The Bond Buyer articles from January 2002

The Bond Buyer archives from January 2002

Muni Bond Volume Grew 43% in 2001: Second Largest Year in History.
January 2, 2002... Defying the calamity of September and capitalizing on 11 rate cuts by the Federal Reserve, municipal issuers set a series of records in 2001, selling a total of $286.3 billion in long-term bonds, including an unprecedented $90.3 billion in the...

Chart's Top Looks Familiar: Year-End Statistics Show the Same Big Players.
January 2, 2002... Salomon Smith Barney stayed at No. 1 among senior managers of all bonds in 2001 for the fifth year in a row, while increasing its market share over 2000, according to year-end statistics from Thomson Financial Securities Data. The New York...

The Digest.
January 2, 2002... Municipal bond prices were little changed, market tone was flat, and activity very light as trading concluded for the year. Complete market coverage by Nicholas Chesla appears on page 2 News THE NEW YORK CITY ECONOMY improved in...

Hard Times and Low Rates Equal More New Money, Less Refunding.
January 2, 2002... As the ailing U.S. economy lingers in recession, most economists are forecasting that municipal new-money issuance will increase next year and the economy will begin to show signs of recovery in the second quarter. Plagued by revenue...

Market to Eye Employment Data, ISM Index.
January 2, 2002... While the flow of economic data resumes today, the market will be focusing its attention on December's employment report coming out on Friday and today's release of a new name in a new year for an old market mover. The newly christened ISM...

News In Brief.
January 2, 2002... Treasury to Sell 4-Weeks Today WASHINGTON -- The Treasury Department on Monday said it will sell $7 billion of four-week discount bills today. The four-week, or 28-day, bills will pay down $12 billion of debt by auctioning $7 billion...

Monday's Market: The 2001 Trading Year Concludes.
January 2, 2002... Municipal bond prices were little changed, market tone was flat, and activity very light as trading concluded for the year. In economic news this week, the Institute for Supply Management -- formerly the National Association of Purchasing...

Arkansas Governor Says No to Dipping Into Tobacco Fund.
January 2, 2002... Several legislative leaders want Arkansas Gov. Mike Huckabee to use some of the state's $1.6 billion share of the national tobacco settlement to restore $142 million of funding cut last month from the $3.4 billion fiscal 2002 budget. But a...

Trends in the Region: Two Counties in Indiana Feel Rust Belt's Hard Times.
January 2, 2002... As 2001 came to an end, two Indiana counties -- Lake and Porter -- and municipalities within their borders were struggling to come to grips with steel industry bankruptcies and a manufacturing slowdown. At its meeting in mid-December, the...

ILLINOIS: Line Itemizing.
January 2, 2002... The Regional Transportation Authority of Illinois approved a $2.4 billion budget for fiscal 2002 late last week in a special meeting, after board members agreed to include a line item about debt service on bonds related to the renovation of a...

MICHIGAN: Light-Rail Survey.
January 2, 2002... With a federal grant of $900,000, the Southeast Michigan Council of Governments has begun to survey commuters in Detroit and outlying suburbs in anticipation of a plan to bring light rail to the area and upgrade the bus system. About...

MICHIGAN: Bay Joins McLaren.
January 2, 2002... The struggling Bay Medical Center in Flint has signed an agreement to affiliate with McLaren Health Care, also based in Flint. Moody's Investors Service in August downgraded Bay's underlying debt rating to Baa1 from A3 and placed the...

MINNESOTA: Twins in Court.
January 2, 2002... Lawyers for Major League Baseball and the Minnesota Twins asked a state appellate court panel to lift a district court judge's order forcing the Twins to make good on their one-year lease to play at the Hubert H. Humphrey Metrodome. A...

MINNESOTA: Aquarium Request.
January 2, 2002... The Duluth City Council is still weighing whether to grant the Great Lakes Aquarium's request for help in making a $238,000 debt service payment due in February. The aquarium has run into trouble, partly because of attendance rates that...

