The Bond Buyer articles from April 2008

The Bond Buyer archives from April 2008

Tuesday.
April 1, 2008... ARS Bidding TO SUBMIT YOUR ARS bidding plans for The Bond Buyer's free listing in print and online, send notices to arsnoticesourcemedia.com Regions EVEN AFTER ENACTING a controversial new sales tax increase, Cook County, Ill.,...

Moody's Drops FGIC; Fitch Drops CIFG.
April 1, 2008... The fortunes of the current bond insurers continued to fall yesterday, as the ratings of Financial Guaranty Insurance Co. and CIFG Assurance NA slid further down the scale. Moody's Investors Service slashed the insurer financial strength...

Jefferson County OKs Forbearance Pacts.
April 1, 2008... BRADENTON, Fla. -- Jefferson County, Ala., commissioners yesterday approved forebearance agreements with liquidity providers, bond insurers, and swap counterparties deferring the first payment owed on the highly leveraged sewer system's standby...

Treasury Pushes Reforms: Impact on Munis Could Be Minor.
April 1, 2008... WASHINGTON -- A proposed blueprint for modernizing regulation of the financial services industry released yesterday by the Treasury Department would boost the power of the Federal Reserve, change the structure of the Securities and Exchange...

March Shows Pick-Up in Volume: New Issues Reach $39B in 791 Deals.
April 1, 2008... New-issue volume in the municipal market for March was the third-busiest on record, giving a glimpse of a market starting to thaw from the deep freeze seen earlier this year. With 791 issues totaling $39 billion last month, volume fell just...

Munis Finish Slightly Firmer in Fairly Quiet Day.
April 1, 2008... The municipal market was slightly firmer yesterday. "It's fairly quiet, but we're a little firmer," a trader in New York said. "We're following Treasuries a bit, and I'd say yields are lower by about two basis points." The Treasury...

N. Orleans Airport Eyes $200M GO Zone Deal.
April 1, 2008... DALLAS -- A proposed $5 per day surcharge for car rentals at Louis Armstrong New Orleans International Airport would support up to $200 million of Gulf Opportunity Zone bonds for construction of a four-story consolidated car rental facility at...

Regulation: FINRA Issues Alert Outlining Options For Cash-Poor Auction-Rate Investors.
April 1, 2008... The Financial Industry Regulatory Authority issued an alert yesterday that outlined options for investors who need cash but hold illiquid auction-rate securities in the wake of failed auctions that have followed downgrades of bond insurers...

Housing: Senate Democrats Say Relief for Homeowners Should Come First.
April 1, 2008... Immediate help for homeowners suffering from the housing crisis should be superior to a long-term overhaul of federal regulation of Wall Street, top Democratic senators said yesterday ahead of reintroducing foreclosure prevention legislation...

Housing: HUD Secretary Jackson Steps Down Amid Allegations of Ethical Impropriety.
April 1, 2008... U.S. Housing and Urban Development Secretary Alphonso Jackson announced yesterday that he will resign for personal reasons after Democratic lawmakers questioned him about allegations that he steered housing business to friends and called for...

Supreme Court: Delaware River Ruling Could Nix N.J. Natural Gas Project.
April 1, 2008... The U.S. Supreme Court has determined that Delaware and New Jersey must share jurisdiction of the Delaware River, effectively nixing a liquefied natural gas project that would have been partly financed with municipal bonds, because of...

As Markets Change, So Does The Bond Buyer Online.
April 1, 2008... The past couple of months have been a period of great change for The Bond Buyer- not unlike the atmosphere in the markets we cover. I wanted to take a moment today to bring you up to date on some of the changes and how they impact you. The...

People: Bush to Nominate Aguilar, Walter to Securities and Exchange Commission.
April 1, 2008... President Bush intends to nominate two Democrats - attorney Luis A. Aguilar and securities regulator Elisse B. Walter - to join the three sitting Republicans as commissioners of the Securities and Exchange Commission. The two, both former...

