The Bond Buyer articles from February 2002

The Bond Buyer archives from February 2002

Issuers Set Record for January Debt: Sales Total $20.4B.
February 1, 2002... Carrying forward the momentum that built through last year, municipal issuers sold a record $20.4 billion in long-term bonds in January, a 64% increase over the volume sold in the first month of 2001, according to Thomson Financial Securities...

A Plan, But No Customers: California Power Agency's Role Questioned.
February 1, 2002... While California's new power authority trumpets its plan to promote renewable energy and boost electricity reserves, details of how billions of dollars in unspecified projects will be financed remain largely unknown. Officially called the...

San Francisco Utilities Wants $4.6B to Upgrade Water System.
February 1, 2002... The San Francisco Public Utilities Commission is piecing together a $4.6 billion bond measure it hopes to place on the November 2002 ballot to repair and seismically upgrade the decrepit Hetch Hetchy water system If approved, it would be...

The Digest.
February 1, 2002... Some long-dated municipal bond prices eked out 1/8 of a point gains yesterday while the Treasury market flew through a barrage of economic data with nary a nick, although volatility marred follow-through trading ahead of today's U.S....

Thursday's Market: Munis Remain Stable on Long End; Treasuries Sag Ahead of Jobs Report.
February 1, 2002... Some long-dated municipal bond prices eked out 1/8 of a point gains yesterday while the Treasury market flew through a barrage of economic data with nary a nick, although volatility marred follow-through trading ahead of today's U.S....

News In Brief.
February 1, 2002... FOMC Cautious, Dec. Minutes Show WASHINGTON -- Despite signs that economic conditions might be improving, most members of the Federal Open Market Committee remained cautious during a December meeting when they decided to cut the federal...

St. Paul Pitching Plan to Lure Minnesota Twins to a New Stadium.
February 1, 2002... With the clock ticking on Major League Baseball's reported plan to eliminate the Minnesota Twins, St. Paul Mayor Randy Kelly unveiled a plan yesterday to enact a ticket tax and increase the sales tax at some establishments to finance...

Cook County Varies Team for Upcoming $500M GO Deal.
February 1, 2002... Cook County, Ill., has some new faces on its financing team for its upcoming sale of as much as $500 million of taxable and tax-exempt general obligation bonds in fixed- and variable-rate series. The deal, which will be structured in three...

Texas School Deal Finds Buyer in Extended Offering Period.
February 1, 2002... Morgan Keegan & Co. stepped in during an extended offering period to buy $12.4 million in certificates of obligation sold to finance a charter school in Westlake, Tex., after the competitive deal initially failed to draw any bids. A member...

FSA Holdings Posts Net Income of $209.5 Million for 2001.
February 1, 2002... Financial Security Assurance Holdings Ltd., parent company of bond insurer Financial Security Assurance Inc., Wednesday reported net income of $209.5 million for 2001, a threefold increase over 2000 net income, which took into account...

Calif. PUC Wants to Let Customers Pay.
February 1, 2002... Hoping to restart the motor on the California Department of Water Resources' long-stalled $12.5 billion revenue bond deal, the California Public Utilities Commission yesterday proposed a new method for collecting revenue through utility rates...

Little Rock Placed on Negative CreditWatch.
February 1, 2002... Standard & Poor's yesterday placed the AA-minus rating for Little Rock's outstanding general obligation bonds on CreditWatch with negative implications. The negative credit implications also apply to Little Rock's outstanding Series 1999B...

'16-for-16' San Diego Readies Ballpark Bonds.
February 1, 2002... After more than a year of delays, San Diego plans within two weeks to privately place about $166 million in bonds to finance a new ballpark after a superior court judge dismissed the most recent case seeking to halt the financing. Private...

Tax Legislation: Senator Pushes Plan to Boost Size of Small-Issue IDBs.
February 1, 2002... The allowable size of small-issue industrial development bonds would be doubled under an amendment that Sen. Craig Thomas, R-Wyo., is planning to introduce when the Senate restarts debate on an economic stimulus package next week. Thomas...

