The Bond Buyer articles from October 2004

The Bond Buyer archives from October 2004

The Digest.
October 1, 2004... The municipal bond market sold off yesterday in sympathy with Treasuries after stronger-than-expected personal spending data boosted expectations of economic growth in the third quarter and pushed yields higher. Complete market coverage by...

A Heavy Hand With SLGS: Treasury Proposes Stricter Rules to Limit Abuses.
October 1, 2004... The Treasury Department proposed stringent new policy and procedural curbs on the state and local government series securities program yesterday in an effort to crack down on abuses. But the plan drew a strong reaction from tax-exempt bond...

As 4th Quarter Begins, Managers Playing Defense Against Fed Hikes.
October 1, 2004... As the start of the fourth quarter officially gets underway today, many mutual fund portfolio managers - like other investors who have been anticipating the move to higher yields ever since the Federal Reserve Board's June policy meeting - are...

Volume Down Through End of 3d Quarter: Fear of Rising Rates Cited.
October 1, 2004... Interest rates continue to dictate municipal bond market volume as issuers - dissuaded primarily by expectations of rising rates - came to market in the first nine months of 2004 fewer times and with smaller deals than in the same period of...

News In Brief: Personal Income Up 0.4%; Spending Unch.
October 1, 2004... Personal income increased 0.4% in August, while personal consumption expenditures were unchanged, the Commerce Department reported yesterday. Personal income rose by $35.1 billion to slightly more than $9.67 trillion, after a revised 0.2%...

News In Brief: Jobless Claims Up 18,000 to 369,000.
October 1, 2004... First-time applications for state unemployment benefits rose by 18,000 to 369,000 in the week ended Sept. 25, according to data released by the Labor Department yesterday. The applications figure was larger than the 350,000 claims...

News In Brief: T-Bill Auction to Raise $4.487B in New Cash.
October 1, 2004... The Treasury Department said yesterday it will raise $4.487 billion of new cash at its weekly auction of 91-day and 182-day discount bills Monday by selling $36 billion to refund $31.513 billion in maturing securities. To be sold are $19...

News In Brief: NAPM-NY BCI Rises to 310.4.
October 1, 2004... The New York Business Conditions Index in the National Association of Purchasing Management-New York's Report on Business posted a monthly gain in September, the 13th straight monthly rise in the index, and again a record high. The BCI...

Thursday's Market: Munis Sell Off in Sympathy With Treasuries on Strong Economic Data.
October 1, 2004... The municipal bond market sold off yesterday in sympathy with Treasuries after stronger-than-expected personal spending data boosted expectations of economic growth in the third quarter and pushed yields higher. Although the government...

A Correction.(Correction Notice)
October 1, 2004... Tuesday's front-page story on shrinking profits for bond insurers gave an incorrect title for Howard Pfeffer. He is president and chief underwriting officer of Financial Guaranty Insurance Co. Copyright 2004 Thomson Media Inc. All Rights...

Environmental Groups Lead Fight for Florida's Bullet Train.
October 1, 2004... A new political group backed by a labor union and environmentalists will work to convince Florida residents that building a high-speed rail system is still a good idea. The Rail Truth registered recently as a political committee to defeat...

Transportation: Needing More Time to Negotiate, Congress Approves Sixth Extension of TEA-21.
October 1, 2004... Congress approved legislation yesterday that would extend for the sixth time the provisions of the law governing the nation's highway building and public transit construction programs. The extension runs through May 31, giving lawmakers more...

Legislation: Senator Wants States Out of College Plans.
October 1, 2004... Sen. Peter G. Fitzgerald said yesterday that he wants Congress to prevent states from offering college savings plans, claiming that the states charge an extra layer of fees to investors who participate in them to save money for their children's...

Money Market Funds: Average Yields Rise Nine Basis Points.
October 1, 2004... Tax-free money market funds' average yield rose nine basis points to 0.87% during the week ended Monday, iMoneyNet Inc. reported. Taxable fund yields, meanwhile, rose eight basis points to 1.09 during the weekly reporting period, according to...

