Munis Weaken; Underwriters Price $820M NJ. EDA Deal for Retail

Chesla, Nicholas
August 2004
Bond Buyer;8/12/2004, Vol. 349 Issue 31946, p2
Trade Publication
Reports that municipal bonds softened while underwriters received $92 million in retail orders on a portion of the $820 million New Jersey Economic Development Authority motor-vehicle surcharge revenue bond issue. Effect of the auction by the Treasury Department of $15 billion of five-year notes with a 3.520 percent high yield on the treasuries; Identification of the bid-to-cover ratio; Decision of the Federal Reserve Board to raise the federal funds rate by 25 basis points.


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