Deal in Focus: Denver Selling $456M to Refund Airport Auction Rates.
April 1, 2008... DALLAS -- Denver next week will join the parade of issuers refunding auction-rate securities as the Mile High City offers $456 million of fixed- and variable-rate airport revenue bonds. The new bonds will be issued in three series that will...

Southwest Invisible Supply.
April 1, 2008... Approval Underwriter Expected Issuer and purpose Amount* status choice sale date ARIZONA AzDOT/Maricopa County $2,673 P negotiated 2008-20 Maricopa County CCD $511 A negotiated 2008-15 Phoenix Water...

Visible Supply by State.
April 1, 2008... March 31, 2008 March 24, 2008 State Issues Amount Issues Amount Chg in Amt Alaska 0 $0 0 $0 $0 Arkansas 3 8,885,000 2 7,940,000 945,000 Colorado 4 44,440,000 5 78,440,000 -34,000,000 Kansas 10...

Plain/Insured GO Yield Curves for March 28, 2008*.
April 1, 2008... State Ratings One-Year Five-Year 10-Year 30-Year Utah Aaa/AAA/AAA 1.68 / 1.70 2.97 / 3.08 3.80 / 3.92 4.96 / 5.09 New Mexico Aa1/AA+/NR 1.70 / 1.68 3.06 / 3.07 3.89 / 3.95 5.05 / 5.13 Colorado NR/AA/NR 1.70 / 1.70...

KANSAS: New Courthouse Costs Spike.
April 1, 2008... Replacing the old and crowded Johnson County courthouse in Olathe could cost up to $442 million, an architectural consultant told county officials last week, far more than the original estimate of $192 million. County commissioners have...

KANSAS: Budget Reconcilers to Meet.
April 1, 2008... Legislative negotiators will meet this week to work out the differences between the state budget measures for fiscal 2009 passed by the Kansas House and Senate. The Senate gave first-round approval last week to a $6.35 billion state...

OKLAHOMA: OKC, SuperSonics Reach Pact.
April 1, 2008... The Oklahoma City Council has approved a letter of intent submitted by the owner of the Seattle SuperSonics that will be the basis of a lease agreement if the National Basketball Association team moves to the city. Councilor members agreed...

OKLAHOMA: Lottery Privatization Advances.
April 1, 2008... A bill to privatize the Oklahoma lottery has been approved by the Senate and is being considered by a House committee. The proposal would create an eight-person review board that would determine if the state would receive more money from...

OKLAHOMA: Where Do All the Car Fees Go?
April 1, 2008... The Republican chairman of the Oklahoma House Transportation subcommittee on highways wants to dedicate all revenues from car tags and other vehicle fees to road maintenance, but the Democratic co-chairman of the Senate Transportation Committee...

TEXAS: Slade Makes a Deal.
April 1, 2008... Priscilla Slade, the former president of Texas Southern University in Houston, agreed last week to pay restitution of $127,672 in a deal with prosecutors that allows her to avoid prison time on state charges that she violated her fiduciary duty...

Competitive Bond Offerings.
April 1, 2008... 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....

Competitive Note Offerings.
April 1, 2008... 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...

Negotiated Bond Offerings.
April 1, 2008... Tentative dates for negotiated sales of $1 million or more. ISSUER ST DESCRIPTION AMOUNT ($000s) LEAD MANAGER FINANCIAL ADVISER INSURER MDY'S S&P FITCH FIRST APPEARED Week Of March 31 Southside...

Negotiated Note Offerings.
April 1, 2008... Tentative dates for negotiated sales of $1 million or more. ISSUER ST DESCRIPTION AMOUNT ($000s) LEAD MANAGER FINANCIAL ADVISER INSURER MDY'S S&P FITCH FIRST APPEARED Week Of March 31 Cuyahoga...

People: Janney Names Genyk Capital Markets Co-Head.
April 1, 2008... In the latest move to expand its municipal banking division, Janney Montgomery Scott LLC has hired Steve Genyk to be the co-head of its municipal capital markets group. Genyk brings more than 18 years of experience in public finance, most...