New York's Monroe County to Sell $63M of Insured GO Refunding Debt.
October 1, 2004... Triple-B rated Monroe County plans to sell $63.4 million of general obligation refunding bonds next week in the latest local government refunding in New York. The upstate county, which carries BBB-plus ratings from Fitch Ratings and...

Yield Indexes Mostly Up, Following Recent Rapid Decreases.
October 1, 2004... The Bond Buyer's weekly yield indexes mostly rose this week, reversing course to correct yields that dropped "too far, too fast" in recent months, according to several market participants. "Having the 10-year Treasury near 4% is crazy,...

Mutual Funds: Dreyfus to Merge Closed-End Calif., N.Y. Funds into Open-Enders.
October 1, 2004... The Dreyfus Corp. plans to merge its closed-end New York and California municipal bond mutual funds into open-end funds for each of those states due to the market discount the funds have been trading at, the firm said this week. "The...

Competitive Bond Offerings.
October 1, 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.
October 1, 2004... ISSUER ST DESCRIPTION AMOUNT($000s) TIME OF SALE FINANCIAL ADVISER LEGAL OPINION MATURING INSURER MDY'S S&P FITCH BANK-QUAL. LATEST DETAILS Tuesday, October 5 F P Palm...

Negotiated Bond Offerings.
October 1, 2004... Tentative dates for negotiated sales of $5 million or more. ISSUER ST DESCRIPTION AMOUNT ($000s) LEAD MANAGER FINANCIAL ADVISER INSURER MDY'S S&P FITCH FIRST APPEARED Friday, October 1 Ohio Bldg...

Negotiated Note Offerings.
October 1, 2004... ISSUER ST DESCRIPTION AMOUNT ($000s) LEAD MANAGER FINANCIAL ADVISER INSURER MDY'S S&P FITCH FIRST APPEARED Week Of October 4 Missouri Hlth & Educ Facs Auth MO Advance Fund 81,500 A.G. Edwards ...

Results of Negotiated Sales.
October 1, 2004... CALIFORNIA California Sep 29, 2004 $6,000,000,000 2004-05 Revenue Anticipation Notes, Series A (Fixed Rate Notes) (book entry) $4,750,000,000. Dated Oct 6, 2004. Due Jun 30, 2005. First coupon Jun 30, 2005. ...

Results of Competitive Sales.
October 1, 2004... CONNECTICUT Bristol (City) Sep 30, 2004 $22,965,000 General Obligation Bonds Issue of 2004 (MBIA insured) (book entry). Dated Oct 15, 2004. Due Oct 15, 2005 to 2021. Callable Oct 15, 2013 at par. Winning bid:...

Rating Changes.
October 1, 2004... 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 ...

California DOT Lets Sole Bid for Bridge Project Expire.
October 1, 2004... California will go back to the drawing board in its efforts to complete a replacement for the east span of the Oakland-San Francisco Bay Bridge, which was badly damaged in the 1989 earthquake. The state's transportation department allowed...

Maine in Market With $43.6M, Turnpike Authority to Borrow in Two Weeks.
October 1, 2004... Maine will sell $43.64 million of general obligation bond anticipation notes today while the Maine Turnpike Authority is expected in the market in two weeks with $40 million of long-term revenue bonds. Separately, the Maine Municipal Bond Bank...

Maryland Selling $587M, While Delaware Agency Readies $195M Deal.
October 1, 2004... Two issuers in the mid-Atlantic region are planning sales for next Wednesday. Both the state of Maryland and the Delaware Transportation Authority have substantial refundings slated, and the DTA will also issue new-money revenue bonds, bringing...

S&P Restores ACA Outlook to Stable.
October 1, 2004... Standard & Poor's yesterday restored ACA Financial Guaranty Corp.'s A rating to a stable outlook. The guarantor yesterday received $140 million from its investors, including $105 million from Bear Stearns Merchant Banking and $35 million from...

