The Bond Buyer articles from January 2003

The Bond Buyer archives from January 2003

Multifamily May Rise in '03: And Lobbyists to Take Aim at the 10-Year Rule.
January 2, 2003... After a year of strong housing sales and a wave of refinancings that swept the single-family mortgage revenue bond market as homeowners took advantage of rock-bottom interest rates, 2003 is likely to be a mixed bag for municipal housing...

2002 Marks High Point Of Issuance: This Year Expected To Be Less Striking.
January 2, 2003... The year 2002 was a record one for issuance in the municipal market. Issuers set milestones for total bond and note offerings, deals got larger, and insurance penetration grew as governments struggled with falling revenues and growing...

The Digest.
January 2, 2003... On the final trading session of 2002, municipal market tone firmed in light activity in a pre-holiday shortened trading session ahead of the New Year's Day holiday. Complete market coverage by Nicholas Chesla appears on page 2 California...

Dallas Will Start the New Year With Pair of Triple-A Deals.
January 2, 2003... The city of Dallas will issue a total of $433 million of debt in the month's first half, starting off over the next few days with $110 million of triple-A general obligation bonds that will compete with two other top-rated deals from well-known...

News In Brief: Consumer Confidence Decreases in Dec.
January 2, 2003... The consumer confidence index dropped more than four points in December to 80.3 from an upwardly revised 84.9 in November, the Conference Board reported. November's consumer confidence figure was originally stated at 84.1. Except for a...

News In Brief: NAPM-NY's Dec. BCI Falls 1.7%.
January 2, 2003... The National Association of Purchasing Management-New York said its Business Conditions Index fell 1.7% in December to 250.4 from 254.7 in November. The BCI, the NAPM-NY's principal gauge of current business activity, shifted into reverse...

News In Brief: Treasury 4-Weeks Go at 1.175% Rate.
January 2, 2003... The Treasury Department auctioned $16 billion of four-week bills at a 1.175% high yield, a price of 99.909. The coupon equivalent was 1.187%. The bid-to-cover ratio was 2.74. Tenders at the high rate were allotted 95.97%. The median...

Tuesday's Market: Municipal Tone Firms in Light Trade Ahead of the New Year's Day Holiday.
January 2, 2003... On the final trading session of 2002, municipal market tone firmed in light activity in a pre-holiday shortened trading session ahead of the New Year's Day holiday. Governments were mostly lower in late trading while stocks rose....

No Bondholder Agreement Yet for Failed Colo. Aquarium.
January 2, 2003... An informal Dec. 31 deadline to come up with a debt workout plan for officials from Colorado's Ocean Journey aquarium and investors who hold $57 million of defaulted revenue bonds issued for the facility in 1997 came and went Tuesday without...

Municipal Bond Activities.
January 2, 2003... January 10 The Municipal Analysts Group of New York will host a luncheon at the Yale Club in Manhattan. Ronnie Lowenstein of the Independent Budget Committee will speak on "What's The Fiscal Outlook for N.Y.C. over the Next Few Years."...

Rankings: Salomon, UBS Led Among Senior Managers Again in 2002.
January 2, 2003... Salomon Smith Barney and UBS PaineWebber remained as the two top senior managers for 2002, the same slots they held in 2001. Lehman Brothers jumped to third from seventh place, while J.P. Morgan Securities jumped four slots to number four from...

Trends in the Region: Through War Talk and Weak Economy, Bonds Stay in the Plan.
January 2, 2003... Despite lingering concerns about the weak economy and the possibility of war, local governments throughout the Southeast are working to get new issues approved and to sell new-money bonds in the first half of the new year, if market...

FLORIDA: Saving Issuance.
January 2, 2003... The Charlotte County School District has earned an A2 rating from Moody's Investors Service on the upcoming sale of $14.7 million of general obligation refunding bonds, Series 2003. The bonds are expected to be insured, and the transaction...