State and Local Finance: NFMA, ABA Seeking to Create Disclosure Task Force.
February 1, 2002... The National Federation of Municipal Analysts is hoping to set up a joint task force with the American Bankers Association's corporate trust committee to talk about improving secondary market disclosure. Peter Bianchini, the NFMA's chairman...

Securities Regulation: SEC Approves MSRB Rules on Minimum Denominations.
February 1, 2002... The Securities and Exchange Commission has approved changes in Municipal Securities Rulemaking Board rules that generally will bar dealers from trading municipal bonds issued after June 1, 2002, if the denomination is below the issuer's...

CALIFORNIA: Finance Appointment.
February 1, 2002... The state treasurer's office has a new director of its public finance division, effective today. Juan Fernandez was named by Treasurer Philip Angelides to oversee programs that carry out the treasurer's fiduciary responsibilities,...

CALIFORNIA: Bridge Plan.
February 1, 2002... Construction began this week on the eastern span of the new San Francisco-Oakland Bay Bridge, which Gov. Gray Davis said would create 67,000 new jobs. "This project isn't just a spark for our troubled economy -- it's a full-fledged...

CALIFORNIA: Anaheim's OK.
February 1, 2002... Standard & Poor's affirmed its AA rating for the city of Anaheim -- home of Disneyland and other tourist attractions -- and removed it from CreditWatch with negative implications. The action applied to $8.2 million in outstanding general...

NEVADA: Street Bonds.
February 1, 2002... The North Las Vegas Special Assessment District No. 58 on Wednesday will sell $2.46 million of revenue bonds for street improvements. Proceeds from the bonds will finance curbs and gutter improvements, parking, and necessary utilities for...

OREGON: BPA Boss.
February 1, 2002... Steve Wright has been named administrator for the Bonneville Power Administration, the federal agency that markets electricity to Washington, Oregon, Idaho, and western Montana. Based in Portland, the BPA is the largest provider of...

WASHINGTON: Grading Whitworth.
February 1, 2002... Moody's Investors Service this week announced it had affirmed its underlying rating of Baa1 with a stable outlook for $12.6 million in Series 1998 bonds issued by Whitworth College. The issue was insured by MBIA Insurance Corp. "The...

WASHINGTON: Lawsuit Update.
February 1, 2002... The Spokane City Council voted Monday to hold a special meeting to update the public on litigation involving the River Park Square parking garage. In a 6-to-1 vote, members agreed with Councilman Steve Eugster's motion that the meeting be...

Mutual Funds: Despite December Outflows, Muni Funds Had a Net Inflow in '01.
February 1, 2002... Municipal bond funds had a net outflow of $918 million in December, as investors generally maintained an overall neutral stance on both stock and bond mutual funds, according to data released by the Investment Company Institute Wednesday. ...

Texas Public Finance Conference: Issuers, Investors Agree: There's No Such Things as Too Much Information.
February 1, 2002... Texas issuers say they are willing to do whatever it takes to make buying their bonds easier and more palatable for investors, up to and including "dog-and-pony" shows, conference calls, or putting out preliminary official statements earlier....

LARGEST ISSUES: January 2002.
February 1, 2002... Amount Issuer Date $1,103.9 Puerto Rico Highway & Transportation Authority, highways (NM/ref) Jan 25 739.0 Puerto Rico Public Buildings Authority, govt offices (ref) Jan 14 591.4 Washington, GOs (cpt) ...

BOND SALES BY STATE: January.
February 1, 2002... 2002 2001 State Rank Volume Rank Volume Pct Chg Alabama 22 $311,400 39 $22,900 +1259.8 % Alaska .. 0 31 83,600 -100.0 Arizona 15 500,800 20 192,300 +160.4 Arkansas ...

LONG-TERM BONDS: January.
February 1, 2002... 2002 2001 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $20,415,900 712 $12,452,000 670 +64.0 % Development 471,000 13 187,700 29 ...

State and Local Government Series Rates.
February 1, 2002... Friday Monday Tuesday Wednesday Thursday Jan. 25 Jan. 28 Jan. 29 Jan. 30 Jan. 31 Overnight* 1.16 1.16 1.20 1.20 1.20 Three Months 1.67 1.67 1.71 1.67 1.70 Six Months 1.77...