Opponents of Albuquerque's Bond-Backed Road Project Get Organized.
October 1, 2004... Several coalitions have been organized to oppose Albuquerque's $52.5 million general obligation street-bond package that includes a controversial road through a sacred Native American site. The city is asking voters to approve a bond...

S&P Gives AA Issuer Rating to Wyoming Housing Agency.
October 1, 2004... The Wyoming Community Development Authority received an AA issuer credit rating from Standard & Poor's this week, the first such rating for the housing agency. The new credit rating was assigned at the WCDA's request, though Standard &...

Kentucky Agency Submits Counsel RFPs for Rest of Fiscal Year.
October 1, 2004... Bond counsel qualified to work on deals for the Kentucky Infrastructure Authority have until Oct. 6 to submit proposals. The authority last week put out the request for proposals for firms to work on bond issues for the remainder of the...

Trends in the Region: After a Decade, LAX Moves Toward Consensus on Master Plan.
October 1, 2004... After a decade of debate and planning, the first components of a master plan to update Los Angeles International Airport reached the Los Angeles City Council this week. After the full $9 billion master plan proposal ran into controversy,...

California: Slashing College Salaries.
October 1, 2004... The Contra Costa Community College District board likely will approve this week a 2004-2005 budget that slashes faculty salaries by 7% to help the district navigate through financial straits. "There is no money anywhere," board member...

California: I-Bank Appointments.
October 1, 2004... The California Infrastructure and Economic Development Bank has approved counsel and financial advisers for a new program that will issue lease-revenue debt to finance emergency loans for troubled California school districts. Those loans are...

California: Developer to Appeal.
October 1, 2004... A land developer facing almost $6 million in federal fines for misleading municipal bond investors will appeal, his attorney said Wednesday. Last week, U.S. Judge Cormac Carney ordered developer Manoucher Sarbaz to pay a civil penalty of...

California: Radio Arnold.
October 1, 2004... Gov. Arnold Schwarzenegger is lending his distinctive voice to a radio ad campaign against two pro-gambling ballot measures. The Republican governor opposes Proposition 68, which would give existing horse racing tracks and card clubs the...

California: Terminal Hubbub.
October 1, 2004... The San Francisco Board of Supervisors this week voted to condemn a developer's property that officials envision as the downtown site for a transportation terminal. Earlier this year, the city's Transportation Authority had said developer...

GUAM: No-Budget New Year.
October 1, 2004... Guam begins a new fiscal year today without funding for several departments because of a showdown between the Pacific territory's Republican governor and Democrat-controlled Legislature. Gov. Felix Camacho, who vetoed the Legislature's...

OREGON: New Debt Director.
October 1, 2004... Laura Lockwood-McCall started work Monday as the new director of the debt management division of Oregon's State Treasury. Lockwood-McCall has been active in government finance for nearly 20 years, most recently as director of capital...

OREGON: Step Down, Please.
October 1, 2004... The wife of Oregon's tarnished ex-governor, Neil Goldschmidt, has been asked by current Gov. Ted Kulongoski to step down from her position on the Oregon Investment Council, which oversees $56 million of public funds. Diana Goldschmidt had...

WASHINGTON: Monorail's New Foes.
October 1, 2004... Lending its voice against the proposed Seattle Monorail Project, the Downtown Seattle Association this week announced it opposes the bond-funded elevated train, citing financial concerns and lingering questions surrounding the system's design....

LONG-TERM BONDS: January-September.
October 1, 2004... 2004 2003 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $265,647,100 9,863 $291,215,300 11,337 -8.8 % January 20,514,200 847 27,103,200 973 -24.3 February 26,521,300 1,058...

NEW-ISSUE VOLUME NOTES.
October 1, 2004... The new-issue volume tables are based on information compiled by The Bond Buyer from Thomson Financial's data base on Thursday, Sept. 30, 2004. All figures are preliminary and subject to revision. Long-term bonds have final stated...

