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Article: Record Debt Sold in First Nine Months: Low Yields Spurred Municipal Issuers.
- Article from:
- The Bond Buyer
- Article date:
- October 1, 2003
- Author:
CopyrightCOPYRIGHT 2003 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Issuers in the long-term municipal bond market tapped the capital markets for a record amount of debt in the first nine months of this year, capitalizing on low yields in the earlier part of the year and strong investor appetite. Issuance for the month of September, however, was the lowest of any month this year.
Municipal issuers sold $286.53 billion via 10,904 issues in the first nine months of 2003 -- a 12.9% increase over the $253.76 billion sold in the first nine months of last year, according to Thomson Financial.
Despite the increase, monthly figures for last month were not as robust. Borrowers tapped the bond market through 901 issues totaling ...