The Bond Buyer articles from November 2002

The Bond Buyer archives from November 2002

IRS Notice Eases N.Y. Refunding: Agency Clarifies Law.
November 1, 2002... The Internal Revenue Service released a clarification yesterday that has the practical effect of paving the way for the New York State Environmental Facilities Corp. to advance refund $650 million in tax-exempt bonds on behalf of the New York...

Focus on the Fixed Rate: Buyers Doing Last-Minute Analysis of DWR Deal.
November 1, 2002... Investors awaiting the fixed-rate portion of California's mammoth $11.9 billion power bond deal slated to begin selling today were still analyzing the credit as of yesterday and speculating about what interest rate the bonds will need to offer,...

The Digest.
November 1, 2002... Market tone was firm yesterday and municipal bond yields fell by as much as two basis points in light to moderate trading action. Complete market coverage by Nicholas Chesla appears on page 2 News THE BOND BUYER YIELD INDEXES dropped...

October's Long-Term Issuance On Pace for Year-End Record.
November 1, 2002... New-issue volume of $36.7 billion in the long-term municipal bond market in October was the third highest on record for a single month. The month's heavy volume puts 2002 overall issuance on pace to exceed the $292.2 billion sold in 1993, which...

A Correction.(Correction Notice)
November 1, 2002... FTP & W is one of the financial advisory firms involved in the Chicago Public Schools' upcoming bond sale. The name of the firm was misspelled in Wednesday's Deal in Focus story. Copyright c 2002 Thomson Media. All Rights Reserved....

News In Brief: Advance 3Q GDP Up 3.1%.
November 1, 2002... Real gross domestic product rose at a 3.1% seasonally adjusted annual rate in the third quarter, according to advance figures released by the Commerce Department. It compares with the 1.3% increase in the second quarter and a 5.0% gain in...

News In Brief: Jobless Claims Rise 16,000 to 410,000.
November 1, 2002... First-time applications for state unemployment benefits rose 16,000 to 410,000 in the week ended Oct. 26, according to data released by the U.S. Labor Department. The figure was above the 390,000 in new claims projected by IFR BondData...

News In Brief: Employment Costs Up 0.8% in 3Q.
November 1, 2002... Employee compensation costs rose less than expected in the third quarter, according to Labor Department data. The seasonally adjusted employment cost index for all civilian workers rose 0.8%, below the 1.0% gain a quarter earlier. The...

News In Brief: Chicago PMI Slumps Further in October.
November 1, 2002... The Chicago Purchasing Manager's index plunged to 45.9% in October from 48.1% in September, the Purchasing Management Association of Chicago said. The data is compiled on a seasonally adjusted basis. IFR BondData America had predicted the...

News In Brief: N.Y. Business Index Slips In October.
November 1, 2002... The New York City economy continued to weaken in October, according to the National Association of Purchasing Management-New York's business conditions index, although there are some "hopeful" signs. The BCI fell to 251.6 in October, down...

News In Brief: Treasury Details Weekly Bill Sale.
November 1, 2002... The Treasury Department said it will raise $3.816 billion of new cash at its weekly auction of 91-day and 182-day discount bills Monday by selling $34 billion to refund $30.184 billion in maturing securities. To be sold are $17 billion 91s,...

News In Brief: Help-Wanted Ads Increase in Sept.
November 1, 2002... The volume of help-wanted ads in newspapers in the U.S. increased in September, as measured by the Conference Board's help-wanted advertising index, which added two points to 43 from an unrevised 41 in August. A year ago, the index stood at 53....

Thursday's Market: Municipal Tone Finishes Firm; Yields Decline Two Basis Points.
November 1, 2002... Market tone was firm yesterday and municipal bond yields fell by as much as two basis points in light-to-moderate trading action. Governments moved firmly into positive terrain during the session, while equities were mixed, having given up...

