The Bond Buyer articles from October 2001

The Bond Buyer archives from October 2001

Long-Term Volume Fell 20% in Sept.
October 1, 2001... The volume of long-term municipal bonds sold in September tumbled nearly 20% from the same period a year ago, after the new-issue market was effectively shut down for days in the wake of terrorist attacks that shook the country on Sept. 11. ...

A Year at Helm of MSRB.
October 1, 2001... Bear, Stearns & Co. senior managing director Daniel L. Keating is an inveterate cyclist who rides every week and most weekends -- about 3,000 miles per year. He brings that same high level of energy and focus to everything he does, including...

Who Loves N.Y.? City Readies Nearly $4B in Bond, Note Sales.
October 1, 2001... New York City and its conduit issuers plan to sell $1.4 billion in long-term bonds and $2.5 billion in notes in the next few weeks. The new issuance starts tomorrow when the city sells approximately $1 billion in Transitional Finance Authority...

The Digest.
October 1, 2001... Municipal prices firmed 1/8 to 1/4 of a point in spots Friday, closing out a week where bond yields began to recover from the ill effects of the Sept. 11 attacks on the World Trade Center and the Pentagon. Complete market coverage by Sean...

Friday's Market: Municipal Bond Prices Finish Firm; Market Begins Recovery From Attacks(95%).
October 1, 2001... Municipal prices firmed 1/8 to 1/4 of a point in spots Friday, closing out a week where bond yields began to recover from the ill effects of the Sept. 11 attacks on the World Trade Center and the Pentagon. While the Treasury yield curve...

News In Brief.
October 1, 2001... Final 2Q GDP Rises 0.3% WASHINGTON -- The U.S. economy grew slightly more than previously estimated in the second quarter as gross domestic product rose at a 0.3% seasonally adjusted annual rate, according to final figures for the quarter...

District of Columbia: Control Over, D.C. CFO Vows Fiscal Fitness.
October 1, 2001... Despite the terrorist attacks, flooding, and school spending overruns, the District of Columbia's chief financial officer believes the city's finances are solid as the district regains self-governance privileges effective today. Natwar M....

D.C. Council Members Seek Stricter Rules Governing Conduit Borrowers.
October 1, 2001... Several District of Columbia council members want the rules governing conduit borrowers strengthened in the wake of allegations that at least one borrower has failed to put in place the proper apprenticeship programs required both by bond...

Decreasing Air Travel Hits Tourism-Dependent Florida Hard.
October 1, 2001... Florida's largest industry is taking a hit as a result of a drastic decline in air travel and fears about congregating in large public places, such as Disney World, following the Sept. 11 terrorist attacks on New York City and Washington, D.C....

Fitch Analyst: Number of Charter Schools a Positive Sign.
October 1, 2001... While Fitch analyst Jason Dickerson is not yet prepared to say that the financial strength of charter schools is getting significantly better, he does say the continued proliferation of the alternative to traditional public education does...

Rankings: Displaced Firms Slip in 3d Quarter; September Volume Down 19.4%.
October 1, 2001... Some public finance firms, still displaced by the Sept. 11 terrorist attacks on the World Trade Center, slipped in the rankings of bond underwriters in the third quarter, according to statistics provided by Thomson Financial Securities Data....

The Week Ahead: TFA Debt Should Sell as Long as the Price Is Right, Players Say.
October 1, 2001... Three weeks after the terrorist attacks, New York City's Transitional Finance Authority will issue $1 billion of recovery notes this week, and market players say investors will have few qualms about buying the familiar and strong credit --...

DELAWARE: Budget Revisited.
October 1, 2001... The terrorist attacks on Sept. 11 are forcing state budget officials to reexamine their spending plans and revenue projections for the 2003 fiscal year. The estimates, released on Sept. 17 by the Delaware Economic and Financial Advisory...

MASSACHUSETTS: Lee Bans.
October 1, 2001... The town of Lee is selling $24 million in bond anticipation notes Wednesday in two lots. Proceeds from a $12.6 million portion of the deal are being used to fund an elementary school construction project. Another $11.4 million is for a high...

