The Bond Buyer back issues from August 2005:
The Digest.
Aug 01, 2005 ... Both the municipal and Treasury bond markets sold off Friday in a striking reversal of Thursday's rally after a stronger-than-expected regional business survey indicated the economy continues to grow at a solid pace and reinforced market expectations for further interest rate hikes by the ...
Volume Keeps Climbing: July Brings Year-to-Date Total to $244.5B.
Aug 01, 2005; ... The municipal market handled about $34.3 billion of debt sales last month, driving the year-to-date volume to $244.5 billion through the first seven months of 2005, a 13.5% increase of bond business over the same period last year, according to preliminary data from Thomson Financial. ...
Illinois Finance Authority Reaches Settlement With IRS on 1999 Audit.
Aug 01, 2005; ... CHICAGO -- The Illinois Finance Authority reached a settlement with the Internal Revenue Service that resolves an audit into its predecessor agency's $150 million 1999 pooled bond program underwritten by George K. Baum & Co. to lower borrowing costs for school districts, libraries, and ...
SEC Looks At Georgia-Pacific: Informal Inquiry Tied to IRS Probe.
Aug 01, 2005; ... WASHINGTON -- The Securities and Exchange Commission has launched an informal inquiry into whether Georgia-Pacific Corp. violated securities laws in conjunction with the Internal Revenue Service's investigation of several solid-waste bond deals, according to a corporate filing last week. ...
News In Brief: Advance 2Q GDP Growth at 3.4% Rate.
Aug 01, 2005; ... WASHINGTON -- Real gross domestic product - the broadest measure of the economy's performance - increased at a 3.4% seasonally adjusted annual rate in the second quarter, according to advance figures released by the Commerce Department Friday. The 3.4% advance estimate compared ...
News In Brief: Employment Costs Up 0.7% in 2Q.
Aug 01, 2005; ... WASHINGTON -- Employee compensation costs rose 0.7% in the second quarter, according to Labor Department data released Friday. The 0.7% increase in the seasonally adjusted employment cost index for all civilian workers was identical to the unrevised 0.7% gain the ...
News In Brief: Chicago PMI Gains To 63.5 in July.
Aug 01, 2005; ... The Chicago Purchasing Managers' Business Barometer soared to 63.5 in July from 53.6 in June, the 27th straight month of expansion as defined by a reading above 50.0, the National Association of Purchasing Management-Chicago said Friday. Economists polled by IFR BondData ...
News In Brief: NAPM-NY BCI Rises To 339.6 in July.
Aug 01, 2005; ... The New York business conditions index in the National Association of Purchasing Management-New York's Report on Business rebounded in July to 339.6 from 333.7 in June, NAPM-NY announced Friday. "Business activity apparently accelerated in mid-summer, at least in the ...
News In Brief: Consumer Sentiment Increases in July.
Aug 01, 2005; ... The University of Michigan's final July consumer sentiment index reading was 96.5, unchanged from the preliminary number, but up from the final June 96.0 and the preliminary June 94.8, according to market sources. Economists polled by IFR BondData Americas had predicted a 96.5 ...
Friday's Market: Munis, Treasuries Both Reverse Rally as Data Comes in Stronger Than Expected.
Aug 01, 2005; ... Both the municipal and Treasury bond markets sold off Friday in a striking reversal of Thursday's rally after a stronger-than-expected regional business survey indicated the economy continues to grow at a solid pace and reinforced market expectations for further interest rate hikes by the ...
Chicago Budget Director Warns of $94 Million Deficit in 2006.
Aug 01, 2005; ... CHICAGO -- Despite recovering tax revenue collections, Chicago faces a projected $94 million deficit in its $5.2 billion 2006 budget, due primarily to the cost of new labor contracts, city budget director John Harris warned on Friday. Revenues from what the city calls its ...
Embry-Riddle Aeronautical University Selling $107 Million for 2 Campuses.
Aug 01, 2005; ... BRADENTON, Fla. -- Embry-Riddle Aeronautical University Inc. is preparing to sell $107 million of new and refunding revenue bonds with most of the proceeds to be used for capital improvements at its main campuses in Daytona Beach, Fla., and Prescott, Ariz. Embry-Riddle, a fully ...
KDFA Sets 1st Transportation Revolving Fund Deal.
Aug 01, 2005; ... DALLAS -- The Kansas Development Finance Authority will sell the first bonds from its transportation revolving fund with a $33.8 million issue set to go to market by the middle of August. With the premium on the revenue bonds, the sale will give KDFA approximately $35.5 million ...
