Muni Yields Rise 5 to 7 Basis Points; $850M of New Issues Come to Market

Chesla, Nicholas; Johnson, Anastasija
June 2003
Bond Buyer;6/18/2003, Vol. 344 Issue 31659, p2
Trade Publication
Municipal bond yields in the United Stats rose between five and seven basis points on June 17, 2003 while Minnesota, Connecticut, and New York brought to market more than 850 million dollars of new loans and roughly 203 million dollars in retail orders were received on a 1.7 billion dollar California general obligation issue. This rise took place due to an increase in values of treasury bills and the adjustment of tax-exempt market to higher yields for the second consecutive session. In the new-issue market, Merrill Lynch & Co. won 392 million dollars of Minnesota general obligation state refunding bonds in the competitive sector with a low interest cost of 2.12 percent, out of three bids.


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