NEW JERSEY: Camden Showdown.
October 1, 2001... Republican gubernatorial candidate Bret Schundler last week said he opposed a state takeover of Camden and challenged Democrat Jim McGreevey to outline his proposal to help revitalize New Jersey's poorest city. "A state takeover of the...

NEW YORK: Power Refunding.
October 1, 2001... The New York State Power Authority is selling around $200 million in senior-lien revenue bonds next week as part of $525 million in refundings recently approved by its board. The balance of the refunding will be done in 2002. The two sales...

NEW YORK: All Is Not Lost.
October 1, 2001... Merrill Lynch & Co. said last week that the future of Battery Park City Authority is far from dim, despite the destruction of the World Trade Center. Housing analyst Kurt van Kuller said in a report issued Thursday that the authority has a...

Alpharetta, Ga., Cancels Referendum, Citing Attacks.
October 1, 2001... Officials in Alpharetta, Ga., an affluent city north of Atlanta, have decided to put off a $27 million general obligation bond referendum planned for November due to fears that voters will still be preoccupied with the Sept. 11 terrorist...

Eastern Connecticut Health Network Downgraded for 'Extremely Weak' Showing.
October 1, 2001... Standard & Poor's Friday downgraded the underlying rating on the bonds issued for the Eastern Connecticut Health Network to BBB-plus from A-minus. The action affects $58.4 million in debt issued in February 2000 by the Connecticut Health and...

Lawmaker Leads Charge to Block Oklahoma Sales Tax Elections.
October 1, 2001... A state lawmaker has asked the Oklahoma Supreme Court to block Nov. 13 sales tax elections in Oklahoma City and Ardmore and to stop further collections in the city of Lawton. The lawsuit was filed last Wednesday by Rep. Bill Graves,...

Pataki to Muni World: Hang Tough, Rebuild Big Apple.
October 1, 2001... New York Gov. George E. Pataki Friday called on the municipal bond industry to supply the intelligence and creativity to rebuild downtown New York City after last month's terrorist attack on the World Trade Center. "This is the group back...

New York State government.
October 1, 2001... As representatives of New York State government, we must take exception to The Bond Buyer's Sept. 17, 2001, article entitled "N.Y. Health Agency Under the Gun for Technical Default." The article erroneously stated that New York State failed to...

SEC: Dain Rauscher Agrees to Pay $200,000 in Miami Case.
October 1, 2001... Dain Rauscher Inc., formerly Rauscher Pierce Refsnes Inc., has agreed to pay $200,000 to settle Securities and Exchange Commission charges that it failed to ensure Miami's deteriorating financial condition was fully disclosed in the official...

Top Small-Issue Senior Managers: First 9 Months 2001.
October 1, 2001... Rank Firm Amount Issues 1 U.S. Bancorp Piper Jaffray Inc. $1,026,200 261 2 Roosevelt & Cross Inc. 942,300 217 3 Tucker Anthony Sutro 678,800 139 4 Morgan Keegan & Co. ...

Top Issuers: First 9 Months 2001.
October 1, 2001... Rank Firm Amount Issues 1 Massachusetts (Commonwealth) $2,761,200 8 2 Los Angeles Department of Water & Power, Calif. 2,626,700 13 3 Chicago, Ill. 2,602,300 24 4 ...

Top Bond Counsel: First 9 Months 2001.
October 1, 2001... Rank Firm Amount Issues 1 Orrick, Herrington & Sutcliffe LLP $17,505,100 361 2 Fulbright & Jaworski 7,176,400 247 3 Hawkins, Delafield & Wood 6,875,600 228 4 Squire, Sanders & Dempsey...

Top Financial Advisers: First 9 Months 2001.
October 1, 2001... Rank Firm Amount Issues 1 Public Financial Management Inc. $18,304,600 356 2 Public Resources Advisory Group 12,622,800 82 3 First Southwest Co. 8,522,800 357 4 P.G. Corbin & Co. ...

Top Competitive Senior Managers: First 9 Months 2001.
October 1, 2001... Rank Firm Amount Issues 1 Salomon Smith Barney Inc. $6,960,000 181 2 Merrill Lynch & Co. 6,947,100 80 3 UBS PaineWebber Inc. 3,774,500 194 4 Morgan Stanley 2,930,600 ...