Top Competitive Senior Managers: All of 2001.
January 2, 2002... Rank Firm Amount Issues 1 Merrill Lynch & Co. $9,324,100 106 2 Salomon Smith Barney Inc. 8,766,500 245 3 UBS PaineWebber Inc. 6,016,200 257 4 Lehman Brothers 4,482,300 32 ...

Top Negotiated Senior Managers: All of 2001.
January 2, 2002... Rank Firm Amount Issues 1 Salomon Smith Barney Inc. $30,823,200 363 2 UBS PaineWebber Inc. 27,541,100 410 3 Bear, Stearns & Co. 16,313,800 166 4 Morgan Stanley 15,670,900 176 ...

Top Senior Managers: All of 2001.
January 2, 2002... Rank Firm Amount Issues 1 Salomon Smith Barney Inc. $39,589,600 608 2 UBS PaineWebber Inc. 33,557,200 667 3 Merrill Lynch & Co. 19,744,900 257 4 Morgan Stanley 19,244,900 311 ...

Top Co-Managers: All of 2001.
January 2, 2002... Rank Firm Amount Issues 1 Salomon Smith Barney Inc. $99,239,200 1,590 2 UBS PaineWebber Inc. 90,768,200 1,553 3 Morgan Stanley 70,846,200 1,052 4 Bear, Stearns & Co. 66,241,400 ...

Top Trustee Banks (by Number of Issues): All of 2001.
January 2, 2002... Rank Firm Issues Amount 1 Bank of New York 814 $36,679,300 2 US Bank Corporate Trust Services 659 16,371,900 3 Wells Fargo Bank 504 12,760,500 4 Banc One Capital Markets...

Top Underwriter's Counsel: All of 2001.
January 2, 2002... Rank Firm Amount Issues 1 Orrick, Herrington & Sutcliffe LLP $9,921,700 165 2 Hawkins, Delafield & Wood 9,042,300 130 3 Clifford Chance Rogers & Wells 5,942,200 25 4 O'Melveny & Myers...

Top Financial Advisers: All of 2001.
January 2, 2002... Rank Firm Amount Issues 1 Public Financial Management Inc. $25,216,800 505 2 Public Resources Advisory Group 19,674,700 122 3 First Southwest Co. 10,544,900 464 4 Lamont Financial...

Top Small-Issue Senior Managers: All of 2001.
January 2, 2002... Rank Firm Amount Issues 1 U.S. Bancorp Piper Jaffray Inc. $1,449,200 373 2 Roosevelt & Cross Inc. 1,153,100 267 3 Morgan Keegan & Co. 986,100 240 4 Tucker Anthony Sutro 852,700 177...

Top Bond Insurers: All of 2001.
January 2, 2002... Rank Firm Amount Issues 1 Financial Security Assurance $36,148,900 1,563 2 MBIA Insurance Corp. 33,990,100 1,252 3 Ambac Assurance Corp. 33,653,100 1,070 4 Financial Guaranty...

Top Bond Counsel: All of 2001.
January 2, 2002... Rank Firm Amount Issues 1 Orrick, Herrington & Sutcliffe LLP $23,603,500 485 2 Hawkins, Delafield & Wood 15,695,500 366 3 Sidley Austin Brown & Wood* 10,673,100 98 4 Squire, Sanders &...

Top Trustee Banks (by Dollar Volume): All of 2001.
January 2, 2002... Rank Firm Amount Issues 1 Bank of New York $36,679,300 814 2 US Bank Corporate Trust Services 16,371,600 659 3 Banc One Capital Markets Inc. 13,220,900 395 4 Wells Fargo Bank ...

Top Issuers: All of 2001.
January 2, 2002... Rank Firm Amount Issues 1 Massachusetts (Commonwealth) $3,574,000 9 2 Connecticut (State) 3,228,100 34 3 California (State) 3,221,800 9 4 Chicago, Ill. 3,160,300 32 5 ...