GEORGIA: Hartsfield Legalities.
January 2, 2003... The law firms of Kilpatrick Stockton LLP and Johnson & Freeman will assist Atlanta's law department on legal matters related to the $5.4 billion Hartsfield Atlanta Airport expansion, Mayor Shirley Franklin announced. The Hartsfield...

NORTH CAROLINA: Incremental Drive.
January 2, 2003... A renewed push is afoot to bring tax increment financing to the state, according to the Charlotte Observer. Mecklenburg County commissioners last week voted to ask the General Assembly for a statewide referendum on tax increment financing....

NORTH CAROLINA: Power Posts.
January 2, 2003... The state's municipal power agencies have elected new leadership for 2003, according to ElectriCities of North Carolina Inc. In the western part of the state, High Point Mayor Arnold Koonce has been elected chairman of the North Carolina...

NORTH CAROLINA: Health Upgrade.
January 2, 2003... Fitch Ratings on Dec. 20 affirmed the A-minus rating on the outstanding hospital revenue bond debt issued by Cumberland County on behalf of the Cumberland County Hospital System. The outstanding debt of the hospital system is $113.2 million...

VIRGINIA: Housing Help.
January 2, 2003... The Community Bank of Northern Virginia purchased $9.3 million in taxable bonds from the Virginia Housing Development Authority, the bank announced in a prepared statement Dec. 26. The bonds will finance single-family home loans for low-...

NEW-ISSUE VOLUME NOTES.
January 2, 2003... The new-issue volume tables are based on information compiled by The Bond Buyer from Thomson Financial Securities Data's data base on Tuesday, Dec. 31, 2002. All figures are preliminary and subject to revision. Long-term bonds have final...

SHORT-TERM BONDS: Full Year.
January 2, 2003... 2002 2001 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $72,025,000 3,477 $56,244,100 3,816 +28.1 % January 2,532,500 232 4,165,400 ...

LONG-TERM BONDS: Full Year.
January 2, 2003... 2002 2001 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $357,100,200 14,278 $286,620,800 13,795 +24.6 % January 21,652,000 954 12,485,000...

LARGEST ISSUES: December 2002.
January 2, 2003... Amount Issuer Date $629.0 New York State Dormitory Authority (TAX/TE) Dec 05 600.0 Miami-Dade County, Fla., airports (AMT) Dec 17 500.8 Empire State Development Corp., N.Y. (TAX/TE) Dec 06 500.8...

BOND SALES BY STATE: Full Year.
January 2, 2003... 2002 2001 State Rank Volume Rank Volume Pct Chg Alabama 25 $5,025,700 29 $2,940,800 +70.9 % Alaska 40 1,365,600 43 1,159,400 +17.8 Arizona 12 7,722,300 22 4,894,000 ...

LONG-TERM BONDS: December.
January 2, 2003... 2002 2001 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $25,818,000 1,230 $28,192,200 1,159 -8.4 % Development 545,300 34 962,400 71...

Top Small-Issue Managers in 2002.
January 2, 2003... Rank Firm Amount Issues 1 U.S. Bancorp Piper Jaffray Inc. $1,661.7 417 2 RBC Dain Rauscher Inc. 1,644.1 359 3 Morgan Keegan & Co. 1,395.9 311 4 Roosevelt & Cross Inc. 1,137.6 ...

Top Underwriter's Counsel in 2002.
January 2, 2003... Rank Firm Amount Issues 1 O'Melveny & Myers $13,997.8 33 2 Leslie M. Lava 11,325.8 10 3 Clifford Chance Roger & Wells LLP 11,168.6 45 4 Orrick, Herrington & Sutcliffe LLP 10,769.3 200 5 ...

Top Competitive Managers in 2002.
January 2, 2003... Rank Firm Amount Issues 1 Merrill Lynch & Co. $13,104.6 128 2 Salomon Smith Barney Inc. 9,773.0 244 3 UBS PaineWebber Inc. 6,079.6 320 4 Goldman, Sachs & Co. 5,741.9 33 ...