Bondholders Remove SouthTrust as Trustee for 11 Florida Housing Issues.
November 1, 2002... Bondholders have removed SouthTrust Bank as trustee for 11 bond issues sold for nonprofit affordable housing projects in north Florida, after the housing corporations that run the complexes accused the bank of charging "exorbitant" fees. ...

Illinois Revises Fiscal 2003 Budget Estimate.
November 1, 2002... Lackluster fiscal performance has led Illinois budget officials to knock down by $200 million the revenue estimates used to craft the state's fiscal 2003 spending plan, according to the Bureau of the Budget's first quarter fiscal report...

Minneapolis Health Care System Returns to Market.
November 1, 2002... Minneapolis-based Allina Hospitals and Clinics is preparing to step back into the tax-exempt market later this month after a four-year absence with a roughly $225 million fixed-rate deal that will carry the system's first public ratings. ...

Budget Gap Paramount in N.Y.'s Contentious Comptroller Race.
November 1, 2002... New York's comptroller race is shaping up as a battle between each of the state's split personalities -- a downstate liberal against an upstate conservative. Democrat Alan Hevesi of Queens and Republican John Faso of upstate Kinderhook...

FSA's 3d Quarter Shows Mixed Results.
November 1, 2002... Financial Security Assurance Holdings Ltd., the New York-based holding company for bond insurer Financial Security Assurance Inc., reported third-quarter earnings of $34.4 million, a 35% drop from $52.8 million in the third quarter of 2001. ...

Highland Park, Mich., Fiscal Manager Asks State's Permission to Sell Bonds.
November 1, 2002... Ramona Henderson Pearson, the financial manager for Highland Park, Mich., this week made a public plea for the state to allow the city to issue bonds to help fix a still looming deficit of about $6.5 million. Pearson presented the request,...

Colorado Adding $200 Million Note Deal to Bridge Gap.
November 1, 2002... To augment revenues until the Legislature can tackle an expected revenue shortfall when it convenes in January, Colorado this month will sell $200 million of tax anticipation notes to supplement an $800 million note transaction sold earlier...

Cook County, Ill.'s Stroger Proposes Job, Spending Cuts for Forest District.
November 1, 2002... Cook County, Ill., Board President John Stroger this week laid out a "bold" $141 million 2003 budget proposal that cuts 254 employees and spends $7 million less than last year from the Forest Preserve District budget -- a proposal that...

Bond Buyer Yield Indexes Post Sharp Drop Ahead of FOMC Meeting.
November 1, 2002... The Bond Buyer yield indexes dropped sharply amid economic uncertainty this week and a looming Federal Reserve Board Open Market Committee meeting next week. A cautious municipal secondary market struggling for stability idled Monday as...

Fund Flows: October Returns See Drop to Negative From Positive, Lipper Says.
November 1, 2002... Some municipal bond fund investors are in for a surprise when they receive their October statements. After producing an average total return of 8.28% through September this year, according to Lipper Inc., many shareholders will be staring at...

CALIFORNIA: Payment Plan.
November 1, 2002... The state Public Utilities Commission took steps last week to establish a utility ratepayer charge to pay debt service on nearly $12 billion in Department of Water Resources power purchase revenue bonds currently being sold to investors. ...

CALIFORNIA: Getty Action.
November 1, 2002... A state appellate court panel last week cleared the way for the J. Paul Getty Trust to add a 450-seat outdoor amphitheater at the late oil magnate's Italian-style villa in Malibu as part of a plan to reopen it as a public art museum. "It's...

CALIFORNIA: Birth of a Campus.
November 1, 2002... State and local officials in a ceremony Friday celebrated the founding of the newest University of California campus in Merced. The state hopes to open the school to about 1,000 students by 2004 -- a year ahead of the original schedule....

CALIFORNIA: Smoke Yes, But Fire?
November 1, 2002... The Santa Clara County district attorney reportedly is investigating allegations that the Saratoga Fire District spent public money on a consultant to promote a $6 million bond measure voters approved in 2000. Investigators seized...

IDAHO: Learning Money.
November 1, 2002... Boise approved spending about $3 million to purchase two pieces of property for libraries that may be debt-financed. The city has long planned to issue about $15 million in certificates of participation for two branch libraries, but in...