Top Co-Managers: First 9 Months 2001.
October 1, 2001... Rank Firm Amount Issues 1 Salomon Smith Barney Inc. $65,081,400 1,117 2 UBS PaineWebber Inc. 57,348,100 1,092 3 Merrill Lynch & Co. 42,829,000 508 4 Morgan Stanley 42,678,500 ...

Top Senior Managers: First 9 Months 2001.
October 1, 2001... Rank Firm Amount Issues 1 Salomon Smith Barney Inc. $27,223,700 417 2 UBS PaineWebber Inc. 19,651,000 471 3 Merrill Lynch & Co. 14,643,900 196 4 Morgan Stanley 12,349,000 226 ...

Top Negotiated Senior Managers: First 9 Months 2001.
October 1, 2001... Rank Firm Amount Issues 1 Salomon Smith Barney Inc. $20,326,700 236 2 UBS PaineWebber Inc. 15,914,900 275 3 Bear, Stearns & Co. 9,491,400 110 4 Morgan Stanley 9,418,400...

Top Trustee Banks (by Number of Issues):First 9 Months 2001.
October 1, 2001... Rank Firm Issues Amount 1 US Bank 452 $11,119,400 2 Bank of New York 434 18,672,900 3 Wells Fargo Bank 324 7,347,300 4 Banc One 284 7,983,200 ...

Top Trustee Banks (by Dollar Volume):First 9 Months 2001.
October 1, 2001... Rank Firm Amount Issues 1 Bank of New York $18,672,900 434 2 US Bank 11,119,400 452 3 J.P. Morgan Chase & Co. 8,189,700 205 4 Banc One 7,983,200 284 5 Wells Fargo Bank...

Top Underwriter's Counsel: First 9 Months 2001.
October 1, 2001... Rank Firm Amount Issues 1 Hawkins, Delafield & Wood $6,296,200 88 2 Orrick, Herrington & Sutcliffe LLP 6,085,000 104 3 O'Melveny & Myers 5,266,100 34 4 Kutak Rock 3,928,000 203...

Top Bond Insurers: First 9 Months 2001.
October 1, 2001... Rank Firm Amount Issues 1 Financial Security Assurance $26,060,700 1,164 2 Ambac Assurance Corp. 23,030,700 750 3 MBIA Insurance Corp. 20,972,100 861 4 Financial Guaranty...

LARGEST ISSUES: September 2001.
October 1, 2001... Amount Issuer Date $708.3 Connecticut, highways Sep 26 325.0 Clark County School District, Nev., GOs (cpt) Sep 26 300.0 Bexar County Housing Finance Corp., Tex., single-family hsg. Sep 28 ...

LONG-TERM BONDS: September.
October 1, 2001... 2001 2000 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $13,391,000 685 $16,607,800 829 -19.4 % Development 270,500 35 500,700...

NEW-ISSUE VOLUME NOTES.
October 1, 2001... The new-issue volume tables are based on information compiled by The Bond Buyer from Thomson Financial Securities Data's data base on Friday, Sept. 28, 2001. All figures are preliminary and subject to revision. Private placements and municipal...

BOND SALES BY STATE: January-September.
October 1, 2001... 2001 2000 State Rank Volume Rank Volume Pct Chg Alabama 29 $1,923,800 29 $1,649,800 +16.6 % Alaska 40 1,017,200 43 623,700 +63.1 Arizona 21 3,006,700 23 ...

LONG-TERM BONDS: January-September.
October 1, 2001... 2001 2000 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $193,935,300 9,467 $144,489,400 8,189 +34.2 % January 12,203,300 646 ...

Municipal Market Yields.
October 1, 2001... Values at 9/28/2001 -- Basis Point Change from 9/21/2001 Aaa Aa A Baa 2002 2.18 +02 2.33 +02 2.55 +02 2.83 -01 2006 3.28 -01 3.42 -01 3.65 -01 3.95 -01 2011 4.10 -05 ...

