The Bond Buyer articles from December 2005

The Bond Buyer archives from December 2005

Thursday.
December 1, 2005... News REAL GROSS DOMESTIC PRODUCT SURPASSED economists' expectations by increasing at a 4.3% seasonally adjusted annual rate in the third quarter, according to preliminary figures released by the Commerce Department yesterday. 2 The...

S&P Lowers $2B of Louisiana Debt.
December 1, 2005... ATLANTA -- The financial toll of hurricanes Katrina and Rita on Louisiana led Standard & Poor's yesterday to downgrade more than $2 billion of the Bayou State's debt. The state's general obligation bonds were dropped to A from A-plus....

Mississippi Readies Largest Sale Since Katrina.
December 1, 2005... BRADENTON, Fla. -- Mississippi next Thursday plans its biggest debt sale since Hurricane Katrina slammed the state Aug. 29, with the competitive pricing of three issues totaling $254.5 million of tax-exempt and taxable general obligation bonds....

Municipal Issuers Inch Closer to Annual Record: Decent December Should Set New Mark.
December 1, 2005... Municipal market issuers edged closer to a new annual issuance record as they sold $34.02 billion of long-term debt via 879 new issues during November, according to preliminary data from Thomson Financial. The monthly figures brought total...

Munis Finished a Touch Easier as Treasuries Extend Losses.
December 1, 2005... The municipal bond market finished a touch easier yesterday as Treasuries extended their losses after a brief foray into positive territory in the morning, while underwriters continued to price new deals, including a $350 million insured bond...

In Brief: Preliminary 3Q GDP Shows 4.3% Growth.
December 1, 2005... WASHINGTON -- Real gross domestic product - the broadest measure of the economy's performance - surpassed economists' expectations by increasing at a 4.3% seasonally adjusted annual rate in the third quarter, according to preliminary figures...

In Brief: Fed Districts Report Optimistic Outlook.
December 1, 2005... WASHINGTON -- Economic reports from all 12 Federal Reserve districts indicate that business activity continued to expand at a moderate pace throughout the country from mid-October through the end of November, the Federal Reserve Board said in a...

In Brief: Chicago PMI Dips To 61.7 in November.
December 1, 2005... The Chicago Purchasing Managers' Business Barometer dipped to 61.7 in November from 62.9 in October, the 30th month of out 31 when the index showed economic expansion as defined by a reading above 50.0, the National Association of Purchasing...

In Brief: NAPM-NY BCI Rises To 352.4 in November.
December 1, 2005... The New York Business Conditions Index in the National Association of Purchasing Management-New York's Report on Business increased in November to 352.4 from 351.6 in October. The report's outlook/expectations index fell to 40.0 in...

In Brief: Kansas City Fed: Mfg Nov. Growth Slowed.
December 1, 2005... Manufacturing activity in the Federal Reserve Bank of Kansas City's region "slowed somewhat in November," according to the bank's monthly manufacturing survey, released yesterday. "But activity remained well above year-ago levels and...

In Brief: 13-Day Cash Managements Draw 3.960% High Rate.
December 1, 2005... WASHINGTON -- The Treasury Department yesterday sold $18 billion 13-day cash management bills, dated Dec. 2, due Dec. 15 at a 3.960% high tender rate. The bid to cover ratio was 3.24. The coupon equivalent was 4.021%. The price was 99.857....

Harris County, Tex., Transit Agency Readies First Debt Deal.
December 1, 2005... DALLAS -- The Harris County, Tex., Metropolitan Transit Authority is preparing to ring in 2006 with the 27-year-old agency's first-ever issuance of debt, an expected January sale of up to $50 million of commercial paper. The deal marks the...

Triple-A Rated Columbus to Float $275M in Mixed Limited, Unlimited GO Offering.
December 1, 2005... CHICAGO -- Columbus will be in the market next week for an annual bond sale, with an offering of about $275 million mixed with limited and unlimited tax general obligation bonds to fund ongoing capital projects in the triple-A rated Ohio city....

