The Bond Buyer articles from February 2009

The Bond Buyer archives from February 2009

BOND INSURERS: Assured Sets Meeting To Vote on Its Acquisition of FSA.(Underwriters and Dealers)
February 2, 2009... Byline: Jack Herman Assured Guaranty Ltd. last week set a shareholders' meeting date of March 16 to vote on its proposed acquisition of Financial Security Assurance Holdings Ltd. The company will ask shareholders to approve the...

Northeast Bond-Watch.(Northeast)
February 2, 2009... Byline: Michelle Kaske, Lynne Funk CONNECTICUT Hartford Mayor Indicted Officials last week charged Hartford Mayor Eddie Perez with allegedly accepting thousands of dollars in free home improvement work from a construction company...

Correction.(Market News)(Correction notice)
February 2, 2009... Friday's lead story about the Government Finance Officers Association incorrectly reported that Matt Fabian said he met with Federal Reserve officials. It should have said he met with federal officials.

Detroit's Deficit Dilemma; Mayor Unveils Deficit-Cutting Program.(News)
February 2, 2009... Byline: Caitlin Devitt CHICAGO -Detroit would securitize the revenues of several city assets as well as cut employee pay by 10% to wipe out an estimated $300 million shortfall under a long-awaited deficit reduction plan that city officials...

San Antonio's CPS Energy Wants To Keep Funding Options Open.(Texas Public Finance Conference)
February 2, 2009... Byline: Jim Watts AUSTIN - The largest municipal utility in Texas will pursue several options to finance the infrastructure needed to serve a rapidly growing customer base, said Paula Gold-Williams, chief financial officer of San Antonio's...

Freshman Rep. to Fight for Muni Issuers.(Washington)
February 2, 2009... Byline: Andrew Ackerman WASHINGTON - Rep. Gerald Connolly, D-Va., pledged to be an "unwavering advocate" on behalf of municipal issuers Friday and said he would work with other lawmakers to draft legislation or prod federal agencies to...

REGULATION: Proposed Legislation to Expand SEC Role in Hedge Fund Oversight.(Washington)
February 2, 2009... Byline: Patrick Temple-West Legislation introduced Thursday by Sens. Charles Grassley, R-Iowa, and Carl Levin, D-Mich., would give the Securities and Exchange Commission the authority to regulate municipal or other hedge funds with $50...

Munis Firmer in 'Back and Forth'.(Market News)
February 2, 2009... Byline: Michael Scarchilli The municipal market was slightly firmer Friday. Traders said tax-exempt yields were lower by about two basis points overall. "We're doing a bit better again," a trader in New York said. "It seems like we're...

IN BRIEF: Advance 4Q GDP Drops 3.8 In Worst Showing Since '82.(Market News)
February 2, 2009... Byline: Market News International The advance fourth-quarter real gross domestic product declined 3.8%, the worst showing since a 6.4% drop in the first quarter of 1982, but nonetheless came in above expectations that centered on a 5%...

IN BRIEF: Employment Cost Index Increased 0.5% in 4Q.(Market News)
February 2, 2009... Byline: Gary E. Siegel The U.S. fourth-quarter employment cost index rose 0.5% for overall compensation costs to civilian workers, the Labor Department reported Friday. Economists polled by IFR Markets predicted a 0.7% rise in the...

IN BRIEF: Jan. Chicago PMI 33.3, Down From 35.1 in Dec.(Market News)
February 2, 2009... Byline: Gary E. Siegel The Chicago Purchasing Managers' Business Barometer fell to 33.3 in January from 35.1 in December, the National Association of Purchasing Management-Chicago said Friday. Economists polled by Thomson Reuters...

IN BRIEF: Jan. NAPM-NY Index Drops to 38.4 From 43.1.(Market News)
February 2, 2009... New York City business activity was down in January, according to the National Association of Purchasing Management-New York's Report on Business. The current business conditions index slumped to 38.4 in January from 43.1 in December, the...