Top Bond Counsel in 2002.
January 2, 2003... Rank Firm Amount Issues 1 Hawkins Delafield & Wood $44,693.3 404 2 Orrick, Herrington & Sutcliffe LLP 26,214.6 500 3 Sidley Austin Brown & Wood 17,369.2 121 4 Squire, Sanders & Dempsey LLP ...

Top Negotiated Managers in 2002.
January 2, 2003... Rank Firm Amount Issues 1 Salomon Smith Barney $41,080.2 396 2 UBS PaineWebber Inc. 36,858.4 527 3 J.P. Morgan Securities Inc. 21,760.5 137 4 Lehman Brothers 21,269.8 228 ...

Top Disclosure Counsel in 2002.
January 2, 2003... Rank Firm Amount Issues 1 Orrick, Herrington & Sutcliffe LLP $12,442.4 36 2 Nixon Peabody LLP 12,085.0 15 3 Ropes & Gray 5,123.8 11 4 Squire, Sanders & Dempsey LLP 2,299.6 24 ...

Top Co-Managers in 2002.
January 2, 2003... Rank Firm Amount Issues 1 Salomon Smith Barney Inc. $131,312.4 1,655 2 UBS PaineWebber Inc. 124,884.1 1,705 3 Morgan Stanley 99,777.2 1,198 4 Bear Stearns & Co. 95,529.8 600...

Top Senior Managers in 2002.
January 2, 2003... Rank Firm Amount Issues 1 Salomon Smith Barney Inc. $50,853.1 640 2 UBS PaineWebber Inc. 42,937.9 847 3 Lehman Brothers 26,249.4 274 4 J.P. Morgan Securities Inc. 25,005.8 169 5 Merrill...

Top Issuers in 2002.
January 2, 2003... Rank Issuer Amount Issues 1 California Department of Water Resources $12,033.0 9 2 Metropolitan Transportation Authority, N.Y. 9,050.0 11 3 Massachusetts (Commonwealth) 4,953.1 9 4 ...

Top Trustee Banks in 2002 (by Number of Issues).
January 2, 2003... Rank Bank Issues Amount 1 US Bank 904 $47,123.6 2 Bank of New York 803 37,834.8 3 Wells Fargo Bank 601 18,261.2 4 Bank One 322 16,462.0 5 Wachovia Bank 312 14,843.6 6 J.P....

Top Bond Insurers in 2002.
January 2, 2003... Rank Firm Amount Issues 1 Financial Security Assurance $55,347.2 1,814 2 MBIA Insurance Corp. 53,849.5 1,463 3 Ambac Assurance Corp. 42,642.6 1,222 4 Financial Guaranty Insurance...

Top Financial Advisers in 2002.
January 2, 2003... Rank Firm Amount Issues 1 Public Resources Advisory Group $33,734.6 133 2 Public Financial Management Inc. 30,666.3 602 3 Montague DeRose & Associates 15,196.7 29 4 Arimax Financial Advisors ...

Top Trustee Banks in 2002 (by Dollar Amount).
January 2, 2003... Rank Bank Amount Issues 1 US Bank $47,123.6 904 2 Bank of New York 37,834.8 803 3 Wells Fargo Bank 18,261.2 601 4 J.P. Morgan Chase & Co. 17,598.6 247 5 Bank One 16,462.0 322 6...

One-Year Note Index.
January 2, 2003... 2002 Dec 31 1.25% 24 1.23 18 1.16 11 1.17 4 1.26 Nov 26 1.32 20 1.31 13 1.39 6 1.55 Oct 30 1.64 23 1.76 16 1.56 9 1.49...

Short-Term Tax-Exempt Yields.
January 2, 2003... Dec. 31, 2002 Dec 30, 2002 Jan. 1, 2002 Selected MIG-1/SP-1+ Notes California Rans 2 1/2s (June 03) 1.85 1.85 n.a. Los Angeles Co Trans 3s (June 03) 1.05 1.05 n.a. New York City Rans 2 1/2s (Apr 03) 1.05...

