BENCHMARK STATES 10-YEAR - Bloomberg.com · Wells Fargo securities. Chiang already replaced Wells...
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Thursday Sept. 29, 2016 www.bloombergbriefs.com Bloomberg AAA Benchmark Yields DESCRIPTION CURRENT PREVIOUS NET CHANGE BVAL Muni Benchmark 1T 0.72 0.72 0 BVAL Muni Benchmark 2T 0.79 0.79 0 BVAL Muni Benchmark 3T 0.87 0.87 0 BVAL Muni Benchmark 4T 0.95 0.95 0 BVAL Muni Benchmark 5T 1.04 1.04 0 BVAL Muni Benchmark 6T 1.13 1.14 -0.01 BVAL Muni Benchmark 7T 1.23 1.24 -0.01 BVAL Muni Benchmark 8T 1.33 1.34 -0.01 BVAL Muni Benchmark 9T 1.42 1.43 -0.01 BVAL Muni Benchmark 10T 1.50 1.51 -0.01 BVAL Muni Benchmark 20T 2.08 2.08 0 BVAL Muni Benchmark 30T 2.25 2.25 0 Source: GBY<GO>, GC I493 <GO> California Bars Wells Fargo From Bond, Bank Work BY ROMY VARGHESE, BLOOMBERG NEWS California, the nation’s largest issuer of municipal bonds, is barring Wells Fargo & Co. from underwriting state debt and handling its banking transactions after the company admitted to opening potentially millions of bogus customer accounts. The suspension, in effect immediately, will remain in place for 12 months. A "permanent severance" will occur if the bank doesn’t change its practices, State Treasurer said yesterday. The state also won’t add to its investments in John Chiang Wells Fargo securities. Chiang already replaced Wells Fargo with Loop Capital for two muni deals totaling about $527 million that will be sold next week. "Wells Fargo’s venal abuse of its customers by secretly opening unauthorized, illegal accounts illegally extracted millions of dollars between 2011 and 2015," Chiang said in a news conference in San Francisco. "This behavior cannot be tolerated and must be denounced publicly in the strongest terms." The move by California is the latest to punish the bank, which is facing a national furor over the fraudulent accounts. San Francisco, the home of Wells Fargo, last week removed it from a banking program for low-income residents. Authorities including the US Consumer Financial Protection Bureau fined Wells Fargo $185 million on Sept. 8 for potentially opening about 2 million deposit and credit-card accounts without authorization. Chief Executive Officer has forfeited $41 million in pay. John Stumpf Connecticut decided last week to add Morgan Stanley to serve as the co-manager with Wells Fargo on a state bond issue planned for next month to help ensure a successful sale, said , a spokesman in the state Treasurer’s office. David Barrett Connecticut is reviewing its relationship with the bank. New York’s Metropolitan Transportation Authority voted to hold off on approving Wells Fargo as a underwriter until the agency completes its analysis of the company’s practices, according to an online broadcast of a board meeting Wednesday. Wells Fargo was the second-largest underwriter of municipal debt in California in the first half of the year. The firm, which trailed Citigroup Inc., handled sales of $3.9 billion in securities, or 11 percent of total issuance. The bank ranked fifth in overall municipal- bond underwriting this year through June, selling $13.7 billion in debt, for 5.9 percent market share. STATE YIELD SPREAD TO AAA CHANGE CA 1.67 15 0 FL 1.65 13 0 IL 3.18 166 +0.04 NY 1.50 -2 0 PA 1.97 46 -0.01 TX 1.64 13 +0.02 MUNICIPALITY AMOUNT MTA NY $627 million Rev Boston University MA $195 million Rev Texas Transportation $705 million Rev San Francisco PUC CA $859 million Rev Rhode Island Commerce $250 million Rev Source: Bloomberg CDRA <GO> AMOUNT OUTSTANDING ($MLNS) MATURING NEXT 30 DAYS ($MLNS) ANNOUNCED CALLS NEXT 30 DAYS ($MLNS) 3,606,825 12,381 12,310 Source: MBM<GO> BENCHMARK STATES 10-YEAR PRIMARY FIXED RATE 30-Day Supply Fixed: $13.8 Bln (LT) 30-Day Supply Fixed: $147 Mln (ST) Sold YTD Fixed: $239.4 Bln (Neg LT) Sold YTD Fixed: $78.4 Bln (Comp LT) Sold YTD Fixed: $25.5 Bln (ST) SECONDARY MARKET MSRB: $12.6 Bln PICK: $19.7 Bln VARIABLE RATE SIFMA Muni Swap Rate: 0.84% Bloomberg Weekly AAA Rate: 0.795% Bloomberg Weekly AA Rate: 0.819% Daily Reset Inventory: $1.7 Bln Weekly Reset Inventory: $2.6 Bln IN THE PIPELINE SIZE OF MARKET CREDIT CLOSE-UP
Transcript of BENCHMARK STATES 10-YEAR - Bloomberg.com · Wells Fargo securities. Chiang already replaced Wells...