San Francisco's BART District to Refund $353 Million.
Aug 01, 2005; ... SAN FRANCISCO -- One of the highest rated mass transit systems in the country, the San Francisco Bay Area Rapid Transit District, expects to sell $353 million of refunding bonds Thursday. Referred to locally as BART, the district expects to achieve net-present-value savings of ...
Legislation: Senate Sends $14.5 Billion Energy Bill to Bush's Desk.
Aug 01, 2005; ... The Senate gave final congressional approval Friday to a $14.5 billion comprehensive energy bill that includes a provision to allow nonprofit utilities to issue up to $800 million in taxable tax-credit bonds over two years to finance the cost of renewable energy projects, clearing the way ...
Transportation: After Two Years of Debate, Congress on Verge of Passing Highway Spending Bill.
Aug 01, 2005; ... Congress appeared poised late Friday to grant final legislative approval to a $286.4 billion highway spending bill that includes a provision to allow private companies to use $15 billion in tax-exempt private-activity bonds that are exempt from the state's volume cap to finance road ...
West Virginia Pension Investments Show Strong Returns in Fiscal 2005.
Aug 01, 2005; ... WASHINGTON -- All six of West Virginia's employee pension plans had double-digit returns on their Wall Street investments in the fiscal year that ended June 30, the state announced last week. The favorable news suggests that the state will have an easier time paying for about ...
The Week Ahead: N.J. Tobacco Deal, Orange County Sale Highlight Calendar.
Aug 01, 2005; ... The New Jersey Tobacco Settlement Financing Corp. will seek to cash in on attractive refinancing costs on Wednesday when it sells $2.1 billion in bonds to take out older debt. The market for tobacco bonds has come back as high-yield muni bond mutual funds receiving hefty inflows ...
Mutual Funds: Eleventh Week of Inflows Sees $222.88M Gain.
Aug 01, 2005; ... Municipal bond mutual funds that report weekly had a $225.88 million net inflow during the week ended July 27, AMG Data Services reported. The gain followed a $368.86 million inflow during the previous week -- the 2005 high -- and marked the 11th consecutive week of inflows into the ...
Competitive Bond Offerings.
Aug 01, 2005 ... Letter F next to the issuer's name signifies the Official Notice of Sale is available on the internet! Go to www.bondbuyer.com <Pre> ISSUER ST DESCRIPTION AMOUNT ($000s) TIME OF SALE FINANCIAL ADVISER LEGAL OPINION MATURING INSURER MDY'S S&P FITCH ...
Competitive Note Offerings.
Aug 01, 2005 ... <Pre> ISSUER STDESCRIPTIONAMOUNT($000s) TIME OF SALE FINANCIAL ADVISER LEGAL OPINION MATURING INSURER MDY'S S&P FITCH BANK-QUAL. LATEST DETAILS Monday, August 1 </Pre> Kenyon-Wanamingo ISD #2172 MN GO Aid Antic Cert ...
Negotiated Bond Offerings.
Aug 01, 2005 ... Tentative dates for negotiated sales of $5 million or more. <Pre> ISSUER ST DESCRIPTION AMOUNT ($000s) LEAD MANAGER FINANCIAL ADVISER INSURER MDY'S S&P FITCH FIRST APPEARED Week Of August 1 </Pre> Courtland Indl Dev Bd AL Rev Ref 22,800 ...
Negotiated Note Offerings.
Aug 01, 2005 ... <Pre> ISSUER ST DESCRIPTION AMOUNT ($000s) LEAD MANAGER FINANCIAL ADVISER INSURER MDY'S S&P FITCH FIRST APPEARED Week Of August 1 Michigan Muni Bond AuthMI...
Results of Negotiated Sales.
Aug 01, 2005 ... CALIFORNIA California Health Facilities Financing Authority Jul 29, 2005 $518,820,000 Refunding Revenue Bonds (Cedars-Sinai Medical Center), Series 2005 (2016-2021, 2027 and 2034 Priced to Par Call) (book entry) $518,820,000. Dated Jul 1, 2005. ...
Results of Competitive Sales.
Aug 01, 2005 ... CONNECTICUT Danbury (City) Jul 28, 2005 $36,600,000 General Obligation Bond Anticipation Notes (book entry). Dated Aug 5, 2005. Due Aug 4, 2006. Purchased $7,000,000.00 by Commerce Cap Mkts, at 4.0%, plus $80,430.00, ...
Trends in the Region: N.Y. Bill Aims to Improve Accountability for Public Authorities.