Market Indicators.
February 1, 2002... Dollar amounts are in millions Day's 2002 2002 Daily Yesterday Change High Date Low Date Municipal Bond Index 104-07 unch 105-05 (1/16) 102-19 (1/2) 40 Average Dollar Price 97.91 ...

Municipal Market Data General Obligation Yields.
February 1, 2002... Aaa Aaa (pure) (ins) Aa A Baa 2003 1.60 1.66 1.65 1.81 2.31 2007 3.57 3.69 3.67 3.86 4.39 2012 4.30 4.41 4.40 4.59 5.18 2017 4.82 4.94 4.92 5.10 5.67 2022...

U.S. Securities Prices.
February 1, 2002... Prices as of 3:45 p.m. EST. Source: GovPx Inc. Treasury Bills Yesterday's Prev. Day's Yesterday's (in percent of discount) Bid/Offer Bid/Offer Bid Yield 1M -- 2/28/2002 1.650/635 1.670/670 1.675 3M --...

Short-Term Tax-Exempt Yields.
February 1, 2002... Jan. 31, 2002 Jan. 30, 2002 Feb. 1, 2001 Selected MIG-1/SP-1+ Notes California Rans 3 1/4s (Jun 02) 1.45 1.40 n.a. Los Angeles Co Trans 3 3/4s (June 02) 1.35 1.35 2.80 NYC Rans 3s (Apr 02) 1.45 1.30 3.20...

Bond Buyer Indexes.
February 1, 2002... Average Municipal Bond Yields -- Compiled Weekly (1) General obligation bonds maturing in 20 years are used in compiling these indexes. The 20-bond index has an average rating equivalent to Moody's Aa2 and S&P's AA, while the 11-bond index is...

Credit Calendar.
February 1, 2002... MONDAY, February 4 The Treasury raises $78 million of new cash at its regular auction of 91- and 182-day bills by selling $30 billion to replace $29.922 billion of maturing securities, and announces the size of its four-week bill auction....

Weekly Yields of 20-Bond GO Index and Treasury Securities.
February 1, 2002... Latest Previous Year 12-Month Week Week Ago High Low 20-Bond Index 5.15 5.17 5.15 5.34 4.91 10-Year Treasury Note 5.03 5.02 5.08 5.49 4.21 30-Year Treasury Bond 5.43 5.46 ...

Reoffering Yields.
February 1, 2002... NRO - Not Reoffered; S.B. - Sealed Bid; SNA - Sold, Not Available Offer AmountDate ($Mil) NEW OFFERINGS 1 Year 5 10 15 20 25 30 RECENT OFFERINGS Aaa -- AAA Aa1/Aa2/Aa3 -- AA+/AA/AA- A1/A2/A3 -- A+/A/A- Baa1/Baa2/Baa3 -- BBB+/BBB/BBB- ...

Futures Markets.
February 1, 2002... Thursday, January 31, 2002 Municipal Bond Index Del. Month High Low Settle Change Mar 02 104-24 104-01 104-04 -11 Jun 02 103-00 -11 Estimated number of contracts traded: 1,200 Number of...

New-Issue Balances.
February 1, 2002... (,000 Omitted) *Since initial reoffering + Revised upward since last report Amount Date NEW OFFERINGS Sold Balance $150,600 1/31 Tennessee (State) $150,600 All Sold 28,732 1/31 Falmouth,...

Municipal Bond Index.
February 1, 2002... 3 pm Noon 3 pm Noon Week Yesterday Yesterday Prev. Day Prev. Day Ago The Bond Buyer Municipal Bond Index 104-07 104-07 104-07 104-07 104-08 Thursday, January 31, 2002 Maturity Par Call ...

Municipal Bond Prices.
February 1, 2002... These 40 bonds are priced and evaluated daily at about 3 p.m. by 5 municipal bond dealer-to-dealer brokers: Butler, Larsen, Pierce & Co. Chapdelaine & Co. Hartfield, Titus & Donnelly, LLC J.J. Kenny Drake Inc. R.W. Smith & Associates Inc....