Thursday
Sept. 29, 2016
www.bloombergbriefs.com
Bloomberg AAA Benchmark Yields
DESCRIPTION CURRENT PREVIOUS NET CHANGE
BVAL Muni Benchmark 1T 0.72 0.72 0
BVAL Muni Benchmark 2T 0.79 0.79 0
BVAL Muni Benchmark 3T 0.87 0.87 0
BVAL Muni Benchmark 4T 0.95 0.95 0
BVAL Muni Benchmark 5T 1.04 1.04 0
BVAL Muni Benchmark 6T 1.13 1.14 -0.01
BVAL Muni Benchmark 7T 1.23 1.24 -0.01
BVAL Muni Benchmark 8T 1.33 1.34 -0.01
BVAL Muni Benchmark 9T 1.42 1.43 -0.01
BVAL Muni Benchmark 10T 1.50 1.51 -0.01
BVAL Muni Benchmark 20T 2.08 2.08 0
BVAL Muni Benchmark 30T 2.25 2.25 0Source: GBY<GO>, GC I493 <GO>
California Bars Wells Fargo From Bond, Bank WorkBY ROMY VARGHESE, BLOOMBERG NEWS
California, the nation’s largest issuer of municipal bonds, is barring Wells Fargo & Co. from underwriting state debt and handling its banking transactions after the company admitted to opening potentially millions of bogus customer accounts.
The suspension, in effect immediately, will remain in place for 12 months. A "permanent severance" will occur if the bank doesn’t change its practices, State Treasurer said yesterday. The state also won’t add to its investments in John ChiangWells Fargo securities. Chiang already replaced Wells Fargo with Loop Capital for two muni deals totaling about $527 million that will be sold next week.
"Wells Fargo’s venal abuse of its customers by secretly opening unauthorized, illegal accounts illegally extracted millions of dollars between 2011 and 2015," Chiang said in a news conference in San Francisco. "This behavior cannot be tolerated and must be denounced publicly in the strongest terms."
The move by California is the latest to punish the bank, which is facing a national furor over the fraudulent accounts. San Francisco, the home of Wells Fargo, last week removed it from a banking program for low-income residents. Authorities including the US Consumer Financial Protection Bureau fined Wells Fargo $185 million on Sept. 8 for potentially opening about 2 million deposit and credit-card accounts without authorization. Chief Executive Officer has forfeited $41 million in pay.John Stumpf
Connecticut decided last week to add Morgan Stanley to serve as the co-manager with Wells Fargo on a state bond issue planned for next month to help ensure a successful sale, said , a spokesman in the state Treasurer’s office. David BarrettConnecticut is reviewing its relationship with the bank. New York’s Metropolitan Transportation Authority voted to hold off on approving Wells Fargo as a underwriter until the agency completes its analysis of the company’s practices, according to an online broadcast of a board meeting Wednesday.
Wells Fargo was the second-largest underwriter of municipal debt in California in the first half of the year. The firm, which trailed Citigroup Inc., handled sales of $3.9 billion in securities, or 11 percent of total issuance. The bank ranked fifth in overall municipal-bond underwriting this year through June, selling $13.7 billion in debt, for 5.9 percent market share.
