The Bond Buyer articles from December 2003

The Bond Buyer archives from December 2003

A Big Dig Hangover: MassPike Expects to Avoid Market for 3 Years.
December 1, 2003... When the Massachusetts Turnpike Authority sold its last tranche of $809 million in bonds for the Big Dig in 1999, the project was expected to cost $10.8 billion and MassPike was a solid A-rated credit. Four years and $4 billion in...

The Digest.
December 1, 2003... Wednesday's Market Municipal bond prices fell in lackluster trading Wednesday, ahead of an early market close and the Thanksgiving holiday. Complete market coverage by Nicholas Chesla and Anastasija Johnson appears on page 2 The...

Milwaukee OKs 1st Swap forSchool District Pension Liability.
December 1, 2003... The Milwaukee Common Council last week signed off on the sale of $164 million of taxable general obligation and revenue bonds to pay off the city's public school district's unfunded pension liability to the state's retirement system. The...

Nov. Bond Volume Hits A Low Point: But Market on Track To Surpass Last Year.
December 1, 2003... As the year draws to a close, issuance in the long-term municipal bond market is slowly edging its way toward surpassing last year's total volume of $358 billion, despite a dramatic drop-off in deals during November, according to preliminary...

News In Brief: Jobless Claims Drop 11,000 to 351,000.
December 1, 2003... First-time applications for state unemployment benefits, below 400,000 for the eighth consecutive week, fell 11,000 to 351,000 in the week ended Nov. 22, according to data released by the Labor Department Wednesday. The 351,000...

News In Brief: Personal Income Up; Spending Unchanged.
December 1, 2003... Personal income increased 0.4% and consumption expenditures were unchanged in October, the Commerce Department reported Wednesday. Personal income increased $35.1 billion to slightly more than $9.31 trillion, after an unrevised 0.3% gain...

News In Brief: Durable Goods Orders Gain 3.3% in October.
December 1, 2003... Driven by an increase in orders for transportation equipment, new orders for durable goods, excluding semiconductors, rose 3.3% in October, the Commerce Department reported Wednesday. Durable goods orders have been up in five of the past six...

News In Brief: Oct. New Home Sales Slip to 1.105M Rate.
December 1, 2003... Sales of new, single-family homes in the United States decreased to its lowest level since May, falling 3.5% in October, according to data released by the Commerce Department Wednesday. New home sales in October dropped to a seasonally...

News In Brief: Chicago PMI Jumps To 64.1 in Nov.
December 1, 2003... The Chicago Purchasing Manager's Business Barometer gained to 64.1 in November from 55.0 in October, its highest reading since October 1994, the Purchasing Management Association of Chicago said Wednesday. Economists polled by IFR...

News In Brief: Treasury 2-Years Go at 1.939% High.
December 1, 2003... The Treasury auctioned $26 billion of two-year notes with a 1M\,% coupon at a 1.939% yield, a price of 99.875. The bid-to-cover ratio was 1.75. Tenders at the high yield were allotted 19.84%. The median yield was 1.883%. The low yield was...

News In Brief: T-Bill Auction To Pay Down $1.835B.
December 1, 2003... The Treasury Department said it will pay down $1.835 billion at its weekly auction of 91-day and 182-day discount bills today by selling $32 billion to refund $33.835 billion in maturing securities. To be sold are $16 billion 91s, dated...

Wednesday's Market: Tepid Demand and Light TradingClose Shortened Thanksgiving Week.
December 1, 2003... Municipal bond prices fell in lackluster trading Wednesday, ahead of an early market close and the Thanksgiving holiday. Treasuries ended the session in negative terrain after slipping following the auction of $26 billion two-year notes by...

Atlanta Council to Vote on Huge Water-Sewer Rate Hikes.
December 1, 2003... Officials in Atlanta must raise rates to maintain the financial viability of the city's water and sewer system, according to the city's chief financial officer, Rick Anderson. The City Council, which already postponed a vote on the issue,...

Virginia Gov. Warner's Tax Reform Package Could Face Rough Ride.
December 1, 2003... Virginia Gov. Mark R. Warner's newly unveiled tax reform package, designed to bring in an extra $500 million in revenues a year for the state, is headed for an uncertain future when the General Assembly convenes for its annual legislative...