IN BRIEF: Consumer Sentiment Up From December.(Market News)
February 2, 2009... Byline: Gary E. Siegel The University of Michigan's final January consumer sentiment index reading was 61.2 compared to the preliminary January 61.9 and the final December 60.1 readings, according to market sources. Economists polled...

N.Y.C.'s Bloomberg Calls for Cuts In Bond Portion of Capital Plan.(The Regions)
February 2, 2009... Byline: Ted Phillips New York City Mayor Michael Bloomberg on Friday proposed cutting back on the bond-funded portion of the city's 10-year capital commitment plan. "We have to continue to make capital investments but we also have to...

Palm Beach County Urged to Delay Contract After Scandal.(The Regions)
February 2, 2009... Byline: Shelly Sigo BRADENTON, Fla. - The Palm Beach County, Fla., Commission is being urged to delay approval of a financial adviser's contract in light of a series of alleged bond-related misdeeds that led to the resignation of one...

Declining Value of Texas PSF Will Hike Cost of School Deals.(Texas Public Finance Conference)
February 2, 2009... Byline: Jason Philyaw AUSTIN - The deteriorating value of the Texas Permanent School Fund will increase costs of issuance for many school districts trying to bring debt to market this year. The current value of the PSF's investments of...

RPs: GFOA Panel OKs 3 Recommended Practices at Its Winter Meeting.(Washington)
February 2, 2009... Byline: Andrew Ackerman A Government Finance Officers Association committee approved three recommended practices documents at its winter meeting here last week, including one that urges issuers to hire financial advisers when pricing bonds...

TRENDS IN THE REGION: N.Y.'s Big Issuers Eye Their Wish Lists As Legislative Session Gets in Gear.(Northeast)
February 2, 2009... Byline: Ted Philips As New York's 2009 legislative session kicks into high gear the state's largest issuers are looking for support for their annual wish lists. From dealing with troubles arising from recent bond market turmoil to...

January Volume Up 5.3%; Total of 511 Issues Worth $21.2 Billion.(Market News)
February 2, 2009... Byline: Jack Herman New-issue volume in January increased 5.3% year-over-year, as the municipal market entered 2009 facing a world drastically different than a year ago. A total of 511 new-money and refunding issues came to the market...

THE WEEK AHEAD: LAUSD, Georgia Lead Fattened Slate of $3.86 Billion.(Investors and Investing)(Calendar)
February 2, 2009... Byline: Christine Albano After a lull in supply during the last two weeks, the first week of February will kick off with noticeably more vigor thanks to at least two significantly sized deals - a $950 million California school deal and a...

PUBLIC FINANCE: Geraldine Ferraro Headlines at Women's Industry Group.(Underwriters and Dealers)
February 2, 2009... Byline: Michelle Kaske A group of top government finance professionals last week weighed in on working in the public sector and opportunities in their industry - and those speakers all happened to be women. The northeast chapter of...

MUTUAL FUNDS: Week's Inflows Drops to $289 Million From $1.21 Billion.(Investors and Investing)
February 2, 2009... Byline: Dan Seymour Inflows into municipal bond mutual funds slowed last week as the muni market drifted lower. During the seven days ending Jan. 28, investors poured $289 million into muni funds that report their figures weekly, AMG...

EXCHANGE-TRADED FUNDS: New Van Eck ETF Will Track Pre-Refunded Muni Index.(Investors and Investing)
February 2, 2009... Byline: Dan Seymour James Colby, senior municipal strategist at Van Eck Global, admits the timing is pretty fortuitous. Through its Market Vectors brand, Van Eck tomorrow will launch a pre-refunded muni exchange-traded fund to be...

D.C. Lobbyist Spurns Jefferson County.(News)
February 3, 2009... Byline: Shelly Sigo BRADENTON, Fla. - The firm hired last week by Jefferson County, Ala., to lobby for a federal backstop or guarantee to help restructure the county's nearly $3.2 billion of troubled sewer debt has declined to do so. ...