Municipal Bond Index Update.
February 1, 2002... The list of bonds used to calculate the Municipal Bond Index was revised after the January 31 pricing. The new coefficient is 0.9982. It was derived by dividing the January 31 index (104.220536) by the average converted price of the new...

Bond Buyer Yield Indexes Drop Slightly Amid a Glut of Data.
February 1, 2002... The Bond Buyer's yield indexes dropped slightly this week as municipal bonds remained stuck in a holding pattern, even as Treasury bonds were buffeted by crosscurrents from the Federal Reserve's monetary policy announcement of no change in...

Competitive Bond Offerings.
February 1, 2002... ISSUER ST DESCRIPTION AMOUNT ($000s) TIME OF SALE FINANCIAL ADVISER LEGAL OPINION MATURING INSURER MDY'S S&P FITCH BANK-QUAL. LATEST DETAILS Friday, February 1 Elizabethtown SD PA GO ...

Competitive Note Offerings.
February 1, 2002... ISSUER ST DESCRIPTION AMOUNT($000s) TIME OF SALE FINANCIAL ADVISER LEGAL OPINION MATURING INSURER MDY'S S&P FITCH BANK-QUAL. LATEST DETAILS Friday, February 1 Stoughton MA...

Negotiated Bond Offerings.
February 1, 2002... Tentative dates for negotiated sales of $5 million or more. raf=rating applied for; NR=Not Rated ---- ISSUER ST DESCRIPTION AMOUNT ($000s) LEAD MANAGER INSURER MDY'S S&P FITCH FIRST APPEARED Friday, February 1...

Sealed Bids Invited.
February 1, 2002... IOWA Sioux County $6,000,000 (Exact) Sealed bids (Parity bids accepted) 11 am CST Feb 12. General Obligation Bonds (bank qualified) (book entry). Dated Mar 1, 2002. Due May 1, 2003 to 2021. Callable May 1, 2012...

Results of Negotiated Sales.
February 1, 2002... ALABAMA Birmingham Jefferson Civic Center Authority Jan 30, 2002 $64,565,000 Special Tax Refunding Bonds, Series 2002A (FSA Insured) (book entry). Dated Jan 1, 2002. Due Jan 1, 2003 to 2012. First coupon Jul 1,...

Results of Competitive Sales.
February 1, 2002... ILLINOIS Peoria Public Building Commission Jan 31, 2002 $11,900,000 School District Facilities Revenue Refunding Bonds, Series 2002 (FGIC) (book entry). Dated Feb 15, 2002. Due Dec 1, 2007 to 2012. Non-callable....

Rating Changes.
February 1, 2002... 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. ISSUER AMOUNT ...

Looking for Commitment.
February 4, 2002... While the California Public Utilities Commission's proposed plan to set rates that would back up to $13.4 billion in power bonds is a step in the right direction, many legal questions must still be answered before any debt can be sold, market...

Virginia Senate Passes $1.4 Billion Debt Package for Higher Education.
February 4, 2002... The Virginia Senate unanimously approved legislation Friday authorizing the issuance of $1.4 billion in tax-exempt debt as part of a massive $1.6 billion bond package that is dominated by higher education projects. The package, which is...

The Digest.
February 4, 2002... Municipal bond prices were 1/8 to 1/4 of a point higher in spots along the yield curve on Friday, firming in sympathy with Treasury bond price gains and as buyers chased light supply. Complete market coverage by Sean Monsarrat and Nicholas...

NYC's New Comptroller: Let's Rebuild.
February 4, 2002... New York City Comptroller William C. Thompson Friday called on the municipal bond industry to play a leading role in the rebuilding of lower Manhattan, and also said the city will be pushing forward with a plan to select a new underwriting...

Muni Prices Up 1/8 to 1/4 Point As Investors Chase Light Supply: Friday's Market.
February 4, 2002... Municipal bond prices were 1/8 to 1/4 of a point higher in spots along the yield curve Friday, firming in sympathy with Treasury bond price gains and as buyers chased light supply. Governments were mostly higher after the Labor Department...