NEW-ISSUE VOLUME NOTES.
January 2, 2002... The new-issue volume tables are based on information compiled by The Bond Buyer from Thomson Financial Securities Data's data base on Sunday, Dec. 30, 2001. All figures are preliminary and subject to revision. Private placements and...

LONG-TERM BONDS: January-December.
January 2, 2002... 2001 2000 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $286,307,900 13,614 $200,192,400 11,248 +43.0 % January 12,690,200 669 9,973,200...

LARGEST ISSUES: December 2001.
January 2, 2002... Amount Issuer Date $1,881.5 New Jersey Transportation Trust Fund Auth., mass transit GOs (NM/ref) Dec 13 1,867.1 Puerto Rico Public Finance Corp., GOs Dec 19 720.4 Puerto Rico Electric Power Authority...

BOND SALES BY STATE: January-December.
January 2, 2002... 2001 2000 State Rank Volume Rank Volume Pct Chg Alabama 30 $2,946,800 28 $2,048,100 +43.9 % Alaska 43 1,159,400 40 1,009,400 +14.9 Arizona 22 4,947,100 24 2,446,400 ...

LONG-TERM BONDS: December.
January 2, 2002... 2001 2000 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $28,491,400 1,071 $15,682,000 1,064 +81.7 % Development 1,056,900 65 706,600 ...

Market Indicators.
January 2, 2002... Dollar amounts are in millions Day's 2001 2001 Daily Yesterday Change High Date Low Date Municipal Bond Index 102-19 +8/32 108-03 (11/1) 101-08 (12/17) 40 Average Dollar Price 96.39 ...

Municipal Market Data General Obligation Yields.
January 2, 2002... Aaa Aaa (pure) (ins) Aa A Baa 2002 1.78 1.86 1.83 1.97 2.48 2006 3.58 3.69 3.67 3.84 4.34 2011 4.44 4.56 4.54 4.72 5.26 2016 4.91 5.03 5.01 5.18 5.71 2021...

Short-Term Tax-Exempt Yields.
January 2, 2002... Dec. 31, 2001 Dec. 28, 2001 Jan 2, 2000 Selected MIG-1/SP-1+ Notes California Rans 3 1/4s (Jun 02) 1.55 1.60 n.a. Los Angeles Co Trans 3 3/4s (June 02) 1.40 1.50 3.55 NYC Rans 3s (Apr 02) 1.40 1.40 3.75...

Municipal Market Data Total Returns.
January 2, 2002... Maturities 15 Years and Longer -- Periods Ending Dec. 28, 2001 Previous Month Year Since Week To Date To Date 1993 General obligation (composite) +0.093% -1.845% +3.889% n.a. Aaa (pure) ...

U.S. Securities Prices.
January 2, 2002... Prices as of 2:00 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 -- 1/24/2002 1.660/ 1.695/690 1.685 3M --...

Recent Tables.
January 2, 2002... Weekly Bond Buyer Indexes Friday Bond Call Calendar Wednesday Bond Elections Wednesday Credit Calendar Friday General Obligation Bond Prices Monday Legislative Status Report Monday Merrill Lynch Corporate Bond...

Futures Markets.
January 2, 2002... Monday, December 31, 2001 Municipal Bond Index Del. Month High Low Settle Change Mar 02 102-29 101-29 102-24 +28 Jun 02 101-26 +28 Estimated number of contracts traded: 450 Number of...

Municipal Bond Index.
January 2, 2002... 3 pm Noon 3 pm Noon Week Yesterday Yesterday Prev. Day Prev. Day Ago The Bond Buyer Municipal Bond Index 102-19 N.A. 102-16 102-11 102-13 Monday, December 31, 2001 Maturity Par Call ...

Municipal Bond Prices.
January 2, 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....

Giuliani Offers New Projects, Revised Budget.
January 2, 2002... On his last day in office, New York City Mayor Rudolph W. Giuliani announced a pair of new capital projects and revised budget estimates. The projects include construction of a new 900-seat intermediate school on Staten Island. Funding for...

