The Bond Buyer back issues from May 2007:
Tuesday.
May 01, 2007 ... Regions FITCH RATINGS assigned a AAA rating with a stable outlook to $250 million of general obligation bonds that Montgomery County, Md., plans to issue next week to improve schools and roads in a competitive transaction. 3 <Pre> KANSAS LEGISLATORS over the ...
High Court on Trash Flow: OKs Government-Owned Garbage Plants.
May 01, 2007; ... WASHINGTON -- The U.S. Supreme Court ruled 6 to 3 yesterday that local governments do not violate the Constitution when they direct garbage collected by private waste management companies to their processing facilities. Provided such "flow control" ordinances treat in-state ...
April Sales Slightly Down in '07: Volume Was 3% Less Than a Year Ago.
May 01, 2007; ... Despite a burst of health care borrowing and the continuing run of municipal refundings, market volume for April was $28.4 billion, about 3% less than in April 2006, according to Thomson Financial's preliminary data. While last month might have been the slowest April for the ...
Moody's Drops Michigan to Aa3 From Aa2.
May 01, 2007; ... CHICAGO -- In a move that affects $19.3 billion of state-backed debt, Moody's Investors Service knocked Michigan's credit down by one notch yesterday as the state struggles to deal with a $3 billion deficit in the current and next fiscal years amid a lackluster economic picture. ...
In Brief: Personal Income Up 0.7%; Spending Rose 0.3%.
May 01, 2007; ... WASHINGTON -- The bulk of the information in the March personal income report should not affect markets: most of the information has been disclosed in prior reports, and the core personal consumption expenditure price index - unchanged, for up 2.1% over the year - is simply confirmation of ...
In Brief: Chicago PMI 52.9 in April Versus 61.7 in March.
May 01, 2007; ... The Chicago Purchasing Managers' Business Barometer gave back most of its March gains, slipping to 52.9 in April from 61.7 in March, the National Association of Purchasing Management-Chicago said yesterday. The data is compiled on a seasonally adjusted basis. An index reading ...
In Brief: Construction Spending Rises 0.2% to $1.188T.
May 01, 2007; ... Spending on construction projects rose 0.2% to a seasonally adjusted annual rate of $1.188 trillion in March, as private construction increased 0.2%, and public construction rose 0.4%, according to Commerce Department figures released yesterday. The overall gain, which was above ...
In Brief: 4.365M Jobs Posted On Internet in April.
May 01, 2007; ... About 4,365,400, first-time, online job postings appeared on leading Internet job boards in April, 610,600 more than the 3,754,800 posted in March, the Conference Board reported yesterday. In April, there were 2.9 online job ads per 100 persons in the U.S. labor force. On a ...
In Brief: Dallas Fed Reports: Expansion Continues.
May 01, 2007; ... Overall manufacturing activity in Texas "continued to expand in April," according to the monthly business activity survey conducted by the Federal Reserve Bank of Dallas, released yesterday. The general business conditions index gained to 15.9 from 12.7 in March. The ...
In Brief: Treasury 4-Week Bills To Pay Down $12B.
May 01, 2007; ... The Treasury Department said it would sell $8 billion of four-week discount bills tomorrow. The 28-day bills will pay down $12 billion and refund ...
Munis Finish Session Slightly Firmer.
May 01, 2007; ... The municipal market was slightly firmer yesterday, as economic data did not vary too widely from expectations. "I'd say we're up about two basis points," a trader in New York said. "There's a fair amount of action, and I'd say we're slightly busier than other recent Mondays." ...
Correction.(Correction notice)
May 01, 2007 ... Friday's story about Mayor Michael Bloomberg's executive budget included an incorrect rating for the New York City Transitional Finance Authority. Standard & ...
Montgomery County, Md., Stays AAA on $250M of GOs.
May 01, 2007; ... WASHINGTON -- Fitch Ratings assigned a AAA rating with a stable outlook to $250 million of general obligation bonds that Montgomery County, Md., plans to issue next week to improve schools and roads in a competitive transaction. Fitch also affirmed its AAA rating on $1.4 billion ...
Enforcement: IRS Closes Colorado Audit; Opens Investigation in Austin.
May 01, 2007; ... The Internal Revenue Service has closed its audit of the Colorado Health Facilities Authority and opened an examination of Texas' Austin Convention Enterprises Inc., recent municipal disclosure notices show. The Colorado authority had announced last May that its $14.5 million ...