News In Brief: Non-Farm Payrolls Fall 89,000 in Jan.
February 4, 2002... The U.S. labor market lost more jobs than expected in January, while the unemployment rate declined, government data showed. The Labor Department reported an 89,000 fall in payrolls outside the farm sector. The drop was well above the...

News In Brief: Univ. of Mich. Jan. Index Off.
February 4, 2002... The University of Michigan's final January consumer sentiment index reading fell to 93.0 from the preliminary January reading of 94.2, but was up from the 88.8 final December number, according to market sources. Economists polled by IFR...

News In Brief: Dec. Construction Spending Increased.
February 4, 2002... Construction spending rose more than expected in December, Commerce Department figures showed. All construction spending rose 0.2% to $863.6 billion, following a revised 0.3% gain in November that was originally reported as a 0.8%...

News In Brief: ISM Jan. Index Rises to 49.9%.
February 4, 2002... The manufacturing sector of the economy showed contraction in January at a slower rate than in December, according to the Institute for Supply Management's report on business. The ISM, formerly known as the National Association of...

Rutgers Sets First-Ever Variable-Rate Deal.
February 4, 2002... In an effort to diversify its debt portfolio, Rutgers University -- the largest university in New Jersey and the state's leading public higher education institution -- on Wednesday will sell $110 million of general obligation refunding bonds in...

New Atlanta Mayor Unveils Budget, Vows to Restore Reserves.
February 4, 2002... Atlanta's new mayor presented a $422 million budget for fiscal 2002 last week that she says eliminates an $82 million budget gap. Shirley Franklin also said her plan will restore the city's reserves, which rating agencies say is key to...

Former N.Y.C. Deputy Comptroller Heads to Siebert Brandford Shank.
February 4, 2002... Jonathan White, former deputy comptroller for public finance for New York City, is crossing over to the private sector by joining the up-and-coming San Francisco-based firm of Siebert Brandford Shank. White, 48, a Queens resident, will...

Hawaii Makes Return to Market With $600 Million GO Deal.
February 4, 2002... Hawaii will price nearly $600 million of general obligation bonds the week of Feb. 11, the state's first debt financing since Sept. 11. The bulk of the issuance, $341.5 million, is a refunding to take advantage of low interest rates and...

Value-Conscious Buyers Eye Hefty Arizona, Texas Deals: The Week Ahead.
February 4, 2002... With the possibility of 2002's first interest rate cut now a passing memory, investors are breathing a sigh of relief as they look forward to this week's sizable slate of new issues, including two large offerings -- one from a supply-scarce...

MIT's Sterling Reputation Boosts $250 Million Sale: Deal in Focus.
February 4, 2002... Triple A-rated Massachusetts Institute of Technology is coming to market this week with $250 million of revenue bonds that portfolio managers are predicting will be an easy sell. The debt will be issued through the Massachusetts Health and...

DISTRICT OF COLUMBIA: E-Filing.
February 4, 2002... The district government's office of tax and revenue announced Thursday that its online tax-filing system is now operating. The Electronic Taxpayer Service Center, or eTSC, now allows individual taxpayers to file their taxes via the Internet...

MAINE: Mortgage Deal.
February 4, 2002... The Maine State Housing Authority plans to sell $30 million of Series 2002A mortgage purchase bonds this week. The deal is broken into two series: a $2.4 million Series 2002A-1 and a $27.6 million Series 2002A-2. The bonds will finance...

MARYLAND: Treasurer Wanted.
February 4, 2002... Nestled between ads for tractor-trailer drivers and professional tree climbers in last Tuesday's Washington Post help-wanted section was a listing seeking "Candidates for Maryland State Treasurer." Treasurer Richard N. Dixon recently...

NEW HAMPSHIRE: Optima Dissolution.
February 4, 2002... Standard & Poor's has removed Elliot Hospital and Catholic Medical Center from CreditWatch with developing implications, more than two years after the hospitals began dissolving their merger. In a report that was released Friday, the agency...

NEW YORK: Nassau's Bad Numbers.
February 4, 2002... Nassau County's fiscal crisis just keeps getting worse. County Executive Thomas Suozzi, a Democrat, announced last week that an analysis by his budget team shows that the county's $2.2 billion budget for fiscal 2002 still shows a deficit...

