting economic indicator news.(Southwest: Market)
Aug 01, 1995; ... Coming off a volatile week, traders approached this week cautiously, unable to predict what direction the market would take after the scheduled release of key economic indicators in the next few days.Pete Store, vice president of trading and underwriting for Masterson Moreland ...
Southwest bond-watch.
Aug 01, 1995; ...OKLAHOMA The Oklahoma Bond Oversight Commission last Thursday provisionally approved a $50 million revenue bond issue by the state Water Resources Board. The bond sale was to have been completed in July, but was postponed because of last April's bombing of the ...
Kansas: first-half volume.(Illustration)
Aug 01, 1995 ... <Pre> TOTAL $396,40094$985,700155-59.8% January 91,80017 167,300 16-45.1 February14,400 6 107,000 24-86.5 March 148,90022 69,800 25113.3 April 42,70017 ...
New Mexico: first-half volume.(Illustration)
Aug 01, 1995 ... <Pre> TOTAL $505,90041$755,100 48-33.0% January 96,400 6 222,500 8-56.7 February14,500 3 156,100 11-90.7 March 120,30013 139,200 8-13.6 April 75,100 4 ...
New Mexico: first half 1995 rankings.(Illustration)
Aug 01, 1995 ... Senior Managers <Pre> VolumeFirm($ mils.) 1 Smith Barney $208.6 2 Rauscher Pierce 160.0 3 Goldman Sachs 50.0 ...
Oklahoma: first-half volume.(Illustration)
Aug 01, 1995 ... <Pre> TOTAL $483,60089$620,200 101-22.0% January318,300 8 285,700 8 11.4 February30,400 9 26,600 21 14.3 March 30,50011 111,100 14-72.5 April 20,10016 ...
Texas: first-half volume.(Illustration)
Aug 01, 1995 ... <Pre> TOTAL $4,699,700 323 $6,403,300 403-26.6% January 371,900422,211,300 69-83.2 February 697,00036 822,200 77-15.2 March677,20050 519,900 71 30.3 April...
Oklahoma: first half 1995 rankings. (Illustration)
Aug 01, 1995 ... <Pre> Senior Managers VolumeFirm ($ mils.) 1 Goldman Sachs $224.4 2 Merrill Lynch 47.0 3 Bear Stearns ...
Texas: first half 1995 rankings.(Illustration)
Aug 01, 1995 ... <Pre> Senior Managers VolumeFirm($ mils.) 1 Grigsby Brandford$482.2 2 Goldman Sachs 453.9 3 Lehman Brothers 446.0 4 ...
Grigsby seeks to transcend minority firm status.(Calvin Grigsby of Grigsby, Brandford and Co.)(Interview)
Aug 01, 1995; ... Calvin Grigsby, president and chief executive officer of Grigsby Brandford & Co., says he is tired of his firm being known primarily as the largest minority-owned municipal bond firm in the country. Instead, he wants the world to know that his is a full-service municipal firm, with 11 ...
Smith Barney does first long swap without AIG.
Aug 01, 1995; ... After more than four years and billions of dollars of doing deals with AIG Financial Products Inc., Smith Barney Inc. last month used another counterparty, TMG Financial Products Inc., for a long-dated swap for Lakeland, Fla.Tax reform worries disrupted the long-standing swaps ...
Studying effect of market catastrophes helps measure risk, analyst says.(Victor Makarov of Chase Manhattan Bank)
Aug 01, 1995; ... Derivatives users must look beyond the standard method for measuring risk if they want to avoid disasters caused by catastrophic market movements, according to Victor Makarov, managing director for risk analytics and applications at Chase Manhattan Bank.In addition to calculating ...
CME gives more data on Euro contracts.(Chicago Mercantile Exchange)
Aug 01, 1995; ... In an effort to enhance market transparency, the Chicago Mercantile Exchange this week has made more up-to-date information available about its Eurodollar futures contracts.The exchange began providing bid and ask prices yesterday for the first four Eurodollar futures in its ...
New text for derivatives deals to emphasize disclosure.
Aug 01, 1995; ... Disclosure looks certain to be a prominent feature of the first standard document created specifically for municipal derivatives transactions by the International Swaps and Derivatives Association.People involved in the work say the agreement is to include wording that will ensure ...