Insurer Ratings at a Glance.
April 1, 2008... Moodys Investors Service Standard & Poors Fitch Ratings Ambac Aaa AAA AA Assurance Corp. negative outlook negative outlook negative outlook Assured Aaa AAA AAA Guaranty Corp. stable outlook stable outlook stable...

Despite Sales Tax, Cook County Still Faces Deficit, CFO Says.
April 1, 2008... CHICAGO -- Even after enacting a controversial new sales tax increase, Cook County, Ill., faces a growing structural deficit and will need to drum up additional new revenue in coming years to close the shortfall, chief financial officer Donna...

In Brief: Yellen: Fed Assessing Impacts on Market.
April 1, 2008... WASHINGTON -- The Federal Reserve is keeping a close eye on economic conditions and will take further action as needed, San Francisco Federal Reserve Bank president Janet Yellen said yesterday. The Fed is watching Wall Street for new signs...

In Brief: Chicago PMI Rises to 48.2, Still Shows Contraction.
April 1, 2008... The Chicago Purchasing Managers Business Barometer rose to a still contractionary 48.2 in March from 44.5 in February, the National Association of Purchasing Management-Chicago said yesterday. Economists polled by IFR Markets predicted a...

In Brief: March NAPM-NY Index Up To 46.3 From 43.4 in Feb.
April 1, 2008... The contraction continued for York City business conditions in early 2008, according to the New York current business conditions index in the National Association of Purchasing Management-New Yorks Report on Business. The index increased in...

In Brief: Dallas Fed: Manufacturing Activity Still Sluggish.
April 1, 2008... Texas manufacturing activity remained sluggish in March, according to the monthly business activity survey conducted by the Federal Reserve Bank of Dallas, released yesterday. The general business conditions index dipped to negative 22.7 in...

In Brief: Report: 3.733 Million Jobs Posted on Internet in March.
April 1, 2008... About 3,733,200 online job postings appeared on leading Internet job boards in March, 194,300 fewer than the 3,927,500 posted in February, an 8% drop, the Conference Board reported yesterday. In March, there were 2.4 online job ads per 100...

In Brief: Weekly T-Bills Go At 1.440%, 1.500% Highs.
April 1, 2008... Tender rates for the Treasury Departments latest 91-day and 182-day discount bills were mixed yesterday, as the three-months incurred a 1.440% high rate, up from 1.200% the previous week, and the six-months incurred a 1.500% high rate, down...

In Brief: Treasury 4-Week Bills To Pay Down $13 Billion.
April 1, 2008... The Treasury Department yesterday said it will sell $18 billion of four-week discount bills today. The four-week, or 28-day, bills will pay down $13 billion and refund $31 billion of maturing bills. (c) 2008 The Bond Buyer and...

New-Issue Volume Notes.
April 1, 2008... The new-issue volume tables are based on information compiled by The Bond Buyer from Thomson Financial's database on Monday, March 31, 2008. All figures are preliminary and subject to revision. Long-term bonds have final stated maturities...

Long-Term Bond Sales: January - March.
April 1, 2008... 2008 2007 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $80,299,800 2,259 $107,476,100 2,908 -25.3 % January 19,874,900 726 31,173,200 849 -36.2 February ...

Largest Issues: March 2008.
April 1, 2008... Amount Issuer Date $2,427.0 North Texas Tollway Authority (TAX/TE) (NM/ref) Mar 17 1,750.0 California (State), GOs Mar 4 1,601.0 Puerto Rico Aqueduct & Sewer Authority Mar 7 1,075.0 Triborough Bridge &...

Long-Term Bond Sales: March.
April 1, 2008... 2008 2007 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $38,954,200 791 $44,274,400 1,164 -12.0 % Development 642,500 15 837,100 58 -23.2 Education 7,763,000...

Bond Sales by State: January - March.
April 1, 2008... 2008 2007 Volume Volume Percentage State Rank (000s) Rank (000s) Change Alabama 28 $433,900 26 $1,196,000 -63.7 % Alaska 43 183,900 39 413,600 -55.5 Arizona 11 1,821,100 15 1,907,500...