NEW YORK: MONROE LOWERED.
February 4, 2002... Standard & Poor's lowered Monroe County's general obligation bond rating to AA-minus from AA. The outlook is negative. Analysts said the downgrade is based on a substantial reduction of fund balance reserves, which has contributed to...

PENNSYLVANIA: Rainy Day Reduction.
February 4, 2002... Gov. Mark Schweiker last week proposed tapping Pennsylvania's rainy-day fund for only the second time in state history to cover $550 million of a projected $620 million budget shortfall. Schweiker credited himself and former Gov. Tom Ridge...

Ohio County Discloses Blind Pool Audit.
February 4, 2002... Clinton County, Ohio, Friday became the second issuer in a few days to disclose that the Internal Revenue Service is examining for possible arbitrage violations a "blind pool" bond issue it sold on behalf of non-profit hospitals. The...

Washington Airports Authority Planning $100 Million Commercial Sale.
February 4, 2002... The Metropolitan Washington Airports Authority is planning to issue $100 million in commercial paper in March to finance its ongoing construction programs at both Ronald Reagan Washington National Airport and Washington Dulles International...

Milwaukee Executive to Fight Recall Vote.
February 4, 2002... Beleaguered Milwaukee County Executive F. Thomas Ament will fight efforts by his opponents to force him to face a recall election over a pension enhancement scandal, his spokeswoman said last week. A group known as Citizens for Responsible...

Arizona Power District Readies $476M Refunding Deal.
February 4, 2002... Salt River Project Agricultural Improvement & Power District in Arizona this week will bring to market $476 million of electric system refunding revenue bonds to prepare for future competition in Arizona's deregulated utilities market. ...

Municipal Market Yields.
February 4, 2002... Values at 2/1/2002 -- Basis Point Change from 1/25/2002 Aaa Aa A Baa 2003 1.55 00 1.70 00 1.92 00 2.20 00 2007 3.50 00 3.66 00 3.88 00 4.16 00 2012 4.25 00 4.41 ...

Market Indicators.
February 4, 2002... Dollar amounts are in millions Day's 2002 2002 Daily Yesterday Change High Date Low Date Municipal Bond Index 104-11 +4/32 105-05 (1/16) 102-19 (1/2) 40 Average Dollar Price 97.66 ...

Municipal Market Data General Obligation Yields.
February 4, 2002... Aaa Aaa (pure) (ins) Aa A Baa 2003 1.60 1.66 1.65 1.81 2.31 2007 3.76 3.88 3.86 4.05 4.59 2012 4.29 4.40 4.39 4.58 5.16 2017 4.80 4.92 4.91 5.08 5.66 2022...

Short-Term Tax-Exempt Yields.
February 4, 2002... Feb. 1, 2002 Jan. 31, 2002 Feb. 2, 2001 Selected MIG-1/SP-1+ Notes California Rans 3 1/4s (Jun 02) 1.45 1.45 n.a. Los Angeles Co Trans 3 3/4s (June 02) 1.40 1.35 2.78 NYC Rans 3s (Apr 02) 1.50 1.45 3.15...

U.S. Securities Prices.
February 4, 2002... Prices as of 3:45 p.m. EST. Source: GovPx Inc. Treasury Bills Yesterday's Prev. Day's Yesterday's (in percent of discount) Bid/Offer Bid/Offer Bid Yield 1M -- 2/28/2002 1.660/650 1.650/635 1.685 3M --...

Placement Ratio.
February 4, 2002... No. Total Amt. Sales from Placement New New Accts. New Accts. Ratio Accts. ($000s) ($000s) (%) No. Total Amt. Sales from Placement New New Accts. New Accts. Ratio Accts....

General Obligation Bond Prices for February 1, 2002.
February 4, 2002... 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 2001 (A1/A+/A) 11/1/01 5% 12/1/07 ...

Visible Supply.
February 4, 2002... Competitive Negotiated Total ($000s) ($000s) ($000s) Competitive Negotiated Total ($000s) ($000s) ($000s) 2002 Weekly Averages 2/1 2,525,348 4,872,106 7,397,454 1/25 1,851,143...