NEVADA: LOSING POWER.
November 1, 2002... A ballot measure asking voters whether they agree that Nevada Power should be converted to a public utility is losing support instead of gaining ground, an informal poll conducted for the Las Vegas Review-Journal last week found. Ballot...

WASHINGTON: Is Benton Burning?
November 1, 2002... The Benton County Fire District 1 hopes voters on Nov. 5 will see the burning need to approve a $2 million bond measure. Proceeds will enable the district to purchase eight new fire trucks to retire older vehicles, some of which are in...

WYOMING: Mixed Forecast.
November 1, 2002... State revenues for fiscal 2003 are expected to come in slightly higher than predicted at the beginning of the year, but to still fall about $23 million compared to fiscal 2002. The Consensus Revenue Estimating Group, a consortium of...

NEW-ISSUE VOLUME NOTES.
November 1, 2002... The new-issue volume tables are based on information compiled by The Bond Buyer from Thomson Financial Securities Data's data base on Thursday, Oct. 31, 2002. All figures are preliminary and subject to revision. Private placements and...

LONG-TERM BONDS: January-October.
November 1, 2002... 2002 2001 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $289,412,600 11,404 $228,002,800 11,257 +26.9 % January 21,583,200 947 12,452,000...

LARGEST ISSUES: October 2002.
November 1, 2002... Amount Issuer Date $3,750.0 California Department of Water Resources, electric power Oct 23 1,171.2 Puerto Rico Childrens Trust Fund, GOs (NM/ref) Oct 03 800.0 California (State), GOs (cpt) Oct 09...

LONG-TERM BONDS: October.
November 1, 2002... 2002 2001 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $36,730,900 987 $32,078,100 1,338 +14.5 % Development 285,900 24 483,600 66 ...

BOND SALES BY STATE: January-October.
November 1, 2002... 2002 2001 State Rank Volume Rank Volume Pct Chg Alabama 26 $3,397,400 31 $2,037,700 +66.7 % Alaska 38 1,236,200 41 1,098,100 +12.6 Arizona 10 6,822,400 20 3,925,100 ...

State and Local Government Series Rates.
November 1, 2002... Friday Monday Tuesday Wednesday Thursday Oct 25 Oct 28 Oct 29 Oct 30 Oct 31 Overnight* 1.16 1.16 1.08 1.08 1.08 Three Months 1.60 1.56 1.54 1.46 1.46 Six Months 1.61 ...

Short-Term Tax-Exempt Yields.
November 1, 2002... Oct 31, 2002 Oct 30, 2002 Nov 1, 2001 Selected MIG-1/SP-1+ Notes California Rans 2 1/2s (June 03) 1.63 1.65 2.14 Los Angeles Co Trans 3s (June 03) 1.60 1.60 2.00 New York City Rans 2 1/2s (Apr 03) 1.58 1.61...

U.S. Securities Prices.
November 1, 2002... Prices as of 3:45 p.m. EDT. Source: GovPx Inc. Treasury Bills Yesterday's Prev. Day's Yesterday's (in percent of discount) Bid/Offer Bid/Offer Bid Yield 1M -- 11/29/2002 1.455/450 1.535/530 1.477 3M --...

Municipal Market Data General Obligation Yields.
November 1, 2002... Aaa Aaa (pure) (ins) Aa A Baa 2003 1.60 1.62 1.65 1.84 2.15 2007 2.66 2.75 2.74 3.00 3.50 2012 3.64 3.75 3.73 4.03 4.55 2017 4.29 4.40 4.39 4.65 5.15 2022...

Market Indicators.
November 1, 2002... Dollar amounts are in millions Day's 2002 2002 Daily Yesterday Change High Date Low Date Municipal Bond Index 107-25 +6/32 111-17 (9/30) 102-00 (4/1) 40 Average Dollar Price 99.52 ...

