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Article: The Week Ahead: Excess of Redemption Cash Poised for High-Profile Issues.
- Article from:
- The Bond Buyer
- Article date:
- June 7, 1999
- Author:
CopyrightCOPYRIGHT 1999 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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Investors are expected to polish off this week's new issues - despite some interest rate uncertainty - by spending June 1 redemption proceeds, sources say.
"The market's clearly on edge," said Cadmus Hicks, a vice president of municipal research at Nuveen Advisory Corp. in Chicago.
Motivated by a heavy June and July redemption season, mom-and-pop and institutional investors will put those fears aside to take advantage of some high-profile credits, such as Wednesday's $400 million California general obligation offering.
Local and national demand will be brisk since California issuance is down as much as 27% this year, and the state is in good ...