Texas Lottery Privatization Plan Likely Dead in the Water.
May 01, 2007; ... DALLAS -- Plans to lease the Texas lottery for ready cash are virtually dead as the legislative session enters its last month. Turning a deaf ear to Gov. Rick Perry, lawmakers in the 80th session of the Legislature have not moved HB 3973 out of the Committee on Licensing and ...
Kansas Lawmakers Agree On Higher-Ed Maintenance Plan.
May 01, 2007; ... DALLAS -- Kansas legislators over the weekend agreed on financing a maintenance program for higher education institutions that will provide the schools with much less than requested. The five-year plan, which was expected to pass both chambers on Monday, guarantees $90 million ...
Deal in Focus: ADFA Selling $225 Million of GOs, With $150M for Higher Ed Upgrades.
May 01, 2007; ... DALLAS -- Technology upgrades and facility improvement projects totaling $150 million at the 22 two-year colleges and 10 four-year state universities in Arkansas will be financed with the new-money proceeds from today's negotiated sale of $224.5 million of general obligation bonds for ...
Deal in Focus: Southwest Invisible Supply.
May 01, 2007 ... Approval Underwriter Expected Issuer and purpose Amount* statuschoice sale date ARIZONA AzDOT/Maricopa County $3,043 P negotiated 2007-20 Maricopa County CCD $951 A negotiated 2007-15 Phoenix water rev. bonds ...
Visible Supply by State.
May 01, 2007 ... April 30, 2007 April 23, 2007 State Issues Amount Issues Amount Chg in Amt Arizona 4 $838,890,000 5 $321,365,000 $517,525,000 Arkansas 4 105,550,000 5 106,155,000 -605,000 Colorado 7 108,367,000 5 97,930,000 10,437,000 ...
Plain/Insured GO Yield Curves for April 27, 2007*.
May 01, 2007 ... State Ratings One-Year Five-Year 10-Year 30-Year Utah Aaa/AAA/AAA 3.61 / 3.62 3.64 / 3.72 3.84 / 3.93 4.15 / 4.22 Colorado NR/AA-/NR 3.62 / 3.62 3.73 / 3.72 3.93 / 3.92 4.21 / 4.20 Arkansas Aa2/AA/NR 3.62 / 3.63 3.73 / 3.72 3.92 / 3.90 ...
ARIZONA: Mesa's Bond Wishes Grow.
May 01, 2007; ... Mesa's public safety departments last week asked the City Council to add more than $47 million of projects to a general obligation bond project list that already exceeds $130 million. The council discussed holding a November election seeking a secondary property tax for the ...
ARIZONA: Aquaplex Under Way.
May 01, 2007; ... Construction is under way on Flagstaff's $16.6 million Aquaplex, financed in part with $8.6 million of bonds approved by voters in May 2004. The public swimming pool facility includes a multi-generational community center financed with the proceeds of a separate $6.1 million bond proposal, ...
ARIZONA: Prescott Nets Triple Upgrade.
May 01, 2007; ... All three rating agencies have upgraded Prescott's general obligation bond ratings in light of the northern Arizona city's healthy economy. The upgrades covered a $1.5 million Series 2007 new GO issue as well as approximately $10 million of outstanding GOs, along with some revenue debt. ...
COLORADO: FasTracks Running Short.
May 01, 2007; ... The Regional Transportation District rail system known as FasTracks could face a $1 billion revenue shortage over the next 25 years, according to the RTD's sales tax projections. The shortfall would be a result of rising costs of building the $4.7 billion system and ...
NEW MEXICO: Spaceport's Land Deal.
May 01, 2007; ... The New Mexico Spaceport Authority has agreed to pay twice for the land to build its spaceport on 18,000 acres of state trust land in the southern part of the state. The authority will pay $26,000 a year for 25 years to the State Land Office for the right to use the land that ...
OKLAHOMA: Teachers Pension Fund Boost.
May 01, 2007; ... The Oklahoma Legislature passed a measure last week that is expected to boost the funded liability of the Oklahoma Teachers Retirement System from the current 50% level to 80% by 2026. SB 357 will pump more than $200 million over the next five years into the teachers retirement ...
OKLAHOMA: OSU Gets Parking Bond OK.
