The Bond Buyer articles from December 2004

The Bond Buyer archives from December 2004

The Digest.
December 1, 2004... Municipal bonds followed Treasuries down yesterday, finishing as much as five basis points cheaper while governments pared losses late in the day. Complete market coverage by Anastasija Johnson and Bill Curran appears on page 2 Metro...

D.C. Council Approves Ballpark Financing Plan.
December 1, 2004... The District of Columbia council narrowly approved legislation late yesterday authorizing a combined baseball stadium and community development package that could lead to issuance of more than $1 billion in bonds. The 6-to-4 vote with...

Hitting the Ceiling in Texas: PSF Maxes Out, Creating Opening for Insurers.
December 1, 2004... The triple-A rated Texas Permanent School Fund has reached its capacity for guaranteeing new-money school debt, leaving some districts in Texas scrambling for private insurance as the state's traditional source of credit enhancement becomes...

November Saw $25.613B Sold, A 2.6% Drop From Last Year.
December 1, 2004... Municipal issuers sold 888 deals in November, as monthly volume reached $25.613 billion, down 2.6% from the total issued in the same month a year earlier, according to preliminary volume data from Thomson Financial. The November total...

Panel: N.Y. Should Boost N.Y.C. Funds: Says $14.8 Billion Needed for Schools.
December 1, 2004... A New York state court-appointed panel said yesterday that New York City's public schools should receive roughly $14.8 billion of additional funding over the next five years. The panel said the state - which faces projected budget deficits...

News In Brief: Preliminary 3Q GDP Shows 3.9% Growth.
December 1, 2004... Real gross domestic product - the broadest measure of the economy's performance - accelerated at a 3.9% seasonally adjusted annual rate in the third quarter, according to preliminary figures released by the Commerce Department yesterday. ...

News In Brief: Consumer Confidence Index Dipped in Nov.
December 1, 2004... The consumer confidence index slid again in November, falling to 90.5 from an upwardly revised 92.9 last month, the Conference Board reported yesterday. Economists polled by IFR BondData America predicted the index would rise to 94.8. ...

News In Brief: Chicago PMI Declines to 65.2.
December 1, 2004... The Chicago Purchasing Manager's Business Barometer slid to 65.2 in November from 68.5 in October, the 18th straight month of expansion, the Purchasing Management Association of Chicago said yesterday. The data is compiled on a seasonally...

News In Brief: Treasury 4-Weeks Go at 2.035% High.
December 1, 2004... The Treasury Department auctioned $19 billion of four-week bills at a 2.035% high yield, a price of 99.842. The coupon equivalent was 2.067%. The bid-to-cover ratio was 2.26. Tenders at the high rate were allotted 85.33%. The median yield...

News In Brief: Cash Managements Draw 1.950% High.
December 1, 2004... The Treasury yesterday sold $4 billion 14-day cash management bills, dated Dec. 1, due Dec. 15 at a 1.950% high tender rate. The bid to cover ratio was 4.34. The coupon equivalent was 1.979%. The price was 99.924. The low bid was 1.900%....

Tuesday's Market: Munis Follow Treasuries Down As Traders Try to Regain Composure.
December 1, 2004... Municipal bonds followed Treasuries down yesterday, finishing as much as five basis points cheaper, while governments pared losses late in the day. On the third consecutive day of rising yields, traders said activity was muted as...

Survey: Interest Rates Will Rise, Long-Term Volume Will Drop.
December 1, 2004... New York public finance professionals expect interest rates to continue to rise in 2005, which will bring about a decline in long-term municipal bond issuance, according to a live survey conducted during The Bond Buyer's Second Annual Metro...

New York Issuers Swapped $5.5B Since 2002, With $300M Coming This Year.
December 1, 2004... New York has locked in long-term synthetic fixed rates of between 3.04% and 3.6% on $5.5 billion of state authority debt in the two years since it passed legislation permitting the state's authorities to begin using interest rate swaps, which...