New Mexico's $300M Trans Issues To Help Manage Cash Ebb and Flow.
December 1, 2003... New Mexico will make its semi-annual trip to the market Wednesday with $300 million of tax and revenue anticipation notes to cover cash flow fluctuations in the state. The 6-month notes carry top ratings of SP-1-plus from Standard &...

Negotiators OK $820B Omnibus Bill With Muni Implications.
December 1, 2003... Republican leaders of the House and Senate Appropriations Committees late Tuesday completed negotiations on a $820 billion omnibus spending measure for 2004 that encompasses seven of 13 remaining appropriations bills and includes some...

Foes of Oregon Tax Surcharge Have Signatures to Force Vote on Repeal.
December 1, 2003... Opponents of an income tax surcharge that was key to balancing Oregon's current budget announced they have more than enough signatures to force a vote on repealing the surcharge. Challengers marched into the secretary of state's office in...

Colorado Lawmakers Question Value of Tobacco Settlement Bonds.
December 1, 2003... Colorado lawmakers continue to question whether an $800 million securitization of the state's tobacco payments that was proposed late last month by Gov. Bill Owens is possible given the volatility of the tobacco market. State Rep. Brad...

Competitive Bond Offerings.
December 1, 2003... Letter F next to the issuer's name signifies the Official Notice of Sale is available on the internet! Go to www.bondbuyer.com ISSUER ST DESCRIPTION AMOUNT ($000s) TIME OF SALE FINANCIAL ADVISER LEGAL OPINION MATURING...

Competitive Note Offerings.
December 1, 2003... ISSUER ST DESCRIPTION AMOUNT($000s) TIME OF SALE FINANCIAL ADVISER LEGAL OPINION MATURING INSURER MDY'S S&P FITCH BANK-QUAL. LATEST DETAILS Tuesday, December 2 Jefferson Co...

Negotiated Bond Offerings.
December 1, 2003... Tentative dates for negotiated sales of $1 million or more. Please fax all pricing & award Information to 212-989-8442. Week Of December 1 Alaska Intl Arpt Sys AK Gen Rev 23,000 UBS Financial Svcs --- MBIA --- A AA Today Alaska...

Negotiated Note Offerings.
December 1, 2003... ISSUER ST DESCRIPTION AMOUNT ($000s) LEAD MANAGER INSURER MDY'S S&P FITCH FIRST APPEARED Week Of December 1 Haverhill MA St-Aid 2,408 First Southwest - - - - - Today ...

Results of Negotiated Sales.
December 1, 2003... ARIZONA Marana Unified School District No. 6 Nov 20, 2003 $23,385,000 Refunding Bonds, Series 2003 (MBIA Insured) (book entry). Dated Dec 1, 2003. Due Jul 1, 2004 to 2015. First coupon Jul 1, 2004. Non-callable....

Election Results.
December 1, 2003... APPROVED Tuesday, Nov 04, 2003 OHIO Franklin Local SD $3,097,000 Construction Saturday, Nov 15, 2003 LOUISIANA Bayou Vermillion Dt $4,000,000 Fund additional projects and improvements Catahoula Parish...

Massachusetts: MBTA Refunding.
December 1, 2003... If market conditions hold, the Massachusetts Bay Transportation Authority will refund $260 million in sales tax revenue bonds tomorrow or Wednesday. MBTA chief financial officer Jonathan Davis and the senior manager on the deal, Morgan...

New Jersey: GO Rutgers.
December 1, 2003... Rutgers University, one of three state institutions that are subject to a proposed merger, this week will sell $23.8 million in general obligation bonds by competitive bid. Proceeds from the sale of the Series 2003D bonds - a direct...

New York: Con Ed Deal Off.
December 1, 2003... The New York State Energy Research and Development Authority will not be in the market as expected with $247 million in tax-exempt Consolidated Edison Co. refunding debt. At the same time, it is proceeding with the sale of $16.7 million in...

New York: Nassau Rising.
December 1, 2003... Moody's Investors Service last Tuesday upgraded Nassau County to Baa1 from Baa2, the second one-notch upgrade it has made to the credit this year. Standard & Poor's gave Nassau two one-step upgrades this year and rates it BBB-plus, as does...

