TITLE

Municipals Finish Little Changed; California Offers $500M of GOs

AUTHOR(S)
Johnson, Anastasija
PUB. DATE
September 2004
SOURCE
Bond Buyer;9/10/2004, Vol. 349 Issue 31966, p2
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
This article reports that Municipal bond prices finished little changed, having given up earlier gains after Treasuries turned south following the 10-year note auction, while California sold $500 million of general obligation bonds in the new-issue market. Crossover buyers stepped into the market Wednesday since municipals picked up in relative value versus Treasuries as a result of their recent underperformance. Traders said there was some demand for long zero-coupon bonds from arbitrage buyers in the morning. The U.S. Labor Department reported initial jobless claims for the week ended Sept. 4 fell 44,000 to 319,000. The decline was larger than the market expected, even after taking out the Hurricane Charley-related increase in applications in the previous two weeks, according to a report by Bank of America Securities.
ACCESSION #
14387352

 

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