May 01, 2007; ... The Council of Bond Oversight has approved Oklahoma State University's plan to issue $7.7 million of revenue bonds to help build a five-story facility on the north side of campus. The project includes a 1,100-space parking garage and offices for the university's transit system. ...
TEXAS: El Paso Property Values Rise.
May 01, 2007; ... The El Paso Central Appraisal District sent notices to property owners last week that reflected a 9.9% increase in values of existing homes. In El Paso County, initial home valuations are up 17.4%. That figure includes a 3.2% increase from new construction. Local governments are ...
Competitive Bond Offerings.
May 01, 2007 ... Letter F next to the issuer's name signifies the Official Notice of Sale is available on the internet! Go to www.bondbuyer.com A letter "P" signifies that a link to the POS is on the Bond Buyer Online's Competitive Bond Offering Calendar. <Pre> ISSUER ST ...
Competitive Note Offerings.
May 01, 2007 ... Tentative dates for negotiated sales of $1 million or more. Letter F next to the issuer's name signifies the Official Notice of Sale is available on the internet! Go to www.bondbuyer.com A letter "P" signifies that a link to the POS is on the Bond Buyer Online's ...
Negotiated Bond Offerings.
May 01, 2007 ... Tentative dates for negotiated sales of $1 million or more. <Pre> ISSUER ST DESCRIPTION AMOUNT ($000s) LEAD MANAGER FINANCIAL ADVISER INSURER MDY'S S&P FITCH FIRST APPEARED Week Of April 30 </Pre> Huntsville AL GO 50,660 Morgan Keegan ...
Results of Negotiated Sales.
May 01, 2007 ... ALABAMA Autauga County Apr 17, 2007 $4,815,000 General Obligation Warrants, Series 2007 (book entry) Dated Apr 1, 2007. Due Dec 1, 2008 to 2027. First coupon Dec 1, 2007. Callable Dec 1, 2014 at par. ...
Results of Competitive Sales.
May 01, 2007 ... MINNESOTA Swift County-Benson Hospital District Apr 30, 2007 $7,500,000 Hospital Revenue Bonds, Series 2007 (Swift County General Obligation) (bank qualified) (book entry). Dated May 23, 2007. Due Feb 1, 2008 to 2034. ...
U.S. Bank Names Corporate Trust President.
May 01, 2007; ... Minneapolis-based U.S. Bank NA, the second-busiest municipal bond trustee last year, announced Thursday that Bryan Calder has been named the bank's new president of corporate trust services. Calder was previously national manager of the structured finance group in corporate trust at U.S ....
San Antonio ISD to Sell $100M While Voting on Another $693M.
May 01, 2007; ... DALLAS -- The Northside Independent School District plans to issue $100 million of variable-rate, unlimited-tax school building bonds tomorrow, as early voting begins on the fourth largest bond election ever by a Texas school district -- nearly $693 million. The majority of the ...
Pennsylvania Housing Agency to Sell $200M of Tax-Exempt and Taxable Debt.
May 01, 2007; ... The Pennsylvania Housing Finance Agency next week will sell about $200 million of new and refunding single-family mortgage revenue bonds to help finance its lending programs, agency officials said. The offering will feature a blend of taxable and tax-exempt debt. Merrill Lynch & ...
Florida House OKs Marlins' Ballpark Bill, But Senate May Stay Out of Fray.
May 01, 2007; ... BRADENTON, Fla. -- Although the Florida House last week passed a bill authorizing a sales tax rebate to support the Florida Marlins' bond-financed ballpark, some senators have said a companion bill will not make it to the floor for a vote. When the session ends on Friday, the ...
Louisiana's Tulane Refunding $390M to Rebound From Katrina.
May 01, 2007; ... ATLANTA -- Tulane University in Louisiana today is refunding almost all of its outstanding debt as it attempts to rebound from the aftermath of Hurricane Katrina. A highlight for the deal is a change in outlook to stable from negative by Moody's Investors Service. The agency ...
Mergers & Acquisitions: RBC Strikes Deal to Acquire Seasongood & Mayer.
May 01, 2007; ... CHICAGO -- Minneapolis-based RBC Capital Markets announced an agreement yesterday to acquire top Ohio broker-dealer Seasongood & Mayer LLC in a move that boosts RBC's goal of increasing its edge in the nation's top-issuing states. Top management at both firms praised the union ...
Bond Insurers: FGIC's Income Up 32%, WhileFirst-Quarter Production Falls.
