The Bond Buyer back issues from August 2007:
Wednesday.
Aug 01, 2007 ... Regions ALBUQUERQUE will exhaust the final authorization from $121 million of general obligation bonds approved by voters in October 2005 with Monday's competitive sale totaling $48.1 million. 7 Washington MARC E. LACKRITZ, chief executive officer of the ...
Lehman Launches Two Index Swap Products.
Aug 01, 2007; ... Lehman Brothers launched two indexes today aiming to provide a more efficient hedging vehicle for municipal bond investors than what is currently available in the market. The Lehman Municipal Index Swap products, first announced last week, will be comprised of an underlying ...
Radian Asset's AA Put On Negative Watch: If Merger Fails, Credit to Drop: Fitch.
Aug 01, 2007; ... Fitch Ratings yesterday put bond insurer Radian Asset Assurance Inc.'s AA insurer financial strength rating on negative watch, saying the company's rating will drop at least one notch if an announced merger between the insurer's parent company and MGIC Investment Corp. does not go through ...
Lawyers: No Patents for Tax Advice: Congress Considers Banning Practice.
Aug 01, 2007; ... WASHINGTON -- Attorneys are increasingly seeking to patent the advice they give on muni-related and other tax issues as lawmakers consider legislation that would ban the burgeoning practice. In the municipal market, most of the patents obtained so far pertain to structured ...
In Brief: Employment Cost Index Rises 0.9% in 2d Quarter.
Aug 01, 2007; ... The U.S. employment cost index for the second quarter of 2007 rose 0.9% for overall compensation costs to civilian workers, with the wages and salaries component up 0.8% and benefits rising 1.3%, the Bureau of Labor Statistics reported yesterday. Economists polled by IFR Markets ...
In Brief: Personal Income Up 0.4%; Core PCE Up 1.9% Over Year.
Aug 01, 2007; ... WASHINGTON -- The U.S. June personal income report contained no surprises and gives few insights into future growth. It was affected by annual revisions that included more complete data. June core personal consumer expenditure prices were up 0.1% for a 1.9% increase ...
In Brief: June Construction Spending Falls 0.3% to $1.177 Trillion.
Aug 01, 2007; ... Spending on construction projects fell 0.3% to a seasonally adjusted annual rate of $1.175 trillion in June as private construction decreased 0.3% and public construction was flat, according to Commerce Department figures released yesterday. The overall decline, which was ...
In Brief: July Chicago PMI Slips To 53.4 From 60.2 in June.
Aug 01, 2007; ... The Chicago Purchasing Managers Business Barometer slipped to 53.4 in July from 60.2 in June, the National Association of Purchasing Management-Chicago said yesterday. The data is compiled on a seasonally adjusted basis. An index reading below 50 signals a slowing economy, while ...
In Brief: July NAPM-NY BCI Drops To 446.4 From 451.5 in June.
Aug 01, 2007; ... The New York business conditions index in the National Association of Purchasing Management-New Yorks Report on Business decreased in July to 446.4 from 451.5 in June. The reports outlook/expectations index dropped to 62.5 from 66.7, while the current conditions index declined ...
In Brief: Consumer Confidence Index Soars to Six-Year High.
Aug 01, 2007; ... The consumer confidence index increased to a six-year high in July, climbing to 112.6 from an upwardly revised 105.3 last month, the Conference Board reported yesterday. The June index reading was originally reported as 103.9. Economists polled by IFR Markets ...
In Brief: Treasury 4-Week Bills Go At 5.055% High.
Aug 01, 2007; ... The Treasury Department yesterday auctioned $26 billion of four-week bills at a 5.055% high yield, a price of 99.615778. The coupon equivalent was 5.160%. The bid-to-cover ratio was 2.50. Tenders at the high rate were allotted 59.50%. The median yield was 5.040%. The low yield ...
Munis Firm With Data Below Expectations.
Aug 01, 2007; ... The municipal market was slightly firmer yesterday, as most economic data came in below expectations. The market is up a little bit, more so in the short end, a trader in New York said. There looks to be a couple of good-sized buyers driving it. The Treasury market ...
People: Marc Lackritz to Retire; SIFMA Begins Search for Successor.