Report Pegs Cost of Arkansas School Facilities Improvements at $2.3B.
December 1, 2004... Bringing Arkansas school facilities into compliance with standards outlined by the state Supreme Court in 2002 will cost the state $2.3 billion, according to a report released yesterday by the Joint Committee on Educational Facilities. ...

N.Y. Executing Panel's Recommendations for Authority Reform.
December 1, 2004... Adam Barsky, the deputy secretary to New York Gov. George Pataki in charge of state authorities, said yesterday that there is an ongoing effort to make improvements in the management of the authorities, though the governor does not believe, as...

Enforcement: NASD Fines 29 Firms $9.2M for Late Reporting of Broker Data.
December 1, 2004... The National Association of Securities Dealers announced yesterday that they have censured and fined 29 securities firms more than $9.2 million for over 8,000 incidences of late reporting of key information about their brokers, including...

Retail Market: New York City's $950M GO Sale Pushed Back a Week.
December 1, 2004... Retail investors are expected to turnout in big numbers for New York City's $950 million general obligation bond sale next Wednesday, the city's final GO offering of 2004. Originally scheduled for today, the pricing was delayed a week to...

People: Bank of America's Slaymaker New CEO of BondDesk Group.
December 1, 2004... BondDesk Group will announce today the appointment of Robert Slaymaker as chief executive officer, effective immediately. Slaymaker succeeds Charles Almond who is retiring from his position as CEO, but continuing as Chairman of the Board. ...

Industry Pioneer Claire Cohen to Retire at End of Month.
December 1, 2004... After 49 years in public finance, Claire Cohen retires on Dec. 31. "She knew everything about everything," said former Maine Treasurer, Sam Shapiro, of the iconic vice chair and head of the state ratings group at Fitch Ratings. One of...

AIG Agrees to Pay $126M to Settle SEC, Justice Department Charges.
December 1, 2004... American International Group Inc., the world's largest insurer by market value, and two of its subsidiaries yesterday agreed to pay $126 million in penalties and restitution to settle Justice Department and Securities and Exchange Commission...

Competitive Bond Offerings.
December 1, 2004... 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, 2004... ISSUER ST DESCRIPTION AMOUNT($000s) TIME OF SALE FINANCIAL ADVISER LEGAL OPINION MATURING INSURER MDY'S S&P FITCH BANK-QUAL. LATEST DETAILS Wednesday, December 1 Connecticut...

Negotiated Bond Offerings.
December 1, 2004... Tentative dates for negotiated sales of $5 million or more. ISSUER ST DESCRIPTION AMOUNT ($000s) LEAD MANAGER FINANCIAL ADVISER INSURER MDY'S S&P FITCH FIRST APPEARED Week Of November 29 Phoenix Civic Imp AZ Wst...

Negotiated Note Offerings.
December 1, 2004... ISSUER ST DESCRIPTION AMOUNT ($000s) LEAD MANAGER FINANCIAL ADVISER INSURER MDY'S S&P FITCH FIRST APPEARED Week Of November 29 Cuyahoga Falls OH Var Purp 24,500 A.G. Edwards --- --- --- --- --- Nov 24 ...

Results of Negotiated Sales.
December 1, 2004... CALIFORNIA California Housing Finance Agency Nov 17, 2004 $152,415,000 7-Day Auction Mode Multi- Family Housing Revenue Bonds III, Series C Select Auction Variable Rate Securities (SAVRS) Initial Auction Period to and including...

Results of Competitive Sales.
December 1, 2004... CALIFORNIA Covina-Valley Unified School District Nov 30, 2004 $16,535,000 2004 Certificates of Participation (Ambac insured) (book entry). Dated Dec 16, 2004. Due Jan 15, 2007 to 2035. Callable Jan 15, 2014 at par....

Municipal Bond Elections.
December 1, 2004... This table lists bond elections involving $500,000 or more and gives the dates when voters are scheduled to cast their ballots (,000 omitted). Saturday, December 04, 2004 $88,900 Lake Worth ISD, TX Monday, December 06, 2004 ...