Arizona Cuts $1.6B to Balance Budget; More Red Ink Ahead.(The Regions)
February 3, 2009... Byline: Richard Williamson DALLAS - After signing legislation to cover a $1.6 billion funding gap in the current budget, new Arizona Gov. Jan Brewer warned that even more difficult decisions remain as the state confronts a $3.4 billion...

NEW HIRES: Blank Rome Adds 2 Real Estate Partners in N.Y.C.(Underwriters and Dealers)
February 3, 2009... Byline: Jack Herman Blank Rome LLP has brought in two new partners in its real estate development group, the law firm announced last week. With more than 40 years of combined experience in the real estate and financial services...

SOuthwest Bond-Watch.(Southwest)
February 3, 2009... Byline: Jim Watts, Richard Williamson ARIZONA Sky Harbor Cuts Eyed The Phoenix City Council will consider this week a proposal from Phoenix Sky Harbor International Airport to cut $15.8 million in expenses and eliminate 47 jobs in...

PEOPLE: Robert Colby to Leave SEC for Davis Polk & Wardwell.(Washington)
February 3, 2009... Byline: Lynn Hume Robert L.D. Colby, a deputy division director at the Securities and Exchange Commission who has played a key role in all major trading and market issues - including municipal disclosure and credit rating agency oversight...

Corrections.(Market News)(Correction notice)
February 3, 2009... Yesterday's story about proposed cutbacks in New York City's capital plan mislabeled projected job losses on Wall Street. The city projects Wall Street will have lost 46,000 jobs from the third quarter of 2007 through the second quarter of...

DEAL IN FOCUS: Texas Tech Pleased and Surprised With Results of $174M Revenue Sale.(Southwest)
February 3, 2009... Byline: Richard Williamson DALLAS - The growing Texas Tech University System seized its first opportunity to price $174 million of revenue bonds yesterday as market conditions continued to favor strong credits. With ratings in the...

ENFORCEMENT: Courts at Odds Over 6700; Rulings on IRS Penalty Limits Clash.(Washington)
February 3, 2009... Byline: Peter Schroeder WASHINGTON - A federal court in Tennessee has rejected a law firm's claim that the Internal Revenue Service should be drastically limited in the monetary penalties it can assess under a section of the tax code that...

LAUSD Sets $950M, Largest Calif. Deal So Far in '09.(The Regions)
February 3, 2009... Byline: Andrew Ward SAN FRANCISCO - The Los Angeles Unified School District hopes to bring almost $1 billion of general obligation bonds to market this week in the biggest California deal of the new year. The deal - rated Aa3 by...

Massachusetts May Sue Companies Involved in UBS Swaps.(The Regions)
February 3, 2009... Byline: Michelle Kaske The Massachusetts Turnpike Authority may file suit against companies involved in five floating-to-fixed-rate swaps with UBS Securities LLC that, if terminated, would cost the agency roughly $435 million. ...

Milwaukee Takes Negotiated Route With $109M Deal.(The Regions)
February 3, 2009... Byline: Yvette Shields CHICAGO - Market turmoil drove both the early timing and decision to go with a rare negotiated sale on the $109 million new-money and refunding general obligation issue the Milwaukee comptroller's office will bring...

MSRB to Push for Oversight; Board Seeks FA, GIC Broker Regs.(News)
February 3, 2009... Byline: Andrew Ackerman WASHINGTON - The Municipal Securities Rulemaking Board this week plans to send to key lawmakers and federal regulators recommendations for regulating guaranteed investment contract brokers and financial advisers in...

Week Starts With a Firmer Tone.(Market News)
February 3, 2009... Byline: Michael Scarchilli The municipal market was slightly firmer yesterday. Traders said tax-exempt yields were lower by about two or three basis points overall. "We're starting the week off a little better here," a trader in New...