STATE YIELD SPREAD TO AAA CHANGE
CA 1.67 15 0
FL 1.65 13 0
IL 3.18 166 +0.04
NY 1.50 -2 0
PA 1.97 46 -0.01
TX 1.64 13 +0.02
MUNICIPALITY AMOUNT
MTA NY $627 million Rev
Boston University MA $195 million Rev
Texas Transportation $705 million Rev
San Francisco PUC CA $859 million Rev
Rhode Island Commerce $250 million RevSource: Bloomberg CDRA <GO>
AMOUNT OUTSTANDING
($MLNS)
MATURING NEXT 30
DAYS ($MLNS)
ANNOUNCED CALLS NEXT 30 DAYS ($MLNS)
3,606,825 12,381 12,310Source: MBM<GO>
BENCHMARK STATES 10-YEAR
PRIMARY FIXED RATE
30-Day Supply Fixed: $13.8 Bln (LT)30-Day Supply Fixed: $147 Mln (ST)Sold YTD Fixed: $239.4 Bln (Neg LT)Sold YTD Fixed: $78.4 Bln (Comp LT)Sold YTD Fixed: $25.5 Bln (ST)
SECONDARY MARKET
MSRB: $12.6 BlnPICK: $19.7 Bln
VARIABLE RATE
SIFMA Muni Swap Rate: 0.84%Bloomberg Weekly AAA Rate: 0.795% Bloomberg Weekly AA Rate: 0.819% Daily Reset Inventory: $1.7 Bln Weekly Reset Inventory: $2.6 Bln
IN THE PIPELINE
SIZE OF MARKET
CREDIT CLOSE-UP
Sept. 29, 2016 Bloomberg Brief Municipal Market 2
CREDIT CLOSE-UP
As Chicago Staunches Fiscal Bleed, Schools Are Awash in Red InkBY ELIZABETH CAMPBELL, BLOOMBERG NEWS
Chicago, the nation’s biggest junk-rated city, has raised taxes and moved to shore up its debt-ridden pension system, but for its schools, the triage still has a ways to go.
The Chicago Board of Education is facing a potential strike by its teachers, which could further strain its coffers. The third-largest U.S. school district’s budget counts on state aid and union concessions that may not come. And this week, Moody’s Investors Service cut its rating deeper into junk, citing its “precarious liquidity” and reliance on borrowed money, as preliminary data showed an enrollment drop of almost 14,000 students — a loss that may cut into its funding.
The chronic financial strains may lead investors to demand higher interest rates from the debt-dependent district. With $6.8 billion of general-obligation debt, it’s already paying yields of as much as 9 percent, according to Moody’s. More than 10 percent of this year’s $5.4 billion budget is eaten up by principal and interest costs. In August, the board authorized issuing as much as $945 million of bonds and drawing on a $1.6 billion credit line to pay bills.
"To say that they’re challenged is an understatement,” said Richard
, the Chicago-based president Ciccaroneof Merritt Research Services LLC, which analyzes municipal finances. "The problems that they’re having poses risks to continued operations and the timely repayment of liabilities.”
The school board’s situation has worsened as its fund balance and reserves shrink, according to Moody’s.
“Because the reserves and the liquidity have weakened steadily over the past few years, there’s less room for uncertainty in the budget,” said Rachel
, viceCortez
president at Moody’s in Chicago. “They don’t have any cash left to buffer against revenue or expenditure assumptions that don’t pan out.”
The district’s deficit may worsen. The spending plan for the year that started July 1 anticipates that it will wrest concessions from the union, including phasing out the district’s practice of covering most of teachers’ pension contributions. The teachers’ union has rejected that, calling it a pay cut. The district is also counting on $215 million in aid that’s contingent on the state passing a pension overhaul — something that the virtually gridlocked legislature has been unable to do.
The budget relies on "unrealistic expectations,” according to Moody’s.
While lawmakers approved a $250 million property-tax levy for teachers’ pensions, those funds won’t be available until after the end of the fiscal year. The school board must pay more than $700 million to the teachers pension fund by the end of June. The district’s unfunded retirement liabilities are more than $10 billion after years of skipping payments.
The financial pressure has led investors to demand yields on Chicago's school bonds that are well above benchmark rates, though the gap has narrowed since the state passed a budget in June that provided the property-tax money and about $135 million of other aid. Bonds due in 2042 traded Wednesday for an average of 89 cents on the dollar to yield 5.8 percent, more than double the 2.2 percent on top-rated debt, according to data compiled by Bloomberg.
Ron DeNard, the district’s senior vice president of finance, said Monday that the district is working to bolster its finances and "finalize the path forward to fiscal soundness.”
They have a “tall to-do list” and a lot of their action items are somewhat out of their control — whether it’s state aid, capital-market access or labor agreements, said Paul Mansour, head of municipal research at Conning, which oversees $11 billion of state and local debt, including some Chicago school securities.
“There’s no margin for error,” Mansour said. “There’s still no long-term structural solution in place, and time is getting short.”
