The Bond Buyer articles from January 2004

The Bond Buyer archives from January 2004

A Good Year for Housing: Analysts See Economy Driving Solid Demand.
January 2, 2004... After a year of solid housing sales and surging single-family bond issuance, 2004 is likely to be a good year for municipal housing finance in general but not necessarily a record-breaking year for housing bond sales, analysts say. While...

Muni Market Set Issuance Record in '03: Long-Term Bonds Totaled $383 Billion.
January 2, 2004... Issuers in the long-term municipal bond market set a new volume record last year despite tax cuts, positive signals that the economy has gained strength, and a strong showing in the equity market. States, municipalities, and localities...

Guam's $418M Issue Held Up By Scandal-Stained Court Battle.
January 2, 2004... Guam's plans to issue $418 million in general obligation bonds to help clean up its fiscal mess have been stalled thanks to a legal battle over the proposed debt that has turned into a soap opera complete with allegations of domestic violence...

The Digest @se#4.
January 2, 2004... Municipal bonds were little changed Wednesday as the market idled ahead of an early close and the New Year's Day holiday. Complete market coverage by Nicholas Chesla and Anastasija Johnson appears on page 2 News THE BOND BUYER...

News In Brief: Jobless Claims Fall 15,000 to 339,000.
January 2, 2004... First-time applications for state unemployment benefits fell 15,000 to 339,000 in the week that ended Dec. 27 - the 13th consecutive week the figure has been below 400,000 - according to data released by the Labor Department Wednesday. The...

News In Brief: T-Bill Auction To Pay Down $647M.
January 2, 2004... The Treasury Department said it will pay down $647 million at its weekly auction of 91-day and 182-day discount bills Monday by selling $33 billion to refund $33.647 billion in maturing securities. To be sold are $17 billion 91s, dated Jan....

News In Brief: Mt. Sinai MC, Fla., Raised by Moody's.
January 2, 2004... Moody's Investors Service said it has assigned a Ba2 long-term rating to Mount Sinai Medical Center of Florida's $106.8 million of Series 2004 refunding bonds to be issued through the Miami Beach Health Facilities Authority. Concurrently,...

News In Brief: St. John Health, Okla., Gets Negative S&P Outlook.
January 2, 2004... Standard & Poor's said it revised its rating outlook to negative from stable on $133.8 million of the Oklahoma Development Finance Authority's Series 1999 revenue bonds and $86.4 million of Tulsa Industrial Authority's Series 1996 revenue bonds...

Wednesday's Market: Munis Little Changed as Market Closes Out 2003 With a Whisper.
January 2, 2004... Municipal bonds were little changed Wednesday as the market idled ahead of an early close and the New Year's Day holiday. Treasuries ended the session flat in thin trading as better-than-expected initial jobless claims data were countered...

A Clarification.(Correction Notice)
January 2, 2004... In October, Commerce Bank announced plans to expand into northern Virginia and Washington, D.C., in 2005. The bank expects to open a corporate trust office in those locations then. A Dec. 18 story was not clear about when the expansion would...

Pittsburgh Scrambles for Budget as State Acts to Ease Pain.
January 2, 2004... Elected officials in Pittsburgh Wednesday raced to beat a Jan. 1 deadline by approving a $387 million fiscal 2004 operating budget that includes tax increases. The vote came one day after Pennsylvania Gov. Ed Rendell said he would consider...

Bondholders Sue Over Defaults At New York City Airport Hotels.
January 2, 2004... Investors in two airport hotel bond deals sold through the New York City Industrial Development Agency have brought suit to foreclose on the hotels after the developer, Pennsylvania-based Field Hotel Associates, failed in November to make...

Colo. Treasurer: St. Vrain Has 'Bright' Future.
January 2, 2004... Colorado Treasurer Mike Coffman gave the St. Vrain Valley School District high marks Tuesday after reviewing a recent audit of its progress under a financial recovery plan conceived by Coffman and implemented by state deputy treasurer Dick...

One Up, One Down: Ratings Moves at Maryland Hospitals.
January 2, 2004... One Maryland Health and Higher Education Facilities Authority hospital bond issue was upgraded while another was downgraded this week. Fitch Ratings upgraded $15 million in revenue bonds used to finance a University of Maryland Medical...