Personal Income Off 0.2%; Core PCE Flat in December.(Market News Briefs)
February 3, 2009... Byline: Market News International The U.S. December personal income printed down 0.2%, personal consumption expenditures dropped 1.0%, and core PCE prices were flat. Private wages and salaries fell $23.5 billion after a $12.1 billion...

Construction Spending Drops 1.4% in December.(Market News Briefs)
February 3, 2009... Byline: Gary E. Siegel Spending on construction projects fell 1.4% to a seasonally adjusted annual rate of $1.054 trillion in December as private construction decreased 1.7% and public construction slid 0.8%, according to Commerce...

January ISM Index at 35.6, Up From 32.9 in December.(Market News Briefs)
February 3, 2009... Byline: Gary E. Siegel The Institute for Supply Management index gained to 35.6 in January from 32.9 in December, the group reported yesterday. Economists polled by Thomson Reuters predicted the index would rise to 32.6. "January...

Report: 3.355M Jobs Posted Online in January.(Market News Briefs)
February 3, 2009... Byline: Gary E. Siegel About 3,355,000 online job postings appeared on leading Internet job boards in January, a 506,000 decrease from December's 3,861,000, the Conference Board reported yesterday. "The very sharp declines in...

New Jersey Issues Underwriter RFP for Road, Bridge Garvees.(The Regions)
February 3, 2009... Byline: Michelle Kaske New Jersey officials are looking for underwriting services for an upcoming grant anticipation revenue vehicle bond deal that will help finance road and bridge repairs estimated at $270 million. Responses to the...

Ohio's Strickland Balances Budget; Rainy-Day Fund Almost Depleted.(The Regions)
February 3, 2009... Byline: Caitlin Devitt CHICAGO -OhioGov. Ted Strickland yesterday unveiled a $55 billion, two-year budget that is balanced in part by refinancing some debt and nearly depleting the state's $1 billion rainy-day fund. Facing a possible...

Rhode Island House to Vote on Waiver Capping Medicaid at $12B.(The Regions)
February 3, 2009... Byline: Ted Phillips The Rhode Island House is expected to vote today to require legislative oversight on a Medicaid waiver that went into effect last month. The waiver, which was negotiated between Gov. Donald Carcieri's...

LEGISLATION: Obama's Likely S-CHIP OK Sparks Tobacco Bond Fears.(Washington)
February 3, 2009... Byline: Audrey Dutton President Obama is expected to soon sign into law a bill approved by the Senate late Thursday that would expand the State Children's Health Insurance Program and raise tobacco taxes, prompting concern in the muni...

JPMorgan's Excess Swap-Fees Case Dismissed.(News)
February 3, 2009... Byline: Jack Herman and Andrew Ackerman A federal judge in New York has dismissed a case filed by the Erie, Pa. School District alleging that JPMorgan charged it more than $1 million in excess fees on a swaps transaction. Erie cannot...

BOND INSURERS: Ambac Pays Out $3M in Bonuses to 4 Executive Officers.(Underwriters and Dealers)
February 4, 2009... Byline: Jack Herman Despite seeing more than $9 billion in market capitalization evaporate in less than two years, Ambac Financial Group Inc. paid out combined bonuses of nearly $3 million to four executive officers, it revealed in a...

N.Y. Gov. Paterson, Lawmakers Reach Deal to Close $1.6B Deficit.(The Regions)
February 4, 2009... Byline: Ted Phillips New York lawmakers reached a deal to close the state's $1.6 billion currrent year deficit, Gov. David Paterson announced yesterday. "We have a long way to go before we close the projected $13 billion deficit for...

Midwest Bond-Watch.(Midwest)
February 4, 2009... Byline: Yvette Shields, Caitlin Devitt ILLINOIS Sherman's Downward March Standard & Poor's downgraded Sherman Health's credit two notches to BBB from A-minus due to greater-than-expected operating losses in fiscal 2008 and fiscal...