FASB's hedge reporting rules likely to be delayed.(Financial Accounting Standards Board)
Aug 01, 1995; ... Disagreements among members mean the Financial Accounting Standards Board is unlikely to meet a target of the end of the summer for drafting a set of rules that would govern the financial reporting of derivatives used as a hedge.The hedge accounting project group has another ...
More derivatives guidelines coming soon, Harris says.(Douglas E. Harris of the Office of the Comptroller of the Currency)
Aug 01, 1995; ... More regulatory guidance for derivatives is on the way from the Office of the Comptroller of the Currency, as the bank supervisor seeks to flesh out the existing framework.Douglas E. Harris, OCC senior deputy comptroller for capital markets, said the office's examiners will receive ...
Issuance plummets in July; primary products scarce.
Aug 01, 1995; ... Issuance of tax-exempt derivative securities last month slumped to the lowest level this year, according to figures from MuniView, The Bond Buyer's municipal database.As sales of primary market products almost evaporated, total volume fell to $241.160 million for July. ...
Banking, insurance standoff stalls Glass-Steagall debate.
Aug 01, 1995; ... The House is not expected to debate legislation to reform the Glass-Steagall Act until this fall because lawmakers cannot break an impasse between banking and insurance interests that promises to produce a bloody fight on the House floor, according to congressional sources and lobbyists. ...
Muni sales drop sharply in July, erasing 18-month high from June.(municipal bonds)
Aug 01, 1995; ... One month after reaching their highest level in 18 months, sales of new municipal bonds slipped right back into the doldrums last month, according to figures compiled from Securities Data Co.State and local governments sold 466 issues totaling $9.5 billion in July, down 31% from ...
N.Y.C. GO deal nearly sells out; institutions see some yields cut.(New York City general obligation bonds)(Municipal Market)(Column)
Aug 02, 1995; ... A 24-member syndicate led by J.P. Morgan Securities Inc. priced and restructured a $972.7 million New York City general obligation loan for institutions yesterday. The deal attracted a wide range of investor interest, according to Morgan. The firm said few bonds remained unsold.An ...
NABL to ask SEC for more help on disclosure rules.(National Association of Bond Lawyers, Securities and Exchange Commission municipal bond disclosure rules)
Aug 02, 1995; ... The National Association of Bond Lawyers will ask the Securities and Exchange Commission for further clarification and interpretation of its municipal disclosure rules that began taking effect last month, several NABL members said."We plan on going forward with a NABL II," said ...
Massachusetts bill could spark Massport downgrade, raters say.(Massachusetts Port Authority)
Aug 02, 1995; ... Officials at all three rating agencies said yesterday that the Massachusetts Port Authority's credit rating could be damaged if the state enacts a recently passed bill that would compel the authority to pay $100 million to the Central Artery/Third Harbor Tunnel project."If the ...
A month into '96, L.A. County faces scrutiny of state, $1.2 billion deficit.(Los Angeles County, California)
Aug 02, 1995; ... Facing the worst financial crisis in the history of Los Angeles County, the Board of Supervisors continues to stagger toward a final decision on how to close a massive $1.2 billion budget deficit, as new legislation threatens to take some power from the supervisors.The five ...
NACo resolutions protest cuts, urge spending leeway.(National Association of Counties)
Aug 02, 1995; ... The National Association of Counties approved several resolutions at its annual meeting last week opposing further drastic cuts in federal aid, while urging that counties be given more flexibility to spend the funds they do receive."Clearly we've been supporting many of these ...
MBIA profits up from year-ago quarter.
Aug 02, 1995; ... MBIA Inc., the holding company for MBIA Insurance Corp., said yesterday that its net income rose to $67.3 million in the second quarter of 1995, up from $65 million during the same period last year.For the first half of 1995, MBIA said its earnings rose to $133.3 million from ...
House passes appropriations bill slashing wastewater program, saving FHA funds.(Federal Housing Administration)
Aug 02, 1995; ... The House late Monday approved a fiscal 1996 appropriations bill that handed a victory to housing bond issuers but slashed water infrastructure funding.The spending bill, approved on a 228-to-193 vote, rejected an attempt by budget lawmakers to sharply curtail Federal Housing ...
Strong purchasing index sinks Treasuries.(Markets)
Aug 02, 1995; ... A strong National Association of Purchasing Management index, fueling market fears of economic growth, pushed Treasury prices down yesterday, economists said.The benchmark 30-year bond closed down #27/32 at 109 to yield 6.90%. The 10-year note was down #13/32 at 100#4/32 to yield ...