Single-B Rated Sacramento Port to Seek Conduit Financing for Pact With Oakland.
December 1, 2005... SAN FRANCISCO -- The Sacramento-Yolo Port District might seek as much as $9 million in conduit financing over the next year in order to fund the Port of Sacramento's partnership with its future tenant, the Port of Oakland. The Port of...

Minnesota Eyes Additional Revenue.
December 1, 2005... CHICAGO -- Minnesota now expects to generate an additional $700 million in revenue during its current two-year budget cycle, a forecast Gov. Tim Pawlenty yesterday heralded as evidence that the state is back on track financially and which...

One N.J. Issuer Names FAs; Another OKs $91M.
December 1, 2005... The New Jersey Educational Facilities Authority at its monthly board meeting yesterday approved the hiring of Municipal Advisory Partners Inc. and Public Financial Management Inc. as its financial advisers. Authority executive director...

Strong Tax Revenues Could Lead New Mexico to Trim Tran Deal.
December 1, 2005... DALLAS -- New Mexico could trim its planned sale of short-term tax and revenue anticipation notes next week from $300 million to approximately $200 million due to higher than normal tax revenues. The competitive sale is being conducted on...

Connecticut to Issue $250M to Fund Highway, Transportation Infrastructure.
December 1, 2005... Connecticut next week will competitively sell $250 million of special tax obligation debt to fund various highway and transportation infrastructure projects throughout the state. The fixed-rate bonds will be offered Dec. 7 through i-Deal's...

People: SEC General Counsel Prezioso Leaving for Private Sector.
December 1, 2005... Giovanni Prezioso, the Securities and Exchange Commission's general counsel for more than three-and- half years, plans to leave early next year to return to the private sector, the SEC announced yesterday. Prezioso, 47, has not yet...

Regulation: MSRB Warns Dealers of New G-21 Requirements for 529 Plans.
December 1, 2005... All broker-dealer advertisements of college savings programs' municipal fund securities containing performance data that are published on or after today must meet new requirements under the Municipal Securities Rulemaking Board's Rule G-21 on...

Competitive Bond Offerings.
December 1, 2005... 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, 2005... 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 1 F Contra...

Negotiated Bond Offerings.
December 1, 2005... 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 November 28 Arkansas...

Negotiated Note Offerings.
December 1, 2005... ISSUER ST DESCRIPTION AMOUNT ($000s) LEAD MANAGER FINANCIAL ADVISER INSURER MDY'S S&P FITCH FIRST APPEARED Week Of November 28 Greene County OH GO Bond Antic 14,800 Seasongood & Mayer --- --- --- --- ---...

Results of Negotiated Sales.
December 1, 2005... CALIFORNIA ABAG Finance Authority For Nonprofit Corporations Nov 29, 2005 $25,000,000 Variable Rate Multi-Family Housing Revenue Bonds (Capitol Park Apartments), 2005 Series A (Mandatory Put April 17, 2006) (book entry) (AMT) ...

Results of Competitive Sales.
December 1, 2005... CALIFORNIA Los Angeles (City) Nov 30, 2005 $298,805,000 Wastewater System Revenue Refunding Bonds, Series 2005-A (book entry). Dated Dec 13, 2005. Due Jun 1, 2009 to 2035. Callable Jun 1, 2015 at par. Winning...

Municipal Bond Activities.
December 1, 2005... December 1 The New York State Government Finance Officers' Association Long Island Region will host a Holiday Seminar followed by a cocktail reception at the Melville Marriott. There will be presentations on the Long Island Year in Review...

New York City's Deputy Mayor for Operations Steps Down.
December 1, 2005... New York City first deputy mayor for operations Marc V. Shaw is leaving his post for the private sector, Mayor Michael R. Bloomberg said at a press conference yesterday. Shaw has worked for Bloomberg since the start of the Republican...