S&P Drops California Down to A S&P Drops California Down to A; State Now Rated Below Louisiana.(The Regions)
February 4, 2009... Byline: Rich Saskal SAN FRANCISCO - California's ongoing budget crisis was punctuated yesterday with a downgrade, as Standard & Poor's dropped its rating on $46 billion of outstanding general obligation debt to A from A-plus. The...

DEAL IN FOCUS: Competing Detroit-Canada Bridge Plans Advance as U.S. DOT Backs Both Sides.(Midwest)
February 4, 2009... Byline: Caitlin Devitt CHICAGO - The battle over dueling proposals to build bridges between Detroit and Windsor, Canada, is heating up following the U.S. Department of Transportation's recent approval of nearly $800 million in...

Frank Aiming for Federal Muni Bond Insurer.(Washington)
February 4, 2009... Byline: Andrew Ackerman WASHINGTON - House Financial Services Committee chairman Barney Frank plans to push for the establishment of a federal insurance program that would back municipal debt sold by state and local issuers. Though...

Munis Slightly Firmer 'Across the Board'.(Market News)
February 4, 2009... Byline: Michael Scarchilli The municipal market was slightly firmer yesterday. Traders said tax-exempt yields were lower by about two or three basis points overall. "We're definitely better again today, despite the weakness in...

Pending Home Sales Index Jumps to 87.7 in Dec.: NAR.(Market News Briefs)
February 4, 2009... Byline: Gary E. Siegel Pending home sales increased 6.3% to a reading of 87.7 in December from an upwardly revised 82.5 in November, originally reported as 82.3, according to an index released yesterday by the National Association of...

Fed Extends Expiration On Liquidity Programs.(Market News Briefs)
February 4, 2009... Byline: Gary E. Siegel With "substantial strains in many financial markets" continuing, Federal Reserve liquidity programs that were scheduled to expire on April 30 have been extended through Oct. 30, the Fed announced yesterday. ...

Treasury 4-Weeks Go At 0.285% High Yield.(Market News Briefs)
February 4, 2009... Byline: Gary E. Siegel The Treasury Department yesterday auctioned $34 billion of four-week bills at a 0.285% high yield and a price of 99.977833. The coupon equivalent was 0.289%. The bid-to-cover ratio was 2.93. Tenders at the high...

Louisiana's Jindal Looks to Stimulate GO Zone Sales.(The Regions)
February 4, 2009... Byline: Jim Watts DALLAS - Louisiana Gov. Bobby Jindal met Monday with a number of state and local officials and bankers to try and stimulate sales of more than $1.3 billion of Gulf Opportunity Zone bonds allocated to New Orleans and the...

N.Y., N.J. Port Authority Weighs P3s For Staten Island-N.J. Bridge Projects.(The Regions)
February 4, 2009... Byline: Ted Phillips The Port Authority of New York and New Jersey is considering using public-private partnerships to replace bridges that connect Staten Island to New Jersey, executive director Christopher Ward said yesterday. ...

PEOPLE: Ex-IRS Official Mark Scott Leaves Vinson & Elkins for DAC.(Underwriters and Dealers)
February 4, 2009... Byline: Lynn Hume W. Mark Scott, former head of the Internal Revenue Service's tax-exempt bond office, has left Vinson & Elkins LLP to join forces with Orlando-based Digital Assurance Certification LLC to promote a bond-related product and...

St. Louis Hotel Bondholder Trustee Delays Foreclosure for One Week.(The Regions)
February 4, 2009... Byline: Yvette Shields CHICAGO - The trustee who represents investors holding $98 million of St. Louis convention center hotel debt has put off the foreclosure sale of the property by one week, with the auction now set for Monday. ...

TAX LEGISLATION: 'Taxable Bond Option'? Market Leery Over Proposed Programs.(Washington)
February 4, 2009... Byline: Peter Schroeder WASHINGTON - Municipal market participants are concerned about the so-called taxable bond option programs proposed in the economic stimulus packages pending in the House and Senate, questioning how effective they...