Bond Buyer Indexes.
November 1, 2002... Average Municipal Bond Yields -- Compiled Weekly 20-Bond 11-Bond 25-Bond 10-Year 30-Year GO Index1 GO Index1 Revenue2 Treasury3 Treasury3 2002 OCT 31 4.95 4.90 5.20 3.90 4.99 ...

Weekly Yields of 20-Bond GO Index and Treasury Securities.
November 1, 2002... Latest Previous Year 12-Month Week Week Ago High Low 20-Bond Index 4.95 5.12 4.96 5.34 4.66 10-Year Treasury Note 3.90 4.12 4.21 5.39 3.66 30-Year Treasury Bond 4.99 5.09 ...

Credit Calendar.
November 1, 2002... MONDAY, November 4 The Treasury raises $3.816 billion of new cash at its regular auction of 91- and 182-day discount bills by selling $34 billion to refund $30.184 billion of maturing securities and announces the size of its four-week bill...

Futures Markets.
November 1, 2002... Thursday, October 31, 2002 Municipal Bond Index Del. Month High Low Settle Change Dec 02 107-12 106-20 107-01 +6 Estimated number of contracts traded: 381 Number of contracts traded on 10/30: 445 Open...

Reoffering Yields.
November 1, 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 10/16 7.6 Greenville Co., S.C. 1.60 2.61 3.52 4.20 4.66 ... ... ...

New-Issue Balances.
November 1, 2002... (,000 Omitted) *Since initial reoffering +Revised upward since last report Amount Date NEW OFFERINGS Sold Balance $250,000 10/31 Florida (State) $168,000 $82,000 54,860 10/30 *St. Paul...

Municipal Bond Index.
November 1, 2002... Previous Week Yesterday Day Ago The Bond Buyer Municipal Bond Index 107-25 107-19 105-26 Thursday, October 31, 2002 Maturity Par Call Dollar Conversion Converted Date Date Price Factor...

Municipal Bond Prices.
November 1, 2002... These 40 bonds are priced and evaluated daily by FT Interactive Data. All figures are rounded to the nearest eighth when reported in this table "Change in Bid" is rounded after calculation. Dollar Change Yield to Rating Bid...

Municipal Bond Index Update.
November 1, 2002... The list of bonds used to calculate the Municipal Bond Index was revised after the October 31 pricing. The new coefficient is 1.0070. It was derived by dividing the October 31 index (107.769982) by the average converted price of the new...

Lobbyists: A Win by Lautenberg Would Be Good News for Amtrak.
November 1, 2002... Amtrak and high-speed rail advocates could benefit from a victory in Tuesday's election by Democratic New Jersey Senate candidate Frank Lautenberg, who in his previous stint in the Senate introduced a measure that would have allowed Amtrak to...

Senate Democrats Studying 'Legalities' of Pitt's Removal.
November 1, 2002... In the wake of growing calls for the resignation of Securities and Exchange Commission chairman Harvey Pitt, the head of the Senate Banking Committee yesterday revealed that his staff is studying the "legalities" of whether Congress can remove...

Competitive Bond Offerings.
November 1, 2002... 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.
November 1, 2002... ISSUER ST DESCRIPTION AMOUNT($000s) TIME OF SALE FINANCIAL ADVISER LEGAL OPINION MATURING INSURER MDY'S S&P FITCH BANK-QUAL. LATEST DETAILS Tuesday, November 5 Solano Co BOE...

Negotiated Bond Offerings.
November 1, 2002... Tentative dates for negotiated sales of $1 million or more. Please fax all pricing & award Information to 212-989-8442. Friday, November 1 Arizona Bd Regents AZ Certs of Part 31,165 UBS PaineWebber RBC Dain Rauscher...

Negotiated Note Offerings.
November 1, 2002... ISSUER ST DESCRIPTION AMOUNT ($000s) LEAD MANAGER INSURER MDY'S S&P FITCH FIRST APPEARED Week Of November 4 North Wales Wtr Auth PA Construct 18,500 Kirkpatrick Pettis -- -- MIG1 -- --...