Aug 01, 2005; ... Amid its annual last-minute rush to pass legislation, the New York Legislature reached agreement on a bill that will require the state's public authorities to more clearly account for their debt issuance and could radically impact the way they operate. But while the Public ...
District of Columbia: Skyland Crusade.
Aug 01, 2005; ... Mayor Anthony Williams last week turned up the rhetorical heat in his battle to condemn Skyland Shopping Center to make way for a proposed bond-financed redevelopment project. In response to reporters' questions about the redevelopment plan at his press briefing Wednesday, ...
MARYLAND: Hotel vs. Blight Fight.
Aug 01, 2005; ... The Baltimore City Council is poised to introduce new funding for the city's blighted neighborhoods as a way of assuaging critics of its plan to build a $305 million convention hotel. City Council President Sheila Dixon revealed the $59 million redevelopment plan on Wednesday, ...
NEW YORK: Pataki Bows Out.
Aug 01, 2005; ... Gov. George Pataki last week announced he will not seek a fourth term in 2006, fueling talk that the moderate Republican will pursue his party's nomination in the 2008 presidential election. Though the three-term governor, a Peekskill native, has maintained popular appeal ...
NEW YORK: Control Board's Future.
Aug 01, 2005; ... Should it stay or should it go? That's the question New York City and state officials are asking about the Financial Control Board, an oversight body created 30 years ago to help the city recover from a fiscal crisis after it had been shut out of the capital markets. The board ...
NEW YORK: WTC Hub Plan.
Aug 01, 2005; ... The Port Authority of New York and New Jersey last week approved plans to build a "spectacular" $2.2 billion World Trade Center transportation hub in Lower Manhattan. The Federal Transit Administration is committed to providing about $1.9 billion of funding for the project and ...
On the Side of the Angels? The Irony of Debt Limits.
Aug 01, 2005; ... In responding to inquiries about evolution, Benjamin D'Israeli, Queen Victoria's great prime minister, is said to have remarked, "Is man ape or angel? Well, I am on the side of the angels." Similarly, reformers urging legal limits on public debt tend to view themselves in the same light. ...
LONG-TERM BONDS: January-July.
Aug 01, 2005 ... <Pre> 2005 2004 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $244,485,500 8,220 $215,412,400 8,009 +13.5 January 22,507,100 812 20,724,200 850 +8.6 February 30,806,900 1,003 26,831,400 1,071 +14.8 March 44,932,700 1,424 ...
NEW-ISSUE VOLUME NOTES.
Aug 01, 2005 ... The new-issue volume tables are based on information compiled by The Bond Buyer from Thomson Financial's data base on Friday, July 29, 2005. All figures are preliminary and subject to revision. Long-term bonds have final stated maturities of 13 months or longer, while short-term ...
LONG-TERM BONDS: July.
Aug 01, 2005 ... 2005 2004 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $34,254,900 957 $25,457,200 1,043 +34.6 % Development 577,200 26 623,800 21 -7.5 Education 13,251,200 346 7,366,400 353 +79.9 Electric ...
LARGEST ISSUES: July 2005.
Aug 01, 2005 ... Amount Issuer Date $3,140.6 Golden State Tobacco Securitization Corp., Calif. (ref) Jul 27 2,500.0 Massachusetts School Building Authority Jul 15 846.8 New York City, GOs (ref) Jul 15 800.0 Triborough Bridge & Tunnel Authority, N.Y. (ref) ...
BOND SALES BY STATE: January-July.
Aug 01, 2005 ... <Pre> 20052004 Volume VolumePercentage StateRank($000s)Rank($000s)Change Alabama33$1,669,00036$1,078,900+54.7% Alaska42859,00048457,100+87.9 Arizona135,548,500 ...
U.S. Securities Prices.
Aug 01, 2005 ... Prices as of 3 p.m. ET. Source: GovPx Inc. Treasury Bills Yesterday's Prev. Day's Yesterday's (in percent of discount) Bid/Offer Bid/Offer Bid Yield 1M -- 8/25/2005 3.180/170 3. -- /175 3.231 3M -- 10/27/2005 3.330/325 3. --/320 ...
Short-Term Tax-Exempt Yields.
Aug 01, 2005 ... Jul 29, 2005 Jul 28, 2005 Jul 30, 2004 Selected MIG-1/SP-1+ Notes Los Angeles Co Trans 4s (June 06) 2.70 2.74 1.47 New Jersey Trans 4s (June 06) 2.80 2.79 n.a. Texas Trans 3s (Aug 05) 2.78 2.57 1.15 Municipal Market Data ...