May 01, 2007; ... Earnings season continues this week, and yesterday was triple-A-rated bond insurer Financial Guaranty Insurance Co.'s turn to show its results from the $107 billion first quarter of municipal issuance. FGIC reported $73.4 million of net income, a 32% increase from the $55.5 ...
Long-Term Bond Sales: January-April.
May 01, 2007 ... 20072006 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $135,395,800 3,629 $99,031,900 3,545 +36.7 % January 31,365,000 848 18,778,800 719 +67.0 February 31,855,500 888 23,871,900 853 +33.4 ...
New-Issue Volume Notes.
May 01, 2007 ... The new-issue volume tables are based on information compiled by The Bond Buyer from Thomson Financial's database on Monday, April 30, 2007. All figures are preliminary and subject to revision. Long-term bonds have final stated maturities of 13 months or longer, while short-term ...
Largest Issues: April 2007.
May 01, 2007 ... Amount Issuer Date $1,943.6 Puerto Rico Electric Power Authority (NM/ref) Apr 19 1,149.3 Virginia Tobacco Settlement Finance Corp. (TAX/TE) Apr 27 800.0 South Miami Health Facilities Authority, Fla., hospitals Apr 26 756.4 California Health ...
Long-Term Bond Sales: April.
May 01, 2007 ... 20072006 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $28,408,500 769 $29,307,700 930 -3.1 % Development 242,000 20 599,700 28 -59.6 Education 7,342,100 266 7,909,600 312 -7.2 ...
Bond Sales by State: January-April.
May 01, 2007 ... 2007 2006 Volume VolumePercentage State Rank ($000s) Rank ($000s) Change Alabama 29 $1,253,900 26 $1,326,500 -5.5 % Alaska 39 617,000 32 726,300 -15.0 Arizona 15 2,616,200 24 1,370,100 +90.9 ...
Municipal Market Data General Obligation Yields.
May 01, 2007 ... Aaa Aaa (pure) (ins) Aa A Baa 2008 3.60 3.63 3.62 3.66 3.82 2012 3.60 3.71 3.69 3.80 3.93 2017 3.76 3.88 3.86 3.99 4.11 2022 3.94 4.06 4.04 4.18 4.30 2027 4.03 4.15 4.13 4.27 4.39 2032 4.08 4.20 4.18 4.32 4.42 ...
U.S. Securities Prices.
May 01, 2007 ... Prices as of 3 p.m. ET. Source: GovPx (ICAP plc) Treasury Bills Yesterday's Prev. Day's Yesterday's (in percent of discount) Bid/Offer Bid/Offer Bid Yield 1M -- 5/24/2007 4.690/670 4.770/730 4.782 3M -- 7/26/2007 4.735/725 4.805/795 ...
Short-Term Tax-Exempt Yields.
May 01, 2007 ... Apr 30, 2007 Apr 27, 2007 May 1, 2006 Selected MIG-1/SP-1+ Notes California Rans 4 1/2s (June 07) 3.80 3.80 3.68 Los Angeles Co Trans 4 1/2s (June 07) 3.80 3.80 3.68 Michigan GO 4 1/4s (Sept 07) 3.75 3.74 n.a. Texas Trans 4 1/2s ...
Market Indicators.
May 01, 2007 ... Dollar amounts are in millions Day's 2007 2007 Daily Yesterday Change High Date Low Date Municipal Bond Index 115-26 +14/32 117-29 (2/27) 114-11 (4/9) 40 Average Dollar Price 99.95 +0.38 102.06 (2/27) 98.44 (4/9) Average Yield to ...
New-Issue Balances.
May 01, 2007 ... (,000 Omitted) *Since initial reoffering +Revised upward since last report Amount Date NEW OFFERINGS Sold Balance $10,000 4/30 West Chester Area Sch. Dist., Pa. $7,725 $2,275 RECENT ...
Reoffering Yields.
May 01, 2007 ... NRO - Not Reoffered; S.B. - Sealed Bid; SNA - Sold, Not Available Offer Amount Date ($Mil) RECENT OFFERINGS 1 Year 5 10 15 20 25 30 Aaa -- AAA (Pure) 4/23 5.8 Mount Pleasant I.S.D.,Tex. (PSF gtd.) ... 3.68 3.85 4.05 ... ... ... 4/3 ...