Deal in Focus: Cleveland Clinic Gearing Up to Sell $429M of Bonds.
December 1, 2004... Only a year after being downgraded due to investment losses, the Cleveland Clinic Health System has seen its bond rating rebound as the internationally renowned center prepares to sell $429 million of revenue bonds this month. The deal...

INDIANA: Signature Move.
December 1, 2004... Opponents of a proposed $200 million bond issue to be sold by the Indianapolis Public Schools must submit enough signatures to challenge the sale by tomorrow. In another district, residents are gathering signatures to oppose the Mount...

IOWA: Looking Better.
December 1, 2004... Moody's Investors Service last week revised its outlook to stable from negative on Davenport's Aa2 credit in conjunction with a sale this week of $11.69 million of taxable general obligation bonds. The agency also affirmed the rating on...

MINNESOTA: Duluth Raised.
December 1, 2004... Moody's Investors Service last week upgraded Duluth's $134 million of general obligation debt to Aa3 from A1. The upgrade impacts $134 million of outstanding debt as well as $5 million expected to price this week. Proceeds of the new-money...

NEBRASKA: Grand Gesture.
December 1, 2004... The Grand Island City Council was expected to approve the appointments of five of the city's residents to serve on the newly established Grand Island Facilities Corp., which will have the ability to approve bond issues for city projects. ...

WISCONSIN: Deficit Wrestling.
December 1, 2004... Gov. Jim Doyle announced last month that the latest state revenue projections show a $1.6 billion deficit going into the next two-year budget cycle. The state expects to close out the current fiscal year on June 30 with a $176.3 million...

WISCONSIN: Hospital Negative.
December 1, 2004... Moody's Investors Service last week revised its outlook to negative from stable on Aspirus Wausau Hospital's underlying A2 credit in conjunction with its sale this month of $45 million of variable-rate debt. The hospital has $102 million...

WISCONSIN: UW Clinic Gets Stable.
December 1, 2004... Standard & Poor's last week revised its outlook to stable from positive on the University of Wisconsin Hospitals and Clinics' A credit assigned to the sale this month of $60 million of debt. The university hospital is a top health care...

SEC's Cox Leaving to Join PricewaterhouseCoopers.
December 1, 2004... Laura Cox, the Securities and Exchange Commission's managing executive for external and governmental affairs and a member of SEC chairman William R. Donaldson's three-person senior management team, will leave the commission Friday to join...

Appeals Court to Hear Case Over SEC Fund Rule April 15.
December 1, 2004... A U.S. appeals court has announced that it will hear oral arguments April 15 in a case in which the U.S. Chamber of Commerce is challenging a Securities and Exchange Commission rule that would require mutual funds to have independent chairmen....

Atlanta's MARTA Receives Improved Outlook From Moody's.
December 1, 2004... The Metropolitan Atlanta Rapid Transit Authority recently has been criticized for a lack of financial controls, but improved operations and a rebound in sales tax revenue dedicated to the mass transit system prompted Moody's Investors Service...

LONG-TERM BONDS: January-November.
December 1, 2004... 2004 2003 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $325,318,300 12,007 $352,446,400 13,721 -7.7 % January 20,395,200 842 27,103,200 973 -24.7 February 26,645,300 1,064...

NEW-ISSUE VOLUME NOTES.
December 1, 2004... The new-issue volume tables are based on information compiled by The Bond Buyer from Thomson Financial's data base on Tuesday, Nov. 30, 2004. All figures are preliminary and subject to revision. Long-term bonds have final stated maturities...

LARGEST ISSUES: November 2004.
December 1, 2004... Amount Issuer Date $1,162.0 New York City, GOs (NM/ref) Nov 5 935.5 New York City Municipal Water Finance Authority (ref) Nov 23 650.0 New York City Industrial Development Agency Nov 17 570.8 University of Texas System...

LONG-TERM BONDS: November.
December 1, 2004... 2004 2003 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $25,613,500 888 $26,291,600 1,107 -2.6 % Development 568,800 35 683,900 32 -16.8 Education 6,154,600 237 5,092,500 295 +20.9 ...

