Yields Rise for 3d Consecutive Session; Retail Ends for $1.7B of California GOs

Chesla, Nicholas; Johnson, Anastasija
June 2003
Bond Buyer;6/19/2003, Vol. 344 Issue 31660, p2
Trade Publication
Municipal bond yields rose for the third consecutive session on June 18, 2003 as Treasuries plunged and several hefty deals totaling more than $1.5 billion came to market while underwriters concluded a retail order period on $1.7 billion of California general obligation bonds, with roughly $315 million in orders. The issue is insured by Financial Security Assurance and carries underlying ratings of Aa3 from Moody's Investors Service Inc. and AA from Fitch Ratings Inc. Meanwhile, Morgan Stanley & Co. concluded a two-day retail period on $1.7 billion of California various-purpose general obligation bonds, after receiving roughly $315 million in retail orders ahead of institutional pricing today. Merrill Lynch & Co. Inc. also won $109 million of New Jersey Education Facilities Authority Princeton University revenue refunding bonds with a low interest cost of 3.95%, out of six bids.


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