BOND SALES BY STATE: January-September.
October 1, 2004... 2004 2003 State Rank Volume Rank Volume Pct Chg Alabama 35 $1,417,900 21 $4,167,200 -66.0 % Alaska 47 593,500 41 1,319,300 -55.0 Arizona 12 5,885,900 16 4,806,300 +22.5 Arkansas 43 863,900 34 1,755,900 -50.8 ...

LONG-TERM BONDS: September.
October 1, 2004... 2004 2003 Volume No. of Volume No. of Pct. ($000s) Issues ($000s) Issues Chg TOTAL $21,830,700 868 $26,258,900 1,106 -16.9 % Development 391,000 30 105,100 13 +272.0 Education 5,503,700 249 6,230,600 299 -11.7 ...

LARGEST ISSUES: September 2004.
October 1, 2004... Amount Issuer Date $849.8 New Jersey Transportation Trust Fund Authority, mass transit Sep 29 849.3 Atlanta, Ga., water Sep 15 805.0 Pennsylvania (State), GOs (ref) (cpt) Sep 14 682.3 North Carolina (State), various purpose...

U.S. Securities Prices.
October 1, 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 -- 10/28/2004 1. -- /420 1.505/490 1.441 3M -- 12/30/2004 1.675/675...

Short-Term Tax-Exempt Yields.
October 1, 2004... Sep 30, 2004 Sep 29, 2004 Oct 2, 2003 Selected MIG-1/SP-1+ Notes California Rans 3s (June 05) 1.70 1.70 1.40 Los Angeles Co Trans 3s (June 05) 1.65 1.55 0.95 New Jersey Trans 3s (June 05) 1.68 1.55 n.a. Texas Trans 3s...

Municipal Market Data General Obligation Yields.
October 1, 2004... Aaa Aaa (pure) (ins) Aa A Baa 2005 1.63 1.68 1.67 1.77 2.12 2009 2.66 2.75 2.74 2.90 3.34 2014 3.47 3.60 3.58 3.76 4.16 2019 3.93 4.05 4.03 4.20 4.58 2024 4.37 4.48 4.46 4.60 4.93 2029 4.64 4.74 4.73 4.86 5.16...

Market Indicators.
October 1, 2004... Dollar amounts are in millions Day's 2004 2004 Daily Yesterday Change High Date Low Date Municipal Bond Index 111-29 -11/32 116-02 (3/11) 104-30 (5/13) 40 Average Dollar Price 101.82 -0.32 105.30 (3/11) 95.18 (5/13) ...

Weekly Yields of 20-Bond GO Index and Treasury Securities.
October 1, 2004... Latest Previous Year 12-Month Week Week Ago High Low 20-Bond Index 4.54 4.46 4.75 5.14 4.35 10-Year Treasury Note 4.12 4.02 4.00 4.85 3.74 30-Year Treasury Bond 4.89 4.80 4.94 5.55 4.68 Basis Pt Spread to Note -42 -44 -75...

Credit Calendar.
October 1, 2004... MONDAY, October 4 The Treasury raises $4.487 billion of new cash at its regular auction of 91- and 182-day discount bills by selling $36 billion to replace $31.513 billion in maturing securities and announces the sizes of its four-week...

Bond Buyer Indexes.
October 1, 2004... Average Municipal Bond Yields -- Compiled Weekly 20-Bond 11-Bond 25-Bond 10-Year 30-Year GO Index1 GO Index1 Revenue2 Treasury3 Treasury3 2004 SEP 30 4.54 4.47 5.02 4.12 4.89 23 4.46 4.40 4.97 4.02 4.80 16...

State and Local Government Series Rates.
October 1, 2004... Friday Monday Tuesday Wednesday Thursday Sep 24 Sep 27 Sep 28 Sep 29 Sep 30 Overnight* 1.18 1.18 1.19 1.19 1.19 Three Months 1.67 1.68 1.69 1.67 1.67 Six Months 1.90 1.94 1.95 1.94 1.94 Nine Months 2.01 2.04 2.05...

Reoffering Yields.
October 1, 2004... 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 9/29 50.0 Bergen Co., N. J. 1.65 2.67 3.52 SNA.......... 9/21 23.2 Lovejoy...