BOND SALES BY STATE: January-November.
December 1, 2004... 2004 2003 State Rank Volume Rank Volume Pct Chg Alabama 36 $1,831,000 27 $4,426,800 -58.6 % Alaska 44 1,069,300 40 1,684,300 -36.5 Arizona 15 6,324,300 17 5,846,700 +8.2 Arkansas 37 1,483,600 31 2,309,600 -35.8 ...

U.S. Securities Prices.
December 1, 2004... Prices as of 3 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 -- 12/23/2004 1. --/995 1.965/960 2.025 3M -- 3/3/2005 2.185/180...

Short-Term Tax-Exempt Yields.
December 1, 2004... Nov 30, 2004 Nov 29, 2004 Dec 2, 2003 Selected MIG-1/SP-1+ Notes California Rans 3s (June 05) 2.02 1.90 1.60 Los Angeles Co Trans 3s (June 05) 1.95 1.95 1.05 New Jersey Trans 3s (June 05) 2.00 2.00 n.a. Texas Trans 3s...

Municipal Market Data General Obligation Yields.
December 1, 2004... Aaa Aaa (pure) (ins) Aa A Baa 2005 2.07 2.11 2.10 2.19 2.54 2009 2.85 2.94 2.93 3.08 3.50 2014 3.66 3.80 3.78 3.93 4.33 2019 4.09 4.22 4.20 4.35 4.72 2024 4.44 4.55 4.53 4.68 5.02 2029 4.72 4.82 4.81 4.94 5.24...

Market Indicators.
December 1, 2004... Dollar amounts are in millions Day's 2004 2004 Daily Yesterday Change High Date Low Date Municipal Bond Index 110-22 -10/32 116-02 (3/11) 104-30 (5/13) 40 Average Dollar Price 100.26 -0.28 105.30 (3/11) 95.18 (5/13) ...

Recent Tables.
December 1, 2004... 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 ...

Reoffering Yields.
December 1, 2004... 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 10/25 75.1 Westchester Co., N.Y. NRO 2.45 3.35 3.85......... 10/21 39.9...

New-Issue Balances.
December 1, 2004... (,000 Omitted) * Since initial reoffering + Revised upward since last report Amount Date NEW OFFERINGS Sold Balance $104,890 11/30 Virginia Pub. Bldg. Auth. $104,890 All Sold 61,905 11/30 Virginia Coll. Bldg. Auth....

Merrill Lynch Corporate Bond Indexes.
December 1, 2004... Performance Comparisons for November 29, 2004 Aaa-Baa Rated Corporates Index Avg. Pct. of Total Return % Close Yield Market Prior Wk. Y-T-D ML Corporate Master 1496.61 4.81 100.00 -0.71 +4.03 Intermediate (1-10 years)...

Municipal Bond Prices.
December 1, 2004... These 40 Bonds are evaluated and priced daily 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. Dollar Change...

Municipal Bond Index.
December 1, 2004... Current Day Previous Day Week Ago Month Ago Year Ago The Bond Buyer Municipal Bond Index 110-22 111-00 111-29 112-13 110-17 Tuesday, November 30, 2004 Maturity Par Call Dollar Conversion Converted Date Date Price Factor Price ...

Municipal Bond Index Udate.
December 1, 2004... The list of bonds used to calculate the Municipal Bond Index was revised after the Nov. 30 pricing. The new coefficient is 1.0218. It was derived by dividing the Nov. 30 index (110.676229) by the average converted price of the new set of...

The Digest.
December 2, 2004... Unable to shake off a negative tone, the municipal bond market finished lower yesterday, as participants waded through many offerings in the secondary and also had to distribute over $1.8 billion in sizeable new deals, including $782 million of...

Shutting the Back Door: W. Va. Court: $4B Bond Sale Must Go to Voters.
December 2, 2004... In a setback for West Virginia Gov. Bob Wise's administration, the state Supreme Court of Appeals ruled yesterday that the governor's proposed $4 billion taxable pension bond sale does not constitute a refinancing of current debt and cannot go...