Short-Term Tax-Exempt Yields.
October 1, 2001... Sept. 28, 2001 Sept. 27, 2001 Sept. 29, 2000 Selected MIG-1/SP-1+ Notes Los Angeles Co Trans 3 3/4s (June 02) 2.15 2.15 3.75 Texas Trans 3 3/4s (Aug 02) 2.15 2.14 4.33 California Rans 3 1/4s (Jun 02) 2.18 ...

U.S. Securities Prices.
October 1, 2001... Treasury Bills Yesterday's Prev. Day's Yesterday's (in percent of discount) Bid/Offer Bid/Offer Bid Yield 1M -- 10/4/2001 2.200/180 2.350/330 2.214 3M --12/6/2001 2.310/290 2.340/320 2.335 6M --...

Municipal Market Data General Obligation Yields.
October 1, 2001... Aaa Aaa (pure) (ins) Aa A Baa 2002 2.13 2.21 2.20 2.32 2.75 2006 3.22 3.32 3.31 3.45 3.87 2011 4.04 4.15 4.14 4.29 4.72 2016 4.66 4.79 4.76 4.93 5.34 2021...

Market Indicators.
October 1, 2001... Dollar amounts are in millions Day's 2001 2001 Daily Yesterday Change High Date Low Date Municipal Bond Index 106-10 -2/32 107-22 (8/31) 101-14 (4/30) 40 Average Dollar Price 98.45 ...

Futures Markets.
October 1, 2001... Friday, September 28, 2001 Municipal Bond Index Del. Month High Low Settle Change Dec 01 106-18 105-29 106-05 +5 Estimated number of contracts traded: 2,600 Number of contracts traded on 9/27: 896 Open...

New-Issue Balances.
October 1, 2001... (,000 Omitted) *Since initial reoffering Revised upward since last report Amount Date RECENT OFFERINGS Sold Balance $16,000 9/27 Orangeburg Co. Consol. Sch. Dist., #5, Minn. $10,850 $5,150 29,030 ...

Municipal Bond Index.
October 1, 2001... 3 pm Noon 3 pm Noon Week Yesterday Yesterday Prev. Day Prev. Day Ago The Bond Buyer Municipal Bond Index 106-10 106-13 106-12 106-12 106-15 Friday, September 28, 2001 Maturity Par Call ...

Municipal Bond Prices.
October 1, 2001... 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....

Reoffering Yields.
October 1, 2001... Not NRO Reoffered; S.B. - Sealed Bid; SNA - Sold, Not Available Offer Amount Date ($Mil) NEW OFFERINGS 1 Year 5 10 15 20 25 30 9/28 5.0 Hondo Ind. Sch.Dist., Tex. (PSF gtd.) (Aaa) 2.20 3.30 NRO 4.65 ... ... ... ...

Municipal Bond Index uPDATE.
October 1, 2001... The list of bonds used to calculate the Municipal Bond Index was revised after the September 28 pricing. The new coefficient is 1.0131. It was derived by dividing the September 28 index (106.299313) by the average converted price of the...

General Obligation Bond Prices for September 28, 2001.
October 1, 2001... Intermediate Long-Term Bond and Ratings (Moody's/S&P's/Fitch) Dated Cpn &Maturity Yield Price Prev Chg Cpn &Maturity Yield Price Prev Chg STATES California Series 2000 (Aa3/A+/AA) 12/1/00 5%...

Visible Supply.
October 1, 2001... Competitive Negotiated Total ($000s) ($000s) ($000s) Competitive Negotiated Total ($000s) ($000s) ($000s) 2001 Weekly Averages 9/28 3,608,192 5,817,727 9,425,919 9/21 ...

Placement Ratio.
October 1, 2001... The Bond Buyer Placement Ratio, compiled on Fridays, represents the percentage of the dollar volume of that week's new competitive issues that was placed with permanent investors during the week. Only issues of $10 million or more are used. ...

Reagan National Will Reopen, Says Mineta, Much to Industry's Relief.
October 1, 2001... Ronald Reagan Washington National Airport will definitely reopen as soon as security concerns have been addressed, Transportation Secretary Norman Mineta said Friday. A formal announcement of the decision could come from President Bush as...

