December 31, 2014
The Bond Buyer's 20-Bond Index® dropped 9 basis points to end the year at 3.56. Interestingly, the high for the year, 4.75, happened for the first week of the year and the low in the last week of the year. Overall, there was a spread in the interim of 119 basis points. Due to both Christmas and New Year's Day falling on Thursday, the Index was calculated as of the close of business on Wednesday of both weeks.
The Municipal Securities Rulemaking Board, the regulatory authority of the municipal securities markets, has recently imposed new costs and obligations on municipal financial advisors. After careful consideration of the costs , time burdens and potential revenue to offset those costs, we have concluded that we will not be able to offer our professional services at fees we consider reasonable, especially for our clients whose bonds issues are less than $5,000,000.
Therefore, we have decided to exit the financial advisory business. We will continue to be available to provide support service to our past clients.
We will cease maintaining this web site after the first of the year.
Below are links to The Bond Buyer's ® 20- Bond Index along with a chart showing the trend of the Bond Buyer's ® 20-Bond Index for the past two years. For those interested, we have data for prior years and will be pleased to provide it upon request.
The Municipal Securities Rulemaking Board's EMMA system is now mandatory for new issue disclosure as well as continuing disclosure and bond ratings for rated issues. Both the preliminary and final official statements can be downloaded from the following web address: EMMA.
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Modified January 2, 2015