Sealed Bids Invited.
November 1, 2002... CALIFORNIA Official Report to The Bond Buyer Pleasanton Unified School District $15,804,000 (Approximate) Sealed bids 9:30 am PST Nov 19. General Obligation Bonds, 1997 Election, Series F. Paying Agent: To be...

Results of Negotiated Sales.
November 1, 2002... ALABAMA Jefferson County Oct 31, 2002 $475,000,000 Sewer Revenue Capital Improvement Warrants, Series 2002-D (FGIC Insured) (book entry). Dated Nov 1, 2002. Due Feb 1, 2022 to 2042. First coupon Feb 1, 2003. ...

Results of Competitive Sales.
November 1, 2002... ARKANSAS Atkins School District No. 18 Oct 31, 2002 $2,640,000 Refunding Bonds (bank qualified). Dated Nov 1, 2002. Due Jun 1, 2003 to 2020. Callable Jun 1, 2007 at par. Winning bid: Stephens, at n/a, NIC...

Rating Changes.
November 1, 2002... Dollar amounts represent the amount of bonds outstanding in the issue. Rating changes that result from the purchase of the letters of credit or bond insurance for issues in the secondary market are not included. ISSUER AMOUNT ...

From the City to the State: Ex-Philly Mayor Ahead in Pa. Governor's Race.
November 4, 2002... Before Rudy Giuliani became "America's mayor," the job belonged to Ed Rendell. During his eight-year tenure from 1992 to 2000, Rendell brought Philadelphia back from the brink of bankruptcy and returned it to solvency with the help of $1.2...

Delayed Deal Costs Miami And Salomon: Renegotiation Leads To $1.25 Million Hit.
November 4, 2002... BRADENTON, Fla. -- Miami and Salomon Smith Barney Inc. took a combined loss of about $1.25 million after renegotiating a bond deal that had been delayed when the senior underwriter claimed the preliminary official statement did not disclose a...

The Digest.
November 4, 2002... Municipal bonds weakened by two to three basis points Friday as Treasuries dove while underwriters priced for retail nearly $7 billion bonds in new issuance. Complete market coverage by Nicholas Chesla appears on page 2 News THE U.S....

S&P Bureau Launches Service To Provide Issuers With Cusips.
November 4, 2002... Standard & Poor's Cusip Service Bureau announced Friday that it has begun a new service that will give municipal issuers unprecedented access to a database containing Cusip numbers for their bonds so that they can include the numbers on their...

News In Brief: Oct. Payrolls Slip; Unemployment at 5.7%.
November 4, 2002... The U.S. labor market lost fewer jobs than expected in October, while the unemployment rate increased slightly, government data released Friday showed. The Labor Department reported a 5,000 drop in payrolls outside the farm sector. IFR...

News In Brief: ISM Index Slides To 48.5% in Oct.
November 4, 2002... The overall economy expanded for the 12th straight month in October, while the manufacturing sector showed contraction for the second straight month after seven months of expansion, the Institute for Supply Management reported Friday. ...

News In Brief: Income Up 0.4%; Spending Down 0.4%.
November 4, 2002... Personal income rose 0.4% while consumption expenditures shrank 0.4% in September, the U.S. Commerce department reported Friday. Personal income increased $37.0 billion, or 0.4%, to just over $9.0 trillion, after a revised 0.3% gain in...

News In Brief: Construction Spending Up 0.6% in September.
November 4, 2002... Construction spending rose unexpectedly in September, Commerce Department figures released Friday show. Total construction spending rose 0.6% to $836.7 billion, following a revised 0.8% drop in August that was originally reported as a 0.4%...

News In Brief: Inflation Gauge Held Steady in October.
November 4, 2002... The U.S. future inflation gauge was unchanged at 114.6 in October, according to data released by the Economic Cycle Research Institute Friday. The gauge, which is designed to anticipate cyclical swings in the rate of inflation, was...