Aug 01, 2007; ... Marc E. Lackritz, chief executive officer of the Securities Industry and Financial Markets Association, publicly announced yesterday that he will retire from SIFMA within the next few months, prompting the group to begin a search for his successor - its second search for a CEO in its nine ...
Legislation: House Committee OKs Bill to Create Trust Fund for Affordable Housing.
Aug 01, 2007; ... The House Financial Services Committee yesterday amended and approved a bill that would create a National Affordable Housing Trust Fund. The bill, HR 2895, passed the committee by a vote of 45 to 23 and will now be sent to the full House for consideration. There is no ...
Regulation: Cox Urges Senate Panel to Support Disclosure Reform Legislation.
Aug 01, 2007; ... Securities and Exchange Commission chairman Christopher Cox said yesterday that "several members" of Congress are interested in sponsoring legislation to boost disclosure and accounting rules for the municipal market and that he is optimistic about the chances of the current Congress ...
Treasury: Paulson to Congress: Raise $8.965 Trillion Debt Ceiling Soon.
Aug 01, 2007; ... The U.S. Treasury will hit its $8.965 trillion debt limit in early October, and Congress should act to raise the statutory ceiling as soon as possible, Treasury Secretary Henry Paulson warned Monday. "The actions that are available to the Treasury Department to take in order to ...
Denver Airport Starts Capital Financing Plan With Two Sales.
Aug 01, 2007; ... DALLAS -- Denver International Airport today takes the first step toward financing its largest capital improvement program since opening in 1995. In a deal led by Goldman, Sachs & Co., the airport will price $213 million of new-money revenue bonds in Series A and B. At the same ...
N.J. Will Vote on $200M for Conservation in November.
Aug 01, 2007; ... New Jersey voters will decide this November whether they want the state to sell $200 million of general obligation bonds to acquire and develop land for recreation and conservation. Gov. Jon Corzine yesterday signed the Green Acres, Farmland, Blue Acres, and Historical ...
Mutual Funds: Muni Bond Funds Dropped $3B in Net New Cash Flow in June.
Aug 01, 2007; ... The month of June was not good to municipal mutual funds as the tax-exempt bond funds dropped roughly $3 billion in net new cash flow from the previous month, according to Investment Company Institute data released this week. The decrease in inflows is the result of a slide in ...
Albuquerque Tapping Out GO Authorization With $48M Deal.
Aug 01, 2007 ... DALLAS -- Albuquerque will exhaust the final authorization from $121 million of general obligation bonds approved by voters in October 2005 with Monday's competitive sale totaling $48.1 million. The sale includes $43 million of general purpose GOs and $5.1 million of storm sewer ...
S&P Upgrades San Diego County's Issuer Credit to AA-Plus.
Aug 01, 2007; ... SAN FRANCISCO -- Standard & Poor's late Monday upgraded San Diego County's issuer credit rating to AA-plus from AA and upgraded it outstanding pension obligation bonds and certificates of participation to AA from AA-minus. The ratings, along with a stable outlook, apply to $1.6 ...
Deal in Focus: Indiana Bond Bank to Sell $300M In Its First Prepaid Gas Transaction.
Aug 01, 2007; ... CHICAGO -- The Indiana Bond Bank as soon as today plans to price about $300 million of tax-exempt special program gas revenue bonds in its first prepaid gas transaction, which is aimed at reducing the long-term purchase costs of the three local municipal utilities participating in the ...
Deal in Focus: Midwest Invisible Supply.
Aug 01, 2007 ... Approval Underwriter Expected Issuer and purpose Amount* statuschoice sale date ILLINOIS Chicago OHare rev bonds $1000 A Lehman 2007 State Toll Highway Authority $700 P negotiated summer Cook County GOs $400 P ...
Visible Supply by State.
Aug 01, 2007 ... July 31, 2007 July 24, 2007 State Issues Amount Issues Amount Chg in Amt Illinois 7 $369,745,000 9 $181,700,000 $188,045,000 Indiana 3 315,315,000 0 0 315,315,000 Iowa 5 43,975,000 7 48,240,000 -4,265,000 Michigan ...
Plain/Insured GO Yield Curves for July 30, 2007*.
