Houstan Schools Sell $283 Million; Muni Yields Fall 2 to 3 Basis Points

Chesla, Nicholas; Johnson, Anastasija
May 2003
Bond Buyer;5/9/2003, Vol. 344 Issue 31632, p2
Trade Publication
Municipal bond yields fell two or three basis points yesterday, while leading the new-issue market, the Houston Independent School District sold $283 million in variable-rate limited tax schoolhouse and refunding bonds.Kevin Logan, senior market economist at Dresdner Kleinwort Wasserstein, said the labor market remained weak, even though the initial jobless claims figure was slightly better than expected.Surging issuance, due to state budget pressures and the creation of tender option bond programs, along with April 15, 2003 tax payments, have combined to form a “lethal cocktail.”


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