Munis Little Changed; $324 Million Of Detroit School Bonds Repriced

Chesla, Nicholas
April 2003
Bond Buyer;4/24/2003, Vol. 344 Issue 31621, p2
Trade Publication
Underwriters lowered yields between two and four basis points on 324 million dollars of Detroit City School District building and site improvement bonds on April 23, 2003 while cash bonds were little changed and market tone was firm. Treasuries were mixed while equities rose. Initially, governments showed little reaction following release of the Federal Reserve Board's “beige book,” which characterized the pace of economic activity as lackluster during March and first two weeks of April 2003. In the municipal arena, yields were little changed while underlying market tone was firm and traders reported decent demand for tax-exempt paper. “There's no backlog in the secondary,” a trader in New York said. “The secondary is not thin but it's certainly not heavy. There's a balance between supply and demand, but obviously it's tilted in favor of demand because prices keep iinching higher.”


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