New-Issue Balances.
October 1, 2004... (,000 Omitted) * Since initial reoffering + Revised upward since last report Amount Date NEW OFFERINGS Sold Balance $200,000 9/30 Florida St. Bd. of Ed. $200,000 All Sold 16,100 9/30 Kenton Co., Ky. 16,100 All Sold ...

Municipal Bond Prices.
October 1, 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 Change...

Municipal Bond Index.
October 1, 2004... Current Day Previous Day Week Ago Month Ago Year Ago The Bond Buyer Municipal Bond Index 111-29 112-08 112-25 111-05 110-06 Thursday, September 30, 2004 Maturity Par Call Dollar Conversion Converted Date Date Price Factor Price...

Municipal Bond Index Update.
October 1, 2004... The list of bonds used to calculate the Municipal Bond Index was revised after the Sept. 30 pricing. The new coefficient is 1.0223. It was derived by dividing the Sept. 30 index (111.898608) by the average converted price of the new set of...

Illinois Authority Approves 10-Year, $5.3B Plan to Revamp Tollway System.
October 1, 2004... The Illinois State Toll Highway Authority board yesterday unanimously approved a 10-year partially bond-financed $5.3 billion plan to rebuild and expand the 274-mile toll road system in Chicago and its surrounding counties by raising tolls for...

Plan for D.C. Ballpark Calls for $410 Million of Revenue Bonds.
October 1, 2004... The District of Columbia will sell $410 million of revenue bonds -- about $330 million of which will be tax-exempt -- before the end of next year to finance the construction of a baseball stadium, a senior district economic development official...

The Digest.
October 4, 2004... The municipal bond market finished lower Friday, posting its first weekly losses since the beginning of September as it crumbled under continuous selling pressure, weaker Treasuries, and expectations of a pickup in new-issue supply. Complete...

An Eminent Concern?: Case Could Change Redevelopment Landscape.
October 4, 2004... Fifty years after a landmark Supreme Court decision involving a District of Columbia urban renewal project untied the hands of redevelopment agencies by making expropriation of private property easier, an upcoming high court case has the...

Conservative Issuers in Maryland Take Cautious Approach to Swaps.
October 4, 2004... Now that municipal bond issuers in Maryland are authorized to enter into interest-rate swap agreements, many public finance officials in the state are proceeding into this new financial territory with a mix of interest and caution. Seeking...

UBS Holds Position As Top Dog: Takes 13.5% Share Among Underwriters.
October 4, 2004... UBS Financial Services Inc. has retained its coveted spot as the market's top underwriter through the first three quarters of 2004. UBS Financial Services placed first after capturing a 13.5% market share of the $265.64 billion sold in the...

News In Brief: August Construction Spending Up 0.8%.
October 4, 2004... Spending on construction projects increased 0.8% in August, reaching an all-time high due to an increase in private construction, which also reached a record level, Commerce Department figures released Friday show. Total construction...

News In Brief: ISM Index At 58.5% in Sept.
October 4, 2004... The overall economy expanded for the thirty-fifth consecutive month in December, while the manufacturing sector expanded for the sixteenth straight month, the Institute for Supply Management reported Friday. According to the ISM's monthly...

News In Brief: Univ. Of Michigan Sept. Index at 94.2.
October 4, 2004... The University of Michigan's final September consumer sentiment index was at 94.2, down from the preliminary September figure of 95.8 and 95.9 level of the final August report, according to market sources. Economists polled by IFR BondData...

Friday's Market: Treasuries, Municipals End Down As October Starts With a Whimper.
October 4, 2004... The municipal bond market finished lower Friday, posting its first weekly losses since the beginning of September as it crumbled under continuous selling pressure, weaker Treasuries, and expectations of a pick up in new-issue supply. ...

New York State Housing Co-op City Starts Bond Redemptions.
October 4, 2004... The New York State Housing Finance Agency last week began calling nonprofit housing project bonds it sold in the 1960s and 1970s to help fund the construction of the Co-op City housing complex in the Bronx. The redemption follows the...