Market Indicators.
January 2, 2003... Dollar amounts are in millions Day's 2002 2002 Daily Yesterday Change High Date Low Date Municipal Bond Index 109-15 +11/32 111-17 (9/30) 102-00 (4/1) 40 Average Dollar Price 100.67...

Municipal Market Data General Obligation Yields.
January 2, 2003... Aaa Aaa (pure) (ins) Aa A Baa 2003 1.15 1.18 1.18 1.40 1.73 2007 2.35 2.44 2.42 2.73 3.31 2012 3.53 3.64 3.62 3.97 4.53 2017 4.12 4.23 4.22 4.53 5.08...

U.S. Securities Prices.
January 2, 2003... 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 -- 1/23/2003 1.140/ 1.120/110 1.157 3M --...

Merrill Lynch Corporate Bond Indexes.
January 2, 2003... Performance Comparisons for Dec. 30, 2002 Aaa-Baa Rated Corporates Index Avg. Pct. of Total Return % Close Yield Market Prior Wk. Y-T-D ML Corporate Master 1330.49 5.08 100.00 +1.06 +10.35 ...

New-Issue Balances.
January 2, 2003... (,000 Omitted) *Since initial reoffering + Revised upward since last report Amount Date RECENT OFFERINGS Sold Balance $21,500 12/11 Hanover Co., Va. $1,730 $70 67,670 12/18 Central...

Reoffering Yields.
January 2, 2003... NRO - Not Reoffered; S.B. - Sealed Bid; SNA - Sold, Not Available Offer AmountDate ($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- 12/11 99.5...

Municipal Bond Index.
January 2, 2003... Yesterday Previous Day Week Ago The Bond Buyer Municipal Bond Index 109-15 109-04 108-21 Tuesday, December 31, 2002 Maturity Par Call Dollar Conversion Converted Date Date Price Factor Price...

Municipal Bond Prices.
January 2, 2003... These 40 Bonds are evaluated and priced daily by Standard & Poor's Securities Evaluations. All figures are rounded to the nearest eighth when reported in this table. "Change in Bid" is rounded after calculation. Dollar Change...

Recent Tables.
January 2, 2003... Weekly Bond Buyer Indexes Friday Bond Elections Wednesday Credit Calendar Friday General Obligation Bond Prices Monday Legislative Status Report Monday Merrill Lynch Corporate Bond Indexes Wednesday Municipal...

Municipal Bond Index Update.
January 2, 2003... The list of bonds used to calculate the Municipal Bond Index was revised after the December 31 pricing. The new coefficient is 1.0152. It was derived by dividing the December 31 index (109.475816) by the average converted price of the...

Buffalo, N.Y., Names Interim Comptroller.
January 2, 2003... A 29-year veteran of the Buffalo, N.Y., comptroller's office will take over as interim comptroller, following outgoing Comptroller Anthony Nanula's decision to accept a post with the state. Andrew SanFilippo originally joined the...

Michigan Governor, Facing Deficit, to Reconsider New State Office Building.
January 2, 2003... Newly sworn-in Michigan Gov. Jennifer Granholm will consider a nearly $1.8 billion state budget gap as she reviews plans to build a state office building in Lansing that was supported by outgoing Gov. John Engler. With Engler's support,...

Mass. Governor Inherits Helpful Hints.
January 2, 2003... When Massachusetts' new governor takes office today, he will inherit both a deficit -- one that could total up to $600 million for this fiscal year -- and a $1.6 billion list of suggestions for closing it. Jane Swift recommended that her...

Competitive Bond Offerings.
January 2, 2003... 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.
January 2, 2003... 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 2 Billerica MA...

Negotiated Bond Offerings.
January 2, 2003... Tentative dates for negotiated sales of $1 million or more. Please fax all pricing & award Information to 212-989-8442. Week Of January 6 Arizona Sch Fac Bd AZ COPs 370,000 UBS PaineWebber Public Fin Mgmt MBIA --...