New York: Dutchess Downgrade.
December 1, 2003... Ahead of the sale of $3.7 million in pension obligation bonds expected this week, Moody's Investors Service on Tuesday downgraded Dutchess County to Aa2 from Aa1. The downgrade affected $99.9 million in parity debt. Moody's also assigned...

Rhode Island: Poor Health.
December 1, 2003... Citing mounting operating losses, Standard & Poor's last Tuesday lowered its rating on $13.3 million of outstanding debt issued by the Rhode Island Health and Educational Facilities Building Corp. for Westerly Hospital to BBB-minus from BBB....

The Week Ahead: N.Y. Muni Bank Deal Leads Hefty Post-Holiday Parade.
December 1, 2003... With the Thanksgiving holiday over, issuers will be rolling up their sleeves and getting back to business, with several deals over $200 million in the pipeline for this week. After a lull last week, the market can expect "a burst of new...

California Democrat Hopes to Terminate Proposed Spending Limits Amendment.
December 1, 2003... California Gov. Arnold Schwarzenegger's proposed constitutional amendment for spending limits has state Democratic lawmakers voicing concerns that it would give the governor too much power, while most Republicans believe it would improve the...

LONG-TERM BONDS: January-November.
December 1, 2003... 2003 2002 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $347,147,100 13,064 $332,021,500 13,069 +4.6 % January 27,027,900 960 21,790,700 953...

LARGEST ISSUES: November 2003.
December 1, 2003... Amount Issuer Date $2,015.4 New York Tobacco Settlement Finance Corp. Nov 20 1,292.2 Memphis, Tenn., electric power Nov 21 530.8 New York State Thruway Authority, GOs Nov 6 500.0 New York City,...

BOND SALES BY STATE: January-November.
December 1, 2003... 2003 2002 State Rank Volume Rank Volume Pct Chg Alabama 27 $4,317,800 21 $4,845,100 -10.9 % Alaska 40 1,684,300 39 1,524,800 +10.5 Arizona 14 6,068,800 12 7,215,400 ...

LONG-TERM BONDS: November.
December 1, 2003... 2003 2002 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $22,926,700 803 $35,826,600 1,209 -36.0 % Development 542,900 11 1,030,700 68...

NEW-ISSUE VOLUME NOTES.
December 1, 2003... The new-issue volume tables are based on information compiled by The Bond Buyer from Thomson Financial's data base on Wednesday, Nov. 26, 2003. All figures are preliminary and subject to revision. Long-term bonds have final stated...

Recent Tables.
December 1, 2003... 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 Wednesday Municipal...

Market Indicators.
December 1, 2003... Dollar amounts are in millions Day's 2003 2003 Daily Wednesday Change High Date Low Date Municipal Bond Index 111-16 unch 115-28 (6/13) 105-22 (7/31) 40 Average Dollar Price 101.52...

Short-Term Tax-Exempt Yields.
December 1, 2003... Nov 26, 2003 Nov 25, 2003 Nov 27, 2002 Selected MIG-1/SP-1+ Notes California Raws Ser A 2s (MIG-1) (June 04) 1.40 1.58 1.18 Los Angeles Co Trans 2s (June 04) 1.00 1.05 1.15 Texas Trans 2s (Aug 04) 1.08 ...

Municipal Market Data General Obligation Yields.
December 1, 2003... Aaa Aaa (pure) (ins) Aa A Baa 2004 1.10 1.14 1.15 1.27 1.77 2008 2.36 2.46 2.45 2.66 3.19 2013 3.52 3.64 3.62 3.92 4.46 2018 4.09 4.20 4.19 4.46 5.00...

U.S. Securities Prices.
December 1, 2003... Prices as of 3:45 p.m. ET. Source: GovPx Inc. Treasury Bills Yesterday's Prev. Day's Yesterday's (in percent of discount) Bid/Offer Bid/Offer Bid Yield 1M 12/26/2003 0.950/940 0.920/910 0.967 3M...