IRS: tax-free interest at high, low ends rose in 1993.
Aug 02, 1995; ... Individual taxpayers at the high and low ends of the income scale reported earning more tax-exempt interest in 1993 than 1992, while those in the middle reported less exempt income, according to the IRS.Taxpayers who earned $100,000 or more in 1993 reported $23.4 billion in ...
Facing the threat of federal cuts, Ohio, Minnesota try to save roads.
Aug 02, 1995; ... Ohio officials say that proposed federal highway cuts make the passage of an additional $700 million of bonding authority for highway improvements even more critical.Meanwhile, Minnesota officials have announced that because of similar funding constraints, they will consider ...
Austin plans $417 million in airport debt.(Austin, Texas)
Aug 02, 1995; ... Austin is revving up to sell $417 million of debt to fund construction of a new city airport at a former air base.The airport issue's underwriting team, led by Smith Barney Inc., met Monday to make final preparations for the negotiated bond issue, which is expected to receive final ...
Refunding set to finance rest of Colorado highway.(E-470 Public Highway Authority)
Aug 02, 1995; ... The E-470 Public Highway Authority near Denver is on track to sell $654 million in bonds by the end of August. Proceeds would be used to refinance bonds originally sold in 1986 to fund completion of a 35-mile segment of a toll road.Steve Hogan, executive director of the authority, ...
Citing common public finance history, Arkansas, Alabama firms will merge.(Hill, Crawford and Lanford Inc.; Sterne, Agee and Leach Inc.)
Aug 02, 1995; ... The oldest locally owned brokerage and investment firms in Arkansas and Alabama on Monday announced their plans to merge, citing their common backgrounds in public finance as the basis for the alliance.Bob Lanford, president of the Little Rock-based Hill, Crawford & Lanford Inc., ...
MSRB rule changes step up disclosure in confirmations.(Municipal Securities Rulemaking Board)
Aug 02, 1995; ... Municipal broker-dealers will have to disclose more information in customer confirmations under Municipal Securities Rulemaking Board rule changes that were recently approved by the Securities and Exchange Commission, the MSRB said yesterday.The amendments to MSRB Rule G-15(a), ...
D.C. Council aims to save money by letting Barry restructure debt.(Marion Barry of Washington, D.C.)
Aug 02, 1995; ... The revised budget that the District of Columbia Council sent this week to its financial overseers breathed new life into a plan that would try to save an estimated $70 million by allowing the mayor to use a negotiated sale to restructure some city debt.The revised fiscal 1996 ...
Logan brings back the human touch to selling bonds.(Jack Logan of Rauscher Pierce Refsnes, Inc.)
Aug 02, 1995; ... Changes in the municipal industry are breaking down the old tradition of personal contact and making it harder to do business, according to Jack Logan, institutional sales manager at Rauscher Pierce Refsnes Inc.Logan has set a goal of building stronger relationships with his ...
Two top California funds go long for different reasons.(Fundamental Portfolio Advisors Inc., SAFECO Asset Management Co.)
Aug 02, 1995; ... An aggressive bet on improving municipal finances and a big investment in unpopular securities propelled the Fundamental Portfolio Advisors Inc.'s California Muni Fund to the top of the one-year performance chart, said senior portfolio strategist Lance Brofman.Believing credit ...
Buyers hang back until rates pick a direction.(Edward F. Battreall of Harvestons Securities Inc.)
Aug 02, 1995; ... Uncertainty about the direction of interest rates kept many institutional buyers on the sidelines over the past week, according to Edward F. Battreall, head of institutional sales for Denver-based Harvestons Securities Inc."It's been very quiet," said Battreall. "People are ...
Issuers turn to Wall Street.(Midwest: Trends in the Region)
Aug 02, 1995; ... As bond volume dwindles this year, Wall Street firms beat out regional senior managers.Long-term debt issuance for the Midwest fell nearly 8% in the first six months of the year, according to statistics from Securities Data Co.After being ranked the region's number three ...
$500 million Illinois issue provides much-needed supply in slim times.(Midwest: Market)
Aug 02, 1995; ... In a supply-starved market, Midwest traders are eagerly awaiting today's expected sale of $500 million of revenue anticipation certificates issued by Illinois."That (deal) should draw quite a bit of attention," said Larry Feil, vice president and trading manager of Old Kent Bank. ...