Municipal Market Data General Obligation Yields.
Aug 01, 2005 ... Aaa Aaa (pure) (ins) Aa A Baa 2006 2.71 2.78 2.77 2.87 3.12 2010 3.18 3.30 3.28 3.49 3.84 2015 3.66 3.80 3.77 4.00 4.39 2020 3.93 4.05 4.03 4.26 4.64 2025 4.15 4.26 4.25 4.45 4.77 2030 4.30 4.40 4.40 4.58 4.83 ...
Market Indicators.
Aug 01, 2005 ... Dollar amounts are in millions Day's 2005 2005 Daily Yesterday Change High Date Low Date Municipal Bond Index 115-11 -15/32 116-24 (6/27) 112-11 (1/4) 40 Average Dollar Price 104.37 -0.41 105.74 (6/7) 101.95 (3/30) Average Yield ...
Visible Supply.
Aug 01, 2005 ... Competitive Negotiated Total ($000s) ($000s) ($000s) Weekly Averages 7/29/05 2,507,675 11,691,491 14,199,166 7/22 2,306,755 9,232,541 11,539,296 7/15 2,952,511 11,068,493 14,021,004 7/8 3,320,691 8,284,914 11,605,200 ...
General Obligation Bond Prices for July 29, 2005.
Aug 01, 2005 ... Intermediate Long-Term Bond and Ratings (Moody's/S&P's) Dated Cpn & Maturity Yield Price Prev Chg Cpn &Maturity Yield Price Prev Chg STATES California Series 2004 (A2/A/A-) 12/1/04 5% 6/1/10 3.37 107 1/4 107 1/4 unch 5% 6/1/25 4.31y 105 1/4 105 3/8 - 1/8 ...
Placement Ratio.
Aug 01, 2005 ... No. Total Amt. Sales from Placement New New Accts. New Accts. Ratio Accts. ($000s) ($000s) (%) 2005 07/29 18 762,720 751,085 98.5 07/22 18 940,385 907,210 96.5 07/15 25 1,603,003 1,462,293 91.2 07/08 10 587,244 ...
Reoffering Yields.
Aug 01, 2005 ... NRO - Not Reoffered; S.B. - Sealed Bid; SNA - Sold, Not Available Offer Amount Date ($Mil) RECENT OFFERINGS 1 Year 5 10 15 20 25 30 Aaa -- AAA 7/20 45.0 Fairfield, Conn. .... NRO 3.65 4.05 4.24 ... .... 7/12 5.6 Crockett Ind. Sch ....
New-Issue Balances.
Aug 01, 2005 ... (,000 Omitted) * Since initial reoffering + Revised upward since last report Amount Date RECENT OFFERINGS Sold Balance $24,500 7/14 Berkeley Unif. Sch. Dist., Calif. $15,000 All Sold 24,305 7/19 Hamden, Conn. 5,285 All Sold ...
Municipal Market Yields.
Aug 01, 2005 ... Values at 7/29/2005 -- Basis Point Change from 7/22/2005 Aaa Aa A Baa 2006 2.72 -03 2.87 -03 3.07 -03 3.36 -03 2010 3.19 -06 3.34 -06 3.56 -06 3.84 -06 2015 3.70 -05 3.85 -05 4.08 -05 4.37 -05 2020 4.04 -03 4.19 -03 4.42 -02 4.72 -02 ...
Municipal Bond Index Update.
Aug 01, 2005 ... The list of bonds used to calculate the Municipal Bond Index was revised after the July 29 pricing. The new coefficient is 1.0222. It was derived by dividing the July 29 index (115.347942) by the average converted price of the new set of 40 bonds (112.838715). The ...
Municipal Bond Prices.
Aug 01, 2005 ... These 40 Bonds are evaluated and priced daily by Standard & Poor's Securities Evaluations Inc. All figures are rounded to the nearest eighth when reported in this table. "Change in Bid" is rounded after calculation. Dollar Change Yield to ...
Municipal Bond Index.
Aug 01, 2005 ... Current Day Previous Day Week Ago Month Ago Year Ago The Bond Buyer Municipal Bond Index 115-11 115-26 115-18 116-09 108-23 Friday, July 29, 2005 Maturity Par Call Dollar Conversion Converted Date Date Price Factor Price 1 Texas Turnpike ...
Pennsylvania Turnpike Refunding $470M, With UPenn to Follow.
Aug 01, 2005; ... Two sizeable refundings are due out of Pennsylvania this week. On Tuesday, the Pennsylvania Turnpike Commission will issue $470 million of bonds to refund all of its 2001 registration fee revenue bonds. The bonds will be sold in four series and are tentatively ...