Mutual Funds: Redemptions Make November 5th Straight Month of Outflows.
January 2, 2004... Municipal bond mutual funds suffered from a net outflow of $1.135 billion in November - the fifth straight month of billion-dollar outflows - as redemptions continued unabated, the Investment Company Institute reported this week. The...

Money Market Funds: Tax-Exempt Yields Leap Past Taxables.
January 2, 2004... Tax-exempt money market funds' average annualized yield shot up during the week that ended Monday to 0.59%, landing six basis points higher than the average taxable fund yield, according to iMoneyNet Inc. Over the past two weeks, the...

Municipal Bond Activities.
January 2, 2004... January 22-23 The National Federation of Municipal Analysts will host an advanced seminar on municipal utilities at the Westin La Paloma, in Tucson, Ariz. For more information and to register contact Lisa Good at 212-341-4898, or visit...

Competitive Bond Offerings.
January 2, 2004... Letter F next to the issuer's name signifies the Official Notice of Sale is available on the internet! Go to www.bondbuyer.com Amount Bank- Latest Issuer St Description ($000s) Time of Sale Financial Adviser Legal...

Competitive Note Offerings.
January 2, 2004... Amount Bank- Latest Issuer St Description ($000s) Time of Sale Financial Adviser Legal Opinion Maturing Insurer Mdy's S&P Fitch Qual. Details Monday, January 5 Oxford MA Bond Antic 25,000 1 pm E UniBank Fiscal Adv...

Negotiated Bond Offerings.
January 2, 2004... Tentative dates for negotiated sales of $5 million or more. Amount First Issuer St Description ($000s) Lead Manager Financial Adviser Insurer Mdy's S&P Fitch Appeared Week Of January 5 San Buenaventura...

Negotiated Note Offerings.
January 2, 2004... Amount First Issuer St Description ($000s) Lead Manager Financial Adviser Insurer Mdy's S&P Fitch Appeared Week Of January 5 Pima County AZ GO Ref 6,960 RBC Dain Rauscher -- -- -- -- -- Today Copyright 2003...

Results of Negotiated Sales.
January 2, 2004... ARKANSAS Prescott (City) Dec 22, 2003 $3,495,000 Sales and Use Tax Bonds, Series 2004 (bank qualified) (book entry). Dated Jan 1, 2004. Due Jan 1, 2005 to 2014. First coupon Jul 1, 2004. Callable Jan 1, 2009 at...

Rating Changes.
January 2, 2004... ISSUER AMOUNT CHANGE BOND ($000S) TO FROM NAME COMMENTS Brazoria County Municipal Utility District No. 5, Tex., unlimited tax bonds, Series 1999 2,135 BBB-plus BBB S&P Essentially completed status of development,...

ALASKA: Museum Vote Delayed.
January 2, 2004... A museum bond vote in Anchorage will be delayed for at least one year. The city's voters were to have cast their ballots in April on a $20 million general obligation bond issue to help finance the Anchorage Museum of History and Art. ...

CALIFORNIA: John Wayne Expanding.
January 2, 2004... John Wayne Airport in Orange County is adding two temporary gates as it lays the groundwork for a permanent expansion project. The expansion is needed because the airport has negotiated increases in permitted passenger levels with its...

CALIFORNIA: How to Pass Bonds.
January 2, 2004... Political strategist Larry Tramutola has published a book on how to achieve passage of bond measures called "Sidewalk Strategies: Seven Winning Steps for Candidates, Causes and Communities." Tramutola, principal of the Oakland-based...

IDAHO: Empire Air Stays Home.
January 2, 2004... With the lure of $850,000 in help from the state's taxpayers, an air cargo carrier will expand at the Coeur d'Alene airport rather than across the Washington border in Spokane. "This is another example of our ability to keep successful...

NEVADA: Not in Their Back Yard.
January 2, 2004... A psychiatric hospital planned for Las Vegas but is meeting resistance that could delay its construction. The State Public Works Board this week approved the design for the 150-bed facility, but some residents in the neighborhood where the...

