Municipal Markets
    Municipal Markets
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    New Governor Causes Uncertainty in bond market
    by Randy Jacobus
    Tuesday, November 13, 2012
    Voters in Puerto Rico elected a new governor, Garcia Padilla, whose platform could have a negative impact on the pension reform package. The rating agencies are watching developments closely and any inaction will result in a downgrade. Currently S&P rates the general obligation debt BBB and Moody’s rates them Baa1. 

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    New Governor in Puerto Rico Causes Uncertainty in Bond Market
    Analysis: Puerto Rico's new governor a question mark for bonds
               
    California Supply Technicals Look Very Positive.
    by Randy Jacobus
    Wednesday, March 21, 2012
    Between May and August, the number of bonds maturing and the amount of coupons received by investors will equate to approximately 20 billion dollars or 5 billion per month. This money will likely be reinvested back into California Bonds. See table below which includes numbers compiled by the analysts at Siebert Bradford and Shank and confirmed by ASA.
     
      Bonds Maturing Coupons Total Cash Available For Reinvestment
    January 306,170 1,382,844 1,689,014
    February 1,320,811 2,338,054 3,658,865
    March 661,190 1,250,188 1,911,378
    April 775,789 1,104,810 1,880,599
    May 5,761,666 1,630,470 7,392,136
    June 1,739,421 1,388,853 3,128,274
    July 2,558,399 1,378,312 3,936,710
    August 3,070,964 1,977,294 5,048,258
    September 1,769,369 1,225,077 2,994,446
    October 1,147,923 1,090,913 2,238,836
    November 1,147,923 1,586,655 2,734,578
    December 771,628 1,294,190 2,065,818
    Total 21,031,254 17,647,659 38,678,913
               
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