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Article: Fluctuating governments result in slow sales for New Mexico issue.(Las Cruces, New Mexico)(Southwest: Market)
- Article from:
- The Bond Buyer
- Article date:
- October 24, 1995
- Author:
CopyrightCOPYRIGHT 1995 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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Being off by just a few hours can make a big difference when pricing an issue in a shifting market, said Mark Shamleffer, a vice president with A.G. Edwards & Sons Inc.
Last Tuesday, A.G. Edwards priced a $72 million issue for Las Cruces, N.M., but due to a fluctuating government market, the underwriting team missed an early-morning window that would have boosted their sales. Grigsby, Brandford & Co. co-managed the deal.
"It started out pretty stable for munis. The market rallied early in the morning, but we were delayed in pricing. By the time we got to pricing around noon, the government market was down half a point," Shamleffer said.
Later in the ...