TITLE

Tobacco Thrives, Airlines Slide, and a Decent-Sized Deal at Last

AUTHOR(S)
Albano, Christine
PUB. DATE
March 2003
SOURCE
Bond Buyer;3/19/2003, Vol. 343 Issue 31596, p7
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
High-yield investors in the U.S. looking for supply in the municipal market have focused on tobacco and airline debt in the absence of other issues, but as airline credits weaken they have become less attractive, and new, more traditional paper is in the pipeline. The first sizable new high-yield deal in some time is a triple-B rated Texas revenue issue that J.P. Morgan Securities Inc. priced on March 18, 2003. Nationally recognized tobacco deals in recent months from states like California and New Jersey, as well as the inaugural Virginia sale, have offered the only alternative to traditional high-yield paper in a sector where junk-status airline bonds have been dominating much of the secondary market, according to two sources. But the volume of new issuance will increase with the pricing of a pair of health care deals in the last two weeks of March 2003.
ACCESSION #
9387904

 

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