WASHINGTON: Nick of Time.
January 2, 2004... Construction has begun on a bond-funded conference center and hotel in Vancouver, Wash., beating an end-of-the-year deadline. A $66 million revenue bond sale by the Vancouver Downtown Redevelopment Authority, underwritten by U.S. Bancorp...

WASHINGTON: Tax-Buster's Back.
January 2, 2004... Activist Tim Eyman has been making a career of pushing anti-tax initiatives in Washington State, and he's at it again. Eyman announced Tuesday that he will launch an initiative campaign in 2004 seeking a referendum election on an...

LONG-TERM BONDS: January-December.
January 2, 2004... 2003 2002 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $382,680,700 14,833 $358,768,900 14,404 +6.7 % January 27,067,700 969 ...

BOND SALES BY STATE: January-December.
January 2, 2004... 2003 2002 State Rank Volume Rank Volume Pct Chg Alabama 27 $4,708,700 24 $5,196,700 -9.4 % Alaska 40 1,862,400 39 1,545,000 +20.5 Arizona 19 6,423,800 12 ...

LONG-TERM BONDS: December.
January 2, 2004... 2003 2002 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $29,967,200 1,195 $26,745,400 1,334 +12.0 % Development 366,800 36 664,500...

LARGEST ISSUES: December 2003.
January 2, 2004... Amount Issuer Date $1,794.9 Wisconsin (State), GO/revenue (TAX) Dec 10 687.5 National Collegiate Student Loan Trust 2003-1, Pa., GOs (pvt) Dec 8 680.0 New York City, GOs (TAX/TE) (neg/pvt) Dec 9 ...

NEW-ISSUE VOLUME NOTES.
January 2, 2004... The new-issue volume tables are based on information compiled by The Bond Buyer from Thomson Financial's data base on Wednesday, Dec. 31, 2003. All figures are preliminary and subject to revision. Long-term bonds have final stated...

Market Indicators.
January 2, 2004... Dollar amounts are in millions Day's 2003 2003 Daily Yesterday Change High Date Low Date Municipal Bond Index 112-08 unch 115-28 (6/13) 105-22 (7/31) 40 Average Dollar Price...

Short-Term Tax-Exempt Yields.
January 2, 2004... Dec 31, 2003 Dec 30, 2003 Jan 1, 2002 Selected MIG-1/SP-1+ Notes California Raws Ser A 2s (MIG-1) (June 04) 1.50 1.55 n.a. Los Angeles Co Trans 2s (June 04) 1.00 1.00 n.a. Texas Trans 2s (Aug 04)...

U.S. Securities Prices.
January 2, 2004... Prices as of 3 p.m. ET. Source: GovPx Inc. Treasury Bills Yesterday's Prev. Day's Yesterday's (in percent of discount) Bid/Offer Bid/Offer Bid Yield 1M - 1/29/2004 0.088/870 0.790/790 0.895 ...

Municipal Market Data General Obligation Yields.
January 2, 2004... Aaa Aaa (pure) (ins) Aa A Baa 2004 1.11 1.15 1.16 1.28 1.78 2008 2.36 2.46 2.45 2.68 3.21 2013 3.40 3.52 3.50 3.75 4.29 2018 3.99 4.11 4.09 ...

Weekly Yields of 20-Bond GO Index and Treasury Securities.
January 2, 2004... Latest Previous Year 12-Month Week Week Ago High Low 20-Bond Index 4.60 4.58 4.84 5.18 4.21 10-Year Treasury Note 4.26 4.27 4.05 4.54 3.16 30-Year Treasury Bond 5.07...

Bond Buyer Indexes.
January 2, 2004... Average Municipal Bond Yields - Compiled Weekly 20-Bond 11-Bond 25-Bond 10-Year 30-Year GO Index1 GO Index1 Revenue2 Treasury3 Treasury3 2003 DEC 31 4.60 4.51 5.05 4.26 5.07...

Credit Calendar.
January 2, 2004... MONDAY, January 5 The Treasury pays down $647 million of new cash at its regular auction of 91- and 182-day discount bills by selling $33 billion to refund $33.647 billion of maturing securities, and announces the sizes of its four-week...