Florida Leads Southeast as Region Approves $1.2B for Conservation.
December 2, 2004... Voters in the Southeast this year approved spending nearly $1.2 billion, mostly from the sale of bonds, to protect land for open space, parks, recreation, greenways, watersheds, and wildlife. Nearly half of the region's total, or $500.2...

PennsylvaniaStill Doing Refunding: But Rising Rates Remain a Concern.
December 2, 2004... Pennsylvania, which on Tuesday announced plans to sell a combined $868 million new-money and refunding deal next Wednesday, said yesterday that it still expects to proceed with the refunding component despite rising interest rates. Rick...

News In Brief: ISM Index Rises To 57.8 in Nov.
December 2, 2004... The overall economy expanded for the 37th straight month in October, while the manufacturing sector expanded for the 18th time in as many months, the Institute for Supply Management reported yesterday. According to the ISM's monthly report...

News In Brief: Fed Beige Book: Outlook Good.
December 2, 2004... Economic growth continued from mid-October to mid-November, with 11 of the 12 Fed districts reporting solid expansion and Cleveland being the lone holdout, the Federal Reserve Board said in a report released yesterday. The optimistic economic...

News In Brief: Personal Income, Spending Up in Oct.
December 2, 2004... Personal income increased 0.6% last month, while personal consumption expenditures rose 0.7%, the Commerce Department reported yesterday. Personal income rose by $61.7 billion to slightly less than $9.76 trillion, after an unrevised 0.2%...

News In Brief: Construction Outlays Hit All-Time High in Oct.
December 2, 2004... Spending on construction projects inched up incrementally to an all-time high in October as private construction declined but public construction increased, Commerce Department figures released yesterday show. Total construction spending...

Wednesday's Market: Heavy Calendar, Upbeat ISM Data Send Municipals, Treasuries Lower.
December 2, 2004... Unable to shake off a negative tone, the municipal bond market finished lower yesterday, as participants waded through many offerings in the secondary while absorbing more than $1.8 billion of sizable new deals, including $782 million of...

A Correction.(Correction Notice)
December 2, 2004... Due to incorrect information provided by a source, a story Wednesday about the Texas Permanent School Fund incorrectly stated that Financial Security Assurance insured debt issued in 2002 by the Cedar Hill Independent School District. Financial...

S&P Takes L.A. Single-Family Bonds Off CreditWatch.
December 2, 2004... Standard & Poor's yesterday removed from CreditWatch $1.9 million of outstanding Los Angeles single-family mortgage revenue bonds, citing a resolution of a problem with the AAA-rated bonds. The debt was placed on CreditWatch with negative...

District of Columbia to Report $307M '04 Surplus.
December 2, 2004... The District of Columbia expects to report a $307 million surplus for the fiscal year that ended Sept. 30, marking an eighth consecutive year of balanced budgets, Natwar M. Gandhi, the city's chief financial officer, disclosed yesterday. ...

Panel to Push Sales Tax to Cover D.C.-Area Transit System Gap.
December 2, 2004... A blue-ribbon panel charged with analyzing and identifying dedicated funding sources for the national capital region's public transit system plans to recommend that a 0.28% regional sales tax be implemented to cover an estimated 10-year, $2.6...

People: Houston's Bates & Coleman Opens Second Set of Doors.
December 2, 2004... William Bates and Willie Coleman of Houston-based Bates & Coleman recently hung their second shingle out together, 23 years after the graduates of Thurgood Marshall School of Law set up practice together. The firm on Nov. 4 moved into a...

Delay in Water Refunding Leads Wisconsin to Miss Out on $3.8M in Savings.
December 2, 2004... Wisconsin lost an estimated $3.8 million in savings it had expected to collect from a $100 million clean water revenue refunding because interest rates moved up while the state waited several days for the consent of its auditor, Deloitte &...

Texas School District Expands Scope of Improvements to Win Support for Bonds.
December 2, 2004... Three years after voters rejected a $32 million bond package for a new high school, the Brownwood, Tex., Independent School District hopes a broader approach is more effective. The district will hold an election Feb. 5 on a $29.4 million...