Soldier Field Deal Adjusted to Post-Attack Reality, Now Set to Go.
October 1, 2001... Chicago Mayor Richard M. Daley gave the go-ahead on Friday to the $399 million bond sale for the renovation of Soldier Field after officials made an 11th-hour structural change that increases the borrowing cost but shields city coffers for two...

Ridge's Exit Delays Decision on Philadelphia Schools.
October 1, 2001... This week's departure of Pennsylvania Gov. Tom Ridge, who is to become the nation's first anti-terror czar, has slowed the timetable for a possible state takeover of the Philadelphia school district. Ridge's successor, Lieut. Gov. Mark...

Competitive Bond Offerings.
October 1, 2001... ISSUER ST DESCRIPTION AMOUNT ($000s) TIME OF SALE FINANCIAL ADVISER LEGAL OPINION MATURING INSURER MDY'S S&P FITCH BANK-QUAL. LATEST DETAILS Monday, October 1 Golden Vy Imp Dt ##1 AZ Wtr ...

Competitive Note Offerings.
October 1, 2001... ISSUER ST DESCRIPTION AMOUNT($000s) TIME OF SALE FINANCIAL ADVISER LEGAL OPINION MATURING INSURER MDY'S S&P FITCH BANK-QUAL. LATEST DETAILS Monday, October 1 Pinellas Co SD...

Negotiated Bond Offerings.
October 1, 2001... 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 October 1...

Negotiated Note Offerings.
October 1, 2001... ISSUER ST DESCRIPTION AMOUNT ($000s) LEAD MANAGER INSURER MDY'S S&P FITCH FIRST APPEARED Week Of October 1 New York City TFA NY Trans Rev 1,000,000 Bear Stearns Public Resources -- MIG1...

Sealed Bids Invited.
October 1, 2001... ARKANSAS Magnolia School District No. 14 $1,785,000 (Exact) Sealed bids 11 am CDST Oct 4. Refunding Bonds, Series A (bank qualified). Dated Oct 1, 2001. Due Jun 1, 2002 to 2027. Callable Jun 1, 2007 at par ...

Results of Negotiated Sales.
October 1, 2001... CALIFORNIA California Housing Finance Agency Sep 28, 2001 $23,974,167 Home Mortgage Revenue Bonds, Series Q (Ambac insured) (book entry) (AMT) $9,070,000. Dated Oct 10, 2001. Due Feb 1, 2003 to Aug 1, 2013. First...

Results of Competitive Sales.
October 1, 2001... CALIFORNIA El Paso De Robles(City) Sep 27, 2001 $12,750,000 2001 General Obligation Bonds, Capital Appreciation Bonds ( Election of 1998, Series B) ($7,000,000 Orig. Prn. Amt.) (AMBAC) (book entry). Dated Oct 9, 2001. ...

Property: Texas Offers New Standard in Central Repository.
October 2, 2001... The Municipal Advisory Council of Texas is urging the Municipal Securities Rulemaking Board to use MAC's disclosure system as the prototype for a centralized repository system, under which the MSRB or some other single entity would collect and...

Gridlock Leads Orange County To Consider $4.6 Billion Plan.
October 2, 2001... The Orange County Transportation Authority last week announced plans to work on $4.6 billion in transportation projects, many of which potentially will be financed through large bond sales in coming years, in an effort to reduce congestion in...

The Digest.
October 2, 2001... Municipal prices finished little changed yesterday as the market retained a firm tone and the retail order period closed on $1 billion of the Transitional Finance Authority's New York City recovery notes. Complete market coverage by Sean...

IRS Rules On Advance Refunding: Must Not Violate private-Activity Test.
October 2, 2001... An issuer that has sold taxable bonds that benefit a private firm is allowed to advance refund that debt on a tax-exempt basis if the private payments that made the original issue taxable no longer violate the 10% private-activity test, the...

Monday's Market: Municipal Prices End Little Changed; $1 Billion of TFA NYC Notes Priced.
October 2, 2001... Municipal prices finished little changed yesterday as the market retained a firm tone and the retail order period closed on $1 billion of the Transitional Finance Authority's New York City recovery notes. Governments rose during the...