New-Issue Balances.
January 2, 2004... (,000 Omitted) * Since initial reoffering + Revised upward since last report Amount Date RECENT OFFERINGS Sold Balance $17,475 12/18 Knox Co. Sch. Dist. Corp., Ky. $200 $8,300 13,000 12/2...

One-Year Note Index.
January 2, 2004... 2003 Dec 31 1.14% 23 1.16 17 1.17 10 1.20 3 1.18 Nov 25 1.13 19 1.14 12 1.14 5 1.10 Oct 30 1.08 ...

Reoffering Yields.
January 2, 2004... NRO - Not Reoffered; S.B. - Sealed Bid; SNA - Sold, Not Available Offer Amount Date ($Mil) NEW OFFERINGS 1 Year 5 10 15 20 25 30 Aaa - AAA 12/16 25.0 Superior, Wis. (rev.) ...

State and Local Government Series Rates.
January 2, 2004... Friday Monday Tuesday Wednesday Thursday Dec 26 Dec 29 Dec 30 Dec 31 Jan 1 Overnight* 0.58 0.58 0.59 0.59 n.a. Three Months 0.85 0.82 0.85 0.89 n.a. Six Months ...

Municipal Bond Index.
January 2, 2004... Yesterday Previous Day Week Ago The Bond Buyer Municipal Bond Index 112-08 112-08 112-15 Wednesday, December 31, 2003 Maturity Par Call Dollar Conversion Converted Date Date Price ...

Municipal Bond Prices.
January 2, 2004... 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 ...

Municipal Bond Index Update.
January 2, 2004... The list of bonds used to calculate the Municipal Bond Index was revised after the Dec. 31 pricing. The new coefficient is 1.0204. It was derived by dividing the Dec. 31 index (112.245198) by the average converted price of the new set of...

Oklahoma on the Road Again With $50 Million of Garvees.
January 2, 2004... With all three branches of state government finally on board, Oklahoma is preparing to launch its first issue of grant anticipation revenue vehicles this month as part of a plan to accelerate highway construction that has been idled by legal...

Bond Buyer Indexes Mixed in Holiday-Shortened, Three-Day Week.
January 2, 2004... The Bond Buyer municipal bond indexes were mixed in the first three days of trading in a short week ahead of the New Year's Day holiday. On Monday, the highlight of the session was a $21 million bond deal from the Hilton Central School...

Return-Wise, Munis Beat Expectations: Outperformed Treasuries in '03.
January 5, 2004... An improving economy and rising interest rates led to weaker performance in the municipal bond market last year versus 2002, but rates of return still generally beat expectations and compared favorably to those in Treasuries. According to...

The Digest.
January 5, 2004... Municipal bonds weakened Friday in light trading taking a cue from plummeting Treasuries ahead of an early market close. Complete market coverage by Nicholas Chesla and Anastasija Johnson appears on page 2 News FOR THE SEVENTH YEAR in...

Uncertainty Lies Ahead: In Congress, Politics May Overshadow Tax Policy.
January 5, 2004... The municipal bond community has high hopes of convincing Congress to ease some of the restrictions on tax-exempt bonds this year, while it is counting on getting increased guidance on bond regulations from the Treasury But there is a...

N.Y. Gov. Pataki Returns Checks To Bankers After Depositing Error.
January 5, 2004... When UBS Financial Services Inc. banker Walter Kicinski received an invitation to a fundraiser at a law firm for New York Gov. George E. Pataki in September 2002, he didn't hesitate to attend. After all, Kicinski, who cultivates New York...

News In Brief: ISM Index Rises To 66.2 in Dec.
January 5, 2004... The overall economy expanded for the 26th straight month in December, while the manufacturing sector expanded for the sixth time in as many months, the Institute for Supply Management reported Friday. According to the ISM's monthly report...

News In Brief: S&P Cuts Hartford Parking Bonds to BBB-.
January 5, 2004... Standard & Poor's last week lowered its rating on $32 million in parking system revenue bonds issued by Hartford, Conn., Parking Authority to BBB-minus from BBB. The outlook at the new rating level is stable. Concerns over the credit...