Aug 01, 2007 ... State Ratings One-Year Five-Year 10-Year 30-Year Missouri Aaa/AAA/AAA 3.67 / 3.65 3.78 / 3.82 4.00 / 4.07 4.37 / 4.44 Minnesota Aa1/AAA/AAA 3.66 / 3.70 3.79 / 3.85 4.01 / 4.07 4.40 / 4.44 Ohio Aa1/AA+/AA+ 3.70 / 3.67 3.87 / 3.85 4.09 / ...
ILLINOIS: Student Loan Blowout.
Aug 01, 2007; ... The Illinois Student Assistance Commission on Monday announced that it had closed on the sale of $1.38 billion of loans from its student loan portfolio to retire debt and finance student grants included in the states budget. The agency will use the bulk of the proceeds from the ...
ILLINOIS: Win for O'Hare Project Foes.
Aug 01, 2007; ... A DuPage County Circuit Court judge last week granted the request of suburban opponents of Chicagos $7.5 billion expansion of OHare International Airport to temporarily halt the demolition of properties in Bensenville until environmental issues can be resolved. We have won a ...
INDIANA: Hanover College Falls.
Aug 01, 2007; ... Moodys Investors Service last week downgraded Hanover Colleges credit to A3 from A2 and said its outlook remains negative due to ongoing enrollment challenges that have led to increasing operating deficits. The action affects $7.9 million of outstanding debt issued in 2004 ...
WISCONSIN: Menasha Dropped to A3.
Aug 01, 2007; ... Moodys Investors Service yesterday downgraded Menashas underlying credit to A3 from A2 as the city plans to issue $13.9 million of taxable general obligation promissory notes next week to refinance debt issued for a utility project. The downgrade affects $25 million of ...
Competitive Bond Offerings.
Aug 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.
Aug 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.
Aug 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 July 30 Howell Mtn ESD CA GO 1,195 Banc of America ...
Negotiated Note Offerings.
Aug 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 July 30 Seymour (Town) CT Bond Antic 2,640 William ...
Results of Negotiated Sales.
Aug 01, 2007 ... CALIFORNIA Bonsall Union School District Jul 26, 2007 $4,698,309 General Obligation Bonds, Election of 2005, Series 2007C (2022 Priced to Par Call) (bank qualified) (book entry) $2,080,000. Dated Aug 9, 2007. Due Aug 1, 2011 to ...
Results of Competitive Sales.(Financial report)
Aug 01, 2007 ... CONNECTICUT Windsor Locks (Town) Jul 31, 2007 $3,745,000 Bond Anticipation Notes (bank qualified) (book entry). Dated Aug 8, 2007. Due May 7, 2008. Purchased $3,745,000.00 by First Southwest, at 4.0%, plus $7,770.87, ...
Municipal Bond Elections.
Aug 01, 2007 ... This table lists bond elections involving $500,000 or more and gives the dates when the voters are scheduled to cast their ballots (,000 omitted). * New in Calendar Tuesday, August 07, 2007 $900 Garden Vly Dt Lib, ID *$3,950 Beaver Island ...
Long-Term Bond Sales: July.
Aug 01, 2007 ... 2007 2006 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg <Pre> TOTAL27,693,200 728 27,893,900 926 -0.7 % Development149,900 13 439,400 39 -65.9 Education7,447,400 257 6,184,000 ...
Health Care, Education Bond Sales Lead Volume; In Line With 2007.
Aug 01, 2007; ... Editor's Note: Beginning this month, The Bond Buyer will alter the way it reports on bond issuance volume at the beginning of each month. Starting with today's story on volume for July, we will publish a preliminary story and abbreviated table, based on preliminary data from Thomson ...
Market Indicators.
Aug 01, 2007 ... Dollar amounts are in millions Day's 20072007 DailyYesterday Change High Date Low Date <Pre> Municipal Bond Index 112-22+7/32 117-29 (2/27) 110-07 (6/12) 40 Average Dollar Price100.75 +0.19 102.06 (2/27) 96.54 (6/12) ...
Municipal Market Data General Obligation Yields.
Aug 01, 2007 ... Aaa Aaa (pure) (ins) Aa A Baa 2008 3.65 3.70 3.69 3.73 3.89 2012 3.75 3.85 3.83 3.93 4.07 2017 3.97 4.08 4.06 4.19 4.32 2022 4.16 4.29 4.26 4.40 4.53 2027 4.26 4.39 4.36 4.50 4.63 ...