Chicago Student Enrollment Has Declined Since 2007
Sept. 29, 2016 Bloomberg Brief Municipal Market 3
RESULTS OF SALES
Sept. 29, 2016 Bloomberg Brief Municipal Market 4
Long-Term Bond Sales Results
SELLING DATE
ISSUE STATE RATING TAXAMT
($Mlns)1 YEAR 5 YEAR 10 YEAR 20 YEAR STATUS TYPE
SENIOR MANAGER
ENHANCEMENT
09/26Palomar Hlth -Ser B -Ref
CA A2/A/AAAe N 164.452.000/0.810
4.000/2.850 Final Negt
Citigroup Global Mkts Inc
09/26Harris Co Hosp Dt -Ref
TX A2//AA N 158.304.000/0.900
5.000/1.410
5.000/2.110
3.125/3.320
Final Negt
Jp Morgan Securities Llc
09/26 Norfolk -Ser A VA Aa2/AA+/AA+ N 106.684.000/0.750
5.000/1.100
5.000/1.690
5.000/2.320
Repriced NegtBank Of America Merrill
09/26 Irvine Ranch Wtr Dist CA /AAA/AAAe N 103.405.000/1.400
5.000/2.200
Repriced NegtBank Of America Merrill
09/26Nh Muni Bond Bank-Ref-D
NH Aa2e/AA+/ N 101.182.000/0.650
4.000/1.180
5.000/1.760
4.000/2.710
Final NegtRaymond James & Assocs
09/26Corona-Norco Usd-Ref -A
CA Aa2/AA-/ N 70.033.000/0.760
4.000/1.070
4.000/1.650
4.000/2.690 Final Negt
Bank Of America Merrill
09/2811:00
Galena Park Isd -Ref TX /AAA /AAA N 98.602.000/0.770
5.000/1.180
5.000/1.700
2.750/2.850
Awarded CompRobert W. Baird & Co Inc
PSF-GTD
09/2811:00
Tuscaloosa Pub Edu Blg
AL /A-/ N 74.085.000/2.100
3.125/98.250
Awarded CompUbs Financial Services
BAM
09/2812:00
Riverside Co Transp Comm
CA //AAe N 76.145.000/0.750
5.000/0.960
3.000/1.550
Awarded CompMorgan Stanley & Co Llc
*Moody's/S&P/Fitch
Most Active Bonds
DESCRIPTION STATE DATED COUPON MATURITY VOLUME PRICED AVERAGE YIELD AVERAGE NO. OF TRADES
San Francisco Usd CA 09/30/16 2.000 08/31/17 37,000,000 101.202 0.675 25
Ny Hsg Fin Agy-A NY 09/27/16 N.A. 05/01/49 30,000,000 100.000 N.A. 6
Nyc Muni Wtr Fin-Aa NY 10/06/16 3.000 06/15/46 29,960,000 98.931 3.055 77
Pa Tpk Comm-A-Ref-Sub PA 10/20/16 3.375 12/01/41 27,605,000 99.208 3.419 180
Dasny-A-Salestax NY 09/29/16 5.000 03/15/34 22,375,000 125.669 2.127 9
Colorado St -A-Trans CO 07/26/16 2.000 06/27/17 22,000,000 100.846 0.850 15
Mo H/E Var-Wa Univ-D MO 02/06/96 N.A. 09/01/30 21,900,000 100.000 N.A. 6
Washington St WA 07/14/16 5.000 08/01/30 20,770,000 126.091 2.056 8
Wi H/E-Adj-B-Marshfie WI 01/31/06 N.A. 01/15/36 20,000,000 100.000 N.A. 5
Bloomfield Twp-Bans NJ 01/15/16 2.000 01/13/17 18,800,000 100.329 0.836 10
Lancaster Ida-Mennoni PA 12/12/07 N.A. 12/01/37 18,490,000 100.000 N.A. 6
Massachusetts MA 07/07/16 5.000 07/01/31 18,375,000 125.961 2.049 7
RESULTS OF SALES
TRADING
NUMBERS IN CONTEXT
Sept. 29, 2016 Bloomberg Brief Municipal Market 5
NUMBERS IN CONTEXTMoney Market Changes Leading to Fire Sale in Muni Market
Investors have been pulling cash from tax-exempt money market funds ahead of new Securities and Exchange Commission rules that will take effect on Oct. 14 and cause the value of investments to vary along with the market.
With the funds forced to sell debt to cover the redemptions, the yields on top-rated one-year municipal debt have jumped to more than 125 percent of comparable Treasuries, the highest since October. Benchmark municipals typically yield less than Treasuries because the income is exempt from federal tax.