General Obligation Bond Prices for November 26, 2003.
December 1, 2003... Intermediate Long-Term Bond and Ratings (Moody's/S&P's/Fitch) Dated Cpn & Maturity Yield Price Prev Chg Cpn &Maturity Yield Price Prev Chg STATES California Series 2002 (A3/BBB/A) 10/1/02 4%...

Visible Supply.
December 1, 2003... Competitive Negotiated Total ($000s) ($000s) ($000s) Weekly Averages 11/28/03 1,905,083 4,124,751 6,029,834 11/21 1,908,571 7,594,548 9,503,119 11/14 2,362,278 4,977,663 ...

Placement Ratio.
December 1, 2003... No. Total Amt. Sales from Placement New New Accts. New Accts. Ratio Accts. ($000s) ($000s) (%) 2003 11/26 8 203,422 164,810 81.0 11/21 25 1,283,416 1,156,911 90.1 11/14...

New-Issue Balances.
December 1, 2003... (,000 Omitted) * Since initial reoffering + Revised upward since last report Amount Date RECENT OFFERINGS Sold Balance $19,250 11/24 West Des Moines, Iowa $9,100 All Sold 24,020 11/18...

Municipal Market Yields.
December 1, 2003... Values at 11/26/2003 Basis Point Change from 11/19/2003 Aaa Aa A Baa 2004 1.06 00 1.20 00 1.41 00 1.71 00 2008 2.39 +01 2.55 00 2.80 -01 3.08 -01 2013 3.63 +02 ...

State and Local Government Series Rates.
December 1, 2003... Friday Monday Tuesday Wednesday Thursday Nov 21 Nov 24 Nov 25 Nov 26 Nov 27 Overnight* 0.63 0.62 0.63 0.62 n.a. Three Months 0.90 0.91 0.89 0.90 n.a. Six Months 0.96 ...

Reoffering Yields.
December 1, 2003... NRO - Not Reoffered; S.B. - Sealed Bid; SNA - Sold, Not Available Offer Amount Date ($Mil) RECENT OFFERINGS 1 Year 5 10 15 20 25 30 Aaa AAA 10/21 67.7 Stamford, Conn. 0.95 2.38 SNA...

Municipal Bond Index.
December 1, 2003... 2 pm 4 pm 4 pm NOV 26 NOV 25 NOV 19 The Bond Buyer Municipal Bond Index 111-16 111-16 111-07 Wednesday, November 26, 2003 Maturity Par Call Dollar Conversion Converted Date Date Price...

Municipal Bond Prices.
December 1, 2003... These 40 Bonds were evaluated and priced Wednesday, Nov. 26, by Standard & Poor's Securities Evaluations. All figures are rounded to the nearest eighth when reported in this table. "Change in Bid" is rounded after calculation. ...

Municipal Bond Index.
December 1, 2003... 2 pm 2 pm 4 pm Nov 28 Nov 27 Nov 21 The Bond Buyer Municipal Bond Index 111-13 n.a. 111-21 Friday, November 28, 2003 Maturity Par Call Dollar Conversion Converted Date Date Price ...

Municipal Bond Prices.
December 1, 2003... These 40 Bonds are evaluated and priced Friday, Nov. 28, by Standard & Poor's Securities Evaluations. All figures are rounded to the nearest eighth when reported in this table. "Change in Bid" is rounded after calculation. ...

Municipal Bond Index Update.
December 1, 2003... The list of bonds used to calculate the Municipal Bond Index was revised after the November 28 pricing. The new coefficient is 1.0228. It was derived by dividing the Nov. 28 index (111.404693) by the average converted price of the new set...

Houston Mayor Vows to Pursue $3B Sale Despite State AG's Opinion.
December 1, 2003... Despite a letter from the Texas attorney general's office indicating that a drainage fee recently approved by the Houston City Council is subject to referendum, Houston Mayor Lee Brown vowed Wednesday to move forward with a $3 billion...

New York Debt Past and Present: A Talk With Gov. Hugh L. Carey.
December 2, 2003... Listening to former New York Gov. Hugh L. Carey address The Bond Market Association at its annual awards dinner this fall, you would have thought you'd opened to a chapter in "Fiscal Crisis 101: How to Bail Out a Great American City." ...