Moody's Lowers Florida Agency Outlook, Citing Housing Deal.
January 2, 2002... Moody's Investors Service on Friday changed its rating outlook on Florida-based nonprofit Capital Project Finance Authority to negative from stable. Moody's affirmed its Baa2 underlying rating on $152 million of student housing revenue...

Add 7 Feet of Snow to a Deficit and What Do You Get? Ask Buffalo, N.Y.
January 2, 2002... A massive blizzard that last week dumped seven feet of snow on Buffalo, N.Y., is threatening to compound the financial pain already being felt by the Empire State's second largest city. Buffalo Mayor Anthony Masiello on Dec. 20 announced a...

Competitive Bond Offerings.
January 2, 2002... ISSUER ST DESCRIPTION AMOUNT ($000s) TIME OF SALE FINANCIAL ADVISER LEGAL OPINION MATURING INSURER MDY'S S&P FITCH BANK-QUAL. LATEST DETAILS Thursday, January 3 F Brookfield CT GO 7,900...

Competitive Note Offerings.
January 2, 2002... ISSUER ST DESCRIPTION AMOUNT($000s) TIME OF SALE FINANCIAL ADVISER LEGAL OPINION MATURING INSURER MDY'S S&P FITCH BANK-QUAL. LATEST DETAILS Thursday, January 3 Billerica MA...

Negotiated Bond Offerings.
January 2, 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 Week Of December 31...

Sealed Bids Invited.
January 2, 2002... CALIFORNIA San Jose Redevelopment Agency $350,000,000 (Approximate) Revised sale date. Fax bids (Parity bids accepted) 10 am PST Jan 15. Merged Area Redevelopment Project Tax Allocation Bonds, Series 2002 (book entry)....

Results of Negotiated Sales.
January 2, 2002... ARIZONA Fountain Hills Municipal Property Corp Dec 7, 2001 $7,750,000 Municipal Facilities Revenue Bonds, Series 2001 (FGIC Insured) (book entry). Dated Dec 1, 2001. Due Jul 1, 2002 to 2021. First coupon Jul 1,...

Municipal Bond Elections.
January 2, 2002... This table lists bond elections involving $500,000 or more and gives the dates when voters are scheduled to cast their ballots (,000 omitted). Tuesday, January 08, 2002 $3,100 Bethany, OK Tuesday, January 15, 2002 $31,870...

Miami-Dade Schools Downgrade Highlights a Statewide Struggle.
January 3, 2002... Florida school districts are struggling with state budget cuts and rising capital needs, both of which contributed to a recent rating downgrade for the nation's fourth-largest school district, in Miami-Dade County. The capital crunch is...

Arkansas AG Wants More From Tobacco: Lawsuits Target 15 Companies.
January 3, 2002... Arkansas Attorney General Mark Pryor on Monday filed lawsuits against 15 tobacco companies in an attempt to force them to make payments into a state escrow fund mandated under the national tobacco master settlement agreement. Under Act...

Impending Legislation: Lawmakers Eye N.Y. Aid, Tax Simplification.
January 3, 2002... After mostly modest changes in 2001 to the tax laws and rules affecting the municipal bond market, lawmakers and regulators are likely to tackle several big projects this year. Legislative issues that may be in the forefront in 2002 include...

The Digest.
January 3, 2002... Municipal debt futures prices were sharply lower yesterday in sympathy with plummeting Treasury bond prices, but prices in the cash market were little changed after the first 2002 trading session. Complete market coverage by Sean Monsarrat and...

A Correction.(Correction Notice)
January 3, 2002... According to recent census data, the U.S. population was 284.8 million last year. The population figure given in yesterday's story on municipal bond volume in 2001 was incorrect. Copyright c 2002 Thomson Financial. All Rights Reserved....

Wednesday's Market: Municipal Bond Prices Little Changed As Treasuries, Futures Prices Crumble.
January 3, 2002... Municipal debt futures prices were sharply lower yesterday in sympathy with plummeting Treasury bond prices but prices in the cash market were little changed after the first 2002 trading session. Pressuring the government yield curve, the...