ALABAMA: Children's Better Outlook.
December 1, 2005... Standard & Poor's on Monday revised its rating outlook to positive from stable on $115 million of outstanding debt for Children's Hospital of Alabama. At the same time, Standard & Poor's affirmed its A rating on the bonds, which were...

FLORIDA: Medicaid and Slots.
December 1, 2005... The Legislature convenes in a special session on Monday to consider Medicaid reform issues and legislation regulating slot machines. Gov. Jeb Bush called the session, which is expected to last through Friday, to consider his massive...

FLORIDA: Power Plant Push.
December 1, 2005... Tallahassee voters, by 60% of the ballots cast on Nov. 17, agreed that the city should participate in the North Florida Power Plant Project, which ultimately would require the city to issue $300 million or more of revenue bonds. However, a...

LOUISIANA: Storm Aid Offered.
December 1, 2005... State Treasurer John Kennedy this week presented the Legislature with measures to help hurricane-impacted local governments and businesses. Lawmakers are planning for a special session in January to address such issues. Kennedy noted that...

NORTH CAROLINA: Halifax Gets a Boost.
December 1, 2005... Moody's Investors Service last week upgraded Halifax County to A3 from Baa1. Analyst Brian Kennedy said the upgrade reflects the county's ability to maintain a strong financial position despite challenges from a weaker local economic base....

TENNESSEE: Gateway Still Watched.
December 1, 2005... The delayed closure of a deal that would allow for Gateway Medical Center to be sold to Triad Hospitals Inc. prompted Moody's Investors Service last week to keep the center's debt on watch list for a possible downgrade. The action affects...

Long-Term Bonds: January-November.
December 1, 2005... 2005 2004 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $371,269,100 12,344 $326,797,000 12,337 +13.6 % January 22,503,600 811 ...

New-Issue Volume Notes.
December 1, 2005... The new-issue volume tables are based on information compiled by The Bond Buyer from Thomson Financial's database on Wednesday, Nov. 30, 2005. All figures are preliminary and subject to revision. Long-term bonds have final stated maturities...

Bond Sales by State: January-November.
December 1, 2005... 2005 2004 Volume Volume Percentage State Rank ($000s) Rank ($000s) Change Alabama 31 $2,887,900 36 $1,814,400 +59.2 % Alaska 42 1,281,500 45 1,068,100 +20.0 Arizona 13 8,425,300 15 6,355,900 +32.6 Arkansas 40...

Long-Term Bond Sales: November.
December 1, 2005... 2005 2004 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $34,018,700 879 $25,570,700 1,030 +33.0 % Development 631,000 26 1,110,600 44 -43.2 Education 7,754,800 218 6,190,900 269 +25.3 ...

Largest Issues: November 2005.
December 1, 2005... Amount Issuer Date $2,594.0 California Department of Water Resources Nov 17 1,000.0 Brazos Higher Education Authority, Tex., student loans Nov 17 1,000.0 California (State) GOs Nov 16 836.2 New York State Dormitory...

Municipal Market Data General Obligation Yields.
December 1, 2005... Aaa Aaa (pure) (ins) Aa A Baa 2006 3.20 3.24 3.24 3.32 3.52 2010 3.43 3.55 3.54 3.70 3.94 2015 3.87 4.00 3.98 4.19 4.42 2020 4.10 4.23 4.21 4.42 4.66 2025 4.30 4.41 4.40 4.60 4.80 2030 4.47 4.57 4.57 4.76 4.96...

U.S. Securities Prices.
December 1, 2005... 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 -- 12/29/2005 3. -- /910 3. -- /870 3.976 3M -- 3/2/2006 3.860/855...

Short-Term Tax-Exempt Yields.
December 1, 2005... Nov 30, 2005 Nov 29, 2005 Dec 1, 2004 Selected MIG-1/SP-1+ Notes California Rans 4 1/2s (June 06) 3.15 3.18 2.02 Los Angeles Co Trans 4s (June 06) 3.18 3.20 2.02 New Jersey Trans 4s (June 06) 3.22 3.22 1.95 Texas Trans...