Short-Term Tax-Exempt Yields.
Aug 01, 2007 ... Jul 31, 2007 Jul 30, 2007 Aug 1, 2006 Selected MIG-1/SP-1+ Notes <Pre> Los Angeles Co Trans 4 1/2s (June 08)3.62 3.60 3.64 Michigan GO 4 1/4s (Sept 07)3.73 3.73 n.a. Texas Trans 4 1/2s (Aug 07)3.73 3.73 3.62 Municipal Market ...
U.S. Securities Prices.
Aug 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 <Pre> 1M - 8/23/20074.950/900 4.848/838 5.048 3M - 11/1/20074.820/810 ...
New-Issue Balances.
Aug 01, 2007 ... (,000 Omitted) *Since initial reoffering +Revised upward since last report Amount Date NEW OFFERINGS Sold Balance <Pre> $29,895 7/31 Henderson, Nev.$26,270 $3,625 26,500 7/31 Burnwick, N.C.15,250 11,250 12,000 7/31 ...
Reoffering Yields.
Aug 01, 2007 ... NRO - Not Reoffered; S.B. - Sealed Bid; SNA - Sold, Not Available Offer Amount Date ($Mil) NEW OFFERINGS 1 Year 5 10 15 20 25 30 7/31 24.5 Travis Co., Tex. (Aaa/AAA) ... 3.85 4.15 4.39 4.65 ... ... RECENT OFFERINGS ...
Merrill Lynch Corporate Bond Indexes.
Aug 01, 2007 ... Performance Comparisons for July 30, 2007 Aaa-Baa Rated Corporates Index Avg. Pct. of Total Return % Close Yield Market Prior Wk. Y-T-D ML Corporate Master 1627.71 6.06 100.00 -0.22 +0.84 Intermediate (1-10 years) 1161.44 ...
Municipal Bond Prices.
Aug 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.
Aug 01, 2007 ... Current Day Previous Day Week Ago Month Ago Year Ago The Bond Buyer Municipal Bond Index 112-22 112-15 112-14 112-01 113-14 Tuesday, July 31, 2007 Maturity Par Call Dollar Conversion Converted Date Date Price Factor Price 1 ...
Municipal Bond Index Update.
Aug 01, 2007 ... The list of bonds used to calculate the Municipal Bond Index was revised after the July 31 pricing. The new coefficient is 1.0169. It was derived by dividing the July 31 index (112.689183) by the average converted price of the new set of 40 bonds (110.815903). The ...
Florida Cat Fund Readies $7B of Taxable Floating-Rate Notes.
Aug 01, 2007; ... BRADENTON, Fla. -- The Florida Hurricane Catastrophe Fund Finance Corp. yesterday was told to proceed with the sale by a nine-member syndicate of up to $7 billion of taxable floating-rate notes to provide liquidity in anticipation of future hurricane losses. The agency now will ...
Illinois Lawmakers Let Deadline for New Budget Pass Without Agreement.
Aug 01, 2007; ... CHICAGO -- Illinois Gov. Rod Blagojevich and lawmakers yesterday allowed a midnight deadline to pass for approving a new one-year budget or an extension of the current one, although state government can continue operating without disruption until Aug. 8 without a spending plan, according ...
Massachusetts Gov. Patrick Raises State Debt Cap for Infrastructure.
Aug 01, 2007; ... Massachusetts Gov. Deval Patrick yesterday raised the state's debt cap for infrastructure improvements to $1.5 billion from $1.25 billion for fiscal 2008 with $125 million annual debt limit increases scheduled for each of the subsequent four years bringing it to $2 billion in 2012. ...
Thursday.
Aug 02, 2007 ... News THE SUPREME COURT will hear oral arguments for Kentucky v. Davis on Nov. 5, according to multiple sources close to the case.4 A FEDERAL JUDGE has doubled a jury's original $38.4 million damage award to MuniAuction Inc. who had charged Thomson Financial and ...
Calif.'s Biola Univ. Files Suit Against BoA, BNP: Charges Include Racketeering, Fraud.
