Bid Side Quoted 5 Basis Points Lower As $737M of N.J. Turnpike Debt Sells

Chesla, Nicholas; Johnson, Anastasija
June 2003
Bond Buyer;6/26/2003, Vol. 344 Issue 31665, p2
Trade Publication
The bid side in municipals was quoted roughly five basis points lower in late trading on June 25, 2003, while in the new-issue market underwriters priced $737 million of New Jersey Turnpike Authority taxable revenue bonds. Scott Anderson, senior economist at Wells Fargo Bank, said the Federal eased monetary policy in order to push the U.S. economy to a sustainable level of growth while warding off the risks of deflation. Kevin Logan, senior market economist at Dresdner Kleinwort Wasserstein, said the durable goods report indicated a lack of improvement in business investment spending. Meanwhile, the housing sector remained strong as it continued to benefit from the low interest rate environment, Logan added. In the negotiated sector, Morgan Stanley & Co. tentatively priced $737 million of taxable New Jersey turnpike revenue bonds.


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