Market Indicators.
December 1, 2005... Dollar amounts are in millions Day's 2005 2005 Daily Yesterday Change High Date Low Date Municipal Bond Index 112-28 -3/32 116-24 (6/27) 111-25 (11/4) 40 Average Dollar Price 101.09 -0.10 105.74 (6/7) 100.30 (11/4) ...

One-Year Note Index.
December 1, 2005... 2005 Nov 30 3.29% 22 3.29 16 3.28 9 3.12 2 3.02 Oct 26 3.02 19 2.99 12 3.00 5 2.94 Sep 28 2.91 21 2.83 14 2.84 7 2.90 Aug 31...

New-Issue Balances.
December 1, 2005... (,000 Omitted) * Since initial reoffering + Revised upward since last report Amount Date NEW OFFERINGS Sold Balance $333,785 11/30 District of Columbia $333,785 All Sold 298,805 11/30 Los Angeles, Calif. 298,805 All...

Reoffering Yields.
December 1, 2005... 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 11/22 4.1 Wilton, Conn. 3.15 3.40 3.75 4.00......... 11/17 8.2 Virginia...

Municipal Bond Prices.
December 1, 2005... 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 Change...

Municipal Bond Index.
December 1, 2005... Current Day Previous Day Week Ago Month Ago Year Ago The Bond Buyer Municipal Bond Index 112-28 112-31 112-29 112-08 110-20 Wednesday, November 30, 2005 Maturity Par Call Dollar Conversion Converted Date Date Price Factor Price...

Municipal Bond Index Update.
December 1, 2005... The list of bonds used to calculate the Municipal Bond Index was revised after the Nov. 30 pricing. The new coefficient is 1.0306. It was derived by dividing the Nov. 30 index (112.862320) by the average converted price of the new set of...

N.Y. Dorm Authority Approves Deals for Columbia, Rochester.
December 1, 2005... The Dormitory Authority of the State of New York yesterday approved the sale of $650.9 million of bonds through four issues for university and health care purposes. In the largest transaction, the board cleared the way for as much as $500...

Friday.
December 2, 2005... REGIONS THE MICHIGAN HIGHER EDUCATION FACILITIES AUTHORITY will bring its first fixed-rate, long-term bond issue to market on behalf of a charter school in a deal set for next week that won an investment grade rating despite a limit on...

Church School Issues: Californians Turn to Colorado Conduit.
December 2, 2005... SAN FRANCISCO -- With a lawsuit touching on the ability of religious schools to issue tax-exempt debt in California still awaiting resolution in the state Supreme Court, some schools have chosen instead to sell debt through a conduit issuer in...

Fitch Lowers Louisiana GOs, Toll Debt.
December 2, 2005... ATLANTA -- Fitch Ratings yesterday became the second rating agency to downgrade Louisiana's general obligation debt because of the financial stresses brought on by Hurricane Katrina, but it went a step further and also lowered the rating for...

Delta Makes LaGuardia Payment: Lease Dispute Remains on Hold.
December 2, 2005... CHICAGO -- Bankrupt Delta Air Lines Inc. was expected to make, on time, its interest payment of $3.4 million due yesterday on $96.5 million of 1992 special facilities revenue bonds for projects at LaGuardia Airport in New York. It was a...

Munis Weaken as Treasuries Sink Even Further.
December 2, 2005... The municipal bond market weakened yesterday as Treasuries moved deeper into negative territory amid fears of a potentially strong nonfarm payrolls report, which would signal continuation of a Federal Reserve tightening cycle. Traders said...

In Brief: Personal Income, Spending Up in Oct.
December 2, 2005... WASHINGTON -- Personal income rose 0.4% in October as personal consumption increased 0.2%, the Commerce Department reported yesterday. Personal income rose by $42.5 billion to about $10.385 trillion after an unrevised 1.7% increase in...