Market Indicators.
April 1, 2008... Dollar amounts are in millions Day's 2008 2008 DailyYesterday Change High Date Low Date Municipal Bond Index 106-21 +13/32 114-09 (1/15) 101-31 (2/29) 40 Average Dollar Price 98.02 +0.36 103.75...

Municipal Market Data General Obligation Yields.
April 1, 2008... Aaa Aaa (pure) (ins) Aa A Baa 2009 1.65 1.77 1.73 2.10 2.62 2013 2.92 3.12 3.02 3.48 3.95 2018 3.73 3.94 3.83 4.27 4.77 2023 4.32 4.53 4.42 4.82 5.29 2028 4.71 4.92 4.81 5.07 5.55 ...

Short-Term Tax-Exempt Yields.
April 1, 2008... Mar 31, 2008 Mar 28, 2008 Apr 2, 2007 Selected MIG-1/SP-1+ Notes California Rans 4s (June 08) 1.55 1.80 3.52 Los Angeles Co Trans 4.50s (June 08) 1.55 1.80 3.52 Puerto Rico Trans 4.25s (Jul 08) 1.70 1.80...

U.S. Securities Prices.
April 1, 2008... 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 - 4/24/2008 1.148/138 1.268/258 1.164 3M -...

New-Issue Balances.
April 1, 2008... (,000 Omitted) *Since initial reoffering +Revised upward since last report Amount Date RECENT OFFERINGS Sold Balance $45,000 3/13 New Haven, Conn. $1,290 $1,760 40,000 3/11 Onslow Co., N.C. 750 11,800...

Recent Tables.
April 1, 2008... Weekly Bond Buyer Indexes Friday Bond Elections Wednesday Credit Calendar Friday General Obligation Bond Prices Monday Legislative Status Report Monday Merrill Lynch Corporate Bond Indexes ...

Reoffering Yields.
April 1, 2008... 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 3/5 55.0 Washoe Co. S.D. Fin. Corp., Ky. (Aa3/AA)2.50 3.28 4.03 NRO NRO... ... ...

Municipal Bond Index.
April 1, 2008... Current Day Previous Day Week Ago Month Ago Year Ago The Bond Buyer Municipal Bond Index 106-21 106-08 105-22 103-26 115-14 Monday, March 31, 2008 Maturity Par Call Dollar Conversion Converted Date Date Price Factor...

Municipal Bond Prices.
April 1, 2008... 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...

Municipal Bond Index Update.
April 1, 2008... The list of bonds used to calculate the Municipal Bond Index will be revised after the March 31 pricing. The new coefficient is 1.0075. It was derived by dividing the March 31 index (106.653185) by the average converted price of the new set...

Hennepin County Selling $120M Piece for Twins Ballpark.
April 1, 2008... CHICAGO -- Hennepin County, Minn., enters the market today with $120 million of second-lien, fixed-rate revenue bonds, its second of three financings that will raise the $350 million needed to finance the public's share of the Minnesota Twins'...

Wednesday.
April 2, 2008... ARS BIDDING TO SUBMIT YOUR ARS bidding plans for The Bond Buyer's free listing in print and online, send notices to arsnoticesourcemedia.com. 20 REGIONS THE NEW YORK LEGISLATURE approved $49.07 billion of new appropriations...

Deal In Focus: CPS Sets $1.3B ARS Sale: Starts With $500M Private Placement.
April 2, 2008... CHICAGO -- The Chicago Public Schools system hopes to settle on the terms of a $500 million private placement by the end of the week, launching a three-pronged restructuring of $1.3 billion of auction-rate and insured floating-rate bonds to...

Turmoil Tweaks Rankings: Citi Stays at Top, But Lehman Gets Boost.
April 2, 2008... As dislocations shook the muni market, they also brought turbulence to the first-quarter league tables. Firms like Merrill Lynch & Co. and Bear, Stearns & Co. underwrote less than half the business they did in the first quarter last year,...