L.A. School District Board OKs Sending $3.99B GO Question to Voters.
Aug 01, 2005; ... SAN FRANCISCO -- After an extra day of haggling, the board of the Los Angeles Unified School District last week approved a $3.985 billion general obligation bond measure. Voters in the massive district will decide on the bond measure on Nov. 8, with a 55% majority required. ...
Pair of New England Schools Ready to Sell Floating-Rate Deals.
Aug 01, 2005; ... Two New England schools, the University System of New Hampshire and Worcester Polytechnic Institute of Worcester, Mass., plan to hit the market today with floating-rate debt. Both have entered into synthetic fixed-rate swaps in anticipation of the sales. The New Hampshire system ...
The Digest.
Aug 02, 2005 ... The municipal bond market weakened yesterday, extending Friday's losses, after a key manufacturing report beat forecasts and reinforced market expectations that the Federal Reserve would continue its rate-tightening cycle. Complete market coverage by Anastasija Johnson appears on page 2 ...
Student-Backed Sale: Univ. of New Mexico Readies $128 Million Issue.
Aug 02, 2005; ... DALLAS -- The University of New Mexico will go to market this week to sell its first-ever bonds backed by revenue from student fees. Proceeds will be used to finance the construction of and improvements to academic buildings at the university system's main campus in Albuquerque. ...
Michigan DOT Selling $370M to Refund Notes, Fund Construction.
Aug 02, 2005; ... CHICAGO -- The Michigan Department of Transportation plans to price $370 million of state trunk-line bonds today that will refund outstanding grant anticipation notes as the state looks to lower its debt service payments through 2009 and free up cash for construction projects. ...
Atlanta Sells $550M For Airport: Commercial Paper Deal Is City's First.
Aug 02, 2005; ... ATLANTA -- Atlanta is preparing to sell commercial paper for the first time today - a $550 million offering for Hartsfield-Jackson International Airport. Officials say they chose to issue CP to help fund a significant number of relatively small projects that are included in the ...
News In Brief: Treasury Sees $59B In 3Q Borrowing.
Aug 02, 2005; ... WASHINGTON -- The Treasury Department yesterday announced it expects to issue $59 billion in net borrowing of marketable debt during the July-to-September quarter and to have a cash balance of $30 billion on Sept. 30. The latest borrowing plans compare with the Treasury's ...
News In Brief: ISM Index Jumps To 56.6 in July.
Aug 02, 2005; ... The overall economy expanded for the 45th straight month in May, while the manufacturing sector expanded for the 26th time in as many months, the Institute for Supply Management reported Monday. According to the ISM's monthly report on business, the ISM index increased to 56.6 ...
News In Brief: Construction Outlays Declined in June.
Aug 02, 2005; ... WASHINGTON -- Spending on construction projects fell in June as both private and public construction decreased, according to Commerce Department figures released yesterday. Total construction spending fell 0.3%, or $2.98 billion, to a seasonally adjusted annual rate of $1.093 ...
News In Brief: Weekly T-Bills Go At 3.400%, 3.600%.
Aug 02, 2005; ... WASHINGTON -- Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were higher, as the three-months incurred a 3.400% high rate, up from 3.345% last week, and the six-months incurred a 3.600% high rate, up from 3.540% last week. Coupon equivalents ...
News In Brief: Treasury 4-Weeks To Raise New Cash.
Aug 02, 2005; ... WASHINGTON -- The Treasury Department said it will sell $15 billion of four-week discount bills today. The 28-day bills will raise $3 billion of new cash and ...
Monday's Market: Munis Weaken, Extending Losses, After ISM Index Beats Forecasts.
Aug 02, 2005; ... The municipal bond market weakened yesterday, extending Friday's losses, after a key manufacturing report beat forecasts and reinforced market expectations that the Federal Reserve would continue its rate-tightening cycle. As prices fell, municipal bond yields rose two to four ...
A Correction.(Correction Notice)
Aug 02, 2005 ... Stories that appeared yesterday and Friday on Chicago's recent upgrades misstated some of the rating changes. Standard & Poor's raised the city's general obligation debt to AA-minus from ...
Albuquerque Councilor Offers Compromise on Bond Projects.
Aug 02, 2005; ... DALLAS -- Albuquerque City Councilor Michael Cadigan was expected to propose a compromise bond project list to the City Council that would restore most of the $9.5 million in council-approved projects vetoed by Mayor Martin Chavez. Cadigan's compromise would also allocate ...