Friday's Market: Munis Weaken in Light Trading as Treasuries Fall, New Year Begins.
January 5, 2004... Municipal bonds weakened Friday in light trading, taking a cue from plummeting Treasuries ahead of an early market close. Governments dropped, extending earlier losses when the December Institute of Supply Management manufacturing index...

Illinois Finance Authority to Meet; Director and Budget Top Agenda.
January 5, 2004... The board of the new Illinois Finance Authority will hold its first meeting today to act on a series of administrative matters, including the hiring of an executive director and adoption of a budget. The authority opened its doors for...

Schwarzenegger Readies State of the State and 2005 Budget.
January 5, 2004... With California lawmakers beginning a new legislative session today, Gov. Arnold Schwarzenegger prepares to deliver a state of the state address tomorrow evening at a time when the state has the lowest bond rating of any in the nation. ...

N.M. Governor Offers $4.3B Budget, Capital Outlay Changes.
January 5, 2004... New Mexico Gov. Bill Richardson on Friday proposed a $4.3 billion state budget for fiscal 2005 that would raise spending by 4.7% and change the way funds are assigned for capital projects. The proposal will provide a blueprint for...

S&P Lowers South Carolina Hospital To A Before $53 Million Bond Sale.
January 5, 2004... With plans for a $53 million revenue bond deal next week, Self Regional Healthcare in South Carolina was hit with a downgrade of its underlying rating by Standard & Poor's, which lowered it to A from A-plus. Greenwood County will sell the...

Tobacco Bonds: Florida Court Decertification of Light-Cigarette Suit Gives Boost to Sector.
January 5, 2004... Investors who buy tobacco debt say the decision by a Florida court last week to deny class-action status to a lawsuit filed against Philip Morris USA by smokers of Marlboro Lights and Ultra Lights is more good news for those bonds. ...

The Week Ahead: Denver School District Kicks Off New Year With $311M Sale.
January 5, 2004... Municipal bond issuance will get off to a slow start during this first full week of 2004 with a $310.8 million Denver school district sale being the week's largest. The bonds being sold by the Denver City and County School District #1 will...

Competitive Bond Offerings.
January 5, 2004... 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 5, 2004... ISSUER ST DESCRIPTION AMOUNT($000s) TIME OF SALE FINANCIAL ADVISER LEGAL OPINION MATURING INSURER MDY'S S&P FITCH BANK-QUAL. LATEST DETAILS Monday, January 5 Oxford MA Bond...

Negotiated Bond Offerings.
January 5, 2004... Tentative dates for negotiated sales of $5 million or more. Week Of January 5 San Buenaventura CA Wtr Rev 28,600 RBC Dain Rauscher --- --- --- A --- Dec 31 San Dieguito Wtr Dt CA Wtr Rev 14,500 RBC Dain Rauscher --- --- --- A...

Negotiated Note Offerings.
January 5, 2004... ISSUER ST DESCRIPTION AMOUNT ($000s) LEAD MANAGER INSURER MDY'S S&P FITCH FIRST APPEARED Week Of January 5 Pima County AZ GO Ref 6,960 RBC Dain Rauscher -- -- -- -- -- Jan 2 ...

Results of Negotiated Sales.
January 5, 2004... ALABAMA Alabama Housing Finance Authority Dec 18, 2003 $7,250,000 Multi-Family Housing Revenue Bonds, Senior 2003 Series M (Forest River Apartments Project) (AMT). Dated Dec 29, 2003. Due Jan 1, 2039. First coupon...

Deal in Focus: D.C. Development Boom Could Mean as Much $1.2B of Debt.
January 5, 2004... As the District of Columbia's real estate market sizzles, a long list of economic development projects that the city government unveiled in the fall could lead to the issuance of more than $1.2 billion in tax-exempt bonds in coming years if...

Connecticut: Impeachment Talks.
January 5, 2004... A bipartisan effort is reportedly underway in the state House to research the legal and political steps necessary to impeach Gov. John G. Rowland. According to the Hartford Courant, both Republicans and Democrats in the House have produced...