Municipal Market Data Total Returns.
May 01, 2007 ... Maturities 15 Years and Longer -- Periods Ending April 27, 2007 Previous Month Year Week To Date To Date General obligation (composite) -0.330 -0.061 +0.220 Aaa (pure) -0.321 -0.067 +0.218 Aaa (insured) -0.324 -0.144 +0.249 ...
Municipal Bond Prices.
May 01, 2007 ... 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.
May 01, 2007 ... Current Day Previous Day Week Ago Month Ago Year Ago The Bond Buyer Municipal Bond Index 115-26 115-12 115-22 115-14 112-23 Monday, April 30, 2007 Maturity Par Call Dollar Conversion Converted Date Date Price Factor Price 1 Dallas/Fort Worth ...
Municipal Bond Index Update.
May 01, 2007 ... The list of bonds used to calculate the Municipal Bond Index was revised after the April 30 pricing. The new coefficient is 1.0388. It was derived by dividing the April 30 index (115.827482) by the average converted price of the new set of 40 bonds (111.500794). The ...
Puerto Rico Governor Again Turns to Cuts With '08 Budget.
May 01, 2007; ... Puerto Rico Gov. Anibal Acevedo-Vila once again seeks to balance the commonwealth's budget with a series of targeted spending cuts featured in his $9.22 billion preliminary budget for fiscal 2008. The budget Acevedo-Vila proposed Friday night is $261 million smaller than the ...
Wednesday.
May 02, 2007 ... Regions <Pre> CALIFORNIA TREASURER Bill Lockyer said his office is rolling out a new Web site to make it easier for individuals to buy the state's debt. 6 THE CONNECTICUT HOUSING Finance Authority is seeking proposals for a financial adviser, and the deadline for the ...
Exploring the Underbelly: Buyers Find Treasure in a Sunken Market.
May 02, 2007; ... One investor's junk is another buyer's treasure. Select buyers of municipal bonds are finding value in the underbelly of the market by picking through distressed debt in search of value. A potential slowdown in the U.S. economy has some investors betting this ...
Florida Set To OK $72B Budget: Bonding Still Not Pinned Down.
May 02, 2007; ... BRADENTON, Fla. -- The Florida Legislature tomorrow is poised to adopt a $71.95 billion budget for fiscal 2008, which starts July 1. House and Senate conferees resolved their differences over the spending plan in less than two weeks and released the 428-page appropriations bill ...
Lawmaker Seeks Legislative Disclosure Options.
May 02, 2007; ... Rep. Vito Fossella, R-N.Y., has been "exploring different legislative options to improve disclosure requirements for municipal securities issuers" and wants to work with the Securities and Exchange Commission on its initiative in this area, he told SEC chairman Christopher Cox in a letter ...
In Brief: ISM Index 54.7 in April, Up From 50.9 in March.
May 02, 2007; ... The overall economy grew for the 66th straight month, while the manufacturing sector expanded for the fourth time in six months, the Institute for Supply Management reported yesterday. According to the ISM's monthly report on business, the ISM index increased to 54.7 in April ...
In Brief: Bernanke Talks Trade, Not Monetary Policy.
May 02, 2007; ... There was no mention of monetary policy in a speech delivered by Federal Reserve Board chairman Ben Bernanke yesterday morning, which dealt with trade issues. Bernanke told the Montana Economic Development Summit trade restraints would hurt productivity and raise construction ...
In Brief: Treasury 4-Week Bills Go At 4.590% High Yield.
May 02, 2007; ... The Treasury Department yesterday auctioned $8 billion of four-week bills at a 4.590% high yield, a price of 99.643000. The coupon equivalent was 4.683%. The bid-to-cover ratio was 3.68. Tenders at the high rate were allotted 16.54%. The median yield was 4.575%. The low yield ...
Munis Put to Sleep by Stronger Data.
May 02, 2007; ... The municipal bond market was unchanged to slightly weaker yesterday as economic data came in stronger than expected. "The market was awake for about an hour and a half yesterday and it was put back to sleep by the [Institute for Supply Management index] number, which was ...
California Authority Bringing Renewable Energy Deal to Light.
May 02, 2007; ... SAN FRANCISCO -- The California Statewide Communities Development Authority could go to market as early as July with the first private placement of debt under a new program called Go-Solar. Go-Solar provides cost incentives for developing renewable energy, defined as any kind of ...