Sealed Bids Invited.
January 2, 2003... CALIFORNIA Official Report to The Bond Buyer Fresno Unified School District $5,380,000 (Exact) Facsimile and electronic 10 am PST Jan 22. General Obligation Bonds, Election 1995, Tax-Exempt Series H. Paying Agent: To...

Bond Calls & Redemptions.
January 2, 2003... PA=Paying Agent; RE=Registrar; TR=Trustee ISSUE AMOUNT DATED DATE DUE DATE CALL DATE CALLER STATUS MINNESOTA Brooklyn Park, General obligation fire bonds, Series 1995A n/a Jun 1, 95 Feb 1, 2004-11 Feb 1,...

Results of Negotiated Sales.
January 2, 2003... LOUISIANA Louisiana Public Facilities Authority Nov 26, 2002 $22,235,000 Revenue Bonds, Series 2002D (Tulane University of Louisiana) 2017-20 Maturity Price to call on Feb 15, 2012 at par. (Ambac Insured) (book entry). ...

Municipal Bond Elections.
January 2, 2003... 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 14, 2003 $7,000 Essex Elementary SD, CT Tuesday, January 28, 2003...

Tax Law Logjam Could End: This Year Muni Changes May Get Their Vehicle.
January 3, 2003... The new year could ring in more for the tax-exempt bond market than an incoming Treasury secretary. With Republicans now controlling the White House, Senate, and House, chances for tax legislation, including municipal bond provisions, are...

Raters: Health Care Looks Good For 2003, But Dark Clouds Loom.
January 3, 2003... The not-for-profit hospital and health care system sector will probably record its third straight year of credit stability in 2003. However, that streak might be cut short by year's end because of mounting pressures from the rise in wage,...

Arizona COPs Mark a First For Agency: State Board to Issue $370 Million.
January 3, 2003... The Arizona School Facilities Board will kick off the new year on Jan. 6 with an offering of $370 million of certificates of participation that marks the first issuance of that type of debt by the state agency. Prior to this deal, the board...

The Digest.
January 3, 2003... The bid side in municipals weakened, taking a cue from sinking Treasuries during a quiet post-holiday trading session. Governments fell at the open and then plummeted when the Institute for Supply Management manufacturing index surged to 54.7...

Thursday's Market: Municipals Weaken, Treasuries Sink; ISM Manufacturing Index Increases.
January 3, 2003... The bid side in municipals weakened, taking a cue from sinking Treasuries during a quiet post-holiday trading session. Governments fell at the open and then plummeted when the Institute for Supply Management manufacturing index surged to...

News In Brief: Jobless Claims Up 13,000 to 403,000.
January 3, 2003... First-time applications for state unemployment benefits rose 13,000 to 403,000 in the week that ended Dec. 28, according to data released by the U.S. Labor Department. IFR BondData America's poll of economists had projected 380,000 new...

News In Brief: ISM Index Jumps To 54.7% in December.
January 3, 2003... The overall economy expanded for the 14th straight month in December, while the manufacturing sector expanded for the first time in four months, the Institute for Supply Management reported. According to the ISM's monthly report on...

News In Brief: Treasury Details Weekly Auctions.
January 3, 2003... The Treasury Department said yesterday it will pay down $240 million at its weekly auction of 91-day and 182-day discount bills by selling $30 billion to replace $30.240 billion in maturing securities. To be sold Monday are $15 billion 91s,...

News In Brief: Survey Finds Buyers Confident Online.
January 3, 2003... The degree of safety felt by consumers when buying online surged from last year, according to the Conference Board. About one out of three respondents to the quarterly Consumer Internet Barometer maintained by the Conference Board said they...

News In Brief: Moody's Cuts Outlook On Georgetown, Mass.
January 3, 2003... Moody's Investors Service said it has assigned an A1 rating and negative outlook to the town of Georgetown, Mass.' $1.075 million in general obligation limited tax bonds. Moody's also affirmed the A1 rating on $21.9 million in previously issued...

Connecticut Governor Wants to Reduce State Aid for School Construction.
January 3, 2003... As part of his ongoing effort to return Connecticut to fiscal stability, Gov. John Rowland is proposing reducing state aid payments for school construction projects for three years, a move that he says would save hundreds of millions of dollars...