The Digest.
December 2, 2003... Municipals weakened yesterday while in a light new-issue market bonds were offered to retail investors from a $341 million New York State Dormitory Authority lease revenue issue and a $190 million Ohio common schools general obligation...

Philadelphia Agency Sets $218M Deal: New Acting Treasurer Oversees Refunding.
December 2, 2003... After months of delay pending City Council approval, the Philadelphia Municipal Authority plans to price about $218 million of triple-A-insured lease revenue refunding bonds tomorrow under the leadership of the city's new acting treasurer. ...

Iowa Readies Rare Sale: $500 Million to Ease Budgets Until Tax Time.
December 2, 2003... Iowa, a rare issuer, is preparing to sell $500 million of tax and revenue anticipation notes by the middle of December to raise the cash needed to see the state through the next few months until income tax revenues flow into coffers, state...

News In Brief: Construction Outlays Set Record in Oct.
December 2, 2003... Construction spending increased 0.9% in October, with both total construction and its major components at record levels, Commerce Department figures released yesterday show. Total construction spending was estimated at a record $922.0...

News In Brief: ISM Index at 62.8, Up From 57.0 in Oct.
December 2, 2003... The overall economy expanded for the 25th straight month in October, while the manufacturing sector expanded for the fifth time in as many months, the Institute for Supply Management reported yesterday. According to the ISM's monthly report...

News In Brief: Weekly T-Bills Go At 0.925%, 1.030%.
December 2, 2003... Tender rates for the Treasury's latest 91-day and 182-day discount bills were mixed, as the three-months incurred a 0.925% high rate, down from the previous auction's rate of 0.930% and as the six-months incurred a 1.030% high rate, up from...

News In Brief: Treasury Details 4-Week Bill Auction.
December 2, 2003... The Treasury Department said it will sell $20 billion of four-week discount bills today. The four-week, or 29-day, bills will raise $3 billion new cash by auctioning $20 billion to refund $17 billion of maturing bills. Copyright 2003...

News In Brief: Treasury to Sell $32B Cash Managements.
December 2, 2003... The Treasury Department said it will auction $32 billion of 12-day cash management bills today. The bills are dated Dec. 3 and due Dec. 15. The closing time for receipt of noncompetitive tenders will be 11 a.m. Eastern Standard Time,...

Monday's Market: Munis Weaken as Governments Fall; $341M of N.Y. Dormitory Bonds Price.
December 2, 2003... Municipals weakened yesterday, while in a light new-issue market bonds were offered to retail investors from a $341 million New York State Dormitory Authority lease revenue issue and a $190 million Ohio common-schools general obligation...

A Clarification.(Correction Notice)
December 2, 2003... John Bohn, the former president of Moody's Investors Service, resigned in 1996 over policy differences with management. He says his departure was unrelated to a U.S. Department of Justice investigation into the rating agency and that he was...

Fort Lauderdale, Fla., Officials Review Budget, GO Plans Amid Rating Watch.
December 2, 2003... As major rating agencies continue to review Fort Lauderdale, Fla.'s credit for possible downgrade, city commissioners tomorrow will weigh a savings proposal to stabilize the city's budget and discuss asking voters as soon as March to approve...

Idaho Schools to Face State in Latest Round of Court Battle.
December 2, 2003... Litigation dating back 13 years could change the way Idaho school facilities are financed -- if the issue is ever resolved. "It's been to the Idaho Supreme Court three times. It's on its way for a fourth time," said Mike Gilmore, a deputy...

Kansas County Putting $40 Million of Much-Prized Debt on the Market.
December 2, 2003... One of Kansas' fastest growing counties will put about $40 million of revenue bonds up for grabs tomorrow in a market hard-pressed for tax-exempt issues in the fiscally conservative state. Sedgwick County, which includes Wichita, will sell...

Brandeis Sells $25M Through New Conduit.
December 2, 2003... In its first bond sale in nearly five years, Brandeis University will price $25 million in plain-vanilla bonds today, issued through the Massachusetts Development Finance Agency. Lehman Brothers is the lead manager on the sale. The deal...