Illinois Tollway OKs 6 FAs, Moves to Wrap Up Capital Plan.(The Regions)
February 4, 2009... Byline: Yvette Shields CHICAGO - The Illinois State Toll Highway Authority board approved a list of six financial advisory firms to work with on its debt issues and other financing initiatives as the agency moves to wrap up borrowing for...

Utah Governor to Sign Legislation Cutting $175M and Balancing Budget.(The Regions)
February 4, 2009... Byline: Richard Williamson DALLAS - Utah Gov. Jon Huntsman Jr. expects to sign four bills that rebalance the budget by cutting $175 million in spending. "These bills are the result of the collaborative process that we have engaged to...

High Court Says Arizona Can't Take $30M From Locals to Balance Budget.(The Regions)
February 5, 2009... Byline: Richard Williamson DALLAS -Just days after the Arizona Legislature bridged a $1.6 billion shortfall, the state Supreme Court punched a new $30 million hole in the budget, overturning the state's decision to levy budget-balancing...

Municipal Bond Activities.(News)
February 5, 2009... February 6 The California Debt and Investment Advisory Commission will hold an ABC's of School Debt Financing seminar at the Hilton Ontario Airport hotel. It's tailored to school business officials and staff who seek a better understanding...

Southeast Bond-Watch.(Southeast)
February 5, 2009... Byline: Shelly Sigo, Patrick Temple-West ALABAMA The Battle of Book Hill Three of Jefferson County's commissioners on Tuesday signed a press release deriding an unnamed fellow commissioner for publishing false allegations and...

Connecticut Gov. Rell Proposes Budget to Close Projected $6B Gap.(The Regions)
February 5, 2009... Byline: Ted Phillips Connecticut Gov. M. Jodi Rell yesterday proposed slashing spending, cutting capital borrowing, and using budget reserves and deficit financing to close a projected $6 billion gap over the next two years. "The harsh...

Groups: OTC Regulation Bills Would Hurt Swaps.(Washington)
February 5, 2009... Byline: Patrick Temple-West Two industry groups warned yesterday that a draft bill that would regulate over-the-counter derivatives would hurt interest rate swaps and destroy the credit default swap market. Meanwhile, a group representing...

Comptroller Warns Illinois Faces 'Unprecedented' $9B Gap.(The Regions)
February 5, 2009... Byline: Yvette Shields CHICAGO -Illinois faces a record $9 billion budget deficit - a figure that poses a "formidable and unprecedented challenge" as new Gov. Pat Quinn seeks to craft a balanced spending plan for the next fiscal year,...

Michigan to Set Stricter Rules for Building Coal-Fired Plants.(The Regions)
February 5, 2009... Byline: Caitlin Devitt CHICAGO - Michigan Gov. Jennifer Granholm this week announced tougher regulations for companies that want to build coal-fired power generation plants in the state. The move, which follows in the footsteps of...

Munis Firm a Bit as LAUSD Deal Prices.(Market News)
February 5, 2009... Byline: Michael Scarchilli The municipal market was slightly firmer yesterday as the week's largest new issue was priced in the primary. Traders said tax-exempt yields were lower by two or three basis points overall. "We're a...

IN BRIEF: Treasury Details Quarterly Refunding.(Market News)
February 5, 2009... Byline: Gary E. Siegel The Treasury Department yesterday detailed its quarterly refunding and plans to auction $32 billion of three-year notes, $21 billion of 10-year notes, and $14 billion of 30-year bonds. Treasury also said it will...

IN BRIEF: ISM Non-Mfg Index Rises To 42.9 From 40.1 in Dec.(Market News)
February 5, 2009... Byline: Gary E. Siegel The Institute for Supply Management's non-manufacturing business activity composite index rose to 42.9 in January from 40.1 in December on a seasonally adjusted basis, the group said yesterday. Economists polled...

Pennsylvania's Rendell Unveils $26.6B Budget With Stimulus, Cuts.(The Regions)
February 5, 2009... Byline: Michelle Kaske Pennsylvania Gov. Edward Rendell yesterday released a $26.6 billion general fund proposal for fiscal 2010 that is $64.5 million, or 0.2%, less than the state's current fiscal 2009 $28 billion plan. In addition to...

