February 27, 2014
The Bond Buyer's 20-Bond Index® fell 6 basis points to 4.38, another new low for the year. Over the last several weeks, we have opined the Index will not go much lower and yet it keeps on declining. Like a stopped watch, someday our prediction will be right.
The week beginning March 3 has a heavy supply of new tax-exempt issues coming to the market. This is on the heels of a February that had the lowest volume in more than a decade. The increased supply of new issues may push the Index up. However, there have been times when a large volume of new issues actually sparks an increased demand.
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. Both the preliminary and final official statements can be downloaded from the following web address: EMMA. And now, information on bond ratings has been added.
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Modified March 4, 2014