News In Brief.
January 3, 2002... ISM Dec. Index At 48.2% NEW YORK -- The economy expanded for the second straight month in December, while the manufacturing sector showed contraction at a slower rate than in November, according to the "Report on Business" issued by the...

Texas Leads the Nation in Special Taxing Districts, Census Report Finds.
January 3, 2002... Some lawmakers say that with more than 1,600 special taxing districts, the Texas Legislature in 2003 needs to revise the rules governing the authorities, which are used in many areas by developers to finance infrastructure needs such as roads...

New Orleans Grammy Hall Project Awaits City, State Follow-Through.
January 3, 2002... Plans to issue $70 million of revenue bonds to build a Grammy Exposition and Hall of Fame in New Orleans are contingent on the city and the state of Louisiana following through on commitments to kick in $15 million between them for the project....

Report: Milwaukee Project Would Eventually Bring in $90M a Year.
January 3, 2002... A $100 million to $120 million expansion of Milwaukee's Midwest Express convention center would boost the local economy by $90 million annually three years after its proposed completion in 2005, according to a study commissioned by the board...

Regulation: MSRB's Electronic OS System Starts on Schedule.
January 3, 2002... The Municipal Securities Rulemaking Board's electronic official statement system went into operation on schedule yesterday, the MSRB announced. The system was approved by the Securities and Exchange Commission in August under amendments to...

California PUC Working Up Plan to Reimburse DWR for Power Purchases.
January 3, 2002... The California Public Utilities Commission hopes to soon present a new plan to reimburse the state Department of Water Resources for electricity it has purchased, a move that could help the state move forward on its long-stalled $12.5 billion...

Bond Insurers: MBIA, Ambac Stocks Picked Up the Pace Late in 2001.
January 3, 2002... Stock prices for Ambac Financial Group Inc. and MBIA Inc., the respective holding companies for bond guarantors Ambac Assurance Corp. and MBIA Insurance Corp., gained an average of 4.2% in December, according to Banc of America Securities. ...

The Trading Floor.
January 3, 2002... Lamont Financial's Very Good Year The seven-member Wayne, N.J., financial advisory firm of Lamont Financial Services Corp. found themselves playing in the big leagues last year as a result of two new clients who together issued almost $4...

ALABAMA: Sewer Outlook.
January 3, 2002... Standard & Poor's last month changed the outlook to positive and assigned an A-plus rating to Montgomery's upcoming $30 million water and sewer system revenue bond issue. A date for the sale has not been announced. The bonds originally were to...

FLORIDA: Taxing Fight.
January 3, 2002... Opposition to a plan to overhaul the state's tax system is gaining momentum as the legislative session nears its Jan. 22 start date. Sen. John McKay, R-Bradenton, wants to eliminate most exemptions from the sales tax and has proposed...

FLORIDA: Growing and Growing.
January 3, 2002... The U.S. Census Bureau issued annual population estimates on Friday showing that Florida had a growth rate of 2.6% between April 1, 2000, and July 1, 2001. More than 16 million people reside in Florida. The rate of growth during the past...

SOUTH CAROLINA: Highway Plans.
January 3, 2002... The South Carolina Infrastructure Bank is expected to sell $200 million of revenue bonds by the end of the month to fund two major highway projects in Aiken and Horry counties. The bank, which was created to finance big-ticket construction...

TENNESSEE: No Consensus.
January 3, 2002... Members of the state Senate's Finance Committee were supposed to meet in special session last Friday, but the chairman decided that not much work would get done and cancelled the session. Sen. Douglas Henry, D-Nashville, scheduled the...

VIRGINIA: Revenue Rise.
January 3, 2002... State revenues in November were 3.5% higher than the previous year, Finance Secretary John W. Forbes announced in his monthly revenue data statement. In a year-over-year comparison, income tax collected from individuals in November rose by...