New York's MTA Moving Forward With $200M 'Stabilization' Fund.
December 2, 2004... New York's Metropolitan Transportation Authority will proceed with a controversial plan to create a $200 million stabilization account with this year's operating surplus instead of using the money to reduce or prevent a fare and toll hike,...

Despite Lower Volume, Taxables Continue Expansionary Trend.
December 2, 2004... The taxable municipal market has continued its expansionary trend over the past four years even though volume in 2004 was lower than 2003, according to a panel of financial professionals at The Bond Buyer's annual Metro Finance Conference. ...

Competitive Bond Offerings.
December 2, 2004... 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, 2004... ISSUER ST DESCRIPTION AMOUNT($000s) TIME OF SALE FINANCIAL ADVISER LEGAL OPINION MATURING INSURER MDY'S S&P FITCH BANK-QUAL. LATEST DETAILS Thursday, December 2 F New...

Negotiated Bond Offerings.
December 2, 2004... Tentative dates for negotiated sales of $5 million or more. ISSUER ST DESCRIPTION AMOUNT ($000s) LEAD MANAGER FINANCIAL ADVISER INSURER MDY'S S&P FITCH FIRST APPEARED Week Of November 29 El Monte...

Negotiated Note Offerings.
December 2, 2004... ISSUER ST DESCRIPTION AMOUNT ($000s) LEAD MANAGER FINANCIAL ADVISER INSURER MDY'S S&P FITCH FIRST APPEARED Thursday, December 2 Cuyahoga Falls OH Var Purp 24,500 A.G. Edwards --- --- --- --- --- Nov 24 ...

Results of Negotiated Sales.
December 2, 2004... ARIZONA Phoenix Civic Improvement Corporation Dec 1, 2004 $180,000,000 Junior Lien Wastewater System Revenue Bonds, Series 2004 (MBIA Insured) (book entry). Dated Dec 1, 2004. Due Jul 1, 2010 to 2029. First coupon...

Results of Competitive Sales.
December 2, 2004... CALIFORNIA California Dec 1, 2004 $782,000,000 Various Purpose General Obligation Bonds (Ambac insured 2027,29 & 31) (book entry). Dated Dec 1, 2004. Due Jun 1, 2005 to 2034. Callable Dec 1, 2014 at par. ...

Municipal Bond Activities.
December 2, 2004... December 8 The Bond Market Association will hold a Fixed-Income Summit & Expo on Technology and Electronic Trading at the Marriott Marquis Hotel in New York City. For more information or to register contact Susan Weiss at 646-637-9293 or...

Florida's Bush Says State's Recovery from 'Traumatic' Hurricanes on Track.
December 2, 2004... As Florida Gov. Jeb Bush marked the end of "the most traumatic hurricane season in Florida history" during a statewide telecast Tuesday night, Tropical Storm Otto developed in the far Atlantic. The June through November period is a...

Cook County Passes Resolution to Pay Bills Without '05 Budget.
December 2, 2004... The Cook County, Ill., Board of Commissioners yesterday approved a continuing budget resolution, allowing the county to continue to pay its bills despite an effort to push board President John Stroger to introduce his fiscal 2005 budget first....

FLORIDA: Weeding the Pool.
December 2, 2004... Miami-Dade County commissioners and newly elected Mayor Carlos Alvarez on Tuesday approved additional criteria for evaluating the suspension or removal of firms from the county's underwriting pool. Any investigation threatened, pending, or...

FLORIDA: Leesburg's Bad Medicine.
December 2, 2004... Standard & Poor's on Monday lowered its rating to A-minus from A on Leesburg's $108.3 million of outstanding hospital bonds issued on behalf of Leesburg Regional Medical Center. The outlook on all of the debt is negative. The downgrade...

MISSISSIPPI: Troubled Tate.
December 2, 2004... Treasurer Tate Reeves said he is "troubled" by the $456 million bond bill passed by the Legislature on Nov. 22 and signed into law by Gov. Haley Barbour the day before Thanksgiving. "The Legislature turned a $108 million jobs-related bond...