Falling Tax Revenue Leads Connecticut Toward Deficit; Spending Cuts Expected.
October 2, 2001... Connecticut will end fiscal 2002 with a deficit of approximately $91.2 million, due primarily to a drop in tax revenues, specifically payroll and capital gains tax, Connecticut Comptroller Nancy Wyman announced yesterday. That forecast was...

Erie County, N.Y., Selling $36 Million of GOs.
October 2, 2001... Erie County, N.Y., is selling roughly $36 million in general obligation bonds on Wednesday. The insured sale originally included an additional $66.5 million in refunding bonds, but due to market conditions, the refunding was put on hold. ...

Albuquerque Sending $200 Million School Plan to Voters.
October 2, 2001... The Albuquerque Board of Education on Wednesday approved the first phase in a comprehensive plan to sink nearly $200 million into technology and capital improvements throughout the school district. The plan will be put before voters on Feb....

Housing: HFAs Can Weather Economic Storms, S&P Says.
October 2, 2001... Cushioned by healthy reserves and conservative risk profiles, state housing finance agencies should be able to withstand short-term fluctuations in the economic environment and at the same time possibly grow stronger, according to a new report...

Securities Enforcement: SEC Gives Nod to Settlement in Kevin Quinn Case.
October 2, 2001... The SEC has approved a settlement with Kevin Quinn, the former head of public finance at Alex. Brown & Sons Inc., in a yield-burning case in which the firm sold Pennsylvania the securities for the escrow of a $494 million advance refunding in...

Oakland Comes to Market in Effort To Restructure Pension Bond Deal.
October 2, 2001... Oakland will sell $190 million in taxable pension obligation bonds tomorrow as part of a restructuring of a 1997 pension bond issuance. The deal calls for the city to buy back a portion of the $146 million in outstanding bonds and to defease...

Minnesota State Workers Go on Strike.
October 2, 2001... As many as half of Minnesota's state government workers went on strike Monday after two unions rejected the state's latest offers on wages and health benefits. Two unions that represent about 28,000 workers rejected raises that ran from a...

Native Nations to Undo Freeman Merger; Cites Stock Transaction.
October 2, 2001... Native Nations Securities, a New York-based broker-dealer majority owned by Native Americans, plans to undo its merger with the former Freeman Securities because of alleged improper stock loan transactions initiated by a Freeman employee before...

Bond Insurers: Triple-A Ratings Still Solid in Wake of Attacks, Analysts Say.
October 2, 2001... The Sept. 11 terrorist attack on the World Trade Center does not pose a threat to the ratings of triple-A bond insurers, according to recent reports from Standard & Poor's and Banc of America. "I think the best thing going for the bond...

Derivatives: Seeking Fixed Rate on Rans, California Makes Rare Swaps.
October 2, 2001... After selling a record $5.7 billion in revenue anticipation notes last week, California entered into two unique interest swaps in order to pay fixed rates on all of the debt. The state did interest rate swaps on two floating-rate series, $1...

KANSAS: Topeka Weighs In.
October 2, 2001... Topeka City Councilman Clark Duffy asked city officials this week to draft an ordinance limiting the state Public Building Commission's authority to finance the purchase or construction of public buildings in Topeka. If adopted, the...

NEW MEXICO: Shrinking Revenues.
October 2, 2001... Officials at the state Highway and Transportation Department are concerned that dwindling revenue could spark major budget cuts next year for construction and maintenance of state highways. Cuts might include the elimination of an account...

OKLAHOMA: Another Delay.
October 2, 2001... The Tulsa County Industrial Authority last week postponed the Sept. 25 sale of $59 million of sales tax revenue bonds to finance several capital improvement projects in the county. Officials at the agency moved the sale to Oct. 10 based on...

Deal in Focus: Irving, Tex., Bets on the Future of Mid-Sized Conventions.
October 2, 2001... Irving, Tex., on Thursday will sell $13 million of certificates of obligation backed by a combination of the city's hotel occupancy tax and its general obligation pledge to purchase land for a planned convention center and hotel. City...

Municipal Market Data Total Returns.
October 2, 2001... Maturities 15 Years and Longer -- Periods Ending Sept. 28, 2001 Previous Month Year Since Week To Date To Date 1993 General obligation (composite) -0.056% -1.571% +4.877% n.a. ...