— William Selway, Bloomberg News
DIARY
Rhode Island Treasurer Seth said the state’s $7.7 billion Magaziner
pension fund is cutting its allocation to hedge funds in half over two years, as high fees eat into returns and some of the investment pools provide less diversification than expected.
Rhode Island will reduce its investments in hedge fund strategies by more than $500 million and reallocate the money to more traditional asset classes in low-fee index funds, Magaziner, 33, said in a news release.
Rhode Island joins pension funds in New York City and California’s Public Employees Retirement System, the largest U.S. pension, in cutting hedge-fund investments.
“With pension costs comprising a large percentage of state and local budgets, the stronger performance projected under our ’Back to Basics’ strategy can save millions for taxpayers and strengthen retirement security for our public employees,” Magaziner said.
Stock-hedge funds lost 3.4 percent for the year ending Aug. 31, compared to a
Rhode Island Allocation 2.83 percent gain for the HFRI Equity Hedge (Total) Index, according to the pension fund. By contrast, “real return” hedge funds, which are less volatile, have beaten a comparable HFRI index over three years 4.02 percent to 2.51 percent.
The $2.9 trillion hedge fund industry is in the midst of the biggest shakeout since the financial crisis. This week Perry Capital said it was closing its flagship fund after almost three decades. London-based Nevsky Capital closed its doors; Tudor Investment Corp. dismissed about 15 percent of its workforce in August.
Rhode Island will cut its hedge fund allocation to 6.5 percent from 15 percent, said , a spokesman for Evan EnglandMagaziner. Rhode Island’s current hedge fund assets are about $1.1 billion.
“Some of our hedge funds have performed very well, produced strong returns and not shown market correlation, as they’re supposed to. A majority of them have not lived up to their billing,” England said. England said the state is still in the process of finalizing which funds will be terminated.
“We will only be keeping funds that have
and continue to show consistent returns and non-market correlation.”
— Martin Z. Braun, Bloomberg News
Wayne County, Michigan, which was placed under state oversight last year in order to avert bankruptcy, is moving to restart work on an unfinished jail in downtown Detroit that was put on hold after the costs soared.
The county is seeking contractors to finish construction on the project, which was halted in June 2013 due to cost overruns. The failed jail is currently undergoing a structural assessment, expected to be completed by November. Though the exposed site has endured three Midwestern winters, most of the $151 million spent on construction was completed underground.
The county has been paying debt service on $200 million of bonds sold in 2010 to fund the jail. Some of that debt, supported by a federal interest subsidy, is under review by the IRS.
— Katherine Greifeld, Bloomberg News
Wayne County Jail
STORYCHART
Muni Payouts Leap Over Treasuries
Sept. 29, 2016 Bloomberg Brief Municipal Market 6
STORYCHART
Want to Create the Next Unicorn? Head to Wyoming AMANDA ALBRIGHT, BLOOMBERG BRIEFS
If you're looking to create the next Airbnb or Uber, certain states can set you up for success, according to a study by GOBankingRates. Wyoming and Alaska both offer strong tax climates for businesses, GOBankingRates found. You might think Hawaii would be an idyllic place to start a new life and business. But the study ranked the Aloha State as the worst state for entrepreneurs, largely because the state has a high cost of living. Click the chart to launch an Interactive StoryChart.
