Munis, Treasuries Tumble; J.P. Morgan Reprices $170M of Allegheny GOs

Curran, Bill; Johnson, Anastasija
December 2004
Bond Buyer;12/17/2004, Vol. 350 Issue 32032, p2
Trade Publication
This article reports on recent developments related to securities market of the U.S. The municipal market tumbled on December 16, 2004, along with Treasuries while underwriters increased yields by as much as 10 basis points when reprising new tax-exempt issues. According to the participants, yields in the secondary market were quoted five to eight basis points higher, but few bonds traded at those levels. In other development, J.P. Morgan Securities Inc. has been reprised $170 million of Allegheny County, Pennsylvania, general obligation bonds, selectively increasing yields from five to 10 basis points. The bonds were priced to yield from 2.10% in 2005 to 4.25% in 2003. The issue was insured by Financial Guaranty Insurance Co.


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