Maryland: CDA Housing Sale.
January 5, 2004... The Maryland Community Development Administration plans to sell $11.9 million of housing revenue bonds tomorrow. Moody's Investors Service rates the Series 2004A bonds Aa2. It said the rating reflects the strong composition of the loan...

New Jersey: A Montclair Moment.
January 5, 2004... Montclair State University plans to come to market this week with a $97 million combination new-money and refunding issue to be sold through the New Jersey Educational Facilities Authority. Roughly $4 million of that will be used to refund...

New York: Rule of Law.
January 5, 2004... Kevin Law, a veteran attorney active in the Democratic Party, has been appointed as one of two chief deputies to Suffolk County Executive-elect Steve Levy. Levy, a Democrat who defeated Republican County Clerk Edward Romaine to succeed...

PennsylvanIa: Hafer's New-Old Party.
January 5, 2004... In a widely expected move, state Treasurer Barbara Hafer last week defected from the Republican Party and returned to the Democratic Party, which she abandoned in 1975. Often described as a fiscal conservative and social moderate, Hafer...

PennsylvanIa: Philly's Looming Gap.
January 5, 2004... The nation's fifth largest city is facing a $144 million deficit in its fiscal 2005 budget beginning July 1 and a projected five-year gap of $700 million, Philadelphia officials reported last week. Janice Davis, the city's finance...

UBS, Citigroup Take Top Two Spots; Illinois Deal Skews Other Rankings.
January 5, 2004... For the seventh year in a row, Citigroup Global Markets Inc. and UBS Financial Services are entering the new year as the top two senior managers in the municipal market. The senior manager rankings close out a year in which other categories...

Top Senior Managers: All of 2003.
January 5, 2004... Rank Firm Amount Issues 1 Citigroup $52,362.7 690 2 UBS Financial Services Inc. 44,845.8 842 3 Merrill Lynch & Co. 29,421.4 304 4 Morgan Stanley 26,529.1 274 5 ...

Top Senior Negotiated Managers: All of 2003.
January 5, 2004... Rank Firm Amount Issues 1 Citigroup $43,671.3 410 2 UBS Financial Services Inc. 38,446.4 521 3 Bear, Stearns & Co. 21,503.9 177 4 Morgan Stanley 20,593.6 171 5 ...

Top Senior Competitive Managers: All of 2003.
January 5, 2004... Rank Firm Amount Issues 1 Merrill Lynch & Co. $15,691.2 137 2 Citigroup 8,691.4 280 3 UBS Financial Services Inc. 6,399.4 321 4 Morgan Stanley 5,935.5 103 5 Lehman...

Top Senior Small-Issue Managers: All of 2003.
January 5, 2004... Rank Firm Amount Issues 1 RBC Dain Rauscher $1,930.6 404 2 Morgan Keegan & Co. 1,552.5 344 3 U.S. Bancorp Piper Jaffray Inc. 1,343.9 336 4 Roosevelt & Cross Inc. 1,085.3 289...

Top Financial Advisers: All of 2003.
January 5, 2004... Rank Firm Amount Issues 1 Public Financial Management Inc. $38,696.3 874 2 Public Resources Advisory Group 37,067.0 146 3 First Southwest Co. 17,995.3 628 4 Kirkpatrick Pettis 12,347.4 40 5 Mesirow Financial Inc....

Top Bond Counsel: All of 2003.
January 5, 2004... Rank Firm Amount Issues 1 Orrick, Herrington & Sutcliffe LLP $38,596.5 482 2 Hawkins Delafield & Wood 29,806.9 427 3 Sidley Austin Brown & Wood 18,368.6 136 4 Squire, Sanders & Dempsey LLP 12,715.6 293 5 Pugh, Jones &...

Top Underwriter's Counsel: All of 2003.
January 5, 2004... Rank Firm Amount Issues 1 Hawkins Delafield & Wood $20,033.5 144 2 Orrick, Herrington & Sutcliffe LLP 14,284.7 184 3 Winston & Strawn 12,301.2 15 4 Burke Burns & Pinelli Ltd. 10,576.5 9 5 Nixon Peabody LLP 9,816.1 73...