In Brief: Jobless Claims Fall 17,000 to 320,000.
December 2, 2005... WASHINGTON -- First-time applications for state unemployment decreased 17,000 to 320,000 in the week ended Nov. 26, according to data released by the Labor Department yesterday. The applications figure was identical to the 320,000 claims...

In Brief: Construction Spending Rises to Record Level.
December 2, 2005... WASHINGTON -- Spending on construction projects rose 0.7% in October as both private and public construction rose to all-time records, according to Commerce Department figures released yesterday. Total construction spending rose to a...

In Brief: ISM Index Dipped To 58.1 in November.
December 2, 2005... The overall economy expanded for the 49th straight month in November, while the manufacturing sector expanded for the 30th time in as many months, the Institute for Supply Management reported yesterday. According to the ISM's monthly report...

In Brief: Weekly T-Bill Auction To Raise $2.091B.
December 2, 2005... WASHINGTON -- The Treasury Department said yesterday it will raise $2.091 billion of new cash at its weekly auction of 91-day and 182-day discount bills Monday by selling $34 billion to refund $31.909 billion in maturing securities. To be...

Tax Enforcement: IRS Mulls Releasing Voluntary Closing Agreement Information.
December 2, 2005... The Internal Revenue Service will consider releasing general information about the kinds of agreements reached under its Voluntary Closing Agreements Program and the ranges of the amounts paid under those agreements, tax-exempt bond officials...

Securities Enforcement: Ameriprise Hit With $42M in Fines for Fund, 529 Plan Abuses.
December 2, 2005... The Securities and Exchange Commission and securities regulator NASD, in separate enforcement actions, yesterday ordered Ameriprise Financial Services Inc., formerly American Express Financial Advisors Inc., to pay a total of $42.3 million for...

Oklahoma's GOP Senators Seeking Road Plan, Tax Cuts.
December 2, 2005... DALLAS -- The Republican caucus in the Democrat-controlled Oklahoma Senate on Wednesday outlined priorities for the 2006 legislative session, including a $300 million, five-year highway maintenance plan and a reduction in state income tax...

In Michigan, Market Keen to Watch Investment-Grade Charter School Deal.
December 2, 2005... CHICAGO -- The Michigan Higher Education Facilities Authority will bring to market its first fixed-rate, long-term bond issue on behalf of a charter school in a deal set for next week that won an investment-grade rating despite a limit on the...

Last-Minute Disputes Likely to Delay D.C. Ballpark Bond Deal.
December 2, 2005... WASHINGTON -- The District of Columbia's planned sale of $534 million in municipal bonds for construction of a new home for the Washington Nationals baseball team may be delayed until after Dec. 20, developments yesterday suggest. ...

Prince George's Co. to Sell $190M Over 3 Years.
December 2, 2005... WASHINGTON -- Prince George's County, Md., expects to issue at least $190 million in tax-exempt bonds over three years to build two new high schools and rehabilitate several other schools as part of $250 school construction program, county...

N.J. Task Force Calls on State to Bridge $8.6 Billion Pension Fund Gap.
December 2, 2005... New Jersey should sell assets or find another source of revenue so it can immediately make an $8.6 billion pension fund payment to cover an existing shortfall, according to a report released yesterday. The Benefits Review Task Force said...

Mutual Funds: Muni Inflows Extend Slide, May Soon Turn Negative.
December 2, 2005... Municipal bond fund net inflows fell for the third consecutive month to $243 million in October, from $1.01 billion in September, the Investment Company Institute reported. The results could turn negative in November as weekly reporting...

Mergers & Acquisitions: N.Y.'s Arrivato Advisors to Buy INTRUST Bank's Mutual Fund Management Unit.
December 2, 2005... The New York-based Arrivato Advisors LLC on Wednesday announced an agreement to acquire INTRUST Bank's mutual fund management unit, which includes a small Kansas municipal bond fund. Under the terms of the deal, Arrivato will buy the...