Aug 02, 2007; ... WASHINGTON -- Bank of America Corp. and BNP Paribas face allegations of fraud, racketeering, and other misconduct in connection with municipal swap transactions in a $25 million civil suit filed Tuesday by California's Biola University. The suit also names one of Bank of ...
Dodd Floats Water, Road Legislation: Bill Would Create Infrastructure Bank.
Aug 02, 2007; ... WASHINGTON -- Citing a critical need to improve the nation's dilapidated infrastructure, Senate Banking Committee chairman Sen. Christopher J. Dodd, D-Conn., unveiled legislation yesterday that would establish a national infrastructure bank that could issue up to $60 billion of tax credit ...
Mindful of the Past, Moody's Moves On.
Aug 02, 2007; ... Above the old building entrance of Moody's Investors Service hangs a huge bronze plaque with a picture of two men. One is a pioneer of the American West, and the other is a worker from the East who built the tools the pioneer used; they are clasping hands, signifying the bond of confidence ...
In Brief: Treasury to Sell $22B Of 10-, 30-Year Debt.
Aug 02, 2007; ... The Treasury Department announced yesterday it will sell $13 billion of 10-year notes on Aug. 8 and $9 billion of 293/4-year bonds on Aug. 10. Treasury will pay down $40.639 billion of debt and refund $62.639 billion with the quarterly refunding. Cash management ...
In Brief: ISM Index at 53.8 in July, Down From 56.0 in June.
Aug 02, 2007; ... The overall economy grew for the 69th straight month, while the manufacturing sector expanded for the sixth time in a row, the Institute for Supply Management reported yesterday. According to the institutes monthly report on business, the ISM index fell to 53.8 in July from 56.0 ...
In Brief: NAR: Pending Home Sales Indicate Stability Ahead.
Aug 02, 2007; ... Existing home sales are likely to stabilize in the coming months, the National Association of Realtors said based on its pending home sales index. The index, based on home sale contracts signed in June, rose 5% in June to 102.4 from a downwardly revised May index of 97.5, and is ...
Munis Unchanged, Following Slow Treasuries.
Aug 02, 2007; ... The municipal market was largely unchanged yesterday, following Treasuries, which also saw little movement. Were held captive by the vagaries of whats happening in the taxable markets, and what that means for Treasuries as a result of the flight-to-quality trades, a trader in ...
Correction.(Correction notice)
Aug 02, 2007 ... Yesterdays story about the Florida Hurricane Catastrophe Fund included an incorrect figure for how much in claims it could pay. Before its cap was raised to $28.4 billion in January, the ...
Pulaski Co., Ark., Likely Not to Be Held Liable in IRS Probe.
Aug 02, 2007; ... DALLAS -- The Pulaski County,Ark.,Quorum Court was told Tuesday by attorneys representing the county that Pulaski probably will not be liable if federal investigators determine a 2002 housing bond issue is not tax-exempt. The Pulaski County bonds are one of some 20 ...
Once Upon a Time, N.Y.C. Did Have a Aaa Moody's Rating.
Aug 02, 2007; ... Last month, The Bond Buyer and Moody's Investors Service described that agency's upgrade of New York City's debt to Aa3 as the city's highest Moody's rating in history. Not quite, it turns out. While the Aa3 is the highest since the fiscal crisis of the 1970s and higher than ...
Federal Judge Doubles MuniAuction's $38.4M Damage Award.
Aug 02, 2007; ... A federal judge has more than doubled a jury's original $38.4 million damage award to MuniAuction Inc., which had charged Thomson Financial and related company i-Deal LLC of infringing a patent on an electronic system for competitive sales of municipal bonds. The judge also ...
High Court to Hear Kentucky v. Davis Arguments Nov. 5.
Aug 02, 2007; ... WASHINGTON -- The Supreme Court will hear oral arguments for Kentucky v. Davis on Nov. 5, according to multiple sources close to the case. In addition, the Davises, a married couple that successfully argued against Kentucky in a state Court of Appeals, received an extension to ...
House to Consider Energy Tax Package.
Aug 02, 2007; ... WASHINGTON -- The U.S. House is expected to take up a $16 billion energy tax package, including provisions that would authorize up to $2 billion of new clean renewable energy bonds and other debt programs, before the end of the week, according to House Majority Leader Steny Hoyer, D-Md. ...