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Friday December 28, 2007
Calif. Market Close: Tax-Exempts Finish Up Two to Three
NEW YORK - The California municipal market was firmer today by two to three basis points in light to moderate trading, as market participants looked to set final positions heading into the new year.
To read the column in its entirety, go to The Bond Buyer web site.
Dakin.Campbell-AT-sourcemedia-DOT-com
Posted by bondbuyer [Today's BB Highlights] ( December 28, 2007 04:36 PM ) Permalink | Comments[0]
Market Post: Munis Firmer In Light to Moderate Trading
NEW YORK - The municipal market was firmer today by two to three basis points in light to moderate trading, as market participants looked to set final positions heading into the new year.
To read the column in its entirety, go to The Bond Buyer web site.
Dakin.Campbell-AT-sourcemedia-DOT-com
Posted by bondbuyer [Today's BB Highlights] ( December 28, 2007 04:35 PM ) Permalink | Comments[0]
Market Post: Munis Mostly Unch In Light Trading
The municipal market is mostly unchanged today in light trading, as many market participants look to the new year.
“It’s typical end of the year tax-swap and tax-loss selling. Repositioning of portfolios and not a lot of volume,” a trader in New York said. “There’s more than usual high-yield names and a lot of ACA-insured paper that we are seeing. A lot of people are getting desperate to sell their high yield names. It’s kind of sloppy out there.”
To read the column in its entirety, go to The Bond Buyer web site.
Dakin.Campbell-AT-sourcemedia-DOT-com
Posted by gsiegel [Today's BB Highlights] ( December 28, 2007 10:49 AM ) Permalink | Comments[0]
Buffett's Backing Bonds: Good for the Model, Bad for the Incumbents?
The Wall Street Journal this morning reports that Warren Buffett, who had been rumored as a potential investor in one of the existing bond insurers, today will launch his own municipal-bond insurer, Bershire-Hathaway Assurance Corp., domiciled in New York.
The announcement raises at least as many questions as it answers, including:
- What does this say about the incumbents in the industry?
- Where will BHAC operate?
- What will they be rated and how soon?
- How much will he really write? / How much more will he commit?
- Will he reinsure?
Read the jump for my gut-reaction answers to these questions. As always, please voice your disagreements in comments!
-- Mike Stanton, Publisher (Michael dot Stanton at SourceMedia dot com)
[Read More and Comment]Posted by bondbuyer [The Morning Read-Around] ( December 28, 2007 07:29 AM ) Permalink | Comments[2]