Competitive Bond Offerings.
December 2, 2005... 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, 2005... ISSUER ST DESCRIPTION AMOUNT($000s) TIME OF SALE FINANCIAL ADVISER LEGAL OPINION MATURING INSURER MDY'S S&P FITCH BANK-QUAL. LATEST DETAILS Monday, December 5 King Philip...

Negotiated Bond Offerings.
December 2, 2005... 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 Friday, December 2 Arkansas Dev...

Negotiated Note Offerings.
December 2, 2005... ISSUER ST DESCRIPTION AMOUNT ($000s) LEAD MANAGER FINANCIAL ADVISER INSURER MDY'S S&P FITCH FIRST APPEARED Friday, December 2 Greene County OH GO Bond Antic 14,800 Seasongood & Mayer --- --- --- --- ---...

Results of Negotiated Sales.
December 2, 2005... ALABAMA Alabaster (City) Nov 21, 2005 $13,095,000 General Obligation Warrants, Series 2005-B (book entry) $555,000. Dated Nov 1, 2005. Due Apr 1, 2015 to 2025. First coupon Apr 1, 2006. Callable Apr 1, 2015 at...

Results of Competitive Sales.
December 2, 2005... ILLINOIS Plainfield Community Consolidated School District No 202 Dec 1, 2005 $10,000,000 General Obligation School Building Bonds, Series 2005 (bank qualified) (book entry). Dated Dec 1, 2005. Due Jan 1, 2022 to 2025....

Rating Changes.
December 2, 2005... Dollar amounts represent the amount of bonds outstanding in the issue. Rating changes that result from the purchase of the letters of credit or bond insurance for issues in the secondary market are not included. Compiled by Matthew Kreps...

CALIFORNIA: Same Job, Stabler Pastures.
December 2, 2005... San Diego's embattled city manager has a new job in a more financially stable community up the California coast. Before Thanksgiving, Lamont Ewell told San Diego officials that he was resigning effective immediately to take a new job as...

CALIFORNIA: S.D. Pension Hearing.
December 2, 2005... The first criminal proceeding to result from San Diego's pension and bond-disclosure driven financial crisis began this week. Those facing felony conflict-of-interest charges filed by the San Diego County district attorney are former city...

CALIFORNIA: Earthquakes' Future.
December 2, 2005... In an effort to keep the San Jose Earthquakes from moving, San Jose city officials are discussing public subsidies to build the pro soccer team a new stadium, the San Jose Mercury News reported. The City Council met in closed session...

CALIFORNIA: Negative on Contra Costa.
December 2, 2005... Standard & Poor's on Wednesday revised its outlook for Contra Costa County to negative from stable, citing dwindling cash reserves. The county's issuer rating was affirmed at AA. The action affects a total of $869.7 million of debt and came...

CALIFORNIA: Governor Taps a Democrat.
December 2, 2005... In an action that raised eyebrows on both sides of the aisle, California's Republican governor, Arnold Schwarzenegger, appointed a prominent Democrat to be his chief of staff Wednesday. Susan Kennedy, who was deputy chief of staff and...

CALIFORNIA: S.F. Building Refunding.
December 2, 2005... The San Francisco State Building Authority priced $201.5 million of lease-revenue refunding bonds on Wednesday with Banc of America Securities LLC as book-runner. Most of the bonds were insured by Financial Guaranty Insurance Co. The deal...

West Virginia Aircraft Manufacturer Defaults on Lease.
December 2, 2005... WASHINGTON -- An aircraft manufacturer in West Virginia defaulted last Friday on monthly lease payments tied to a $3.775 million tax-exempt revenue bond series sold by the West Virginia Economic Development Authority on behalf of the...

Bush Signs $138B Appropriation Package for HUD, Transportation, D.C.
December 2, 2005... WASHINGTON -- President Bush this week signed into law a $138 billion fiscal 2006 spending package for the departments of Transportation and Housing and Urban Development, as well as other agencies, that included $36.8 billion for highway...