Michigan Hospital Fails to Make Payment.
April 2, 2008... CHICAGO -- A hospital in financially-troubled Pontiac, Mich., has defaulted on its most recent payment due for $35.8 million of debt remaining from a 1993 bond issue. The 366-bed North Oakland Medical Center failed to make a debt service...

Six Teams Want to Run Chicago's Midway.
April 2, 2008... CHICAGO -- Six teams are interested in bidding for the right to operate Chicago's Midway Airport under a long-term lease in exchange for an upfront cash payment - a transaction that could raise several billion and would mark the first...

Munis Slightly Weaker, Following Treasuries.
April 2, 2008... The municipal market was slightly weaker yesterday. "We're following Treasuries, which are seeing quite a bit of a sell-off," a trader in New York said. "We're lagging behind, but I'd say we're weaker by about two or three basis points."...

In Brief: Construction Spending Slips 0.3% to $1.122T.
April 2, 2008... Spending on construction projects fell 0.3% to a seasonally adjusted annual rate of $1.122 trillion in February as private construction decreased 0.5%, and public construction grew 0.4%, according to Commerce Department figures released...

In Brief: ISM Index Creeps Up To 48.6 From 48.3 in Feb.
April 2, 2008... The overall economy grew for the 77th straight month, while the manufacturing sector remained in contraction for the second month, the Institute for Supply Management reported yesterday. According to the ISM's monthly report on business,...

In Brief: Treasury 4-Weeks Go At 1.520% High Yield.
April 2, 2008... The Treasury Department yesterday auctioned $18 billion of four-week bills at a 1.520% high yield, a price of 99.881778. The coupon equivalent was 1.543%. The bid-to-cover ratio was 3.33. Tenders at the high rate were allotted 72.33%. The...

Gov. Gibbons Hacking Another $333M From Nevada Budget.
April 2, 2008... SAN FRANCISCO -- Nevada's weakening economy will trim another $333 million from the state's biennial budget, Gov. Jim Gibbons announced this week. The Republican governor had already announced $560 million in spending cuts in December, but...

Walker to Step Down as Head of Austin's Capital Metro.
April 2, 2008... DALLAS -- Lee Walker, a pioneering entrepreneur and University of Texas professor who led the development of commuter rail in Austin, is stepping down as chairman of Capital Metro after a decade on the transit agency's board. Walker's...

Bond Insurers: CIFG Holdings Asks Fitch to Remove IFS Rating for CIFG Assurance NA.
April 2, 2008... CIFG Holdings Ltd., the parent company for monoline bond insurer CIFG Assurance NA, late Monday asked Fitch Ratings to remove the insurer financial strength rating it holds for the financial guarantor. In announcing the request, CIFG cited...

Midwest Invisible Supply.
April 2, 2008... Approval Underwriter Expected Issuer and purpose Amount* status choice sale date ILLINOIS Chicago GOs $450 P negotiated 2008 Cook County GOs $400 P 2008 Chicago Board of Ed. GOs $150 A Merrill 1Q ...

ILLINOIS: Chicago Sees CDBG Cuts.
April 2, 2008... Chicago this week said it would cut local spending supported by community development block grants because of federal cuts to the national program. The city said the U.S. Department of Housing and Urban Development notified it that fiscal...

MICHIGAN: Kilpatrick Case Backed.
April 2, 2008... Wayne County Executive Robert Ficano last week said he would ensure that the county prosecutor had all resources necessary to prosecute charges against Detroit Mayor Kwame Kilpatrick, who was indicted last week on eight felony counts stemming...

MICHIGAN: Hospital Merger on the Table.
April 2, 2008... St. Joseph Mercy Health System and Chelsea Community Hospital last week signed a letter of intent to spend the next few months exploring an acquisition of Chelsea by St. Joseph's. St. Joseph is a member of Novi, Mich.-based Trinity Health,...

MINNESOTA: Vikings Stadium Study OK'd.
April 2, 2008... A state Senate committee last week approved a measure that paves the way for a $2 million study on building a replacement stadium for the National Football League's Minnesota Vikings. While lawmakers approved new stadium plans two years ago...

