TITLE

Municipal Yields Rise 2 Basis Points; Retail Opens on $610M of N.Y.C. GOs

AUTHOR(S)
Chesla, Nicholas; Johnson, Anastasija
PUB. DATE
June 2003
SOURCE
Bond Buyer;6/30/2003, Vol. 345 Issue 31667, p2
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Municipal bond yields rose two basis points on June 27, 2003, while underwriters received $154 million in retail orders on a portion of $610 million of New York City tax-exempt general obligation refunding bonds. Treasuries declined, moving off their highs while equities also fell. The final June 2003 University of Michigan consumer sentiment index came in at 89.7, versus a preliminary reading of 87.2 and 92.1 in May. In the municipal arena, yields rose two basis points in sympathy with falling Treasuries as participants remained on the sidelines. In the new-issue market, Bear, Stearns & Co. opened the first day of a two-day retail order period on a portion of $610 million of New York City GO refunding bonds with a top yield of 4.90% in 2024, ahead of institutional pricing on July 1, 2003. Municipal bond yields rose two basis points June 27, 2003, while underwriters received $154 million in retail orders on a portion of $610 million of New York City tax-exempt general obligation refunding bonds.
ACCESSION #
10171131

 

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