TITLE

N.J., N.Y. Price $1.3B in Road Debt As Cach Bonds, Treasuries Weaken

AUTHOR(S)
Chesla, Nicholas; Johnson, Anastasija
PUB. DATE
June 2003
SOURCE
Bond Buyer;6/27/2003, Vol. 344 Issue 31666, p2
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The New Jersey Turnpike Authority and New York State Thruway Authority brought more than $1.3 billion in new issues to market yesterday, while cash bonds weakened and Treasuries registered losses for the second consecutive session. Decline in government securities continues following the decision by the Federal Reserve to reduce its federal funds rate by 25 basis points to 1%. Meanwhile, initial jobless claims for the week ended June 21, 2003 fell 22,000 to 404,000 while final first quarter gross domestic product rose by 1.4%, revised down from the preliminary reading of 1.9%. Richard Hoey, chief economist at Dreyfus Corp., said a downward revision in first quarter gross domestic product did not suggest any increased weakness in the U.S. economy. Bonds due in 2019, 2024, 2025, and 2027 were insured by Financial Guaranty Insurance Co., while bonds due in 2020 through 2023 were insured by Financial Security Assurance.
ACCESSION #
10171002

 

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