RATING AGENCIES: Upgrades-to-Downgrades Ratios Fall in Fourth Quarter.(Investors and Investing)
February 5, 2009... Byline: Jack Herman All three rating agencies saw their ratio of upgrades to downgrades fall in the fourth quarter of 2008 as the weakening economic conditions begin to reflect the increasing pressure put on municipal issuers. Moody's...

Fitch Drops Outlook to Negative on Orange County Toll Agency Bonds.(The Regions)
February 5, 2009... Byline: Rich Saskal SAN FRANCISCO - Falling traffic and revenue prompted Fitch Ratings this week to cut its outlook on Foothill/Eastern Transportation Corridor Agency toll revenue bonds to negative from stable, while affirming the...

TOBACCO BONDS: Obama Signs S-CHIP Bill, Putting New Deals in Question.(Washington)
February 5, 2009... Byline: Audrey Dutton and Yvette Shields President Obama yesterday signed into law an extension and expansion of the State Children's Health Insurance Program that increases the tax on cigarettes by 62 cents to $1.01 per pack. The action...

REGULATION: SIFMA Asks for Muni Help; Letters Call for Insurer and More.(Washington)(Letter to the editor)
February 5, 2009... Byline: Andrew Ackerman WASHINGTON - The Securities Industry and Financial Markets Association is urging the Obama administration and key Democratic lawmakers to address liquidity problems in the municipal and auction-rate securities...

TRENDS IN THE REGION: Not-So-Best Practices in Florida; Palm Beach County Case Sparks Reviews.(Southeast)
February 5, 2009... Byline: Shelly Sigo BRADENTON, Fla. - When Palm Beach County, Fla., commissioner Mary McCarty was charged last month with using her influence to steer municipal bond business to her underwriter husband Kevin McCarty, the county's elected...

MARKET ANALYSIS: Muni-Treasury Yield Ratio Returns to 100%.(Investors and Investing)
February 5, 2009... Byline: Dan Seymour Almost a year after barreling past a previously unprecedented milestone, municipal bonds have returned to that milestone - coming from the opposite direction. Last year, the 10-year yield for a triple-A muni matched...

BOND INSURERS: Assured Guaranty Expects 4Q Loss, Loss-Adjustment Expenses of $90M.(Underwriters and Dealers)
February 6, 2009... Byline: Jack Herman Assured Guaranty Ltd. Wednesday said it expects loss and loss-adjustment expenses for fourth-quarter 2008 of $90 million, related mostly to deterioration in the residential mortgage-backed securities market. The...

SPENDING: Bipartisan Group of Lawmakers Seek Task Force on Debt.(Washington)
February 6, 2009... Byline: Audrey Dutton Unless Congress and the Obama administration reform entitlement programs and take other steps to curb federal spending, the country will be faced with an economic crisis that is exponentially worse than the current...

Far West Bond-Watch.(Far West)
February 6, 2009... Byline: Rich Saskal, Andrew Ward ALASKA Anchorage Pares Bond Ballot With eyes on the recession and public perceptions, members of the Anchorage Assembly Tuesday trimmed more than $14 million from a series of bond proposals that...

Erie County Capital Plan on Hold Until Debt-Sale Dispute Is Resolved.(The Regions)
February 6, 2009... Byline: Ted Phillips Unless a long-standing dispute over borrowing in Erie County, N.Y., is resolved, the county will not resume capital construction projects this spring because it is unable to advance money to pay contractors. ...

YIELDS: Indexes Decline as Munis Grow Firmer in Each Session.(Investors & Investing)
February 6, 2009... Byline: Michael Scarchilli The Bond Buyer's weekly yield indexes declined this week, as the municipal market grew firmer in each of the week's sessions. George Strickland, portfolio manager at Thornburg Investment Management, said most...