Gov. Schwarzenegger Vetoes Tribal Tax-Exempt Bond Bill.
October 4, 2004... California Gov. Arnold Schwarzenegger vetoed a bill that would have extended state income-tax exemption to bonds issued by California Indian tribes that are federally tax-exempt. It was one of 71 bills the governor vetoed Thursday, his last...

Metropolitan Areas to Reap Benefits of Texas Mobility Fund.
October 4, 2004... The Texas Transportation Commission last week approved a plan that gives metropolitan areas top priority for disbursements from the $3 billion Texas Mobility Fund, a move that could lead to a transportation bond issue in the $500 million range...

The Week Ahead: N.J.'s $1.46B Cigarette Tax Offering Highlights Upcoming Deals.
October 4, 2004... When a billion-dollar New Jersey offering debuts in the primary market this week, both retail and institutional investors will sit up and take notice of a deal that will help cure an in-state supply shortage -- despite some large deals lately...

UBS Likely to Be Named Underwriter for D.C. Stadium Deal.
October 4, 2004... UBS Financial Services Inc. will probably be selected as lead underwriter for the District of Columbia's upcoming $410 million baseball stadium bond transaction, knowledgeable sources said Friday. Although a representative of UBS declined...

Bush Extends Transportation Funding.
October 4, 2004... As expected, President Bush last week signed into law legislation that would extend the provisions of the law governing the nation's highway building and public transit construction programs through May 31. This sixth and latest extension...

Proposed Palm Beach County District Would Issue $250M for Scripps Project.
October 4, 2004... Faced with rising costs related to developing a Biomedical Research Park, Palm Beach County, Fla., commissioners last Thursday decided to create a special district to issue as much as $250 million of bonds that eventually will be repaid by...

Competitive Bond Offerings.
October 4, 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.
October 4, 2004... ISSUER ST DESCRIPTION AMOUNT($000s) TIME OF SALE FINANCIAL ADVISER LEGAL OPINION MATURING INSURER MDY'S S&P FITCH BANK-QUAL. LATEST DETAILS Tuesday, October 5 F P Palm Beach...

Negotiated Bond Offerings.
October 4, 2004... Tentative dates for negotiated sales of $5 million or more. ISSUER ST DESCRIPTION AMOUNT ($000s) LEAD MANAGER FINANCIAL ADVISER INSURER MDY'S S&P FITCH FIRST APPEARED Week Of October 4 Arkansas Dev...

Negotiated Note Offerings.
October 4, 2004... ISSUER ST DESCRIPTION AMOUNT ($000s) LEAD MANAGER FINANCIAL ADVISER INSURER MDY'S S&P FITCH FIRST APPEARED Week Of October 4 Missouri Hlth & Educ Facs Auth MO Advance Fund 81,500 A.G. Edwards -...

Results of Negotiated Sales.
October 4, 2004... ALABAMA Millbrook Aug 27, 2004 $5,500,000 General Obligation Warrants, Series 2004 (XL Capital Insured) (bank qualified). Dated Sep 1, 2004. Due Sep 1, 2019 to 2024. First coupon Mar 1, 2005. Callable Sep 1,...

Connecticut: New Code of Ethics.
October 4, 2004... As part of its effort to strengthen ethics regulations, Connecticut on Friday implemented a law requiring state and quasi-public agencies to demonstrate that their process for awarding large state contracts are free from collusion or gift...

District of Columbia: Budget Autonomy?
October 4, 2004... The district's nonvoting delegate in the House, Eleanor Holmes Norton, said Thursday she was optimistic that the capital city would be granted greater control over its own budget by Congress this year. Norton's comment came after a...

Maryland: Shuttle Bus COPs.
October 4, 2004... The Maryland Department of Transportation plans to competitively sell $15.6 million of certificates of participation Wednesday. Proceeds will go to the Baltimore/Washington International Airport shuttle bus fleet acquisition program,...