MINNESOTA: Counties Enact Transit Tax.
April 2, 2008... Following state legislation approved earlier this year, Anoka and Ramsey counties of the Twin Cities metropolitan region last week voted to enact a quarter-cent sales tax beginning this July to pay for transit projects. Hennepin County is...

OHIO: Toledo Green-Lights Budget.
April 2, 2008... Toledo last week passed a $251.8 million fiscal 2008 budget after months of debate that centered around how to eliminate a $10 million deficit and on the imposition of a controversial increase in garbage-collection fees. The budget raises...

Visible Supply by State.
April 2, 2008... April 1, 2008 March 25, 2008 State Issues Amount Issues Amount Chg in Amt Illinois 15 $775,060,000 13 $245,370,000 -$529,690,000 Indiana 3 86,815,000 4 39,850,000 -153,035,000 Iowa 16 132,080,000...

Plain/Insured GO Yield Curves for March 31, 2008*.
April 2, 2008... State Ratings One-Year Five-Year 10-Year 30-Year Missouri Aaa/AAA/AAA 1.68 / 1.69 2.96 / 3.10 3.76 / 3.91 4.91 / 5.05 Minnesota Aa1/AAA/AAA 1.67 / 1.67 2.96 / 3.06 3.76 / 3.91 4.90 / 5.04 Ohio Aa1/AA+/AA+...

Competitive Bond Offerings.
April 2, 2008... 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....

Competitive Note Offerings.
April 2, 2008... 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...

Negotiated Bond Offerings.
April 2, 2008... Tentative dates for negotiated sales of $1 million or more. ISSUER ST DESCRIPTION AMOUNT ($000s) LEAD MANAGER FINANCIAL ADVISER INSURER MDY'S S&P FITCH FIRST APPEARED Tentative dates for negotiated sales of $1 million...

Negotiated Note Offerings.
April 2, 2008... Tentative dates for negotiated sales of $1 million or more. ISSUER ST DESCRIPTION AMOUNT ($000s) LEAD MANAGER FINANCIAL ADVISER INSURER MDY'S S&P FITCH FIRST APPEARED Week Of March 31 Cuyahoga Comm Coll Dt OH...

Municipal Bond Elections.
April 2, 2008... This table lists on elections involving $500,000 or more and gives the dates when voters are scheduled to cast their ballots (,000 omitted). *New on calendar Tuesday, April 08, 2008 $58,000 Liberty Pub SD #53, MO Tuesday, April...

N.Y. OKs $49B of Appropriations in FY '09 Health Budget.
April 2, 2008... The New York Legislature approved $49.07 billion of new appropriations in its fiscal 2009 Health Department budget on Monday that includes $227.6 million of new capital projects. The bill also reappropriated $860.5 million of capital...

Maine OKs Supplemental Budget to Fill $190M Shortfall.
April 2, 2008... Maine lawmakers late Monday evening passed and Gov. John E. Baldacci signed into law a supplemental budget to address the $190 million shortfall it was facing for its $6.3 billion, fiscal 2008-09 biennial budget. The revisions included no new...

Fidelity Expands Inventory Through Joint Venture With TheMuniCenter.
April 2, 2008... In an effort to give retail investors more accessibility, selectivity, and diversity when it comes to buying and trading fixed-income securities, Fidelity Investments has not only enhanced its online trading platform, but also significantly...

Ohio Will Offer Free Legal Services To State's Struggling Homeowners.
April 2, 2008... CHICAGO -- Ohio yesterday announced free legal services for struggling homeowners in a statewide effort to stem the tide of foreclosures after a year in which the state led the nation in the percentage of mortgage foreclosures. More than...

Top Senior Managers: All Issues.
April 2, 2008... First Quarter 2008 Fulll Credit to Bookrunner (Equal to Each) Rank Firm Amount Issues 1 Citi $13,479.2 89 2 Lehman Brothers 8,364.1 44 3 UBS Securities LLC 7,556.8 89 4 Merrill Lynch & Co. ...