Moody's Keeps Eye on Cicero, N.Y., LDC Debt, Despite Council Appropriation.
December 2, 2003... Investors holding bonds from the Cicero Local Development Corp.'s $15.25 million sale two years ago are not out of the woods yet, despite the town council in the upstate New York community finally intervening last week to help pay November's...

Private-Letter Rulings: IRS: License Agreement Is Private Business Use.
December 2, 2003... In a recently released private-letter ruling, the Internal Revenue Service determined that a license agreement between a nonprofit biomedical research institute and a for-profit marketing corporation would constitute private business use that...

Competitive Bond Offerings.
December 2, 2003... Letter F next to the issuer's name signifies the Official Notice of Sale is available on the internet! Go to www.bondbuyer.com ISSUER ST DESCRIPTION AMOUNT ($000s) TIME OF SALE FINANCIAL ADVISER LEGAL OPINION MATURING...

Competitive Note Offerings.
December 2, 2003... ISSUER ST DESCRIPTION AMOUNT($000s) TIME OF SALE FINANCIAL ADVISER LEGAL OPINION MATURING INSURER MDY'S S&P FITCH BANK-QUAL. LATEST DETAILS Tuesday, December 2 Jefferson Co...

Negotiated Bond Offerings.
December 2, 2003... Tentative dates for negotiated sales of $1 million or more. Please fax all pricing & award Information to 212-989-8442. Week Of December 1 Alaska Intl Arpt Sys AK Gen Rev 23,000 UBS Financial Svcs --- MBIA --- A AA Dec 1 Alaska...

Negotiated Note Offerings.
December 2, 2003... ISSUER ST DESCRIPTION AMOUNT ($000s) LEAD MANAGER INSURER MDY'S S&P FITCH FIRST APPEARED Week Of December 1 Haverhill MA St-Aid 2,408 First Southwest -- -- MIG1 -- -- Dec 1 Haverhill MA Bond Antic 8,775 First...

Results of Negotiated Sales.
December 2, 2003... ARIZONA Flagstaff (City) Nov 24, 2003 $8,950,000 General Obligation Refunding Bonds, Series 2003 (FGIC Insured) (book entry). Dated Dec 1, 2003. Due Jul 1, 2004 to 2013. First coupon Jul 1, 2004. Non-callable....

Results of Competitive Sales.
December 2, 2003... ARKANSAS Lake Hamilton School District No. 5 of Garland County Dec 1, 2003 $3,845,000 General Obligation Limited Tax Refunding Bonds, Series 2004 (bank qualified) (book entry). Dated Jan 1, 2004. Due Apr 1, 2004 to 2016....

Key Facts.
December 2, 2003... Name: Hugh L. Carey Age: 84 Born: Brooklyn, N.Y. Family: Widowed, married to the late Helen Carey; 14 children. Education: St. John's University, BA in history, 1949; St. John's School of Law, J.D., 1951. Career: Served...

Deal in Focus: Arizona Indian Districts Turn Impact Aid into Good Ratings.
December 2, 2003... Scattered over 1,500 square miles of northeast Arizona, Navajo County Unified School District No. 25 is one of the poorest in the state. So, how does the sparsely populated district that serves the state's Navajo and Hopi reservations earn...

ARIZONA: Unhappy Returns.
December 2, 2003... Nearly $3 million in federal funds that went to for-profit charter schools in Arizona must be returned, the U.S. Department of Education has told state officials. Funds designated for schools serving low-income students or those with...

NEW MEXICO: Unfinished Canvass.
December 2, 2003... After a series of extremely close votes on bond issues and financial propositions, the state is considering what steps to take to guarantee accurate counts. Secretary of State Rebecca Vigil-Giron, who serves as New Mexico's top election...

OKLAHOMA: No Thaw Yet.
December 2, 2003... As revenues continued to recover last month, Gov. Brad Henry announced that the state could get through the year without future budget cuts. But he also struck a note of caution by maintaining a hiring freeze that was invoked by his...

OKLAHOMA: Dislodged.
December 2, 2003... A new development on Lake Texoma could replace the current state-owned lodge that has produced disappointing revenue for Oklahoma. Under the plan disclosed last week, the state would tap a $1 billion trust fund to buy about 1,500 acres of...