Judge, Most Bondholders Approve Alabama Park's Bankruptcy Plan.
January 3, 2003... A federal judge in Birmingham, Ala., has accepted the bankruptcy plan of Visionland, as have most of those who purchased $90 million in bonds to support the theme-park venture located in Alabama. Seventy-four percent of the bondholders,...

Philadelphia Mayor: New Players in Building Deal Should Help Pay.
January 3, 2003... The proposed $464 million expansion of Philadelphia's troubled convention center faces another roadblock after outgoing Pennsylvania Gov. Mark Schweiker signed legislation this week that weakens the city's influence on the convention center's...

Ambac and MBIA Shares Lost Value in 2002 But Still Beat S&P 500.
January 3, 2003... Stock prices for MBIA Inc. and Ambac Financial Group Inc. lost ground last year but still managed to beat the S&P 500, according to a report from Banc of America Securities. Shares for Ambac, parent company of New York City bond insurer...

Missouri to Cut 870 Jobs to Help Close Budget Gap.
January 3, 2003... Missouri will eliminate 870 positions from the state payroll as part of $67.1 million in spending cuts needed to close a looming gap in the current $18.9 billion fiscal year budget, according to state budget director Linda Luebbering. ...

Michigan Gov. Granholm Seeks New Approach for Cities.
January 3, 2003... Gov. Jennifer Granholm this week took the oath of office as Michigan's first female governor with a promise to approve an expanded transportation system in Detroit and the goal of bringing economic development to urban areas. The new...

Money Market Funds: End-of-the-Year Flight From Tax Gives Florida Funds a Boost.
January 3, 2003... Florida investors, seeking to avoid the "intangibles tax" as 2002 came to a close, carried on the year-end tradition of shifting cash into in-state municipal money market funds. The Florida funds' showing produced a second consecutive week...

Trends in the Region: States Using 'Aggie' Bonds to Cultivate New Farmers.
January 3, 2003... Some farmers in Montana and Idaho with little or no capital can take advantage of new tax-exempt agricultural bond programs in their states, and Wyoming is considering a similar program. In November, a farmer in Denton, Mont., became the...

ALASKA: Readable Analysis.
January 3, 2003... The state completed its Comprehensive Annual Financial Report for the fiscal year ending on June 30, 2002. It received an unqualified audit opinion and for the first time followed the new reporting model known as Governmental Accounting Board...

CALIFORNIA: To Bond or Not to Bond.
January 3, 2003... The Los Angeles Community College District is expected to decide next week whether to ask voters to approve up to $1 billion in general obligation bonds in an upcoming election. The new measure was largely prompted by impending state budget...

CALIFORNIA: School Loot.
January 3, 2003... State agencies and schools across California will share $302.2 million in payments from the Lottery Education Fund for the quarter ending September 2002, according to outgoing Controller Kathleen Connell. "At a time when schools are facing...

CALIFORNIA: Rating Slide.
January 3, 2003... Fitch Ratings lowered the rating on bonds backed by Cal-Mortgage Loan Insurance, a division of Cal-Mortgage, to A from AA as a result of the recent downgrade of the state's general obligation bond rating to A. Cal-Mortgage is part of the...

CALIFORNIA: New Station House.
January 3, 2003... La Mesa, near San Diego, is moving forward with plans for a ballot measure calling for $8 million to $12 million in general obligation bonds for a new police station. The City Council hired an architectural firm in December to propose a...

CALIFORNIA: Fresh Water.
January 3, 2003... The Orange County Water District will sell as much as $156 million of certificates of participation on Wednesday. Proceeds from that sale will partly finance a groundwater-replenishing system and refund some outstanding COPs. "This is the...

IDAHO: Student Surge.
January 3, 2003... A surging student population has Nampa School District officials considering a $38 million bond measure for this spring. A committee has been formed to weigh the measure. A third high school would receive about $23 million, the bulk of the...