ACCORDING TO
Sept. 29, 2016 Bloomberg Brief Municipal Market 7
SETTLE BORROWER STCOUPON
MODEAMOUNT
($M)LIQUIDITY PROVIDER REMARKETING AGENT TAX
INDEX FLOATER
03/01/17 New York State Housing Finance Agency NY M 35 Deutsche Bank Secs Inc N 1M LIBOR
10/06/16 New York City Water & Sewer System NY D 100 State Street B&T Co Jefferies Llc N VRDO
10/06/16 New York City Water & Sewer System NY D 100 State Street B&T Co Jefferies Llc N VRDO
09/27/16 606 West 57 LLC NY W 71 Wells Fargo BK N.A. RBC Capital Markets N VRDO
09/22/16 33 Bond Street LLC NY W 35 Manufacturers & Traders Barclays Capital Inc N VRDO
09/20/16Metropolitan Water District of Southern California
CA D 52 Landesbank Hessen-Thrgn U.S. Bank N.A. N VRDO
09/20/16Metropolitan Water District of Southern California
CA D 52 Landesbank Hessen-Thrgn RBC Capital Markets N VRDO
09/15/16 Louisville Gas & Electric Co KY W 125 Jp Morgan Securities Llc A VRDO
09/15/16 University of Texas System/The TX W 125 Wells Fargo Bank Na T VRDO
09/15/16 University of Texas System/The TX W 125 Univ Of TX Invst Mgt Co RBC Capital Markets T VRDO
09/13/16 KJH Properties LLC CA W 2 City National Bank Gates Capital Corporation T VRDO
09/12/16 Texas Public Finance Authority TX C 10 Texas State Comptroller Morgan Stanley & Co Llc T VRDO
09/01/16 Long Island Power Authority NY M 175 Wells Fargo Bank Na N VRDO
09/01/16 MidAmerican Energy Co IA W 33 Suntrust Robinson-Humphry N VRDO
08/31/16 Premier Health Partners Obligated Group OH D 44 Barclays Bank Plc Barclays Capital Inc N VRDO
08/31/16 Premier Health Partners Obligated Group OH D 28 Barclays Bank Plc Barclays Capital Inc N VRDO
08/31/16 Premier Health Partners Obligated Group OH D 29 Barclays Bank Plc Barclays Capital Inc N VRDO
08/31/16 Premier Health Partners Obligated Group OH D 44 Barclays Bank Plc Barclays Capital Inc N VRDO
08/31/16Washington Suburban Sanitary Commission
MD W 52 State Street B&T Co Loop Capital Markets Llc N VRDO
Source: CDRV<GO>
ACCORDING TOStanford Posts 0.4% Decline in Year of Losses at Top EndowmentsBY JANET LORIN, BLOOMBERG NEWS
Stanford University’s investments declined 0.4 percent for the year through June 30, a period when many of the richest and top-performing endowments struggled with volatile markets.
Stanford’s fund rose in value by less than 1 percent to $22.4 billion as of Aug. 31, due to gifts and other funds transferred into the endowment, the school in a statement yesterday on its website. Stanford’s fiscal year ends in August but the school provided a return through the period when most college endowments report.
More than a dozen university
endowments with assets of more than $1 billion have reported investment declines. Endowments with more than $500 million lost a median 0.73 percent, according to the Wilshire Trust Universe Comparison Service. The data, from fund custodians, is gross of fees, while most schools report returns including fees.
“Despite a difficult investment climate, the endowment increased as a result of the generosity of Stanford’s donors, positive merged pool returns for the August fiscal year, and substantial growth in the value of income-generating properties on Stanford’s lands,” Randy
Livingston, vice president for business affairs and chief financial officer, said in the statement.
Stanford in the statement didn’t disclose strategies the endowment used or performance by asset class.
The fund, run by Stanford Management Company, has been led by Robert
since March 2015. The “merged Wallacepool” is Stanford’s primary investment vehicle and includes most of the university’s endowment and expendable funds, as well as capital reserves from Stanford Health Care and the Lucile Packard Children’s Hospital.
RECENT VARIABLE RATE ISSUANCE
TWEET OF THE DAY
Sept. 29, 2016 Bloomberg Brief Municipal Market 8
Find Muni Data on the Bloomberg Terminal
DATA FREQUENCY ON THE TERMINAL
AAA Benchmark Valuation Daily GC I493 <GO>
Benchmark State Yields Daily MBM <GO>
VRDO Rates, Inventory Daily MBIX <GO>, ALLX BVRD <GO>
Upcoming Sales Daily CDRA <GO>
Volume, MSRB, PICK Daily SPLY <GO>, YTDM <GO>, MSRB <GO>, MBIX <GO>
Results of Sales Daily CDRA <GO>
Most Active Daily MSRB <GO>
Most Searched DES Every Wednesday SECF <GO>
Variable-Rate Calendar Every Thursday CDRV <GO>
Most Traded Borrowers Every Friday MFLO <GO>
Week-Ahead Calendar Every Monday CDRA <GO>
Supply and Demand Every Friday SPLY <GO>, BVMB <GO>
Muni Credit Risk Every Monday MRSK <GO>
TWEET OF THE DAYBY JOE MYSAK, BLOOMBERG BRIEFS
Virginia Beach Considers Arena Plan
Field of Schemes@fieldofschemes
Virginia Beach arena builder wants to use $240m in unrated bonds, council replies "mmmph": fieldofschemes.
https://t.cocom/2016/09/28/116…/pNTSZHx9ndDetails
Author tweets a link to Neil deMausehis "Field of Schemes'' blog post about a developer telling the Virginia Beach city council that an unrated bond issue might be the best way to help finance a new sports and entertainment arena.
Bloomberg Brief:Municipal Market
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Municipal Data Team
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