Friday's Market: Munis Down by 2 to 3 Basis Points; $7B of New Deals Priced for Retail.
November 4, 2002... Municipal bonds weakened by two to three basis points Friday as Treasuries dove while underwriters priced for retail nearly $7 billion bonds in new issuance. Governments plunged mid-morning when the October Institute for Supply Management...

Crowded State Jails Awaiting Word on Federal Aid Program.
November 4, 2002... Financial woes may worsen for states that hold high numbers of alien lawbreakers after Congress failed to reauthorize $550 million in federal aid to county jails. The funding, provided to all 50 states since 1995 under the State Criminal...

Charter Schools: Enhancement Program Likely to Spur Sector Issuance.
November 4, 2002... The Charter Schools Development Corp. has awarded its first credit enhancement under a new federally funded program that is expected to make it possible for several bond deals to be issued for charter schools in the next few months. The...

Amid Weak Economy, Voters Face Biggest Bond Total Ever.
November 4, 2002... As an unusually dramatic midterm election season comes to a head tomorrow, voters from 37 states will decide on 510 bond referendums weighing in at more than $46 billion, the highest amount of bonding proposals in U.S. history. California...

Reform, Accountability Loom Large in California Races.
November 4, 2002... This election cycle could be dubbed the year of accountability, as many of the controversies of the corporate world, such as the collapses of Enron Corp. and WorldCom Inc., have spilled over into the public arena and became an underlying...

DISTRICT OF COLUMBIA: A Question of Drugs.
November 4, 2002... On Election Day tomorrow, district residents will have the opportunity to vote on a drug-law initiative and on an advisory referendum on whether the local district attorney should be elected. One ballot question asks voters if district drug...

MARYLAND: Unemployment Down.
November 4, 2002... In September the unemployment rate in Maryland fell to 3.9% from the 4.2% level it hovered at in August, Gov. Parris N. Glendening announced Friday. "Maryland continues to demonstrate economic stability as employment consistently exceeds...

NEW JERSEY: Pension Woes.
November 4, 2002... The acting director of New Jersey's public employee pension system wants to avert a $1 billion infusion of general fund revenue into the fund by changing the system's actuarial assumptions. Frederick J. Beaver told the Senate Judiciary...

NEW YORK: School Expenses.
November 4, 2002... New York City Mayor Michael Bloomberg and schools chancellor Joel Klein on Thursday announced a plan that would merge the School Construction Authority with the construction functions of the Department of Education's Division of School...

NEW YORK: No to Westchester.
November 4, 2002... New York Stock Exchange president and chief executive officer Richard Grasso last week poured cold water on the idea of building a second trading floor in New York City's suburbs, insisting that the exchange will remain within the city, the New...

NEW YORK: NASSAU WARNING.
November 4, 2002... The Nassau County Interim Finance Authority last week approved the county's $2.3 billion budget for 2003, but warned that it may exercise its takeover option if the county does not make significant progress in overcoming its fiscal crisis by...

NEW YORK: First Liberty.
November 4, 2002... The New York State Housing Finance Agency on Thursday sold $100 million in variable-rate Liberty bonds, marking the program's debut in the municipal market. The bonds, whose prices will be reset on a weekly basis, were backed by a letter...

RHODE ISLAND: Johnston Rises.
November 4, 2002... Citing a "substantially improved financial position," Standard & Poor's last week upgraded the town of Johnston to BBB-plus from BBB-minus. "The upgrade also reflects a mature local economy, with residents having employment access locally...

The Week Ahead: Supply Problem: Attractive Prices a Must for Spate of Deals.
November 4, 2002... As the market begins to retract from its 50 basis-point backup of two weeks ago, the individual deals selling this week will have to be priced relatively cheap in order to make a dent in the enormous supply that is expected, according to...

Florida Water Services Hires Law Firm in Dispute Over Utilities' Purchase.
November 4, 2002... The Florida Water Services Authority has hired a law firm to defend its proposed purchase of 158 privately held water and wastewater systems around the state. The authority, which was created by the panhandle cities of Gulf Breeze and...