Municipal Bond Activities.
January 3, 2002... January 8-9 The Bond Market Association will host its seventh annual Legal and Compliance Conference in the Waldorf-Astoria Hotel in New York City. Topics will include "E-Commerce in the Bond Market," "European Regulatory Developments,"...

One-Year Note Index.
January 3, 2002... 2002 Jan 2 1.69% 2001 Dec 26 1.72 19 1.74 12 1.70 5 1.87 Nov 28 1.98 20 1.95 14 1.81 7 1.80 Oct 31 1.99 24 2.06 16 ...

Market Indicators.
January 3, 2002... Dollar amounts are in millions Day's 2001 2001 Daily Yesterday Change High Date Low Date Municipal Bond Index 102-19 unch 108-03 (11/1) 101-08 (12/17) 40 Average Dollar Price 96.39 ...

Municipal Market Data General Obligation Yields.
January 3, 2002... Aaa Aaa (pure) (ins) Aa A Baa 2002 1.75 1.85 1.83 2.00 2.50 2006 3.83 3.94 3.92 4.09 4.60 2011 4.51 4.63 4.61 4.80 5.34 2016 4.95 5.07 5.05 5.22 5.74 2021...

Short-Term Tax-Exempt Yields.
January 3, 2002... Jan. 2, 2002 Dec. 31, 2001 Jan. 3, 2001 Selected MIG-1/SP-1+ Notes California Rans 3 1/4s (Jun 02) 1.63 1.55 n.a. Los Angeles Co Trans 3 3/4s (June 02) 1.45 1.40 3.50 NYC Rans 3s (Apr 02) 1.48 1.40 3.65...

U.S. Securities Prices.
January 3, 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 -- 1/24/2002 1.704/695 1.660/ 1.730 3M --...

Futures Markets.
January 3, 2002... Wednesday, January 2, 2002 Municipal Bond Index Del. Month High Low Settle Change Mar 02 103-01 101-21 101-28 -28 Jun 02 100-30 -28 Estimated number of contracts traded: 1,200 Number of...

New-Issue Balances.
January 3, 2002... (,000 Omitted) *Since initial reoffering Revised upward since last report Amount Date RECENT OFFERINGS Sold Balance $34,695 12/13 New Mexico Finance Corp. $1,370 $1,700 36,000 12/10 Cedar...

Reoffering Yields.
January 3, 2002... 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 Aa1/Aa2/Aa3 -- AA+/AA/AA- A1/A2/A3 -- A+/A/A- Baa1/Baa2/Baa3 -- BBB+/BBB/BBB- 12/18 9.4...

Municipal Bond Index.
January 3, 2002... 3 pm Noon 3 pm Noon Week Yesterday Yesterday Prev. Day Prev. Day Ago The Bond Buyer Municipal Bond Index 102-19 102-21 N.A. N.A. 102- 10 Wednesday, January 02, 2002 Maturity Par Call ...

Municipal Bond Prices.
January 3, 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....

Bonds Help Pave the Way for Kansas Roads' Lofty Ranking.
January 3, 2002... Kansas transportation officials, who on Thursday learned their highways are ranked number four in the nation in terms of quality, say the state's $2.6 billion comprehensive transportation program cemented its success. That program includes...

Competitive Bond Offerings.
January 3, 2002... ISSUER ST DESCRIPTION AMOUNT ($000s) TIME OF SALE FINANCIAL ADVISER LEGAL OPINION MATURING INSURER MDY'S S&P FITCH BANK-QUAL. LATEST DETAILS Thursday, January 3 F Brookfield CT GO 7,900...

Competitive Note Offerings.
January 3, 2002... ISSUER ST DESCRIPTION AMOUNT($000s) TIME OF SALE FINANCIAL ADVISER LEGAL OPINION MATURING INSURER MDY'S S&P FITCH BANK-QUAL. LATEST DETAILS Thursday, January 3 Billerica MA...

Negotiated Bond Offerings.
January 3, 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 Week Of December 31...